Now that Oats is scrapped, regulators will have to (Cat)ch up

Retiring Oats is a milestone on the long and winding road to Cat implementation, but the SEC must make some major decisions in a very short timeframe before the Cat journey is over.

The retirement of the Order Audit Trail System (Oats)—set for September 1—is a milestone on the long and winding road to the implementation of its replacement, the Consolidated Audit Trail (Cat), which was mandated by the Securities and Exchange Commission (SEC). But it’s just one milestone; the SEC needs to pass many more before the end of the journey—full Cat implementation—and pass them in short order if the Cat is to meet its deadlines before full go-live next year.

The Financial Industry

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