Consolidated Audit Trail

The Securities and Exchange Commission ("Commission') is adopting Rule 613 under the Securities Exchange Act of 1934 ("Exchange Act' or "Act') to require national securities exchanges and national securities associations ("self-regulatory organizations' or "SROs') to submit a national market system ("NMS') plan to create, implement, and maintain a consolidated order tracking system, or consolidated audit trail, with respect to the trading of NMS securities, that would capture customer and order event information for orders in NMS securities, across all markets, from the time of order inception through routing, cancellation, modification, or execution.