Broker dealers and high-frequency trading firms have complained about U.S. stock exchanges charging high fees for direct data feeds, accusing the exchanges of having a monopoly and demanding transparency into their costs.
Brokers and electronic market makers argue they are forced to buy the fastest and most detailed proprietary data feeds to compete and/or to provide best execution to retail and institutional clients.
Exchanges claim that brokers have alternatives, such as the securities information processor known as the SIP, an aggregated data feed mandated by Congress in 1975, which shows the best bids and offers and last trades and calculates the national best bid and offer (NBBO).
But many professional traders and algorithmic investors need more speed and detail than the top of book prices in the SIP offers.
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