Exchanges, FINRA Inch Closer to CAT Plan

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In February 2013, the SROs published a request-for-proposal to solicit bids from parties interested in building and operating the CAT, after the US Securities Exchange Commission issued a Sept. 30, 2014 deadline for the SROs to file a CAT NMS [National Market System] plan under Rule 613, to make it easier for regulators to monitor, analyze and investigate market activity.

Initially, 32 firms expressed an interest in being the central repository operator and processor of CAT data, but after the b

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