Published

MFA Submits Letter to the SEC on Market Data Fees

Today, MFA submitted a letter to the SEC in response to a “Notice” from the Consolidated Tape Association on amendments to the CTA Plan and CQ Plan to increase market data and access fees. MFA’s letter agreed with and supported SIFMA’s letter in requesting the SEC to abrogate the amendments to the CTA and CQ Plans. MFA raised concerns with the lack of transparency regarding the maintenance of the Plans and with the significant price increases over the last several years.

In particular, we noted that we did not believe that the participants of the CTA and CQ Plans were justified in raising fees in recognition of the significant value vendors and subscribers derived from using the data, especially as the SEC has stated that fees charged for SIP data need to be cost-based. We also raised concerns that the fee increase would be detrimental to capital raising and competition as fewer professional firms and new market participants would be able to afford the high fees proposed in the Notice.

Click here to see a copy of MFA’s letter.