Thesys CAT LLC (Thesys CAT), a Thesys Technologies subsidiary operating as the Plan Processor for the SEC’s Consolidated Audit Trail (CAT), has made two new appointments today, on-boarding Edward Watson as Chief Operating Officer and Shane Swanson as Chief Compliance Officer – both individuals will be based out of Thesys’ New York office.
In response to the increasingly automated nature of securities markets and trading activity being widely dispersed across many trading centers, the US Securities and Exchange Commission (SEC) back in 2010 proposed a rule that would require SROs (stock exchanges and national securities associations) to develop a consolidated audit trail (CAT).
Thesys Technologies is a provider of trading technology, focusing on delivering low latency and compliance technology to financial market participants. The group’s technology suite includes pre- and post-trade surveillance tools, low latency trading platforms, matching engines, and big data applications.
7 Habits of a Highly Effective DeFi TraderGo to article >>
The addition of Mr. Watson as COO and Mr. Swanson as CCO come at a key juncture for the group. Thesys CAT is presently building and operating the CAT system, which provides a timeline for key milestones and deliverables agreed upon by the SROs.
Mr. Watson will be appointed as the new COO of Thesys CAT, having joined the group with over three decades of experience in finance, operations, and technology leadership in the financial services sector. Recent stops include Citigroup, BNY Mellon, FIS/Capco, and Fannie Mae. In his new role he will be focusing on Thesys’ strategic planning and day-to-day operations.
Mr. Swanson will serve as the new CCO. He steps into his new role after prior positions as a financial services leader, general counsel and compliance officer. He most recently worked as Director of US Market Structure at Citadel. Additional stops also include Citigroup Global Markets, Inc. as Managing Director and CEO of Automated Trading Desk Financial Services,
According to Mr. Watson in a statement on the appointment: “I am thrilled to be leading the CAT initiative, an incredibly important industry-wide effort, together with a very talented team of market structure, technology, operational, and regulatory experts.”
“Joining Thesys CAT is a compelling opportunity to leverage my background with a team that combines deep understanding of market structure, trading systems and data to help the industry move forward with a unique technology platform. Combining the team’s deep knowledge with the superior Thesys technology will allow us to build CAT the right way from the very start,” explained Mr. Swanson in an accompanying statement.