Access to Stock Market Data – Transparent, Detailed, and Timely Data is King

The SEC has recently focused its attention on transparency regarding all aspects of the capital markets. This is seen by many as an attempt to ensure that Main Street investors have detailed and timely information necessary to make informed investment decisions. One area that has come under review is how, when, and at what cost do investors have access to market data. Under the SEC’s Regulation National Market System, exchanges such as the NYSE and Nasdaq must make their “best bids and offers” data available to Securities Information Processors (SIPs).[1] This data is seen as crucial to inform investors on the status of the market. The SIPs are coincidentally also managed by the exchanges to ensure that this vital data is made public in a non-discriminatory manner and at a reasonable cost. However, in addition to this quasi-public data, the exchanges offer more detailed data on limit orders at prices below “best bids and offers,” which is extremely valuable in getting a full assessment of the securities market. This more detailed, valuable, and arguably necessary data is considered proprietary and as such is offered at a premium. However, even though this more detailed data is considered proprietary, the fees assessed…

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Thoughts on the Regulatory Accountability Act

The Regulatory Accountability Act incorporates many bipartisan solutions to problems that have plagued the expansion of the federal regulatory system. The ideas expressed in the bill are certainly worthy of continued analysis and discussion. Read more in the Bloomberg View column by Cass Sustein:   A Regulatory Reform Bill That Everyone Should Like Look! Bipartisanship is alive, and cranking out good ideas.   More stories by Cass R Sunstein June 22, 2017, 8:30 AM EDT The executive branch under President Donald Trump is not issuing a lot of new regulations, but congressional Republicans, joined by some Democrats, have been thinking seriously about regulatory reform. They’ve produced an intelligent, constructive, complex, imperfect bill – the Regulatory Accountability Act of 2017 – that deserves careful attention. Over the last 30 years, Republican and Democratic presidents have converged on three excellent ideas. The first is that before issuing expensive new regulations, agencies should catalogue their costs and benefits, and should proceed if (and only if) the benefits justify the costs. The second is that before issuing new regulations, agencies should allow ample time for public participation, and should pay close attention to what members of the public have to say. The third is…

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A Powerful Check on the Regulatory State

While smart regulations and rules are often necessary to carry out legislation, the role of the federal agencies is not to create new policy but, rather, to implement the policies of the legislature using the power delegated to them by Congress. The CRA was created to ensure that federal bureaucrats don’t forget that we live in country in which laws are created by representatives of the people and enacted through a system with checks and balances.

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