CAT Got Your Tongue?: An Inside Look at the Consolidated Audit Trail's Sluggish Rollout

When the Consolidated Audit Trail failed to go live in November last year, questions came as to why—but answers were not easy to come by.

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If a market-structure project fails to start, but nobody notices, did it really fail in the first place? That’s the question facing the Consolidated Audit Trail (CAT) at the moment. Based on the CAT NMS (national market system) plan, self-regulating organizations (SROs) such as securities exchanges were meant to start reporting information on trades to the CAT processor by November 15. That day came and went, yet no SRO filed a single report. An air of mystery surrounds that day, given that no

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