Politico: FINRA to run SEC’s new market surveillance tool

The change in CAT’s administration was applauded by some market participants in Washington.

“America’s retail investors never wanted to send their personally identifiable information to an unregulated third-party like Thesys, but that doesn’t mean FINRA should move forward to create a one-stop shop for cyber criminals,” said Chris Iacovella, CEO of the American Securities Association. “The SEC should take this [change] as an opportunity to implement a CAT capable of needed market surveillance without collecting and jeopardizing the data security of virtually every American investor.”

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