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Senator John Kennedy (R-LA) introduced the "Protecting Investors' Personally Identifiable Information Act." The legislation would exclude personally identifiable information from Consolidated Audit Trail reporting requirements.

Over the past two days, two Senate subcommittees held separate hearings on the topic of high-frequency trading ("HFT") in the U.S. equity markets. On Tuesday, June 17, the Senate's Permanent Subcommittee on Investigations held a hearing titled "Conflicts of Interest, Investor Loss of Confidence, and High-Speed Trading in U.S. Stock Markets." The hearing focused on how brokers' incentives resulting from exchanges' maker-taker fee structures and payment for order flow clashed with brokers' duty of best execution to their customers. The hearing was conducted by Senators Carl Levin (D-MI), Ron