By Alexander Osipovich
Nasdaq Inc. and the New York Stock Exchange are suing the Securities and Exchange Commission to block the regulator’s plan to review public data that transmits share prices to investors.
The plan, which the SEC approved in December, threatens exchange traders’ data revenues, an important part of their businesses.
In parallel court filings, Nasdaq NDAQ,
the NYSE and exchange trader Cboe Global Markets Inc. CBOE,
He asked the United States Court of Appeals for the District of Columbia Circuit to review the SEC’s plan. The filings were dated Friday, but were only posted on the court’s website on Tuesday. Both the NYSE, which is owned by Intercontinental Exchange Inc. ICE,
and Nasdaq had previously said the plan was an overreach by the regulator, and Nasdaq had also argued that it would amount to an unconstitutional seizure of its property.
“The SEC exceeded its authority with this ill-conceived new version of the market structure,” said Joe Christinat, Nasdaq’s chief communications officer. “This will make the markets more complex and expensive.”
An expanded version of this report appeared on WSJ.com.
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