The Tape is 45 years old and very immature

Michael Blaugrund – “What should this modernization look like? NYSE recently filed a comment letter recommending that the Commission undertake rulemaking to:

  • Expand SIP content to include depth-of-book data, odd lots and auction information. We also recommend displaying protected quotes in terms of shares (not number of round lots)
  • Reduce the administrative burden on subscribers by establishing fees based on distinct products instead of user classifications.
  • Establish competing consolidators in multiple data centers to minimize geographic latency and create incentives for continued improvement.
  • Eliminate unanimous voting requirements under the current Plans.
  • Update revenue allocation to reward displayed quotes that result in trades.”

Related: The New Tape Deal

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