[Federal Register Volume 91, Number 63 (Thursday, April 2, 2026)]
[Notices]
[Pages 16800-16805]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-06367]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105118; File No. SR-NYSE-2026-15]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the NYSE Proprietary Market Data Fees
March 30, 2026.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on March 16, 2026, New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the NYSE Proprietary Market Data
Fees (``Fee Schedule'') to (1) establish a NYSE BBO Digital Media
Enterprise Fee, (2) extend the proposed NYSE BBO Digital Media
Enterprise Fee to NYSE BBO Enterprise Fee subscribers, and (3) extend
the NYSE Trades Digital Media Enterprise Fee to NYSE Trades Enterprise
Fee subscribers. The proposed rule change is available on the
Exchange's website at www.nyse.com and at the principal office of the
Exchange.
[[Page 16801]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Fee Schedule to (1) establish a
NYSE BBO Digital Media Enterprise Fee, (2) extend the proposed NYSE BBO
Digital Media Enterprise Fee to NYSE BBO Enterprise Fee subscribers,
and (3) extend the NYSE Trades Digital Media Enterprise Fee to NYSE
Trades Enterprise Fee subscribers.\4\
---------------------------------------------------------------------------
\4\ The Exchange originally filed to amend the Fee Schedule on
March 2, 2026 (SR-NYSE-2026-14). SR-NYSE-2026-14 was withdrawn on
March 16, 2026, and replaced by this filing.
---------------------------------------------------------------------------
NYSE BBO Digital Media
NYSE BBO is a NYSE-only market data product that allows a vendor to
redistribute on a real-time basis the same best-bid-and-offer
information that NYSE reports under the Consolidated Quotation Plan
(``CQ Plan'') for inclusion in the CQ Plan's consolidated quotation
information data stream (``NYSE BBO Information'').\5\ NYSE BBO
Information includes the best bids and offers for all securities that
are traded on the Exchange and for which NYSE reports quotes under the
CQ Plan. NYSE BBO is available over a single data feed, regardless of
the markets on which the securities are listed. NYSE BBO is made
available to its subscribers no earlier than the information it
contains is made available to the processor under the CQ Plan.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release Nos. 61914 (April 14,
2010), 75 FR 21077 (April 22, 2010) (SR-NYSE-2010-30) (notice--NYSE
BBO); and 62181 (May 26, 2010), 75 FR 31488 (June 3, 2010) (SR-NYSE-
2010-30) (approval order--NYSE BBO). The fees applicable to
subscribers of NYSE BBO are published on the Fee Schedule, available
at https://www.nyse.com/publicdocs/nyse/data/NYSE_Market_Data_Fee_Schedule.pdf.
---------------------------------------------------------------------------
The Exchange proposes to amend the Fee Schedule to establish a
Digital Media Enterprise Fee of $40,000 per month for NYSE BBO. As
proposed, a NYSE BBO Digital Media Enterprise subscription will
include, as with NYSE BBO as currently offered, access to real-time
best-bid-and-offer information. As proposed, NYSE BBO Digital Media
Enterprise use will permit market data vendors, television
broadcasters, website and mobile device service providers, and others
to distribute bid and offer data to their customers for viewing via
television, website, and mobile devices. Vendors will not be permitted
to provide NYSE BBO Digital Media Enterprise in a context in which a
trading or order routing decision can be implemented. A single Digital
Media Enterprise Fee will apply for subscribers receiving both NYSE BBO
and NYSE Trades. To reflect this new use case, the Exchange proposes to
amend the Fee Schedule to adopt a Digital Media Enterprise Fee under
NYSE BBO and a corresponding footnote with the following rule text: ``A
single Digital Media Enterprise Fee allows subscribers to receive both
NYSE BBO and NYSE Trades for distribution to an unlimited number of
Users for information and non-trading purposes only.''
NYSE BBO Enterprise and NYSE BBO Digital Media
The Exchange currently charges an enterprise fee of $25,000 per
month for an unlimited number of professional and non-professional
users for NYSE BBO.\6\ A single Enterprise Fee applies to subscribers
receiving both NYSE BBO and NYSE Trades.\7\ Accordingly, a subscriber
currently pays a flat fee for an unlimited number of professional and
non-professional users of both data feeds without having to report the
number of such users on a monthly basis.\8\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 82182 (November 30,
2017), 82 FR 57627 (December 6, 2017) (SR-NYSE-2017-60).
