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Joint Statement On The Application Of SIFMA For Review Of Action Taken By NYSE Arca, Inc., And NASDAQ Stock Market LLC, SEC Commissioner Hester M. Peirce, SEC Commissioner Elad L. Roisman, Oct. 16, 2018

Today, the Commission held that neither NYSE Arca, Inc. (“Arca”) nor Nasdaq Stock Market LLC (“Nasdaq”) had met its burden to show that the fees, filed in 2010 for ArcaBook and Level 2 (together, the “products”) and subsequently challenged by SIFMA, were fair and reasonable under the Securities and Exchange Act of 1934.[1]

While we voted to support this decision, we write separately to (1) explain our rationale and note the limited precedential effect of this holding, (2) indicate the type of analysis we would find usefu…
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