Big U.S. exchanges to sue SEC over 'overreaching' fee experiment
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NEW YORK (Reuters) - The three largest U.S. stock exchange operators said they will sue the Securities and Exchange Commission for overstepping its authority by ordering a pilot program to test banning lucrative payments exchanges make to brokers for resting stock orders."We disagree with the government overreach, and this really represents an unprecedented attempt by the SEC to distort the free market mechanisms that govern the competition among trading venues," Michael Blaugrund, head of..