In Like a Lion… CAT Claws its Way to Compliance


Late on Tuesday, November 14th, Wall Street history was made when the SEC declined requests from exchanges to delay the implementation of Rule 613 — or the CAT (Consolidated Audit Trail). Originally, the 20 Self-Regulatory Organizations (or SROs) were supposed to go live on November 15, 2017. These would then be followed by large Broker-Dealers in 2018, and smaller B/Ds the next year. Exchanges were required to begin feeding trading data into CAT by November 15th, but many are not completely ready to comply. Word on the Street is that many players are waiting and watching to see if the SEC will come through with a compromise to push back the date for compliance.
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