Notice2026-00650
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the NYSE American LLC Equities Proprietary Market Data Fees
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 15, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 10 (Thursday, January 15, 2026)</title>
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[Federal Register Volume 91, Number 10 (Thursday, January 15, 2026)]
[Notices]
[Pages 1839-1840]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00650]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104580; File No. SR-NYSEAMER-2025-77]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the NYSE American LLC Equities Proprietary Market Data Fees
January 12, 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 30, 2025, NYSE American LLC (``NYSE American'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``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 NYSE American LLC Equities
Proprietary Market Data Fees (the ``Fee Schedule'') regarding the
Multiple Data Feed Fee. 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 the
Multiple Data Feed Fee, effective January 2, 2026. Specifically, the
Exchange proposes to eliminate the Multiple Data Feed Fee for NYSE
American BBO and NYSE American Trades. The Multiple Data Feed Fee
applies to data recipients that take a data feed for a market data
product in more than two locations. The Exchange proposes to eliminate
this fee for the NYSE American BBO and NYSE American Trades market data
products based on its limited application, as few data recipients have
sought to take these data feeds in multiple locations. Accordingly,
this proposed change would improve transparency and simplify the Fee
Schedule by removing an underutilized fee.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\4\ in general, and
Sections 6(b)(4) and 6(b)(5) of the Act,\5\ in particular, in that it
provides an equitable allocation of reasonable fees among users and
recipients of the data and is not designed to permit unfair
discrimination among customers, issuers, and brokers.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4), (5).
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The Exchange believes that the proposed rule change to eliminate
the Multiple Data Feed Fee with respect to the NYSE American BBO and
NYSE American Trades data feeds is reasonable because few data
subscribers have opted to take these data feeds in multiple locations,
resulting in limited application of this fee. The Exchange believes it
is reasonable to eliminate a fee such as this one when it is
underutilized, thereby simplifying the Fee Schedule and promoting
clarity and transparency as to the fees currently charged by the
Exchange. The Exchange also believes that the proposed change is
equitable and not unfairly discriminatory because the Multiple Data
Feed Fee for NYSE American BBO and NYSE American Trades would be
eliminated entirely and would no longer apply to any data subscriber.
Accordingly, all data subscribers that take these data feeds would
continue to be subject to the same fee structure. The Exchange also
believes that the proposed change would promote the protection of
investors and the public interest because the deletion of underutilized
fees would make the Fee Schedule more accessible and transparent and
facilitate market participants' understanding of the fees charged for
the Exchange's market data products.
For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Indeed, as demonstrated
above, the Exchange believes the proposed rule change is pro-
competitive.
Intramarket Competition. The Exchange believes that the proposed
change would not place any undue burden on intramarket competition that
is not necessary or appropriate in furtherance of the purposes of the
Act, given the limited applicability of the fee it proposes to
eliminate. As noted above, given the small number of data subscribers
that have chosen to take the NYSE American BBO and NYSE American Trades
data feeds in multiple locations, the Multiple Data Feed Fee has been
underutilized. The Exchange also believes that the proposed change
would neither favor nor penalize any data subscribers in a manner that
would impose an undue burden on competition, as all data subscribers
that take these data feeds would continue to be subject to the same fee
structure.
Intermarket Competition. The Exchange believes that the proposed
change does not impose a burden on intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act. The
proposed change is not intended to address any competitive issue and is
intended only to simplify the Fee Schedule by eliminating an
underutilized fee. In addition, because market data users remain free
to seek alternative market data products to the extent they deem an
exchange's market data fees to be unsuitable, competitive pressures
ensure that no one exchange's market data fees can impose an
unnecessary burden on competition, and the proposed change does not do
so here.
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 is effective upon filing pursuant to
Section
[[Page 1840]]
19(b)(3)(A) \6\ of the Act and subparagraph (f)(2) of Rule 19b-4 \7\
thereunder, because it establishes a due, fee, or other charge imposed
by the Exchange.
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(2).
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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) \8\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\8\ 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#5321263f367e303c3e3e363d2720132036307d343c25"><span class="__cf_email__" data-cfemail="0173746d642c626e6c6c646f7572417264622f666e77">[email protected]</span></a>. Please include
file number SR-NYSEAMER-2025-77 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-NYSEAMER-2025-77. 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-NYSEAMER-2025-77 and should be submitted
on or before February 5, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-00650 Filed 1-14-26; 8:45 am]
BILLING CODE 8011-01-P
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