“So it is now or never for judicial review,” a three-judge panel said in the ruling.
The fees the SEC rejected in 2018 included details such as the best available bids and offers for stock trades. In a separate decision at the time, the regulator sent back to the exchanges another 400 fee increases that were contested by the
The decision is a significant legal win for the stock exchanges in their ongoing fight with the SEC over how the companies charge for data that is the lifeblood of modern trading. The agency has taken several steps under Chairman
The proprietary data sets like the ones involved in Friday’s decision are an important source of revenue for the exchanges, accounting for hundreds of millions of dollars annually. Last month, in a separate but related move, the SEC directed exchanges to revamp the management of public data feeds that include more basic types of trading information.
Spokespeople for the SEC, NYSE, Nasdaq and Sifma didn’t immediately respond to e-mailed messages seeking comment.
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