Nasdaq Inc and the New York Stock Exchange have each sued the Securities and Exchange Commission, seeking to block a plan by the regulator to overhaul public data feeds that broadcast stock prices to investors, court filings show.
Under the SEC plan, approved in December, supply and demand data for stocks would be added to public feeds, broadening access to the information which the exchanges currently sell to professional traders at a premium.
“Nasdaq believes the SEC exceeded its authority by adopting an ill-considered remake of market structure,” a Nasdaq spokeswoman said in an emailed statement. The plan “would make equity markets overly complex and increase hidden costs for investors”, the statement said.
-REUTERS