NYSE American LLC Proposes Market Data Fee Amendments

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1. Text of the Proposed Rule ChangePursuant to the provisions of Section 19(b)(1) of the Securities ExchangeAct of 1934 (the “Act”)and Rule 19b-4 thereunder,NYSE AmericanLLC (“NYSE American” or the “Exchange”) proposes to amend theNYSE American LLC Equities Proprietary Market Data Fees (“FeeSchedule”) to 1) establish a NYSE American BBO Digital MediaEnterprise Fee, 2) extend the proposed NYSE American BBO DigitalMedia Enterprise Fee to NYSE American BBO Enterprise Feesubscribers, and 3) extend the NYSE American Trades Digital MediaEnterprise Fee to NYSE American Trades Enterprise Fee subscribers.A notice of the proposed rule change for publication in the FederalRegister is attached hereto as Exhibit 1.(b) The Exchange does not believe that the proposed rule change will haveany direct effect, or any significant indirect effect, on any other Exchangerule in effect at the time of this filing.(c) Not applicable.2. Procedures of the Self-Regulatory OrganizationSenior management has approved the proposed rule change pursuant to authoritydelegated to it by the Board of the Exchange. No further action is required underthe Exchange’s governing documents. Therefore, the Exchange’s internalprocedures with respect to the proposed rule change are complete.The person on the Exchange staff prepared to respond to questions and commentson the proposed rule change is:Samir PatelSenior CounselNYSE Group, Inc.(212) 656-3. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basisfor, the Proposed Rule Change(a) PurposeThe Exchange proposes to amend the Fee Schedule to 1) establish a NYSEAmerican BBO Digital Media Enterprise Fee, 2) extend the proposed NYSE15 U.S.C. 78s(b)(1). American BBO Digital Media Enterprise Fee to NYSE American BBO EnterpriseFee subscribers, and 3) extend the NYSE American Trades Digital MediaEnterprise Fee to NYSE American Trades Enterprise Fee subscribers.NYSE American BBO Digital MediaNYSE American BBO is a NYSE American-only market data product that allowsa vendor to redistribute on a real-time basis the same best-bid-and-offerinformation that NYSE American reports under the Consolidated Quotation Plan(“CQ Plan”) for inclusion in the CQ Plan’s consolidated quotation informationdata stream (“NYSE American BBO Information”).NYSE American BBOInformation includes the best bids and offers for all securities that are traded onthe Exchange and for which NYSE American reports quotes under the CQ Plan.NYSE American BBO is available over a single data feed, regardless of themarkets on which the securities are listed. NYSE American BBO is madeavailable to its subscribers no earlier than the information it contains is madeavailable to the processor under the CQ Plan.The Exchange proposes to amend the Fee Schedule to establish a Digital MediaEnterprise Fee of $5,000 per month for NYSE American BBO. As proposed, aNYSE American BBO Digital Media Enterprise subscription will include, as withNYSE American BBO as currently offered, access to real-time best-bid-and-offerinformation. As proposed, NYSE American BBO Digital Media Enterprise usewill permit market data vendors, television broadcasters, website and mobiledevice service providers, and others to distribute bid and offer data to theircustomers for viewing via television, website, and mobile devices. Vendors willnot be permitted to provide NYSE American BBO Digital Media Enterprise in acontext in which a trading or order routing decision can be implemented. Asingle Digital Media Enterprise Fee will apply for subscribers receiving bothNYSE American BBO and NYSE American Trades. To reflect this new use case,the Exchange proposes to amend the Fee Schedule to adopt a Digital MediaEnterprise Fee under NYSE American BBO and a corresponding footnote withthe following rule text: “A single Digital Media Enterprise Fee allows subscribersto receive both NYSE American BBO and NYSE American Trades fordistribution to an unlimited number of Users for information and non-tradingpurposes only.”NYSE American BBO Enterprise and NYSE American BBO Digital MediaThe Exchange originally filed to amend the Fee Schedule on March 2, 2026 (SR-NYSEAMER-2026-14). SR-NYSEAMER-2026-14 was withdrawn on March 16, 2026,and replaced by this filing.See Securities Exchange Act Release Nos. 61936 (April 16, 2010), 75 FR 21088 (April22, 2010) (SR-NYSEAmex-2010-35) (notice – NYSE American BBO); and 62187 (May27, 2010), 75 FR 31500 (June 3, 2010) (SR-NYSEAmex-2010- 35) (approval order –NYSE American BBO).

