SIFMA: SEC Overturns Previous Ruling In Market Data Fees Case, Finds In Favor Of Plaintiffs

SIFMA released the following statement today from SIFMA Managing Director and Associate General Counsel Melissa MacGregor on a decision in favor of the industry by the Securities and Exchange Commission (SEC) regarding a legal challenge to market data fee increases by the exchanges:

“This pragmatic ruling by the SEC indicates increasing recognition by policymakers that the fee structure for proprietary market data products is broken. As noted in the unanimous decision, ‘the exchanges fail to meet their burden to demonstrate that the fees are fair and reasonable and not unreasonably discriminatory’ as required under current law. Today’s decision should prompt further examination of policy reforms to ensure the efficiency of public market data feeds and fairness of fees.”