SIFMA Makes Statement on SEC and DOJ Review of Fees Exchanges Charge for Data

SIFMA today issued the following statement from SIFMA president and CEO Kenneth E. Bentsen, Jr. on the review by the SEC and DOJ of the fees the exchanges charge for data:

“SIFMA welcomes the initiative by the Securities and Exchange Commission and the U.S. Justice Department to partner in efforts to review the fees the exchanges charge for data. We believe the agreement should allow the SEC to determine whether exchange fees are subject to competition.  Access to this market data is essential to America’s world-leading capital markets because all participants need timely and complete data to make informed decisions for all customers.  The for-profit exchanges exclusively control the distribution and sale of market data, which has led to unchecked fee increases.  SIFMA has long argued that these fee increases are inconsistent with the exchanges’ actual costs in collecting and distributing market data and thus constitute an excessive mark-up over cost.  We appreciate the focus by the SEC and the DOJ on this important issue.”