Notice2026-00522
Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
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
January 14, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 9 (Wednesday, January 14, 2026)</title>
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[Federal Register Volume 91, Number 9 (Wednesday, January 14, 2026)]
[Notices]
[Pages 1578-1580]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00522]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104565; File No. SR-NYSE-2025-52]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Its Price List
January 9, 2026.
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 December 29, 2025, New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III 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 its Price List to (1) extend a fee
waiver for new firm application fees for applicants seeking only to
obtain a bond trading license (``BTL'') for 2026; and (2) waive the BTL
fee for 2026. The proposed rule change is available on the Exchange's
website at <a href="http://www.nyse.com">www.nyse.com</a>, at the principal office of the Exchange, and
at the Commission's Public Reference Room.
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 its Price List to (1) extend a fee
waiver for new firm application fees for applicants seeking only to
obtain a BTL for 2026; and (2) waive the BTL fee for 2026.\4\ The
Exchange proposes to implement the fee change effective January 2,
2026.
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\4\ The Exchange initially filed to adopt the fee waiver and
waive the BTL fee in 2015. See Securities Exchange Act Release No.
74031 (January 12, 2015), 80 FR 2462 (January 16, 2015) (SR-NYSE-
2014-78). The Exchange has filed to extend the fee waiver and waive
the BTL fee for each calendar year since 2017. See Securities
Exchange Act Release Nos. 79710 (December 29, 2016), 82 FR 1395
(January 5, 2017) (SR-NYSE-2016-89); 82418 (December 28, 2017), 83
FR 568 (January 4, 2018) (SR-NYSE-2017-70); 84899 (December 20,
2018), 83 FR 67395 (December 28, 2018) (SR-NYSE-2018-65); 87952
(January 13, 2020), 85 FR 3089 (January 17, 2020) (SR-NYSE-2019-73);
90891 (January 11, 2021), 86 FR 4147 (January 15, 2021) (SR-NYSE-
2021-03); 93992 (January 18, 2022), 87 FR 3635 (January 24, 2022)
(SR-NYSE-2022-01); 96622 (January 10, 2023), 88 FR 2697 (January 17,
2023) (SR-NYSE-2023-01); 99323 (January 11, 2024), 89 FR 3464
(January 18, 2024) (SR-NYSE-2024-02); and 102056 (December 30,
2024), 90 FR 699 (January 6, 2025) (SR-NYSE-2024-83).
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The Exchange currently charges a New Firm Fee ranging from $2,000
to $4,000, depending on the type of firm, which is charged per
application for any broker-dealer that applies to be approved as an
Exchange member organization. The Exchange proposes to amend the Price
List to waive the New Firm Fee for 2026 for new member organization
applicants that are seeking only to obtain a BTL and not trade equities
at the Exchange. The proposed waiver of the New Firm Fee would be
available only to applicants seeking approval as a new member
organization, including carrying firms, introducing firms, or non-
public organizations, which would be seeking to obtain a BTL at the
Exchange and not trade equities. Further, if a new firm that is
approved as a member organization and has had the New Firm Fee waived
converts a BTL to a full trading license within one year of approval,
the New Firm Fee would be charged in full retroactively. The Exchange
believes that charging the New Firm Fee retroactively within a year of
approval is appropriate because it would discourage applicants to claim
that they are applying for a BTL solely to avoid New Firm Fees.
[[Page 1579]]
Additionally, the Exchange currently charges a BTL fee of $1,000
per year. The Exchange proposes to amend the Price List to waive the
BTL fee for 2026 for all member organizations.
The Exchange believes that the proposed fee changes would provide
increased incentives for bond trading firms that are not currently
Exchange member organizations to apply for Exchange membership and a
BTL. The Exchange believes that having more member organizations
trading on the Exchange's bond platform would benefit investors through
the additional display of liquidity and increased execution
opportunities in Exchange-traded bonds at the Exchange.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\5\ in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\6\ in
particular, because it provides for the equitable allocation of
reasonable dues, fees, and other charges among its members, issuers and
other persons using its facilities and does not unfairly discriminate
between customers, issuers, brokers or dealers.
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\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4), (5).
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The Exchange believes that it is reasonable to waive the New Firm
Fee and the annual BTL fee for 2026 to provide an incentive for bond
trading firms to apply for Exchange membership and a BTL. The Exchange
believes that providing an incentive for bond trading firms that are
not currently Exchange member organizations to apply for membership and
a BTL would encourage market participants to become members of the
Exchange and bring additional liquidity to a transparent bond market.
To the extent the existing New Firm Fees or the BTL fee serves as a
disincentive for bond trading firms to become Exchange member
organizations, the Exchange believes that the proposed fee change could
expand the number of firms eligible to trade bonds on the Exchange. The
Exchange believes creating incentives for bond trading firms to trade
bonds on the Exchange protects investors and the public interest by
increasing the competition and liquidity on a transparent market for
bond trading. The proposed waiver of the New Firm Fee and BTL fee is
equitable and not unfairly discriminatory because it would be offered
to all market participants that wish to trade at the Exchange the
narrower class of debt securities only.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\7\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Debt securities typically trade in a decentralized
over-the-counter (``OTC'') dealer market that is less liquid and
transparent than the equities markets. The Exchange believes that the
proposed change would increase competition with these OTC venues by
reducing the cost of being approved as and operating as an Exchange
member organization that solely trades bonds at the Exchange, which the
Exchange believes will enhance market quality through the additional
display of liquidity and increased execution opportunities in Exchange-
traded bonds at the Exchange.
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\7\ 15 U.S.C. 78f(b)(8).
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The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues that
are not transparent. In such an environment, the Exchange must
continually review, and consider adjusting its fees and rebates to
remain competitive with other exchanges as well as with alternative
trading systems and other venues that are not required to comply with
the statutory standards applicable to exchanges. Because competitors
are free to modify their own fees and credits in response, and because
market participants may readily adjust their order routing practices,
the Exchange believes that the degree to which fee changes in this
market may impose any burden on competition is extremely limited. As a
result of all of these considerations, the Exchange does not believe
that the proposed change will impair the ability of member
organizations or competing order execution venues to maintain their
competitive standing in the financial markets.
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
Pursuant to Section 19(b)(3)(A)(ii) of the Act,\8\ and Rule 19b-
4(f)(2) thereunder \9\ the Exchange has designated this proposal as
establishing or changing a due, fee, or other charge imposed on any
person, whether or not the person is a member of the self-regulatory
organization, which renders the proposed rule change effective upon
filing. 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.
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\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 17 CFR 240.19b-4.
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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#f280879e97df919d9f9f979c8681b2819791dc959d84"><span class="__cf_email__" data-cfemail="483a3d242d652b2725252d263c3b083b2d2b662f273e">[email protected]</span></a>. Please include
file number SR-NYSE-2025-52 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-NYSE-2025-52. 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 obscene or subject to copyright protection. All submissions
should refer to file number SR-NYSE-2025-52 and should be submitted on
or before February 4, 2026.
[[Page 1580]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-00522 Filed 1-13-26; 8:45 am]
BILLING CODE 8011-01-P
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