October 29, 2018
As an individual investor, I support reforms in the market-data pricing system as generally proposed by Fidelity, IEX, SIFMA, Virtu, Clearpool, Healthy Markets, barchart and Modern Markets Initiative in the comment file for the market-data roundtable held in October 2018.
I echo the reported comments T. Rowe Price made at the market data roundtable, namely, that end investors ultimately pay the cost of market data (i.e., there is no such thing as "free" real-time quotes at a B/D—the costs are covered by other charges at B/Ds.)
I want to further urge the Commission to move toward universal free SIP market data. This would, for example, ensure that public websites that give stocks quotes (whether a B/D or not) have timely access to real-time data. This seems an obvious policy to pursue. While real-time data on the internet seems to be expanding exponentially in a number of areas, real-time stock prices are universally delayed for 15 minutes, putting investors at a severe disadvantage.
For example, I find several public websites that offer free stock-charting features to be more robust and helpful than charting features at brokerage firms. Yet, I must log into my accounts to get real-time data. Even prices shown on B/D platforms may be delayed.
One broker, Interactive Brokers, unbundles market data fees and charges clients for market data who do not actively trade. Its pricing schedule shows the confusing maze of data feeds investors must decipher (no fault of Interactive https://www.interactivebrokers.com/en/index.php?f=14193).
As a liquidity provider, I am providing the exchanges with the data they sell. Perhaps they should be paying me. (Imagine if Facebook charged users for using its platform even though its users provide them with the data that runs the business)
Its time for free, robust, SIP data for the investing public.