05:56 PM EDT, 10/31/2024 (MT Newswires) -- (Updates with response from the SEC in the fourth paragraph.)

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 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 will significantly increase their cost of doing business.

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

In a statement to Bloomberg News, which reported the lawsuit earlier, Cboe said the revised rules fall short of their intended effect and "will inhibit price discovery," leading them to petition a review.

Nasdaq and Cboe did not immediately returned messages from MT Newswires.