Cat on life support after appeals court ruling
Consolidated Audit Trail’s funding order setback could herald its demise
A decision by the 11th Circuit Court of Appeals in July to throw out the Consolidated Audit Trail’s funding order could be the final nail in the Cat’s coffin.
The ruling was a major setback for the US Securities and Exchange Commission’s long-term plan for exchanges and self-regulatory organisations (SROs) – responsible for about a third of Cat costs – to recover their expenses from investors. The
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