NYSE Arca Establishes Digital Media Enterprise Fee for Real-Time Market Data Distribution

NYSE Arca filed a proposed rule change on March 16, 2026 (SR-NYSEArca-2026-31) to amend its Equities Proprietary Market Data Fee Schedule in three key ways. First, it establishes a new NYSE Arca BBO Digital Media Enterprise Fee of $20,000 per month, allowing vendors, TV broadcasters, websites, and mobile app providers to distribute real-time best-bid-and-offer (BBO) data to unlimited users for informational, non-trading purposes only. Second, the proposal creates a combined licensing option: subscribers who pay the $20,000/month NYSE Arca BBO Digital Media Enterprise Fee also receive enterprise-level BBO access (normally $22,000/month separately) at no additional cost, resulting in a bundled flat fee of $20,000 instead of the $42,000 total that would be charged if both licenses were purchased separately. The same combined structure is extended to NYSE Arca Trades subscribers. Third, existing NYSE Arca Trades Digital Media Enterprise Fee subscribers ($20,000/month) can now also add enterprise-level Trades access at no extra cost, again saving $22,000/month compared to purchasing separately. Data distributed under the Digital Media license cannot be used to implement trading or order-routing decisions, and platforms must have sufficient controls to prevent conversion to professional-grade feeds. The rule change is effective immediately upon filing under Section 19(b)(3)(A)(ii) of the Securities Exchange Act. The Commission may suspend it within 60 days if deemed contrary to the public interest. Public comments are due by April 17, 2026.

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