NAT. ASS'N OF SECURITIES DEALERS, INC. v. S.E.C.

No. 85-1012.

801 F.2d 1415 (1986)

NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC., Petitioner, v. SECURITIES AND EXCHANGE COMMISSION, Respondent, Institutional Networks Corporation, Intervenor.

United States Court of Appeals, District of Columbia Circuit.

Decided September 30, 1986.


Attorney(s) appearing for the Case

Francis J. Wilson, with whom Robert E. Aber, Washington, D.C., was on the brief, for petitioner.

Anne E. Chafer, Asst. General Counsel, S.E.C., with whom Daniel L. Goelzer, General Counsel, and Elisse B. Walter, Associate General Counsel, Washington, D.C., were on the brief, for respondent. Paul Gonson, Atty., S.E.C., Washington, D.C., also entered an appearance for respondent.

Daniel T. Brooks, a member of the bar of Supreme Court of Virginia, pro hac vice, by special leave of court, with whom Ronald D. Eastman and Barry S. Spector, Washington, D.C., were on the brief, for intervenor.

Before MIKVA, GINSBURG and BUCKLEY, Circuit Judges.


Opinion for the court filed by Circuit Judge BUCKLEY.

BUCKLEY, Circuit Judge:

The National Association of Securities Dealers ("NASD") petitions this court for review of orders of the Securities and Exchange Commission ("SEC" or "Commission") rejecting as excessive a fee that NASD proposed to charge for access to certain computerized securities information that it collects. Intervenor Institutional Networks Corp. ("Instinet") is engaged in the business of,...

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