SIFMA Petitions for Disapproval on NYSE Proposed Rule to Establish Market Data Product

SIFMA submitted a comment letter and a petition for disapproval to the SEC regarding the NYSE proposal to establish a new market data product called "NYSE Best Quote Trade."

According to SIFMA, NYSE'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, since the filing "on [its] face [is] unlawful," and asserted that the rule change "fail[s] to comport" with the Exchange Act as interpreted by the court in NetCoalition.

See: SIFMA Comment Letter. Related news: SIFMA Petitions for Disapproval of Proposed BATS Exchange Fees for Market Data (August 22, 2014).