Nasdaq, NYSE Get Court Win on 2018 SEC Ruling in Data-Fee Battle

Nasdaq Inc. and the New York Stock Exchange won an appeals court ruling forcing the U.S. Securities and Exchange Commission to reconsider its 2018 finding that stock exchanges had failed to justify fee increases for market data.

The U.S. Court of Appeals in Washington on Friday denied the regulator’s motion to toss out a petition for review of the 2018 determination, ruling that an out-of-court process would leave exchanges at risk of financial harm that couldn’t be reversed if they ultimately prevailed.

“So it is now or never for judicial review,” a three-judge panel said in the ruling.

The fees ...