SIFMA Objects to an Increase in Market Data Fees

SIFMA submitted two separate comment letters to the SEC regarding the proposed rule changes to modify the NYSE ArcaBook fees and the Nasdaq Last Sale product, respectively, petitioning for the SEC to temporarily suspend both rule changes and institute proceedings to disapprove them.

According to the letters, both proposed rule changes were filed by Nasdaq for immediate effectiveness; however, the rule and Nasdaq's actions are inconsistent with the standards established by the decision in NetCoalition v. SEC and, therefore, the SEC should "immediately suspend the effect of this and other similar unlawful market data rule fee changes proposed by self-regulatory organizations." The SIFMA comment letter regarding NYSE Arca explained that the rule changes were unlawful because they were "based on invalid grounds, omitted cost data, and otherwise failed to comport with the Exchange Act as interpreted by the Court in NetCoalition."

See: SIFMA Comment Letter Regarding NYSE Arca; SIFMA Comment Letter Regarding Nasdaq Last Sale. Related news: SIFMA Submits Comments and Petition for Disapproval of Proposal to Extend a Fee Pilot Program for NASDAQ Last Sale (November 7, 2013).