Consolidated Audit Trail (CAT) - Overview

In October 2012, the SEC adopted Rule 613 under the Securities Exchange Act of 1934  to require national securities exchanges and national securities associations (“SROs”) to submit a national market system (“NMS”) plan to create, implement, and maintain a consolidated order tracking system, or Consolidated Audit Trail (CAT), with respect to the trading of NMS securities, that would capture customer and order event information for orders in NMS securities, across all markets, from the time of order inception through routing, cancellation, modification, or execution. The purpose of this CAT is to enhance the ability of the SROs and the Commission to oversee today’s securities markets and fulfill their responsibilities under the federal securities laws.

The SEC has given indications that the Plan is expected to be made available for public comment in Q2-2016, after which the regulator will have 180 to decide whether it should be approved. After approval, the SROs have 60 days to choose a Plan Processor, and one year before CAT is ready to accept production data into the repository.  

FIF’s Consolidated Audit Trail (CAT) Working Group has been tracking implementation issues associated with the proposed Plan, and actively working with the Development Advisory Group (“DAG”) (comprised of industry members and the SROs) to identify concerns and propose solutions. 

All FIF members are welcome to join the FIF CAT Working Group. For more information contact