91840 Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Notices 

47 15 U.S.C. 78s(b)(3)(A). 

48 17 CFR 240.19b–4(f)(2). 

49 15 U.S.C. 78s(b)(2)(B). 50 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

may purchase another market’s market 

data product. These competitive 

pressures ensure that no one exchange’s 

market data fees can impose an 

unnecessary burden on competition, 

and the Exchange’s proposed fees do not 

do so here. 

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 is effective 

upon filing pursuant to Section 

19(b)(3)(A) 47 of the Act and 

subparagraph (f)(2) of Rule 19b–4 48

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such 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) 49 of the Act to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

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 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSEAMER–2024–68 on the subject 

line. 

Paper Comments 

• 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–NYSEAMER–2024–68. 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 (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

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–NYSEAMER–2024–68 and should 

be submitted on or before December 11, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.50

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–27017 Filed 11–19–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101619; File No. SR– 

NYSEAMER–2024–67] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Change To Amend Section 1003 of the 

NYSE American LLC Company Guide 

To Provide the Exchange With 

Discretion To Commence Suspension 

and Delisting Proceedings With 

Respect to a Listed Company That Has 

Changed Its Primary Business Focus 

November 14, 2024. 

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 November 

4, 2024, NYSE American LLC (‘‘NYSE 

American’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Section 1003 of the NYSE American 

LLC Company Guide to provide the 

Exchange with discretion to commence 

suspension and delisting proceedings 

with respect to a listed company that 

has changed its primary business focus 

to a new area of business that it was not 

engaged in at the time of its original 

listing, or which was immaterial to its 

operations at the time of its original 

listing. The proposed rule change is 

available on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange, and at the Commission’s 

Public Reference Room. 

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, 


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Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Notices 91841 

4For example, Bit Brother, a company listed on 

Nasdaq, initially focused on selling tea products but 

ultimately changed its business line to crypto. After 

three reverse splits, one of which was quite large 

(1000:1), the company was still unable to regain 

sustained compliance with listing standards. The 

stock was delisted from Nasdaq in February 2024. 

See https://www.wsj.com/finance/stocks/as-tradingfrenzies-grip-penny-stocks-criticism-of-nasdaqgrows-8bd4118b (Feb 23, 2024). 

5Section 1010(b) states that whenever the 

Exchange determines, in accordance with Section 

1009 or otherwise, that a class of securities should 

be removed from listing (or unlisted trading) for 

reasons other than the reasons specified in 1010(a), 

it will follow the procedures contained in Part 12. 

6See Securities Exchange Act Release No. 100585 

(July 24, 2024) (SR–NYSE–2024–21). 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

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 

It has been the Exchange’s experience 

that listed companies occasionally 

change the focus of their operations 

from the business they were engaged in 

at the time of initial listing to a business 

line that is completely unrelated or that 

was not material at the time of its 

original listing. The Exchange is 

concerned that, in such circumstances, 

investors who acquired the company’s 

stock prior to this change in operations 

(including, in many cases, in connection 

with the company’s initial public 

offering) may have made their 

investment decision based on the 

company’s disclosure about its original 

business and might not have made their 

investment if they had been aware of 

how the company would change. In 

addition, a wholesale change in 

business operations may give rise to a 

concern about the suitability for listing 

of the company had it been in engaged 

in that line of business at the time of its 

application for listing. The Exchange 

notes that, in some circumstances, there 

has been significant downward price 

movement subsequent to such a change 

in business focus, which resulted in 

significant investor losses and an 

inability to meet exchange continued 

listing standards.4

In light of the foregoing, the Exchange 

proposes to amend Section 1003 

(‘‘Application of Policies’’) of the Guide 

to add proposed Section 1003(i) 

