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By Alexander Osipovich
Nasdaq Inc. and the New York Stock Exchange have sued the Securities and Exchange Commission to block the regulator’s plan to overhaul the public data feeds that disseminate stock prices to investors.
The plan, approved by the SEC in December, threatens the data revenues of exchange operators, a significant part of their business.
In parallel court cases, Nasdaq NDAQ,
the NYSE and the stock exchange operator Cboe Global Markets Inc. CBOE,
asked the U.S. District of Columbia Circuit Court of Appeals to review the SEC’s plan. The documents were dated Friday but were not published until Tuesday on the court’s website. The NYSE, which is owned by Intercontinental Exchange Inc. ICE,
and Nasdaq had earlier said the plan was overbreadth on the regulator’s part, and Nasdaq had also argued that it amounted to an unconstitutional seizure of its property.
“The SEC has exceeded its authority with this ill-conceived remake of the market structure,” said Joe Christinat, head of communications at Nasdaq. “It will make the markets more complex and more expensive.”
An extended version of this report appeared on WSJ.com.
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