SEC overstepping authority in NMS plan, Nasdaq claims in court
Nasdaq's counsel argued that the regulator does not have the power to give more votes to non-exchange organizations in the Sips' operating committees.
A lawyer for Nasdaq told a court of appeals on Monday that the US markets regulator is overstepping its authority in ordering the biggest exchanges to come up with a new governance plan for the public consolidated feeds of US equities market data, which would give more voting power to broker-dealers and other organizations that sit on the operating committees governing these feeds.
In February, Nasdaq, the New York Stock Exchange (NYSE) and Cboe Global Markets filed petitions in the Court of
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