December 21, 2006
I don't believe anyone should be allowed to make a public market in securities without being required to publicaly disseminate time and sales data from such a market on a real time basis, at no charge.
Charging for stock market data that results from a for profit activity will put the least advantaged players at an even bigger disadvantage. After all the greed and corruption that have roiled US securities markets in the last five years, I frankly am appalled the SEC would even consider this rule change.
Imagine trying to buy a house if Realtors considered the outcome of home sales as their own proprietary data? Pure nonsense.
The transparency of our markets has a lot to do with our ability to attract capital from around the world. It just isn't prudent to impair that competitive advantage in any way.