FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst (Reuters) – The U.S. Securities and Exchange Commission on Wednesday took the first step in potentially changing how essential stock market data is governed following years of complaints by brokers that the exchanges that control the data are conflicted in their role. The SEC voted to issue for public comment a staff proposal to create new rules governing public data feeds that it said would also improve transparency and address inefficiencies in the collection and dissemination of the data. The proposal would update rules put in place in 2005 that put exchanges and the Financial Industry Regulatory Authority in charge of the governance and operation of three public data feeds showing current best prices and last trades for stocks. Since the existing rules were put in place, exchanges have created faster, more sophisticated proprietary data feeds that compete against the public feeds. Many larger brokers say they need to pay for those private data feeds, which are often more expensive than the public feeds, in order to remain competitive, and that this has created a two-tiered… Read full this story
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