10.17.18
SEC Ruling Takes Aim at Stock-Exchange Profits
by: Alexander Osipovich; Dave Michaels; Gretchen Morgenson
The SEC has unanimously ruled against the New York Stock Exchange and NASDAQ in a 12-year legal dispute over market-data fees. The commission rejected a pair of requests to raise fees for certain exchange data, saying the price increases were unjustified. The decision is the first time the SEC has rejected fee increases for the exchanges' most lucrative class of stock-market data feeds. The SEC also put into limbo over 400 other market-data fee increases, telling the exchanges to review brokers' complaints that they undermine competition and giving the exchanges a year to complete the effort. “Today's decision is a victory for ordinary investors in our stock markets—who have, for too long, been paying steep costs for an uneven playing field,” said SEC Commissioner Robert J. Jackson Jr.
Read the full article on Wall Street Journal