The three principal United States national securities exchanges – NYSE, Cboe and Nasdaq – all filed petitions for review of the Securities and Exchange Commission's recent new rule that would limit transaction fees and rebates that national securities exchanges could charge or offer their broker-dealer members under certain circumstances and require them to publicly disclose rebate data on a monthly basis. The petitions were filed in a US Court of Appeals in Washington, DC. The SEC's final rule was published on December 19, 2018 (click here to access). The petitioners seek a declaration that the SEC's new rule is illegal, as well as a permanent injunction  against the SEC from enforcing it and an interim stay from implementation until a final court decision is issued. The SEC adopted its new rule – Rule 610T(c)(2) – as a pilot program to study the impact exchange fee and rebate models might have on order routing behavior as well as on execution quality. The rule was schedule to go into effect 60 days after publication in the Federal Register.