Open Call Report – Preview on SEC Market Data & Access Roundtable

SEC Chairman Jay Clayton Speech  – In April 10, ‘18 speech, SEC Clayton committed to conducting roundtables on the three areas of focus in equity market structure for the Commission: address the challenges associated with liquidity for thinly-traded securities; regulatory approaches to addressing retail fraud; and access to markets & market data

Roundtable Agenda – On October 25 & 26th the SEC will hold a Roundtable on market data and market access that includes 7 panels & 48 presenters w/ discussion generally divided by market data products/services provided by SIPs & those by exchanges (Direct Feeds) LINK

Issues Discussed: Transparency: into the costs to produce the SIP and Direct Feeds and revenues generated and distributed. Governance: The SIP was created under a Reg NMS Plan, therefore the industry does not have voting rights to changes. Conflicts of Interest: Can the conflicts of interest which exist be managed.

Possible Solutions: Competing Consolidator Model; Adding depth to the SIP feeds; Professional verses Non Professional Users.  

See Summary Report here