Consolidated Audit Trail

Analysis of stock market graphs.On June 11th, 2012 the SEC voted to adopt a new Rule requiring National Security Exchanges and FINRA to develop a Consolidated Audit Trail (“CAT”) to track secondary market activity in National Market System (“NMS”) securities (NMS Stocks and Options). CAT will act as a centralized data repository capturing order information spanning the complete life of an order. An order includes instructions received from customers of Exchanges or FINRA members, and those originated by Exchanges or FINRA members, inclusive of quotations in NMS securities. At a minimum, CAT will capture the trade data regarding price, size and time as well as details on the receipt, origination, routing, modification, cancellation or execution of any order in a NMS security. Once CAT is officially adopted by the SEC, Oyster will be able to:

  • Advise and educate firms and their employees on CAT
  • Design and implement reporting
  • Audit and test CAT

The Oyster Difference

Oyster has practitioners that have run the departments and done the work required to comply with the new rules around CAT. We are experienced at handling the data elements related to all aspects of order handling, including those that identify every order, cancellation, modification and trade execution for all exchange-listed equities and options across all U.S. markets.