DC Circuit Rebuffs Nasdaq, Cboe Challenge to SEC Access Fee Cap

Powerhouse stock exchanges including Cboe Global Markets Inc. and Nasdaq Inc. lost their bid to overturn an SEC fee cap for orders executed on their platforms.

The Securities and Exchange Commission has broad discretionary authority under federal securities laws to regulate the national market system, and the agency acted within those limits in a 2024 update that included across-the-board fee caps, the US Court of Appeals for the District of Columbia Circuit said in a Tuesday ruling.

Large exchanges have argued that limiting how much they can charge brokers to access the best displayed trading prices on their venues will ...