The Exchange currently charges an enterprise fee of $3,000 per month for anunlimited number of professional and non-professional users for NYSE AmericanBBO.A single Enterprise Fee applies to subscribers receiving both NYSEAmerican BBO and NYSE American Trades.Accordingly, a subscribercurrently pays a flat fee for an unlimited number of professional and non-professional users of both data feeds without having to report the number of suchusers on a monthly basis.With this proposed rule change, a data recipient that chooses to license for andpays the proposed NYSE American BBO Digital Media Enterprise Fee can alsochoose to license for enterprise use of NYSE American BBO at no additionalcost. Such combined licensing would allow the subscriber to redistribute NYSEAmerican BBO to an unlimited number of professional and non-professionalusers, and redistribute NYSE American BBO via television, website and mobiledevices, without having to separately pay both the existing NYSE American BBOEnterprise Fee and the proposed NYSE American BBO Digital Media EnterpriseFee. A subscriber that chooses such combined licensing would pay a flat fee of$5,000 per month (instead of $8,000 per month) for both NYSE American BBOenterprise and NYSE American BBO Digital Media use cases. To reflect thisnew combined licensing, the Exchange propose to adopt new rule text in afootnote to the Fee Schedule. The proposed rule text would allow a subscriberthat pays a NYSE American BBO Digital Media Enterprise Fee to subscribe toenterprise use of NYSE American BBO at no additional cost.NYSE American Trades Enterprise and NYSE American Trades Digital MediaNYSE American Trades is a NYSE American-only market data feed that allows avendor to redistribute on a real-time basis the same last sale information that theExchange reports to the Consolidated Tape Association (“CTA”) for inclusion inthe CTA's consolidated data stream and certain other related data elements(“NYSE American Last Sale Information”).NYSE American Last SaleSee Securities Exchange Act Release No. 79314 (November 15, 2016), 81 FR 83308(November 21, 2016) (SR-NYSEMKT-2016-101).See Securities Exchange Act Release No. 70212 (August 15, 2013), 78 FR 51775(August 21, 2013) (SR-NYSEMKT-2013-69).As is the case currently, a data recipient, upon request, must provide the Exchange with acount of the total number of natural person users of NYSE American BBO, includingboth professional and non-professional users.See Securities Exchange Act Release Nos. 61936 (April 16, 2010), 75 FR 21088 (April22, 2010) (SR-NYSEAmex-2010-35) (notice – NYSE American Trades); and 62187(May 27, 2010), 75 FR 31500 (June 3, 2010) (SR-NYSEAmex-2010- 35) (approval order– NYSE American Trades). The fees applicable to subscribers of NYSE AmericanTrades are published on the Fee Schedule, available athttps://www.nyse.com/publicdocs/nyse/data/NYSE_American_Equities_Market_Data_Fee_Schedule.pdf.

Information includes real-time last sale information for all securities that aretraded on the Exchange and a stock summary message. The stock summarymessage updates every minute and includes NYSE American's opening price,high price, low price, closing price, and cumulative volume for the security.NYSE American Trades is made available to subscribers no earlier than theinformation it contains is made available to the processor under the CTA Plan.In 2013, the Exchange established the NYSE American Trades Digital MediaEnterprise Fee of $5,000 per month,which allows a subscriber to redistribute theNYSE American Trades data feed to an unlimited number of television, website,and mobile device viewers without having to differentiate between professionalsubscribers and non-professional subscribers, without having to account for theextent of access to the data, and without having to report the number of users.The Exchange also currently provides for enterprise use of NYSE AmericanTrades and charges a fee of $3,000 per month for redistribution to an unlimitednumber of professional and non-professional users.A single Enterprise Feeapplies to subscribers receiving both NYSE American Trades and NYSEAmerican BBO.Accordingly, a subscriber currently pays a flat fee for anunlimited number of professional and non-professional users of both data feedswithout having to report the number of such users on a monthly basis.With this proposed rule change, a data recipient that currently pays the NYSEAmerican Trades Digital Media Enterprise Fee can choose to license forenterprise use of NYSE American Trades at no additional cost. Such combinedlicensing would allow the subscriber to redistribute NYSE American Trades to anunlimited number of professional and non-professional users, and redistributeNYSE American Trades via television, website and mobile devices, withouthaving to separately pay both the existing NYSE American Trades Enterprise Feeand the existing NYSE American Trades Digital Media Enterprise Fee. Asubscriber that chooses such combined licensing would pay a flat fee of $5,000per month (instead of $8,000 per month) for both NYSE American Tradesenterprise and NYSE American Trades Digital Media use cases. To reflect thisnew licensing, the Exchange proposes to adopt new rule text in a footnote to theFee Schedule. The proposed rule text would allow a subscriber that pays a NYSESee Securities Exchange Act Release No. 69273 (April 2, 2013), 78 FR 20969 (April 8,2013) (SR-NYSEMKT-2013-30). See also Securities Exchange Act Release No. 70065(July 30, 2013), 78 FR 47450 (August 5, 2013) (SR-NYSEMKT-2013-64).See Securities Exchange Act Release No. 79314 (November 15, 2016), 81 FR 83308(November 21, 2016) (SR-NYSEMKT-2016-101).See Securities Exchange Act Release No. 70212 (August 15, 2013), 78 FR 51775(August 21, 2013) (SR-NYSEMKT-2013-69).As is the case currently, a data recipient, upon request, must provide the Exchange with acount of the total number of natural person users of NYSE American Trades, includingboth professional and non-professional users.