\7\ See Securities Exchange Act Release No. 70211 (August 15,
2013), 78 FR 51781 (August 21, 2013) (SR-NYSE-2013-58).
\8\ As is the case currently, a data recipient, upon request,
must provide the Exchange with a count of the total number of
natural person users of NYSE BBO, including both professional and
non-professional users.
---------------------------------------------------------------------------
With this proposed rule change, a data recipient that chooses to
license for and pays the proposed NYSE BBO Digital Media Enterprise Fee
can also choose to license for enterprise use of NYSE BBO at no
additional cost. Such combined licensing would allow the subscriber to
redistribute NYSE BBO to an unlimited number of professional and non-
professional users, and redistribute NYSE BBO via television, website
and mobile devices, without having to separately pay both the existing
NYSE BBO Enterprise Fee and the proposed NYSE BBO Digital Media
Enterprise Fee. A subscriber that chooses such combined licensing would
pay a flat fee of $40,000 per month (instead of $65,000 per month) for
both NYSE BBO enterprise and NYSE BBO Digital Media use cases. To
reflect this new combined licensing, the Exchange propose to adopt new
rule text in a footnote to the Fee Schedule. The proposed rule text
would allow a subscriber that pays a NYSE BBO Digital Media Enterprise
Fee to subscribe to enterprise use of NYSE BBO at no additional cost.
NYSE Trades Enterprise and NYSE Trades Digital Media
NYSE Trades is a NYSE-only market data feed that allows a vendor to
redistribute on a real-time basis the same last sale information that
the Exchange reports to the Consolidated Tape Association (``CTA'') for
inclusion in the CTA's consolidated data stream and certain other
related data elements.\9\ NYSE Trades includes real-time last sale
information for all securities that are traded on the Exchange and a
stock summary message. The stock summary message updates every minute
and includes NYSE's opening price, high price, low price, closing
price, and cumulative volume for the security. NYSE Trades is made
available to subscribers no earlier than the information it contains is
made available to the processor under the CTA Plan.
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release Nos. 59309 (January 28,
2009), 74 FR 6073 (Feb. 4, 2009) (SR-NYSE-2009-04) (notice--NYSE
Trades); and 59309 (March 19, 2009), 74 FR 13293 (Mar. 26, 2009)
(SR-NYSE-2009-04) (approval order--NYSE Trades). The fees applicable
to subscribers of NYSE Trades are published on the Fee Schedule,
available at https://www.nyse.com/publicdocs/nyse/data/NYSE_Market_Data_Fee_Schedule.pdf.
---------------------------------------------------------------------------
In 2013, the Exchange established the NYSE Trades Digital Media
Enterprise Fee of $40,000 per month,\10\ which allows a subscriber to
redistribute the NYSE Trades data feed to an unlimited number of
television, website, and mobile device viewers without having to
differentiate between professional subscribers and non-professional
subscribers, without having to account for the extent of access to the
data, and without having to report the number of users.
---------------------------------------------------------------------------
\10\ See Securities Exchange Act Release No. 69298 (April 4,
2013), 78 FR 21464 (April 10, 2013) (SR-NYSE-2013-24).
---------------------------------------------------------------------------
The Exchange also currently provides for enterprise use of NYSE
Trades and charges a fee of $25,000 per month for redistribution to an
unlimited number of professional and non-professional
[[Page 16802]]
users.\11\ A single Enterprise Fee applies to subscribers receiving
both NYSE Trades and NYSE BBO.\12\ Accordingly, a subscriber currently
pays a flat fee for an unlimited number of professional and non-
professional users of both data feeds without having to report the
number of such users on a monthly basis.\13\
---------------------------------------------------------------------------
\11\ See Securities Exchange Act Release No. 82182 (November 30,
2017), 82 FR 57627 (December 6, 2017) (SR-NYSE-2017-60).
\12\ See Securities Exchange Act Release No. 70211 (August 15,
2013), 78 FR 51781 (August 21, 2013) (SR-NYSE-2013-58).
\13\ As is the case currently, a data recipient, upon request,
must provide the Exchange with a count of the total number of
natural person users of NYSE Trades, including both professional and
non-professional users.
