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Future Growth of Exchanges’ Key Data Businesses Uncertain After SEC Ruling

A recent SEC ruling has cast a shadow of uncertainty over the future of a key business line for the three major U.S. stock exchange operators. In a unanimous decision, the SEC’s five members said that Intercontinental Exchange Inc.-owned New York Stock Exchange and Nasdaq Inc. did not justify particular fee hikes to certain market data products, instead siding with the Securities Industry and Financial Markets Association, an industry trade group representing dozens of financial companies.

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