Consolidated Audit Trail

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(Also see the entry for Consolidated Audit Trail on MarketsReformWiki here: http://www.marketsreformwiki.com/mktreformwiki/index.php/SEC_Final_Rule:_Consolidated_Audit_Trail)

SEC Rule 613 requires FINRA and the U.S. securities exchanges to jointly submit a National Market System (NMS) plan detailing how they would develop, implement and maintain a consolidated audit trail that will track orders throughout their life cycle and identify the broker-dealers handling them, thus allowing regulators to more efficiently track activity in Eligible Securities throughout the U.S. markets. The Consolidated Audit Trail (CAT) collects and accurately identifies every order, cancellation, modification and trade execution for all exchange-listed equities and options across all U.S. markets.

FINRA has been working with the exchanges to develop an NMS plan that meets the requirements of Rule 613.[1]

References

  1. Consolidated Audit Trail. FINRA.