Max Bowie: Fifty Shades of Grey Areas on Exchange Data Contracts
The finance industry is all about standards—for trade orders, market data formats; the list goes on. Yet for something where you’d think standards would be a given—contractual terms for how exchanges license market data, how it can be used, and even how its usage is counted—few actually exist.
This poses significant problems. First, it creates internal complexities when managing different exchange contracts. You can use data from Exchange A in a certain way, but you can’t do that with data from
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