** This event has taken place. Want to view a recording of the panel or hear more about CMA’s CAT Solutions? Email us at info@capital-markets-advisors.com**
On August 13th, CMA hosted a virtual roundtable discussion on the future of the Consolidated Audit Trail (CAT). Even though equity securities (phase 2a) and listed options transactions (phase 2b) event reporting are now live, the Consolidated Audit Trail (CAT) is not fully operational. Linkages to customer orders and their validations, post-trade allocations, FDID and LTID account information reporting, complex orders with CAT reportable legs, and reporting of institutional and retail accounts (CAIS reporting) and their unique customer identifying information have yet to be addressed.
The reality is that important implementation issues and their solution remain unaddressed at small and large broker-dealer organizations and the window to get things right is closing rapidly. This collaborative roundtable discussion is the venue for ideation and opinion sharing on some of the thorny issues facing CAT reporters large or small as we begin to seek the solutions to Phases 2c-2e related issues.
About Our Panelists:
Joshua Beaton currently runs Morgan Stanley’s Americas non-financial regulatory reporting teams, with responsibility for CFTC swap dealer reporting, CSA swap dealer reporting, SEC Consolidated Audit Trail (“CAT”), and FINRA Order Audit Trail System (“OATS”). Previously he served as the COO for ISG Product Operations, a 1400+ FTE group delivering middle office support to Morgan Stanley’s worldwide investment banking activities.
Jennifer Connors is a partner in Baker McKenzie’s Financial Regulation and Enforcement Practice Group and the Co-Lead, North America Broker Dealer Regulation Team. She represents broker-dealers, investment advisers, alternative trading systems (ATSs), private fund managers, financial technology (FinTech) companies and other market participants on securities law and market regulation matters.
Michael Gideon is the POO, Managing Director, Head of Institutional Operations at Ladenburg Thalmann where he manages all brokerage operations for large institutional broker-dealer (high and low touch trading). He is also tasked as syndicate manager closing a private placement (144A/Reg S) transaction raising $141 million for a REIT. This included onboarding over 70 investors collecting/organizing subscription documents and all require CIP/KYC, managing the order book, flow of funds, and facilitating the closing among attorneys, investors, and the issuer.
Steven Goune is a partner and heads Capital Markets Advisor’s Finance, Regulatory & Compliance Practice. He has over 15 years of experience in banking and capital markets including broker-dealers, asset/wealth managers, custodians, exchanges, FinTech and market data providers. His expertise covers digitally enabled finance and operations transformation leveraging AI, Blockchain, Machine Learning, RPA, NLG and NLP; business process re-engineering; and regulatory compliance and reporting.
