Consolidated Audit Trail (CAT) - Regulatory Reporting

As per SEC Rule 613, broker-dealers conducting business in the US equity and options markets will be required to report order life cycles for equities and options markets on a daily basis, including orders, quotes, cancels, routes (plus internal routes), and allocations to FINRA.

Implementing a robust CAT solution poses many challenges, including the increased complexity compared to its predecessor report (OATS), expanded volumes and a likelihood that future regulatory requirements will be layered upon this framework.

The TeraHelix platform significantly accelerates the validation and/or implementation of a broker-dealer CAT reporting solution by leveraging a number of advanced data management features:

  • Load data from exiting trading platforms using intuitive visual data flow tools.

  • Automated data quality metrics, validations and exception reporting.

  • Apply manual adjustments in a fully audited and explainable manner.

  • Open and transparent data access at every stage of the reporting flow to enable QA and data science users to inspect and verify the integrity the reports.

  • Load submission feedback from FIRNA automatically link these back to the original source records.

Report Dashboard

  • Status at glance and reporting entry point.

  • Regulatory reporting SLA timelines.

  • Exception and manual adjustment summaries.

Report Inspection

  • Reporting at a glance - slicing, dicing, filtering and sorting.

  • Integrated regulatory data model documentation.

  • Data and calculation trace-back.

Manual Adjustments

  • Apply manual adjustments to submitted orders.

  • Bi-Temporal storage of all adjustments - full audit trail retained.

  • Highlighting of manually adjust elements in final report.

Data Science Tool Integration

  • Enable further analysis by QA and data science users.

  • One-click integration with Python, Spark and R notebooks.

  • Third-party API support, including JDBC, ODBC and REST.

Trend Analysis

  • Review reporting summaries over time.

  • Custom or TeraHelix provided user dashboards.

Insights by Combining Data

  • Combine CAT data with other data sets.

  • Extension mechanism to integrate addition data formats.