NETCOALITION v. S.E.C.

Nos. 10-1421, 10-1422, 11-1001, 11-1065.

715 F.3d 342 (2013)

NETCOALITION and Securities Industry and Financial Markets Association, Petitioners v. SECURITIES AND EXCHANGE COMMISSION, Respondent NASDAQ OMX PHLX LLC, et al., Intervenors.

United States Court of Appeals, District of Columbia Circuit.

Decided April 30, 2013.


Attorney(s) appearing for the Case

Carter G. Phillips argued the cause for the petitioners. Dennis C. Hensley , Kevin J. Campion , Eric D. McArthur , Roger D. Blanc , John R. Oller , Jeffrey B. Korn and Norman P. Ostrove were on brief.

Mark R. Pennington , Assistant General Counsel, Securities and Exchange Commission, argued the cause for the respondent. Michael A. Conley , Deputy General Counsel, and Jacob H. Stillman , Solicitor, were on brief. Luis de la Torre , Senior Litigation Counsel, entered an appearance.

Eugene Scalia argued the cause for the intervenors. Amir C. Tayrani , Ryan J. Watson and Douglas W. Henkin were on brief.

Before: HENDERSON and ROGERS, Circuit Judges, and SENTELLE, Senior Circuit Judge.


KAREN LECRAFT HENDERSON, Circuit Judge:

In 2010, three securities exchanges, NASDAQ, NASDAQ OMX PHLX (PHLX) and NYSE Arca — the intervenors in this case — filed with the Securities Exchange Commission (SEC or Commission) proposed changes to their fee-setting rules for the acquisition of certain proprietary market data. Two trade associations, Net-Coalition and the Securities Industry and Financial Markets Association (collectively the petitioners), requested...

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