Cat Reporting Technical Specifications

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The cat technical specifications is a species of the domestic cat. It has been domesticated, and is often kept as a pet. The cat’s coat comes in many colors, but mostly brown or black.

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Welcome to the exciting world of cat reporting! Here we will explore all the different technical specifications for conducting cat reporting. From phase 2d to allocation reporting, we have it all covered. So come join us as we learn about this fascinating topic!


The Consolidated Audit Trail (CAT) is a project mandated by the SEC and FINRA to capture information on orders and transactions in all National Market System (NMS) securities across all U.S. markets. The CAT will provide regulators with a tool to more efficiently conduct investigations, perform data analytics, and monitor risk across the market landscape.

Phase 2D of the CAT reporting requirements went into effect on November 15, 2019. This phase requires firms that are members of a self-regulatory organization (SRO), such as FINRA, to begin reporting order and transaction information for NMS securities to the CAT plan processors.

There are four main scenarios under which firms will be required to report data to the CAT:

1) When an order is originated at the firm;

2) When an order is modified or canceled at the firm;

3) When an order executes at the firm; and

4) When an allocated trade reports back to the firm from another venue where it was executed (“as-executed” allocation).

What is CAT Reporting?

The Consolidated Audit Trail (CAT) is a system that the SEC mandated in order to track all orders and executions across US equity markets. The goal of CAT reporting is to increase transparency and reduce risk in the markets.

There are four main players in CAT reporting: SROs, brokers, clearing firms, and vendors. Self-regulatory organizations (SROs), like FINRA, are responsible for ensuring that broker-dealers comply with regulations. Brokers execute trades on behalf of their clients and must report certain information about these trades to SROs. Clearing firms settle trades and also have reporting requirements. And finally, vendors build and maintain the technology infrastructure for CAT reporting.

CAT reporting went live on November 15th, 2018, but it is still in phase 2a of implementation. In phase 2a, only brokers who trade National Market System stocks (NMS stocks) are required to report data to CAT reporters. Phase 2b will expand coverage to include additional types of securities, and phase 2c will add options trading data. The full implementation of CAT reporting is not expected until 2022 at the earliest.

In the meantime, we can expect more changes and updates as the different players involved continue to work out the kinks in this new system.

The CAT Reporting Process

The Consolidated Audit Trail (“CAT”) is a centralized repository that will holds securities transaction and order information from all U.S. markets, including equities, options, fixed income, and mutual funds. The CAT is being developed jointly by the national securities exchanges and FINRA as required under Rule 613 of Regulation NMS.

The goal of the CAT is to provide regulators with consolidated data that will improve their ability to track activity across all markets and instruments in order to better detect and pursue violators of securities rules. In addition, the data will also help inform policymaking decisions and allow for more effective market surveillance.

The CAT Reporting Process will begin in two phases:

Phase 1 – Allocation Reporting: In this phase, firms will report information about how they allocate orders among multiple trading venues. This data will be used to calculate each venue’s “order-to-trade ratio,” which measures the number of orders sent to a particular venue compared to the number of trades executed at that venue. The order-to-trade ratio is one factor that regulators use to assess whether a particular venue provides fair access to all market participants.

Phase 2 – Transaction Reporting: In this phase, firms will report detailed information about every trade they execute, including the security traded, the price, the time of execution, and other important details. This data will be used by regulators to conduct post-trade analysis and surveillance, as well as inform rulemaking decisions.

Both phases of reporting will be mandatory for all broker-dealers who are members of an exchange or FINRA (i.e., registered investment advisers), regardless of whether they trade directly on an exchange or through an alternative trading system (ATS). Smaller broker-dealers may have some relief from certain requirements if they meet certain conditions set forth by SEC rulemaking.”

CAT Reporting Scenarios

1. You own a cat that you believe is psychic. Your cat has been known to meow in response to things that happen outside of your home, such as a dog barking or a car pulling up to your house. One day, you hear a commotion coming from outside and rush to the window to see what is happening. As you look out, you see that your cat is sitting in the middle of the street staring at something. You run outside to find out what your cat is looking at and see that there is a large truck parked in front of your neighbor’s house with its headlights on. The driver appears to be asleep at the wheel. You quickly call 911 and report the situation.

2. You are out walking your cat when you notice another cat across the street hissing and growling at something in a bushes. As you get closer, you see that there is a small animal caught in the bushes and it appears to be hurt. The other cat continues to hiss and growl, preventing you from getting close enough to help the animal. You quickly call 911 and wait for help to arrive.

3. You are sitting in your living room when you hear strange noises coming from outside. You look out the window and see two cats fighting in your yard. One of the cats appears injured and seems like it might be losing the fight. You run outside to break up the fight and end up getting scratched by one of the cats in the process. After separating them, you realize that one of the cats belongs to your neighbor while the other is a straycat that often hangs around your neighborhood..

