Fair Play? The Balancing Act of Finra's Involvement in the Selection and Bidding of the CAT

Finra is in an interesting situation as it is a bidder for the CAT and on the selection committe.

The Consolidated Audit Trail (CAT) has drawn its fair share of criticism since the Securities and Exchange Commission (SEC) first passed rule 613 asking self-regulatory organizations (SROs) to develop a plan to create, implement and maintain the CAT.

Choosing to build what is estimated to be the largest database in the financial services industry was bound to raise some eyebrows, as there are plenty of technological hurdles surrounding getting the platform up and running, which is covered in an

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