What the Consolidated Audit Trail Will NOT Do

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July, 2012

We have long been a proponent of a Consolidated Audit Trail (CAT).  But when the SEC first proposed the CAT  on May 26, 2010, just 20 days after the Flash Crash, we never imagined it would take them over two years to approve their proposal.  Finally on Wednesday, with a vote of 3-2, the SEC approved the CAT.   But what exactly did they approve??

According to their press release , “The new rule adopted by the Commission requires the exchanges and FINRA to jointly submit a comprehensive plan detailing

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