The plan would create a single database to enable regulators to track all trading activity in the US equity and options markets.
On April 27, 2016, the Securities and Exchange Commission (SEC) published for public comment a proposed national market system (NMS) plan (the Proposed Plan) to create a consolidated audit trail (CAT) for recording and reporting the complete lifecycle of all orders and transactions in the US equity and options markets. The Proposed Plan, submitted jointly by the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) (collectively, the SROs), would provide for, among other things...
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