SEC considers iXBRL for certain Market Data Reforms

Posted on April 3, 2020 by Editor

The US Securities and Exchange Commission (SEC) has proposed updates to National Market System (NMS) regulation designed to improve the transparency, efficiency and fairness of market data.

The NMS regulates how major US exchanges disclose and execute trade deals – which includes promoting and improving market data access for investors. Currently, there are concerns that slower, less informative consolidated equity market data cannot keep up with proprietary feeds.

The SEC’s proposed amendment would change how market data is collected and shared, replacing exclusive data feeds with decentralised data consolidators. It would also expand NMS data collection requirements, with exchanges required to make NMS data available to competing consolidators and exchanges required to make information available in the same format and manner.

As part of the new rules, the SEC seeks market comments about the option to require competing consolidators to submit Form CC to EDGAR in Inline XBRL format. This would make retrieving, aggregating, comparing and analysing information simpler and more efficient. Even though there are a small number of such consolidators, we support introducing data standards into this area, where effective data comparison and analysis is crucial.

The SEC has asked for public comments during a 60-day period which closes on 24 June 2020.

Read the proposal here.

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