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November 15, 2024
Partner Ken Breen spoke with WatersTechnology about the role of the Consolidated Audit Trail ("CAT") in a post-Chevron world in an article, "Removal of Chevron spells t-r-o-u-b-l-e for the C-A-T," published on November 14.
The CAT, a massive database of trade information for market oversight by regulators, has faced a number of challenges since it was initially formulated in 2010. Many critics have voiced concerns about funding, the breadth of data required, and potential security weaknesses. After the Supreme Court struck down the Chevron Doctrine earlier this year, the conversation has been renewed.
“The SEC created this dense, costly regulatory burden without any legislative input on who should pay for it,” said Ken. “Many in the industry believe that CAT is an agency overreach and a very expensive cure to the problem that existed at the time of the Flash Crash.”
Read the full article here.
