Big win for the SEC yesterday and a big loss for the major stock exchanges.  We’re talking about the US Court of Appeals ruling to reject the major exchanges challenge of the SEC’s Market Data Infrastructure Rule which the SEC approved in December 2020.  The rule has two main parts: (1) update and expand the content of NMS market data (2) establish a decentralized consolidation model in which competing consolidators, rather than the exclusive SIPs, will be responsible for collecting, consolidating, and disseminating consolidated market data to the public. The major stock exchanges (NYSE, Nasdaq and Cboe) didn’t seem to like the (more…)

Last June, the Cboe filed a proposal with the SEC to introduce a new Short Sale Volume data report on an end-of-day and intraday basis. We were shocked that a major stock exchange would even consider such an information leaking data feed and wrote at the time: “Why does the Cboe think they should be allowed to leak confidential order information? It’s bad enough that they sell proprietary data feeds which are essentially a DVR recording of your every trading move, but now they want to let paying subscribers know when they have an active short seller. And even worse, they want (more…)

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Mar, 2022