The US Securities and Exchange Commission (SEC) made several revisions to the national market system (NMS) plan for the Consolidated Audit Trail (CAT) before approving it in November, but many involved in the CAT process feel regulators didn't go far enough with certain aspects.
As it stands now, self-regulatory organizations' (SROs') business clocks are required to be within 100 microseconds of the time maintained by the National Institute of Standards and Technology (NIST). Broker-dealers, on
James talks about his trip to Chicago and some of the interesting topics that came up (including a look at disaster recovery demands). Then Anthony and James touch on ISDA's initial margin rules, with Phase 3 going live next year.Subscribe to Weekly Wrap emails