House bill looks to back up SEC market data efforts

Congress is stepping into the US equity market data debate as the DC Circuit Court of Appeals considers dismissing the SEC’s initiatives.

Over the past year or so, I’ve been tracking the efforts of the Securities and Exchange Commission (SEC) to break what it sees as the monopolistic stranglehold of the large exchanges on the cost of US equity market data and infrastructure, and update the public data feeds known as the exclusive Securities Information Processors (Sips).

These efforts took the form of two main initiatives, rolled out mainly in 2021. One is the Market Data Infrastructure Rule (MDI Rule), which attempts to create a

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