Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Connectivity Fee Schedule

• Citation: 91 FR 41702
• Published date: 07 July 2026
• FR Document: 2026-13649
• Pages: 41702-41707
• Section: Notices
• Issuer: Securities and Exchange Commission

41702

Federal Register / Vol. 91, No. 128 / Tuesday, July 7, 2026 / Notices

25

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.

4

For purposes of the Exchange’s colocation

services, a ‘‘User’’ means any market participant

that requests to receive colocation services directly

from the Exchange. See Securities Exchange Act

Release No. 76008 (September 29, 2015), 80 FR

60190 (October 5, 2015) (SR–NYSE–2015–40). As

specified in the Fee Schedule, a User that incurs

colocation fees for a particular colocation service

pursuant thereto would not be subject to colocation

fees for the same colocation service charged by

NYSE American LLC, NYSE Arca, Inc., NYSE

National, Inc. and NYSE Texas, Inc. (together, the

‘‘Affiliate SROs’’). Each Affiliate SRO has submitted

substantially the same proposed rule change to

propose the change described herein.

5

Through its Fixed Income and Data Services

(‘‘FIDS’’) business, Intercontinental Exchange, Inc.

(‘‘ICE’’) operates the MDC. The Exchange and the

Affiliate SROs are indirect subsidiaries of ICE.

6

See Cboe U.S. Equities | Cboe (representing the

four U.S. equities exchanges that Cboe operates as

BZX Equities, BYX Equities, EDGA Equities, and

EDGX Equities).

7

See Cboe U.S. Options | Trade Equity, Index &

ETF Options | Cboe (stating that the four U.S.-listed

cash equity options markets that Cboe operates are

the Cboe Options Exchange, the Cboe C2 Options

Exchange, Cboe BZX Options Exchange, and Cboe

EDGX Options Exchange).

8

The Cboe indices data is set out in the Cboe

Global Indices Feed. See Cboe Global Indices Feed

(stating that the Cboe Global Indices Feed has more

than 1,900 Index Values available).

9

Currently, in order to connect to all of the Cboe

U.S. Equity data feeds a User would have to connect

to two Third Party Data Feeds, and to connect to

all of the Cboe Options data feeds a User would

have to connect to three Third Party Data Feeds. In

order to connect to the Cboe indices data a User

currently would have to connect to one Third Party

Data Feed and the proposed change would ensure

that remains true.

10

See, e.g., Exchange Act Release No. 104973

(March 11, 2026), 91 FR 12631 (March 16, 2026)

(SR–CFE–2026–002) (presenting the name as ‘‘Cboe

Futures Exchange, LLC,’’ abbreviated to ‘‘CFE’’).

rules/sro.shtml). Copies of the filing 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–2026–

54 and should be submitted on or before

July 28, 2026.

For the Commission, by the Division of

Trading and Markets, pursuant to delegated

authority.

25

Sherry R. Haywood,

Assistant Secretary.

[FR Doc. 2026–13650 Filed 7–6–26; 8:45 am]

BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–105830; File No. SR–NYSE–

2026–32]

Self-Regulatory Organizations; New

York Stock Exchange LLC; Notice of

Filing and Immediate Effectiveness of

a Proposed Rule Change To Amend

the Connectivity Fee Schedule

July 1, 2026.

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 June 18,

2026, New York Stock Exchange LLC

(‘‘NYSE’’ or ‘‘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 self-regulatory 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 amend the

Connectivity Fee Schedule to amend the

list of third party data feeds to which

Users can connect. The proposed rule

change is available on the Exchange’s

website at www.nyse.com and at the

principal office of the Exchange.

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

Connectivity Fee Schedule to amend the

list of third party data feeds to which

Users

4

can connect. Currently, Users are

offered connectivity to data feeds from

third party markets and other content

service providers (‘‘Third Party Data

Feeds’’) at the Mahwah, New Jersey data

center (‘‘MDC’’).

5

The Exchange now

proposes to amend the names of the

Cboe Global Markets, Inc. Third Party

Data Feeds (excluding Cboe Canada)

(‘‘Cboe Data Feeds’’) and incorporate a

new feed from Investors Exchange LLC

(‘‘IEX’’).

