US competing consolidators grapple with pricing uncertainty as SEC, exchanges battle over new Sip regime
Vendors who want to provide consolidated market data under the SEC’s new system can’t make plans until they know how they are going to be charged for market data. But the fee schedules are mired in legal action and confusion.
Interdealer brokers are looking enviously at the way exchanges have been able to grow data revenues, providing a stable stream of profits as other business lines have declined. But following the exchange model has its own challenges.
Anthony takes a look at some of the major projects that involved application interoperability from last year. The list includes feats by Goldman Sachs, BlackRock, Barclays, ICE, State Street, Refinitiv, and FactSet.
The finalized equities market infrastructure reforms will make a difference, but some market participants are calling for additional clarity.
What do Liquidnet and Trading Technologies (and others) have in common? Anthony explains. He also discusses advancement—and disillusionment—in the quantum space.
After the route toward accreditation via the ISO petered out, Bloomberg is vying to establish its reference data standard as a system of record in the US, following a win in Brazil.
Snowflake is already working with the New York Stock Exchange on how to make its data easier to access for the pair’s overlapping clients.
Industry insiders warn that the regulator’s attempts to modernize equities data by redefining trading lots will fall short of the mark if odd lot orders remain unprotected.
Data licensing agreements remain a source of contention for the industry, as suppliers look to differentiate offerings via disruptive pricing structures.
US equity exchanges have pushed back aggressively against an SEC order directing them to submit a revised plan for operating the consolidated tapes of US equities quote and trade data.
NYSE COO Michael Blaugrund looks ahead to a potential reopening of the exchange's iconic New York trading floor, and describes why NYSE believes it's appropriate to reopen the Arca Options floor earlier, and the role of DMMs in reducing volatility.
A summary of some of the past week's financial technology news.
The coronavirus has achieved what decades of competition and automation could not, and has halted trading on the NYSE floor. With no end in sight to the spread of the virus, and with technology now running the show, Max asks whether the floor is likely…
Tier-1 corporate bond dealers are still holding out from contributing their quote and pricing data to the two-year-old platform.
With regulators slow to answer industry questions relating to how a CT should be built and what it's for, development has slowed.
The SEC wants a single consolidated data plan to improve data latency and availability over the current consolidated tapes.
Max Bowie digs deep into how firms are making sure they classify data consumers correctly to avoid paying unnecessary fees.
WatersTechnology examines some of the disillusionment permeating the capital markets when it comes to blockchain.
As regulators and industry bodies ramp up efforts to deploy machine-readable models for derivatives reporting, adoption of industry-wide standards has more than a few challenges to overcome.
As some firms are pushing forward with blockchain projects, others are saying it's not yet ready for prime time.
A look at the massive tech projects (and legal battles) underway at the NYSE, which are being led by Stacey Cunningham.
As European market participants bemoan the lack of a consolidated tape, a senior SEC executive debunks the idea that a pan-European tape, similar to the US, will resolve issues around data access and costs.
UBS Asset Management’s data chief sets out his recommendations for using alternative data in the investment process.