On July 30, 2020, the Committee released an updated statement expressing concern that U.S. stock exchanges are charging excessive fees for core market data services that are unnecessarily increasing the cost of trading stocks for U.S. investors. The Committee statement again examines the revenues that BATS, NASDAQ and NYSE report from all market data services as a proxy for the total cost of market data services to broker-dealers and other market participants. The Committee finds that revenues from market data services are significant and increasing, however U.S. stock exchanges do not disclose sufficient information for the SEC or public to determine whether fees for these services are excessive. The Committee therefore recommends that the SEC mandate that the U.S. Exchange Groups publicly disclose their revenues from SIPs, proprietary data feeds, and high speed connectivity services so that the SEC and the public can determine if these fees are excessive and increasing the cost of trading stocks for U.S. investors. The full statement can be accessed here.