Fascinating article recently in the Wall Street Journal. The headline in the Business and Finance section was, “Banks Clash with NYSE Over Data“.

It seems the NYSE has a new Master User Agreement that all firms that trade in the exchange has to sign. It seems that the new agreement implies that the NYSE owns the order data submitted to the exchange by a trader to process a transaction. The issue is the traders thought they owned “their own” data. So who does own an order?

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