Federal Register #SR-IEX-2026-23

SEC reviews proposed fee increase for IEX TOPS market data feed and new Cboe EDGA Data Vendor Program

This opportunity concerns a proposed rule change affecting market data fees for financial exchanges. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Investors Exchange LLC (IEX) - Cboe EDGA Exchange, Inc. - Products/Services Requested: - Real-time access to IEX's TOPS proprietary market data feed - Part number: TOPS - Monthly subscription fee increased from $500 to $1,000 - Fee covers all uses: internal distribution, external distribution, and non-display use - Data Vendor Program by Cboe EDGA Exchange, Inc. - Defines Data Vendors and provides fee waivers for external distribution of market data feeds - Unique/Notable Requirements: - The increased fee applies equally to all subscribers, regardless of use or distribution - No additional user, distribution, or non-display fees for TOPS - Approximately 22% of IEX members subscribe to TOPS - Cboe EDGA's Data Vendor Program incentivizes external distribution with fee waivers - Comparisons included to similar data products and fees from other exchanges (Cboe BZX, MEMX, MIAX Pearl, NYSE American) - SEC is soliciting public comments on the proposed rule changes

Description

Investors Exchange LLC filed a proposed rule change with the Securities and Exchange Commission to amend the exchange's fee schedule. The amendment involves increasing the monthly fee for real-time access to the exchange's top of book proprietary market data feed, TOPS, from $500 to $1,000. The fee covers all uses of the data feed and is the same for each data subscriber regardless of internal or external use. The change is effective upon filing and will be operative beginning October 1, 2026.

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