The Trade - Issue 50 Winter 2016

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.