CAT Is Coming: Will FINRA Be Ready?
Earlier this year, FINRA took over the massive Consolidated Audit Trail project – a massive database of equity and options orders that is expected to process over 58 billion order events daily. Broker-dealers are expected to begin reporting to CAT by April 2020, with the testing period set to commence by December 2019.
But will FINRA be ready in that timeframe? Andrew Pheifer, Director, Product Management, examines the obstacles to CAT’s current timeline and suggests ways to prepare.