An Update on the Consolidated Audit Trail

Spencer Doar

Spencer Doar

Associate Editor

At STAC’s 92nd Annual Mid-Winter Meeting, JLN spoke with Shane Swanson, chief compliance officer with Thesys CAT LLC, about the state of the Consolidated Audit Trail (CAT). The CAT will be a large trade data repository for options and equities used for surveillance and tracking. Thesys CAT is the recently formed subsidiary of Thesys Technologies tasked with developing the CAT.

The plan was intended to go live in November 2017, but as the date neared, the SROs put in a one year exemptive request. While the SEC has not granted the request, it did agree to work toward a new timeline. In the interim, the industry is using the proposed November 2018 deadline as a guidepost. Now, Swanson says Thesys CAT is in an iterative process that will have much more industry involvement.

A new draft of the industry spec will be ready on February 15, with a final spec ready in late October 2018. Feedback and questions are encouraged.

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