In Episode 68, we are joined by Allison Bishop, President of Proof Trading, for a discussion on market data in the US, a topic that is a front burner item with market structure followers. Allison provides her firm's experience as a start-up small broker required to purchase market data and the choice between subscribing to the faster but more expensive prop feeds from exchanges or using publicly available data feeds known as SIPs. Her firm chose the SIPs which put her front and center as a stakeholder in the on-going debate over content and governance of the public data feeds, a contest that began in 2018, included multiple lawsuits and remains in limbo and awaiting direction from the SEC. This podcast is a great resource for any market participant wanting to understand the history of the debate over market data and what might happen next with the incoming Atkins Administration at the SEC. Chapter Headings: 04:50 - The Choice between the SIP and Prop Feeds 07:15 - Guiding Principles of Market Data Reform 13:36 - The Final Rules on SIP Content and Governance 15:29 - Making Sense of the Initial Cost Proposal for the Enhanced SIP 25:40 - Why Data Should be a Utility like Water or Electricity? 29:09 - Will Smaller Exchanges Fight Incumbents to Lower Data Fees?