Lanier v. Bats Exchange, Inc.
Court of Appeals for the Second Circuit
1Opinion of the Court
GERARD E. LYNCH, Circuit Judge:
Plaintiff-Appellant Harold Lanier subscribes to data feeds through which the Defendants-Appellees Securities Exchanges (“the Exchanges”) provide information about securities traded on the Exchanges to an exclusive securities information processor (“Processor”) pursuant to a plan approved by the Securities and Exchange Commission (“SEC”). The Processor consolidates the data and makes it available to subscribers (“Subscribers”). See 15 U.S.C. § 78c(a)(22)(B) (defining the term “exclusive processor”); id. § 78k-l(b) (setting forth rules governing securities…
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