American Trades Digital Media Enterprise Fee to subscribe to enterprise use ofNYSE American Trades at no additional cost.DiscussionThis Proposal is a response to customer requests. A number of firms, includingfinancial media firms, retail broker-dealers, mobile application vendors, and datavendors, have informed the Exchange that they have observed an increase indemand for bid and offer information from the general investing public, andrequested that the Exchange create the proposed enterprise license. Thesepotential customers compared NYSE American’s market data fee schedule to thatof one of its competitors, which already allows general news websites todistribute real-time quote and trade information on open public websites andapplications,and concluded that overall market transparency would be improvedif NYSE American BBO was distributed on open public websites and applicationsas well.Upon consideration of these requests, the Exchange has determined thatdistribution of best bid and offer information is in the best interest of ourcustomers and the market as a whole. The release of pre-trade information wouldexpand the availability and accessibility of accurate and reliable tradinginformation, increasing overall transparency.NYSE American believes that there is little risk that the proposed license willchange the way that Professionals use pre-trade data. Although the new licensemay occasionally result in incidental professional use, data that is generallyavailable to online customers via television, open websites, mobile devices, or anyother unrestricted means of transmission is unlikely to have the breadth or depthof information, or desktop applications, used by Professionals. Information forprofessional use is typically distributed through firewall-protected websites,intranet sites, secured terminals, or is otherwise protected from widespreaddissemination.As an additional safeguard, the Exchange proposes that anyplatform used to distribute data under this license contain sufficient controls toensure that the feeds cannot be modified into a data feed or otherwise madesuitable for Professional use.See, e.g., Securities Exchange Act Release No. 79699 (December 28, 2016), 82 FR 892(January 4, 2017) (SR-BatsEDGA-2016-32) (introducing the digital media license forBats EDGA); see also Cboe One Feed, Digital Media License, available athttps://www.cboe.com/us/equities/market_data_services/cboe_one/ (allowing general news websites to distribute real-time quote and trade information on open public websitesand applications; information may be distributed via television, websites and mobiledevices for informational and non-trading purposes only).Professionals are also subject to regulatory requirements not applicable to the generalinvesting public that require different sets of information to be displayed. SEC Rule603(c), for example, requires Professionals to provide consolidated information, ratherthan proprietary data, under certain circumstances. See 17 CFR 242.603(c).

The Exchange expects the new license to be attractive to financial media outlets,search engines and firms engaged in the development and sale of new financialapplications. The Exchange also believes that subscribers that currently distributelast sale transaction reports under the Exchange’s existing NYSE AmericanTrades Digital Media License to the general investing public would similarly beinterested in distributing NYSE American BBO data on their open websites togenerate traffic and attract customers. Any firm that is interested in distributingNYSE American BBO to the general investing public under the conditions setforth in this proposed rule change would be able to do so. The Exchange expectsfinancial media firms, firms engaged in the development and sale of new financialapplications, broker-dealers, and data vendors in particular to benefit from theproposed license. The Exchange believes this proposed rule change will promotecompetition as it is similar to a media license already offered by other(b) Statutory BasisThe Exchange believes that the proposed rule change is consistent with theprovisions of Section 6 of the Act,in general, and Sections 6(b)(4) and 6(b)(5)of the Act,in particular, in that it provides an equitable allocation of reasonablefees among users and recipients of the data and is not designed to permit unfairdiscrimination among customers, issuers, and brokers. The Exchange alsobelieves that the proposed rule change is consistent with Section 11(A) of theActin that it is consistent with (i) fair competition among brokers and dealers,among exchange markets, and between exchange markets and markets other thanexchange markets; and (ii) the availability to brokers, dealers, and investors ofinformation with respect to quotations for and transactions in securities.Furthermore, the proposed rule change is consistent with Rule 603 of RegulationNMS,which provides that any national securities exchange that distributesinformation with respect to quotations for or transactions in an NMS stock do soon terms that are not unreasonably discriminatory.The Proposal Is an Equitable Allocation of Reasonable Dues, Fees and OtherChargesIn adopting Regulation NMS, the Commission granted self-regulatoryorganizations and broker-dealers increased authority and flexibility to offer newand unique market data to the public. The Commission has repeatedly expressedSee infra, notes 23-24.15 U.S.C. 78f(b).15 U.S.C. 78f(b)(4), (5).15 U.S.C. 78k-1.17 CFR 242.603.

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 determiningprices and SRO revenues, and also recognized that current regulation of themarket system “has been remarkably successful in promoting market competitionin its broader forms that are most important to investors and listed companies.”With respect to market data, the decision of the United States Court of Appealsfor the District of Columbia Circuit in NetCoalition v. SEC upheld theCommission’s reliance on the existence of competitive market mechanisms toevaluate the reasonableness and fairness of fees for proprietary market data:In fact, the legislative history indicates that the Congress intendedthat the market system “evolve through the interplay ofcompetitive forces as unnecessary regulatory restrictions areremoved” and that the SEC wield its regulatory power “in thosesituations where competition may not be sufficient,” such as in thecreation of a “consolidated transactional reporting system.”The court agreed with the Commission’s conclusion that “Congress intended that‘competitive forces should dictate the services and practices that constitute theU.S. national market system for trading equity securities.’”More recently, the Commission confirmed that it applies a “market-based” test inits assessment of market data fees, and that under that test:the Commission considers whether the exchange was subject tosignificant competitive forces in setting the terms of its proposalfor [market data], including the level of any fees. If an exchangemeets this burden, the Commission will find that its fee rule isconsistent with the Act unless there is a substantial countervailingbasis to find that the terms of the rule violate the Act or the rulesthereunder.In addition, the proposed NYSE American BBO Digital Media license wouldremove impediments to and would perfect the mechanism of a free and openmarket and a national market system by providing investors with alternativeSee Regulation NMS Adopting Release, 70 FR 37495, at 37499.NetCoalition v. SEC, 615 F.3d 525, 535 (D.C. Cir. 2010) (“NetCoalition I”) (quotingH.R. Rep. No. 94–229 at 92 (1975), as reprinted in 1975 U.S.C.C.A.N. 323).Id. at 535.See Securities Exchange Act Release No. 34-90217 (October 16, 2020), 85 FR 67392(October 22, 2020) (SR-NYSENAT-2020-05) (“National IF Approval Order”) (internalquotation marks omitted), quoting Securities Exchange Act Release No. 59039(December 2, 2008), 73 FR 74770, 74781 (December 9, 2008).

