In 2010, three securities exchanges, NASDAQ, NASDAQ OMX PHLX and NYSE Arca—the intervenors in this case—filed with the Securities Exchange Commission proposed changes to their fee-setting rules for the acquisition of certain proprietary market data. Two trade associations, NetCoalition and the Securities Industry and Financial Markets Association, requested the Commission to suspend the rules pursuant to its authority under section 19(b)(3)(C) of the Securities Exchange Act of 1934 (Exchange Act), 15 U.S.C. § 78s(b)(3)(C) (2006 & Supp. IV 2011), contending that they are unlawful under NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010) (NetCoalition I). When the SEC failed to do so, the petitioners sought review in the US Court of Appeals For the District Of Columbia Circuit Court. Concluding that the Congress’s recent overhaul of the Exchange Act dubbed the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010) (Dodd-Frank Act), ousts the court of jurisdiction, the petitions were dismissed.
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United States Court Of Appeals For The District Of Columbia Circuit Court Rules In Favour Of NYSE, Nasdaq In Market Data-Pricing Case
Date 01/05/2013
