Nasdaq Loses Bid at SEC to Put Market Data Order on Hold

Nasdaq Inc. must comply with an SEC order requiring stock exchanges to create a plan to overhaul their public data feeds while a federal appeals court reviews the directive, according to the agency.

The Securities and Exchange Commission denied a motion by Nasdaq to put the order on hold while the exchange’s case is pending in the U.S. Court of Appeals for the District of Columbia Circuit, the agency said June 12.

The SEC order requires Nasdaq, the New York Stock Exchange, Cboe Global Markets Inc., and others to give the agency a plan for combining their existing public feeds ...