Stock exchanges are poised to appoint a new processor to build the Consolidated Audit Trail, or CAT, which will track market trading activity.
The Wall Street Journal reported Thursday that the stock exchanges intend to fire the contractor they hired in 2017 to build CAT, Thesys Technologies LLC, in “the latest sign of trouble” for a project that’s a year behind schedule.
The Financial Industry Regulatory Authority, according to the Journal, will be appointed to take the reins from Thesys.
Spokespeople for the self-regulatory organizations shared in a statement Friday with ThinkAdvisor that “CAT NMS LLC can confirm that it is transitioning the CAT project to a new plan processor.”
The current plan processor, Thesys CAT LLC, “is providing necessary services through the transition period. CAT NMS thanks Thesys CAT for its support to date, and is in the process of choosing a new plan processor.”