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The Securities and Exchange Commission has suffered a couple of setbacks vis-à-vis stock exchanges and data. Last week, a court said the regulator couldn’t force the NYSE and Nasdaq to conduct an expensive study on how their practice of paying lucrative rebates to brokers impacts customers. And earlier this month, the same court junked the SEC’s retroactive rejection of a price increase on the exchanges' premium data feed.

It was all enough to take Kelly Loeffler’s mind off of the impending end of her political career. But the not-usually-wily Jay Clayton wasn’t content to leave it there. If he can’t block fee increases as it sees fit—which he’s still trying to do—maybe he and his new buddy Bill Barr can just get rid of the premium feed altogether.

The DOJ’s antitrust division could help the SEC determine whether exchanges’ data fees are subject to competition, Mr. Clayton added, seated alongside Assistant Attorney General Makan Delrahim, the DOJ’s top antitrust official….

Wall Street banks, brokers and high-speed trading firms have complained for years that the country’s big three stock-exchange operators charge too much for market data, particularly the feeds that provide the most complete view of market activity. The exchanges counter that their fees are reasonable and that firms can buy cheaper, public data feeds instead.

SEC, Justice Department to Scrutinize Exchanges’ Market-Data Business [WSJ]


Uh, where is everybody? where did they go? this is a long caption. really long. does it wrap? By Kevin Hutchinson (Flickr) [CC BY 2.0], via Wikimedia Commons

Stock Exchanges Don’t Have To Do Thing They Very Much Don’t Want To At Their Own Expense

If the SEC wants to know how rebates impact stock trading, they’ll have to figure it out themselves.

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Jay Clayton’s Homecoming Plans Hit A Snag

A prestigious job he’s not qualified for may not be in the cards, but hey: At least it’s incompetence and not corruption.

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Sulking Jay Clayton Shelves ETF Investor Protection Rule

The amazing thing is that such a provision was ever even considered, we suppose.

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Jay Clayton Paints His Masterpiece

An accredited investor definition that keeps their numbers about constant and decreases the likelihood of people coming crying to the SEC? It’s perfect.

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Literally No One Likes SEC Hedge Fund Secrecy Plan, Except The People Who Run The SEC

That’s a big, “Thanks, but no thanks” from the hedge funds on getting rid of most 13Fs.

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Here’s A Little Reminder Of How Little Jay Clayton Cares Anymore

The SEC strikes a generous profit-sharing arrangement with the people who allegedly hacked it.


Jay Clayton Still Learning Fascinating New Things About SEC Hack

So don’t hold him to anything he says about it.