Before the 2008 global financial crisis, trading automation led to huge increases in market data volumes. "As a result of electronification, trading venues were able to use quotes to attract new participants.... The new data was electronic, and that led to automation. Unlike humans, computers can react to every quote, which led to more trades and more data. Data begot more data," Goor said.
After the crisis, new regulations fuelled the need for even more data, and as a result, the cost of data i
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