NYSE American Revises Third-Party System Connection Charges
Published Date: 5/5/2025
Notice
Summary
NYSE American is updating its fee schedule 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. The new fees take effect immediately, so users should check the updated schedule to avoid surprises.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
Updated monthly data‑feed fees
NYSE American updated monthly recurring connectivity fees for multiple Third Party Data Feeds and added several new feeds. Examples of the new monthly fees include: Blue Ocean ATS (BOATS) $750; Cboe CFE Futures $1,500; Long Term Stock Exchange $2,600; MEMX Equities $2,000; MEMX Options $2,000; Small Exchange $1,000; combined Cboe Canada $2,000; MIAX Emerald/Options/Pearl Equities/Pearl Options/Sapphire each $2,600; Nasdaq (combined Nasdaq Stock Market and Nasdaq ISE) $3,000; and TMX Group (combined) $2,500. The filing states it changed the per‑feed monthly recurring connectivity fee for 18 feeds in total.
Connectivity partners may pass through fees
The Exchange added the phrase "and their partners" to clarify that Third Party Data Feed providers and their connectivity partners may charge redistribution fees, and when the Exchange receives a redistribution fee it will pass that charge through to the User on the invoice. The Exchange will label such charges as a pass‑through redistribution fee.
New third‑party systems added
NYSE American added Blue Ocean ATS (BOATS), Canadian Imperial Bank of Commerce (CIBC), Long Term Stock Exchange, MEMX, Pragma, and Small Exchange to its list of Third Party Systems, and combined Cboe MATCHNow into Cboe Canada. These systems will be available as conveniences to Users connecting at the Mahwah, New Jersey data center (MDC), and Users may choose voluntarily which systems to access.
Changes effective upon filing
The Exchange filed the proposed rule change on April 16, 2025 and the filing became effective upon filing pursuant to Rule 19b-4(f)(6); the SEC published the notice on April 29, 2025. Users should check the updated Connectivity Fee Schedule immediately to see the new feed listings and monthly fees.
No change to Third Party Systems bandwidth pricing
The Exchange stated it does not propose to change the monthly recurring bandwidth fees Users pay for access to each Third Party System, and that combining or renaming systems (e.g., merging Cboe MATCHNow into Cboe Canada) will not cause Users to be charged more for those bandwidth connections.
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