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The Wall Street Journal reported Tuesday that the Securities and Exchange Commission said on Tuesday that the country's major stock exchanges do not sufficiently warrant the increase in fees that they charge for certain market data products that Brokers and traders consider them essential to their business, according to a source. In an order issued Tuesday night, the SEC canceled earlier authorizations to increase fees on the New York Stock Exchange.
ICE, + 3.10%
and Nasdaq
NDAQ, + 2.40%
for specially designed data streams that they sell. These data feeds reveal much more detail about market activity than the ticker headings that investors see on financial news channels. The SEC's action now casts doubt on the ability of major US stock exchanges to reap additional benefits from the rest of the financial sector by selling order-buying information at ever-higher rates. The SEC's action follows a long-standing lawsuit that pitted the biggest Wall Street brokers against stock markets selling market data.
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