SEC's Consolidated Audit Trail: Dead on Arrival

Rob Daly, Editor, Sell-Side Technology

The devil is always in the details. As I was reading through the proposal to establish a market-wide consolidated audit trail recently put forth by the US Securities and Exchange Commission (SEC), one small passage caught my eye that could possibly spell doom for the entire project.

The proposed rule’s fifth requirement states that each exchange and its members synchronize their “business clocks,” which sounds innocuous enough. It is easy to understand the logic behind it. When SEC officials

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