market data and would compete with similar market data products currentlyoffered by the Nasdaq Stock Market LLC (“Nasdaq”) through its Nasdaq Basicdata feed and the four U.S. equities exchanges operated by Cboe Exchange, Inc. -Cboe BZX Exchange, Inc. (“BZX”), Cboe BYX Exchange, Inc. (“BYX”), CboeEDGA Exchange, Inc. (“EDGA”), and Cboe EDGX Exchange, Inc. (“EDGX”),each of which contributes to a market data product that comprises the Cboe OneFeed that permits a digital media use.Similar to both Nasdaq Basic and theCboe One Feed, which provide real-time best bid and offer information for allU.S. exchange-listed stocks, NYSE American BBO Digital Media would allowvendors and subscribers to utilize NYSE American BBO, or NYSE BQT forsubscribers that choose to subscribe to the BBO data feeds from New York StockExchange LLC (“NYSE”) and NYSE Arca, Inc. (“NYSE Arca”), to quicklyaccess and distribute real time bid and offer data.Competition among exchanges in the sale of top-of-book data is a powerfulcompetitive force that constrains the price of top-of-book data products. NYSEAmerican BBO provides choices to broker-dealers and other data consumers byoffering less than the quantum of data provided through the consolidated tapefeeds, but at a lower price.Top-of-book data can be used for many purposes—from a retail investor casuallysurveying the market to sophisticated market participants using it for a variety ofapplications, such as investment analysis, risk management, or portfoliovaluation.All major exchange groups compete to sell top-of-book data. As noted above,See https://www.nasdaq.com/solutions/data/equities/nasdaq-basic. See also https://www.nasdaqtrader.com/TraderNews.aspx?id=dn2022-1. See BZX Rule 11.22(j) Cboe One Feed; BYX Rule 11.22(i) BYX Cboe One Feed;EDGA Rule 13.8(b) Cboe One Feed; and EDGX Rule 13.8(b) Cboe One Feed. The CboeOne Feed offered by BZX, BYX, EDGA and EDGX are each a data feed that thatcontains the aggregate best bid and offer of all displayed orders for securities traded eachof those exchanges.The NYSE BQT feed disseminates top-of-book information from the NYSE, NYSEAmerican, NYSE Arca, NYSE National and NYSE Texas exchanges. See NYSE BestQuote & Trades (BQT), available at https://www.nyse.com/market-data/real-time/nyse- bqt. As set forth in footnote 5 of the NYSE Fee Schedule, to subscribe to NYSE BQT, subscribers must also separately pay applicable fees for NYSE BBO, NYSE Trades,NYSE Arca BBO, NYSE Arca Trades, NYSE American BBO, NYSE American Trades,NYSE National BBO, NYSE National Trades, NYSE Texas BBO and NYSE TexasTrades, as may be amended from time to time. This proposed fee change, taken togetherwith similar fee changes filed by the Exchange’s affiliated exchanges, NYSE and NYSEArca, will reduce the fees associated with NYSE BQT for Redistributors of NYSEAmerican BBO and NYSE American Trades who wish to provide these top of bookproducts to an unlimited number of professional and non-professional users, andredistribute such data via television, website and mobile devices.

Nasdaq Basic provides data derived from liquidity within the Nasdaq marketcenter and trades reported to the FINRA/Nasdaq TRFs. As noted above, theNYSE BQT feed disseminates top-of-book information from the NYSE, NYSEAmerican, NYSE Arca, NYSE National and NYSE Texas exchanges, while theCboe One Summary Feed provides data from the four Cboe equities exchanges:BZX Exchange, BYX Exchange, EDGX Exchange and EDGA Exchange.Nasdaq, NYSE and Cboe compete on price and quality. Nasdaqand Cboeboth currently offer enterprise licenses for their top-of book feeds.Competition among exchanges for order flow has long been recognized by thecourts. As the D.C. Circuit recognized in NetCoalition I, “[n]o one disputes thatcompetition for order flow is fierce.”The court further noted that “no exchangepossesses a monopoly, regulatory or otherwise, in the execution of order flowfrom broker dealers,” and that an exchange “must compete vigorously for orderflow to maintain its share of trading volume.”The proposed NYSE American BBO Digital Media Enterprise license is anelement of the competition among exchanges for the sale of top-of-book feeds.As explained above, it was drafted in response to requests from potentialcustomers, including financial media firms, retail broker-dealers, mobileapplication vendors, and data vendors, and is consistent with the license offeredby one of the Exchange’s competitors allowing general news websites todistribute real-time quote and trade information.The Exchange expects theproposed new license to be attractive to financial media outlets, search engines,and firms engaged in the development and sale of new financial applications, aswell as broker-dealers, and expects that the increased dissemination of NYSESee Cboe Market Data Services, U.S. Equities, U.S. Equities Market Data Products,available at: https://markets.cboe.com/us/equities/market_data_services/#:~:text= Cboe%20Top%20is%20a%20real,time%20on%20a%20Cboe%20book.&text=It%20is%20a%20real%2Dtime,time%20on%20a%20Cboe%20book. See Section 132, Market Data Enterprise License for Display Usage, available athttps://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Equity%207#section132marketdataenterpriselicensefordisplayusage. See Cboe, Market Data Services, Cboe One Feed, available at https://markets.cboe.com/ us/equities/marketdataservices/cboeone/. NetCoalition I, 615 F.3d at 544 (internal quotation omitted).Id.See, e.g., Securities Exchange Act Release No. 79699 (December 28, 2016), 82 FR 892(January 4, 2017) (SR-BatsEDGA-2016-32) (introducing the digital media license forBats EDGA); see also Cboe One Feed, Digital Media License, available athttps://www.cboe.com/us/equities/marketdataservices/cboeone/ (allowing general news websites to distribute real-time quote and trade information on open public websitesand applications; information may be distributed via television, websites and mobiledevices for informational and non-trading purposes only).

