The Security Traders Association (STA) would like to take this opportunity to provide comments on the proposed Consolidated Audit Trail (CAT) discussed in File Number S7-11-10 (the “Proposal”). The STA is an organization comprised of individuals who are involved in the trading of financial securities. Our members represent many of the business models in the financial services sector, including full and discount service broker dealers, agency only broker dealers, asset managers, exchanges and ATS’s. Because of the diversity within our membership we are uniquely qualified to provide insight on the Proposal.

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