Judge May Force Exchanges to Refund ‘Non-Core’ Data Fees to Subscribers

SIFMA is awaiting a final ruling on whether its eight-year campaign over exchange fees has been successful.


In 2006, the SEC introduced a new policy on market data, which assumes that market data fees are subject to competitive force and hence does not require regulatory approval. Under this theory, fees from one exchange would be kept competitive by the availability of alternative data from other exchanges or from the consolidated tape.

Since then, SIFMA has been embroiled in an ongoing legal battle with US stock exchanges Nasdaq and NYSE. On two separate occasions in 2010 and 2013, the case came bef

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