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An ugly war of words between traders has descended into Game of Thrones references

The battle between the New York Stock Exchange and its critics just hit a new low: The participants in the war of words are now arguing over Game of Thrones references.

Littlefinger and Ned Stark game of thrones season one

No, I'm not joking.

"The provision of proprietary market data is competitive. I'll give you one example. I won't give you the particular name, but I'm sure with your reporting you can figure it out. There is a customer that was a customer of Nasdaq; they then became our customer, because we competed on price and product, and we innovated and won that. They then left us and became BATS' customer, because they innovated on price and product. And last I heard, Nasdaq and BATS are doing a bake-off to see who gets their business next.

"Proprietary data is competitive. The cost of proprietary data has risen commensurate with the fragmentation in the marketplace. We have four platforms. Nasdaq has six platforms. If you only have one platform, your market data is going to cost something. When you have six, it is going to cost a good deal more.

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"With respect to colocation fees, if we walked down to the floor, you'll still see some big folks down there, and that's because there was this Darwinian process for centuries where there was literally elbowing and shoving to get to as close of the center of the exchange as possible. That's how floors work. Some people got closer than others, so on and so forth.

"The logical evolution of that, colocation, puts everyone who so chooses in our data center at precisely an equal distance from everyone else, and 95% of the volume that we're getting is coming through people who are co-located in our data center. Where we are today, with the equal access, is better than at any point in history."

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