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
IBM makes headway with blockchain and encryption services; the FCA's Stephen Hanks says firms need to make decisions about their ARMs and APA providers soon.Subscribe to Weekly Wrap emails