(‘‘Change in Primary Business Focus’’) 

providing that the Exchange may in its 

sole discretion subject a listed company 

to immediate suspension and delisting 

if that listed company has changed its 

primary business focus to a new area of 

business that it was not engaged in at 

the time of its original listing or which 

was immaterial to its operations at the 

time of its original listing. The proposed 

rule text provides that any company that 

undertakes a change in its primary 

business focus must promptly provide 

notice of such change in writing to the 

Exchange. The Exchange will undertake 

the continued listing analysis and 

potentially take delisting action under 

the proposed provision regardless of 

whether the listed company complies 

with its obligation to provide written 

notification to the Exchange. Listed 

companies who would meet the 

requirements to provide written 

notification to the Exchange under the 

new provision but do not do so would 

be considered non-compliant with the 

notification requirement. If the 

Exchange determines that a listed 

company is unsuitable for continued 

listing due to a change in its primary 

business focus, the Exchange will 

commence suspension and delisting 

procedures immediately in accordance 

with the procedures set out in Section 

1010.5 A listed company is not eligible 

to follow the procedures outlined in 

Section 1009 with respect to proposed 

Section 1003(h). The Exchange notes 

that any company delisted under 

proposed Section 1003(h) will be 

entitled to avail itself of the due process 

rights provided by the appeal process 

set forth in Chapter 12. 

The opening paragraph of Section 

1003 states that companies that are 

noncompliant may utilize the cure 

periods set forth in Section 1009. The 

Exchange proposes to qualify this 

provision to clarify that companies are 

not eligible for the cure provisions if the 

text of the applicable provision in 

Section 1003 provides otherwise. This 

proposed change is to distinguish the 

treatment of companies under proposed 

Section 1003(h) which would subject 

such companies to immediate 

suspension and delisting without 

recourse to the cure provisions in 

Section 1009. 

Upon becoming aware of such a 

change in the company’s primary 

business focus, by notification from the 

listed company or otherwise, the 

Exchange’s Staff would conduct a 

thorough assessment of the company’s 

suitability for continued listing in light 

of such change. The Exchange would 

focus its analysis on whether it would 

have accepted the listed company for 

initial listing if it had been engaged in 

its modified business at the time of 

original listing. The Exchange notes that 

this analysis will focus on the 

qualitative aspects of the company’s 

suitability for listing and will not entail 

an application of the quantitative 

standards for initial listing. In 

conducting this analysis, the Exchange 

would take into consideration other 

changes that may have occurred in 

connection with the change in the 

company’s primary business focus, 

including in all cases, but not limited to, 

any changes in the management, board 

of directors, voting power, ownership, 

and financial structure of the company. 

The Exchange notes that the additional 

factors enumerated in the proposed rule 

text are consistent with areas that would 

be part of any initial listing review and 

are therefore a necessary part of any 

consideration of whether the company 

would have been suitable for initial 

listing in the form it took after its 

change of primary business focus. As 

discussed above, the Exchange’s Staff 

would conduct a thorough assessment 

of the company’s suitability for 

continued listing in light of such 

change. In addition, continued listing 

quantitative standards will continue to 

apply to a company that is being 

reviewed under the new standard just as 

with any company already listed on the 

Exchange. 

The Exchange acknowledges that 

seeking to suspend and delist a 

company’s stock under this revised rule 

would be an extraordinary action. The 

Exchange therefore anticipates seldom 

relying on this new discretionary 

authority, and only after thorough 

analysis of all relevant facts and 

circumstances. 

The Exchange also notes that the 

proposal rule change is substantially 

similar to a recent amendment adopted 

by the NYSE to Section 802.01D of the 

NYSE Listed Company Manual that was 

approved by the Commission as 

consistent with the Act.6

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,7 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act 8 in particular, in that it is 

designed to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest and is 

not designed to permit unfair 


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91842 Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Notices 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange believes it is consistent 

