NYSE American Updates Third-Party Connectivity Fee Rules
Published Date: 7/14/2025
Notice
Summary
NYSE American is updating its fee schedule for connecting to third-party systems and data feeds. This change affects traders and firms using these connections by adjusting fees and clarifying who can charge extra for sharing data. The new fees take effect immediately, so users should check the updated schedule to avoid surprises.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New and Changed Data-Feed Monthly Fees
The Exchange added new monthly connectivity fees for several Third Party Data Feeds and changed fees for others. Explicit additions include Blue Ocean ATS (BOATS) for $750/month, Cboe CFE Futures for $1,500/month, Long Term Stock Exchange for $2,600/month, MEMX Equities for $2,000/month, MEMX Options for $2,000/month, and Small Exchange for $1,000/month; combined-feed fees include Cboe Canada at $2,000/month, Nasdaq Stock Market (combined with Nasdaq ISE) at $3,000/month, and TMX Group (combined with Montreal Exchange) at $2,500/month; the filing also states the monthly fee per Third Party Data Feed is changed for 18 feeds in total.
Adds New Third-Party Systems Options
The Exchange added Blue Ocean ATS (BOATS), Canadian Imperial Bank of Commerce (CIBC), Long Term Stock Exchange, MEMX, Pragma, and Small Exchange to the list of Third Party Systems that Users may connect to in the Mahwah, NJ data center. The filing says access is voluntary and the Exchange is not changing the monthly recurring bandwidth fees for Third Party Systems, so Users would only be charged for systems and bandwidth they choose.
Redistribution Fees Pass-Through Clarified
The Exchange added the phrase "and their partners" to clarify that third-party data providers and their connectivity partners may charge redistribution fees, and when the Exchange receives such a redistribution fee it will pass the charge through to the User on the invoice. The filing specifically expects a BOATS connectivity partner will charge a redistribution fee that will be passed through to Users.
No Additional System Fees from Entity Combinations
The Exchange states that combining Cboe MATCHNow into Cboe Canada (and similar consolidations) for the Third Party Systems list will not change the monthly recurring fee Users pay for access to Third Party Systems, and a User would not be charged for systems or bandwidth it did not choose. The Exchange emphasizes that Users continue to choose which systems they want and would not pay more as a consequence of the combination.
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