SEC’s Anti-Flash Crash Program Going Swimmingly

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Couldn't be happier she took this job.

That is, other than the lack of someone to run it, the possible lack of interest in finding someone to run it, a plan, figuring out how to pay for that plan, finding someone to implement a potential plan, figuring out how to find someone to implement a potential plan, and the standard SEC two-year process to sign off on the very simplest of things. Those minor matters aside, all is well with the future Consolidated Audit Trail.

As reported earlier this year by The Wall Street Journal, the 10 organizations overseeing the process, including Nasdaq OMX Group Inc. and Intercontinental Exchange Inc., which operates the New York Stock Exchange, still haven’t selected a firm to build and run it. A final plan hasn’t been approved by the SEC and there is no consensus on how to pay for the project, which could cost more than $500 million in its first five years of operation, according to a planning document filed last year….

In addition to the hiring difficulties, it has taken the SEC about about a year to approve two relatively straightforward governance changes to the process for selecting a contractor to run the whole system.

‘Flash Crash’ Fix Faces New Setback [WSJ MoneyBeat blog]

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