US equities industry no closer to market data solution

Author: John Crabb | Published: 28 Nov 2018

Issues with connectivity and transparency continue to divide exchanges and traders in the US as the equity market looks to redefine the way that derived trade data is sold.

Despite days of intense debate at the Securities and Exchange Commission’s (SEC) roundtable on market data and market access at the end of October, the industry is no closer to getting the answers it needs. Exchanges, financial firms and traders all hold differing opinions regarding how the data accrued in the equity capital markets should be collected, processed and eventually sold, and despite the SEC’s best efforts, little progress made.

The vast majority of the US’ exchanges doesn’t want the way that data is charged to clients to change. Earlier in October the SEC ruled that the two largest exchanges in the country, NYSE and Nasdaq, had raised market fees without due justification – sparking a litigation that is...