The Securities and Exchange Commission has proposed a new rule requiring self-regulatory organizations (SROs) to create a consolidated audit trail that would greatly improve regulators' ability to track trading information.

"If adopted, this consolidated audit trail would, for the first time ever, allow the SEC and other market regulators to track trade data across multiple markets, products and participants in real time," said SEC Chairman Mary Schapiro. "It would allow us to rapidly reconstruct trading activity and quickly analyze both suspicious trading behavior and unusual market events."

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