Real-time stock prices wanted
Reuters reports Tuesday that web sites such as Google and Yahoo! have joined together with business news organizations such as Bloomberg News and CNET Networks to attempt to receive real-time stock price information from the exchanges.
Currently, they receive stock price information on a 15-minute delay.
A Reuters story reported, “Google and Yahoo banded together with Bloomberg LP and CNET Networks under the umbrella of NetCoalition, an Internet industry group, saying for-profit exchanges had monopolistic control over their data and were trying to charge unfair prices.
“The coalition argues the exchanges have an obligation to follow securities regulations that call for market data to be distributed at a ‘fair and reasonable’ rate.
“‘We were feeling the negotiations were extremely one-sided, and the prices were take it or leave it,’ said Markham Erickson, director of federal policy for NetCoalition. ‘It did not reflect a viable business model.’
“But Google and other allies such as CNBC, the business news cable network that is part of NBC Universal, say the January proposals from NYSE and Nasdaq took a more realistic approach. The SEC should approve them while working to address NetCoalition’s broader concerns, they said.”
Read more here.