11:16 AM EST, 11/04/2024 (MT Newswires) -- (Updates with statements from Nasdaq and Cboe Global Markets ( CBOE ) in third, fourth and fifth paragraphs.)

Nasdaq (NDAQ) and Cboe Global Markets ( CBOE ) are challenging recent changes in US stock market rules intended to help investors better understand the costs they pay to trade stocks and other securities.

The US Securities and Exchange Commission in September adopted revisions to its national markets system regulations lowering the maximum price that securities exchanges charge for market access, while also helping investors find the best available price for those costs, particularly with smaller-sized transactions.

Nasdaq and Cboe and other plaintiffs in the case pending in the US Court of Appeals for the Federal Circuit in Washington, D.C., argue the new rules likely will hamper - rather than improve - investors' access to pricing and other market data.

In a statement to MT Newswires, a Nasdaq spokesperson said the securities exchange has long worked to "advance the liquidity, transparency and integrity" of the capital markets but believes the proposed SEC rule on access fees "threatens to worsen outcomes for investors, listed companies and the US equity markets.

Cboe similarly told MT Newswires the revised rules fall short of the agency's intent and "will inhibit price discovery," leading the exchange to join the legal challenge.

An SEC spokesperson told MT Newswires that it "will vigorously defend the final rules in court."

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