Market-Data Revenue: Icing on a Broker's Cake

摘要

As soon as Regulation NMS began to look like a reality, exchanges were off to the races, merging with the predominant electronic communications networks (ECNs) and alternative trading systems (ATSs) to build up market share. The ECN and ATS operators needed the exchanges in order to acquire an air of legitimacy as well as to participate fully in the generation of market data and the collection of market data revenue. Caught by surprise, brokers soon followed with the next wave of acquisitions.