The CCID workaround raises concern.
Differences in sell-side revenue models preclude zero fees for asset managers.
Non-displayed venues provide a sharper view of what's behind the curtain.
The price-time requirement might not be enough anymore.
Data is harder to come by in the less liquid, off-the-run Treasury securities.
Buy-side order flow may be a poisoned chalice for digital trading venues.
The secret is to have data consolidators compete with the SIPs, IEX says.
Off-the-run securities are less liquid despite comprising the bulk of the market.
Regulatory uncertainty keeps broker-dealer dreams in a holding pattern.