CAT Reporting Phase 2D

The Consolidated Audit Trail (“CAT”) is a centralized repository that will collect order information for all NMS securities across all markets and participants. The CAT will enable the SEC and SROs to more efficiently identify potential violations of federal securities laws and regulations, better assess market risk, and improve surveillance of the marketplace.

In October 2016, FINRA issued a Report on Selected Cybersecurity Practices ufffd 2016 to share with firms information that may help them improve their cybersecurity practices. In December 2016, FINRA issued an Investor Alert entitled Protecting Your Online Brokerage Accounts from Fraud which provided information about how cyber criminals attempt to gain access to online brokerage accounts as well as suggestions on what investors could do to protect themselves.

As part of its ongoing efforts to educate firms about cybersecurity threats and practices, FINRA has also developed two new webinars: Cybersecurity Basics for Firms: Protecting Your Firm and Investors from Cybercrime and Ransomware: What Firms Need to Know. These webinars are available on demand on FINRA’s website.

IMID CAT Reporting

The IMID CAT Reporting project is a multi-phase effort to improve the process and infrastructure for collecting, reporting, and analyzing information about market events.

Phase 2d of the project focuses on improving the process for allocation reporting. Allocation reporting is a critical part of the regulatory process, but it has been identified as an area where there are significant improvements that can be made.

The goal of Phase 2d is to develop a more efficient and effective process for allocation reporting that will reduce the burden on firms and improve the quality of data that is collected.

Finra cat 2d spec:

The Financial Industry Regulatory Authority (FINRA) released a new specification for Consolidated Audit Trail (CAT) data last week, dubbed CAT 2D. This latest version of the specification includes several changes from the previous release, which was issued in 2016.

One notable change in CAT 2D is the addition of a “Financial Institution” identifier field. This field will be used to identify broker-dealers that are members of FINRA-regulated exchanges, as well as other financial institutions that are required to report trade information to CAT.

Another change in CAT 2D relates to how order messages are reported. In the previous version of the specification, order messages were required to be reported in real-time; however, under CAT 2D, firms will have up to 10 seconds to report order messages.

imid cat reporting:

The Intermarket Surveillance Group (ISG) released its final rule on Intermarket Membership Information Dissemination (IMID) last week, which requires exchanges and alternative trading systems (ATSs) operating in National Market System (NMS) stocks to make certain information about their members available on request by other market participants or regulators.

The rule applies only to exchanges and ATSs that operate in NMS stocks; however, it exempts dark pools from its requirements . Under IMID , each exchange or ATS must disseminate four types of information about its members : membership application information , member identification data , ordering activity information ,and quotation activity information .

CAT Allocation Reporting

The CAT Allocation Report is designed to give firms a way to see how their order execution quality measures up against other firms in the industry. The report shows how your firm’s order executions compare with those of other firms, both large and small, that participate in the Consolidated Audit Trail (CAT).

The report includes four sections:

– Order Execution Quality by Security Type

– Order Execution Quality by Exchange

– Order Execution Quality by Market Center

– Summary Statistics for All Firms

Each section provides different insights into your firm’s overall order execution quality. For example, the “Order Execution Quality by Security Type” section lets you see how your firm does when executing orders for different types of securities. The “Order Execution Quality by Exchange” section lets you see how your firm does when trading on different exchanges. And the “Summary Statistics for All Firms” section provides an overview of all the data in the report.

You can use the CAT Allocation Report to:

– See where your firm ranks in terms of order execution quality

– Compare your firm’s order execution quality to that of other firms

– Identify areas where your firm could improve its order execution quality


The Financial Industry Regulatory Authority (FINRA) is responsible for regulating the securities industry in the United States. FINRA operates a consolidated tape system called the Consolidated Audit Trail (CAT), which tracks information on orders and executions in all National Market System (NMS) stocks and exchange-traded products.

In order to comply with the requirements of the CAT, firms must report certain information about their customers, including customer identifiers, order information, and execution information. This data must be reported on a daily basis, and must be submitted no later than two days after the trade date.

The CAT 2D specification contains detailed instructions on how firms must format and submit their data. The specification is divided into four main sections:

1) Customer Identification Data: This section includes instructions on how to report customer name, Social Security number or other unique identifier, date of birth, and address information.

2) Order Information: This section includes instructions on how to report order time, price, shares/lots/contracts, side of market (e.g., buy or sell), symbol/CUSIP, and account type.

3) Execution Information: This section includes instructions on how to report execution time, price per share/lot/contract , shares/lots/contracts traded , venue identifier , and trade id .

4) Allocation Information: This section includes instructions only if an allocation was required as part of an order submission process that resulted in multiple executions . Instructions include reporting subaccount details such as capacity , broker dealer of execution , clearing firm , etcetera .

If you have any questions about this specification or require assistance in understanding your obligations under the CAT Rule please contact your local Regulatory Liaison Group or [email protected]

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