The system of data feeds that distribute American stock prices is “outdated” and needs improved oversight, transparency and backups, according to the group representing U.S. securities firms.
“In today’s markets, the current system suffers from a lack of transparency and competition, questions of underfunding and insulated governance,” Theodore R. Lazo, the Securities Industry and Financial Markets Association’s managing director and associate general counsel, told the U.S. Securities and Exchange Commission in a letter today. He said brokers and asset managers should be more involved with overseeing the feeds.
