New York Stock Exchange Refines Virtual Network Fee Calculations
Published Date: 2/10/2026
Notice
Summary
The New York Stock Exchange (NYSE) is updating its fees for certain virtual network services that connect data centers and trading floors. This change mainly affects firms using these connections, adjusting how fees are calculated to keep things fair and clear. The new fee rules took effect right after filing on January 28, 2026, so users should check their bills soon!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Dual resilient TF VCCs billed as one
If your firm has two virtual control circuits (VCCs) between the Mahwah data center (MDC) and the same Trading Floor that use different Trading Floor networks so that only one VCC can be active at a time, the Exchange will charge for those two "Resilient TF VCCs" as if they were one TF VCC.
Same‑network dual VCCs still billed twice
If your firm has two TF VCCs that connect to the same Trading Floor network (so both can be active at the same time), the Exchange will charge separately for each TF VCC and you will be billed for two VCCs.
Change effective immediately — check bills
The Exchange's amended fee-note took effect upon filing on January 28, 2026, so firms using MDC-to-Trading Floor connectivity should review upcoming bills for changes and note the Commission may suspend the change within 60 days of filing.
No limit on resilient VCC quantity
A User may obtain multiple Resilient TF VCCs (for example, two resilient VCCs to each Trading Floor) and there is no stated limit on the number of Resilient TF VCCs a User may obtain; each qualifying pair would be charged as described in the Fee Schedule note.
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