Opening Cross: Crackdowns Create Costs, Complexities... And Also Some Opportunities

Much of the time of the market data industry's foremost minds is spent figuring out how to get a trading advantage from market data. But there's a limit to how far they're allowed to go, and data is playing an increasing role in the efforts of unscrupulous traders to gain an illicit advantage, as well as in the efforts of regulators to prevent such actions and of responsible firms to ensure their traders aren't accidentally violating any rules.

Last week, New York attorney general Eric