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  • SIFMA: SEC Overturns Previous Ruling In Market Data Fees Case, Finds In Favor Of Plaintiffs

    Date 16/10/2018

    SIFMA released the following statement today from SIFMA Managing Director and Associate General Counsel Melissa MacGregor on a decision in favor of the industry by the Securities and Exchange Commission (SEC) regarding a legal challenge to market data fee increases by the exchanges:

    “This pragmatic ruling by the SEC indicates increasing recognition by policymakers that the fee structure for proprietary market data products is broken. As noted in the unanimous decision, ‘the exchanges fail to meet their burden to demonstrate that the fees are fair and reasonable and not unreasonably discriminatory’ as required under current law. Today’s decision should prompt further examination of policy reforms to ensure the efficiency of public market data feeds and fairness of fees.”

  • Joint Statement On The Application Of SIFMA For Review Of Action Taken By NYSE Arca, Inc., And NASDAQ Stock Market LLC, SEC Commissioner Hester M. Peirce, SEC Commissioner Elad L. Roisman, Oct. 16, 2018

    Date 16/10/2018

    Today, the Commission held that neither NYSE Arca, Inc. (“Arca”) nor Nasdaq Stock Market LLC (“Nasdaq”) had met its burden to show that the fees, filed in 2010 for ArcaBook and Level 2 (together, the “products”) and subsequently challenged by SIFMA, were fair and reasonable under the Securities and Exchange Act of 1934.

  • Statement On Market Data Fees And Market Structure, SEC Chairman Jay Clayton[1], Oct. 16, 2018

    Date 16/10/2018

    Today, the Commission took two actions with respect to the regulation of market data fees – i.e., the fees our regulated exchanges charge market participants for market data.[2]  These matters involve issues of law and fact, and by their very nature – challenges to fee amounts – are contentious.  Fee disputes of this type also can be complex, including because today's trading activity is itself complex and data driven. 

  • Speech By UK's Chancellor Of The Exchequer, Philip Hammond MP, At The Annual Investment Association Dinner

    Date 16/10/2018

    And of course - the immediate key to maintaining this ecosystem – is ensuring we get a good Brexit deal – and protecting markets from uncertainty during transition.

  • Remarks At The IDC - 2018 Fund Directors Conference, Dalia Blass, Director, SEC Division Of Investment Management, Chicago, IL, Oct. 16, 2018

    Date 16/10/2018

    Introduction

    Good morning. Thank you, Amy [Lancellotta], for that kind introduction, and thank you for inviting me to join you this morning.

    Early in my tenure as Director, the Division launched its Board Outreach Initiative. Through this initiative, we have had the opportunity to meet and engage in an informative dialogue with a number of fund boards and independent directors over the last year. I appreciate the opportunity to continue the dialogue with all of you at this conference. Since 1940, you have been entrusted to oversee key aspects of fund management on behalf of shareholders. The service you provide is more important than ever as funds now play a central role in the financial lives of many Americans. Today, over 100 million individuals representing nearly 60 million households own funds — that’s 45 percent of U.S. households. Over the last two decades, assets in mutual funds have grown from around $4.5 trillion to over $19 trillion, a growth of over 330 percent. During that same time period, ETF assets grew from $6.7 billion to over $3.6 trillion. This growth represents the earnings and investments of millions of Americans, who are saving for retirement, college tuition and other goals.

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