Court of Appeals have denied the SEC’s move to stop a review of its decision on market data fee increases by NYSE and Nasdaq.
Equity exchanges in the US have been told to submit new plans for control over the controversial consolidated tape.
The SEC found that around 6.4 million client orders were routed by three unaffiliated brokers through undisclosed ‘low cost router’ arrangement at Bloomberg Tradebook.
The US watchdog has extended a delay for broker-dealers reporting to the CAT after system officially went live earlier this month.
A report from Liquidnet reveals that number of buy-side implementing unbundling policies globally is continuing to grow.
After closing its open outcry trading floor in Chicago due to coronavirus, Cboe has shifted to electronic trading with quick approval from the SEC.
Proposed changes in the US aim to expand the data distributed via SIPs and open the door to more producers of the consolidated data feeds.
Cboe has gained approval from the SEC to operate an alternative closing auction mechanism, which threatens the monopoly primary exchanges retain on end-of-day trading.
Following intense debate among market participants on the extensive costs of market data, incumbent exchanges could soon have less power over the consolidated tape in the US.
The best of the month’s stories from The TRADE, including BNP Paribas, Ardevora, MiFID II, distributed ledger technology and Leaders in Trading 2019.