The Securities and Exchange Commission announced Wednesday it is seeking public comment on a proposed order that would require self-regulatory organizations to develop a new National Market System (NMS) plan for consolidated equity market data.
The SEC’s action is an effort to modernize the NMS, created in 1975, and to address concerns public consolidated equity market data feeds that report price and volume data are slower and contain less information compared to proprietary market data feeds. Currently, the organizations that oversee the operation of the public feeds have also developed their own proprietary feeds, a situation that has given rise to concerns about transparency and conflicts of interest.
