Nasdaq Inc. and Cboe Global Markets Inc. have taken legal action against the U.S. Securities and Exchange Commission (SEC) over a recently implemented rule that changes the economic framework of stock trading.

The two major stock exchanges have filed a petition with a United States appeals court in Washington, requesting a review of the SEC's recently finalized national market structure regulation, known as Reg-NMS.

The exchanges argue that the updated regulation could have a significant impact on the trading landscape, highlighting the ongoing tensions between major market players and regulatory bodies as they navigate the changing dynamics of stock trading in the U.S. financial markets.