Associations Challenge SEC's Arca Data Fee Approval
In its proposal approving the fees, the SEC said its decision utilized a market-based approach, which found that NYSE Arca was subject to significant competitive forces when competing for order flow to maintain trading volumes, and that this need would compel the exchange to charge reasonable prices for its market data.
However, in a recent comment letter, Ira Hammerman, senior managing director and general counsel of the Securities Industry and Financial Markets Association, dismissed the SEC's
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