Consolidated Audit Trail (CAT) Reporting Obligations

What this video covers

• The CAT NMS Plan structure: exchanges and national securities associations file the plan, members comply with its member provisions, and the Central Repository is separate from the reporting firm
• When a firm is an Industry Member, and why exchange or association membership alone is not enough
• The difference between Recorded Industry Member Data and Received Industry Member Data, including their separate 8:00 a.m. Eastern Time deadlines and different trigger events
• How the Eligible Security definition covers NMS securities and OTC equity securities, including the limb tied to transaction reports required by the Financial Industry Regulatory Authority (FINRA)
• Why order origination, modification, cancellation, routing, execution, allocation, and receipt of a routed order are reportable events
• Why allocation remains reportable when another firm executed the trade, and why a manual order event requires recording the exact event time
• The difference between the FINRA and Securities and Exchange Commission (SEC) plan-level definitions of material terms, including long, short, and short-exempt marking for sell orders