SEC Division of Trading and Markets (the "Division") Director Brett Redfearn issued an update on implementation of the Consolidated Audit Trail ("CAT"). Mr. Redfearn noted that the national securities exchanges and FINRA (the "SROs") continue to be delayed in implementing CAT, which is intended to create a comprehensive database for trading activity in the U.S. equity and options markets. The SROs submitted a revised CAT implementation plan (the "SRO Master Plan") with new deadlines to the Division on May 25, 2018. The SRO Master Plan proposes that:
- SROs begin reporting required data to the CAT on November 15, 2018 (previously scheduled for November 15, 2017);
- large broker-dealers begin reporting on November 15, 2019 (previously scheduled for November 15, 2018); and
- small broker-dealers implement all phases of reporting by November 15, 2022 (previously scheduled for November 15, 2019).
However, the SROs indicated that not all of the data and functionality will be available by the proposed deadlines.
According to Mr. Redfearn, the Division is continuing to review the SRO Master Plan.
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