In Commissioner Daniel M. Gallagher's statement of support, he noted that CAT (consolidated audit trail) is a step forward in providing the SEC with "comprehensive information on all market activity" which will ensure regulation and oversight of the markets. He also notes that this rule is a "sea-change for the securities markets," requiring the reevaluation and revamping of key aspects of market infrastructure, and providing the SEC with data and other information critical to satisfying statutory obligations and efficiently oversee the markets.

In this statement, SEC Commissioner Luis A. Aguilar expressed disappointment in Rule 613 noting that "the rule as currently drafted will limit innovation, and will fail to achieve cost savings." Rule 613 requires SROs to jointly submit a plan for developing and implementing a consolidated audit trail. The Commissioner suggested that the rule lacks sufficient prescriptive requirements and that the process of joint development by the SROs is flawed. More powerful SROs will have more influence resulting in "a battle of size, not necessarily one of ideas." Cost could be higher with only a single

SIFMA released a statement of support from Executive Vice President Randy Snook after the SEC approved a final rule requiring the SROs to establish a consolidated audit trail, remarking: "...We believe that a centralized and comprehensive audit trail would enable the SEC and securities SROs to perform their monitoring, enforcement and regulatory activities more effectively." View statement in full here(links externally to SIFMA website).

The SEC yesterday voted to require the national securities exchanges and the FINRA to establish a market-wide consolidated audit trail that will significantly enhance regulators' ability to monitor and analyze trading activity. The new rule adopted by the SEC requires the exchanges and FINRA to jointly submit a comprehensive plan detailing how they would develop, implement, and maintain a consolidated audit trail that must collect and accurately identify every order, cancellation, modification, and trade execution for all exchange-listed equities and equity options across all U.S. markets

The CFTC published in the Federal Register on April 28, 2011 a notice of proposed rulemaking that would establish initial and variation margin requirements for uncleared swaps. The comment period closed on July 11, 2011. The CFTC is extending the comment period for its proposed margin rules for uncleared swaps for swap dealers and major swap participants in order to give interested parties the opportunity to comment on the consultative paper and the CFTC's proposed rules concurrently. Comments Due: September 14, 2012. View rule release in full here (links externally to GPO website).