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SEC fee ruling takes aim at NYSE and Nasdaq profits

Decision blocking higher fees for certain stock-market data casts doubt on a crucial and growing source of revenue

SEC fee ruling takes aim at NYSE and Nasdaq profits
Photo: Getty Images

In recent years, US stock exchanges thought they had a guaranteed profit machine that could revive their sagging businesses: selling market data at ever-higher prices to a captive audience of Wall Street banks and traders.

On Tuesday, the Securities and Exchange Commission unanimously ruled against the New York Stock Exchange and Nasdaq in a 12-year legal dispute over market data fees.

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