The Securities and Exchange Commission (SEC) disapproved a proposed rule change by The Nasdaq Stock Market LLC concerning increased fees for certain market data and connectivity products. Nasdaq suggested increasing fees for firms that do not meet a minimum average daily displayed volume while maintaining lower fees for those who do. The SEC found that Nasdaq did not provide sufficient evidence that the proposed fees would be reasonable or fair, or that they would not harm competition. Additionally, the SEC was concerned that the pricing structure could unfairly disadvantage market participants who choose to trade on other exchanges.
Simple Explanation
The SEC said "no" to Nasdaq's idea of charging more money from companies that don’t trade a lot on their platform because there wasn't enough proof that these extra charges would be fair or wouldn’t hurt people who want to trade on other platforms.