Securities group asks SEC to intervene for brokers in audit-trail database fight


FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo

NEW YORK (Reuters) – U.S. brokers should not be forced to sign an agreement that could make them liable for breaches of a massive new industry trading database that they have no control over, a leading financial industry trade group told regulators on Wednesday.

Brokers must soon begin sending sensitive information derived from their clients’ trades to a new database called the Consolidated Audit Trail (CAT) that the Securities and Exchange Commission tasked exchange operators

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