The US Securities and Exchange Commission (SEC) is calling for reforms that would level the playing field for access to market data. In a bid to narrow the differential between those with access to high-cost data feeds that contain a greater depth of information, and other investors in the marketplace, the SEC proposals would subject ‘competing consolidators’ of market data to Regulation Systems Compliance & Integrity (Regulation SCI). They would also require enhancement of the core data contained in SIP data feeds, and other changes designed to enhance best execution. The proposals follow on from the SEC’s announcement of a radical overhaul to the governance of the consolidated tape.
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