The scope of the project is unprecedented. The system would create an estimated 58 billion records a day and maintain details on more than 100 million customer accounts, according to planning documents.
Hope, Bradley, and Ackerman, Andrew. "Red Tape Snarls Fix For 'Flash Crash'." The Wall Street Journal., Wednesday, May 6, 2015, A1, Accessed on May 6, 2015. http://www.wsj.com/articles/flash-crash-overhaul-is-snarled-in-red-tape-1430868811
Such will be the reach of The Consolidated Audit Trail ("CAT"), a financial regulatory data project currently in development to guard against "flash crashes" as happened in May of 2010. Regulators intend CAT to monitor stock and options trading in real time. Given the complexity, rapidity and gargantuan volume of such trading today it's no surprise it has taken so long to develop the project. Still, despite the difficulty of development, regulators shouldn't be dissuaded, la via é lunga e ‘l cammino é malvagio. The last flash crash shaved over 1,000 points from the Dow in just a few minutes. Can't have my money messed with like that.
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