Quant Congress USA: Real-time audit trail unnecessary, says SEC chief economist

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US Securities and Exchange Commission headquarters in Washington, DC

The consolidated audit trail (Cat) rule passed by the US Securities and Exchange Commission (SEC) is sufficient to catch financial wrongdoing by high-frequency trading firms and other entities, said Craig Lewis, chief economist and director of risk, strategy and financial innovation at the agency.

Lewis's remarks came during a keynote address at Quant Congress USA in New York, which followed the passage of the rule on July 11 in a 3-2 vote. The rule was changed from an original proposal and

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