Industry Fears Neutered CAT in 2018

The SEC’s Consolidated Audit Trail (CAT) of US equities trade data hit a fresh snag in late 2017, missing a major deadline for reporting, blaming insufficient cyber defenses. As it marches into another crucial year, Tim Bourgaize Murray reports on the project’s latest rumblings, finding that while cyber remains a legitimate concern, it may disguise greater data puzzles.

The US Securities and Exchange Commission (SEC)-mandated Consolidated Audit Trail (CAT) project has come to share many of those traits: it has attracted a level of interest and diversity of participants that few collective FinTech undertakings ever have, and has already seen unexpected and even dramatic twists and turns. To some, it still has a kind of radical appeal and a sweeping ambition—a rare opening to reshape US equities trade surveillance, regulatory relationships, and data availability

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