Today, the Equity Markets Association (EMA) shared its concerns about the Securities and Exchange Commission’s “Market Data Infrastructure Proposal.” The comment letter shared with the Commission that U.S. equity and options markets can handle historic volatility, message traffic and the repeated activation of market-wide circuit breakers and contributed to confidence at a time when the markets desperately needed it. EMA members support incremental, thoughtful improvements to the well-functioning market infrastructure we have today, not a rush to make risky and ill-considered changes, the benefits of which are unclear and do not outweigh the harm. The EMA is ready to work with the Commission on proposals that solve problems and advance market structure changes that enhance transparency and level the playing field for all trading venues and investors. The EMA comment letter can be found here: https://www.sec.gov/comments/s7-03-20/s70320-7363898-218807.pdf