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.

When the US Securities and Exchange Commission (SEC) finalized a rule that made major changes to US equities market infrastructure in December 2020, it opened the door for interested technology vendors to become suppliers of consolidated market data.

The new rules create a system in which, instead of two exchange-run securities information processors (Sips) pumping out bid/ask quotes consolidated from US trading venues to consumers, a decentralized system of entities called competing

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