Removal of Chevron spells t-r-o-u-b-l-e for the C-A-T
Citadel Securities and the American Securities Association are suing the SEC to limit the Consolidated Audit Trail, and their case may be aided by the removal of a key piece of the agency’s legislative power earlier this year.
The Consolidated Audit Trail, a massive database of trade information for market oversight by regulators, has been dogged by challenges since it was initially formulated as a response to the Flash Crash in 2010. Opponents have voiced concerns about funding, the breadth of data required, and potential security weaknesses in the 14 years since the idea was floated by the US Securities and Exchange Commission.
Last year, these concerns came to a head when market-maker Citadel Securities and the
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