The Market Data Subcommittee of SIFMA’s Technology and Regulation Committee provides comments to the Securities and Exchange Commission (SEC) on a proposed rule change and amendment to establish a pilot program for NASDAQ Basic Data Feeds, SR-NASDAQ-2008-102; Release No. 34-59244. The potential benefits to SIFMA members of these new feeds are a cheaper price and a speed advantage over the Consolidated Quotes. The disadvantage is that, under the SEC’s Quote Rule, SIFMA members are still required to purchase the Consolidated Quotes for trading purposes. Moreover, if the other exchanges repackage their own best bids and offers and last sale prices, adding together all of these fees could result in firms paying more, not less, for overall market data, and potentially cause considerable technological and administrative burdens.