Notice2025-19011
Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Monthly Fees for Proprietary Market Data Feeds
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 30, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 187 (Tuesday, September 30, 2025)</title>
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[Federal Register Volume 90, Number 187 (Tuesday, September 30, 2025)]
[Notices]
[Pages 47063-47068]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-19011]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104082; File No. SR-24X-2025-09]
Self-Regulatory Organizations; 24X National Exchange LLC; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt
Monthly Fees for Proprietary Market Data Feeds
September 26, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 24, 2025, 24X National Exchange LLC (``24X'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. 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\ 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 adopt monthly fees for its proprietary
market data feeds. The proposed rule change is available on the
Exchange's website at <a href="https://equities.24exchange.com/regulation">https://equities.24exchange.com/regulation</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 is proposing to adopt the monthly fees it will charge
Members \3\ and non-Members for its proprietary market data feeds,
Depth of Book, Top of Book, and Last Sale (each an ``Exchange Data
Feed'' and collectively, the ``Exchange Data Feeds''). The Exchange is
proposing to implement the proposed fees on September 29, 2025. As
discussed below, the proposed fees are comparable to, or lower than,
fees charged by other equities exchanges for proprietary market data
feeds.
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\3\ See 24X Rule 1.5(u).
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The Exchange offers three separate data feeds to subscribers--Depth
of Book (``24X Depth''), Top of Book (``24X Top''), and Last Sale
(``24X Last Sale''), as well as historical versions of each.\4\ The
Exchange notes that there is no requirement that any market participant
subscribe to a particular Exchange Data Feed or any Exchange Data Feed
whatsoever, but instead, a market participant may choose to maintain
subscriptions to those Exchange Data Feeds it deems appropriate based
on its business model. The proposed pricing for each of the Exchange
Data Feeds is set forth below.
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\4\ See 24X Rule 13.8.
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Depth of Book
The 24X Depth feed is a 24X-only market data feed that contains all
displayed orders for securities trading on the Exchange (i.e., top and
depth-of-book order data), order executions (i.e., last sale data),
order cancellations, order modifications, order identification
[[Page 47064]]
numbers, and administrative messages.\5\ The Exchange proposes to
charge each of the fees set forth below for access to the 24X Depth
feed.
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\5\ See 24X Rule 13.8(a).
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1. Internal Distribution Fee. For the receipt of access to the 24X
Depth feed, the Exchange proposes to charge $1,500 per month. This
proposed access fee would be charged to any data recipient that
receives the 24X Depth feed for the purposes of internal distribution
(an ``Internal Distributor''). The Exchange proposes to define an
Internal Distributor as ``a Distributor that receives an Exchange Data
product and then distributes that data to one or more data recipients
within the Distributor's own organization.'' \6\ The proposed access
fee for internal distribution will be charged only once per month per
subscribing entity (``Firm''). The Exchange notes that it has proposed
to use the phrase ``own organization'' in the definition of Internal
Distributor and External Distributor (defined below) because a Firm
will be permitted to share data received from an Exchange Data product
with other legal entities affiliated with the Firm that have been
disclosed to the Exchange without such distribution being considered
external distribution to a third party. For example, if there are
multiple affiliated broker-dealers under the same holding company, that
company could have one of its broker-dealers or a non-broker-dealer
affiliate subscribe to an Exchange Data product and then share the data
with other affiliates. This sharing with affiliates would not be
considered external distribution to a third party, but instead would be
considered internal distribution to data recipients within the
Distributor's own organization.
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\6\ See Market Data Definitions under the proposed 24X Market
Data Fee Schedule. The Exchange also proposes to define
``Distributor'' as ``any entity that receives an Exchange Data
product directly from the Exchange or indirectly through another
entity and then distributes it internally or externally to a third
party.'' See id.
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2. External Distribution Fee. For external distribution of the 24X
Depth feed, the Exchange proposes to charge an access fee of $2,500 per
month. The proposed redistribution fee would be charged to any External
Distributor of the 24X Depth feed, which would be defined as ``a
Distributor that receives an Exchange Data product and then distributes
that data to a third party or one or more data recipients outside the
Distributor's own organization.'' \7\ The proposed access fee for
external distribution will be charged only once per month per Firm. As
noted above, while a Firm will be permitted to share data received from
an Exchange Data product to other legal entities affiliated with the
Firm that have been disclosed to the Exchange without such distribution
being considered external to a third party, distribution of data
received from an Exchange Data product to an unaffiliated third party
would be considered distribution to data recipients outside the
Distributor's own organization and the access fee for external
distribution would apply.
