SEC overstepping authority in NMS plan, Nasdaq claims in court

Joanna Wright
26 Apr 2021

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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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