(Washington)
There is a little-discussed, but major new regulatory practice coming to town, and many brokers who are paying attention are getting upset about it. The SEC is implementing a major new data gathering exercise, called CAT, which will collect enormous amounts of data on stock trades-58 bn data points a day. However, within all that data will be a wealth of personal information on over 100m customer accounts. The CEO of Pershing highlights some of the issues, "The technical specifications that have been released to date do not, alarmingly, include many details around data security and protection". Large BDs need to start complying with CATS next November.
FINSUM : The impetus for collecting this data is reasonable, but given the SEC's track record of handling private data, it is worrisome indeed.
- brokers
- CAT
- client data
- trading data
- SEC
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
