for Nasdaq basic are “constrained
by competition among exchanges
and other entities attracting order
flow.”
“Order flow is the “life blood”
of the exchanges. Broker-dealers
currently have numerous alterna-
tive venues for their order flow,”
Nasdaq added.
UPDATE
PEOPLE MOVES
Euroclear
appoints new
CEO as Howell
steps down
Euroclear has named Lieve
Mostrey as its chief executive
officer after Tim Howell announced he would be stepping
down after six years.
Mostrey has served as chief
technology and services officer
for Euroclear since 2010 and will
assume the role on 1 January.
She has served as an executive director of the board, and
as the Chairperson of several of
the groups’ central securities
depositories. Mostrey also has
been a non-executive director
of RealDolmen, Euronext and
SWIFT.
“Lieve brings to the role
vast experience both within
Euroclear as well as from earlier
roles in financial services and
non-executive board directorships,” said Marc Antoine
Autheman, chairman of the
Euroclear group.
DATA
Nasdaq looks to reduce data fees
for broker-dealers
Fierce competition among exchanges for data sees
Nasdaq look to open up scope of data to investing
public.
Nasdaq has proposed a reduc- tion in its monthly data fees
for broker-dealers and to eliminate
a requirement that broker-dealers
purchase other products to qualify
for a license.
The exchange group is looking to
reduce the enterprise license fee
for Nasdaq basic from $350,000
per month to $100,000, according
to a recent filing with the Securities and Exchange Commission
(SEC).
The fee reduction would be for
broker-dealers who distribute
Nasdaq Basic to professional and
non-professional subscribers that
have a relationship with a bro-ker-dealer subscriber.
“The proposed changes will
promote the use of Nasdaq
Basic by lowering its cost to
investors and broadening
the scope of its distribution
to the investing public,”
Nasdaq said.
A requirement that
broker-dealers purchase
other products - specifically Last Sale for
Nasdaq and Last Sale
for NYSE and NYSE
MKT - would also
be eliminated.
Nasdaq explained the fees