On May 26th, the SEC proposed for comment a new rule requiring the securities self-regulatory organizations to jointly develop a national market system ("NMS") plan to develop, implement, and maintain a consolidated order tracking system, or consolidated audit trail, with respect to the trading of NMS securities. The system would enable regulators to track information related to trading orders received and executed across the securities markets. Comments should be submitted within 60 days after publication in the Federal Register which is expected during the week of June 7. SEC Release No. 34-62174; SEC Press Release. See also Schapiro Remarks; Aguilar Remarks; Paredes Remarks; Walter Remarks.