Regulation of Market Information Fees and Revenues

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The Securities and Exchange Commission is reviewing the arrangements currently in place for disseminating market information to the public. It particularly is focusing on the fees charged for market information and the role of revenues derived from such fees in funding the operation and regulation of the markets. To further its review, the Commission is inviting public comment on these matters. This release describes the current arrangements for disseminating market information and provides tables setting forth the fees, revenues, and expenses of the self-regulatory organizations and the joint plans they have formed to disseminate market information; discusses the relevant statutory standards that govern market information fees and revenues; analyzes the financial structures of the self-regulatory organizations and the cost of market information; and identifies a number of issues on which the Commission specifically is requesting comment. Following receipt of the public's comments and completion of its review, the Commission intends to take further action to assure that market information arrangements properly reflect changes that have occurred in the securities industry and remain