News | 05.07.19
New FINRA CAT Subsidiary to Develop Consolidated Audit Trail
The SEC has published for comment a plan by FINRA to update current rules to reflect FINRA's new subsidiary, FINRA CAT LLC, which will develop and maintain the Consolidated Audit Trail (CAT). Stock exchanges announced in early February that they were poised to appoint a new processor to build the CAT, which will track market trading activity, and intended to fire the contractor they hired in 2017, Thesys Technologies LLC, as the project fell a year behind schedule. The SEC hired Manisha Kimmel in late January to coordinate the SEC's oversight of FINRA's creation and implementation of the CAT.
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