24X National Exchange Adopts $15,000/Month Enterprise Fee for Depth of Book Market Data Feed

On March 18, 2026, 24X National Exchange LLC filed a proposed rule change with the SEC (SR-24X-2026-09) to introduce a new monthly Enterprise license fee of $15,000 for its 24X Depth Feed — a proprietary market data product containing full depth-of-book order data, last sale data, order cancellations, modifications, and administrative messages. The rule change took immediate effect under Section 19(b)(3)(A) of the Securities Exchange Act of 1934, which governs fee-related rule changes by self-regulatory organizations. The Enterprise license is an optional alternative to the existing per-user fee structure (Professional Users at $30/month, Non-Professional Users at $3/month). It allows any Member or non-Member firm (called a 'Recipient Firm') to distribute the 24X Depth Feed to an unlimited number of users for a flat $15,000/month, rather than paying per-user fees. The per-user fee option remains available for firms that prefer proportional pricing. The proposed $15,000/month fee is positioned below comparable Enterprise fees charged by similarly sized exchanges: MIAX Pearl, Cboe BYX, and Cboe EDGA each charge $25,000/month for equivalent depth-of-book Enterprise licenses. The Enterprise license model already exists for 24X's other two data products — the 24X Top Feed and 24X Last Sale Feed — but was not previously available for the Depth Feed due to lack of initial market demand. The Exchange stated it is now introducing the option in response to demonstrated market participant demand. The SEC is soliciting public comments on the proposed rule change through April 24, 2026. The Commission retains the right to summarily suspend the rule change within 60 days of filing if it determines such action is in the public interest or necessary for investor protection.

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