Sifma: CAT NMS Plan Has Issues with Duplicative Systems, Cost, Data Security
Industry group criticizes SROs; calls for regulatory body to resolve issues before approval of development plan.
The 46-page letter, which can be found here, highlights a number of concerns the industry group has with the plan in charge of building the massive audit trail that will track orders, executions and quote lifecycles for all equities and options on a daily basis and be stored in a central repository.
The plan was developed by the self-regulatory organizations (SROs), which consist of the securities exchanges and the Financial Industry Regulatory Authority (Finra), and on April 27 the SEC voted to
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