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SEC Can't Ignore High Market Data Fees, DC Circ. Told

Law360, Washington (November 13, 2012, 2:34 PM EST) -- The U.S. Securities and Exchange Commission should have stopped stock exchanges from charging exorbitant market data fees because Congress didn’t intend to give exchanges carte blanche to impose fees on market participants, a technology industry group told the D.C. Circuit on Tuesday.

According to NetCoalition and the Securities Industry and Financial Markets Association, the SEC is responsible for determining if market data fees charged by securities exchanges are fair and reasonable, but it decided to ignore NYSE Arca Inc. and Nasdaq OMX PHLX LLC's allegedly monopolistic...
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