American BBO data will enhance the Exchange’s ability to compete with otherexchanges in the sale of top-of-book data.In establishing the Digital Media Enterprise Fee, the Exchange recognizes thatthere is demand for a more seamless and easier–to-administer data distributionmode that takes into account the expanded variety of media and communicationdevices that investors utilize today. The Exchange believes the proposed DigitalMedia Enterprise Fee will be easy to administer because data recipients thatpurchase it would not be required to differentiate between Professional and Non-Professional Users, account for the extent of access to the data, or report thenumber of Users. This is a significant reduction on a recipient firm’sadministrative burden and is a benefit to investors. For example, a televisionbroadcaster could display the NYSE American BBO data during market-relatedprogramming and on its website or allow viewers to view the data via their mobiledevices, creating a more seamless distribution model that would allow investorsmore choice in how they receive and view market data, all without having toaccount for and/or measure who accesses the data and how often they do so.The proposed Digital Media Enterprise Fee is also reasonable and equitablyallocated because it will enable recipient firms to more widely distribute datafrom the NYSE American BBO data feed to investors for informational purposesat a lower cost than is available today. For example, Nasdaq provides a DigitalMedia Enterprise License for Nasdaq Basic for $100,000 per month per firm.The Exchange also believes the proposed Digital Media Enterprise License isreasonable and equitably allocated as the proposed rule change would allowsubscribers to redistribute NYSE American BBO to an unlimited number ofProfessional and non-Professional Users, and redistribute NYSE American BBOvia television, website and mobile devices, at a lower cost. The Exchangebelieves the proposed enterprise license would result in lower fees for subscribersable to reach the largest audience of investors, including retail investors.Discounts for broader dissemination of market data information have routinelybeen adopted by exchanges as equitable allocations of reasonable dues, fees andcharges.The Exchange believes the proposed enterprise license to allow both digital mediause and enterprise use is reasonable and equitably allocated because it wouldreduce exchange fees, lower administrative costs for subscribers and help expandSee https://data.nasdaq.com/price- list?category=U.S.+Equities&subcategory=Nasdaq+Basic. For example, the Commission has permitted pricing discounts for market data underNasdaq Rules at Section 132. Market Data Enterprise License for Display Usage andSection 147. Nasdaq Basic (b) User Fees. See also Securities Exchange Act Release No.82182 (November 30, 2017), 82 FR 57627 (December 6, 2017) (SR-NYSE-2017-60)(changing an enterprise fee for NYSE BBO and NYSE Trades).

the availability of market information to investors and thereby increaseparticipation in financial markets. As discussed above, a subscriber would pay aflat fee of $5,000 per month (instead of $8,000 per month) for both enterprise useof NYSE American BBO and NYSE American BBO Digital Media use cases. Asubscriber would similarly pay a flat fee of $5,000 per month (instead of $8,000per month) for both enterprise use of NYSE American Trades and NYSEAmerican Trades Digital Media use cases. Subscribers would be able todisseminate NYSE American BBO and/or NYSE American Trades, as the casemay be, to an unlimited number of Professional and non-Professional Users for amonthly fee that is lower than if the subscriber licensed for each use separately.The Proposal Does Not Permit Unfair DiscriminationThe Exchange believes that the proposed fee change is not unfairly discriminatorybecause it neither targets nor will it have a disparate impact on any category ofmarket participant and would apply uniformly to all subscribers of Exchange dataon an equal and non-discriminatory basis. As explained below in the Exchange’sStatement on Burden on Competition, the Exchange believes that there issubstantial evidence of competition in the marketplace for data and that theCommission can rely upon such evidence in concluding that the fees establishedin this filing are the product of competition and therefore satisfy the relevantstatutory standards. In addition, the existence of alternatives to the Exchange’soffering, including real-time consolidated data, free delayed consolidated data,and proprietary data from other sources, ensures that the Exchange cannot setunreasonable fees, or fees that are unfairly discriminatory, when vendors andsubscribers can elect such alternatives. In addition, the proposal would not permitunfair discrimination because the proposed licensing options would be availableto all of the Exchange’s current and future subscribers on an equivalent basis.For all of the reasons set forth herein, the Exchange believes that the proposedDigital Media Enterprise license will be subject to significant competition.Moreover, the Exchange believes that the proposed rule change will benefit thegeneral investing public by lowering the cost of distributing NYSE BBO, therebyenhancing overall market transparency.4. Self-Regulatory Organization’s Statement on Burden on CompetitionIn accordance with Section 6(b)(8)of the Act, the Exchange does not believethat the proposed rule change will impose any burden on competition that is notnecessary or appropriate in furtherance of the purposes of the Act.Intramarket Competition. The Exchange believes that the proposed rule change does not put any market participant at a relative disadvantage compared to othermarket participants. As noted above, the proposed fees would apply equally to all78 U.S.C. 78f(b)(8).

