Market Data Dissemination Policies: What is Important?

16 Pages Posted: 26 Jul 2013

See all articles by Ulkem Basdas

Ulkem Basdas

University of Michigan at Ann Arbor

Date Written: August 1, 2012


Even though the market data has a vital importance for the price discovery and the risk management for the aggregators and algorithms as well as for exchanges as an additional income source, the economics of data dissemination is quite new. This first academic attempt to understand the market data policies compares approaches to market data in selected exchanges (namely NASDAQ OMX, London Stock Exchange-LSE, Deutsche Börse, BOVESPA, Hong Kong Exchanges and Clearing-HKEx, Russian Trading System-RTS, Warsaw Stock Exchange-RTS, SIX Swiss Stock Exchange) to address the important components. The results show that in order to improve the market data revenues exchanges should have standard data dissemination policies based on product and price discrimination incorporating various types of counting the data as well as separate strategic approaches to reference, non-display and derived data.

Keywords: Market Data, Stock Exchanges, Data Pricing

JEL Classification: G1, G2

Suggested Citation

Basdas, Ulkem, Market Data Dissemination Policies: What is Important? (August 1, 2012). Available at SSRN: or

Ulkem Basdas (Contact Author)

University of Michigan at Ann Arbor ( email )

500 S. State Street
Ann Arbor, MI 48109
United States

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