WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), Ranking Member of the Senate Banking Subcommittee on Securities, Insurance and Investment, released the following statement on the U.S. Securities and Exchange Commission’s plan for the market surveillance tool known as the Consolidated Audit Trail (CAT):

“After five and a half years, I’m glad that the SEC has finally approved a plan for consolidated audit trail.  Now we turn to the vital step of choosing a processor to build out the CAT, which I hope will be built as expeditiously as possible so that we can provide regulators with real-time capabilities necessary to conduct market oversight and protect investors.”

Senator Warner has been one of Capitol Hill’s strongest advocates for the CAT since the May 6, 2010 flash crash that wiped out a trillion dollars in equity in a matter of seconds, raising serious questions about the stability of our markets and exposing fundamental weaknesses in our current regulatory system.

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