Industry slams market data fee filing
Jo struggles to see how the SEC could approve fee proposals for exchange market data fees.
In early 2020, the US Securities and Exchange Commission (SEC) kicked off a project to modernize securities information processors (Sips), the entities that pump out national markets system quote data to consumers. The current Sips, governed by the CTA/CQ and UTP plans, include top-of-book data in their feeds; in the commission’s new and improved world—made a reality by the Market Data Infrastructure (MDI) rule—that “core data” was expanded to also include depth-of-book and auctions information
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