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The regulators want the exchanges to publish the real-time technical data on orders to buy and sell certain securities.
They believe that publication of such data, which makes it possible to understand short-term market conditions, will make investors more competitive. Already at that time the stock exchanges spoke out against these plans, saying that the regulator exceeds its authority and that such changes would disrupt the normal operation of stock markets.
However, it is known that in case of publication of such data on trades the stock exchanges can lose part of their income, because these data on bids sell to brokerage companies which can follow the current conjuncture in real time.
In their lawsuit, the exchanges argued that the SEC is exceeding its authority by requiring new disclosures, that it is not helping to protect the law, which is what the regulator should be doing, and that the SEC changes would make it more difficult and costly to operate the markets, asking the court to rule on the dispute.
source: forbes.com
They believe that publication of such data, which makes it possible to understand short-term market conditions, will make investors more competitive. Already at that time the stock exchanges spoke out against these plans, saying that the regulator exceeds its authority and that such changes would disrupt the normal operation of stock markets.
However, it is known that in case of publication of such data on trades the stock exchanges can lose part of their income, because these data on bids sell to brokerage companies which can follow the current conjuncture in real time.
In their lawsuit, the exchanges argued that the SEC is exceeding its authority by requiring new disclosures, that it is not helping to protect the law, which is what the regulator should be doing, and that the SEC changes would make it more difficult and costly to operate the markets, asking the court to rule on the dispute.
source: forbes.com
