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The US and the EU are taking divergent paths in market reforms.

Market data reforms are taking many interesting turns globally. In the US, litigation between large exchange groups and the SEC continues. IEX plans to charge for market data starting in 2022. MEMX criticizes the CTA/CQ/UTP Plan’s fee amendments and cites that “it would undermine the important public policy goals of the infrastructure rule”.

<p><span>The proposed&nbsp;</span><a rel="nofollow noopener" target="_blank" href="https://www.sec.gov/rules/sro/nms/2021/34-91487.pdf">limitation of liability provisions</a><span>&nbsp;for the Consolidated Audit Trail (CAT) discourages CAT Participants (i.e. FINRA and the Exchange Groups) from advancing the security protection and design of CAT and CAT data. Although the immunity status of FINRA and Stock Exchanges as Self-Regulatory Organizations (SROs) may be broad, including affirmative acts and omissions and failure...

Outdated design of CAT makes the regulatory initiative a money pit and a national security threat, Kelvin To of Data Boiler Technologies writes.

This “elephant in the room” has been stirring up many concerns by CAT participants and industry members. These include the proposed limitation of liability provisions; the revised funding model set forth in Article XI of CAT NMS Plan; and enhanced security pertaining to potential breach of privacy / security protection of non-public data and personal identifiable information (PII) of CAT.