Nasdaq Inc. sued the Securities and Exchange Commission to block the regulator’s plan to overhaul the public data feeds that broadcast stock prices to investors.
The plan, which the SEC approved in December, threatens the exchange operator’s data revenue, a major part of its business.
In a court filing, Nasdaq asked the U.S. Court of Appeals for the District of Columbia Circuit to review the SEC’s plan. Nasdaq’s filing was dated Friday but only released on the court’s website Tuesday. The New York-based exchange operator had earlier said that the plan was an overreach by the regulator and that it would amount to an unconstitutional seizure of its property.
“The SEC exceeded its authority with this ill-conceived remake of market structure,” said Joe Christinat, head of communications at Nasdaq. “This will make markets more complex and costly.”
An SEC spokesman declined to comment.