---------------------------------------------------------------------------
With this proposed rule change, a data recipient that currently
pays the NYSE Trades Digital Media Enterprise Fee can choose to license
for enterprise use of NYSE Trades at no additional cost. Such combined
licensing would allow the subscriber to redistribute NYSE Trades to an
unlimited number of professional and non-professional users, and
redistribute NYSE Trades via television, website and mobile devices,
without having to separately pay both the existing NYSE Trades
Enterprise Fee and the existing NYSE Trades Digital Media Enterprise
Fee. A subscriber that chooses such combined licensing would pay a flat
fee of $40,000 per month (instead of $65,000 per month) for both NYSE
Trades enterprise and NYSE Trades Digital Media use cases. To reflect
this new licensing, the Exchange proposes to adopt new rule text in a
footnote to the Fee Schedule. The proposed rule text would allow a
subscriber that pays a NYSE Trades Digital Media Enterprise Fee to
subscribe to enterprise use of NYSE Trades at no additional cost.
Discussion
This Proposal is a response to customer requests. A number of
firms, including financial media firms, retail broker-dealers, mobile
application vendors, and data vendors, have informed the Exchange that
they have observed an increase in demand for bid and offer information
from the general investing public, and requested that the Exchange
create the proposed enterprise license. These potential customers
compared NYSE's market data fee schedule to that of one of its
competitors, which already allows general news websites to distribute
real-time quote and trade information on open public websites and
applications,\14\ and concluded that overall market transparency would
be improved if NYSE BBO was distributed on open public websites and
applications as well.
---------------------------------------------------------------------------
\14\ See, e.g., Securities Exchange Act Release No. 79699
(December 28, 2016), 82 FR 892 (January 4, 2017) (SR-BatsEDGA-2016-
32) (introducing the digital media license for Bats EDGA); see also
Cboe One Feed, Digital Media License, available at https://www.cboe.com/us/equities/market_data_services/cboe_one/ (allowing
general news websites to distribute real-time quote and trade
information on open public websites and applications; information
may be distributed via television, websites and mobile devices for
informational and non-trading purposes only).
---------------------------------------------------------------------------
Upon consideration of these requests, the Exchange has determined
that distribution of best bid and offer information is in the best
interest of our customers and the market as a whole. The release of
pre-trade information would expand the availability and accessibility
of accurate and reliable trading information, increasing overall
transparency.
NYSE believes that there is little risk that the proposed license
will change the way that Professionals use pre-trade data. Although the
new license may occasionally result in incidental professional use,
data that is generally available to online customers via television,
open websites, mobile devices, or any other unrestricted means of
transmission is unlikely to have the breadth or depth of information,
or desktop applications, used by Professionals. Information for
professional use is typically distributed through firewall-protected
websites, intranet sites, secured terminals, or is otherwise protected
from widespread dissemination.\15\ As an additional safeguard, the
Exchange proposes that any platform used to distribute data under this
license contain sufficient controls to ensure that the feeds cannot be
modified into a data feed or otherwise made suitable for Professional
use.
---------------------------------------------------------------------------
\15\ Professionals are also subject to regulatory requirements
not applicable to the general investing public that require
different sets of information to be displayed. SEC Rule 603(c), for
example, requires Professionals to provide consolidated information,
rather than proprietary data, under certain circumstances. See 17
CFR 242.603(c).
---------------------------------------------------------------------------
The Exchange expects the new license to be attractive to financial
media outlets, search engines and firms engaged in the development and
sale of new financial applications. The Exchange also believes that
subscribers that currently distribute last sale transaction reports
under the Exchange's existing NYSE Trades Digital Media License to the
general investing public would similarly be interested in distributing
NYSE BBO data on their open websites to generate traffic and attract
customers. Any firm that is interested in distributing NYSE BBO to the
general investing public under the conditions set forth in this
proposed rule change would be able to do so. The Exchange expects
financial media firms, firms engaged in the development and sale of new
financial applications, broker-dealers, and data vendors in particular
to benefit from the proposed license. The Exchange believes this
proposed rule change will promote competition as it is similar to a
media license already offered by other exchanges.\16\
---------------------------------------------------------------------------
\16\ See infra, notes 24-25.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\17\ in general, and
Sections 6(b)(4) and 6(b)(5) of the Act,\18\ in particular, in that it
provides an equitable allocation of reasonable fees among users and
recipients of the data and is not designed to permit unfair
discrimination among customers, issuers, and brokers. The Exchange also
believes that the proposed rule change is consistent with Section 11(A)
of the Act \19\ in that it is consistent with (i) fair competition
among brokers and dealers, among exchange markets, and between exchange
markets and markets other than exchange markets; and (ii) the
availability to brokers, dealers, and investors of information with
respect to quotations for and transactions in securities. Furthermore,
the proposed rule change is consistent with Rule 603 of Regulation
NMS,\20\ which provides that any national securities exchange that
distributes information with respect to quotations for or transactions
in an NMS stock do so on terms that are not unreasonably
discriminatory.
