Capital Market Solutions

  Accurate customer information is at the heart of effective regulatory reporting. FINRA CAIS was introduced to improve transparency and provide regulators with a more complete understanding of customer accounts associated with trading activity. For broker-dealers, compliance with CAIS requirements has become a critical operational priority. FINRA CAIS requires firms to submit detailed customer and account information linked to reportable events. This information enables regulators to conduct more effective investigations and monitor market activity with greater precision. One of the biggest challenges firms face is maintaining data consistency across multiple systems. Customer records often exist in various databases, making data integration and validation essential. A well-designed CAIS compliance strategy helps ensure information remains accurate throughout the reporting process. Strong CAIS compliance offers several benefits. First, it reduces reporting errors by implementing ...

  Accurate reporting has become one of the most important responsibilities for broker-dealers and financial institutions. As regulatory expectations continue to rise, firms are seeking ways to improve reporting quality while reducing compliance risks. Consolidated Audit Trail (CAT) Compliance provides a powerful framework for achieving these goals. The CAT system collects detailed order and trade information from market participants. Regulators use this data to monitor market activity and investigate potential issues more effectively. Because of the importance of this information, firms must ensure their submissions are complete, accurate, and timely. One major benefit of CAT compliance is improved reporting accuracy. Automated validation checks help identify errors before submissions reach regulators. This reduces rejection rates and minimizes the need for costly corrections. Another key advantage is greater operational transparency. CAT reporting requires firms to maintain detai...

Why Every Broker-Dealer Needs a Smarter Approach to SEC Rule 606 Report In today’s highly regulated U.S. equity and options markets, transparency is no longer optional  it’s enforceable. For broker-dealers, publishing an accurate and timely SEC Rule 606 report is not just about checking a compliance box; it’s about demonstrating execution integrity, disclosure clarity, and regulatory accountability. With increasing scrutiny around order routing practices, payment for order flow (PFOF), and execution quality, firms must ensure their reporting processes are both technically sound and operationally scalable. Yet many firms still rely on fragmented workflows and manual data reconciliation  a risk that is becoming harder to justify. What Is an SEC Rule 606 Report? The SEC Rule 606 report is a mandatory disclosure requirement under Regulation NMS that compels broker-dealers to publicly disclose how they route customer orders. The rule has two primary components: 1️⃣ Rule 606(a) – ...

  In today’s financial markets, transparency and compliance aren’t just nice-to-have  they’re mandatory. For broker-dealers operating in the U.S., one cornerstone of regulatory transparency is SEC Rule 606 reporting , a regulation designed to give investors a clear picture of how their orders are routed and executed in the market. But what exactly is Rule 606, why does it matter, and how can firms efficiently meet its demanding requirements? Let’s explore.    What Is SEC Rule 606? At its core, SEC Rule 606 is a disclosure rule under Regulation NMS that requires broker-dealers to report detailed information about how they handle and route customer orders. This includes both public disclosures and individualized customer information.    Rule 606 is divided into two main parts : 1. Public Reporting (Rule 606(a)) Under Rule 606(a), broker-dealers must publish a quarterly report showing where non-directed customer orders in U.S. equities and listed o...

  S&P Global's 2026 withdrawal from 606 services leaves 50 clients exposed, thrusting broker-dealers into a rush for seamless order routing disclosures under SEC Rule 606. This rule requires quarterly public reports on NMS equities/options routing, plus customer-requested details critical for trust and competition.​ Rule 606(a) covers held non-directed orders, detailing top venues, PFOF, and relationships; 606(b)(1/3) provides six-month order specifics for individuals/institutions. Amid SEC's focus on execution quality, firms must navigate expanded data needs, from options routing to "not held" strategies. The S&P Shakeup Impact Public client lists enable targeted outreach, but urgency peaks for Q2 2026 filings manual transitions risk errors. CCOs at mid-sized firms (25-200 staff) seek solutions blending human insight with automation, as digital marketing alone falls short in B2B regtech.​ Challenges include aggregating routing data across venues, reconciling ...

  Regulatory reporting has become one of the most critical operational priorities for broker-dealers and capital market firms. With increasing scrutiny from regulators, Consolidated Audit Trail (CAT) Compliance , CAIS-Connect , and FINRA CAIS reporting are no longer optional they are essential for maintaining regulatory readiness, avoiding penalties, and ensuring transparent market activity. This guide explains CAT and CAIS requirements in simple terms, highlights common challenges, and shows how modern compliance solutions can streamline reporting while reducing risk. What Is Consolidated Audit Trail (CAT) Compliance? The Consolidated Audit Trail (CAT) is a centralized system mandated by the SEC to track the entire lifecycle of equity and options orders in U.S. markets from order origination to execution and cancellation. CAT compliance requires firms to: Capture accurate order and trade data Report events within strict timelines Maintain data consistency across systems Respond...