The Exchange of Data

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Exchanges of the twenty-first century are information powerhouses. The New York Stock Exchange pumps out market data at a rate of three hundred million quotes and trades a day, and latency has dipped under three milliseconds. Meanwhile, in its last annual report, the London Stock Exchange Group announced revenues of £103.7 million ($165.8 million) from real-time data—almost 50% of the exchange’s total income from information and technology services. But for many exchanges, reference data has bee