CAT Delayed Further as Thesys Ousted, Finra Tipped as Successor

US Consolidated Audit Trail consortium fires database processor in shock move.

Frustrations over the development of a system to track stock trades in the US reached boiling point on Thursday, as the consortium of US stock exchanges responsible for its implementation fired the technology company tasked with building and operating it.

The Consolidated Audit Trail (CAT) is an ambitious program mandated by the US Securities and Exchange Commission (SEC) to store and analyze information on trading in equities and listed options in the US. Overseen by the CAT NMS Plan, which

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FCA declines to directly regulate market data prices

A year-long investigation by the UK regulator to determine whether competition is hindered in the wholesale data markets has concluded with its decision not to directly regulate much-maligned data pricing and licensing structures.

How GenAI could improve T+1 settlement

As well as reducing settlement failures, researchers believe generative AI can provide investment managers with improved research, prioritization, and allocation resources.

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