Market data debate rages on at the SEC

Author: John Crabb | Published: 26 Oct 2018

Industry participants from both sides of the argument made their voices heard loudly this week as the debate on US market data and market access raged at the Securities and Exchange Commission (SEC) picks up speed. 

Speaking at the SEC’s Division of Trading and Markets (DTM) Roundtable On Market Data And Market Access a number of participants from the big three US exchanges, broker-dealers and banks voiced their concerns and defences to a high profile commission that included all four commissioners and chairman, Jay Clayton.

The roundtable followed last week’s announcement by the SEC that the NYSE and the Nasdaq did not justify previous increases in market fees, finding 'that the exchanges had not met their statutory obligation to demonstrate that the fees were consistent with the Exchange Act’. This gave an apparent resolution to an issue that had been ongoing, and increased pressure on those exchanges that...