IOSCO has published for consultation its report on “Technological Challenges to Effective MarketSurveillance: Issues and Regulatory Tools”. This follows the Financial Stability Board’s request that IOSCO assess the risks posed by the increased volume and dispersal of trading data. Market surveillance relies on the uniformity and market comparability of the audit trails required by different jurisdictions. This would help in detecting aberrational activity immediately and in preventing disorderly trading and market abuse. IOSCO undertook a survey of existing market surveillance means and audit trail quality. This consultation is based on the results to that survey and considers the feasibility of new regulatory tools, such as more audit trail data or single reporting points, and considers the impact of current initiatives to develop unique entity identifiers. It looks at the regulatory and surveillance capabilities of market authorities. It also considers the data they collect and their ability to identify customers. Specific recommendations will also cover the format for data, data protection requirements, synchronising business clocks and cross-border surveillance. IOSCO asks for comments by 12 October.(Source: IOSCO Consults on Technological Challenges to Market Surveillance)