SIFMA provided comments to the self-regulatory organizations (SROs) that are the participants of the National Market System Plan Governing the Consolidated Audit Trail (CAT) to provide the SROs with input and comments regarding the selection of Thesys as the CAT Processor. SIFMA has previously detailed industry concerns with CAT in comment letters to the SROs, the Securities and Exchange Commission (SEC) and through our engagement in the CAT Development Advisory Group. As the SROs and Thesys move forward with the design, development and implementation of CAT, SIFMA and its members stand ready to integrate and expeditiously provide guidance and feedback throughout the process. This level of engagement with SIFMA is critical to ensure that the industry is thoroughly integrated into the process, especially given the significance and complexity of the CAT.