Bidding field for mammoth U.S. stock tracking system cut to six
NEW YORK (Reuters) - The field of companies bidding to build a mammoth system to track securities trading across the U.S. stock market has been cut to six from 10, a statement from the committee governing the selection process said on Tuesday.
The winning bidders included SunGard Data Systems, Thesys Technologies LLC and the Financial Industry Regulatory Authority, a self-regulatory organization (SRO) that also is part of the selection process that narrowed the shortlist.
Computer Sciences Corp and J. Streicher Analytics, which led a group called the CATPRO consortium of Hewlett Packard, Booz Allen and Buckley Sandler.
The Securities and Exchange Commission ordered FINRA and the 18 U.S. stock and options exchanges to develop a plan to build and manage the audit trail after it took five months to recreate what happened during the "flash crash" of May 2010.
To avert a conflict of interest the SEC approved an information barrier to stop the FINRA team that presented a bid from learning details about other bids. Bidders made oral presentations in May to the selection committee.
The consolidated audit trail (CAT) is expected to load and process more than 50 billion records resulting in approximately 10 terabytes of data per day, and the number of records is expected to grow 25 percent a year.
(Reporting by Herbert Lash; Editing by Bernard Orr)