SEC asks exchanges for new timeline for audit trail that’s seven months late, Clayton says

22 June 2018 8:41am
The US Securities and Exchange Commission has asked stock and options exchanges for a timeline of their latest goals and milestones for development of a massive trades database that’s already seven months past launch date, Chairman Jay Clayton said.

“It’s long overdue,” Clayton told the House Financial Services Committee at a hearing Thursday. “The process remains slow and cumbersome due largely to what I believe are issues relating to governance and project management by” the exchanges.

The SEC also is considering whether investors’ Social Security numbers and all other confidential information in the original plan need to be included in the consolidated audit trail, or CAT, meant to track all market activity, he said.