SEC Blocks Nasdaq's Sneaky Market Data Fee Jump
Published Date: 2/19/2025
Notice
Summary
Nasdaq wanted to raise fees for some market data and connection services but promised to keep fees the same for members who meet a certain trading volume. The SEC said, 'Not so fast!' and disapproved the fee hike. Now, Nasdaq’s asking the SEC to review that decision, so members should watch for updates on possible fee changes and deadlines.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Nasdaq Proposed Fee Hike With Volume Exemption
On March 22, 2024 Nasdaq filed a proposal to increase fees for certain market data and connectivity products but to keep current fees for members who meet a minimum average daily displayed volume threshold. The proposal would have increased fees for some members while exempting high average daily displayed volume members from the increase.
SEC Disapproved Nasdaq Fee Increase; Review Granted
The SEC (via delegated authority) issued a Disapproval Order on November 26, 2024 that remains in effect and has been the subject of Nasdaq's petition for review. The Commission granted Nasdaq's petition and established that statements supporting or opposing the Disapproval Order may be filed on or before March 12, 2025; the automatic stay previously in place has been discontinued.
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