Exchanges: Audits Are Last Resort

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While exchanges are auditing more user firms, they aren't finding unusual amounts of underreporting, executives say.

Their comments are in response to reports that exchanges are becoming more aggressive in their audits of user firms and finding that many are under-reporting their data usage (IMD, April 4).

The exchanges do agree that user firms are being scrutinized more than before.

Steve Dickey, vice-president of market data products and information at the Chicago Board of Trade, says, "Tradi

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