[gjem97]

I believe that as small exchanges are attempting to gain market share, giving away their data makes sense. They need to advertise the liquidity on their market in order to attract business. As exchanges get bigger, they reach a point where they think, "You know what, there are a lot of people who can't run their business without quotes from our exchange." And they start charging for data. And it's true, and furthermore, there are large financial institutions that are farily price insensitive. So they keep raising and raising prices. I don't have any hard evidence of what the end result is. Price equilibrium? Implosion of liquidity because nobody wants to buy their data any more?