SIFMA To Appeal SEC Judge's Market Data Fees Ruling

Trade organization SIFMA is expected to file an appeal in the next month

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SIFMA has been embroiled in an eight year legal battle with the exchanges, after the US Securities Exchange Commission introduced a new policy on market data in 2006, which assumed that exchange market data fees are subject to competitive force and therefore, do not require regulatory approval.

SIFMA sued the exchanges, claiming that their market data fees were uncompetative, and the in 2010 and 2013, the case came before the US Court of Appeals for the District of Columbia, which ruled both tim

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