Consolidated Audit Trail

The Oyster Difference

We are a partner, not just a vendor.

Oyster Consulting provides solutions through our consulting services and our proprietary CAT reporting software. Our consultants use their deep regulatory experience in trade reporting to help firms achieve their CAT reporting obligations and get the most out of their CAT reporting investment.

Our proprietary Oyster Solutions CAT reporting application consolidates CAT reporting events, error analysis and validation data into a central program. The CAT Application then will identify errors, linkage and gaps between vendor data and CAT reported data.

Reduce Costs and Save Time.

Our CAT Application’s efficient data analysis and repair functionality saves time while reducing risk, allowing you to focus on other things. Our application allows rapid individual and bulk repairs that cannot be done through the FINRA CAT Portal. Graphic and sequential displays of data enable quick searching, sorting and filtering.

The CAIS Module

The CAIS module can be used with or without the CAT Application to view CAIS reports and the underlying source data in a single platform.  This module allows firms to better prepare for Full CAIS reporting through the Interim Reporting Obligation. This module uses web-based GUI that provides firms with practical data so users can efficiently identify, monitor, and manage errors which may impact their reports.

Regulatory Background

In 2012 The SEC passed Rule 613, expanding the types of order event data collected on NMS securities to include client and firm indicators, as well as data on listed options, market making quotes and post-execution allocations. The Rule also included requirements to be able to link the various pieces of information reported from different systems and participants in order to see the entire order and trade lifecycle.

Eight years later, the Consolidated Audit Trail (CAT) went live for equity reporting on June 22, 2020.

The 2022 FINRA report on Examinations and Risk Monitoring highlighted CAT as a priority, and regular sweeps are being conducted. There is significant focus on the audit trail and validating that firms are monitoring their clock sync: how often, who’s responsible for doing so and how it’s evidenced. Regulators are also reviewing firm policies and Written Supervisory Procedures, as well as additional scrutiny for firms that are using a CAT reporting agent.