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 certain requirements of the National Market System Plan governing the Consolidated Audit Trail (CAT NMS Plan), Rule 613 of Regulation NMS, and others. This move aims to reduce operating costs associated with the CAT.

What It Means for Markets

The CAT is a comprehensive database designed to improve market transparency by collecting and analyzing trading data from across the U.S. markets. The order grants relief from specific requirements related to the CAT's design and implementation, which could impact the way it collects and processes this data.

• The exemption allows for changes in how the CAT handles certain types of trading information.
• This change may reduce costs associated with maintaining and operating the system.

Risk Assessment

Our internal analysis suggests a high risk level, indicating potential significant market impact. Credibility is also rated as high due to the source and context of the SEC's actions. We advise U.S. retail investors to be cautious regarding changes in market transparency and oversight.

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