# Exchange Data Revenues Slide in Q1, With Notable Exceptions

Exchanges’ market data revenues for the first quarter of 2013 largely declined compared to last year, as cost pressures and headcount reductions still affecting the capital markets continued to eat into data subscriber numbers and revenues.

Bucking the trend, IntercontinentalExchange saw a 12 percent increase in Q1 data revenues over the same period last year, from $36.4 million to a record high of$40.9 million for the exchange. However, ICE’s overall revenues fell 4 percent to \$351.9 million,

#### Waters Wavelength

###### Waters Wavelength Podcast Episode 83: Systematic Internalizers & RegTech

Anthony and James delve into how the systematic internalizer regime is shaping up, and then examine the regtech sector.