Market Data: The Lifeblood of Efficient Engagement in Global Markets
Summary
In an exhaustive 50-page examination of the history and evolution of market data, Professor Jones provides an economic analysis on usage, pricing and revenues derived by the exchanges that produce it, and the end-users -- such as investors, investment managers, and broker dealers -- who use it to drive their business operations.Professor Jones notes that exchanges compete with each other in selling proprietary market data products, and must file pricing schedules with the SEC.“Exchange market data is crucial for efficient, transparent price discovery and enables automation that has reduced costs for end investors.“Professor Jones’s analysis reinforces the reality that everyone, from individual investors checking a stock price on their phone to institutions making billion dollar decisions with algorithmic systems, benefits from exchanges producing an accessible and indispensable element of the U.S. financial system.”ICE serves customers by operating the exchanges , clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets.