Thank you, Chairman Schapiro.
The consolidated audit trail proposal promises to enhance significantly the ability of the Commission and the SROs to monitor, analyze, and oversee securities markets. The events of May 6 underscore that timely access to trading data that is available in a user-friendly format will greatly assist us in fulfilling our regulatory responsibilities.
I am pleased to support the proposal and look forward to the comments we will receive. Given the considerable expense to implement and maintain a consolidated audit trail, I am keenly interested in comments that explore refinements to the proposal that could reduce costs but without appreciably frustrating the consolidated audit trail's functionality. More generally, I welcome comments concerning the consolidated audit trail's scope. For example, should a more limited consolidated audit trail be pursued if it could be up-and-running more quickly than the more comprehensive audit trail the proposal contemplates? On the other hand, should the Commission's proposal be even more ambitious and far-reaching, covering more transactions and securities than the proposal initially provides for?
I join my colleagues in thanking the staff — especially those from the Division of Trading and Markets, the Division of Risk, Strategy, and Financial Innovation, the Division of Enforcement, and the Office of Compliance Inspections and Examinations — for their hard work on this collaborative effort. Your cross-agency collaboration is to be commended.