Looming court battle could void SEC’s market data efforts

Litigation preview: What will the big exchanges argue in a court case to reverse the SEC’s initiatives?

Next month the industry will see the culmination of a legal battle between the largest exchange groups—the New York Stock Exchange (Nyse), Cboe, and Nasdaq (the petitioners in the case)—and the Securities and Exchange Commission (SEC). The exchanges want the US Court of Appeals for the District of Columbia to void two initiatives by the SEC aimed at modernizing the way National Market System (NMS) data is disseminated to subscribers.

On March 18, the court will hear oral arguments in the case

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