Reg NMS Continues to Stir Up Concern


The Securities Industry Association issued a letter last week criticizing the market data revenue sharing model proposed in the Securities & Exchange Commission’s Regulation National Market System (NMS) rules.

Currently, revenue is shared among Self Regulatory Organizations solely based on trading activity. The SEC says this is ineffective because it creates economic and regulatory distortions. Therefore, the SEC is proposing the addition of a quote component, which will divide market data r

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