A giant data project at the centre of the regulatory response to the 2010 “flash crash” that sent the Dow plummeting nearly 1,000 points is years behind schedule and mired in red tape.

The Consolidated Audit Trail, or CAT, originally was conceived as a way to enable regulators to monitor stock and options orders in real time and zero in on manipulators quickly. After the flash crash-which occurred May 6, 2010, and saw some big stocks lose nearly all their value before markets rebounded-the CAT was seen as a crucial step in protecting the markets from future swings.