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(4), (5).
\19\ 15 U.S.C. 78k-1.
\20\ 17 CFR 242.603.
---------------------------------------------------------------------------
The Proposal Is an Equitable Allocation of Reasonable Dues, Fees and
Other Charges
In adopting Regulation NMS, the Commission granted self-regulatory
organizations and broker-dealers increased authority and flexibility to
offer new and unique market data to the public. The Commission has
repeatedly expressed its preference for competition over regulatory
intervention in determining prices, products, and services in the
securities markets. Specifically, in Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues, and also recognized that current regulation of the market
[[Page 16803]]
system ``has been remarkably successful in promoting market competition
in its broader forms that are most important to investors and listed
companies.'' \21\
---------------------------------------------------------------------------
\21\ See Regulation NMS Adopting Release, 70 FR 37495, at 37499.
---------------------------------------------------------------------------
With respect to market data, the decision of the United States
Court of Appeals for the District of Columbia Circuit in NetCoalition
v. SEC upheld the Commission's reliance on the existence of competitive
market mechanisms to evaluate the reasonableness and fairness of fees
for proprietary market data:
In fact, the legislative history indicates that the Congress
intended that the market system ``evolve through the interplay of
competitive forces as unnecessary regulatory restrictions are
removed'' and that the SEC wield its regulatory power ``in those
situations where competition may not be sufficient,'' such as in the
creation of a ``consolidated transactional reporting system.'' \22\
---------------------------------------------------------------------------
\22\ NetCoalition v. SEC, 615 F.3d 525, 535 (D.C. Cir. 2010)
(``NetCoalition I'') (quoting H.R. Rep. No. 94-229 at 92 (1975), as
reprinted in 1975 U.S.C.C.A.N. 323).
The court agreed with the Commission's conclusion that ``Congress
intended that `competitive forces should dictate the services and
practices that constitute the U.S. national market system for trading
equity securities.'' \23\
---------------------------------------------------------------------------
\23\ Id. at 535.
---------------------------------------------------------------------------
More recently, the Commission confirmed that it applies a ``market-
based'' test in its assessment of market data fees, and that under that
test:
the Commission considers whether the exchange was subject to
significant competitive forces in setting the terms of its proposal
for [market data], including the level of any fees. If an exchange
meets this burden, the Commission will find that its fee rule is
consistent with the Act unless there is a substantial countervailing
basis to find that the terms of the rule violate the Act or the
rules thereunder.\24\
---------------------------------------------------------------------------
\24\ See Securities Exchange Act Release No. 34-90217 (October
16, 2020), 85 FR 67392 (October 22, 2020) (SR-NYSENAT-2020-05)
(``National IF Approval Order'') (internal quotation marks omitted),
quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74781 (December 9, 2008).
In addition, the proposed NYSE BBO Digital Media license would
remove impediments to and would perfect the mechanism of a free and
open market and a national market system by providing investors with
alternative market data and would compete with similar market data
products currently offered by the Nasdaq Stock Market LLC (``Nasdaq'')
through its Nasdaq Basic \25\ data feed and the four U.S. equities
exchanges operated by Cboe Exchange, Inc.--Cboe BZX Exchange, Inc.
(``BZX''), Cboe BYX Exchange, Inc. (``BYX''), Cboe EDGA Exchange, Inc.
