Griffin’s Citadel Securities Blasts SEC’s ‘Massive’ Tracker (1)

A new Securities and Exchange Commission market-tracking database is a “massive, unprecedented government surveillance system” that could cost the financial services industry billions of dollars and compromise investors’ privacy, Citadel Securities told a US appeals court.

Citadel Securities and the American Securities Association, a group of brokerage firms, asked the 11th US Circuit Court of Appeals in October to review the SEC’s approval of the funding model for the database in response to “widespread investor concerns about transparency, governance, costs and data privacy.”

Ken Griffin

Photographer: Lionel Ng/Bloomberg

In a brief filed late Thursday, the trade group and the market-making firm founded by ...