(December 3) The Securities and Exchange Commission will be asked to approve an eight-month delay for the implementation of its massive Consolidate Audit Trail system.
FINRA, along with the operators of the markets to be monitored by CAT (13 equity exchanges, 10 options markets, and more than 200 broker-dealers), will all ask to move the deadline from April 2013 out to next December. CAT will provide regulators new tools for targeted surveillance and broad analysis of market activity. A cradle-to-grave audit trail for each stock transaction has, surprisingly, never been done before. Its price tag is around $4B.
(Bloomberg News at www.businessweek.com)
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