The CSA today provided an update on their
previously released consultation paper on real-time market data
fees in Canada. That paper, published last year, sought input
from marketplace participants and data consumers in respect of
concerns that: (i) market data fees are too high;
(ii) high fees are a result of participants being part of a
"captive market"; and (iii) the process surrounding
fee proposals and changes to fee models should be more
transparent.
According to the CSA, the comments received were varied with
respect to the approach to regulating real-time market data fees.
Of the eight options proposed in the consultation paper, only two
garnered some level of support: (i) limiting real-time
market data fees charged by marketplaces until they reach an
established activity level and (ii) publishing data fee proposals
and changes to fee models for comment. Those two options, however,
do not address concerns regarding the level of current fees that
are above
