Virtu (one of the world’s largest high-frequency trading firms) urged the SEC to not approve Nasdaq’s “Ultra” service, which would require subscribers to pay additional fees to obtain the fastest possible link to the exchange’s securities information processor, known as the SIP.
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Nasdaq Under Fire From High-Frequency Traders Over Data Service Plan
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Nasdaq is rolling out the new “Ultra” service alongside a long-awaited upgrade to its SIP, which is set to go live on October 24. The upgrade is aimed at boosting the speed and reliability of Nasdaq’s SIP, a crucial part of U.S. stock market infrastructure. An August 2013 technical glitch with the data feed forced the exchange to halt trading for three hours.
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