Cybersecurity
SEC Rejects Last-Minute Push to Delay Stock Surveillance System
- Exchanges made request to postpone Wednesday’s start of CAT
- Failure to comply could bring punishment from the regulator
The Securities and Exchange Commission headquarters in Washington, D.C.
Photographer: Joshua Roberts/Bloomberg
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Regulators rejected a last-minute request from U.S. stock and options exchange operators to delay by a year the start of a far-reaching new market-surveillance system.
Exchanges are required to begin feeding trading data into the Consolidated Audit Trail on Wednesday under a U.S. Securities and Exchange Commission rule passed last year, and not complying could open them up to punishment from the regulator. After quietly lobbying for a delay, on Monday they formally asked for a one-year reprieve, citing cybersecurity concerns and other issues.