Skip to main content
Menu Icon Menu Icon
Close

In The News

Thomas A. Sporkin quoted in S&P Global Market Intelligence article, “Wall Street still worries SEC's massive trading database could be hacked”

S&P Global Market Intelligence

Thomas A. Sporkin

Thomas A. Sporkin was quoted on November 14, 2018 in a S&P Global Market Intelligence article, “Wall Street still worries SEC's massive trading database could be hacked,” which discussed Wall Street’s skepticism about the security of the Consolidated Audit Train (CAT), the SEC’s new trading database. The article stated, “Banks, broker/dealers and other market participants remain worried about the safety of the data that will eventually be stored there. The CAT's security has come under fire, particularly after a hack into the SEC's corporate filings database was disclosed weeks before exchanges and FINRA were originally scheduled to report to the CAT in 2017. Around that time, the exchanges requested a 12-month delay in the CAT's launch, an inquiry the SEC eventually rejected. Still, the upcoming reporting stage will take place exactly one year after the original target date.”

Sporkin noted, “Still, the security concerns this early in the process may not justify another delay in the CAT's rollout, particularly in light of the benefits the system could bring to regulators when fully completed in 2022. If the industry can execute the business side with precision, sophistication and split-second accuracy, then they should be able to do it on the reporting side.”

Click here to read the full article.