Consolidated Audit Trail (CAT)

SIFMA has long supported the efforts of the Securities and Exchange Commission (SEC) to create a comprehensive Consolidated Audit Trail that would enable regulators to efficiently and accurately track all activity throughout the U.S. for listed-equities and options. SIFMA advocates for a secure system that expedites the retirement of duplicative systems, while promoting an inclusive governance structure and equitable funding model.

In response to the “flash crash” in 2010, the SEC directed self-regulatory organizations (SROs), comprising securities exchanges and the Financial Industry Regulatory Authority (FINRA), to develop and implement a Consolidated Audit Trail (CAT) that will enable regulators to efficiently and accurately track all activity throughout the U.S. for equities and listed options.

The design of this system will allow regulators to link every order through its entire life cycle, including cancellations, modifications and executions. When developed, the CAT will be a single comprehensive database that will link all orders with the account holder or person who has trading discretion over the account, thereby enabling regulators to conduct cross-market analysis while obtaining and merging together large volumes of disparate data from different entities.

SIFMA advocates for a secure CAT system that expedites the retirement of duplicative systems, while promoting an inclusive governance structure and equitable funding model. As development continues to support this major initiative, SIFMA is engaged with the SEC, the SROs and FINRA (the CAT Plan Processor) on data security and implementation issues.

CAT Reporting Timeline – Upcoming Dates

March 18-June 27, 2019: Consolidated Audit Trail Registration

December 2019: 2a Equities and 2b Options – Industry Testing: File Submission and Data Integrity

April 2020: 2a Equities – Go Live: File Submission and Data Integrity

May 2020: 2b Options – Go Live: File Submission and Data Integrity

All Consolidated Audit Trail (CAT) Content

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