CAT 'Tsar' May be Required to Break Gridlock

Experts say the structure of the decision-making process hinders its speed.

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The Consolidated Audit Trail (CAT), an ambitious program meant to track trading activity in US equities and listed options, was meant to go live in November 2017 for self-regulatory organizations (SROs)—the US trading venues that comprise the committee charged with overseeing the operation of the system, which is being built by Thesys Group. However, participants requested exemptive relief from the US Securities and Exchange Commission (SEC) shortly before this deadline, saying it would not be r

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