Stock Exchanges Get New Fees Approved for Data Plans
Published Date: 7/1/2026
Notice
Summary
Big stock market players like NYSE, Nasdaq, and others agreed to a new fee plan for sharing stock data. This change means they’ll start charging fees for consolidated equity market info, helping cover costs and improve services. The new fees kick in soon, so everyone using this data should get ready for the update and possible price changes.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
New fees for consolidated equity data
The CT Plan adopts the first unified fee schedule (to be reflected in Exhibit E) that charges Vendors and Subscribers for consolidated real-time equity market data. Fees under the Amended Fee Proposal will not be charged until the CT Plan is fully operational; implementation will occur no later than 30 months after the CT Plan Effective Date (November 20, 2024) or 90 days after Commission approval of fees, whichever is later.
Certain market-data fees raised 15.95%
The Amended Fee Proposal applies an inflation-based adjustment for some fees, increasing certain components by 15.95% based on the Producer Price Index for Data Processing and Related Services for January 2015 through May 2025. The Operating Committee increased fees for some items (e.g., Non-Display uses, Direct/Indirect Access, Real-Time Redistributors) using that inflationary metric.
Quarterly metrics and revenue disclosure required
The Commission modified the CT Plan to require publication of Exhibit F: Quarterly Metrics. The Operating Committee must publish Quarterly Population Metrics (subscriber/household counts), Quarterly Revenue Disclosures (revenues by fee type and distributions), and Processor Metrics on the CT Plan website on a quarterly basis. The aim is to enable public and market-participant assessment of usage and revenues under the CT Plan.
Two‑year review and possible fee amendment
At the end of the Initial Implementation Period (which begins on the Operative Date and continues for two years), the Operating Committee must submit a written Fee Analysis based on the Quarterly Metrics and Revenue Disclosures and file an amendment to the CT Plan fee schedule under Rule 608. The Commission specified a two-year Initial Implementation Period to allow about 18 months of contract-cycle data plus 6 months to prepare the Fee Analysis and Amendment.
Simpler rules for pro vs. non‑pro users
The CT Plan harmonizes and revises definitions to reduce administrative burden by changing how users are labeled (Professional vs Non-Professional), and by aligning definitions for Direct and Indirect Access, Non-Display Use, Derived Data, and Quote Packet across the tapes. These harmonized definitions are intended to simplify administration and audits for Vendors and Subscribers.
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