The Exchange expects that the

proposed rule change would become

operative by August 31, 2026. The

Exchange will announce the date

through a customer notice.

Proposed Change to the Cboe Data Feeds

Currently, the Cboe Data Feeds are set

forth in the list of Third Party Data

Feeds by market. However, Users have

requested that certain of the Cboe Data

Feeds be broken out by asset class

instead, so that if a User wanted all of

the Cboe equities

6

data, Cboe options

7

data, or Cboe indices data

8

it would not

have to sign up for connectivity to more

than one Third Party Data Feed.

9

The

Exchange proposes to make the

requested change and to indicate the

exchanges from which data is included

in the Cboe equities (‘‘Cboe U.S.

Equities’’) and Cboe options (‘‘Cboe

Options’’) data feeds.

The Exchange also proposes to change

the name of ‘‘Cboe CFE Futures’’ to

‘‘Cboe Futures Exchange (CFE)’’ to

mirror the name of Cboe Futures

Exchange

10

and to reorder the Cboe

Data Feeds to maintain alphabetical

order.

Accordingly, the Exchange proposes

to make the following changes to the

Cboe Data Feeds listed under

‘‘Connectivity to Third Party Data

Feeds’’ (proposed additions italicized,

proposed deletions in brackets):

Third Party data feed

Monthly

recurring

connectivity

fee per third

party data

feed

[Cboe BZX Exchange (CboeBZX) and Cboe BYX Exchange (CboeBYX)] ........................................................................................ [$1,500]

Cboe Canada ....................................................................................................................................................................................... 2,000

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11

See ‘‘IEX Announces Planned Launch of

Options Exchange End of Q1 2026,’’ available at

https://www.iex.io/article/iex-announces-planned-

launch-of-options-exchange-end-of-q1-2026.

12

See ‘‘IEX Options Frequently Asked

Questions,’’ question 1, available at https://

cdn.prod.website-files.com/

696f8ac812dcabe749e3aa49/

69d7ddd79256713d06405c46_

IEX%20Options%20FAQs.pdf. The proposed rule

change is proposed to become operative before IEX

offers IEX Options in order to allow Users time to

connect, and test their connection, to IEX Options.

The Exchange does not plan to charge for the

connection until the IEX Options Third Party Data

Feed is available.

Third Party data feed

Monthly

recurring

connectivity

fee per third

party data

feed

Cboe [CFE] Futures Exchange (CFE) ................................................................................................................................................. 1,500

Cboe Global Indices Feed ................................................................................................................................................................... 1,500

Cboe Options [EDGX] Exchanges (Cboe Options Exchange, Cboe C2 Options Exchange, Cboe BZX Options Exchange, and

Cboe EDGX Options Exchange) [and Cboe EDGA Exchange (CboeEDGA)] ............................................................................... 1,500

Cboe U.S Equities Exchanges (Cboe EDGA Equities, Cboe EDGX Equities, Cboe BYX Equities and Cboe BZX Equities) [and

C2 Exchange (C2)] .......................................................................................................................................................................... 1,500

Proposed Change to the IEX Third Party

Data Feed

IEX has announced that it will launch

a new options exchange (‘‘IEX

Options’’)

11

and that it intends to

launch IEX Options on October 2,

2026.

12

So that the Exchange may both offer

connectivity to IEX Options and

distinguish between IEX Options and

the existing IEX equities exchange (‘‘IEX

Equities’’), it proposes to make the

following changes to the list of available

Third Party Data Feeds (proposed

additions italicized):

Third party data feed

Monthly

recurring

connectivity

fee per third

party data

feed

Investors Exchange (IEX) Equities ...................................................................................................................................................... $1,300

Investors Exchange (IEX) Options ...................................................................................................................................................... 1,300

The Exchange would provide

connectivity to IEX Options as a

convenience to Users.

As with the existing connections to

Third Party Data Feeds, including the

existing connections to Cboe Data Feeds

and to the IEX Equities data feed, the

Exchange would receive a connection to

the IEX Options data feed (the

‘‘Proposed Third Party Data Feed’’) from

the content service provider at the

relevant source. The Exchange would

then provide connectivity to that data to

Users for a fee. Users would connect to

IEX Options over the internet protocol

(‘‘IP’’) network, a local area network

available in the MDC. The Proposed

Third Party Data Feed would include

trading and other information

concerning the securities that are traded

on IEX Options.

