Itiviti & CMS Partner to Provide CAT Reporting Solutions

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.


Itiviti & CMS Partner to Provide CAT Reporting Solutions

November 18, 2019

CMSItiviti, the Swedish headquartered industry-leading technology, and service provider for financial institutions from across the globe recently revealed in an announcement that it has partnered with the US firm to provide regulatory reporting solutions.

As per the statement released by the firm, it has partnered with Capital Market Solutions LLC, a New York-based capital markets consulting solutions provider, to provide complete regulatory reporting solutions for the US Securities and Exchange Commission. The update revealed that the partnership is aimed at providing Consolidated Audit Trail by leveraging CMS’ regulatory surveillance & monitoring systems (RSMS).

CAT is a central repository commissioned by US watchdog in October of 2017 as RULE 613 aimed at helping regulators efficiently and accurately track activity in US National Market System (NMS) Securities markets. In simple words, RULE 613 is a regulatory measure that mandates that all brokers and dealers should report all of their transactions conducted in US equities and listed options markets to CAT database to facilitate easy cross-market surveillance in-order to simplify the process of identifying potential violations of SEC regulations. 

As part of this feature, CMS will conduct an independent validation of Itiviti client’s CAT reporting and is made available to Itiviti’s clients via its global service package. This feature allows Itiviti’s clients to make use of new regulatory solutions with comprehensive capabilities for visibility and oversight of trading practices as mandated by SEC RULE 613.

While this feature is a platform-agnostic solution from a fundamental perspective, it offers seamless integration with Itiviti’s leading connectivity and trading solutions portfolio. However, that is not all as the new CAT reporting solution covers more than just baseline requirements by providing several unique value-added features such as 

  • Consolidation of multiple trading systems and ability to surveil into a single platform with a 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 the 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 the historical performance as well as insight into 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.

Commenting on their new product – “Complete Regulatory Reporting Solution for SEC”, Linda Middleditch, EVP & Head of Product Strategy at Itiviti said, “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.

The recent initiatives by the SEC have 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”.

Speaking on the same topic, Satish S. Mujumdar, Partner – Capital Market Solutions said, “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. 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”. 


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