(``EDGA''), and Cboe EDGX Exchange, Inc. (``EDGX''), each of which
contributes to a market data product that comprises the Cboe One Feed
that permits a digital media use.\26\ Similar to both Nasdaq Basic and
the Cboe One Feed, which provide real-time best bid and offer
information for all U.S. exchange-listed stocks, NYSE BBO Digital Media
would allow vendors and subscribers to utilize NYSE BBO, or NYSE BQT
for subscribers that choose to subscribe to the BBO data feeds from
NYSE Arca, Inc. (``NYSE Arca'') and NYSE American LLC (``NYSE
American''), to quickly access and distribute real time bid and offer
data.\27\
---------------------------------------------------------------------------
\25\ See https://www.nasdaq.com/solutions/data/equities/nasdaq-basic. See also https://www.nasdaqtrader.com/TraderNews.aspx?id=dn2022-1.
\26\ See BZX Rule 11.22(j) Cboe One Feed; BYX Rule 11.22(i) BYX
Cboe One Feed; EDGA Rule 13.8(b) Cboe One Feed; and EDGX Rule
13.8(b) Cboe One Feed. The Cboe One Feed offered by BZX, BYX, EDGA
and EDGX are each a data feed that that contains the aggregate best
bid and offer of all displayed orders for securities traded each of
those exchanges.
\27\ The NYSE BQT feed disseminates top-of-book information from
the NYSE, NYSE American, NYSE Arca, NYSE National and NYSE Texas
exchanges. See NYSE Best Quote & Trades (BQT), available at https://www.nyse.com/market-data/real-time/nyse-bqt. As set forth in
footnote 5 of the Fee Schedule, to subscribe to NYSE BQT,
subscribers must also separately pay applicable fees for NYSE BBO,
NYSE Trades, NYSE Arca BBO, NYSE Arca Trades, NYSE American BBO,
NYSE American Trades, NYSE National BBO, NYSE National Trades, NYSE
Texas BBO and NYSE Texas Trades, as may be amended from time to
time. This proposed fee change, taken together with similar fee
changes filed by the Exchange's affiliated exchanges, NYSE Arca and
NYSE American, will reduce the fees associated with NYSE BQT for
Redistributors of NYSE BBO and NYSE Trades who wish to provide these
top of book products to an unlimited number of professional and non-
professional users, and redistribute such data via television,
website and mobile devices.
---------------------------------------------------------------------------
Competition among exchanges in the sale of top-of-book data is a
powerful competitive force that constrains the price of top-of-book
data products. NYSE BBO provides choices to broker-dealers and other
data consumers by offering less than the quantum of data provided
through the consolidated tape feeds, but at a lower price.
Top-of-book data can be used for many purposes--from a retail
investor casually surveying the market to sophisticated market
participants using it for a variety of applications, such as investment
analysis, risk management, or portfolio valuation.
All major exchange groups compete to sell top-of-book data. As
noted above, Nasdaq Basic provides data derived from liquidity within
the Nasdaq market center and trades reported to the FINRA/Nasdaq TRFs.
As noted above, the NYSE BQT feed disseminates top-of-book information
from the NYSE, NYSE American, NYSE Arca, NYSE National and NYSE Texas
exchanges, while the Cboe One Summary Feed provides data from the four
Cboe equities exchanges: BZX Exchange, BYX Exchange, EDGX Exchange and
EDGA Exchange.\28\ Nasdaq, NYSE and Cboe compete on price and quality.
Nasdaq \29\ and Cboe \30\ both currently offer enterprise licenses for
their top-of book feeds.
---------------------------------------------------------------------------
\28\ See Cboe Market Data Services, U.S. Equities, U.S. Equities
Market Data Products, available at: https://markets.cboe.com/us/
equities/market_data_services/
#:~:text=Cboe%20Top%20is%20a%20real,time%20on%20a%20Cboe%20book.&text
=It%20is%20a%20real%2Dtime,time%20on%20a%20Cboe%20book.
\29\ See Section 132, Market Data Enterprise License for Display
Usage, available at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Equity%207#section_132_market_data_enterprise_license_for_display_usage.
\30\ See Cboe, Market Data Services, Cboe One Feed, available at
https://markets.cboe.com/us/equities/market_data_services/cboe_one/.
