October 20, 2015
Rule 610
I'm an independent trader. Nyse's new pricing scheme discriminates against fair access to the markets. The markets nowadays are mainly automated and in order to compete, one needs access to non-display data. Nyse has managed to raise their pricing 10x fold on me in the last 20 months. For the big companies, that's a couple percentage points on their infrastructure budget. For me, that's 5x fold increase. $150k/year in market data costs prevent other small traders from competing in the market. Cost shouldn't be about access. It should be about usage. The exchanges can't possibly be able to set their own prices and still follow Rule 610 since they just keep raising them irregardless.