Williams: Exchanges Must Consider Usage Pricing


As exchanges face an uncertain future, they can dramatically boost efficiency and possibly revenue by revamping the way they charge for market data, Tee Williams, principal of market data research and consulting company Tee Williams Associates, told AFIC attendees.

By adopting what he calls a "quantum" model, exchanges will be able to tailor data to vendors' specific market data needs, and charge according to each data element, each message and each transaction consumed.

With the growth of alg

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