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Nasdaq, NYSE Win Court Battle With SEC Over Market Data

A federal court partly rejected a Securities and Exchange Commission plan to loosen the control that stock exchanges have over public market-data feeds, handing a victory to Nasdaq and the New York Stock Exchange.

In a ruling released Tuesday, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit found that the SEC had exceeded its authority under federal law when it issued a 2020 order overhauling the governance of the data feeds.