Thus far, the process has moved glacially. The SEC first proposed that exchanges feed data into a central repository in May 2010, just weeks after the harrowing day in which $1 trillion of value was erased from U.S. stocks before markets recovered. In 2013, the agency solicited bids to build the tracking system. The regulator has been grappling with how to move forward ever since.
Last month, lawmakers told SEC officials they were fed up with the delays.
U.S. Senator Mark Warner, a Virginia Democrat, said at a hearing in Washington that his patience was “wearing very thin.” Senator Mike Crapo, a Republican from Idaho, added that he had “an increasing level of frustration.”
Staff Writer Ted Knutson contributed to this story.