Latham & Watkins Advises Thesys CAT in Agreement to Build Big Data System to Track and Audit Stocks and Options Trading

Implementation of Thesys' technology and data analytics capability will provide regulators with new, faster and deeper ways to understand and analyze activity in the markets.

17 May 2017

Thesys Technologies, LLC has announced the signing of a Consolidated Audit Trail (CAT) contract with the Self-Regulatory Organizations (SRO) to build a big data system to manage the tracking and auditing of all stocks and options transactions by the U.S. Securities and Exchange Commission, which is a seven-year deal mandated by the SEC. The consortium of SROs, responsible for developing and implementing the CAT system, selected Thesys Technologies in January 2017 to build and replace legacy reporting systems. Thesys Technologies established Thesys CAT LLC as a separate legal entity to act as the CAT plan processor.

Latham & Watkins LLP represented Thesys CAT in the agreement, and advises the entity on an ongoing basis, with a team led by New York FinTech partners Vivian Maese and Jim Gorton, with New York counsel Louis Trotta, Washington, D.C. associate Morgan Brubaker, New York counsel Carrie Girgenti and Michael Kuh, and New York associates Cameron Kates, Timothy Pisacreta and Eric Broad. Advice has also been provided on financial regulatory matters by New York partner Wenchi Hu and on employment matters by New York counsel Rifka Singer.

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