Date: 05/02/2024

Registration & Breakfast: 8:30 am

Session Start Time: 9:00 am

Session End Time: 12:00 pm (with lunch to go)

Location: 100 Wellington Street West, Suite 1910, Toronto ON



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 (see IIAC’s Executive Summary) 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
  • Structures and administration models: including information processors, consolidators, and their cost impacts

Participants include:

Richard Carleton, Chief Executive Officer, Canadian Securities Exchange


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Drew Hermann, Head of U.S. Operations, Substantive Research Ltd.

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Dave Hill, Managing Director, Product Management, TMX Group

Jeff Kimsey, Vice President and Head of Market Data Regulation, Nasdaq


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Dave Lauer, Chief Executive Officer, Urvin Finance




Cindy Petlock, Chief Legal Officer and Corporate Secretary, Tradelogiq Markets Inc.


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Czarina Reinante, Head of Market Data and ESG Analytics, Substantive Research Ltd.

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Tee Williams, Principal, Tee Williams Associates


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