The Exchange Data Fee Debate: Trick or Treat?

For some, the SEC's scrutiny of exchange data fees is scarier than ghouls, goblins and a toddler's Halloween candy-induced sleeplessness.


Halloween is a spooky time of year, but there’s something even more terrifying on the minds of the market data industry than ghosts or zombies: exchange data fees. Financial firms would have us believe that the exchanges are the vampires of the capital markets, sucking the blood of unsuspecting victims, while exchanges might say they’re the Frankenstein’s monster—a misunderstood marvel of engineering, created by geniuses and not appreciated by the pitchfork-wielding hordes of investors.


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