Wall Street Fights Over Tab for Massive Stock-Trade Database
- SEC approves fees on brokers to help fund audit-trail system
- Market-surveillance database followed May 2010 Flash Crash
The Securities and Exchange Commission headquarters in Washington, DC.
Photographer: Graeme Sloan/BloombergThis article is for subscribers only.
A long-standing fight over who should pay for an expansive market-surveillance system intensified on Wednesday as the Securities and Exchange Commission stuck brokers with most of the bill.
The plan, approved by three of the five commissioners, faces stiff opposition from industry trade groups, heavyweight players like Citadel Securities and Virtu Financial Inc., and others that act as brokers or asset managers.