KAREN LECRAFT HENDERSON, Circuit Judge.
In 2006, NYSE Arca, one of the largest securities exchanges in the United States, proposed to begin charging a fee to investors for access to its proprietary "depth-of-book" product, ArcaBook. ArcaBook lists pending orders placed on NYSE Arca— specifically, bids to buy at prices lower than, and offers to sell at prices higher than, the prevailing market price. The Securities and Exchange Commission (SEC or Commission...
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