About CAT

Background

Creation of NMS Plan

On July 11, 2012, the U.S. Securities and Exchange Commission (SEC) voted to adopt Rule 613 under Regulation NMS requiring the national securities exchanges and national securities associations listed below (collectively, the SROs) to submit an NMS plan (Plan) to the SEC to create, implement, and maintain a consolidated audit trail (CAT).

The SROs have developed the Plan and submitted it to the SEC pursuant to Rule 613 and have created this web site as a resource for interested market participants and members of the public. This web site contains links to the homepages of each participant in the Plan as well as the SEC and information the SROs want to share with the public, including information on upcoming events. The SROs encourage market participants and others to share their thoughts regarding the CAT by submitting an email to feedback@catnmsplan.com.

CAT NMS Plan Timeline

SEC Approved CAT NMS Plan Amended to Include Participant CAT Fees   - new as of 10/30/17: the SROs filed an amendment for approval to the SEC Approved CAT NMS Plan to include Participant CAT Fees

SEC Approved CAT NMS Plan Amended Excluding Participant CAT Fees   - new as of 7/21/17

SEC Approved CAT NMS Plan Amended to Include Participant CAT Fees  - new as of 5/22/17: the SROs filed an amendment for approval to the SEC Approved CAT NMS Plan to include Participant CAT Fees

SEC Approved CAT NMS Plan Amended to Include MIAX Pearl – new as of 1/13/17

Approved CAT NMS Plan – new as of 11/29/16

CAT Funding Model 2014 Tier Data – new as of 7/14/16

Estimated Annual Plan Processor Fees – new as of 7/11/16

CAT NMS Plan Security Requirements – Architecture, Program and Data Usage Controls – new as of 3/24/16

Summary of the Consolidated Audit Trail Initiative - new as of 5/18/16

Planning

Rollout Plan

Within two months after effectiveness of the approved NMS Plan, CAT Processor Selected by NMS Plan Participants. Business Clock Synchronization for SROs and Broker-dealers...
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RFP Process

As part of the RFP development process, the SROs published a Proposed RFP Concept Document on December 5, 2012 for public comment in order to obtain feedback on the feasibility and costs of implementing the CAT reporting requirements being considered by...
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Selection Plan

As part of the RFP development process, the SROs published a Proposed RFP Concept Document on December 5, 2012 for public comment in order to obtain feedback on the feasibility and costs of implementing the CAT reporting requirements being considered by the SROs...
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Exemptive Request Letter

On January 30, 2015, the SROs filed a Request for Exemptive Relief from Certain Provisions of SEC Rule 613 of Regulation NMS under the Securities Exchange Act of 1934 (“Exemptive Request Letter”). This letter requested exemptions related to the following...
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GAP Analyses

The gap analyses reflect the existing regulatory landscape and Rule 613's requirements. The requirements in the final CAT NMS Plan may differ from those enumerated in Rule 613...
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Guiding Principles

In creating a Consolidated Audit Trail (CAT) pursuant to SEC Rule 613, the SROs have developed the following Guiding Principles...
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Communications

Industry Feedback

On February 22, 2016 FIF Comments on CAT NMS Plan Security and Confidentiality Requirements...
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