5. MIDAS is better than nothing…I guess.
The conclusion here is that while having MIDAS is better than nothing, it still will not identify many potential nefarious practices since it doesn’t trace information back to the user level and it relies on only publicly available information. While CAT (market-wide consolidated audit trail) will be much better than Midas, it unfortunately is currently in the industry sausage factory and will be there for quite some time.
-- Joe Saluzzi, Themis Trading.
Source: Themis Trading
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