FTEN, which is marketing technology that it contends can solve both issues, said it expected the Securities and Exchange Commission could save billions of dollars almost "immediately, because you are addressing both issues at the same time,'' said Gary LaFever, the company's chief development officer.

In its consolidated audit trail proposal, the SEC is attempting to create a single master database of price, share and other details on orders and transactions in U.S. securities markets. In its action on 'naked access,' the SEC is expected to ban the practice of brokers supplying their market participant identifier codes to unregistered entities who in turn send orders directly onto markets electronically, without the orders going through risk controls in advance.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.