As with the existing connections to

Third Party Data Feeds, including the

existing connection to Cboe Data Feeds

and the IEX Equities data feed, in order

to connect to a Proposed Third Party

Data Feed, a User would enter into a

contract with the third party content

service provider, pursuant to which it

may charge the User for the data feed.

The Exchange would receive the

Proposed Third Party Data Feed in

remote locations and transport it over its

fiber optic network to the MDC. After

the content service provider and User

entered into an agreement and the

Exchange received authorization from

the content service provider, the

Exchange would retransmit the data to

the User over the User’s port. The

Exchange would charge the User for

connectivity to the Proposed Third

Party Data Feed. A User would only

receive, and would only be charged the

fee for, connectivity to a Proposed Third

Party Data Feed for which it entered

into a contract.

The Exchange has no affiliation with

the seller of the Proposed Third Party

Data Feed and would have no right to

use the feed other than as a redistributor

of the data. The Proposed Third Party

Data Feed would not provide access or

order entry to the Exchange’s execution

system. The Proposed Third Party Data

Feed would not provide access or order

entry service to the execution systems of

any third party generating the feed. The

Exchange would receive the Proposed

Third Party Data Feed via arms-length

agreements and would have no inherent

advantage over any other distributor of

such data.

Application and Impact of the Proposed

Changes

The proposed rule change would not

apply differently to distinct types or

sizes of market participants. Rather, it

would apply to all Users equally. As is

currently the case, the purchase of any

colocation service is completely

voluntary and the Connectivity Fee

Schedule is applied uniformly to all

Users.

Users have requested that certain of

the Cboe Data Feeds be broken out by

asset class, instead of by market. The

Exchange believes that one current User

would benefit from the change. It does

not expect to gain customers as a result

of breaking out certain of the Cboe Data

Feeds by asset class or the other

proposed changes to the Cboe Data

Feeds.

Connectivity to the Proposed Third

Party Data Feed was requested by Users,

but the Exchange believes that it would

gain at most a handful of new customers

due to the proposed change to the IEX

data feeds.

Competitive Environment

The Exchange operates in a highly

competitive market in which other

vendors offer colocation services as a

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13

See Securities Exchange Act Release No. 51808

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

14

15 U.S.C. 78f(b).0 [sic]

15

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

16

15 U.S.C. 78f(b)(4).

17

See Securities Exchange Act Release No. 90209

(October 15, 2020), 85 FR 67044, 67049 (October 21,

2020) (Order Granting Accelerated Approval to

Establish a Wireless Fee Schedule Setting Forth

Available Wireless Bandwidth Connections and

Wireless Market Data Connections) (SR–NYSE–

2020–05, SR–NYSEAMER–2020–05, SR–

NYSEARCA–2020–08, SR–NYSECHX–2020–02,

SR–NYSENAT–2020–03, SR–NYSE–2020–11, SR–

NYSEAMER–2020–10, SR–NYSEArca-2020–15,

SR–NYSECHX–2020–05, SR–NYSENAT–2020–08)

(‘‘Wireless Approval Order’’), citing Securities

Exchange Act Release No. 59039 (December 2,

2008), 73 FR 74770, 74781 (December 9, 2008)

(‘‘2008 ArcaBook Approval Order’’). See

NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).

18

See Wireless Approval Order, supra note 17, at

67049, citing 2008 ArcaBook Approval Order, supra

note 17, at 74781.

19

See ‘‘Competitive Environment,’’ above.

20

As they are third parties, the Exchange does not

have visibility into whether Users intend to connect

to the Proposed Third Party Data Feed (once it is

available) for their own use, or if they intend to

offer other Users such connectivity.

21

See 2008 ArcaBook Approval Order, supra note

17, at 74789 and n.295 (recognizing that products

need not be identical to be substitutable).

means to facilitate the trading and other

market activities of those market

participants who believe that colocation

enhances the efficiency of their

operations. The Commission has

repeatedly expressed its preference for

competition over regulatory

intervention in determining prices,

products, and services in the securities

markets. Specifically, 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.’’

