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The world is being quietly rearranged by people who write very long documents.

Federal Register · April 20, 2026
The title they went with Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources Noisy translates that to

US financial regulators will review how they track every stock trade

What happened
US financial regulators are asking for public comments on how they track stock trades. They want to know if the current system, called the Consolidated Audit Trail, still works for today's markets.
Why it matters
The Consolidated Audit Trail was designed after the 2010 'flash crash' to give regulators a complete picture of every stock trade. It was supposed to help them spot market manipulation and other problems. This review means regulators are questioning if the system is actually doing its job, or if it is too expensive and slow for modern trading.
The signal
Watch for specific proposals from the Securities and Exchange Commission in the next 12-18 months that either expand or significantly narrow the scope of data collected by the audit trail.
If you insist
Read the original →