News | 01.10.20
Regulators Seek to Loosen U.S. Exchanges’ Control over Stock Data
A proposal advanced by the SEC takes aim at a two-tier system that allows trading platforms to charge their largest customers higher fees for faster proprietary feeds, leaving smaller players to rely on a slower public stream. Commissioners voted 3-2 on party lines to approve the proposal, opening the door for comments. “Today’s proposed order is designed to address issues regarding the dissemination of market data that affect the efficiency and fairness of our markets,” SEC Chair Jay Clayton said, citing a “significant and increasingly wide gap” between the public and proprietary data feeds. The SEC’s two dissenting commissioners said the agency should have skipped the comment period and issued a direct order to the exchanges.
Read the full article on Wall Street Journal