13

As explained below, the Exchange’s

provision of connectivity to the

Proposed Third Party Data Feed

(‘‘Connectivity’’) may compete with

connectivity provided by other third

parties. Third-party vendors are not at

any competitive disadvantage created by

the Exchange.

The proposed change is not otherwise

intended to address any other issues

relating to colocation services or related

fees, and the Exchange is not aware of

any problems that Users would have in

complying with the proposed change.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act,

14

in general, and

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

of the Act,

15

in particular, because it is

designed to prevent fraudulent and

manipulative acts and practices, 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 because it is not

designed to permit unfair

discrimination between customers,

issuers, brokers, or dealers. The

Exchange further believes that the

proposed rule change is consistent with

Section 6(b)(4) of the Act,

16

because it

provides for the equitable allocation of

reasonable dues, fees, and other charges

among its members and issuers and

other persons using its facilities.

The Proposed Rule Change Is

Reasonable

The Exchange believes that the

proposed rule change is reasonable.

In considering the reasonableness of

proposed services and fees, the

Commission’s market-based test

considers ‘‘whether the exchange was

subject to significant competitive forces

in setting the terms of its proposal

..., including the level of any

fees.’’

17

If the Exchange meets that

burden, ‘‘the Commission will find that

its proposal is consistent with the Act

unless ‘there is a substantial

countervailing basis to find that the

terms’ of the proposal violate the Act or

the rules thereunder.’’

18

Here, the

Exchange is subject to significant

competitive forces in setting the terms

on which it offers its proposal, in

particular because substantially similar

substitutes are available and the

Exchange has not placed present or

future third party vendors at a

competitive disadvantage created by the

Exchange.

Substantially Similar Substitutes Are

Available

As described above,

19

Users may

connect to the Proposed Third Party

Data Feed independent of the options

provided by the Exchange, creating

competition for the Exchange’s

proposed Connectivity. A User may

connect to a Proposed Third Party Data

Feed by, first, entering into an

agreement with the relevant third party

for connectivity, and second, connecting

to the Proposed Third Party Data Feed

through one of the Telecoms. Users that

establish access or connectivity

independent of the Connectivity offered

by the Exchange are not at any

competitive disadvantage created by the

Exchange. As of April 30, 2026, more

than 98% of the circuits for which Users

contracted were supplied by the

Telecoms. Although IEX Options does

not currently offer the Proposed Third

Party Data Feed, the Exchange believes

that once it is available, Users may

independently establish connectivity to

the Proposed Third Party Data Feed

through one of the Telecoms.

Because Users are third parties and

are not required to make such

information public, the Exchange does

not have visibility into how many Users

will connect to the Proposed Third

Party Data Feed (once it becomes

available) independently, as described

above.

20

However, the market for

connectivity to the Proposed Third

Party Data Feed is competitive, and

there is no reason to believe that other

actual or potential Users would not

obtain connectivity independently if

they considered it to be in their

commercial interest.

Such Users compete, or would

compete, with the Exchange’s

Connectivity and exert, or would exert,

significant competitive forces on the

Exchange in setting the terms of its

proposal, including the level of the

Exchange’s proposed fees.

21

If the

Exchange were to set its proposed fees

too high, Users could respond by

instead selecting other substantially

similar access and connectivity by

independently establishing access and

connectivity as described above.

Users Are Not at a Competitive

Disadvantage Created by the Exchange

The Exchange does not believe that

FIDS would have any competitive

advantage over Users that establish

independent connectivity to the

Proposed Third Party Data Feed. The

Exchange’s proposed service for

Connectivity does not have (a) any

special access to the Proposed Third

Party Data Feeds or (b) advantage within

the MDC, as all distances in the MDC

are normalized.

Moreover, the Exchange does not

believe that FIDS would have any

competitive advantage because it would

charge for connectivity only, not the

Proposed Third Party Data Feed itself.

All Users that connect to the Proposed

Third Party Data Feed, whether they

elect to connect using the Exchange’s

proposed service or not, would have to

pay a third party for the Proposed Third

Party Data Feed.

