NYSE Resolves Dispute Over Real-Time Quotes

from the coming-to-you-in-real-time dept

Back in November we mentioned the story of various online finance sites complaining to the SEC about the high prices that stock exchanges were charging for access to real time-quotes. It clearly seemed like the exchanges were missing the big picture, by trying to make as much money as possible upfront by selling the quotes, as opposed to seeing the long-term value of giving out more useful data to the public. It appears now that the impasse has been resolved, with the NYSE coming to terms with Google and Yahoo on a price for real-time quotes. For $100,000 per month, these sites will be able to redistribute the real-time data to their users free of charge. That still seems like a lot of money, and indeed the Wall Street Journal and MarketWatch (both owned by Dow Jones) don't think the price is worth it. It is possible that the Journal and MarketWatch just don't think there's much need for it, since presumably a high percentage of their readers have access to the data through an online brokerage account. Even with the new agreement, it still seems like the exchanges are shortsighted to nickel and dime the online finance sites over this data.
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  1. identicon
    stumbled across this looking for real time quotes, 24 Jan 2007 @ 8:16am

    daytraders, fees and of no consequence?

    Perhaps daytraders who have a very well established income flow are willing to pay for the tools needed to get real time quotes, but what about those of us who are just getting started and do have some money to risk, but not huge amounts?

    I do not have the kind of money to invest with the big boys, instead I'm using places like Sharebuilder and recently the new site SogoInvest. For someone who can't trade thousands of shares at a time, SogoInvest has a very agreeable real time trade rate. Oddly, and perhaps due to the fact that it costs so much to purchase the service , SogoInvest does not offer streaming real time quotes. Which in turn puts a bit of a damper on the whole day trading idea for me.

    In short I suppose this is a response to those who have made the statement that it "doesn't matter" due to the fact that people who need this service already have the "expensive" tools they need to do this. I wonder how many other people are out there that would be a whole lot more involved in day trading if this service was offered. I am waiting for Google to activate the service and appreciate the fact that they are doing this.

    Also, I'm kinda wondering about your attitudes towards money in the first place. Why would you say this is not important that Google would offer this service for free? I looked around a bit and a lot of the real time streaming quote services charge you a per month fee. There was some dude who wasn't a president but nonetheless got his picture on our currency that once said "a penny saved is a penny earned". Even if I was the type of daytrader that could afford to buy the proper tools, why would I now that Google plans to offer the service for free?

    I don't blame anyone for the way things are set up, I just try to find work arounds that will allow me to do what I want and/or need to do. After all, using SogoInvest and streaming real time quotes threatens the jobs or at least a portion of income for more traditional stockbrokers. You can't blame an entrenched system for trying to ensure it's survival, but you can look for the golden nuggets that slip through the fingers of the foolish. So, for those of you who have said "this is of no use", thank you for letting the golden nugget slip through your fingers. I intend to take it and run with it.

    Signed,
    John Q. Public

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