Guiding Principles

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

  • The CAT must meet the specific requirements of Rule 613 and achieve the primary goal of creating a single, comprehensive audit trail to enhance regulators’ ability to surveil the U.S. markets in an effective and efficient way.
  • The reporting requirements and technology infrastructure developed must be adaptable to changing market structures and reflective of trading practices, as well as scalable to increasing market volumes.
  • The costs of developing, implementing, and operating the CAT should be minimized to the extent possible. To this end, existing reporting structures and technology interfaces will be utilized where practicable.
  • Industry input is a critical component in the creation of the CAT. The SROs will consider industry feedback before decisions are made with respect to reporting requirements and cost allocation models.