CAT Concerns: The Biggest Hurdles Still Facing the Massive Audit Trail

What still lies ahead for the Consolidated Audit Trail?

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It wasn’t long after Stephen Luparello received the first draft of the US Securities and Exchange Commission’s (SEC’s) notice regarding the National Market System (NMS) plan for building the Consolidated Audit Trail (CAT) that he recognized changes needed to be made. First drafts tend to require a bit of work, but one thing specifically stood out to the director of the division of trading and markets at the SEC. The notice and economic analysis, which looked at the plan desc