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
    misanthropic humanist, 12 Jan 2007 @ 2:50pm

    please explain yourself

    Posts 3, 4 and 5 - you guys are forgetting that the fact that it is not cheap, or free, to maintain all of the systems to provide the data. It's not like they can just open up a few ports on a firewall somewhere and let everyone get the data the want!

    Absolute nonsense. Why not? Are you suggesting that the NYSE, arguably the single greatest point of capital exchange on the entire planet, is unable to provide a view of the data which comprises its singular raison d'etre, while a private business like Google is able to provide satellite imagary of that entire planet for free to all and sundry? That argument is laughable.

    The thought that simply because the exchanges facilitate the trades they can automatically deliver data on those trades to anybody who wants it in real-time for free, or at negligible costs, is extremely naive.

    Don't just say that it is naive. Give one credible reason why. Just one.

    Furthermore, the implication that since the companies are publicly traded the exchanges should deliver data at no charge is ludicrous.

    You just restated the same unsubstantiated opinion again without providing a jot of support to it. That's not an implication, it's a well founded assertion. A public entity has a duty to operate in public or cease to call itsellf a public exchange.

    This is like saying that since you own your car, you would expect a tow truck driver to tow your car for free, after all it's your car, right? That is crazy.

    Now you offer an empty analogy. An analogy so poor I cant even see what you're getting at.

    You are entirely avoiding the critical issue. The stock exchange is nothing more than a data exchange, one in which the data packets represent stocks, bonds and financial instruments. It's sole mandate is to allow dynamic valuation of the companies that trade upon it by dissemination of the values of those companies. What did you think the purpose of the stock exchange is? Without that data what possible value would an exchange have against over the counter trading? The valuations are an unavoidable byproduct of that process and can be replicated at zero cost.

    Obviously the tow truck driver needs to be compensated for the work that he/she does even though you own the car

    This the usual straw man wheeled out to support every argument of this class. Someone somewhere needs to be compensated. No they don't. There is no additional cost worth speaking of to providing data that already exists.

    work they do, which includes designing, building, and maintaining the data systems that allow the public market to even exist.

    You just shot yourself in the foot. What does the stock exchange do? It's a data system. Now share the fucking data with the rest of us who have every right to see what is being traded in public or we may elect to remove your right to enjoy the oversight of public scrutiny and you can return to stabbing each others backs in smoke filled rooms.

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