NYSE National Tweaks Fees for Third-Party Data Hooks
Published Date: 5/5/2025
Notice
Summary
NYSE National is updating its fee schedule for connecting to third-party systems and data feeds. This means users who access these services will see changes in which connections are available and how much they might pay, including who can charge extra fees for sharing data. These changes took effect right away on April 16, 2025, so users should check the new rules to stay in the know and avoid surprises.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Monthly data‑feed connectivity fees changed
The Exchange changed the monthly recurring connectivity fees for many Third Party Data Feeds, effective April 16, 2025. 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; combined Cboe Canada $2,000/month; MIAX Emerald/MIAX Options/MIAX Pearl Equities/MIAX Pearl Options/MIAX Sapphire each $2,600/month; Nasdaq Stock Market (combined with Nasdaq ISE) $3,000/month; TMX Group (combined with Montreal Exchange) $2,500/month. The filing also shows revised fees for other feeds (for example B3 Bovespa $900/month; BOX $300/month; IEX $300/month; FINRA $650/month).
New third‑party systems added
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, and combined Cboe MATCHNow into Cboe Canada. The Exchange says it will not change the monthly recurring fees Users pay for access to each Third Party System, and Users will only be charged for systems they choose.
Connectivity partners can pass through redistribution fees
The Exchange added the phrase "and their partners" so that connectivity partners may charge redistribution fees, and when the Exchange receives a redistribution fee it will pass that charge through to the User without change and label it as a pass‑through on the invoice.
Access and connectivity remain voluntary
The Exchange states that purchase of any colocation service, access to Third Party Systems, and connectivity to Third Party Data Feeds is voluntary; a User will only receive and be charged for access or feeds for which it enters into a contract.
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