SEC to review decision over fees for market data

The Securities and Exchange Commission will review a decision that allows markets such as the New York Stock Exchange to charge fees for stock price information, granting a request by opponents of the fees such as Google Inc. and Yahoo Inc.

The SEC said it would examine its October decision to let NYSE Group Inc.’s Arca electronic market charge for market data that it had previously provided for free.

NetCoalition, a group of media companies including Google and Yahoo, submitted a 22-page petition to the SEC in November requesting the review. The agency’s decision was posted on its website Dec. 27.

The SEC action indicates that protests against the way NYSE Group and Nasdaq Stock Market Inc. charge for market data may be gaining traction. The U.S. Chamber of Commerce, brokerages such as TD Ameritrade Holding Corp. and the Securities Industry and Financial Markets Assn., Wall Street’s biggest lobby group, have asked the SEC to reject requests by the exchanges to charge for market data.

“The issue of how much should be paid for market data is a long-standing issue,” said Mercer Bullard, a University of Mississippi law professor and former SEC attorney. “When you have a group of big hitters presenting this kind of petition, the SEC is going to take it seriously.”