How Broker-Dealers are Taming the CAT: Survey Results on Consolidated Audit Trail Readiness

Although Industry Members are waiting for many details to be confirmed, The Consolidated Audit Trail (CAT) implementation process has begun. When fully live, CAT requirements will dramatically expand the data that is currently captured and reported. Initially, CAT will require reporting of secondary market transactions in NMS Securities (which includes listed options) and OTC equity securities, but it may expand to fixed income securities and primary market transactions. It will be one of the biggest repositories of trade data globally, handling up to 120 billion trade events per day from more than 2,000 sources. This report reveals the findings of recent TABB Group outreach on industry readiness by broker-dealers and discusses the challenges and opportunities CAT compliance brings.