Thesys Technologies has appointed a president and a CTO to help oversee the implementation of the consolidated audit trail (CAT).
Andre Frank will take on the role as president of Thesys CAT (TC)—a new role at the company—effective January 1, while current Thesys Technologies (TT) CTO, Thaddeus Covert, will become CTO for TC. Both will report to TT CEO, Mike Beller.
Frank joined TT in 2014 and handled IT, risk and security operations and the program management office. Covert will move full-time to TC and will focus exclusively on the CAT program. He has been at TT for over five years.
“The executive transfers of Andre Frank and Thaddeus Covert from TT to TC are both strategic and natural moves,” Beller said in a statement. “Both Andre and Thaddeus were instrumental in the win for the CAT initiative and in growing our financial big data business while executing on the Thesys market structure technology vision. We are certain these management adjustments will continue to lead us on a successful path while we pursue our strategic growth plans.”
In addition to the new roles for Frank and Covert, TT also announced the appointment of Ali Hackett as its chief revenue officer. She will assume some of Frank’s product development responsibilities.
Development of the CAT program—which will establish a centralized database to track all exchange-listed equities and options orders across all US markets—was awarded to TT in 2016 and was supposed to have been implemented on Nov. 15 this year. However, companies have not yet begun reporting to the CAT as lawmakers have pressured the Securities and Exchange Commission to postpone implementation of the system amid concerns over data security.
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