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Law360 (February 9, 2021, 11:15 PM EST) — Nasdaq Inc. and the New York Stock Exchange have challenged the U.S. Securities and Exchange Commission’s recent sweeping rule changes aimed at improving the stock-pricing data available to retail investors, slamming the agency’s measures in a pair of petitions consolidated Tuesday in the D.C. Circuit.

The SEC unanimously voted to overhaul the national system for collecting and disseminating stock data in December, in the hopes of upgrading the public feeds accessed by most investors. Regulators say retail investors face disadvantages compared with deep-pocketed traders who pay exchanges for superior service.

But both Nasdaq and the NYSE have qualms with the changes,…