SIFMA Statement on Amendment to the CAT NMS Plan

New York, NY, December 13, 2024 – SIFMA today issued the following statement from Ellen Greene, managing director, equity and options market structure, on the SEC’s approval of an amendment to the Consolidated Audit Trail (CAT) NMS Plan:

“The amendment to the Consolidated Audit Trail (CAT) NMS plan which was approved by the Securities and Exchange Commission (SEC) is designed to save the industry approximately $20 million annually. Much of the cost savings are attributable to a modification of the requirements related to linking market maker quotes for equity options. In addition, it also makes changes to storage and retention requirements. SIFMA advocated for this action, and we will continue our advocacy opposing the CAT funding scheme. We also continue to advocate for the implementation of the long-pending data protection rule and wholesale review of the collection of personally identifiable information, or PII, which puts investors’ data at serious risk of a data breach without the data protection rule in place.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).