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22

Note that in the case of wireless connectivity,

a User in colocation still requires a fiber circuit to

transport data. If a Telecom is used, the data is

transmitted wirelessly to the relevant pole, and then

from the pole to the meet-me-room using a fiber

circuit.

23

See Securities Exchange Act Release No. 97998

(July 26, 2023), 88 FR 50238 (August 1, 2023) (SR–

NYSE–2023–27) (‘‘MMR Notice’’).

24

See id. at 50241. Importantly, the Exchange is

prevented from making any alteration to its meet-

me-room services or fees without filing a proposal

for such changes with the Commission.

25

See Wireless Approval Order, supra note 17.

26

See supra note 10.

27

See id.

Nor does the Exchange believe that

FIDS has a competitive advantage by

virtue of the fact that ICE owns and

operates the MDC’s meet-me-rooms.

Users purchasing Connectivity—like

Users of any other colocation service—

would require a circuit connecting out

of the MDC, and in most cases, such

circuits are provided by Telecoms.

22

Currently, 17 Telecoms operate in the

meet-me-rooms and provide a variety of

circuit choices. It is in the Exchange’s

best interest to set the fees that

Telecoms pay to operate in the meet-me-

rooms at a reasonable level

23

so that

market participants, including

Telecoms, will maximize their use of

the MDC. By setting the meet-me-room

fees at a reasonable level, the Exchange

encourages Telecoms to participate in

the meet-me-rooms and to sell circuits

to Users for connecting into and out of

the MDC. These Telecoms then compete

with each other by pricing such circuits

at competitive rates. These competitive

rates for circuits help draw in more

Users and Hosted Customers to the

MDC, which directly benefits the

Exchange by increasing the customer

base to whom the Exchange can sell its

colocation services, which include

cabinets, power, ports, and connectivity

to many third-party data feeds, and

because having more Users and Hosted

Customers leads, in many cases, to

greater participation on the Exchange. In

this way, by setting the meet-me-room

fees at a level attractive to

telecommunications firms, the Exchange

spurs demand for all of the services it

sells at the MDC, while setting the meet-

me-room fees too high would negatively

affect the Exchange’s ability to sell its

services at the MDC.

24

Accordingly,

there are real constraints on the meet-

me-room fees the Exchange charges,

such that the Exchange does not have an

advantage in terms of costs when

compared to third parties that enter the

MDC through the meet-me-rooms to

provide services to compete with the

Exchange’s services.

If anything, the Exchange would be

subject to a competitive disadvantage

vis-a

`-vis Users regarding connectivity to

the Proposed Third Party Data Feed.

Users that choose to independently

establish connectivity may negotiate

terms with the Telecoms through whom

such connectivity is delivered, in

response to competitive forces. Such

prices are not required to be filed by any

party with the Commission. In contrast,

the Exchange’s service and pricing

would be standardized as set out in this

filing, and the Exchange would be

unable to respond to pricing pressure

from its competitors without seeking a

formal fee change in a filing before the

Commission.

In sum, because the Exchange is

subject to significant competitive forces

in setting the terms on which it offers

its proposal, in particular because the

Exchange believes that a substantially

similar substitute is available, and the

Exchange has not placed actual or

proposed Users that already have or

establish connectivity at a competitive

disadvantage created by the Exchange,

the proposed fee for the Exchange’s

access to the Proposed Third Party Data

Feed is reasonable.

25

If the Exchange

were to set its prices for connectivity to

the Proposed Third Party Data Feeds at

a level that Users found to be too high,

Users could easily choose to connect to

the Proposed Third Party Data Feed

through Telecoms, as detailed above.

Additional Considerations

The Exchange believes that the

proposed changes to the Cboe Data

Feeds are reasonable. Specifically, the

Exchange believes that the proposed

changes are a reasonable response to the

request from Users that certain Cboe

Data Feeds be broken out by asset class,

instead of by market. Under the

proposed change, if a User wanted all

Cboe U.S. Equities data, Cboe Options

data or Cboe indices data it would not

have to sign up for connectivity to more

than one Third Party Data Feed. The

Exchange believes that changing the

placement of the ‘‘CFE’’ in, and adding

the word ‘‘Exchange’’ to, Cboe Futures

Exchange would be reasonable, given

that the resulting change would mirror

the name of the Cboe Futures

Exchange.

