The U.S. Securities and Exchange Commission (SEC) is asking for public feedback on the Consolidated Audit Trail (CAT), a massive trading database. This review could reignite a decade-long debate over the project.
The SEC will consider issues including the CAT's funding, purpose, structure, governance, design, scope, and cybersecurity. Industry opponents may find another chance to halt the initiative.
Created in 2012 after the 2010 'flash crash' that wiped out $1 trillion in market value, the CAT is intended to help regulators identify market manipulation. Officials have used its data in enforcement cases.
However, the CAT has faced persistent controversy, delays, and legal challenges. Brokers argue the project is excessively costly and burdensome, and raises concerns about personal data security from cyber threats.