NDAQ - SEC wants equity exchanges to revamp governance of market data plans
2023-09-01 15:10:07 ET
The U.S. Securities and Exchange Commission is pushing equity exchanges and the Financial Industry Regulatory Authority to file a proposal to to replace three existing so-called national market system plans that govern how real-time equity market data is distributed, it said in statement Friday.
"Today’s order addresses conflicts of interest inherent in the current governance structure of the existing equity data plans and is designed to improve the efficiency of NMS plan operations," the SEC said.
Exchange firms like Nasdaq ( NDAQ ) and Cboe Global Markets ( CBOE ) charge fees for private information to help cover the cost of disseminating data.
The new order asked market participants to submit a new NMS plan that will published available for public comment. Until the revised system becomes effective, the current plans will stay in place and continue to mandate the provision of consolidated equity market data, the regulator said .
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SEC wants equity exchanges to revamp governance of market data plans