The London Stock Exchange Group’s (LSEG) UnaVista has developed a new service to help US firms meet the upcoming consolidated audit trail (CAT) transaction reporting requirements.
The UnaVista CAT Accelerator tool allows broker-dealers to manage the first wave of reporting, with self-regulatory organisations due to submit data to the Securities and Exchange Commission (SEC) on 15 November.
It is a fully audited data management tool that generates a series of gap analysis reports to dictate the percentage readiness of a firm’s input data, as required by CAT reporting.
LSEG explained the service replicated the technology used to help firms meet MiFID II and EMIR reporting legislation.
Maryse Gordon, senior pre-sales and business development manager at UnaVista, explained from the experience with MiFID II and EMIR, collecting and organising data sources is one of the most difficult aspects of compliance.
“Our UnaVista CAT Accelerator assists firms with this aspect of preparation by allowing them to import sources gradually, helping them to compare against the specification and identifying any gaps,” he said.
“This service was extremely valuable for clients when preparing for other regulations so we look forward to helping firms prepare for this new US requirement using our first service offering.”