with the protection of investors to 

amend Section 1003 to provide the 

Exchange with the discretion to 

immediately commence suspension and 

delisting procedures with respect to a 

listed company that has changed its 

primary business focus to a new area of 

business that it was not engaged in at 

the time of its original listing or which 

was immaterial to its operations at the 

time of its original listing. The Exchange 

notes that investors who acquired the 

company’s stock prior to this change in 

operations (including, in many cases, in 

connection with the company’s initial 

public offering) may have made their 

investment decision based on the 

company’s disclosure about its original 

business and might not have made their 

investment if they had been aware of 

how the company would change. In 

addition, the Exchange is concerned 

that a listed company may change its 

business operations to a line of business 

that would have given rise to a concern 

about the suitability for listing of the 

company had it been in engaged in that 

line of business at the time of its 

application for listing. The Exchange 

notes that taking delisting action in such 

cases would be discretionary and that 

the Exchange would undertake such 

action only after a careful analysis of the 

company’s suitability for continued 

listing, taking into account all relevant 

factors, including, but not limited to, 

changes in the management, board of 

directors, voting power, ownership, and 

financial structure of the company. In 

making these determinations, the 

Exchange would focus its analysis on 

whether it would have accepted the 

listed company for initial listing if it 

had been engaged in its modified 

business at the time of original listing. 

The Exchange notes that this analysis 

will focus on the qualitative aspects of 

the company’s suitability for listing and 

will not entail an application of the 

quantitative standards for initial listing. 

The Exchange believes that the 

proposed requirement that any listed 

company that undertakes a change in its 

primary business focus must promptly 

provide notice of such change in writing 

to the Exchange will enable the 

Exchange to more systematically 

identify circumstances where it is 

necessary to consider the 

appropriateness for continued listing of 

such companies. 

Finally, the Exchange also notes that 

a company that is subject to suspension 

and delisting under this new provision 

would be entitled to a review of the 

delisting determination under the 

procedures set forth in Part 12 of the 

Company Guide. The Exchange believes 

that this will provide, consistent with 

Section 6(b)(7) of the Act, a fair 

procedure for review of a suspension 

and delisting of a company under the 

new provision. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange notes that there are several 

listing venues and that any company 

that the Exchange deemed unsuitable 

for continued listing under the proposed 

rule could apply for listing on one or 

more other exchanges. 

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 

Because the foregoing proposed rule 

change does not: (i) significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest, it has become effective 

pursuant to Section 19(b)(3)(A) of the 

Act 9 and Rule 19b–4(f)(6) 10 thereunder. 

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 

to determine whether the proposed rule 

should be approved or disapproved. 

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 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSEAMER–2024–67 on the subject 

line. 

Paper Comments 

• 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–NYSEAMER–2024–67. 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 (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

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–NYSEAMER–2024–67 and should 

be submitted on or before December 11, 

2024. 


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Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Notices 91843 

11 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The proposed rule change establishing the 

NYSE Agg Lite data feed was immediately effective 

on February 27, 2024. See Securities Exchange Act 

Release No. 99689 (March 7, 2024), 89 FR 18466 

(March 13, 2024) (SR–NYSE–2024–12) (Notice of 

Filing and Immediate Effectiveness of Proposed 

Rule Change To Establish the NYSE Aggregated Lite 

Market Data Feed). 

5The Exchange originally filed to amend the Fee 

Schedule on May 13, 2024 (SR–NYSE–2024–29). 

On July 11, 2024, the Exchange withdrew SR– 

NYSE–2024–29 and replaced it with SR–NYSE– 

2024–38. On September 6, 2024, the Exchange 

withdrew SR–NYSE–2024–38 and replaced it with 

SR–NYSE–2024–54. On November 4, 2024, the 

Exchange withdrew SR–NYSE–2024–54 and 

replaced it with this filing. 

6See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(File No. S7–10–04) (Final Rule) (‘‘Regulation 

NMS’’). 

7See Securities Exchange Act Release No. 61358, 

75 FR 3594, 3597 (January 21, 2010) (File No. S7– 

02–10) (Concept Release on Equity Market 

Structure). 

8See Cboe U.S Equities Market Volume 

Summary, available at https://markets.cboe.com/us/ 

equities/market_share. See generally https://

www.sec.gov/fastanswers/divisions

marketregmrexchangesshtml.html. 

