FOR IMMEDIATE RELEASE
Wednesday, November 15, 2017
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Dennis Kelleher, president and CEO of Better Markets, issued this statement following the transmission of the attached letter to the Securities and Exchange Commission (SEC) Chairman Jay Clayton and the other SEC Commissioners, applauding his decision not to delay data reporting for the Consolidated Audit Trail (CAT):

“We support and applaud Chair Clayton for resisting industry pressure and refusing to delay the data reporting deadlines for the Consolidated Audit Trail (CAT).  More than seven years after the Flash Crash, it is simply unacceptable that the SEC remains blindfolded in its market surveillance activities, lacking the most basic data and analytics to protect investors and markets.

“The industry’s stated concerns about potential cyberattacks and violations of personal privacy are baseless pretexts and the demands for a hacker-proof system is designed to kill the CAT, which is already being built according to the highest security standards.

“This is a very high profile, public test of the SEC.  If the industry fails to comply with the CAT timeline, then the SEC must use its enforcement authority against those who knowingly and intentionally defy the law. The industry has had more than ample time to comply and the SEC simply must continue to insist that it do so. Any attempts to sabotage the CAT, disobey the rules or undermine the SEC must be quickly met with a direct, forceful and clear response that meaningfully punishes the violators. Anything less will send a horrible message that will undermine the mission, authority and integrity of the SEC.”

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[The full letter sent to Chairman Clayton can be found here.]

Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.