SEC's 'Orwellian' Trade Database Is Unlawful, 11th Circ. Told

By Jessica Corso

Citadel Securities LLC and the American Securities Association have laid out their objections to a U.S. Securities and Exchange Commission directive that requires brokerage firms to fund the buildup of a database known as the consolidated audit trail, telling the Eleventh Circuit that the tool created an "Orwellian surveillance regime" that puts American investors at risk of being hacked.

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