Global Markets Advisory Group (“GMAG”) is proud to announce that it will be serving in an advisory capacity to FIS working with their Consolidated Audit Trail (CAT) bid team, led by Neil Palmer, CTO, FIS Advanced Technology. FIS is one of three shortlisted bidders. GMAG has been working with FIS since October 2015 and has been providing advisory services as they relate to industry outreach and regulatory aspects of the bid.
On July 11, 2012, as a result of the flash crash in 2010 the U.S. Securities and Exchange Commission voted to adopt Rule 613 under Regulation NMS requiring the national securities exchanges and national securities associations submit an NMS plan to the SEC to create, implement, and maintain a consolidated audit trail.
The CAT will be the largest comprehensive data repository for securities transactions to date, processing more than 58 billion records (10 terabytes of data) daily. This single repository will enable regulators to efficiently and effectively perform market reconstructions using a central data repository that stores standardized data elements. By centralizing and standardizing data collection and creating a single audit trail, CAT will enhance regulators’ ability to identify unlawful trading such as attempted market manipulation and insider trading in either a single market or across multiple markets.
On behalf of the GMAG team, we are thrilled to be involved with FIS in assisting them with this important industry initiative. It is our belief that the FIS CAT solution addresses all of the complexities involved with the development and operation of this massive project. FIS is uniquely positioned to make this project a complete success and we look forward to working with them over the coming months.