Wall Street Wins Round in Fight With Exchanges Over Audit System
- SEC is reviewing exchanges’ plan to pay for surveillance tech
- System meant to catch cheaters, diagnose mysterious crashes
Traders work on the floor of the New York Stock Exchange (NYSE) in New York on July 3, 2017.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
The long effort to make it easier to catch cheaters and diagnose the causes of mysterious crashes in the U.S. stock market just suffered another setback.
The Securities and Exchange Commission is reviewing how exchanges plan to pay for the massive database, known as the Consolidated Audit Trail, with fees from brokers, banks and other traders. The decision came after financial firms complained that their concerns were ignored by the exchanges.