Wall Street Scores Win Over Exchanges in Market-Data Fee Battle
- SEC rules NYSE and Nasdaq failed to justify increased charges
- Selling market data increasingly vital to exchanges’ business
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Wall Street brokerages scored a big win over the New York Stock Exchange and Nasdaq Inc. Tuesday when a U.S. regulator said the exchanges failed to justify fee increases that are crucial to their businesses.
The decision by the Securities and Exchange Commission to set aside some charges that NYSE and Nasdaq impose on brokers for market data follows a years-long legal battle that has pitted the exchanges against Wall Street’s biggest trade group, the Securities Industry and Financial Markets Association.