SEC Approves CAT Plan, Will Select Firm to Build It Within 2 Months

The regulator modified several points of the NMS plan prior to approval.


Approval of the plan means self-regulatory organizations (SROs) have two months to select a plan processor to build and operate the CAT. Three firms—FIS, Thesys Technologies and the Financial Industry Regulatory Authority (Finra)—are vying for the opportunity to build it. The decision will be made through a two-round voting process in which each SRO has one vote.

SROs will have to begin reporting to the CAT within one year of approval. Large and small broker-dealers have to start reporting withi

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