In a letter filed with the SEC today, the FIA Principal Traders Group (FIA PTG) urged the Commission not to approve the amended Consolidated Audit Trail (CAT) funding proposal.
The letter cited concerns with: the lack of transparency, the governance of CAT NMS, LLC, perceived conflicts of interest, the cost allocation methodology, the use of inconsistent metrics, the overall costs and cost-benefit, and the complete exclusion from consideration of the costs that Industry Members have incurred.
FIA PTG also said they have serious concerns as to whether the CAT is a worthwhile endeavor overall, especially considering the cost overruns and ongoing cyber-risk concerns.
