Among the top three market structure concerns for 2025 is market data access and costs, a new survey from JP Morgan has found.
Of those surveyed, 16% highlighted market data and costs as the top concern, while nearly 20% labelled it the second biggest market structure concern for this year.
Market data has been a key discussion point this week, with a new report suggesting that exchanges are supplementing declining equity market revenues with higher market data prices, even with there being ‘no specific costs for producing market data’.
Read more: Some exchanges pocketing nearly £5 billion from ‘inexplicable’ market data price rises, finds report
Named exchanges in the report did, however, respond to these findings, labelling them ‘misleading’ and ‘inaccurate’.
“The data presented in the report contains multiple errors and does not accurately present Turquoise’s trading volumes and market data costs,” said a spokesperson for LSEG.
“The conclusions drawn in the report are therefore inaccurate and we will be contacting MSP to request the necessary extensive corrections throughout.”
A Euronext spokesperson added: “An independent analysis commissioned by FESE and published by Oxera in September 2024, shows exchanges market data pricing remains reasonable, reflecting shifts in data consumption, evolving fee structures, and broader industry costs.”
Furthermore, JP Morgan’s survey found that real-time data and analytics were the ‘most valued’ (30%) feature across all product categories and regions, indicating its critical importance to traders, the firm said.
Looking at other tools, analytics and visuals to support trade idea generation were also found to be highly valued, with 17% of respondents choosing this tool. JP Morgan noted that this was particularly seen from traders based in the Americas, as well as across various product categories.
“Exportable data and API solutions and axes have varying levels of importance depending on the product traded, with notable interest in certain categories like FX and precious metal options, and G10 Rates,” added JP Morgan in its report.
Elsewhere, the findings also uncovered that access to liquidity was the top concern, highlighted by nearly 25% of respondents, while just over 20% respondents pinpointed regulatory change.
Other key areas for concern according to those surveyed were: developments of financial market technology, market information leakage, execution costs and access to emerging and frontier markets.
The survey – which received responses from more than 4,200 institutional and professional traders from 60 locations, across various asset classes – represents a “holistic view”, said JP Morgan.