Thinking

SEC Market Data Roundtable Summary

Doug Clark, Managing Director
Ivan Cajic, Vice President

On Oct. 25 and 26, the SEC hosted roundtables to discuss and debate issues related to real-time equity market data. The roundtables followed an SEC decision, in early October, in favor of SIFMA, in a long-standing lawsuit against Nasdaq and NYSE Arca. The decision held that neither market had properly demonstrated that fees filed in 2010 were fair and reasonable under the Securities Exchange Act of 1934.1 The theme of data prices needing to be fair and reasonable underpinned the entire two days.

In term of the themes discussed, and the key arguments laid out:
1. Are data fees too high?
2. Governance of the SIPs
3. Connectivity fees

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1In the Matter of the Application of Securities Industry and Financial Markets Association, Exchange Act Rel. No.84432 (Oct. 16, 2018).