The Securities and Exchange Commission was on track Wednesday to approve a new proposal for funding the Consolidated Audit Trail.
The Securities and Exchange Commission was on track Wednesday to approve a new proposal for funding the Consolidated Audit Trail, a database that tracks all trades, orders and quotes in the U.S. equity market.
The proposal divides the costs of maintaining the CAT between stock exchanges, sell-side stock brokers and buy-side investors, with fees being charged in proportion to the number of trades executed by each entity. The Securities Industry and Financial Markets Association, which represents broker-dealers, investment banks and institutional investors, has criticized the funding proposal as unfair to investors, arguing that its members have already had to invest significant resources for internal systems that enable them to report data to the CAT.
Currently, the CAT is being funded through loans made to a private company, the Consolidated Audit Trail LLC, which is owned by exchanges like the NYSE and Nasdaq NDAQ, +1.95% and self-regulatory organizations, including the Financial Industry Regulatory Authority. The proposed funding plan would recoup those costs while also funding future operations.
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