![]() Without money, the SEC has no alternative, but to rely on these SROs to enforce orders. Mercy to folks at the SEC that have piles of long overdue pending cases, the agency has long been under-funded by the Federal budget. The SROs, to a large extent, regulate the securities markets as a proxy acting on behalf of the SEC.No industry participants like any heightening of oversight by the SEC or other regulators.The plan in its current form is developed by Self-Regulatory Organizations (SROs) working in conjunction with various committees of industry groups. When all hands are on the deck, there’s a danger of overlooking the realities. They’ve been over promoting that CAT will “significantly increase the ability of industry oversight to conduct research, reconstruct market events, monitor market behavior, and identify and investigate misconduct”. SEC Chair Mary Jo White doesn’t seem to have a “plan B” to address the Flash Crash if CAT is a no go. I don’t see anyone at the SEC would have the gut to turn it down after 6+ years in the working. The SEC will soon approve or reject the CAT National Market System (NMS) plan to build this enormous CAT on November 10, 2016. ![]() The SEC has no alternative, no money, and no gut! ![]() Would CAT be able to earn the high level of respect as the success of AutoCAD? I have serious doubt about it amid all the controversies, and here is why: It will be the World largest repository to ingest between 30-120 billion trade events from over 2000 sources on daily basis. In the capital markets, the SEC has adopted rule 613 to establish something called the consolidated audit trail (CAT). AutoCAD has been the de-facto computer-aided design (CAD) program for engineers that it’s like an acronym for anything that is professionally engineered, designed and created.
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