News | 05.11.20
SEC Orders Exchanges, FINRA to Produce Single Market Data Plan
Equity exchanges and FINRA must come up with a single new national market system for producing public consolidated market data and new governance for it, the SEC said Wednesday. SEC commissioners voted unanimously to finalize a proposed revamping of the current system, in which "core data" are collected, processed, and publicly disseminated by three separate equity data plans, and the exchanges have governance authority. That has led to "inefficiencies and conflicts between (exchanges') commercial interests, and their regulatory obligations," said Brett Redfearn, director of the SEC's division of trading and markets. SEC chair Jay Clayton said that the changes will be fairer for market participants and drive significant efficiencies. "The time for investor- and market-focused action has arrived," Clayton said.
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