(The Consolidated Audit Trail (CAT) was in the headlines last month as the SEC revised the CAT reporting timeline for broker-dealers due to the complications caused by the COVID-19 pandemic. The new milestones for CAT reporting in 2020 are: June 22: initial equities reporting for large broker-dealers and small broker-dealers that report to FINRA’s Order… Read More >>
Pandemic Overshadows CAT Reporting Milestone
Broker-dealers can start reporting their securities transaction order data to the big data market surveillance project known as the Consolidated Audit Trail (CAT), but this milestone has been overshadowed by the COVID-19 pandemic. The CAT Operating Committee officially announced earlier this week that the CAT data repository is live for broker-dealer reporting. In addition, securities… Read More >>
SEC’s CAT Advances Despite Calls for a Delay
The controversial Consolidated Audit Trail (CAT) surveillance system and database of the SEC is moving ahead despite requests by major self-regulatory organizations (SROs) and industry groups that the effort be delayed because of concerns over cybersecurity and the deadline schedule. Last week, SEC Chairman Jay Clayton underscored the regulator’s need to stay on track with… Read More >>
SEC’s Clayton: EDGAR System Was Hacked in 2016
In a major policy statement about the threats that hackers pose, the SEC’s Chairman Jay Clayton acknowledged on Wednesday that there was “a 2016 intrusion of the Commission’s EDGAR test filing system,” that may have given perpetrators “the basis for illicit gain through trading.” SEC officials learned last month that “an incident previously detected in… Read More >>
Senate Hearing Yields CAT Calls
Legislators and panelists butted heads about what, exactly, the effects of high frequency trading are on securities trading during a Senate hearing Wednesday that went largely unobserved by the mainstream media. But all agreed that the SEC needs to stop dragging its feet and implement the Consolidated Audit Trail (CAT) that’s hung in limbo for… Read More >>
