Challenging NYSE's status quo

Challenging NYSE’s monopoly in corporate actions

Exchange Data International (EDI) says it has broken the NYSE corporate actions monopoly with its launch of a “like-for-like service at less than 50% of the redistribution costs charged by NYSE”.

EDI’s new offering is “a complete replacement service for NYSE Corporate Actions”, it states.

“Clients finally have a truly complete and competitive alternative for corporate action data,” says Jonathan Bloch, founder and CEO of EDI.

“The provision of reference data has been viewed by many clients as a licence for exchanges and legacy providers to print money,” says Bloch.

“Many exchanges have been charging top-dollar for data for years, but the recent changes to reporting rules and new redistribution fees announced in June this year have taken many data redistributors to breaking point.”

Bloch says EDI’s service offers “a far more compelling approach to redistribution fees”.

He explains: “Beyond its extremely high fees, NYSE imposed a requirement on its redistributors to provide names of downstream consumers of its data in order to charge an additional levy, should they redistribute the data, making the data more costly. We don’t.”

It’s about time the corporate actions sector had a competitive environment, Bloch feels. EDI is keen to make that happen – “we now provide redistribution users with the same quality data sets, for half the cost, without any onerous redistribution rules.”

EDI was set up in 1994 and is headquartered in London. It emphasizes it is “a data vendor, not an exchange that morphed into a data business”. Its key focus is on emerging and frontier markets of Africa, Asia and Asia Pacific, Latin America and the Middle East. It employs 400 people and has offices in New York, Morocco and India.