Exchange Data Revenue Increases Due To Sales To Non-Professionals

PRICING AND FEES

WASHINGTON, DC--US Exchanges have seen a veritable windfall of revenue from the sale of its market data to non-professional users over the past five years, while fees from professional users have remained fairly constant, according to the recently released concept paper from the US Securities and Exchange Commission (SEC).

According to the concept release, titled "Regulation of the Market Information Fees and Revenue" (see related story, this issue), demand for US real-time exchange data has

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