In her February keynote address at the annual Securities and Exchange Commission (SEC) Speaks conference in Washington, DC, SEC Chair Mary Jo White called the soon-to-be-developed Consolidated Audit Trail (CAT) “a game changer for monitoring and overseeing the market.”
But five years after the Flash Crash, and several market dislocations later, efforts to implement the CAT — originally greenlighted by then-Chair Mary Schapiro in 2009 — have hit more delays than expected, threatening to impede its implementation for several years.
‘Enforcement 40’ for 2020
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