"The most active market participants simply cannot trade competitively... without purchasing proprietary data from all, or virtually all, of the exchanges. This allows exchanges to reap excessive profits from market data."
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in the midst of an @SSRN wormhole session, and I came across this interesting paper from @IEX on the economics & costs of exchange data pricing - worth a read for those interested:
https://iextrading.com/docs/IEX%20Amicus%20Brief.pdf …pic.twitter.com/7hnVVX1Wgl
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