SIFMA Petitions for Disapproval of Proposed BATS Exchange Fees for Market Data

SIFMA submitted comments and a petition for disapproval to the SEC on the proposal by BATS Exchange Inc. to establish a new market data product and associated fees.

According to SIFMA, BATS Exchange's actions are "inconsistent with the decisions of the U.S. Court of Appeals for the District of Columbia Circuit in NetCoalition v. SEC." SIFMA stated that the SEC should not approve the rule change as the filing "on [its] face [is] unlawful," asserting that the rule change "fail[s] to comport" with the Exchange Act as interpreted by the Court in NetCoalition.

See:SIFMA Letter to the SEC.