Exchange Audits Make Waves

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Exchanges are increasingly carrying out audits of their customers, often finding significant under-reporting of data usage, sources tell Inside Market Data.

"The global firms are reporting maybe between 35 and 40 percent of what they’re actually using," says one source familiar with the trend. This person declines to provide more specific examples, but another observer says revised bills could be in the hundreds of millions of dollars.

If the exchanges were to demand back payments, says Janet

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