2021 saw market data’s quiet revolution
This year, the SEC pulled the trigger on competing consolidated tapes and a new market data governance plan. In 2022, we will know if some of it can go ahead, or remain stymied by legal battles.
In early 2021, the usually relatively obscure topic of US equities market structure hit mainstream news headlines. In March, an investing subreddit called r/wallstreetbets triggered a short squeeze in brick-and-mortar video games retailer GameStop’s stock, making it the most highly traded asset in the US. The ensuing “meme stock” frenzy was framed as nothing less than all-out class war, and saw possible conflicts of interest in the practice of payment for order flow wind up on the agenda of the
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