Citadel Securities, trade body sue US SEC over consolidated audit trail

Grandpere’s love builds a Viking ship in West Pubnico | SaltWire - Citadel Securities and the American Securities Association, a trade association, announced on Tuesday that they are suing Wall Street's top regulator over new rules on the funding of a comprehensive market data surveillance system.

The litigation, brought before the U.S. Court of Appeals for the 11th Circuit in Atlanta, escalates the financial industry's battle with the U.S. Securities and Exchange Commission over the so-called Consolidated Audit Trail. "The SEC has overstepped its statutory authority and failed to address investor and industry concerns, leaving us no choice but to litigate," the ASA said in a statement.

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