Consolidated Audit Trail: The CAT’s out of the bag

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June 2016

Overview

The SEC recently released a plan to establish a Consolidated Audit Trail (CAT), one of the world’s largest data repositories that will contain a complete record of all equities and options traded in the US. The plan will require SROs, alternative trading systems, and broker-dealers to submit information related to trades, including customers and prices, to the CAT on a daily basis. It is estimated that the CAT will aggregate between 30 and 120 billion trade events per day from over 2,000 sources.

The release of the plan is an important milestone, but it has resulted in several pressing questions about CAT operations and technology – most importantly, the uncertainty around when existing reporting requirements will be decommissioned.

This Regulatory brief analyzes the most significant outstanding issues for the CAT in the areas of operations and data technology, and offers our view on what’s next.

Contact us

Dan Ryan

Banking and Capital Markets Leader, PwC US

Tel: +1 (646) 471 8488

Alison Gilmore

Asset and Wealth Management Marketing Leader, PwC US

Tel: +1 (646) 471 0588

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