US stock exchanges are asking the Securities and Exchange Commission to delay the implementation of a database that would provide better surveillance over the markets.
The so-called Consolidated Audit Trail would serve as a central database for the most sensitive information in the markets.

US stock exchanges have requested the Securities and Exchange Commission delay the rollout of a massive new database aimed at helping the regulator better police the markets so they can address cybersecurity concerns and conduct more testing.

The exchanges are seeking to postpone by a year implementation of the first phase of the Consolidated Audit Trail, or CAT, which was to begin on Wednesday, according to a letter to the SEC dated November 13 and posted on its website. It was signed by representatives from Intercontinental Exchange’s New York Stock Exchange, Nasdaq Inc, Cboe Global Markets and other exchanges.

The CAT has been hit by a series of delays since being ordered by the SEC after the May 2010 “flash crash,” even though the regulator has said it views completion of the database as critical to its oversight of markets.

The latest holdup is largely due to security concerns, including the lack of ability for users to test the system …read more

Source:: Businessinsider – Finance

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