Ahead of Test, CAT Faces Hurdles with Reporter Agreement
Sources say broker-dealers have not yet signed an agreement allowing them access to the test environment.
The first industry reporting test for the consolidated audit trail (CAT) begins today (December 16), but there could be a dearth of activity as participants have cited issues with an agreement presented by the exchanges.
Industry members—mainly large broker-dealers—have expressed concern over the CAT reporter agreement, which reporting firms are required to sign in order to gain access to the testing environment, and many have held off signing it. The Securities Industry and Financial Markets
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