SEC Issues Order to Reduce Operating Costs of Consolidated Audit Trail

The Securities and Exchange Commission has issued an order granting conditional exemptive relief related to the National Market System Plan governing the Consolidated Audit Trail (CAT NMS Plan), Rule 613 of Regulation NMS, and other associated rules.

Key Provisions of the Order

• The SEC has granted temporary relief from certain requirements of the CAT NMS Plan to reduce operating costs for exchanges.
• The relief is conditional on the exchanges providing detailed information about their cost savings and implementing measures to maintain market surveillance effectiveness.

Why it Matters

The order may have significant implications for market surveillance costs, potentially affecting overall liquidity in the markets. Exchanges will need to carefully manage their operations to comply with the relaxed requirements while maintaining adequate oversight of trading activity.

Risk Assessment

High Risk Level: 8/10

Credibility: High

This SEC order may impact market surveillance costs for exchanges, potentially affecting overall liquidity. Investors should closely monitor exchange announcements and assess their own exposure to potential changes in market dynamics.

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