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The Consolidated Audit Trail

When FINRA needed a software partner to build the largest data integration in the history of financial services, Kingland was the logical choice to make it possible.

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What is the Consolidated Audit Trail?

On May 6, 2010 the “Flash Crash” disrupted the equities market, with the Dow Jones Industrial Average (DJIA) dropping in value by approximately 9% in a matter of minutes. In response to the difficulty in determining the cause of the Flash Crash, on July 18, 2012 the SEC adopted Rule 613 to create the Consolidated Audit Trail (CAT), intended to allow regulators to monitor activity throughout the U.S. securities markets. The CAT collects information on a variety of market events, including quotes, orders, routes, and trade executions for all U.S. exchange-listed equities and options, among other things. Additionally, the CAT will track the identity of accounts and customers originating this information. The development and implementation of the CAT on an industry-wide basis represents an evolution in maintaining the integrity of the financial and capital markets.


What is FINRA CAT, and
what is its role?

FINRA CAT, LLC, a subsidiary of the Financial Industry Regulatory Authority, Inc. (FINRA), is the CAT Plan Processor, responsible for designing, building and running the system on behalf of the CAT Participants to collect CAT information in compliance with Rule 613.

What is Kingland’s role in CAT?

Kingland was selected by FINRA CAT to be a subcontractor responsible for implementing and operating the component of CAT required to collect, validate and store the customer and account information required in CAT, known as the Customer and Account Information System (CAIS).


What qualifies Kingland to
work on CAT?

Kingland’s expertise in customer and account data dates back over 25 years, as does the Kingland track record of delivering software solutions to unique and challenging data requirements in the banking and capital markets industry. The Kingland team has decades of experience working with customer and account information for many systemically important entities including working with multiple clients to automate data sourcing and the collection and sharing of large amounts of complex data.


Consolidated Audit Trail Resources


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