01.16.20
SEC Market Surveillance Project Hits Snag over Hacker Fears
by: Alexander Osipovich
Some of the biggest U.S. brokerage firms are balking at a contract they must sign to connect their systems to the SEC's Consolidated Audit Trail, citing concerns that they could be held liable if the database is breached, insiders say. The dispute threatens to derail progress toward an April 20 deadline for large brokers to begin reporting data. Of around 1,300 brokerages that need to sign the contract by then to start reporting data, about 650 have signed.
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