Consolidated Audit Trail

The Consolidated Audit Trail is the US system that collects order and trade data across all national securities exchanges and FINRA members into a single repository, so that activity spanning several venues can be reconstructed as one sequence.

Also known as CAT. market microstructure · updated 2026-11-06

See also

• Order audit trail — An order audit trail is the complete, timestamped, attributed record of every order message sent to a venue. It is the evidentiary…
• Cross-market surveillance — Cross-market surveillance joins data from several venues or several instruments to detect schemes that are invisible in any one of…

Terms that refer here

Cross-market surveillance · Order audit trail

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