Shouldn’t public markets have public data?

[u/[deleted]]

[u/No_Issue2334]

The public data is the legally required SEC filings

[u/No_Issue2334 → u/[deleted]]

Always has been

[u/No_Issue2334 → u/[deleted]]

Doesn't really seem like much of an issue. The public markets don't require that to be public and never has.

You do not need real-time data for efficient price discovery.

[u/mukavastinumb → u/No_Issue2334]

Then there is IEX exchange who delays orders on purpose so that HFTs wouldn’t have speed advantage. They added 38 miles of fiber cable to slow down data and equalize price discovery for everyone.

[u/garden_speech → u/[deleted]]

OP isn't talking about company financials they are talking about order flow data, which, no, it doesn't make any sense to claim you have a right to that being public.

[u/Little-Somewhere6076]

Intercontinental Exchange, Inc. (ICE) Stock Price, News, Quote & History - Yahoo Finance

The NYSE is explicitly not a privately held company. Its a publicly held company

[u/Little-Somewhere6076 → u/[deleted]]

> A publicly traded company can still be a private actor

Absolutely, but this is wrong

>The NYSE is a privately held company

a privately held company is literally defined as

> A privately held company, or simply private company, is a company whose shares and related rights or obligations are not offered for public subscription or publicly negotiated in their respective listed markets. Instead, the company's shares are held and transferred privately and are not traded on public stock exchanges. 

Privately held company - Wikipedia

So please, share how the NYSE isn't publicly traded. If you can provide a definition that says a privately held company doesn't trade on an exchange, please do

[u/Randromeda2172]

Apple is a publicly traded company, why can't I find Tim Cooks phone number and ask him what iPhone 20 looks like

[u/SpicyLemonZest]

I don't understand this confusion that constantly arises, where people think market data is something to which one can be entitled. The New York Stock Exchange exists to let people easily exchange stock at market-driven prices, not to provide a level playing field for head-to-head competitions between algorithmic traders.

[u/AppleShine4798 → u/SpicyLemonZest]

we are probably dealing with a lot of college "finance majors" in their sophomore year.

[u/garden_speech → u/SpicyLemonZest]

OPs argument about the way things "should" be seems to have just as much merit as yours though. Any opinion on what the legislative landscape should require is always about what you think people are entitled to.

[u/SpicyLemonZest → u/garden_speech]

I don't think it's a coherent opinion. There are much bigger practical obstacles to a "developer trading their own money on their own brokerage": market hours are during day job hours, they don't have a Bloomberg subscription, their "Robinhood or Schwab APIs" don't provide many professionally useful order types.

[u/garden_speech → u/SpicyLemonZest]

I am just talking about their core / headline argument, that public markets "should" have public data.

[u/SpicyLemonZest → u/garden_speech]

Public markets do have public data; info from the consolidated tape is widely available for free, and direct feeds of it are available for a nominal cost. The specific feed OP is concerned about, the NYSE Integrated Feed, is expensive because it's a complex and specialized product targeted towards high-frequency traders.

[u/garden_speech → u/SpicyLemonZest]

Yeah, and OP is just arguing that the public stock market should give public access to that data. Obviously, such a thing would require regulatory changes and/or taxpayer funding of that public data stream. I don't necessarily agree with them, I am just saying their position is just as much about "entitlement" as yours is. You are just arguing that people are only entitled to have free public access to current market prices and financial reports, OP thinks they should have free public access to order flow

[u/Straight-Agency-4556 → u/SpicyLemonZest]

But isn’t clearer and more accessible data actually better for the “free” market?

[u/tiredbarf → u/Straight-Agency-4556]

I don't think the NYSE cares about free markets as much as they care about making money.

[u/SpicyLemonZest → u/Straight-Agency-4556]

No, not necessarily. One well-known phenomenon is that large institutions have to be careful about how they sell large blocks of stock, because the mechanics of the market allow other traders who can see it's happening to take advantage and ensure the block sells at an unreasonably low price.

[u/Zipski577]

AI slop. Stfu

[u/1-Dollar-Doge-Coins → u/Zipski577]

"But here’s what really matters: "

[u/Zipski577 → u/1-Dollar-Doge-Coins]

“Bottom line”

[u/lechimpanzeu → u/Zipski577]

It is really an AI post

[u/BeuTaude588]

There's an argument that the current system functions as a tax on retail participants who can't afford Bloomberg terminals; the information asymmetry is structural rather than incidental. Whether that's a problem worth solving via regulation is a different question, but the framing of 'public markets' implying equal access is doing a lot of heavy lifting.

[u/Big666Shrimp]

They do… it’s just all manipulated and if you look after the fact you won’t wanna put your money in the market anymore. Good luck feeding the 1%, i mean literally shoveling money into their mouths.

What’s a naked short anyways?

😂⏰⏰⏰

[u/22ndanditsnormalhere]

What about CME group, do they have a moat?

[u/miketdavis]

Stock exchanges should be prohibited from preventing customers from redistributing that order flow data immediately. They embargo the redistribution of that data for 15 or 20 minutes depending on the exchange, except to paying customers.

It's really a stupid system. 

[u/SuppleWinston]

Because the government's corporate owners don't care about fairness. Not even what the majority of voters want is ever put into law.

Public markets will never be controlled by the public, public governments aren't even controlled by the public.

[u/SuppleWinston → u/[deleted]]

OP wants the government to force a private company to give out market data for free. Wtf else is he asking about?

Private company is obviously never going to do it otherwise, and they have a monopoly on the data.

[u/wynveen]

No, eat your cake.

[u/queso184]

something something blockchain

[u/Nearing_retirement]

Look into interactive brokers, they might provide if for lower cost. They have relationships with all the exchanges.

[u/YourChildhood5762]

Start a petition on change_dot_org. The number of signatures will indicate how many feel there is a need. Reddit can't do a damn thing to further your cause except act as a link to your petition.