CAT Alerts

Several U.S. equity exchanges have filed requests with the SEC to extend trading hours to include a new overnight trading session (commonly referred to as “overnight trading” or “23x5 trading”) effective on Sunday, December 6, 2026. Industry infrastructure, including the Trade Reporting Facilities (TRFs), Securities Information Processors (SIPs) and the National Securities Clearing Corporation (NSCC) have also proposed changes to support 23x5 trading. This CAT Alert addresses the CAT reporting changes that affect Industry Members with respect to 23x5 trading.

On January 13, 2026, the SEC approved an amendment (“the Amendment”) to the CAT NMS Plan relating to the Customer and Account Information System (“CAIS”). This CAT Alert addresses the Industry Member impacting items in the Amendment.

This CAT Alert provides guidance to Industry Members that CAT fees remain in effect during the stay of the decision of the U.S. Court of Appeals for the Eleventh Circuit on the CAT funding model. CAT LLC will be communicating updates regarding the stay as necessary.

This CAT Alert provides Industry Members additional CAIS reporting guidance in light of the SEC’s February 10, 2025 order granting exemptive relief related to the reporting of names, addresses, and years of birth for natural persons reported with transformed social security numbers/individual tax payer identification numbers (“Designated Natural Persons”) to CAIS (the “Exemption Order”).

SEC's CAIS Exemption Order (CAT Alert 2025-1) provides notice to Industry Members that on February 10, 2025, the SEC published an order (the “Exemption Order”) granting exemptive relief related to the reporting of names, addresses, and years of birth for natural persons reported with transformed social security numbers/individual tax payer identification numbers to CAIS.  CAT LLC anticipates publishing a subsequent CAT Alert at a future date to communicate additional information related to the effects of the SEC’s Exemption Order on CAIS reporting.

This CAT Alert provides a mapping of exchange port-level settings that are exempted from Industry Member reporting as Material Terms of the Order, as described in the SEC’s November 2, 2023 exemptive order (the “Exemptive Order”).  

This CAT Alert describes how FINRA CAT, LLC, as the Plan Processor acting on behalf of CATLLC, will calculate applicable fees, issue invoices to and collect payment from CAT Executing Brokers.

This CAT Alert announces new Interim Reporting Obligation 4 and Full CAIS Compliance Go-Live dates for Industry Members. 

This CAT Alert describes the Full Customer and Account Information System (CAIS) reporting implementation schedule for Industry Members and CAT Reporting Agents to achieve Full CAIS Compliance.

This CAT Alert describes how Industry Members must transition from the LTID Account Phase of CAIS reporting to Full CAIS (Phase 2e) of CAIS reporting for data and Transformed Identifier (TID) submissions.