Notice2026-06462
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
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
April 3, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 64 (Friday, April 3, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 64 (Friday, April 3, 2026)]
[Notices]
[Pages 17000-17002]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-06462]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105126; No. SR-24X-2026-09]
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
March 31, 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 March 18, 2026, 24X National Exchange LLC (``24X'' 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to adopt a monthly Enterprise fee for its
depth of book \4\ proprietary market data feed (``24X Depth Feed'').
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.
---------------------------------------------------------------------------
\4\ See 24X Rule 13.8(a).
---------------------------------------------------------------------------
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 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 numbers,
and administrative messages.\5\ With respect to the 24X Depth Feed, the
Exchange currently charges a fee of $1,500 per month to Internal
Distributors, a fee of $2,500 per month to External Distributors, a fee
of $2,500 per month for Non-Display Usage, a Professional User fee of
$30 per month, a Non-Professional User fee of $3 per month, and a
Digital Media Enterprise license fee of $5,000 per month.\6\ The
aforementioned fees have been in effect without change since October
14, 2025.\7\
---------------------------------------------------------------------------
\5\ Id.
\6\ See 24X National Exchange Market Data Fees and Market Data
Definitions, available at <a href="https://equities.24exchange.com/api/media/file/24X%20Market%20Data%20Fees-2.pdf">https://equities.24exchange.com/api/media/file/24X%20Market%20Data%20Fees-2.pdf</a>.
\7\ See Securities and Exchange Commission Release No. 34-104082
(Sept. 26, 2025), 90 FR 47063 (Sept. 30, 2025) (SR-24X-2025-09);
``Launch Date for First Stage of 24X National Exchange Moved to
October 14, 2025.'' <a href="http://Prnewswire.com">Prnewswire.com</a>, Cision PR Newswire (Sept. 26,
2025), available at: <a href="http://www.prnewswire.com/news-releases/launch-date-for-first-stage-of-24x-national-exchange-moved-to-october-14-2025-302568512.html">www.prnewswire.com/news-releases/launch-date-for-first-stage-of-24x-national-exchange-moved-to-october-14-2025-302568512.html</a>.
---------------------------------------------------------------------------
[[Page 17001]]
The Exchange is proposing to adopt an additional monthly Enterprise
license that Members \8\ and non-Members (each a ``Recipient Firm'')
may purchase as an alternative to User \9\ fees to receive access to
the 24X Depth Feed for distribution to an unlimited number of
Professional \10\ and Non-Professional Users.\11\ The Exchange proposes
to establish a fee of $15,000 per month per Recipient Firm for the
Enterprise license to receive the 24X Depth Feed. As discussed below,
the proposed fee is lower than fees charged by other equities exchanges
for Enterprise licenses for proprietary depth of book feeds.
---------------------------------------------------------------------------
\8\ See 24X Rule 1.5(u).
\9\ See supra note 6.
\10\ Id.
\11\ Id.
---------------------------------------------------------------------------
The proposed Enterprise license is already available for the
Exchange's other two data feeds, 24X Top \12\ and 24X Last Sale.\13\
The Exchange does not currently offer an Enterprise license for the 24X
Depth feed because there was no demand for it among market participants
when the Exchange adopted its initial market data fee schedule upon
commencement of operations as a national securities exchange.\14\ The
Exchange is proposing to adopt the proposed Enterprise license after
receiving additional feedback from market participants that a
significant demand now exists, and notes that several other exchanges
offer a substantially identical license for their proprietary depth of
book feeds as well as their other market data feeds.\15\
---------------------------------------------------------------------------
\12\ See Securities and Exchange Commission Release No. 34-
104082 (Sept. 26, 2025), 90 FR 47063 (Sept. 30, 2025) (SR-24X-2025-
09).
\13\ Id.
\14\ Id.
\15\ See, e.g., MIAX PEARL, LLC (``MIAX Pearl'') market 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>; Cboe BYX Exchange, Inc. (``Cboe BYX'')
market data fee schedule, available at: <a href="https://www.cboe.com/us/equities/membership/fee_schedule/byx/">https://www.cboe.com/us/equities/membership/fee_schedule/byx/</a>; Cboe EDGA Exchange, Inc.
(``Cboe EDGA'') market data fee schedule, available at: <a href="https://www.cboe.com/us/equities/membership/fee_schedule/edga/">https://www.cboe.com/us/equities/membership/fee_schedule/edga/</a>.