9See FINRA ATS Transparency Data, available at 

https://otctransparency.finra.org/otctransparency/

AtsIssueData. A list of alternative trading systems 

registered with the Commission is available at 

https://www.sec.gov/foia/docs/atslist.htm. 

10See Cboe Global Markets, U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–27021 Filed 11–19–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101626; File No. SR–NYSE– 

2024–71] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Establish 

Fees for the NYSE Aggregated Lite 

Data Feed 

November 14, 2024. 

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 November 

4, 2024, New York Stock Exchange LLC 

(‘‘NYSE’’ 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 selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to establish 

fees for the NYSE Aggregated Lite data 

feed. The proposed rule change is 

available on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange, and at the Commission’s 

Public Reference Room. 

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 Exchange proposes to amend the 

NYSE Proprietary Market Data Fees 

Schedule (‘‘Fee Schedule’’) and 

establish fees for the NYSE Aggregated 

Lite (‘‘NYSE Agg Lite’’) data feed,4

effective November 4, 2024.5

In summary, the NYSE Agg Lite is a 

NYSE-only frequency-based depth of 

book market data feed of the NYSE’s 

limit order book for up to ten (10) price 

levels on both the bid and offer sides of 

the order book for securities traded on 

the Exchange and for which the 

Exchange reports quotes and trades 

under the Consolidated Tape 

Association (‘‘CTA’’) Plan or the 

Nasdaq/UTP Plan. The NYSE Agg Lite 

is a compilation of limit order data that 

the Exchange provides to vendors and 

subscribers. The NYSE Agg Lite 

includes partial depth of book order 

data as well as security status messages. 

The security status message informs 

subscribers of changes in the status of a 

specific security, such as trading halts, 

short sale restriction, etc. In addition, 

the NYSE Agg Lite includes order 

imbalance information prior to the 

opening and closing of trading. 

Background 

The Exchange operates in a highly 

competitive market. The Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, the 

Commission highlighted the importance 

of market forces in determining prices 

and SRO revenues and, also, recognized 

that current regulation of the market 

system ‘‘has been remarkably successful 

in promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 6

While Regulation NMS has enhanced 

competition, it has also fostered a 

‘‘fragmented’’ market structure where 

trading in a single stock can occur 

across multiple trading centers. When 

multiple trading centers compete for 

order flow in the same stock, the 

Commission has recognized that ‘‘such 

competition can lead to the 

fragmentation of order flow in that 

stock.’’ 7 Indeed, cash equity trading is 

currently dispersed across 16 

exchanges,8 numerous alternative 

trading systems,9 and broker-dealer 

internalizers and wholesalers, all 

competing for order flow. Based on 

publicly-available information, no 

single exchange currently has more than 

20% market share (whether including or 

excluding auction volume).10

Proposed NYSE Agg Lite Data Feed Fees 

The Exchange proposes to establish 

the fees listed below for the NYSE Agg 

Lite data feed. The Exchange proposes 

to charge fees for the same categories of 

market data use as its affiliated 

exchanges (namely, NYSE Arca, NYSE 

American and NYSE National) currently 

charge. The Exchange believes that 

adopting the same fee structure as its 

affiliated exchanges would reduce 

administrative burdens on market data 

subscribers that also currently subscribe 

to market data feeds from the 

Exchange’s affiliates. 

1. Access Fee. For the receipt of 

access to the NYSE Agg Lite data feed, 

the Exchange proposes to charge $3,000 

per month. This proposed Access Fee 

would be charged to any data recipient 

that receives the NYSE Agg Lite data 

feed. Data recipients that only use 

display devices to view NYSE Agg Lite 

market data and do not separately 

receive a data feed would not be 

charged an Access Fee. The proposed 

Access Fee would be charged only once 

per firm. 

2. User Fees. The Exchange proposes 

to charge a Professional User Fee (Per 

User) of $35 per month and a NonVerDate Sep<11>2014 18:39 Nov 19, 2024 Jkt 265001 PO 00000 Frm 00172 Fmt 4703 Sfmt 4703 E:\FR\FM\20NON1.SGM 20NON1

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