WASHINGTON – During a Senate Banking Committee hearing this week, U.S. Senator Kevin Cramer (R-ND) questioned U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton about the SEC’s collection and handling of large amounts of financial data, and what they are doing to keep this data secure.
“I did not used to be paranoid, but I have come to the point where the ability for institutions to secure that much data – especially with such a broad application – concerns me,” said Senator Cramer.
Senator Cramer’s comments were made regarding the Consolidated Audit Trail (CAT), a real-time tracking system the SEC is developing to enhance its ability to monitor the markets by capturing information related to securities quotes and orders.
“I agree with your concern,” responded Chairman Clayton. “The fundamental question is not what data would we like to have, but what data do we need to do the job.”
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