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Market Reforms

This library contains our views on market structure and market data, our proposed reforms to market data governance; and independent research on how data from exchanges provide value to individual investors.

Test Driving the Access Fee Pilot

Now that the Access fee pilot is in the Federal Register, we thought it would be a good time to get data driven and analyze its potential impact.

The Data is Already Out There to Design Better Markets

There are plenty who call for the industry to be more “data driven” with market structure reform. But ever since SEC Chair Mary Jo White started to talk about this, what we’ve seen is data collection rather than analysis.

Slicing the Liquidity Pie

We recently discussed all the routing choices an algorithm has to make to place an order into the market—picking the right price, time, order type, venue, and order aggression. Today we focus on just one aspect of those choices: the venues the router can send orders to. Let's bust a few myths at the same time.

Is Free Fair to All?

It seems we’re all getting used to getting things for free. Cloud storage, email, social media and lots of the apps we download to our phones. But is free good for a stock market too?

Routing 101: Identifying the Cost of Routing Decisions

It’s no surprise the Access Fee Pilot proposal has received comments from all over the industry, it represents a dramatic shift in the decades old philosophy of incentivizing market quality, and could affect spreads and depth across the market cap spectrum.

Three Charts That Show the Importance of a Competitive Bid/Offer NBBO

We in equity markets sometimes take for granted the level of transparency and the quality of information available. We forget how that creates a competitive market for bids and offers that benefits all investors.

Three Charts Dispel the “Price Improvement” Myth

We all know spread capture is important. But sometimes how you do it affects how much value you add.

Everything you want to know about market data issues

Read about how Nasdaq is working to improve transparency and access to make sure Main Street investors are served well by the public markets


In this op-ed, Georgetown Professor James Angel demystifies a false narrative that individual investors are somehow harmed by stock exchange market data fees. In fact, his analysis shows the opposite is true—exchanges have passed savings from modern technology to the individual investor.

Data Revolutionizes Markets: 3 Changes to Enhance Fairness, & Transparency

In this Q&A, we discuss enhancements for making the U.S. equity markets fairer, more transparent and more competitive as the SEC convenes a two-day conference to consider the impact on equity market access and market data.

Why are U.S. Stock Markets the envy of the world?

In this op-ed, Mike Ferguson, executive director of the Equity Markets Association— an association that aims to provide federal policymakers, regulators and investors analysis and insights into issues affecting U.S. equity markets—responds to exchange critics about how our capital markets work today.

Promoting Transparency: Nasdaq’s Market Data Proposals

We are proposing three reforms to market data governance to advance our shared goals to make our markets fairer, more transparent, and more competitive.

The Growing Value of Data

In this video from MarketsWiki latest educational event, we talk about the value of data including market data and its influences on our future economy.

Value of Market Data

This infographic details the huge advances in market data powered by Nasdaq, which have fueled fierce competition that benefits the investing public and provides retail investors access to state-of-the-art analytical tools and market data at little to no cost.

The stock Market is in Good

In this op-ed, the Equity Markets Association sheds light on a recent transparency initiative which shows that stock market infrastructure is in good hands.

Exchange innovation democratizes data & costs

In this op-ed, we expand on how advances in market data and analytics have been a major enabler of financial services innovation and lower costs for investors.

Revenues trend down for US Stock Market Data

In this op-ed, we expand on how advances in market data and analytics have been a major enabler of financial services innovation and lower costs for investors.

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