If you can’t beat ’em, join ’em: The inexorable march of exchange data fees

Following IEX’s decision to begin charging nominal fees for its market data, Memx is the last one standing not yet charging for data. Max asks whether it will follow suit, or whether any exchange will be brave enough to take a stance on unpopular data fees.

After writing about market data for more than 20 years, I wasn’t surprised. New York-based exchange operator IEX Group’s recent decision to begin charging fees for its market data had all the inevitability of a Bond villain gloatingly revealing his entire plan before 007 escapes and foils the scheme.

“Ah, data fees,” I said, stroking the imaginary white cat sitting in my lap. “I’ve been expecting you.”

It’s not surprising for an exchange to assess fees for its data. What was surprising was

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