---------------------------------------------------------------------------
The Exchange notes that there is no requirement that any market
participant purchase the proposed Enterprise license for the 24X Depth
Feed or any of the Exchange's other proprietary data feeds, but
instead, a market participant may choose to maintain subscriptions to
those products it deems appropriate based on its business model. Given
that the Exchange still offers per-user fees for distribution of the
24X Depth Feed to Professional and Non-Professional Users, a market
participant that deems it unnecessary or too costly to purchase the
Enterprise license for unlimited distribution may still access the 24X
Depth Feed on a scale that is proportionate to its number of users. The
Exchange also notes that it is appropriate for the proposed Enterprise
fee to be higher for the 24X Depth feed than it is for the 24X Top or
24X Last Sale feeds given that the 24X Depth feed provides more
information than the other two feeds.\16\
---------------------------------------------------------------------------
\16\ See 24X Rule 13.8.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) \17\ of the Act in general, and
furthers the objectives of Section 6(b)(4) \18\ 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. The Exchange believes
the proposed fee is reasonable, equitably allocated, and not
unreasonably discriminatory because it is consistent with the fees it
charges for the same market data product on its other feeds, and
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 the same market data product
for the Exchange's other data feeds and similar products from other
exchanges. As summarized in the table below, the proposed monthly fee
is lower than the monthly fee charged by other exchanges with similar
market share as the Exchange \19\--MIAX Pearl, Cboe BYX, and Cboe
EDGA--for a substantially identical product.\20\
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78f.
\18\ 15 U.S.C. 78f(b)(4).
\19\ See Cboe Exchange, Inc. U.S. Equities Market Volume
Summary, available at: <a href="https://www.cboe.com/us/equities/market_share/">https://www.cboe.com/us/equities/market_share/</a>.
\20\ See supra note 15.
------------------------------------------------------------------------
Depth of
Delivery Exchange book
feed
------------------------------------------------------------------------
Enterprise Fee....................... 24X.................... $15,000
MIAX Pearl............. 25,000
Cboe BYX............... 25,000
Cboe EDGA.............. 25,000
------------------------------------------------------------------------
The Exchange believes that the proposed fee for the 24X Depth Feed
Enterprise license is reasonable when compared to fees for comparable
products at MIAX Pearl, Cboe BYX, and Cboe EDGA, as illustrated in the
table above, given that in all cases, the Exchange's proposed fee is
lower than the fees charged by those other exchanges.
The Exchange also believes that it is reasonable for the proposed
Enterprise fee to be higher for the 24X Depth Feed than it is for the
24X Top Feed and 24X Last Sale Feed \21\ because the 24X Depth Feed
provides more information to subscribers than do the other two
feeds.\22\
---------------------------------------------------------------------------
\21\ See supra note 6.
\22\ See 24X Rule 13.8.
---------------------------------------------------------------------------
The Exchange also believes that its proposed Enterprise fee is
reasonable, fair, and equitable, and not unfairly discriminatory
because it will apply uniformly to all Recipient Firms that choose to
purchase the 24X Depth Feed Enterprise license. Any Recipient Firm that
chooses to purchase the 24X Depth Feed Enterprise license is subject to
the same fee regardless of what type of business it operates, and the
decision to purchase the 24X Depth Feed Enterprise license is based on
data usage practices which are in the control of each particular
Recipient Firm.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\23\ 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.
---------------------------------------------------------------------------
\23\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
The Exchange does not believe that the proposed fee for the 24X
Depth Feed Enterprise license places certain market participants at a
relative disadvantage compared to other market participants because, as
noted above, the decision to purchase the 24X Depth Feed Enterprise
license is optional and based on data usage practices which are in the
control of each particular Recipient Firm, and such fee does not impose
a barrier to entry to smaller participants. As noted above, given that
the Exchange still offers per-user fees for distribution of the 24X
Depth Feed to Professional and Non-Professional Users, a market
participant that deems it unnecessary or too costly to purchase the
Enterprise license for unlimited distribution may still access the 24X
Depth Feed on a scale that is proportionate to its number of users.
Accordingly, the proposed fee for the 24X Depth Feed Enterprise license
does not favor certain categories of market participants in a manner
that would impose a burden on competition.
The Exchange also does not believe the proposed fee places an undue
[[Page 17002]]
burden on competition on other self-regulatory organizations that is
not necessary or appropriate. In particular, market participants are
not forced to purchase the 24X Depth Feed Enterprise license, as
described above. Additionally, other exchanges have higher market data
fees in place for similar products.\24\ Competing equities exchanges
are free to adopt comparable fee structures subject to the SEC rule
filing process.
---------------------------------------------------------------------------
\24\ See supra note 15.
---------------------------------------------------------------------------
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) \25\ of the Act and subparagraph (f)(2) of Rule 19b-4
thereunder,\26\ 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) \27\ of the Act to
determine whether the proposed rule change should be approved or
disapproved.
---------------------------------------------------------------------------
\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 17 CFR 240.19b-4(f)(2).
\27\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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#4133342d246c222e2c2c242f3532013224226f262e37"><span class="__cf_email__" data-cfemail="7200071e175f111d1f1f171c0601320117115c151d04">[email protected]</span></a>. Please include
file number SR-24X-2026-09 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-2026-09. 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 obscene or subject to copyright protection. All submissions
should refer to file number SR-24X-2026-09 and should be submitted on
or before April 24, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
---------------------------------------------------------------------------
\28\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-06462 Filed 4-2-26; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on April 3, 2026.
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.