The Market Structure of Financial Market Data Vendors: A Debate on Perfect Competition, Monopolistic Competition, or Oligopoly

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QUESTION AND BACKGROUND:
Per the introductory video, I spent approximately 13 years in investment banking where I, specifically, headed up analytical research on market data.  My consulting firm provides services that combines economics with market data analysis for investment banks, institutional traders and community outreach groups.  Recently (4 months ago actually), a client, my co-worker and I got into a debate about market data vendors:  What type of market structure is the market data vending sector?  The debate/argument is still ongoing.  So, I will pass this philosophical argument onto you now to ponder.
Read each of the four articles in the module
Answer the following questions in essay form.  I do not want bulleted answers.
After reading the articles, do you think that the financial market data vending sector is perfectly competitive, monopolistically competitive or oligopolistic?
To help you, check out the pricing of market data from NASDAQ:  http://www.nasdaqtrader.com/Trader.aspx?id=DPUSdataLinks to an external site.
Think about the number of competitors, GICs, and the number of stocks and trades that occur on a daily basis.
Is market data an elastic or inelastic good?
Why?
Consider the importance of asymmetric information and buyer’s remorse.
What types of regulations do you think the government would have on market data vendors?
Here you should research the internet for this.
Would these regulations help or hurt everyday consumers (not traders, but us, the 401K and mutual holders)?  This requires a bit of outside of the box thinking but think of market data as an input for mutual funds.
Check out this article:  https://www.thebalance.com/mutual-fund-fees-1289688