The Consolidated Audit Trail, or “CAT,” is being developed by the national securities exchanges – BOX Exchange LLC, Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe C2 Exchange, Inc., Cboe Exchange, Inc., Investors’ Exchange LLC, Long-Term Stock Exchange, Inc., Miami International Securities Exchange LLC, MIAX Emerald, LLC, MIAX PEARL, LLC, NASDAQ BX, Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, LLC, NASDAQ PHLX LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago, Inc. and NYSE National, Inc. – and the Financial Industry Regulatory Authority (“FINRA”), a national securities association (collectively, the “Participants”), pursuant to SEC Rule 613. Consolidated Audit Trail, LLC (“CATLLC”) is the entity organized by the Participants to create, implement and maintain the CAT. Broker-dealers (called “Industry Members” under the CAT NMS Plan), exchanges and FINRA will be required to submit customer, order and trade information in “NMS Securities” (i.e., exchange listed stocks and options) and “OTC Equity Securities” (i.e., over-the-counter stocks), across all markets to the CAT Central Repository. The system is designed to permit the SEC and Participants to more effectively and efficiently regulate the securities markets.

This FAQ was retired on January 29, 2025.