Some excerpts below. https://www.reuters.com/article/us-...ges-for-stock-market-data-feeds-idUSKBN1Z72JM U.S. SEC proposes governance changes for stock market data feeds (Reuters) - The U.S. Securities and Exchange Commission on Wednesday took the first step in potentially changing how essential stock market data is governed following years of complaints by brokers that the exchanges that control the data are conflicted in their role. The SEC voted to issue for public comment a staff proposal to create new rules governing public data feeds that it said would also improve transparency and address inefficiencies in the collection and dissemination of the data. The proposal would update rules put in place in 2005 that put exchanges and the Financial Industry Regulatory Authority in charge of the governance and operation of three public data feeds showing current best prices and last trades for stocks. Since the existing rules were put in place, exchanges have created faster, more sophisticated proprietary data feeds that compete against the public feeds. Many larger brokers say they need to pay for those private data feeds, which are often more expensive than the public feeds, in order to remain competitive, and that this has created a two-tiered market. “Today’s proposed order is designed to address issues regarding the dissemination of market data that affect the efficiency and fairness of our markets,” said SEC Chairman Jay Clayton. The SEC’s proposal, which is subject to a 45-day public comment period, directs the exchanges to create a new governance plan that would form a single public data feed, reduce the influence of large exchange groups in decision-making around the data, and give a bigger say to non-exchange participants.
How can you have a single datafeed when there are multiple venues ? Mandate an aggregator hub and make it illegal to go upstream of the hub?
They are talking about consolidating CTA (https://www.ctaplan.com/index), UTP (http://www.utpplan.com/) , and ISRA to just a single consolidated feed/plan. While I think that makes sense to do it's not really going to change much other than wouldn't have to code two different specs if consuming the raw data. They're not thinking of getting rid of the direct book feeds but maybe adding more "transparency" around them sooo basically nothing.
soes banditry had little or nothing to do with the feed and this feed thing is probably nothing. you are always the last to trade. yes, YOU
experts are proposing a single feed. the matching engine will process sequentially on alternate cycles recieve/send. users will be limited to 200 messages a week.
Wrong, it had everything to do with electronic feed (Small Order Execution System) they got their hands on and were able to pick off market makers pockets. I recall reading about Jeff Citron seeing MM leaving an old price flashing and immediately picking his pockets, then driving to Mercedes dealership and treating himself to a new car Another interesting thing about those days, it was one of very few publicly taught methods that actually worked. People who taught, need bodies to execute.