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Emissions tests typically measure carbon monoxide (CO), unburned hydrocarbons (HC) and oxides of nitrogen (NOx).
CO and HC are the result of incomplete combustion. Catalytic converters finish what the engine was trying to do, oxidize (another word for "burn" in this case) those to form carbon dioxide (CO2) and water (H2O). So with a perfect burn (in the engine, cat or both combined) there would be no CO or HC.
NOx is from too hot of a burn. It's also a pollutant. I'm not sure what a cat does with it.
I suspect it doesn't do much of anything to NOx emissions. That's the point of low compression motors and EGR, as I understand it.
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.