CAT LLC Meets Major Milestone
Broker-Dealer Phase One Reporting Goes Live
NEW YORK, June 23, 2020 /PRNewswire/ -- Consolidated Audit Trail, LLC (CAT LLC) today announced that, through its plan processor, FINRA CAT, LLC, it is ingesting equity data from broker-dealers for the first phase of broker-dealer reporting (referred to as "Phase 2a") -- meeting a milestone in the CAT's completion timeline.
More than 1,000 broker-dealer firms have begun reporting into the CAT production environment; and while the deadline for large broker-dealers to report was June 22nd, the CAT has been receiving data in the production system from some broker-dealers since April 14.
"After a justified 90-day extension for the industry due to COVID-19, we are pleased this milestone has been achieved and we remain on course to fulfill the next phases of the CAT implementation," said the CAT LLC Operating Committee.
"Building on what we have witnessed since opening the production environment in April, this week is going according to plan," said Shelly Bohlin, President and COO of FINRA CAT. "The industry has begun reporting as required and the system is operating as designed."
The next milestone to meet in the CAT timeline is July 22, when broker-dealers must comply with the second phase of large broker-dealer reporting of options data (referred to as "Phase 2b").
The CAT will allow regulators to improve securities market surveillance by creating an extensive audit trail of customer and order event information for all orders in U.S. exchange-listed and over-the-counter equity securities, as well as in the listed options markets, across all U.S. markets and trading venues pursuant to SEC Regulation NMS Rule 613. When fully complete, the CAT will track all orders throughout their life cycle.
About Consolidated Audit Trail, LLC
Consolidated Audit Trail, LLC was formed by FINRA and the U.S. national securities exchanges (collectively, the SROs) to implement the requirements of SEC Rule 613 under the Securities Exchange Act of 1934. SEC Rule 613 required the SROs to jointly submit to the SEC the CAT NMS Plan to create, implement and maintain the CAT. The SEC approved the CAT NMS Plan on November 15, 2016. Once implemented, the CAT will facilitate regulatory surveillance by creating an extensive audit trail that will capture customer and order event information for orders in exchange-listed securities across all U.S. markets, from the time of order inception through routing, cancellation, modification or execution, in a single, consolidated source. More information can be found at www.catnmsplan.com.
For CAT LLC press Inquiries: Armel Leslie; [email protected]
For FINRA CAT, LLC press inquiries: Ray Pellecchia; [email protected]
SOURCE Consolidated Audit Trail, LLC
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