---------------------------------------------------------------------------
Competition among exchanges for order flow has long been recognized
by the courts. As the D.C. Circuit recognized in NetCoalition I, ``[n]o
one disputes that competition for order flow is fierce.'' \31\ The
court further noted that ``no exchange possesses a monopoly, regulatory
or otherwise, in the execution of order flow from broker dealers,'' and
that an exchange ``must compete vigorously for order flow to maintain
its share of trading volume.'' \32\
---------------------------------------------------------------------------
\31\ NetCoalition I, 615 F.3d at 544 (internal quotation
omitted).
\32\ Id.
---------------------------------------------------------------------------
The proposed NYSE BBO Digital Media Enterprise license is an
element of the competition among exchanges for the sale of top-of-book
feeds. As explained above, it was drafted in response to requests from
potential customers, including financial media firms, retail broker-
dealers, mobile application vendors, and data vendors, and is
consistent with the license offered by one of the Exchange's
competitors allowing general news websites to distribute real-time
quote and trade information.\33\ The Exchange expects the proposed new
license to be attractive to financial media outlets, search engines,
and firms engaged in the development and sale of new financial
applications, as well as broker-dealers, and expects that the increased
[[Page 16804]]
dissemination of NYSE BBO data will enhance the Exchange's ability to
compete with other exchanges in the sale of top-of-book data.
---------------------------------------------------------------------------
\33\ See, e.g., Securities Exchange Act Release No. 79699
(December 28, 2016), 82 FR 892 (January 4, 2017) (SR-BatsEDGA-2016-
32) (introducing the digital media license for Bats EDGA); see also
Cboe One Feed, Digital Media License, available at https://www.cboe.com/us/equities/market_data_services/cboe_one/ (allowing
general news websites to distribute real-time quote and trade
information on open public websites and applications; information
may be distributed via television, websites and mobile devices for
informational and non-trading purposes only).
---------------------------------------------------------------------------
In establishing the Digital Media Enterprise Fee, the Exchange
recognizes that there is demand for a more seamless and easier-to-
administer data distribution mode that takes into account the expanded
variety of media and communication devices that investors utilize
today. The Exchange believes the proposed Digital Media Enterprise Fee
will be easy to administer because data recipients that purchase it
would not be required to differentiate between Professional and Non-
Professional Users, account for the extent of access to the data, or
report the number of Users. This is a significant reduction on a
recipient firm's administrative burden and is a benefit to investors.
For example, a television broadcaster could display the NYSE BBO data
during market-related programming and on its website or allow viewers
to view the data via their mobile devices, creating a more seamless
distribution model that would allow investors more choice in how they
receive and view market data, all without having to account for and/or
measure who accesses the data and how often they do so.
The proposed Digital Media Enterprise Fee is also reasonable and
equitably allocated because it will enable recipient firms to more
widely distribute data from the NYSE BBO data feed to investors for
informational purposes at a lower cost than is available today. For
example, Nasdaq provides a Digital Media Enterprise License for Nasdaq
Basic for $100,000 per month per firm.\34\
---------------------------------------------------------------------------
\34\ See https://data.nasdaq.com/price-list?category=U.S.+Equities&subcategory=Nasdaq+Basic.
---------------------------------------------------------------------------
The Exchange also believes the proposed Digital Media Enterprise
License is reasonable and equitably allocated as the proposed rule
change would allow subscribers to redistribute NYSE BBO to an unlimited
number of Professional and non-Professional Users, and redistribute
NYSE BBO via television, website and mobile devices, at a lower cost.
The Exchange believes the proposed enterprise license would result in
lower fees for subscribers able to reach the largest audience of
investors, including retail investors. Discounts for broader
dissemination of market data information have routinely been adopted by
exchanges as equitable allocations of reasonable dues, fees and
charges.\35\
---------------------------------------------------------------------------
\35\ For example, the Commission has permitted pricing discounts
for market data under Nasdaq Rules at Section 132. Market Data
Enterprise License for Display Usage and Section 147. Nasdaq Basic
(b) User Fees. See also Securities Exchange Act Release No. 82182
(November 30, 2017), 82 FR 57627 (December 6, 2017) (SR-NYSE-2017-
60) (changing an enterprise fee for NYSE BBO and NYSE Trades).