subscribers of NYSE American BBO, and subscribers may choose whether tosubscribe for Digital Media use of NYSE American BBO at all. The Exchangealso believes that the proposed fees neither favor nor penalize one or morecategories of market participants in a manner that would impose an undue marketon competition.Intermarket Competition. The Exchange believes the proposed rule change does not impose a burden on competition or on other exchanges that is not necessary orappropriate because of the availability of similar products and licensing options inthe marketplace. Because other exchanges already offer similar products andlicensing options, the Exchange’s proposed NYSE American BBO Digital MediaEnterprise will further enhance competition. The NYSE American BBO DigitalMedia Enterprise will foster competition by providing an alternative to similarlicensing opportunities offered by other exchanges, notably Nasdaq and the CboeThe NYSE American BBO Digital Media Enterprise would provideinvestors with a new subscription option, which was a primary goal of the marketdata amendments adopted by Regulation NMS.Thus, the Exchange believesthe proposed rule change is necessary to permit fair competition among nationalsecurities exchanges.5. Self-Regulatory Organization’s Statement on Comments on the Proposed RuleChange Received from Members, Participants or OthersThe Exchange has neither solicited nor received written comments on theproposed rule change.6. Extension of Time Period for Commission ActionThe Exchange does not consent at this time to an extension of any time period forCommission action.7. Basis for Summary Effectiveness Pursuant to Section 19(b)(3) or for AcceleratedEffectiveness Pursuant to Section 19(b)(2)The foregoing rule change is effective upon filing pursuant to Section19(b)(3)(A)of the Act and subparagraph (f)(2) of Rule 19b-4thereunderbecause it establishes a due, fee, or other charge imposed by the Exchange. At anytime within 60 days of the filing of such proposed rule change, the Commissionsummarily may temporarily suspend such rule change if it appears to theCommission that such action is necessary or appropriate in the public interest, forSee supra, notes 27-28.See supra, note 19, at 37503.15 U.S.C. 78s(b)(3)(A).17 CFR 240.19b-4(f)(2).

the protection of investors, or otherwise in furtherance of the purposes of the Act.If the Commission takes such action, the Commission shall institute proceedingsunder Section 19(b)(2)(B)of the Act to determine whether the proposed rulechange should be approved or disapproved.8. Proposed Rule Change Based on Rules of Another Self-Regulatory Organizationor of the CommissionNot applicable.9. Security-Based Swap Submissions Filed Pursuant to Section 3C of the ActNot applicable.10. Advance Notices Filed Pursuant to Section 806(e) of the Payment, Clearing andSettlement Supervision ActNot applicable.11. ExhibitsExhibit 1 – Form of Notice of Proposed Rule Change for Publication in theFederal RegisterExhibit 5 - Proposed Rule Change15 U.S.C. 78s(b)(2)(B).

EXHIBIT 1SECURITIES AND EXCHANGE COMMISSION(Release No. 34- ; File No. SR-NYSEAMER-2026-24)[Date]Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and ImmediateEffectiveness of Proposed Change to Amend the NYSE American LLC Equities ProprietaryMarket Data FeesPursuant to Section 19(b)(1)of the Securities Exchange Act of 1934 (“Act”)and Rule19b-4 thereunder,notice is hereby given that, on March 16, 2026, NYSE American LLC(“NYSE American” 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 Itemshave been prepared by the self-regulatory organization. The Commission is publishing thisnotice to solicit comments on the proposed rule change from interested persons.I. Self-Regulatory Organization’s Statement of the Terms of Substance of the ProposedRule ChangeThe Exchange proposes to amend the NYSE American LLC Equities Proprietary MarketData Fees (“Fee Schedule”) to 1) establish a NYSE American BBO Digital Media EnterpriseFee, 2) extend the proposed NYSE American BBO Digital Media Enterprise Fee to NYSEAmerican BBO Enterprise Fee subscribers, and 3) extend the NYSE American Trades DigitalMedia Enterprise Fee to NYSE American Trades Enterprise Fee subscribers. The proposed rulechange is available on the Exchange’s website at www.nyse.com, at the principal office of theExchange, and at the Commission’s Public Reference Room.15 U.S.C. 78s(b)(1).15 U.S.C. 78a.

1. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, theProposed Rule ChangeIn its filing with the Commission, the self-regulatory organization included statementsconcerning the purpose of, and basis for, the proposed rule change and discussed any commentsit received on the proposed rule change. The text of those statements may be examined at theplaces specified in Item IV below. The Exchange has prepared summaries, set forth in sectionsA, B, and C below, of the most significant parts of such statements.A. Self-Regulatory Organization’s Statement of the Purpose of, and the StatutoryBasis for, the Proposed Rule Change1. PurposeThe Exchange proposes to amend the Fee Schedule to 1) establish a NYSE American BBODigital Media Enterprise Fee, 2) extend the proposed NYSE American BBO Digital MediaEnterprise Fee to NYSE American BBO Enterprise Fee subscribers, and 3) extend the NYSEAmerican Trades Digital Media Enterprise Fee to NYSE American Trades Enterprise Feesubscribers.NYSE American BBO Digital MediaNYSE American BBO is a NYSE American-only market data product that allows avendor to redistribute on a real-time basis the same best-bid-and-offer information that NYSEAmerican reports under the Consolidated Quotation Plan (“CQ Plan”) for inclusion in the CQPlan’s consolidated quotation information data stream (“NYSE American BBO Information”).NYSE American BBO Information includes the best bids and offers for all securities that areThe Exchange originally filed to amend the Fee Schedule on March 2, 2026 (SR-NYSEAMER-2026-14).SR-NYSEAMER-2026-14 was withdrawn on March 16, 2026, and replaced by this filing.See Securities Exchange Act Release Nos. 61936 (April 16, 2010), 75 FR 21088 (April 22, 2010) (SR-NYSEAmex-2010-35) (notice – NYSE American BBO); and 62187 (May 27, 2010), 75 FR 31500 (June 3,2010) (SR-NYSEAmex-2010- 35) (approval order – NYSE American BBO). traded on the Exchange and for which NYSE American reports quotes under the CQ Plan.NYSE American BBO is available over a single data feed, regardless of the markets on whichthe securities are listed. NYSE American BBO is made available to its subscribers no earlierthan the information it contains is made available to the processor under the CQ Plan.The Exchange proposes to amend the Fee Schedule to establish a Digital MediaEnterprise Fee of $5,000 per month for NYSE American BBO. As proposed, a NYSE AmericanBBO Digital Media Enterprise subscription will include, as with NYSE American BBO ascurrently offered, access to real-time best-bid-and-offer information. As proposed, NYSEAmerican BBO Digital Media Enterprise use will permit market data vendors, televisionbroadcasters, website and mobile device service providers, and others to distribute bid and offerdata to their customers for viewing via television, website, and mobile devices. Vendors will notbe permitted to provide NYSE American BBO Digital Media Enterprise in a context in which atrading or order routing decision can be implemented. A single Digital Media Enterprise Feewill apply for subscribers receiving both NYSE American BBO and NYSE American Trades.To reflect this new use case, the Exchange proposes to amend the Fee Schedule to adopt aDigital Media Enterprise Fee under NYSE American BBO and a corresponding footnote with thefollowing rule text: “A single Digital Media Enterprise Fee allows subscribers to receive bothNYSE American BBO and NYSE American Trades for distribution to an unlimited number ofUsers for information and non-trading purposes only.”NYSE American BBO Enterprise and NYSE American BBO Digital MediaThe Exchange currently charges an enterprise fee of $3,000 per month for an unlimitednumber of professional and non-professional users for NYSE American BBO.A singleSee Securities Exchange Act Release No. 79314 (November 15, 2016), 81 FR 83308 (November 21, 2016)

Enterprise Fee applies to subscribers receiving both NYSE American BBO and NYSE AmericanTrades.Accordingly, a subscriber currently pays a flat fee for an unlimited number ofprofessional and non-professional users of both data feeds without having to report the numberof such users on a monthly basis.With this proposed rule change, a data recipient that chooses to license for and pays theproposed NYSE American BBO Digital Media Enterprise Fee can also choose to license forenterprise use of NYSE American BBO at no additional cost. Such combined licensing wouldallow the subscriber to redistribute NYSE American BBO to an unlimited number ofprofessional and non-professional users, and redistribute NYSE American BBO via television,website and mobile devices, without having to separately pay both the existing NYSE AmericanBBO Enterprise Fee and the proposed NYSE American BBO Digital Media Enterprise Fee. Asubscriber that chooses such combined licensing would pay a flat fee of $5,000 per month(instead of $8,000 per month) for both NYSE American BBO enterprise and NYSE AmericanBBO Digital Media use cases. To reflect this new combined licensing, the Exchange propose toadopt new rule text in a footnote to the Fee Schedule. The proposed rule text would allow asubscriber that pays a NYSE American BBO Digital Media Enterprise Fee to subscribe toenterprise use of NYSE American BBO at no additional cost.NYSE American Trades Enterprise and NYSE American Trades Digital MediaNYSE American Trades is a NYSE American-only market data feed that allows a vendor(SR-NYSEMKT-2016-101).See Securities Exchange Act Release No. 70212 (August 15, 2013), 78 FR 51775 (August 21, 2013) (SR-NYSEMKT-2013-69).As is the case currently, a data recipient, upon request, must provide the Exchange with a count of the totalnumber of natural person users of NYSE American BBO, including both professional and non-professionalusers.

