Notice2025-16817
Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Connectivity Fee Schedule
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Published
September 3, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 168 (Wednesday, September 3, 2025)</title>
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[Federal Register Volume 90, Number 168 (Wednesday, September 3, 2025)]
[Notices]
[Pages 42628-42631]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-16817]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103801; File No. SR-NYSETEX-2025-25]
Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the
Connectivity Fee Schedule
August 28, 2025.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on August 20, 2025, the NYSE Texas, Inc. (``NYSE Texas'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Connectivity Fee Schedule (``Fee
Schedule'') regarding colocation services and fees to update the list
of included data products. The proposed rule change is available on the
Exchange's website at <a href="http://www.nyse.com">www.nyse.com</a> and at the principal office of the
Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Fee Schedule regarding
colocation services and fees to update the list of included data
products (``Included Data Products'').
Currently, the table of Included Data Products in Colocation Note 4
sets forth the market data feeds that Users \4\ can connect to at no
additional cost when they purchase a service that includes access to
the LCN or IP network.\5\
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\4\ For purposes of the Exchange's colocation services, a
``User'' means any market participant that requests to receive
colocation services directly from the Exchange. See Securities
Exchange Act Release No. 87408 (October 28, 2019), 84 FR 58778 at
n.6 (November 1, 2019) (SR-NYSECHX-2019-12). As specified in the Fee
Schedule, a User that incurs colocation fees for a particular
colocation service pursuant thereto would not be subject to
colocation fees for the same colocation service charged by the New
York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., and
NYSE National, Inc. (together, the ``Affiliate SROs''). Each
Affiliate SRO has submitted substantially the same proposed rule
change to propose the change described herein. See SR-NYSE-2025-32,
SR-NYSEAMER-2025-53, SR-NYSEARCA-2025-61, and SR-NYSENAT-2025-18.
\5\ See 84 FR 58778, supra note 4.
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The Exchange filed to establish an ``NYSE Texas Order Imbalances''
[[Page 42629]]
proprietary market data product (the ``NYSE Texas Feed'').\6\
Accordingly, the Exchange proposes to update the table of Included Data
Products to include the NYSE Texas Feed. To implement the change, the
Exchange proposes to update the table of Included Data Products as
follows (proposed addition italicized):
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\6\ See Securities Exchange Act Release No. 103053 (May 16,
2025), 90 FR 21970 (May 22, 2025) (SR-NYSETex-2025-10).
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NYSE Texas
NYSE Texas Aggregated Lite
NYSE Texas BBO
NYSE Texas Integrated Feed
NYSE Texas Order Imbalances
NYSE Texas Trades
The Exchange does not charge for connectivity to the Included Data
Feeds. Accordingly, it would not charge for connectivity to the NYSE
Texas Feed.
General
The proposed changes would not apply differently to distinct types
or sizes of market participants. Rather, they would apply to all Users
equally. As is currently the case, the purchase of any colocation
service, including connectivity to the NYSE Texas Feed, would be
completely voluntary and the Fee Schedule would be applied uniformly to
all Users.
FIDS does not expect that the proposed rule change will result in
new Users.
The proposed changes are not otherwise intended to address any
other issues relating to co-location services and/or related fees, and
the Exchange is not aware of any problems that customers would have in
complying with the proposed change.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\7\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\8\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest
and because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange further believes
that the proposed rule change is consistent with Section 6(b)(4) of the
Act,\9\ because it provides for the equitable allocation of reasonable
dues, fees, and other charges among its members and issuers and other
persons using its facilities and does not unfairly discriminate between
customers, issuers, brokers, or dealers.
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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
\9\ 15 U.S.C. 78f(b)(4).
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The Proposed Change Is Reasonable
The Exchange believes that the proposed rule change is reasonable
and would perfect the mechanisms of a free and open market and a
national market system and, in general, protect investors and the
public interest, because adding the NYSE Texas Feed would increase the
number of Included Data Products available to Users for no additional
charge. All Users that voluntarily select to access the LCN or IP
network would not be subject to a charge above and beyond the fee paid
for the relevant LCN or IP network access. Accordingly, the Exchange
believes that the proposed change is reasonable because the change
would mean that a User would have the option of adding connectivity to
additional market data feeds without paying additional charges.
Adding the NYSE Texas Feed to the list of Included Data Products
would allow a User to connect to the NYSE Texas Feed if it wished but
would not require it to do so. As now, a User would be able to
determine which Included Data Products, if any, to which it connects,
based on what would best serve its needs, tailoring the service to the
requirements of its business operations.
By adding the NYSE Texas Feed, the proposed change would ensure
that the list of Included Data Products was up to date. Accordingly,
the Exchange believes that the proposed rule change is reasonable and
would perfect the mechanisms of a free and open market and a national
market system and, in general, protect investors and the public
interest, as it would ensure that the description of Included Data
Products was complete, ensuring that it is accessible and transparent,
and providing market participants with clarity as to what connectivity
is included in the purchase of access to the LCN and IP networks.
