Kx for CAT
Seven years ago our industry was confronted with a stark reality; our regulator’s ability to comprehensively surveil the markets using OATS data was proven not up to task. A new paradigm was needed, and the Consolidated Audit Trail (CAT) was born. The Securities Exchange Commission’s Regulation 613, the CAT NMS Plan, is the most significant regulatory reporting overhaul in years.
Solving the CAT reporting challenge is a complex internal discussion for the broker/dealer community. Gathering together all the required data elements in an operationally efficient manner is now capturing most of the attention. What then?
Introducing Kx for CAT: Rising to the challenge
Generating a CAT report and correcting exceptions may be dismissed as the ‘easier’ part of the challenge. But these workflows can be complex in their own right, and given recent trends surrounding change in global regulatory reporting, your adopted reporting solution will most certainly have to flexibly evolve.
Kx for CAT will. It’s a full stack solution built to publish reports to the CAT Utility and communicate with your front- and middle-office systems. It collects all order event data in native messaging formats of all types, configures it to a unified data model for multiapplication use-ability, and further configures CAT specific message fields to the CAT data model. It publishes the report, receives the exceptions file, and manages the correction/ resubmission processes. Kx for CAT maintains a full audit log with state recreation and market reconstruction capabilities, in a regulatory compliant and performant datastore.
It seamlessly integrates into existing systems and processes via standard FIX APIs, aggregating order event data from multiple trading desk OMS’s (proprietary and/or vendor). All the data and workflows are managed through robust HTML5 Dashboards; no specialized coding resources required. The Kx for CAT platform, dashboard, database, and exception correction business intelligence logic are developed for use by your team.
Our focus will remain steadfast on providing the best end-to-end solution for handling every aspect of the CAT reporting eco-system, regardless of how it evolves.