SEC Ends Hands-Off Approach to Rising Exchange Fees

Landmark Victory by Investors Rejects Two Market-Data Fees and Orders Reconsideration of Hundreds More

The Securities and Exchange Commission unanimously rejected NYSE and Nasdaq’s argument that “proprietary” fees charged for exchange order data are constrained by market competition. The victory by the Securities Industry and Financial Markets Association, represented by partner Benjamin Beaton, is the latest in a string of SEC decisions imposing stricter oversight of the exchanges’ “self-regulatory” functions and fees.