The Consolidated Audit Trail faces an uncertain fate—yet again
Waters Wrap: The CAT is up and running, but with a conservative SEC in place and renewed pressure from politicians and exchanges, Anthony says the controversial database faces a death by a thousand cuts.
Following the Flash Crash of May 6, 2010, US regulators were caught on the back foot. A potent mix of market instability, cross-asset arbitrage, and high-speed electronic trading had caused one of the most shocking moments in modern markets history, as the Dow Jones Industrial Average plunged abruptly by more than 1,000 points, only to recover its losses within the hour.
Authorities struggled to explain what happened. Numerous theories were offered, including markets dislocated by futures trading
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