SEC Probes Amended Plan for Charging Stock Market Data Fees
Published Date: 4/3/2026
Notice
Summary
Big stock market players like exchanges and trading groups want to start charging fees for sharing important stock data. They updated their plan after hearing feedback, and now the SEC is deciding if these new fees are fair and should go live. If approved, this could change how much it costs to get stock info starting soon.
Analyzed Economic Effects
9 provisions identified: 3 benefits, 3 costs, 3 mixed.
New Fee Schedule for Consolidated Market Data
If the amendment is approved, the CT Plan would adopt a fee schedule to charge Vendors and Subscribers for consolidated transaction reports and quotation information once the CT Plan is fully implemented. The Operating Committee filed the fee proposal to satisfy the CT Plan requirement to file fees following the Effective Date (Effective Date: November 20, 2024).
Use-Based Professional vs Non-Professional Rule
The proposal replaces status-based Professional/Non-Professional labels with use-based definitions: Professional use is any entity use or any paid service to a third party; other uses are Non-Professional. The plan also adds a "good faith" safe harbor allowing real-time redistributors that rely in good faith on user representations about Professional status to be exempt from audit liability.
Direct vs Indirect Access Based on Data-Center Location
The proposal defines Direct Access as any connection within a data center in which a Processor is located and defines Indirect Access as any connection that is not Direct. The change ties higher Direct Access fees to lower-latency connections inside Processor data centers and lower fees to connections outside those data centers.
Creation of Derived Data Now Fee-Liable
The proposal treats creation of Derived Data as Non-Display Use, making creation of Derived Data fee-liable under the Non-Display category (i.e., accessing or processing consolidated data to create derived products will be subject to Non-Display fees).
Inflation-Related Adjustments for Several Fees
Amendment No. 1 provides additional support for inflation-related adjustments to Non-Display, Access, and Real-Time Redistribution fees to reflect technology investment and performance improvements. The filing describes using a data-processing-related inflation metric to adjust these fees.
Per-Quote Rate and Monthly Cap Kept
The proposed fee schedule keeps the per-Quote rate at $0.0075 per Quote and retains a monthly per-Quote cap that limits a Data Recipient's aggregate monthly Quote charges. That per-Quote rate is unchanged from the existing fee schedules.
Single-Security Derived Data Display Fees Eliminated
The proposal eliminates downstream fee liability tied to the display of single-security derived data (a legacy Tape C single-security derived-data fee). Users who previously paid based on single-security derived-data display should see a decrease in those specific fees.
Broadcast Fee Harmonization Across Tapes
The Operating Committee proposes expanding the Broadcast/Cable Television definition and harmonizing Broadcast fees across Tapes by adopting the Tape C Broadcast rate for Tape A and Tape B as well. The Broadcast definition is broadened to include cable, satellite, internet, and traditional means.
Tape Harmonization Eliminates Some Legacy Tape C Fees
The proposal eliminates certain legacy Tape C-only charges (for example, delayed redistributor, delayed access, and voice response port charges) as part of tape harmonization, aiming to reduce tape-by-tape asymmetry and improve administrability.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-06475 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Cboe Rule 5.4
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2026-06469 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing of Proposed Rule Change To Amend BOX Rules 5055 (FLEX Equity Options) and 3120 (Position Limits)
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2026-06473 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend the Exchange's Anti-Internalization Functionality in Equity 4, Rule 3307, and To Extend the Implementation Date of the CORE FIX Order Entry Protocol
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2026-06462 — Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Monthly Enterprise Fee for Its Depth of Book Proprietary Market Data Feed
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2026-06466 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend the Exchange's Anti-Internalization Functionality in Equity 4, Rule 4757, and To Extend the Implementation Date of the CORE FIX Order Entry Protocol
Nasdaq is updating a rule that helps stop trades from accidentally happening within the same firm, which keeps trading fair and lowers costs. They’re also pushing back the start date for a new order entry system called CORE FIX to give everyone more time to get ready. These changes affect traders using Nasdaq and aim to make trading smoother without extra fees or delays.
2026-06474 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Definition of “Indicative Price” Under Exchange Rule 11.23(a)(10) and Amend Exchange Rule 11.23(d)(2)(B) (Extending the Quote-Only Period for Initial Public Offering (“IPO”) Auctions)
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Previous / Next Documents
Previous: 2026-06462 — Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Monthly Enterprise Fee for Its Depth of Book Proprietary Market Data Feed
24X National Exchange is starting a new monthly fee for companies using its special market data feed that shows detailed order info. This change affects businesses that rely on this data and kicks in right away, meaning they’ll pay a set monthly charge to access it. It’s a clear move to keep the data service running smoothly and fairly.
Next: 2026-06464 — Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE American Options Fee Schedule To Eliminate Certain Incentive Programs and Increase the Limit on the Maximum Combined Floor Broker Credits Paid on QCC Trades and Rebates Paid Through the Manual Billable Program
Starting March 18, 2026, NYSE American is shaking up its options fees by dropping some old incentives and raising the max credits floor brokers can earn on certain trades. This means floor brokers and traders using the Manual Billable Program will see changes in how much they can get back. It’s all about keeping things fair and encouraging smart trading moves on the exchange.
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