NYSE National Revises Third-Party Connectivity Fee Schedule
Published Date: 7/14/2025
Notice
Summary
NYSE National is updating its fees and rules for connecting to outside systems and data feeds. This change affects anyone using their services to access third-party data, adjusting who can charge fees and how much they pay. The new fee schedule kicks in right away, so users should check the updated costs and rules now.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
New and Changed Third-Party Data Feed Fees
The Exchange adds new monthly recurring connectivity fees and updates others for Third Party Data Feeds. Examples: Blue Ocean ATS (BOATS) $750/month; Cboe CFE Futures $1,500/month; Long Term Stock Exchange $2,600/month; MEMX Equities $2,000/month; MEMX Options $2,000/month; Small Exchange $1,000/month. The filing also combines Cboe MATCHNow into Cboe Canada with a combined fee of $2,000/month, combines Nasdaq Stock Market with Nasdaq ISE at $3,000/month, and combines TMX Group and Montreal Exchange at $2,500/month; the filing states monthly recurring connectivity fees are changed for 18 feeds.
Adds Six Third-Party Systems
The Exchange is adding Blue Ocean ATS (BOATS), Canadian Imperial Bank of Commerce (CIBC), Long Term Stock Exchange (LTSE), MEMX, Pragma, and Small Exchange to the list of Third Party Systems that Users can connect to at the Mahwah, NJ data center (MDC). These systems are now listed as available connectivity options for Users.
Connectivity Partners May Charge Pass-Through Fees
The Exchange adds the phrase "and their partners" so that third party data feed providers and their connectivity partners may charge redistribution fees. When the Exchange receives a redistribution fee, it will pass the charge through to the User without change and label it as a pass-through on the User's invoice.
No Change to Bandwidth Pricing for Third-Party Systems
The Exchange states it is not changing the monthly recurring fees Users pay for access to each Third Party System (bandwidth fees vary by connection size). The Exchange says no User would be charged more as a consequence of combining entities like Cboe MATCHNow into Cboe Canada.
Rule Change Effective Immediately
The Exchange filed the proposed rule change on June 27, 2025 and the filing became effective under Section 19(b)(3)(A) and Rule 19b-4(f)(6)(iii). Users should review the amended Connectivity Fee Schedule now to see the updated connectivity and data-feed fees.
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