SIFMA submitted comments and a petition for disapproval to the Securities and Exchange Commission (SEC) on a proposed rule change notice, under which the New York Stock Exchange LLC (NYSE) proposes to establish a new market data product called NYSE Best Quote & Trade (NYSE BQT).

This is not the first time NYSE and other national securities exchanges have filed proposed rule changes for market data products that do not comport with the standards the Court established in the NetCoalition cases. SIFMA said the SEC should disapprove of this and other similar unlawful market data product rule changes proposed by self-regulatory organizations (SROs).

Related Material 

Notice of Filing Proposed Rule Change to Establishing the NYSE Best Quote & Trades Data Feed, Release No. 34–72750; File No. SR–NYSE-2014-40 (August 2014)