In the aftermath of the May 2010 "flash crash," regulators pushed for a consolidated audit trail, but a June 30 deadline to present bids for building and running such a system has been delayed until mid-August. "People who have looked at this have become fairly skeptical about the project because they're looking at how much it's going to cost," said Manoj Narang, head of Tradeworx, which intends to bid on the CAT project. Learn more at SIFMA's Consolidated Audit Trail Resource Center.

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