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\7\ See Market Data Definitions under the proposed 24X Market
Data Fee Schedule.
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3. Non-Display Usage Fees. The Exchange proposes to establish
separate non-display fees for usage by Trading Platforms and other
Users (i.e., not by Trading Platforms).\8\ Non-Display Usage would be
defined to mean ``any method of accessing an Exchange Data product that
involves access or use by a machine or automated device without access
or use of a display by a natural person or persons.'' \9\ For Non-
Display Usage of the 24X Depth feed not by Trading Platforms, the
Exchange proposes to establish a fee of $2,500 per month.\10\ For Non-
Display Usage of the 24X Depth feed by Trading Platforms, the Exchange
proposes to establish a fee of $2,500 per month. The proposed fees for
Non-Display Usage will be charged only once per category per Firm.\11\
In other words, with respect to Non-Display Usage fees, a Firm that
uses the 24X Depth feed for non-display purposes but does not operate a
Trading Platform would pay $2,500 per month, a Firm that uses the 24X
Depth feed in connection with the operation of one or more Trading
Platforms (but not for other purposes) would pay $2,500 per month, and
a Firm that uses the 24X Depth feed for non-display purposes other than
operating a Trading Platform and for the operation of one or more
Trading Platforms would pay $5,000 per month.
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\8\ The Exchange proposes to define a Trading Platform as ``any
execution platform operated as or by a registered National
Securities Exchange (as defined in Section 3(a)(1) of the Exchange
Act), an Alternative Trading System (as defined in Rule 300(a) of
Regulation ATS), or an Electronic Communications Network (as defined
in Rule 600(b)(23) of Regulation NMS).'' See Market Data Definitions
under the proposed 24X Market Data Fee Schedule.
\9\ See Market Data Definitions under the proposed 24X Market
Data Fee Schedule.
\10\ Non-Display Usage not by Trading Platforms would include
trading uses such as high frequency or algorithmic trading as well
as any trading in any asset class, automated order or quote
generation and/or order pegging, price referencing for smart order
routing, operations control programs, investment analysis, order
verification, surveillance programs, risk management, compliance,
and portfolio management.
\11\ The Exchange proposes to adopt note 1 to the proposed
Market Data fees table, which would make clear to subscribers that
use of the data for multiple non-display purposes or operation of
more than one Trading Platform would only be charged once per
category per month. Thus, the footnote makes clear that each fee
applicable to Non-Display Usage is charged per subscriber (e.g., a
Firm) and that each of the fees represents the maximum charge per
month per subscriber regardless of the number of non-display uses
and/or Trading Platforms operated by the subscriber, as applicable.
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4. User Fees. The Exchange proposes to charge a Professional User
\12\ Fee (per User) of $30 per month and a Non-Professional User \13\
Fee (per User) of $3 per month. The proposed User fees would apply to
each person that has access to the 24X Depth feed for displayed usage.
Thus, each Distributor's count would include every individual that
accesses the data regardless of the purpose for which the individual
uses the data. Internal Distributors and External Distributors of the
24X Depth feed must report all Professional and Non-Professional Users
in accordance with the following:
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\12\ The Exchange proposes to define Professional User as ``any
User other than a Non-Professional User.'' See Market Data
Definitions under the proposed 24X Market Data Fee Schedule.
\13\ The Exchange proposes to define Non-Professional User as
``a natural person or qualifying trust that uses Exchange Data only
for personal purposes and not for any commercial purpose and, for a
natural person who works in the United States, is not: (i)
registered or qualified in any capacity with the Securities and
Exchange Commission, the Commodities Futures Trading Commission, any
state securities agency, any securities exchange or association, or
any commodities or futures contract market or association; (ii)
engaged as an `investment adviser' as that term is defined in
Section 202(a)(11) of the Investment Advisors Act of 1940 (whether
or not registered or qualified under that Act); or (iii) employed by
a bank or other organization exempt from registration under federal
or state securities laws to perform functions that would require
registration or qualification if such functions were performed for
an organization not so exempt; or, for a natural person who works
outside of the United States, does not perform the same functions as
would disqualify such person as a Non-Professional User if he or she
worked in the United States.'' See id.
