Bats Global Markets has called for the U.S. SEC to reject rival Nasdaq’s proposal to create a new network to access essential industry data. Upgrades to securities information processors, or SIPs, which consolidate data from the 13 stock exchanges in the U.S., were approved following a software glitch in August 2013 that resulted in a three-hour halt in Nasdaq listed stocks, but Bats wants to move the feed to a new network. It claims the true driver for the creation of the new third party network is increasing the number of physical connections, and thereby Bats' own revenue.
Bats Global Markets has called for the US SEC to reject rival Nasdaq’s proposal to create a new network to access essential industry data. Upgrades to securities information processors, or SIPs, which consolidate data from the 13 stock exchanges in the US, were approved following a software glitch in August 2013 that resulted in a three-hour halt in Nasdaq listed stocks, but Bats wants to move the feed to a new network. It claims the true driver for the creation of the new third party network is increasing the number of physical connections, and thereby Bats' own revenue.