Internet content providers to SEC: overturn NYSE fees for real-time stock quotes
Staci Kramer of PaidContent reports that the NetCoalition (think Google, Yahoo! and others) is petitioning the U.S. Securities and Exchange Commission to put aside a staff decision that allows the New York Stock Exchange/Archipelego (which now owns the NYSE) to raise rates it charges Internet content companies for real-time quotes.
The rates- now $1 per user per view- had been allowed by the SEC based on market comparison's with similar strictures because, well, the NASDAQ has had similar fees in force for awhile.
"Determining that the NYSE/Arca fees are reasonable based on a comparision with the fees of another monopoly is problematic," the NetCoalition says in a press release (PDF).
With such fees in force, Internet content providers such as Yahoo! and AOL have decided not to offer real-time quotes.
Rather than real-time quotes- which, of course, are available to brokerage clients- these services have to carry quotes that are 15 minutes old.
My belief is that such fees put Internet content companies at a disadvantage relevant to proprietary services. Imagine if news sites had to hold all news for 15 minutes?
In today's market conditions, that might as well be a lifetime.
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