Bloomberg criticized for “loophole” with trading data
The chairman of the Consolidated Tape Association has written a letter to the Securities and Exchange Commission claiming that Bloomberg has taken advantage of a “loophole” to gain a competitive advantage, reports Matt Turner of Business Insider.
Turner reports, “The financial data giant last week filed a letter with the Securities and Exchange Commission, complaining about changes to the fee schedule for some trading data.
“The changes were a result of a ‘clarification’ filed by the Consolidated Tape Association. NYSE is the CTA plan administrator, and Bloomberg’s letter focused in on the exchange group, a company it has been at loggerheads with for years.
“In response, the chairman of the CTA plan operating committee has sent a letter to the Securities and Exchange Commission stating that Bloomberg had been exploiting a loophole to gain a competitive advantage.
“The clarification relates to what’s called ‘top of book’ data, which is considered essential for trading, and Bloomberg’s Server Application Program Interface (SAPI).”
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