May. 25 at 8:06 PM
โ ๐๐ก๐ฒ ๐๐๐ง ๐๐ก๐๐ฒ ๐๐ก๐๐ซ๐ ๐ ๐
๐จ๐ซ ๐๐ฎ๐๐ฅ๐ข๐ ๐๐๐ญ๐? โ Mon 5/25/26
๐ชจ The trick is in one word: it's legally NOT "public data." Your order becomes a quote on the exchange's wire โ and the law calls that recording THEIR product. Your public participation, converted to their private asset, the instant it crosses the system. ๐ญ
๐ Here's the part that should end the debate: in 1975 Congress treated exchanges as "in effect, a public utility" โ fair, because back then they were ๐ฆ๐๐ฆ๐๐๐ซ-๐จ๐ฐ๐ง๐๐, ๐ง๐จ๐ง-๐ฉ๐ซ๐จ๐๐ข๐ญ. Today
$ICE,
$NDAQ,
$CBOE are ๐๐จ๐ซ-๐ฉ๐ซ๐จ๐๐ข๐ญ, ๐ฌ๐ก๐๐ซ๐๐ก๐จ๐ฅ๐๐๐ซ-๐จ๐ฐ๐ง๐๐ corporations. Same utility privilege. Different incentive entirely.
๐ The standard? Fees must be "fair and reasonable." Never defined. For decades the SEC rubber-stamped. The exchanges also control the SIP โ the cheap public feed โ so they keep it just slow and thin enough to force serious players onto the expensive proprietary feeds. Producer of the public good AND seller of the premium substitute. That's not a market. It's a regulated monopoly degrading its own free tier.
โ The honest line: cost recovery is legitimate. Monopoly rent-extraction is not. Publicly-generated data, sold by a statutory monopoly that controls its own free substitute, should be priced cost-plus-reasonable โ not whatever-the-market-will-bear.
๐ก The 1975 model governs a 2026 market. Built for ticker tape. Running on tokenized everything.
โฆ They're "permitted" because the law made them permitted โ in an era when this meant ticker-tape subscriptions, not a billion-dollar margin extracted from electronic order flow.
๐๐ณ๐ฐ๐ค๐ฆ๐ด๐ด ๐ฐ๐ท๐ฆ๐ณ ๐ฑ๐ณ๐ฆ๐ฅ๐ช๐ค๐ต๐ช๐ฐ๐ฏ. ๐๐ช๐ด๐ฌ-๐ง๐ช๐ณ๐ด๐ต, ๐ข๐ญ๐ฐ๐ข๐บ๐ด.
$SPY $NVDA #wavervanir #volanx #quant #optionsflow #algorithmictrading #marketstructure
NFA.
