The CAT NMS Plan states that the Plan Processor must provide Participants’ regulatory staff and the SEC with access to all CAT Data for regulatory purposes only. The CAT NMS Plan also states that Participants’ regulatory staff and the SEC will access CAT Data to perform functions, including economic analyses, market structure analyses, market surveillance, investigations, and examinations. Under the CAT NMS Plan, Participants are required to implement effective information barriers between their regulatory and non-regulatory staff with regard to access and use of CAT Data stored in the Central Repository, and Participants may not use CAT Data for commercial purposes. However, the CAT NMS Plan provides that a Participant will be permitted to use the data that it reports to the CAT System for any lawful purpose, including commercial purposes (e.g., to develop new order types).

This FAQ was retired on January 29, 2025.