The Securities and Exchange Commission Wednesday mandated that the nation’s stock exchanges create a system to consolidate all trading data on options and stocks into a single database before the start of the next trading day.

On a three to two vote, the SEC charged the exchanges and the Financial Industry Regulatory Authority with developing, implementing and maintaining a consolidated and auditable trail of every order, cancellation, modification and executed trades on the New York Stock Exchange, the Nasdaq Stock Market and 11 other national stock exchanges, 10 options markets and through more than 200 broker-dealers.The exchanges and FINRA will have to produce a National Market System plan for the database and its operation that details both the costs and the “technological specifiscs” of its creation.

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