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<bullet> In connection with a Distributor's distribution of the 24X
Depth feed, the Distributor must count as one User each unique User
that is entitled to have access to the 24X Depth feed.
<bullet> Distributors must report each individual person who
receives access to the 24X Depth feed through multiple devices or
multiple methods (e.g., a single User has multiple passwords and user
identifications) as one User.
<bullet> If a Distributor entitles one or more individuals to use
the same device, the Distributor must include only the individuals, and
not the device, in the User count. Thus, Distributors would not be
required to report User device counts associated with a User's display
use of the 24X Depth feed.
5. Enterprise Fee. Other than the Digital Media Enterprise fee
described below, the Exchange is not proposing to offer an Enterprise
license or adopt a
[[Page 47065]]
corresponding Enterprise fee for the 24X Depth feed at this time.
6. Digital Media Enterprise Fee. As an alternative to User fees, a
recipient Firm may purchase a monthly Digital Media Enterprise license
to receive the 24X Depth feed for distribution to an unlimited number
of Users for viewing via television, websites, and mobile devices for
informational and non-trading purposes only. The Exchange proposes to
establish a fee of $5,000 per month for a Digital Media Enterprise
license to receive the 24X Depth feed.
Top of Book
The 24X Top feed is a 24X-only market data feed that contains top
of book quotations based on equity orders entered into the trading
system.\14\ The Exchange proposes to charge each of the fees set forth
below for access to the 24X Top feed.
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\14\ See 24X Rule 13.8(b).
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1. Internal Distribution Fee. For the receipt of access to the 24X
Top feed, the Exchange proposes to charge $750 per month. This proposed
access fee would be charged to any Internal Distributor of the 24X Top
feed, and would be charged only once per month per Firm.
2. External Distribution Fee. For redistribution of the 24X Top
feed, the Exchange proposes to charge $2,000 per month. This proposed
redistribution fee would be charged to any External Distributor of the
24X Top feed, and would be charged only once per month per Firm.
3. Non-Display Usage Fees. The Exchange does not propose to
establish non-display fees for usage by Trading Platforms or other
Users with respect to the 24X Top feed.
4. User Fees. The Exchange proposes to charge a Professional User
Fee (per User) of $0.10 per month and a Non-Professional User Fee (per
User) of $0.10 per month. The proposed User fees would apply to each
person that has access to the 24X Top feed that is provided by an
External Distributor for displayed usage. The Exchange does not propose
any per User fees for internal distribution of the 24X Top feed. Each
External Distributor's User count will include every individual that
accesses the data regardless of the purpose for which the individual
uses the data. External Distributors of the 24X Top feed must report
all Professional and Non-Professional Users \15\ in accordance with the
following:
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\15\ The Exchange notes that while it is proposing the same fee
for Professional and Non-Professional Users for this data feed, and
thus will not audit Firms based on this distinction, it will request
reporting of each distinct category for informational purposes.
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<bullet> In connection with an External Distributor's distribution
of the 24X Top feed, the Distributor must count as one User each unique
User that is entitled to have access to the 24X Top feed.
<bullet> External Distributors must report each individual person
who receives access to the 24X Top feed through multiple devices or
multiple methods (e.g., a single User has multiple passwords and user
identifications) as one User.
<bullet> If an External Distributor entitles one or more
individuals to use the same device, the Distributor must include only
the individuals, and not the device, in the User count. Thus,
Distributors would not be required to report User device counts
associated with a User's display use of the 24X Top feed.
5. Enterprise Fee. As an alternative to User fees, a recipient Firm
may purchase a monthly Enterprise license to receive access to the 24X
Top feed for distribution to an unlimited number of Professional and
Non-Professional Users. The Exchange proposes to establish a fee of
$10,000 per month per Firm for an Enterprise license to receive the 24X
Top feed.
