Nasdaq OMX Group will not be answering a Securities and Exchange Commission request for proposals to build a Consolidated Audit Trail, but the Financial Industry Regulatory Authority will submit a proposal. FINRA already runs an Order Audit Trail System -- which would likely help it construct and run the new system. The system would cost around $4 billion to create and $2 billion annually to run. Learn more at SIFMA's Consolidated Audit Trail (CAT) Resource Center.

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