Thesys Technologies Signs Consolidated Audit Trail Contract With SROs For Audit System

Thesys Technologies, LLC is a market structure technology provider, focused on delivering high performance trading, regulatory, and big data solutions to market participants. Established in 2009, Thesys Technologies has rapidly built a strong track record of delivering innovative technology solutions to a variety of financial institutions and regulatory bodies. Some notable projects include providing ultra low-latency market access and risk control platforms to Bank of America Merrill Lynch (2011), the MIDAS big data and analytics system to the SEC (2012), and fully-hosted matching engine technology to Level ATS (2013) and Convergex (2014).

Mike Beller, CEO, Thesys Technologies and CEO, Tradeworx, said, "We are excited about the contract signing with the SROs to build the world's largest financial database. Thesys is delivering market structure as a platform or what we refer to as market structure-tech to develop efficiencies and innovation for both regulatory and operational tracking purposes. As fintech and regtech continue to evolve, we are shaping a new technology category, bringing innovation to the securities transactions business."

Anshul Anand, Senior Vice President of Business Development for Thesys Technologies, commented, "Since our bid selection in January we have been working with the SROs and industry partners to ensure we came up with an agreement that satisfies all parties. As a result, we are delighted to have a contract in place for the largest database of equities and options market activity. Together with our partners from IBM and Latham & Watkins, we are bringing a phenomenal team of infrastructure experts, technologists and leaders to develop the CAT system."

Whit Conary, CEO Level ATS, said, "Thesys has been a trusted technology partner for over four years exceeding all of our expectations. Their innovative approach to technology paired with a deep understanding of our business model has helped us maintain an industry leading Alternative Trading System. The client support provided by the Thesys team in turn allows us to seamlessly and efficiently support our customers. They have consistently delivered quality system enhancements and new functionality in a precise and timely way."

"The Consolidated Audit Trail is a key aspect of market infrastructure, which industry regulators need to help understand and surveil the incredibly complex and technology-dependent U.S. equities and equity options market. A fully implemented CAT will increase regulatory oversight and provide investors with greater confidence in the sanctity and soundness of U.S. financial markets," said Larry Tabb, Founder and Research Chairman of TABB Group, the financial markets research and advisory firm.

Thesys CAT partners include IBM and Latham & Watkins, with Latham serving as legal counsel to Thesys CAT. IBM will provide hosting on the IBM Cloud, cognitive computing and security services, technology infrastructure, program management, consulting and help desk services. The SROs jointly formed CAT NMS LLC to oversee the build and operations of the CAT system, which will be used by the SEC and SROs in their regulatory capacity.