26

The monthly recurring

connectivity fees for each Cboe Data

Feed would remain the same as they are

now.

Additionally, as with the Proposed

Third Party Data Feed, Users may

connect to the Cboe Data Feeds

independent of the options provided by

the Exchange, creating competition for

the Exchange’s proposed Connectivity.

A User may connect to a Cboe Data Feed

by, first, entering into an agreement

with the relevant third party for

connectivity, and second, connecting to

the Cboe Data Feed through one of the

Telecoms. The Exchange believes that

the proposed fee for the Proposed Third

Party Data Feed is reasonable, as it is the

same as the existing fee for connectivity

to IEX, which encompasses IEX Equities

only. The Exchange believes that adding

‘‘Equities’’ after the existing text for

connectivity to the IEX feed is

reasonable, as it would clarify which

IEX data feed was referenced.

The Proposed Rule Change Is Equitable

The Exchange believes that the

proposed rule change is equitable.

The Exchange believes that the

proposed changes to the Cboe Data

Feeds is equitable because the monthly

recurring connectivity fee for each Cboe

Data Feed would remain the same as it

is now. However, under the proposed

change, if a User wanted all Cboe U.S.

Equities data, Cboe Options data or

Cboe indices data it would not have to

sign up for connectivity to more than

one Third Party Data Feed.

The Exchange believes that changing

the placement of the ‘‘CFE’’ in, and

adding ‘‘Exchange’’ to, Cboe Futures

Exchange would be equitable, given that

the resulting change would mirror the

name of the Cboe Futures Exchange.

27

The proposed changes would make the

Fee Schedule easier to read and

understand and alleviate any possible

market participant confusion caused by

the current text.

For the same reason, the Exchange

believes that adding ‘‘Equities’’ after the

existing text for connectivity to the IEX

feed is equitable, as it would clarify

which IEX data feed was referenced,

therefore making the Fee Schedule

easier to read and understand and

alleviating any possible market

participant confusion caused by the

current text.

The Exchange believes that the

proposed fee for connectivity to the

Proposed Third Party Data Feed is an

equitable allocation of fees. The

proposed fee is the same as the existing

fee for connectivity to IEX Equities.

Without this proposed rule change,

Users would have fewer options for

connectivity to the Proposed Third

Party Data Feed, once that feed becomes

available. By offering Connectivity, the

Exchange gives each User additional

options for addressing its needs,

responding to User demand for options.

Offering these additional services would

help each User tailor its data center

operations to the requirements of its

business operations by allowing it to

select the form and latency of

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28

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

29

See MMR Notice, supra note 23.

30

See supra note 24.

connectivity that best suits its needs.

Users that do not opt to utilize the

Exchange’s proposed Connectivity

would still be able to connect to the

Proposed Third Party Data Feed using

Telecoms.

The Exchange believes that the

proposed change is equitable because it

will result in fees being charged only to

Users that voluntarily select to receive

the corresponding services and because

those services will be available to all

Users.

Furthermore, the Exchange believes

that the services and fees proposed

herein are equitably allocated because,

in addition to the services being

completely voluntary, they are available

to all Users on an equal basis (i.e., the

same products and services are available

to all Users). All Users that voluntarily

select the Exchange’s Connectivity

would be charged the same amount for

the same services. Users who opt not to

use Connectivity would not be charged.

In this way, the proposed rule change

equitably allocates the proposed fees

only to Users who choose to use the

Exchange’s Connectivity.

The Proposed Change Is Not Unfairly

Discriminatory

The Exchange believes that the

proposed rule change is not unfairly

discriminatory, for the following

reasons.

The Exchange believes that the

proposed changes to the Cboe Data

Feeds are not unfairly discriminatory

because the monthly recurring

connectivity fee for each Cboe Data Feed

would remain the same as they are now.

However, under the proposed change, if

a User wanted all Cboe U.S. Equities

data, Cboe Options data or Cboe indices

data it would not have to sign up for

connectivity to more than one Third

Party Data Feed.

