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Nasdaq, NYSE Dealt Blow in Clash With SEC Over Market-Data Feeds

  • Court refused to review regulations the agency passed in 2020
  • Rules may impact exchange operators’ revenue from data streams
A trader works on the floor of the New York Stock Exchange.

A trader works on the floor of the New York Stock Exchange.

Photographer: Michael Nagle/Bloomberg

Nasdaq and the New York Stock Exchange were dealt a blow in their bids to block the Securities and Exchange Commission from implementing new rules for stock-trading data. 

A decision by the US Court of Appeals for the District of Columbia Circuit on Tuesday not to review regulations the SEC passed in December 2020 allows the agency to move ahead with a push to make trading data more readily available. The changes could negatively impact exchange operators’ lucrative market-data businesses.