---------------------------------------------------------------------------
The Exchange believes the proposed enterprise license to allow both
digital media use and enterprise use is reasonable and equitably
allocated because it would reduce exchange fees, lower administrative
costs for subscribers and help expand the availability of market
information to investors and thereby increase participation in
financial markets. As discussed above, a subscriber would pay a flat
fee of $40,000 per month (instead of $65,000 per month) for both
enterprise use of NYSE BBO and NYSE BBO Digital Media use cases. A
subscriber would similarly pay a flat fee of $40,000 per month (instead
of $65,000 per month) for both enterprise use of NYSE Trades and NYSE
Trades Digital Media use cases. Subscribers would be able to
disseminate NYSE BBO and/or NYSE Trades, as the case may be, to an
unlimited number of Professional and non-Professional Users for a
monthly fee that is lower than if the subscriber licensed for each use
separately.
The Proposal Does Not Permit Unfair Discrimination
The Exchange believes that the proposed fee change is not unfairly
discriminatory because it neither targets nor will it have a disparate
impact on any category of market participant and would apply uniformly
to all subscribers of Exchange data on an equal and non-discriminatory
basis. As explained below in the Exchange's Statement on Burden on
Competition, the Exchange believes that there is substantial evidence
of competition in the marketplace for data and that the Commission can
rely upon such evidence in concluding that the fees established in this
filing are the product of competition and therefore satisfy the
relevant statutory standards. In addition, the existence of
alternatives to the Exchange's offering, including real-time
consolidated data, free delayed consolidated data, and proprietary data
from other sources, ensures that the Exchange cannot set unreasonable
fees, or fees that are unfairly discriminatory, when vendors and
subscribers can elect such alternatives. In addition, the proposal
would not permit unfair discrimination because the proposed licensing
options would be available to all of the Exchange's current and future
subscribers on an equivalent basis.
For all of the reasons set forth herein, the Exchange believes that
the proposed Digital Media Enterprise license will be subject to
significant competition. Moreover, the Exchange believes that the
proposed rule change will benefit the general investing public by
lowering the cost of distributing NYSE BBO, thereby enhancing overall
market transparency.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) \36\ of the Act, the Exchange
does not believe that the proposed rule change will impose any burden
on competition that is not necessary or appropriate in furtherance of
the purposes of the Act.
---------------------------------------------------------------------------
\36\ 78 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
Intramarket Competition. The Exchange believes that the proposed
rule change does not put any market participant at a relative
disadvantage compared to other market participants. As noted above, the
proposed fees would apply equally to all subscribers of NYSE BBO, and
subscribers may choose whether to subscribe for Digital Media use of
NYSE BBO at all. The Exchange also believes that the proposed fees
neither favor nor penalize one or more categories of market
participants in a manner that would impose an undue market on
competition.
Intermarket Competition. The Exchange believes the proposed rule
change does not impose a burden on competition or on other exchanges
that is not necessary or appropriate because of the availability of
similar products and licensing options in the marketplace. Because
other exchanges already offer similar products and licensing options,
the Exchange's proposed NYSE BBO Digital Media Enterprise will further
enhance competition. The NYSE BBO Digital Media Enterprise will foster
competition by providing an alternative to similar licensing
opportunities offered by other exchanges, notably Nasdaq and the Cboe
exchanges.\37\ The NYSE BBO Digital Media Enterprise would provide
investors with a new subscription option, which was a primary goal of
the market data amendments adopted by Regulation NMS.\38\ Thus, the
Exchange believes the proposed rule change is
[[Page 16805]]
necessary to permit fair competition among national securities
exchanges.
---------------------------------------------------------------------------
\37\ See supra, notes 28-29.
\38\ See supra, note 20, at 37503.
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A)(ii) of the Act,\39\ and Rule 19b-
4(f)(2) thereunder \40\ the Exchange has designated this proposal as
establishing or changing a due, fee, or other charge imposed on any
person, whether or not the person is a member of the self-regulatory
organization, which renders the proposed rule change effective upon
filing. At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\39\ 15 U.S.C. 78s(b)(3)(A)(ii).
\40\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-NYSE-2026-15 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NYSE-2026-15. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-NYSE-2026-15 and should be submitted on
or before April 23, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\41\
---------------------------------------------------------------------------
\41\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-06367 Filed 4-1-26; 8:45 am]
BILLING CODE 8011-01-P