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By Staff Reporters
The Securities and Exchange Commission approved a funding proposal for the Consolidated Audit Trail (CAT), a database designed to allow regulators to monitor all activity and trades in the US equity market.
Up until now, regulators “lacked a consolidated view of the material information” of National Market System securities “to trace orders from originations, modifications, cancellations, routings, and executions,” according to SEC Chair Gary Gensler, who supported the proposal.
With the new proposal, though, brokers will largely be footing the bill. So, while the plan was approved by three of the five commissioners, it’ll face an uphill battle to win approval from broker and asset manager-adjacent trade groups.
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According to a report by Bloomberg, Wells Fargo & Co. has received federal approval for a $1 billion settlement in a shareholder lawsuit concerning unauthorized customer accounts. However, U.S. District Judge Jennifer L. Rochon greenlit the settlement after a hearing in New York, bringing the bank’s total payouts for the scandal to nearly $5 billion. The lawsuit, filed in 2020, accused former CEO Tim Sloan and other executives of misleading investors and the public about the bank’s regulatory interactions following a 2016 scandal.
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- Instacart is aiming to go public at a valuation between $8.6 billion and $9.3 billion, according to reports from The Wall Street Journal and Reuters.
- The initial figures reflect a striking departure from what Instacart was worth in the past.
- The company’s stock is expected to trade on the NASDAQ under the ticker “CART,” and Goldman Sachs is leading the offering.
- Instacart is expected to officially disclose its expected IPO valuation range today.
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Filed under: "Advisors Only", Accounting, Alerts Sign-Up, Career Development, Experts Invited, Financial Planning, Funding Basics, Investing | Tagged: CART, CAT, Consolidated Audit Trail, Gary Gensler, Instacart valuation, InstacartWall Street Journal, IPO, jennifer Rochon, NASDAQ, National Market System, Reuters, SEC, Securities and Exchange Commission, Tim Sloan, Wells Fargo | Leave a comment »
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