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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