Without this proposed rule change,

Users would have fewer options for

connectivity to the Proposed Third

Party Data Feed. The proposed change

would provide Users with an additional

choice with respect to the form and

optimal latency of their connectivity to

the Proposed Third Party Data Feed,

allowing a User to select the

connectivity that better suits its needs,

helping it tailor its colocation

operations to the requirements of its

business operations. Users that do not

opt to utilize the Exchange’s proposed

Connectivity would still be able to

connect to the Proposed Third Party

Data Feed using Telecoms.

The Exchange believes that the

proposed change is not unfairly

discriminatory because it will result in

fees being charged only to Users that

voluntarily select to receive the

corresponding services and because

those services will be available to all

Users. Furthermore, the Exchange

believes that the services and fees

proposed herein are not unfairly

discriminatory because, in addition to

the services being completely voluntary,

they are available to all Users on an

equal basis (i.e., the same products and

services are available to all Users). All

Users that voluntarily select the

Exchange’s Connectivity would be

charged the same amount for the same

services.

For all these reasons, the Exchange

believes that the proposal is consistent

with the Act.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

In accordance with Section 6(b)(8) of

the Act,

28

the Exchange believes that the

proposed rule change will not impose

any burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act. The

proposed change would not affect

competition among national securities

exchanges or among members of the

Exchange, but rather between FIDS and

its commercial competitors.

The Exchange does not believe that

the proposed rule change regarding

Cboe Data Feeds will impose any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act. The monthly

recurring connectivity fee for each Cboe

Data Feed would remain the same as it

is now. However, under the proposed

change, if a User wanted all Cboe U.S.

Equities data, Cboe Options data or

Cboe indices data it would not have to

sign up for connectivity to more than

one Third Party Data Feed. The other

changes to the Cboe Data Feeds would

not affect competition.

By offering Connectivity, the

Exchange would give each User

additional options for addressing its

needs, responding to User demand for

options. Providing additional services

would help each User tailor its data

center operations to the requirements of

its business operations by allowing it to

select the form and latency of

connectivity that best suits its needs.

Users that do not opt to utilize the

Exchange’s proposed Connectivity

would still be able to connect to the

Proposed Third Party Data Feed using

Telecoms.

The Exchange does not believe that

FIDS would have any competitive

advantage over Users that establish

independent connectivity to the

Proposed Third Party Data Feed. The

Exchange’s proposed service for

Connectivity does not have (a) any

special access to the Proposed Third

Party Data Feed or (b) advantage within

the MDC, as all distances in the MDC

are normalized.

Moreover, the Exchange does not

believe that FIDS would have any

competitive advantage because it would

charge for connectivity only, not the

Proposed Third Party Data Feed itself.

All Users that connect to the Proposed

Third Party Data Feed, whether they

elect to connect using the Exchange’s

proposed service or not, would have to

pay a third party for the Proposed Third

Party Data Feed.

Nor does the Exchange believe that

FIDS has a competitive advantage over

any third-party competitors offering

connectivity by virtue of the fact that

ICE owns and operates the MDC’s meet-

me-rooms. Users purchasing

Connectivity—like Users of any other

colocation service—would require a

circuit connecting out of the MDC, and

in most cases, such circuits are provided

by third-party Telecoms. Currently, 17

Telecoms operate in the meet-me-rooms

and provide a variety of circuit choices.

It is in the Exchange’s best interest to set

the fees that Telecoms pay to operate in

the meet-me-rooms at a reasonable

level

29

so that market participants,

including Telecoms, will maximize

their use of the MDC. By setting the

meet-me-room fees at a reasonable level,

the Exchange encourages Telecoms to

participate in the meet-me-rooms and to

sell circuits to Users for connecting into

and out of the MDC. These Telecoms

then compete with each other by pricing

such circuits at competitive rates. These

competitive rates for circuits help draw

in more Users and Hosted Customers to

the MDC, which directly benefits the

Exchange by increasing the customer

base to whom the Exchange can sell its

colocation services, which include

cabinets, power, ports, and connectivity

to many third-party data feeds, and

because having more Users and Hosted

Customers leads, in many cases, to

greater participation on the Exchange. In

this way, by setting the meet-me-room

fees at a level attractive to

telecommunications firms, the Exchange

spurs demand for all of the services it

sells at the MDC, while setting the meet-

me-room fees too high would negatively

affect the Exchange’s ability to sell its

services at the MDC.

