Available through Itiviti’s global organization, the new regulatory solution provides firms with comprehensive surveillance capabilities for visibility and oversight of trading practices as mandated by Rule 613. CMS will conduct independent validation of customers’ CAT reporting. While fundamentally a platform-agnostic solution, it offers seamless integration with Itiviti’s leading connectivity and trading solutions portfolio.
“Working with CMS and including their regulatory reporting expertise, we are proud to offer an efficient, easily managed CAT solution which features clean reporting and consistent processes,” said Linda Middleditch, EVP, Head of Product Strategy. Itiviti. “The recent initiatives by the SEC has made the CAT implementation a pressing issue for market participants, and our partnership with CMS helps customers get on track to compliance in a timely and cost-efficient manner.”
SEC Rule 613 requires broker-dealers to report all transactions conducted in the US equities and listed options markets to a Consolidated Audit Trail database, enabling cross-market surveillance and reconstruction of market events to identify potential violations of SEC regulations. After significant delays, the SEC has taken a significant step by issuing a schedule for CAT implementation, with the deadline for the first phase now set to April 20, 2020.
“Combining an unmatched market presence with its trading and regulatory experience, Itiviti is the ideal partner for marketing, integrating and supporting our regulatory solutions globally,” said Satish S. Mujumdar, Partner, Capital Market Solutions. “Providing a one-stop shop for all regulatory and compliance related inquiries becomes an increasingly attractive proposition as firms are facing a growing regulatory burden. Together with Itiviti, we will deliver on this vision while adding real value to our mutual customers.”
The CAT solution introduced by Itiviti and CMS goes beyond the baseline requirements for SEC compliance by offering unique, value-add features. These include:
- Consolidation of multiple trading systems and ability to surveil into a single platform with uniform look, feel and usability, also facilitating unified maintenance of Firm designated identifier (FDID).
- Workflow management and exception management integrated with Case Management.
- Perform data integrity validation checks and take corrective actions, prior to submitting CAT report to FINRA.
- A fully featured dashboard to enable compliance officers and senior management to monitor and manage exceptions.
- A powerful trend analysis tool providing visibility into historical performance as well as insight to the firm’s overall compliance status.
- Daily trading transactions linked to regulatory submissions, storing this information for immediate retrieval upon internal or external inquiry.
- Cost-efficient and flexible storage of millions of regulatory records, cloud based or on-premises.
All market participants with any activity in the United States are subject to Rule 613. This includes all firms currently providing Order Audit Trail System (OATS) reporting as required by the US Financial Industry Regulatory Authority (FINRA) and used to record information relating to orders, quotes and other related trade data from all equities traded on NMS.
For further information, please contact:
Linda Middleditch, EVP, Head of Product Strategy, Itiviti Group, Tel +44 796 82 126 24, Email: email@example.com
Christine Blinke, EVP, Head of Marketing & Communications, Itiviti Group, Tel. +46 739 01 02 01, Email: firstname.lastname@example.org
Capital Market Solutions
Satish S. Mujumdar, Partner, Capital Market Solutions, Tel. +1 201-424-2081, Email: email@example.com
Joseph Chafatinos, Partner, Capital Market Solutions, Tel. +1 732-675-8912, Email: firstname.lastname@example.org
About Capital Market Solutions Inc.
Capital Market Solutions provides consultancy and advisory services to financial services companies with an emphasis on Capital Markets. We provide solutions for Investment Banks, Exchanges, Broker-Dealers, Hedge Funds, Asset Managers, Trading and Clearing Firms. Our expertise is in maximizing opportunities and revenues for our clients using proven Technology Cost Containment and Operational Risk Assessment methodologies while providing un-biased technology solutions. Capital Market Solutions leverages the expertise of “executive level technologists” from the leading technology vendors.
For more information, please visit www.capmarketsolutions.com
Itiviti enables financial institutions worldwide to transform their trading and capture tomorrow. With innovative technology, deep expertise and a dedication to service, we help customers seize market opportunities and guide them through regulatory change.
Top-tier banks, brokers, trading firms and institutional investors rely on Itiviti’s solutions to service their clients, connect to markets, trade smarter in all asset classes by consolidating trading platforms and leverage automation to move faster.
A global technology and service provider, we offer the most innovative, consistent and reliable connectivity and trading solutions available.
With presence in all major financial centers and serving around 2,000 customers in over 50 countries, Itiviti delivers on a global scale.
For more information, please visit www.itiviti.com.
Itiviti is owned by Nordic Capital.