How will brokers satisfy their best execution responsibilities under the competing consolidators model?
As noted, the competing consolidators model would make no change in the ability of end-user devices to continue to receive consolidated data. Thus, the model implies no change in the manner in which brokers satisfy their best execution responsibilities and, in particular, in the availability of the NBBO and the other consolidated data necessary to comply with the recently-adopted rules on disclosure of execution quality.12 How will terms, including fees, for information be determined? Each competing consolidator would administer its own business. It would assume responsibility for assuring that it has sufficient capacity to receive and process all nine exchanges’ data streams. It would also establish its own charges for its creation and provision of a consolidated feed under competitive conditions, just as data feed providers charge for the services they offer today. Thus, we answer this question from the perspective of terms that the NYSE is likely to establish after withdrawal. Terms
