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Rules & Regulations

SEC Urges Completion of the Consolidated Audit Trail

September 5, 2018

[Photo:  Cat in the Bag /]


On Monday, August 27th, Brett Redfearn, Director of the SEC Trading and Markets Division, issued an update on the estimated completion dates for the long-overdue Consolidated Audit Trail (CAT) – a database intended to track all trades from inception, including the identity of buyers, sellers, exchanges and brokers. As it now stands ...


FINRA AND THE NATIONAL SECURITIES EXCHANGES (collectively, the “SROs”) are expected to begin reporting on 11/15/18, rather than on 11/15/17 as originally intended. [“First Phase”]


LARGE BROKER-DEALERS are expected to begin reporting on 11/15/19 (not 11/15/18 as originally intended), with following roll-out dates of reported information:

  • Nov 2019                  Equities reporting
  • May 2020                  Options reporting (simple options)
  • Sep 2020                  Full representative order linkages, equity quote events and allocations reporting
  • May 2021                  Options reporting (manual orders, complex options)
  • Nov 2021                  Customer and account information reporting


SMALL BROKER-DEALERS are expected to begin reporting on 11/15/22.


The SEC expects the industry member community to work cooperatively and expeditiously with SROs to develop effective technical specifications for reporting to the CAT and to otherwise make good faith efforts to implement the CAT as promptly as practicable.