Securities and Exchange Commission: Consolidated Audit Trail
GAO-12-989R: Aug 10, 2012
- Full Report:
GAO reviewed the Securities and Exchange Commission's (Commission) new rule on consolidated audit trail. GAO found that (1) the final rule requires national securities exchanges and national securities associations (self-regulatory organizations or SROs) to submit a national market system (NMS) plan to create, implement, and maintain a consolidated order tracking system, or consolidated audit trail, with respect to the trading of NMS securities, that would capture customer and order event information for orders in NMS securities, across all markets, from the time of order inception through routing, cancellation, modification, or execution; (2) the Commission complied with applicable requirements in promulgating the rule.