In a comment letter earlier this week, CFA wrote to U.S. Securities and Exchange Commissioner, Jay Clayton, to express concerns about ongoing conflicts of interest, complexity, opacity, and costs related to the provision of U.S. equity market data.

According to the letter, “the current regulatory regime that governs U.S. equity market data, developed in 1975, has not evolved to reflect a number of significant changes in the marketplace since that time.” As a result, the CFA urged the Commission to eliminate the exchanges’ regulatory responsibilities and privileges in this area, so that they are treated like any other for-profit market participant.