
By Ralph Magee
Subscribe to our original industry insightsIn 2023 regulatory focus around CAT will include the timely submission of reportable events and corrections, reporting complete and accurate CAT records, and effectively supervising third-party vendors. Is your firm performing regular and rigorous due diligence while employing a third-party CAT Reporting Agent (CRA)?
Using a CRA to report on behalf of your firm can be cost effective. The long-term costs of using a CRA are often significantly less expensive than the costs to develop and maintain an internal technical team. However, this reporting structure is not without risk. Firms must implement policies and procedures designed to adequately supervise all aspects of the externally submitted data. As the number of CRAs increases, so does the risk and the additional steps firms will be required to take in order to maintain compliance.
Where should your firm focus?
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. Leverage our expertise and software to ensure your reporting meets regulatory requirements.
Oyster Consulting’s proprietary Consolidated Audit Trail reporting software includes a CAIS module that can be utilized by firms who do not use the CAT Application for monitoring and evidencing their CAT reporting. Our software 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.
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