U.S. stock exchanges won a legal battle with their regulator on Friday when an appeals court ruled some fee increases can’t be challenged by the government after they have taken effect.

The decision by the U.S. Court of Appeals for the District of Columbia Circuit appears to end a 14-year legal dispute over fees that exchanges charge for data that show the most complete view of market activity. Brokers, traders and investors say the information is essential for pricing orders and responding to market conditions.

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