Federal Register #4-757

SEC Approves Consolidated Equity Market Data Fee Schedule and Extended Processor Hours

The Securities and Exchange Commission (SEC) has approved a major amendment to the National Market System (NMS) Plan, consolidating equity market data fee schedules and extending processor hours for Nasdaq-listed securities. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Multiple national securities exchanges and self-regulatory organizations (e.g., Nasdaq, NYSE, Cboe, FINRA) are plan participants, but no specific commercial OEMs or vendors are named as product/service providers - Products/Services Requested: - Adoption of a new consolidated fee schedule for real-time equity market data (CT Plan) - Professional Use Fees per device for Tape A ($26), Tape B ($23), Tape C ($24) - Non-Professional Use Fees: tiered from $0.90 to $0.25 per individual, with enterprise caps for each Tape (A: $648,000, B: $490,000, C: $648,000) - Real-Time Redistributor Fee: $1,155 per Tape - Non-Display Use Fees: Tape A ($2,315), Tape B ($1,155), Tape C ($2,025) - Direct and Indirect Access Fees for last sale data, varying by Tape - Service: Extension of processor operating hours for UTP Plan (Nasdaq-listed securities) to nearly 24/5, with scheduled technical refreshes - Unique or Notable Requirements: - Consolidation of three legacy equity data plans into a single system - Quarterly reporting metrics and a two-year initial implementation period for fee impact analysis - Fees apply to both Professional and Non-Professional users, with specific enterprise caps and redistributor fees - Extended processor hours to support after-hours trading and data dissemination - No procurement of physical products or IT systems; this is a regulatory action establishing fee structures and operational requirements for market data dissemination

Description

This notice announces the approval of the second amendment to the National Market System Plan concerning consolidated equity market data. The amendment, as amended by Amendment No. 1 and modified by the Securities and Exchange Commission, adopts a fee schedule for the plan. The plan governs the public dissemination of real-time consolidated information on quotations and transactions in NMS stocks. The approval follows a period of public comment and regulatory review to ensure the fee proposal is fair, reasonable, and in the public interest.

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