6. Digital Media Enterprise Fee. As an alternative to User fees, a
recipient Firm may purchase a monthly Digital Media Enterprise license
to receive access to the 24X Top feed for distribution to an unlimited
number of Users for viewing via television, websites, and mobile
devices for informational and non-trading purposes only. The Exchange
proposes to establish a fee of $2,000 per month for a Digital Media
Enterprise license to receive the 24X Top feed.
Last Sale
The 24X Last Sale feed is a 24X-only market data feed that contains
only execution information based on equity orders entered into the
System.\16\ The Exchange proposes to charge each of the fees set forth
below for access to the 24X Last Sale feed.
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\16\ See 24X Rule 13.8(c).
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1. Internal Distribution Fee. For the receipt of access to the 24X
Last Sale feed, the Exchange proposes to charge $500 per month. This
proposed access fee would be charged to any Internal Distributor of the
24X Last Sale feed, and would be charged only once per month per Firm.
2. External Distribution Fee. For redistribution of the 24X Last
Sale feed, the Exchange proposes to charge $2,000 per month. This
proposed redistribution fee would be charged to any External
Distributor of the 24X Last Sale feed, and would be charged only once
per month per Firm.
3. Non-Display Usage Fees. The Exchange does not propose to
establish separate non-display fees for usage by Trading Platforms or
other Users with respect to the 24X Last Sale feed.
4. User Fees. The Exchange proposes to charge a Professional User
Fee (per User) of $0.10 per month and a Non-Professional User Fee (per
User) of $0.10 per month. The proposed User fees would apply to each
person that has access to the 24X Last Sale feed that is provided by an
External Distributor for displayed usage. The Exchange does not propose
any per User fees for internal distribution of the 24X Last Sale feed.
Each External Distributor's User count will include every individual
that accesses the data regardless of the purpose for which the
individual uses the data. External Distributors of the 24X Last Sale
feed must report all Professional and Non-Professional Users \17\ in
accordance with the following:
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\17\ See supra note 12.
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<bullet> In connection with an External Distributor's distribution
of the 24X Last Sale feed, the Distributor must count as one User each
unique User that is entitled to have access to the 24X Last Sale feed.
<bullet> External Distributors must report each individual person
who receives access to the 24X Last Sale feed through multiple devices
or multiple methods (e.g., a single User has multiple passwords and
user identifications) as one User.
<bullet> If an External Distributor entitles one or more
individuals to use the same device, the Distributor must include only
the individuals, and not the device, in the User count. Thus,
Distributors would not be required to report User device counts
associated with a User's display use of the 24X Last Sale feed.
5. Enterprise Fee. As an alternative to User fees, a recipient Firm
may purchase a monthly Enterprise license to receive access to the 24X
Last Sale feed for distribution to an unlimited number of Professional
and Non-Professional Users. The Exchange proposes to establish a fee of
$10,000 per month per Firm for an Enterprise license to receive the 24X
Last Sale feed.
6. Digital Media Enterprise Fee. As an alternative to User fees, a
recipient Firm may purchase a monthly Digital Media Enterprise license
to receive access to the 24X Last Sale feed for distribution to an
unlimited number of Users for viewing via television, websites, and
mobile devices for informational and non-trading purposes only. The
[[Page 47066]]
Exchange proposes to establish a fee of $2,000 per month per Firm for a
Digital Media Enterprise license to receive the 24X Last Sale feed.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) \18\ of the Act in general, and
furthers the objectives of Section 6(b)(4) \19\ of the Act in
particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees, and other charges among its
Members and other persons using its facilities. Additionally, the
Exchange believes that the proposed fees are consistent with the
objectives of Section 6(b)(5) \20\ of the Act in that they are designed
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 national market
system, and, in general, to protect investors and the public interest,
and, particularly, are not designed to permit unfair discrimination
between customers, issuers, brokers, or dealers.
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\18\ 15 U.S.C. 78f.
\19\ 15 U.S.C. 78f(b)(4).
\20\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed fees and fee structure are
reasonable, equitably allocated, and not unreasonably discriminatory
because they are consistent with the fee structure and fees charged by
other exchanges with comparable market data products. As such, the
Exchange believes it is adopting a model that is easily understood by
Members and non-Members, most of which also subscribe to market data
products from other exchanges, and that the proposed fees are
consistent with the Act generally, and Section 6(b)(5) \21\ of the Act
in particular. As summarized in the table below, the proposed monthly
fees would generally be equivalent to or lower than the monthly fees
charged by MEMX,\22\ MIAX Pearl,\23\ and Cboe BZX.\24\
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\21\ 15 U.S.C. 78f(b)(5).
