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Traders work in the Cboe Volatility Index pit on the floor of the Cboe Global Markets, Inc. exchange in Chicago. — Traders work in the Cboe Volatility Index pit on the floor of the Cboe Global Markets, Inc. exchange in Chicago.Photographer: Daniel Acker/Bloomberg

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Before it’s here, it’s on the Bloomberg Terminal

By Lananh Nguyen

September 3, 2019 at 6:00 AM EDT

This article is for subscribers only.

It’s an arcane, technical part of stock-trading, part of the hidden plumbing behind every click to buy or sell.

But for those who run, regulate and trade in U.S. equity markets, it’s become a battlefield.

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Before it’s here, it’s on the Bloomberg Terminal