New Perspective: Exchange Data Fees Under Fire

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IMD Chicago panel on exchanges and market data fees

At this year's Inside Market Data Chicago event, panelists and audience members continued the ongoing debate over how—or even whether—exchanges should charge end users for market data. This is an argument that doesn't seem to have an end in sight, as market data fees account for 30 to 40 percent of exchanges’ profits, and the end users haven't found a way to bridge that gap. By Anthony Malakian

Peter Nabicht was peeved. The chief technology officer (CTO) of market-maker Allston Trading didn't un