IMD Chicago: Exchange Data Fees, Policies Hindering New Entrants


Exchanges are struggling to create data polices that accurately reflect the "computational use of data" in modern-day trading, said Tom Etheridge, managing director at New York-based consultancy Jordan and Jordan, citing the trend of venues implementing flat data licensing fee models, which mean a small startup proprietary trading firms would pay the same as larger firms for non-display data.

"I don't dispute that exchanges have the right to make money from the use of their data. The challenge i

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