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Nasdaq Quits Thankless Job It Isn't Any Good At

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You'll have to get your quote and trade data from someone else (by which we mean the New York Stock Exchange). In two years. Maybe.

In its Nov. 25 letter to the chairman of the committee overseeing its SIP, Nasdaq notified the group that the letter "will serve as notice" of Nasdaq's termination of agreements to operate the SIP. The letter said it was "impossible" to move forward without the committee quickly approving Nasdaq's recommendations for upgrading the SIP. The recommendations had been given to the committee about three weeks earlier.

Committee members felt the negotiations were progressing and were surprised by Nasdaq's move, according to a person familiar with the matter….

"Operating the SIPs doesn't bring a lot of revenue, but you get yelled at when it breaks down," said Larry Tabb, chief executive officer of the market-research firm Tabb Group LLC. "There isn't a lot of value in putting your best and brightest into a business that isn't at the center of your company anymore."

Nasdaq Cancels Deal to Operate Data Feed [WSJ]