US equity exchanges increasingly depend on charging for data in a world of rapid-fire automated trading. A recent report from Healthy Markets Association found that a market participant who wanted the fastest connections with the most relevant trading information for CBOE, New York Stock Exchange and Nasdaq has seen its costs rise from $72,150 per month in 2012 to $182,775 per month in 2017.
In its 80-page report, Healthy Markets says “exchanges have exploited an overwhelmed regulatory approval process to push through numerous significant changes and fee hikes in both the public and private data feeds that impact nearly all market participants, sometimes raising fees hundreds of per cent over just a few years”.
https://www.ft.com/content/35a7df70-cb7d-11e7-aa33-c63fdc9b8c6c