{"id":20837,"date":"2023-10-12T23:07:15","date_gmt":"2023-10-12T23:07:15","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2023\/10\/12\/finras-cook-mission-accomplished-with-cat-database\/"},"modified":"2023-10-12T23:07:15","modified_gmt":"2023-10-12T23:07:15","slug":"finras-cook-mission-accomplished-with-cat-database","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2023\/10\/12\/finras-cook-mission-accomplished-with-cat-database\/","title":{"rendered":"FINRA&#8217;s Cook: &#8216;Mission Accomplished&#8217; With CAT Database"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/799220384\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2022\/11\/Cook_Robert_640x640.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2022\/11\/Cook_Robert_640x640.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p id=\"first-para\">Speaking about the status of the Consolidated Audit Trail\u2019s transaction database on Thursday, Financial Industry Regulatory Authority CEO Robert Cook said, \u201cMission accomplished.\u201d Cook also signaled that paring back the amount of information collected via CAT may be warranted.<\/p>\n<p>\u201cIf you go back and think about what was the purpose of CAT \u2014 coming out of the flash crash, the SEC wasn\u2019t in a position to reconstruct what happened; it didn\u2019t have the data available,\u201d Cook said during comments at the Securities Traders Association\u2019s annual Market Structure conference, held in Washington.<\/p>\n<p>\u201cFast forward to today, we have an integrated consolidated audit trail that allows for surveillance of all listed products in [over the counter] trading; it allows for market reconstruction, it allows for policy informing\/policy analysis,\u201d Cook explained.<\/p>\n<p>CAT is the SEC-mandated central repository of trades, quotes and orders for all U.S. exchange-listed and over-the-counter equity securities and U.S. exchange-listed options contracts across all U.S. markets and trading venues. Investors\u2019 personal identifiable information, or PII, became available via the CAT on March 17.<\/p>\n<p>While there are \u201ctons of problems that people raise with CAT,\u201d Cook explained, \u201coverall, the transactional database has been very successful in meeting those goals.\u201d<\/p>\n<p>As for \u201clegitimate\u201d privacy concerns related to CAT, Cook said, it\u2019s \u201cnever to late to do the right thing. Just because we\u2019re there now doesn\u2019t mean we can\u2019t say, \u2018Maybe we went too far. Let\u2019s go back and collect less data and really shrink the footprint of that.\u2019\u201d<\/p>\n<p><h2>CAT Funding<\/h2>\n<\/p>\n<p>In terms of&nbsp; CAT funding, FINRA was \u201cdisappointed that the SEC approved the funding model that came out,\u201d Cook explained. \u201cWe had commented again it several times; we don\u2019t think it\u2019s the appropriate allocation of the costs of CAT.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Speaking about the status of the Consolidated Audit Trail\u2019s transaction database on Thursday, Financial Industry Regulatory Authority CEO Robert Cook said, \u201cMission accomplished.\u201d Cook also signaled that paring back the amount of information collected&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":20838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2023\/10\/finras-cook-mission-accomplished-with-cat-database.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20837"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=20837"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/20838"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=20837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=20837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=20837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}