Consolidated Audit Trail

Get ready now for Consolidated Audit Trail compliance with Inforalgo’s cloud-based
Reg Flex platform

Regulatory reporting has become a significant undertaking in Capital Markets and new Consolidated Audit Trail requirements, due to apply from November 2019 as mandated by Rule 613 of the US Securities Exchange Commission (SEC), are among the most demanding yet.

Consolidated Audit Trail (CAT) will allow regulators to more efficiently monitor eligible equity and option securities trading activity throughout US markets – via a single, comprehensive database. It requires that orders and broker-dealer activity are tracked right across the trade lifecycle.

The opportunity to perform big-data analytics on this comprehensive and harmonised data, enables firms to turn regulatory obligations into strategic business value.

How we can help

Inforalgo’s cloud-based Reg Flex platform will make light work of this extensive data management requirement, having been designed to manage and automate the delivery of ALL reporting requirements – irrespective of the platforms, data sources and formats involved.

Benefits at a glance:

Consolidate and streamline current & legacy regulatory requirements such as Order Audit Trail System (OATS), Electronic Blue Sheets (EBS) and Large Trade Reporting (LTID), in advance of CAT

Avoid reinventing the wheel and meet the compliance timeline. Inforalgo’s Reg Flex platform provides a single point of management across multiple regimes where the cost and effort of maintaining disparate solutions across fragmented markets is ultimately increasing

Powerful ready-to-go capabilities that can be customised quickly and effortlessly to reflect your own trading environment and data stores

Proactive validation of data prior to submission minimises error submissions and maximises operational efficiency

Automatic checks of data accuracy and completeness as transactions happen. Real-time data capture & management ensures report delivery within tight timescale. Real-time reconciliation reduces end-of-day exception management

Big-data analytics capabilities can be used to gain insights from the new data set that provide a strategic advantage

CAT News

CAT Expert Urges Trading Firms to Step Up Data Preparations as 1st Deadline Looms

With phase-one compliance due by April 2020, testing due to begin this December, and most specifications now confirmed, broker-dealers and trading firms have no time to lose. Harshad Pitkar, an independent CAT expert, believes smaller trading firms could address 95 per cent of data requirements within 8 weeks with the right help A leading independent expert...
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CAT scan: what’s the latest? Published in Bobsguide and authored by Inforalgo board advisor Harshad Pitkar

In March this year, US stock markets announced that the Financial Industry Regulatory Authority (FINRA) would take over as the orchestrator for the consolidated audit trail (CAT), a massive database for all equity and options trades executed on their platforms. After a history of false starts, this latest development meant that firms’ plans could now...
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CAT back among the pigeons: what now? Published in Finance Derivative and authored by Inforalgo board advisor Harshad Pitkar

Earlier this year, the Financial Industry Regulatory Authority (FINRA) was confirmed as the new orchestrator of the consolidated audit trail (CAT) – a huge database that will house accurate, up-to-date records of all US equity and options trades. With that settled, followed an extended period of uncertainty around what are likely to be the new...
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FINRA Reminds Firms to Register for CAT Reporting by June 27, 2019

FINRA is issuing this Notice to remind firms they must register with FINRA CAT, LLC (FINRA CAT) for reporting to the Consolidated Audit Trail (CAT). CAT registration commenced on March 18, 2019, and will run through June 27, 2019. All Industry Members, as defined under the CAT NMS Plan, that will have a CAT reporting...
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FINRA Pushing Ahead on CAT, Rule Review: CEO Cook

At FINRA’s annual conference, execs discussed which rules are being reviewed and gave an update on exam consolidation. There’s “still a lot more to come” in the Financial Industry Regulatory Authority’s top-to-bottom review via its FINRA360 initiative, Robert Cook, the broker-dealer self-regulator’s CEO, said Wednesday. “It’s doing great; we’ve got a lot of accomplishments under...
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Regulators assure industry CAT will not expose consumer data

Recent remarks by Securities and Exchange Commission chairman Jay Clayton regarding a market-surveillance system in the works seem to be allaying financial industry fears that it will collect investors’ personal information. Last week, Mr. Clayton told a Securities Industry and Financial Markets Association conference the agency is working on a unique customer identification for the...
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Stock exchanges choose FINRA to build CAT database, replacing Thesys

U.S. stock exchanges have selected the Financial Industry Regulatory Authority as plan processor for the consolidated audit trail, a massive database for all equity and options trades executed on their platforms. CAT NMS, which was formed by the U.S. exchanges to establish a plan to implement the audit trail, announced the selection Wednesday. In February,...
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Consolidated Audit Trail: Those Messy Data Linkages

US brokerage operations managers are quickly turning their attention to how they will meet the cumbersome requirements for data linkages now that the Financial Industry Regulatory Authority (FINRA) has been stepped in at the eleventh hour to operate the new consolidated audit trail (CAT). The initial phase-in of CAT — 2a and 2b– starting in...
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CAT NMS Selects FINRA as Consolidated Audit Trail Plan Processor

CAT NMS, LLC (CAT NMS) today (27/02/19) announced that the Financial Industry Regulatory Authority, Inc. (FINRA) has been selected as Plan Processor for the Consolidated Audit Trail (CAT), following a vote by the Operating Committee (FINRA recused itself from the voting process). As Plan Processor, FINRA is responsible for all aspects of the continued build...
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