30

Accordingly,

there are real constraints on the meet-

me-room fees the Exchange charges,

such that the Exchange does not have an

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31

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

32

17 CFR 240.19b–4(f)(6).

33

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

34

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.

35

15 U.S.C. 78s(b)(2)(B).

36

17 CFR 200.30–3(a)(12).

1

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

2

17 CFR 240.19b–4.

3

See Securities Exchange Act Release No. 105309

(Apr. 24, 2026), 91 FR 23128.

4

15 U.S.C. 78s(b)(2).

5

See Securities Exchange Act Release No.

105654, 91 FR 36019 (Jun. 15, 2026). The

Commission designated July 28, 2026, as the date

by which the Commission shall either approve or

disapprove, or institute proceedings to determine

whether to disapprove the proposed rule change.

advantage in terms of costs when

compared to third parties that enter the

MDC through the meet-me-rooms to

provide services to compete with the

Exchange’s services.

If anything, the Exchange would be

subject to a competitive disadvantage

vis-a

`-vis Users regarding connectivity to

the Proposed Third Party Data Feed.

Users that choose to independently

establish connectivity may negotiate

terms with the Telecoms or other Users

through whom such connectivity is

delivered, in response to competitive

forces. Such prices are not required to

be filed by any party with the

Commission. In contrast, the Exchange’s

service and pricing would be

standardized as set out in this filing,

and the Exchange would be unable to

respond to pricing pressure from its

competitors without seeking a formal

fee change in a filing before the

Commission.

The changes would not put any

market participants at a relative

disadvantage compared to other market

participants or penalize one or more

categories of market participants in a

manner that would impose an undue

burden on competition.

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 Exchange has filed the proposed

rule change pursuant to Section

19(b)(3)(A)(iii) of the Act

31

and Rule

19b–4(f)(6) thereunder.

32

Because the

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

prior to 30 days from the date on which

it was filed, or such shorter time as the

Commission may designate, if

consistent with the protection of

investors and the public interest, the

proposed rule change has become

effective pursuant to Section 19(b)(3)(A)

of the Act

33

and Rule 19b–4(f)(6)

34

thereunder.

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)

35

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–

NYSE–2026–32 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–NYSE–2026–32. 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 filing 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–NYSE–2026–32 and should

be submitted on or before July 28, 2026.

For the Commission, by the Division of

Trading and Markets, pursuant to delegated

authority.

36

Sherry R. Haywood,

Assistant Secretary.

[FR Doc. 2026–13649 Filed 7–6–26; 8:45 am]

BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–105837; File No. SR–TXSE–

2026–006]

Self-Regulatory Organizations; Texas

Stock Exchange LLC; Notice of Filing

of Amendment No. 1 to a Proposed

Rule Change To Amend Certain Parts

of Its Opening and Closing Auctions

July 1, 2026.

On April 17, 2026, Texas Stock

Exchange LLC (the ‘‘Exchange’’ or

‘‘TXSE’’) filed with the Securities and

Exchange Commission (‘‘Commission’’),

pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934 (the

‘‘Act’’),

1

and Rule 19b–4 thereunder,

2

a

proposed rule change to amend certain

parts of its opening and closing

auctions. The proposed rule change was

published for comment in the Federal

Register on April 29, 2026.

3

On June 10,

2026, pursuant to Section 19(b)(2) of the

Act,

4

the Commission designated a

longer period within which to approve

the proposed rule change, disapprove

the proposed rule change, or institute

proceedings to demine whether to

disapprove the proposed rule change.

5

On June 30, 2026, the Exchange filed

Amendment No. 1 to the proposed rule

change as described in Items I and II

below, which Items have been prepared

by the Exchange. Amendment No. 1

superseded the proposed rule change as

originally filed and replaced it in its

entirety. The Commission is publishing

this notice to solicit comments on the

proposed rule change, as modified by

Amendment No. 1, from interested

persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange filed a proposal to

amend certain parts of its Opening and

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