Itiviti, a leading technology and service provider to financial institutions worldwide, today announced a partnership with Capital Market Solutions LLC. (CMS), a capital markets consultancy and solutions provider based in New York City. Under the partnership, Itiviti provides a complete regulatory reporting solution for the Securities and Exchange Commission (SEC) Rule 613 Consolidated Audit Trail (CAT), based on CMS’ Regulatory Surveillance & Monitoring System (RSMS).
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.
