An Analysis of Market Data Fees
Expand, a Company of The Boston Consulting Group, and SIFMA published an analysis of market data fees, with firms’ market data costs anonymized and aggregated for staff of the U.S. Securities & Exchange Commission. To document how a range of SIFMA member firms have responded to market data product and fee changes over the last eight years, Expand compiled market data fee changes and corresponding expenses incurred by broker-dealers.
See also:
SIFMA Comment Letter to the SEC on the Roundtable on Market Data and Market Access (October 24, 2018)
Excerpt
Purpose
- To document how a range of SIFMA member firms have responded to market data product
and fee changes over the last 8 years, Expand compiled market data fee changes and
corresponding expenses incurred by broker-dealers.
Focus on NYSE Proprietary and CTA Data
- Firm expense data was gathered and analysed for a whole range of “non-core” market
data products offered by NYSE-owned and affiliated exchanges (NYSE Proprietary), as well
as “core” market data (national best bid and offer and last sale) information administered
by the Consolidated Tape Association (CTA). - There is no reason to believe that the trend lines for firm spending on Nasdaq data would
differ substantially from those summarized below for NYSE data.