The SEC denied a joint application from Nasdaq Stock Market LLC, Nasdaq BX, Inc., Nasdaq PHLX LLC, New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., NYSE National, Inc., Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., and Cboe Exchange, Inc. (the "Exchanges") to stay the effect of an SEC order authorizing the implementation of a National Market System plan on consolidated equity market data ("the CT Plan Order"). The Exchanges sought a stay of the CT Plan Order pending the resolution of their petitions for judicial review of the CT Plan Order, as well as a related SEC order, by the U.S. Court of Appeals for the D.C. Circuit.
The SEC determined that the Exchanges did not meet the burden of proof required for a stay of the CT Plan Order pending its judicial review. Among other things, the Exchanges failed to convince the SEC that (i) there is a high chance their litigation will succeed on the merits, (ii) the stay would be in the interest of the public, and (iii) the Exchanges would "suffer imminent, irreparable injury" if the stay is denied.
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