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ARTICLE · 08 MARCH 2019

Where Is The Love? Exchanges Sue SEC Over Market Access Fee Pilot Program

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Three prominent trading exchanges did not exactly show their government overseer the love this Valentine's week.

United StatesCorporate/Commercial Law
Sarah Aberg
Sarah Aberg
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Three prominent trading exchanges did not exactly show their government overseer the love this Valentine's week. On February 14, 2019, the New York Stock Exchange ("NYSE") filed a petition for review to the U.S. Court of Appeals for the District of Columbia Circuit against the Securities Exchange Commission ("SEC"), seeking review of a controversial transaction fee pilot program, slated to take effect in April. The Cboe and Nasdaq literally followed suit a day later, with nearly identical petitions. The petitions seek a ruling that the pilot program is unlawful under the Securities Exchange Act of 1934 and the Administrative Procedure Act and a permanent injunction barring the SEC from implementing the pilot program.

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