The Proposed Change Is Equitable and Not Unfairly Discriminatory
The Exchange believes that the proposed change provides for the
equitable allocation of reasonable dues, fees, and other charges among
its members and issuers and other persons using its facilities and does
not unfairly discriminate between customers, issuers, brokers, or
dealers because adding the NYSE Texas Feed would increase the number of
Included Data Products available to Users for no additional charge. All
Users that voluntarily select to access the LCN or IP network would not
be subject to a charge above and beyond the fee paid for the relevant
LCN or IP network access. Accordingly, the Exchange believes that the
proposed change is equitable and not unfairly discriminatory because
the change would mean that a User would have the option of adding
connectivity to an additional market data feed without paying
additional charges.
Further, the Exchange believes that the proposed change is
equitable and not unfairly discriminatory since, as is true now, the
proposed change would not apply differently to distinct types or sizes
of Users but would apply to all Users equally. Moreover, adding the
proposed additional Included Data Product would allow a User to connect
to the NYSE Texas Feed if it wished, but would not require it to do so.
As now, a User would be able to determine which Included Data Products,
if any, to which it connects, based on what would best serve its needs,
tailoring the service to the requirements of its business operations.
By adding the NYSE Texas Feed, the proposed change would ensure
that the list of Included Data Products was up to date. Accordingly,
the Exchange believes that the proposed rule change is equitable and
not unfairly discriminatory, as it would ensure that the description of
Included Data Products was complete, ensuring that it is accessible and
transparent, and providing market participants with clarity as to what
connectivity is included in the purchase of access to the LCN and IP
networks.
For the reasons above, the proposed changes do not unfairly
discriminate between or among market participants that are otherwise
capable of satisfying any applicable co-location fees, requirements,
terms, and conditions established from time to time by the Exchange.
For these reasons, the Exchange believes that the proposal is
consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposal will not impose any burden
on competition that is not necessary or
[[Page 42630]]
appropriate in furtherance of the purposes of Section 6(b)(8) of the
Act.\10\
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\10\ 15 U.S.C. 78f(b)(8).
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The Exchange believes that the proposed rule change does not impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act because adding the NYSE Texas
Feed would increase the number of Included Data Products available to
Users for no additional charge. All Users that voluntarily select to
access the LCN or IP network would not be subject to a charge above and
beyond the fee paid for the relevant LCN or IP network access.
Accordingly, the change would mean that a User would have the option of
adding connectivity to an additional market data feed without paying
additional charges.
Adding the proposed additional Included Data Product would allow a
User to connect to the NYSE Texas Feed if it wished, but would not
require it to do so. In this way, the proposed changes would enhance
competition by, as now, enabling a User to determine to which Included
Data Products, if any, it connects, based on what would best serve its
needs, tailoring the service to the requirements of its business
operations.
The Exchange believes that the proposed rule change does not impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act because, as with the other
Included Data Products, it believes it is not the exclusive method to
connect to the NYSE Texas Feed. As alternatives to connecting to the
NYSE Texas Feed as an Included Data Product, a User may connect to the
market data feed through another User or through a connection to an
Exchange access center outside the data center, third party access
center, or third party vendor.
By adding the NYSE Texas Feed, the proposed change would ensure
that the list of Included Data Products was up to date. Accordingly,
the Exchange believes that the proposed addition to the description of
Included Data Products would make the description more accessible and
transparent. In this manner, the proposed change would provide market
participants with clarity as to what connectivity is included in the
purchase of access to the LCN and IP networks, thereby enhancing
competition by ensuring that all Users have access to the same
information regarding the Included Data Products.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
D. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.\13\
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\11\ 15 U.S.C. 78s(b)(3)(A)(iii).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ See id. In addition, Rule 19b-4(f)(6)(iii) requires a self-
regulatory organization to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\15\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The Exchange
states that waiver of the 30-day operative delay would be consistent
with the protection of investors and the public interest because it
would allow all Users that wish to connect to the NYSE Texas Feed the
ability to do so without delay and with no additional cost. For these
reasons, the Commission finds that waiver of the operative delay is
consistent with the protection of investors and the public interest.
Accordingly, the Commission hereby waives the 30-day operative delay
and designates the proposal operative upon filing.\16\
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\14\ 17 CFR 240.19b-4(f)(6).
\15\ 17 CFR 240.19b-4(f)(6)(iii).
\16\ For purposes only of accelerating the operative date of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \17\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\17\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4230372e276f212d2f2f272c3631023127216c252d34"><span class="__cf_email__" data-cfemail="1c6e697079317f7371717972686f5c6f797f327b736a">[email protected]</span></a>. Please include
file number SR-NYSETEX-2025-25 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NYSETEX-2025-25. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from
[[Page 42631]]
publication submitted material that is obscene or subject to copyright
protection. All submissions should refer to file number SR-NYSETEX-
2025-25 and should be submitted on or before September 24, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12), (59).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-16817 Filed 9-2-25; 8:45 am]
BILLING CODE 8011-01-P
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