Farewell, Oats: Finra announces retirement date

Finra has told firms to stop reporting trades to the Oats tape from September 1, as the SEC's Cat becomes the definitive audit trail for US securities markets activity.

upgrade; transition

The Financial Industry Regulatory Authority (Finra) has announced the September 1 retirement of its Order Audit Trail System (Oats), which is being phased out to make way for the Securities and Exchange Commission (SEC)-mandated Consolidated Audit Trail (Cat).

Finra is amending its rule book to eliminate Oats, it said in an email to subscribers on June 17. “Finra has determined that the accuracy and reliability of the Cat meet the standards approved by the SEC and has determined to retire Oats

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