\22\ See MEMX data fee schedule, available at: <a href="https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/">https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/</a>.
\23\ See MIAX Pearl data fee schedule, available at: <a href="https://www.miaxglobal.com/markets/us-equities/pearl-equities/fees">https://www.miaxglobal.com/markets/us-equities/pearl-equities/fees</a>.
\24\ See Cboe BZX data fee schedule, available at: <a href="https://www.cboe.com/us/equities/membership/fee_schedule/bzx/">https://www.cboe.com/us/equities/membership/fee_schedule/bzx/</a>.
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Depth of book
Delivery Exchange feed Top of book feed Last sale feed
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Internal Distributor.......... 24X................. $1,500.......... $750............... $500.
MEMX................ $1,500.......... $750............... $500.
MIAX Pearl.......... $2,000.......... $1,000............. N/A.
Cboe BZX............ $1,500.......... $750............... $500.
External Distributor.......... 24X................. $2,500.......... $2,000............. $2,000.
MEMX................ $2,500.......... $2,000............. $2,000.
MIAX Pearl.......... $2,500.......... $2,000............. N/A.
Cboe BZX............ $5,000.......... $2,500............. $2,500.
Non-Display Usage not by 24X................. $2,500.......... Free............... Free.
Trading Platforms.
MEMX................ $2,500.......... Free............... Free.
MIAX Pearl.......... $2,500.......... $1,000............. N/A.
Cboe BZX............ $2,000.......... N/A................ N/A.
Non-Display Usage by Trading 24X................. $2,500.......... Free............... Free.
Platforms.
MEMX................ $2,500.......... Free............... Free.
MIAX Pearl.......... $2,500.......... $1,000............. N/A.
Cboe BZX............ $5,000.......... N/A................ N/A.
Professional User Fee......... 24X................. $30............. $0.10.............. $0.10.
MEMX................ $30............. $0.01.............. $0.01.
MIAX Pearl.......... $30............. $2................. N/A.
Cboe BZX............ $40............. $4................. $4.
Non-Professional User Fee..... 24X................. $3.............. $0.10.............. $0.10.
MEMX................ $3.............. $0.01.............. $0.01.
MIAX Pearl.......... $3.............. $0.10.............. N/A.
Cboe BZX............ $5.............. $0.10.............. $0.10.
Enterprise Fee................ 24X................. N/A............. $10,000............ $10,000.
MEMX................ N/A............. $10,000............ $10,000.
MIAX Pearl.......... $25,000......... $15,000............ N/A.
Cboe BZX............ $100,000........ $15,000............ $15,000.
Digital Media Enterprise Fee.. 24X................. $5,000.......... $2,000............. $2,000.
MEMX................ $5,000.......... $2,000............. $2,000.
MIAX Pearl.......... N/A............. N/A................ N/A.
Cboe BZX............ $7,500 (only $2,500............. $2,500.
applies to
summary depth
of book feed).
----------------------------------------------------------------------------------------------------------------
The Exchange believes that the proposed fees for the Exchange Data
Feeds are reasonable when compared to fees for comparable products at
MEMX, MIAX Pearl, and Cboe BZX, as illustrated in the table above,
given that in nearly all cases, the Exchange's proposed fees are the
same as or lower than the fees charged by those other exchanges.
Equitable Allocation
The Exchange believes that its proposed fees are reasonable, fair,
and equitable, and not unfairly discriminatory because they are
designed to align with services provided. The Exchange believes that
the proposed fees are equitably allocated because they will apply
uniformly to all data recipients that choose to subscribe to the
Exchange Data Feeds. Any Firm that chooses to subscribe to one or more
Exchange Data
[[Page 47067]]
Feeds is subject to the same fee schedule, regardless of what type of
business it operates, and the decision to subscribe to one or more
Exchange Data Feeds is based on objective differences in usage of
Exchange Data Feeds among different Firms, which are still ultimately
in the control of each particular Firm. The Exchange believes the
proposed pricing among Exchange Data Feeds is equitably allocated
because it is based upon the amount of information contained in each
data feed. The 24X Top and 24X Last Sale data feeds can be utilized to
trade on the Exchange but contain less information than the 24X Depth
feed (i.e., even for a subscriber who takes both feeds, such feeds do
not contain depth-of-book information). Thus, the Exchange believes it
is an equitable allocation of fees for the products to be priced as
proposed.
