WASHINGTON—A data warehouse created to track all U.S. stock and options orders is expected to launch on Thursday with less functionality than previously anticipated including limits on how many users can search it, according to people familiar with the matter.

The Securities and Exchange Commission ordered the creation of the Consolidated Audit Trail in 2012 after regulators found they didn’t have enough information to explain a sudden market decline, known as the “flash crash,” that occurred in May 2010. One SEC commissioner, Kara Stein, has said the database could become the “Hubble telescope of securities markets.” Read More.