In a surprising turn of events, FINRA (Financial Industry Regulatory Authority) appears to have stopped reporting critical Consolidated Audit Trail (CAT) Errors data in its latest monthly update. This abrupt change has sparked concerns among retail investors and financial analysts who rely on this data to monitor market integrity and detect potential manipulations.
The Sudden Disappearance of CAT Errors Data
Historically, FINRA included Transaction Production Statistics in its Monthly CAT Update reports. This section contained key information on overall error counts in equity trades. However, in the most recent update (March 2025), this appendix is missing, breaking a long-standing trend of transparent reporting.
Why Investors Are Raising Red Flags
1. Timing Matters
- In the February 2025 report, FINRA publicly disclosed record-high equity error counts.
- The sudden removal of the error appendix in the following month’s report raises serious questions about transparency.
2. Coincidence or Cover-Up?
- The missing CAT Errors data coincides with T+70 from a major trading event involving GameStop (GME), a stock closely watched by retail investors.
- Many believe this could be a deliberate move to obscure data ahead of key financial disclosures.
3. FINRA Track Record
- This isn’t the first time regulatory bodies have adjusted reporting when retail traders start investigating certain metrics.
- Past instances include changes in short interest calculations and delayed swaps data reporting.
Community Reactions
The retail investor community, particularly on forums like r/Superstonk, has reacted strongly:
- “They did the exact same thing when apes started studying short interest & short volume closely. They changed the way it was calculated to ensure it never showed above 100%.”
- “FINRA has removed one of the few means retail investors had to detect financial market manipulation.”
- “Every time retail traders uncover data, regulators find a way to make it disappear.”
The big question remains: Was this an oversight or a deliberate change in FINRA’s reporting policy?
- If FINRA reinstates the CAT Errors data in the coming months, it might suggest this was an internal reporting mishap.
- If the data remains unavailable, it will fuel further speculation that this is an intentional move to reduce transparency.
The Call for Accountability
Many are now urging whistleblowers, independent analysts, and legal experts to look into FINRA’s reporting changes. The lack of transparency in financial markets erodes trust and fairness, especially for retail investors who depend on open data to make informed decisions.
Final Thoughts
Retail investors are closely monitoring this situation to see whether FINRA will release the missing data at a later time. Until then, the lack of disclosure remains a serious concern for market transparency.
Do you think FINRA’s move is an innocent oversight or an intentional cover-up? Let us know in the comments.
