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Created: 2025-07-25 22:52:06 UTC

Citadel Securities won a lawsuit against the SEC, challenging the funding model for the Consolidated Audit Trail (CAT)—a database tracking all U.S. stock and options trades for surveillance. The court ruled the SEC's requirement for broker-dealers to fund it unlawful, potentially reducing CAT's scope and costs. This limits SEC oversight but eases industry burdens.


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