Court thwarts exchanges’ petition to head off market data threat

The DC appeals court has denied a petition to void a rule that seeks to bring competition to the US consolidated tapes.


On May 24, the District of Columbia Circuit Court of Appeals denied a petition from the large US exchanges—Nasdaq, New York Stock Exchange and Cboe Global Markets—to quash regulation they say will undermine their businesses.

On the same day, the Securities and Exchange Commission (SEC) postponed a decision on a fee schedule that will set out how much the exchanges will charge subscribers for their data under the commission’s new regime for market data distribution.

The exchanges took the SEC

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