Stock exchanges and markets must establish a uniform system for tracking all orders and trades under a rule approved Wednesday.
The Securities and Exchange Commission said the requirement is intended to make it easier for the government to investigate market disruptions, such as the “flash crash” two years ago that sent the Dow Jones industrial average plummeting nearly 600 points in five minutes.
Under the rule, the exchanges will have to jointly submit a proposed plan for setting up an overall system to collect and identify every trading order from start to execution. The plan must be submitted to the SEC by April.
