The CAT’s health crisis continues
The Waters Wrap: As the comment period for changes to the Consolidated Audit Trail ends, where does the path lead to now?
Since its creation in the wake of the May 2010 “Flash Crash,” the much-maligned and costly Consolidated Audit Trail (CAT) has gone from a promising must-have to an expensive, sprawling regulatory oversight function.
Now it’s up for review. And there are some harsh questions being asked.
Not least of them is how ownership will be maintained going forward: Currently, the CAT is operated by Finra, the Financial Industry Regulatory Authority, which took over the proposal when the company originally
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