The Proposed Fees Are Not Unfairly Discriminatory
The Exchange believes that the proposed fees are not unfairly
discriminatory because they would apply to all data recipients that
choose to subscribe to the same Exchange Data Feeds. Any subscriber
that chooses to subscribe to the Exchange Data Feeds is subject to the
same Fee Schedule, regardless of what type of business it operates.
Because the proposed fees for the 24X Depth feed are higher,
subscribers seeking lower cost options may instead choose to receive
data from the Securities Information Processors or through the 24X Top
and/or 24X Last Sale feeds for a lower cost. Alternatively, subscribers
can choose to pay for the 24X Depth feed in order to receive data in a
single feed with depth-of-book information if such information is
valuable to them. The Exchange notes that subscribers can also choose
to subscribe to a combination of data feeds for redundancy purposes or
to use different feeds for different purposes. In sum, each subscriber
has the ability to choose the best business solution for itself. The
Exchange does not believe it is unfairly discriminatory to base pricing
upon the amount of information contained in each data feed. As
described above, the 24X Top and 24X Last Sale data feeds can be
utilized to trade on the Exchange but contain less information than the
24X Depth feed (i.e., even for a subscriber who takes both feeds, such
feeds do not contain depth-of-book information). Thus, the Exchange
believes it is not unfairly discriminatory for the products to be
priced as proposed.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\25\ the Exchange
does not believe that the proposed rule change would impose any burden
on competition that is not necessary or appropriate in furtherance of
the purposes of the Act.
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\25\ 15 U.S.C. 78f(b)(8).
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Intramarket Competition
The Exchange does not believe that the proposed fees for Exchange
Data Feeds place certain market participants at a relative disadvantage
compared to other market participants because, as noted above, the
decision to subscribe to any Exchange Data Feeds is optional and
proposed fees are associated with the usage of Exchange Data Feeds by
each market participant based on the type of business it operates. The
fees associated with the Exchange Data Feeds are based on objective
differences in usage of Exchange Data Feeds among different Firms,
which are still ultimately in the control of each particular Firm, and
such fees do not impose a barrier to entry to smaller participants.
Accordingly, the proposed fees for Exchange Data Feeds do not favor
certain categories of market participants in a manner that would impose
a burden on competition; rather, the allocation of the proposed fees
reflects the types of Exchange Data Feeds consumed by various market
participants and their usage thereof.
Intermarket Competition
The Exchange does not believe the proposed fees place an undue
burden on competition on other SROs that is not necessary or
appropriate. In particular, market participants are not forced to
subscribe to any of the Exchange Data Feeds, as described above.
Additionally, other exchanges have similar market data fees in place
for their participants, but with comparable and in some cases higher
rates for market data feeds.\26\ Competing equities exchanges are free
to adopt comparable fee structures subject to the SEC rule filing
process.
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\26\ See supra notes 27-29.
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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.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) \27\ of the Act and subparagraph (f)(2) of Rule 19b-4
thereunder,\28\ because it establishes a due, fee, or other charge
imposed by the Exchange. At any time within 60 days of the filing of
the 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) \29\ of the Act to
determine whether the proposed rule change should be approved or
disapproved.
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\27\ 15 U.S.C. 78s(b)(3)(A).
\28\ 17 CFR 240.19b-4(f)(2).
\29\ 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#c1b3b4ada4eca2aeacaca4afb5b281b2a4a2efa6aeb7"><span class="__cf_email__" data-cfemail="3a484f565f17595557575f544e497a495f59145d554c">[email protected]</span></a>. Please include
file number SR-24X-2025-09 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-24X-2025-09. 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 publication submitted material
that is
[[Page 47068]]
obscene or subject to copyright protection. All submissions should
refer to file number SR-24X-2025-09 and should be submitted on or
before October 21, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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\30\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-19011 Filed 9-29-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 30, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.