FISD Membership

Consolidated Market Data: Analyzing Changes from the SEC

In early May, the SEC issued an order for a new NMS plan for the consolidation and distribution of U.S. equities data (and is considering further action regarding aspects of data consolidation) that includes just one consolidated tape plan. What will this mean for how your firm accesses equities market data? Panelists will discuss:

• Main Street investors, exchanges, financial institutions: who will be the winners and losers when the dust settles?
• How will the effects of this order be felt elsewhere in the market ecosystem?
• As the existing three plans consolidate, what features should remain in place? What needs to go? Is there “modernizing” that needs to be done beyond streamlining the plans?
• What conflicts of interest exist in the current system? How might streamlining the plans change those?
• Is this move an overreaction to the Flash Crash of 2010? Are the risks to the market system from HFT overblown?
• While the focus is on transparency and broad access to the best possible data, is now the time to reconsider the Vendor Display Rule? How does the VDR measure up against the intended goal of ensuring best execution? Does it make market data less affordable?
• An activist regulator or a merely a firm hand: what should we expect next from this SEC?

Moderator:

Salvatore Sferrazza, Solution Architect, Google Cloud

Panelists:

Kerry Baker Relf, Head of Global Exchange & Core Partner Marketplace, Refinitiv

Stephane Dubois, Founder and CEO, Xignite

Edmund Flynn, FIA, Head of Market Data Strategy, TD Ameritrade

Jeff Kimsey, Vice President and Head of Global Product Management, Nasdaq