CSA – Consultation Paper 21-403 – Access to Real-Time Market Data

March 19, 2023

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CSA Consultation Paper 21-403 – Access to Real-Time Market Data

Letter Summary:

The consultation paper explains the CSA’s findings with respect to concerns raised by market participants in Canada about accessing real-time market data, which appears to be more expensive in Canada than in other jurisdictions. The concerns raised result from market fragmentation. Initial options include using standardized terminology to describe data products and how they are accessed, enhancing the transparency of any proposed fee changes by marketplaces, and reviewing the current methodology the CSA uses to allocate fees amongst marketplaces. Longer-term, the CSA is considering overhauling the whole regime by leveraging the current IP model or introducing an entirely new model for data consolidation. 

Overview of the Council’s Comments:

The Council is highly supportive of the effort to bring greater transparency and accountability to the fees associated with accessing real-time market data (“RTMD”) in Canada. 

Given the comparatively high price of accessing RTMD in our country, the Council supports efforts to place a reasonable cap on these fees. Specifically, the Council: