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Daily Dashboard | Google, Amazon offer to build Wall Street database Related reading: OPC details lessons learned from CRA, ESDC breaches

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Major tech companies are vying for the right to build a new database for the Securities and Exchange Commission designed to track stock and options trading from exchanges and broker-dealers on a daily basis, Bloomberg reports. Amazon and Google’s parent company, Alphabet Inc., are looking to help build the Consolidated Audit Trail database, designed to host exchanges in the cloud, but will also hold personal information on more than 100 million customer accounts. Brokers and bankers are concerned about the database's construction, fearing problems from data breaches and technology firms asserting themselves within the financial industry. “This is a huge opportunity for Amazon and Google," said Harvard University Senior Fellow Jo Ann Barefoot. “Their involvement in this project I do think is a threat to the incumbents. If big tech firms can win more trust in Washington, that’s one of the biggest challenges facing banks.”
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