The Case For Scrutinizing the Scrutinizers

In the US, exchanges must obtain approval from the Securities and Exchange Commission to launch new data products-a process that has been hampered over the last year by NetCoalition, an Internet interest group protesting certain exchange data fees. For example, Nasdaq must receive SEC approval before it can begin selling new products, such as its upcoming Pathfinders tool (see related article, this issue).

However, in other regions, exchanges are subject only to their own oversight and that of

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