In a long-awaited decision impacting trading and market structure, on May 24, the US Court of Appeals for the District of Columbia Circuit denied a petition filed by several exchanges challenging the SEC’s “market data infrastructure rule” (“Rule”).
The exchanges claimed that the rule was arbitrary and capricious and contrary to the goals and policies of the Securities Exchange Act.
The Court, however, found that the Rule “clearly represents a reasonable balancing of the objectives Congress directed the Commission to address in a complex and technical area based on the record before the Commission.”
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