Forefront Communications

Securities Lending Times: Cowen Partners with n-Tier

Amanda Perrucci

Amanda Perrucci

n-Tier, a technology company that helps institutions minimize the risks and costs of regulatory reporting, have partnered with Cowen, to complete a successful Consolidated Audit Trail (CAT) go-live using n-Tier’s compliance workbench platform.

n-Tier’s platform provides Cowen with comprehensive validation of its reporting data, the ability to automatically correct pre-submission reporting deficiencies found in vendor CAT files, and the ability to efficiently manage correction and re-submission processes through the platform’s user interface.

With n-Tier’s compliance workbench platform Cowen has implemented an efficient process for aggregating and validating CAT reports from all their external vendors and internal trading systems.

The CAT tracks orders throughout their life cycle and identifies the exchanges and broker-dealers handling them. This phase requires all broker-dealers currently reporting via the Order Audit Trail System (OATS) to begin reporting equities data to CAT.

n-Tier is helping Cowen and other market participants with CAT reporting by consolidating the underlying data used in the vendor or internally produced CAT reports, as well as matching record for record back to their OATS reporting.

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