Letting the CAT Out of the Bag
Tim Coley authored, "Letting the CAT Out of the Bag," which was published in WatersTechnology on Friday, April 10, 2015.
In her February keynote address at the annual Securities and Exchange Commission (SEC) Speaks conference in Washington, DC, SEC Chair Mary Jo White called the soon-to-be-developed Consolidated Audit Trail (CAT) "a game changer for monitoring and overseeing the market."
But five years after the Flash Crash, and several market dislocations later, efforts to implement the CAT Ã¢ââ¬ originally greenlighted by then-Chair Mary Schapiro in 2009 have hit more delays than expected, threatening to impede its implementation for several years.
Today, due in no small part to media-fueled anxiety over the purported evils of high-frequency trading and dark pools, the investing public is still largely uncertain of the SEC's ability to monitor and actively regulate the US markets. And investor confidence is not the only threat to the health of the US markets capital flight is also a growing risk, as reflected by Siemens' decision to delist its NYSE-listed ADRs in favor of Germany-based exchanges. That decision came on the heels of aggressive SEC enforcement actions against the company and its officials.