Commissioner Daniel M. Gallagher's Statement at SEC Open Meeting: Consolidated Audit Trail

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.