NYSE American LLC Proposes New Digital Media Enterprise Fee for Proprietary Market Data Feeds
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NYSE American LLC filed a proposed rule change with the SEC on March 16, 2026 (File No. SR-NYSEAmer-2026-24) to amend its Equities Proprietary Market Data Fee Schedule. The core proposal introduces a new NYSE American BBO Digital Media Enterprise Fee of $5,000 per month, which allows vendors, TV broadcasters, websites, and mobile app providers to redistribute real-time best-bid-and-offer data to unlimited users for informational, non-trading purposes only. The proposal also creates a combined licensing option: subscribers who pay the $5,000/month Digital Media Enterprise Fee can simultaneously access the standard Enterprise license (previously $3,000/month standalone) at no extra cost. This bundled price of $5,000/month replaces what would otherwise cost $8,000/month if both licenses were purchased separately. The same combined-fee structure is extended to the existing NYSE American Trades Digital Media Enterprise Fee subscribers. The Exchange justifies the fee as competitively reasonable, noting that Nasdaq charges $100,000/month for an equivalent Nasdaq Basic Digital Media Enterprise License, making NYSE American's offering significantly cheaper. The proposal was driven by customer demand from financial media firms, retail broker-dealers, and mobile app vendors seeking to distribute quote data on open public platforms. The rule change is effective immediately upon filing under Section 19(b)(3)(A)(ii) of the Securities Exchange Act of 1934, though the Commission may summarily suspend it within 60 days. Public comments are accepted until April 23, 2026.
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Key Changes
- New NYSE American BBO Digital Media Enterprise Fee established at $5,000/month, allowing redistribution of real-time best-bid-and-offer data via TV, websites, and mobile devices for non-trading purposes to unlimited users
- Combined BBO Enterprise + Digital Media Enterprise licensing offered at $5,000/month flat fee, saving subscribers $3,000/month versus purchasing both licenses separately ($8,000/month combined)
- Existing NYSE American Trades Digital Media Enterprise Fee subscribers ($5,000/month) can now add the Trades Enterprise license at no additional cost, also saving $3,000/month versus $8,000/month separately
+ 3 more changes with Pro
Obligations
What this law requires
NYSE American BBO Digital Media Enterprise Fee subscribers must pay $5,000 per month for the service
Vendors using NYSE American BBO Digital Media Enterprise must only distribute bid and offer data for informational and non-trading purposes; must not permit distribution in contexts where trading or order routing decisions can be implemented
Subscribers paying the Digital Media Enterprise Fee may access the standard Enterprise license (covering unlimited professional and non-professional users) at no additional cost for a combined total of $5,000 per month instead of $8,000 per month if purchased separately
A single Digital Media Enterprise Fee of $5,000 per month must apply for subscribers receiving both NYSE American BBO and NYSE American Trades data feeds
NYSE American BBO Digital Media Enterprise data must not be made available to subscribers earlier than the information is made available to the Consolidated Quotation Plan processor