Nasdaq, New York Stock Exchange Sue SEC Over Public Data

Nasdaq Inc, the New York Stock Exchange and Cboe Global Markets have each sued the Filing , trying to halt the regulator's planned overhaul of public data feeds that broadcast stock values to investors, based on court filings.

Under the SEC plan, that was authorized by the regulator in December, public feeds would be expanded to incorporate demand and supply data for stocks, allowing greater use of information that the exchanges currently sell to professional traders confined.

The firms that have sued against the SEC are trying to find to bar the brand new rules for the reason that they constitute an overreach of authority by the regulator.

A spokesperson for Nasdaq echoed the sentiment inside a statement to The Wall Street Journal. “The SEC exceeded its authority with this particular ill-conceived remake of market structure,” they said. “This will make markets more complex and costly.”

Cboe and also the SEC declined to discuss the litigation.

The new lawsuits would be the latest relocate a number of legal actions made by the 3 companies against the SEC recently over tries to curb their market power. Last year, the businesses won a separate legal challenge against a proposed experiment through the SEC that will have capped trading fees on 1,400 different stocks.

The SEC can also be dealing with other lawsuits, including action from Citadel Securities in October over the regulator's approval of the new stock order type created by stock market operator IEX Group Inc.

The companies filed their complaints in the US Court of Appeals for the District of Columbia Circuit.