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November 14, 2006
Realtime is Getting Real Pricey
I've written here many times about my current fondness for all things realtime, so I was intrigued to see that major Internet sites have begun to take up the fight. They are squabbling with the various U.S. exchanges about the rapidly increasing price for realtime ticker data."The exchanges are increasingly seeking to restructure fee arrangements with the most popular Web sites and Internet companies in order to maximize the exchanges' profits at the expense of average consumers and investors," Mr. Erickson wrote SEC Chairman Christopher Cox in a Nov. 6 letter. "In some cases [they] have sought retroactive fee changes, making carrying this data a prohibitive legal and financial risk."This is going to be an increasingly important issue as more and more industries discover the premium that they can charge for heretofor free realtime data. Granted, the exchange have always charged for realtime data, but even they are upping those prices in a hurry.
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I think a problem with what your saying Steve is that you assume that the parties (i.e. the brokers, and the funds managers) get the information for free.
They don't.
They pay an arm and a leg to get access to it.
Given that all of the companies on the exchanges must provide full disclosure to all parties simultaneously (no more preferential treatment to big investors, etc) shouldn't the exchanges they trade on be held to the same standard relating to reporting share prices? Seems a bit hypocritical.