SROs Submit Plan for Audit Trail, Initial Costs Estimates Average $53 Million

SROs submitted a plan for the Consolidated Audit Trail to the SEC

The group of SROs, which consists of 17 exchanges and the Financial Industry Regulatory Authority (Finra), estimates in the 208-page regulatory filing that the CAT will initially cost between $30 million and $91.6 million to build, based on estimates of the six shortlisted bidders vying for the opportunity to create the CAT. Five-year estimates, which were provided by the bidders, of the cost of maintaining the CAT are between $135 million and $465 million.

The filing, which can be read in its

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