NYSE Proposes New Digital Media Enterprise License for BBO and Trades Market Data at $40,000/Month
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The New York Stock Exchange (NYSE) filed a proposed rule change (SR-NYSE-2026-15) with the SEC on March 16, 2026, to amend its Proprietary Market Data Fee Schedule in three ways. First, it creates a brand-new NYSE BBO Digital Media Enterprise Fee of $40,000 per month, allowing vendors, TV broadcasters, websites, and mobile app providers to distribute NYSE best-bid-and-offer (BBO) data to an unlimited number of viewers for informational, non-trading purposes only. Second, NYSE proposes combined licensing: a subscriber who pays the $40,000/month Digital Media Enterprise Fee can also use NYSE BBO for traditional enterprise redistribution (unlimited professional and non-professional users) at no additional cost. This replaces the need to pay both the existing $25,000 Enterprise Fee and the $40,000 Digital Media fee separately — a combined cost that would otherwise total $65,000/month. Third, the same combined licensing logic is extended to NYSE Trades: existing NYSE Trades Digital Media Enterprise Fee subscribers ($40,000/month) can now add enterprise redistribution rights at no additional charge, again saving $25,000/month versus paying both fees separately. The proposal was made effective upon filing under Section 19(b)(3)(A)(ii) of the Securities Exchange Act, though the SEC retains the right to suspend it within 60 days. Public comments are due by April 23, 2026.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- New NYSE BBO Digital Media Enterprise Fee established at $40,000/month for unlimited distribution of real-time best-bid-and-offer data via TV, websites, and mobile devices for non-trading purposes
- Combined BBO licensing introduced: paying the $40,000 Digital Media Enterprise Fee now includes traditional NYSE BBO Enterprise rights (previously $25,000/month separately), saving subscribers $25,000/month vs. purchasing both
- NYSE Trades Digital Media Enterprise Fee subscribers ($40,000/month) can now add NYSE Trades Enterprise redistribution rights at no additional cost, down from a combined $65,000/month
+ 3 more changes with Pro
Obligations
What this law requires
Pay $40,000 per month for NYSE BBO Digital Media Enterprise Fee to distribute NYSE best-bid-and-offer data via television, websites, and mobile devices
Restrict NYSE BBO Digital Media Enterprise use to informational and non-trading purposes only; prohibit distribution in contexts where trading or order routing decisions can be implemented
Pay combined fee of $40,000 per month (instead of $65,000) if obtaining both NYSE BBO Digital Media Enterprise and NYSE BBO Enterprise redistribution rights
Pay combined fee of $40,000 per month when adding enterprise redistribution rights to existing NYSE Trades Digital Media Enterprise Fee subscription, with no additional charge for the enterprise component
Ensure NYSE BBO Information is not made available to subscribers earlier than it is made available to the processor under the Consolidated Quotation Plan