House Subcommittee Considers CAT Delay

Fellow witness, Tyler Gellasch, executive director of the Healthy Markets Association, testified that the use of legal entity identifiers or large trader IDs could provide regulators with an elegant method to identify a trade's beneficial owner without relying on PII, "but that is not how the plan was developed.

Without access to PII or its alternatives, regulators will still need to gule together Order Audit Trail System data and data from SRO proprietary data feeds and "blue sheets" to detect market manipulation, which it does quite well, he added.

"FINRA has great surveillance capabilities, but without knowing who is doing the trading, you either need a whistle-blower or get luck scanning the screens to detect market manipulation."