NYSE and Nasdaq Accuse SEC Official Of Having An Ethical Conflict Regarding Fees on Market Data
- NYSE and Nasdaq accuse SEC official of operating unethically
- This is due to the fact he was working on different regulatory issues for exchanges
The New York Stock Exchange (NYSE) and the Nasdaq have decided to accuse an official of the U.S. Securities and Exchange Commission (SEC) of having an ethical conflict. This is according to The Wall Street Journal in a report that they have recently released.
SEC Official Accused Of Having An Ethical Conflict
Back in 2018, the regulatory agency of the United States introduced new regulations to block exchanges from raising data fees and increase profits.
After this decision, exchanges have appealed to the U.S. Court of Appeals for the District of Columbia Circuit. Apparently, there was an SEC official that was connected to these issues, thus incurring in an ethical conflict.
Before joining the SEC, Redfearn worked at JP Morgan Chase in which he bought the data from exchanges. Later in 2017, he criticized the decision of raising market-data fees. At that time, the bank belonged to the brokerage industry trade group Securities Industry and Financial Markets Association (Sifma).
As reported by The Block, crypto exchanges are currently looking into Redfearn’s involvement in the challenge related to Sifma after joining the SEC.
Apparently, the work that Redfearn did relate to market-data issues, and was approved by the SEC’s chief ethics lawyer. As per the reports, he was going to participate on Sifma’s market data committee that would be giving information about market data challenges.
Exchanges believe that Redfearn has sent or received 32 different emails after joining the regulatory agency regarding the decision that overturned fee increases for crypto platforms.