SIFMA Calls SEC's Proposed Market Data Order "Fatally Flawed"

The Securities Industry and Financial Markets Association (SIFMA) commissioned SLCG to prepare an "Economic Study of Securities Market Data Pricing by the Exchanges." The study provides strong support for the assertion that the two dominant exchanges are exercising monopoly pricing power by charging fees for depth-of-book data that are significantly higher than the relevant costs associated with distributing the data.