The FIA submitted a letter to the Securities and Exchange Commission on Feb. 22 commenting on the SEC’s consolidated audit trail proposal. The FIA agreed that the SEC needs to have “efficient access to a robust and effective cross-market order and execution tracking system.” The FIA suggested that the SEC require self-regulatory organizations to built a consolidated audit trail, rather than building it itself, and said collecting the data on a daily basis would be as effective and more cost-effective than collecting the data on a real-time basis.
