One step closer: How exchanges are seeking tighter relationships with clients

Increasingly, exchanges are trying to get closer to their customers, in a bid to better understand how they use market data. This move may come at the expense of data vendors that are being gradually squeezed out of the exchange-client relationship.

If you’re a subscriber to the Australian Securities Exchange’s ASX and ASX 24 datafeeds, you’ve probably recently signed a new contract with the exchange.

In October 2020, the ASX announced it was expanding the use of its Data Reporting Module (DRM) to firms currently reporting so-called non-display use of equities and derivatives datafeeds indirectly via their data vendors.

“What those [direct agreements] do for us is that they get us close to the end-customer. So, we know who they are, we

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