Rising market data costs have drawn global regulatory and buy side and sell side attention.
On April 18, 2023, the Canadian Securities Administrators (CSA) issued CSA Staff Notice 21-334 – Next Steps to Facilitate Access to Real-Time Market Data (RTMD) – the “Next Steps” – as a result of CSA Consultation Paper 21-403 – Access to Real-Time Market Data to address concerns about the accessibility and increasing cost of RTMD in a fragmented trading environment.
To further inform the CSA’s Next Steps which reflect multiple IIAC recommendations, this roundtable discussion provides a forum for multiple knowledgeable insights into the state of market data pricing, including pricing trends in Europe and North America; the practical impact of Canadian, U.S. and UK regulatory frameworks; and proposed practical solutions.
Join us to discuss cost methodologies, including the data fee methodology (DFM) and fee approvals, operational procedures, including procedural efficiencies, licensing, and audit practices, that may decrease costs and structures and administration models: including information processors, consolidators, and their cost impacts.
Speakers
Richard Carleton
Chief Executive Officer
Canadian Securities Exchange
Drew Hermann
Head – U.S. Operations
Substantive Research Ltd.
Dave Hill
Managing Director – Product Management
TMX Group
Jeff Kimsey
Vice President and Head – Market Data Regulation
Nasdaq
Dave Lauer
Chief Executive Officer
Urvin Finance
Cindy Petlock
Chief Legal Officer and Corporate Secretary
Tradelogiq Markets Inc.
Czarina Reinante
Head – Market Data and ESG Analytics
Substantive Research Ltd.
Tee Williams
Principal
Tee Williams Associates
