NYSE Jacks Up Fees for Virtual Trading Connections
Published Date: 7/30/2025
Notice
Summary
The New York Stock Exchange and its family of exchanges are updating their fees to include a new Virtual Control Circuit service connecting the Mahwah Data Center to trading floors. This change affects traders and firms using these connections and will start soon, helping cover the costs of better, faster connectivity. The SEC gave this update a speedy thumbs-up, so expect the new fees to roll out without delay.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
New Mahwah-to-Trading-Floor Links
The exchanges will offer new Virtual Control Circuit (VCC) and virtual routing/forwarding (VRF) connections from the Mahwah Data Center (MDC) to NYSE, NYSE American, and NYSE Arca trading floors. The SEC approved this change on July 25, 2025. These connections are for trading-related or back-office communications (not direct order entry) and must be authorized by both parties before the exchange establishes them.
Pricing Matches Existing VCC Fees
The monthly charge for a Trading Floor VCC or VRF will be based on the bandwidth you request and will be the same fee the exchanges currently charge for VCCs. If you buy multiple VCCs you are charged for each; if you buy one VRF to connect to multiple trading floors you are charged for one VRF connection.
SEC Grants Accelerated Approval
The Securities and Exchange Commission granted accelerated approval of these connectivity fee changes on July 25, 2025, allowing the exchanges to implement the Trading Floor Connections without the normal 30-day wait. The SEC invited public comments on the amendments, with comments due by August 20, 2025.
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