The Flash Crash on May 6, 2010 got everyone’s attention when a trillion dollars of market value collapsed and rebounded in a half hour. Now the regulatory response, the Consolidated Audit Trail (CAT), is close to implementation. Broker-dealers will need to maintain a consolidated audit trail that collects and identifies every order, cancellation, modification and trade execution for all exchange-listed equities and options in U.S. markets. That’s a tall order and an expensive proposition, and the deadlines are challenging for large and small industry players.

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