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...