Brad Bailey, research director at Celent, a capital markets consultancy, said it was possible to build a surveillance system, but the data were also valuable for both users and exchanges, which made market participants wary of sharing it with third parties. “It can be done but there is a commercial aspect to the data,” Mr Bailey said. “The more you have the more you want. People want coherent data to better understand it, but it comes down to its cost.”
