Market Structure Partners (MSP) has hit back at exchange claims that its market structure data report is inaccurate.
“There is very little basis for most of the feedback, and many of the comments are surprising given that they are based on, and sometimes contradict, the exchanges’ own publicly available information,” the group stated.
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Technical clarifications made by Turquoise, LSE and Euronext around disclosures and reporting methodology have been taken into account, with MSP issuing an updated version of the report.
Statements that LSE no longer has to make regulatory disclosures have been revoked now that they have been provided to MSP. Turquoise disclosures have been replaced with those of the LSE.
A correction has also been made to Euronext’s market data revenue figures, which were reported as part of total group revenue than of total trading revenues.
This iteration includes a series of recommendations on improvements to be made to regulatory disclosures.
“These technical clarifications, however, do not alter the fundamental conclusions of the report,” the group affirmed.
Inconsistent data disclosures across exchanges, a lack of transparency across annual accounts disclosures, and complex, subjective pricing schedules remain key issues, it said.
“The vigorous responses from exchanges to this independent research underscore just how critical the market data pricing issue has become for all participants in European equity markets,” said Mike Bellaro, CEO of Plato Partnership, which co-commissioned the study. “The intensity of debate following the report’s publication only reinforces its significance and the need for a constructive industry-wide dialogue about creating markets that work efficiently for all participants.”
MSP published its ‘No Market in Market Data’ report in February, stating that European exchanges are increasing their data fees out of scale with the changing market. Several exchanges named in the report argued that the claims were misleading and error-ridden, and that pricing was aligned with inflation.
“There is little basis for most of the commentary,” MSP responded.
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