CAT Fight: Player Roster
March 7, 2013
Thirty-one organizations have stated their intent to submit a bid for creating, developing and managing a data service that consolidates quote, order and trade details on all stock and option transactions in the United States.
Former Securities and Exchange Commission chairman Mary L. Schapiro first proposed the creation of a consolidated audit trail in 2010, shortly after the May 6 flash crash that year which regulators could not easily reconstruct.. Schapiro at the time estimated it would cost $4 billion upfront to build and $2 billion a year to operate the system.
The first glimpse at what the competitors think it will actually cost likely will come when they submit bids, which are due April 25.
A conference is being held tomorrow (Friday, March 8) at 1 p.m. in New York, for bidders to discuss the request for proposals on this SEC-mandated National Market System plan. Hosting the conference are the national exchanges and the Financial Industry Regulatory Authority. They collectively are the self-regulatory organizations that the SEC has charged with selecting the best proposal for creating the trail.
Some exchange operators and FINRA have said they intend to bid, as well.
Who is who, among the firms that have stated they intend to bid, follows. Click on the names, for further company information.
Araxid provides comprehensive “trust measurement services” so large enterprises can move more of their business to the Web and telephone. Operates a Trust and Reputation Evaluation Exchange, online.
A developer of software for risk management, data management and regulatory reporting.
Eight-year-old operator of two all-electronic national exchanges, BATS Z and Y. Based in Lenexa, Kansas, considers technology to be its core competitive strength.