October 21, 2018
To the Commission:
Thank you for hosting the upcoming roundtable on U.S. equity market data and for providing an opportunity for public comment on associated issues. I have attached a recent paper that I have written on the topic, "Understanding the Market for U.S. Equity Market Data," which provides an economic examination of U.S. equity market data, how it is used, and how it is regulated. The paper also presents data on equity market data prices and revenues and places them in context. Some of the data is newly public and is analyzed for the first time in this paper. I hope the Commission finds this data and economic analysis to be useful as it considers its regulatory stance in this area.
Charles M. Jones
Robert W. Lear Professor of Finance and Economics
Columbia Business School