Akoya has overlapping ownership with TCH & EWS but is independent I believe. Partly that is because it was originally a spin-out from Fidelity who still has a stake. I can't speak to all the banks but JPM would never allow Akoya too much independence. They feel burned by the Networks since the IPOs and vowed never to let that happen again. If they managed to get Akoya far enough at arms length such that it competes independently with the other aggregators I don't see how the government could object since it is doing exactly the same function. It could then dividend back any earnings which could eliminate the need to pay for data. The trick will be getting to arms-length while still leaving ownership and governance with the banks.
Very helpful post to frame these developments. On the JPM data fee, the Akoya angle is particularly interesting to me. If all activity ultimately funnels through Akoya, could it evolve from a pass-through utility into something more like Visa/Mastercard — standardized pipes at first, but eventually with pricing power and interchange-like fees layered in? I would think the answer depends both on how regulators treat Rule 1033 and on the fact that Akoya seems to be owned by TCH and various banks (including JPM). Curious how you see that potentially playing out.
Akoya has overlapping ownership with TCH & EWS but is independent I believe. Partly that is because it was originally a spin-out from Fidelity who still has a stake. I can't speak to all the banks but JPM would never allow Akoya too much independence. They feel burned by the Networks since the IPOs and vowed never to let that happen again. If they managed to get Akoya far enough at arms length such that it competes independently with the other aggregators I don't see how the government could object since it is doing exactly the same function. It could then dividend back any earnings which could eliminate the need to pay for data. The trick will be getting to arms-length while still leaving ownership and governance with the banks.
Very helpful post to frame these developments. On the JPM data fee, the Akoya angle is particularly interesting to me. If all activity ultimately funnels through Akoya, could it evolve from a pass-through utility into something more like Visa/Mastercard — standardized pipes at first, but eventually with pricing power and interchange-like fees layered in? I would think the answer depends both on how regulators treat Rule 1033 and on the fact that Akoya seems to be owned by TCH and various banks (including JPM). Curious how you see that potentially playing out.