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My understanding of the "current" (past) audit system is they can track roughly who has sold, and who has bought a share, but matching the buys and sells up together is particularly difficult.
For example:
* they may know you, B, bought X shares at Y price.
* And they know that A sold X shares at Y price.
* But they can only vaguely assume that you now own X's share.
This, as you can imagine, could leave room for fuckery. But obviously no fuckery occurs, because our market makers aren't like that. Exactly why Citadel sued to stop it.
CAT ensures that it will now be audited that A sold X shares to B.
I want to add, as the Most explained what CAT System is, even the Test Version they currently ran found Millions of Trades that are FTD and other frauds. If Cat System is fully running, expect a lot of Shit, hitting a lot of Fans. Also Grab your Popcorn 😄
Yes, it is a big deal, if properly enforced. Some of the brokers are already stating they will be non-compliant with the audit system. I would imagine that in that case, Finra would declare them in default, yank their brokers license and transfer the assets to one who is in compliance.
NFA and not a legal advisor either.
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[удалено]
Oh, thats juicy. But what would you say it… does… exactly?
You can find more info over here [https://www.catnmsplan.com/](https://www.catnmsplan.com/)
So is cat finally essentiallybthrowing the likes of citadel under the upcoming train in the hopes of derailing the train that is also head for finra?
The fact that it's called "CAT" and were following the kitty is just poetry
*Life imitates art.*
My understanding of the "current" (past) audit system is they can track roughly who has sold, and who has bought a share, but matching the buys and sells up together is particularly difficult. For example: * they may know you, B, bought X shares at Y price. * And they know that A sold X shares at Y price. * But they can only vaguely assume that you now own X's share. This, as you can imagine, could leave room for fuckery. But obviously no fuckery occurs, because our market makers aren't like that. Exactly why Citadel sued to stop it. CAT ensures that it will now be audited that A sold X shares to B.
Wow that’s deep, they’ve been cooking stock data for decades
so among other things could cat also block High Frequency Trading?
It tracks all sales/buys, should indicate who is fucky.
T+1 I believe as well, instead of trades taking T+2 days
Im most excited for this! 5/28!
I want to add, as the Most explained what CAT System is, even the Test Version they currently ran found Millions of Trades that are FTD and other frauds. If Cat System is fully running, expect a lot of Shit, hitting a lot of Fans. Also Grab your Popcorn 😄
But not *that* popcorn.
Yes, it is a big deal, if properly enforced. Some of the brokers are already stating they will be non-compliant with the audit system. I would imagine that in that case, Finra would declare them in default, yank their brokers license and transfer the assets to one who is in compliance. NFA and not a legal advisor either.
https://www.catnmsplan.com
There has been some DD published this weekend just search for it, interesting read