OMS/EMS Connectivity Fees Remain Shrouded in Secrecy
Sean Sullivan, LiquidityBook – There is no question that Wall Street is a far more transparent place today than at any point in history. Generally speaking, broker-dealers are well aware of the pricing models employed by the exchanges, investment managers know how and for what their brokerage counterparties charge, and end investors can see exactly what fees they are incurring. For trading in particular, there is now a tremendous amount of data – some of it mandated by regulators, and some driven by market forces – around order routing that only a few years ago would have been nearly impossible to obtain. But even as the industry continues to laudably move forward on this score, one area has remained stubbornly opaque for far too long: the transactional connectivity fees charged by some OMS and EMS vendors.