to redistribute on a real-time basis the same last sale information that the Exchange reports to theConsolidated Tape Association (“CTA”) for inclusion in the CTA's consolidated data stream andcertain other related data elements (“NYSE American Last Sale Information”).NYSEAmerican Last Sale Information includes real-time last sale information for all securities that aretraded on the Exchange and a stock summary message. The stock summary message updatesevery minute and includes NYSE American's opening price, high price, low price, closing price,and cumulative volume for the security. NYSE American Trades is made available tosubscribers no earlier than the information it contains is made available to the processor underthe CTA Plan.In 2013, the Exchange established the NYSE American Trades Digital Media EnterpriseFee of $5,000 per month,which allows a subscriber to redistribute the NYSE American Tradesdata feed to an unlimited number of television, website, and mobile device viewers withouthaving to differentiate between professional subscribers and non-professional subscribers,without having to account for the extent of access to the data, and without having to report thenumber of users.The Exchange also currently provides for enterprise use of NYSE American Trades andcharges a fee of $3,000 per month for redistribution to an unlimited number of professional andnon-professional users.A single Enterprise Fee applies to subscribers receiving both NYSESee Securities Exchange Act Release Nos. 61936 (April 16, 2010), 75 FR 21088 (April 22, 2010) (SR-NYSEAmex-2010-35) (notice – NYSE American Trades); and 62187 (May 27, 2010), 75 FR 31500 (June3, 2010) (SR-NYSEAmex-2010- 35) (approval order – NYSE American Trades). The fees applicable tosubscribers of NYSE American Trades are published on the Fee Schedule, available athttps://www.nyse.com/publicdocs/nyse/data/NYSE_American_Equities_Market_Data_Fee_Schedule.pdf. See Securities Exchange Act Release No. 69273 (April 2, 2013), 78 FR 20969 (April 8, 2013) (SR-NYSEMKT-2013-30). See also Securities Exchange Act Release No. 70065 (July 30, 2013), 78 FR 47450(August 5, 2013) (SR-NYSEMKT-2013-64).See Securities Exchange Act Release No. 79314 (November 15, 2016), 81 FR 83308 (November 21, 2016)(SR-NYSEMKT-2016-101).

American Trades and NYSE American BBO.Accordingly, a subscriber currently pays a flatfee for an unlimited number of professional and non-professional users of both data feedswithout having to report the number of such users on a monthly basis.With this proposed rule change, a data recipient that currently pays the NYSE AmericanTrades Digital Media Enterprise Fee can choose to license for enterprise use of NYSE AmericanTrades at no additional cost. Such combined licensing would allow the subscriber to redistributeNYSE American Trades to an unlimited number of professional and non-professional users, andredistribute NYSE American Trades via television, website and mobile devices, without havingto separately pay both the existing NYSE American Trades Enterprise Fee and the existingNYSE American Trades Digital Media Enterprise Fee. A subscriber that chooses such combinedlicensing would pay a flat fee of $5,000 per month (instead of $8,000 per month) for both NYSEAmerican Trades enterprise and NYSE American Trades Digital Media use cases. To reflect thisnew licensing, the Exchange proposes to adopt new rule text in a footnote to the Fee Schedule.The proposed rule text would allow a subscriber that pays a NYSE American Trades DigitalMedia Enterprise Fee to subscribe to enterprise use of NYSE American Trades at no additionalcost.DiscussionThis Proposal is a response to customer requests. A number of firms, including financialmedia firms, retail broker-dealers, mobile application vendors, and data vendors, have informedthe Exchange that they have observed an increase in demand for bid and offer information fromSee Securities Exchange Act Release No. 70212 (August 15, 2013), 78 FR 51775 (August 21, 2013) (SR-NYSEMKT-2013-69).As is the case currently, a data recipient, upon request, must provide the Exchange with a count of the totalnumber of natural person users of NYSE American Trades, including both professional and non-professional users.

the general investing public, and requested that the Exchange create the proposed enterpriselicense. These potential customers compared NYSE American’s market data fee schedule to thatof one of its competitors, which already allows general news websites to distribute real-timequote and trade information on open public websites and applications,and concluded thatoverall market transparency would be improved if NYSE American BBO was distributed onopen public websites and applications as well.Upon consideration of these requests, the Exchange has determined that distribution ofbest bid and offer information is in the best interest of our customers and the market as a whole.The release of pre-trade information would expand the availability and accessibility of accurateand reliable trading information, increasing overall transparency.NYSE American believes that there is little risk that the proposed license will change theway that Professionals use pre-trade data. Although the new license may occasionally result inincidental professional use, data that is generally available to online customers via television,open websites, mobile devices, or any other unrestricted means of transmission is unlikely tohave the breadth or depth of information, or desktop applications, used by Professionals.Information for professional use is typically distributed through firewall-protected websites,intranet sites, secured terminals, or is otherwise protected from widespread dissemination.Asan additional safeguard, the Exchange proposes that any platform used to distribute data underSee, e.g., Securities Exchange Act Release No. 79699 (December 28, 2016), 82 FR 892 (January 4, 2017)(SR-BatsEDGA-2016-32) (introducing the digital media license for Bats EDGA); see also Cboe One Feed,Digital Media License, available at https://www.cboe.com/us/equities/market_data_services/cboe_one/ (allowing general news websites to distribute real-time quote and trade information on open publicwebsites and applications; information may be distributed via television, websites and mobile devices forinformational and non-trading purposes only).Professionals are also subject to regulatory requirements not applicable to the general investing public thatrequire different sets of information to be displayed. SEC Rule 603(c), for example, requires Professionalsto provide consolidated information, rather than proprietary data, under certain circumstances. See 17 CFR242.603(c).

this license contain sufficient controls to ensure that the feeds cannot be modified into a data feedor otherwise made suitable for Professional use.The Exchange expects the new license to be attractive to financial media outlets, searchengines and firms engaged in the development and sale of new financial applications. TheExchange also believes that subscribers that currently distribute last sale transaction reportsunder the Exchange’s existing NYSE American Trades Digital Media License to the generalinvesting public would similarly be interested in distributing NYSE American BBO data on theiropen websites to generate traffic and attract customers. Any firm that is interested in distributingNYSE American BBO to the general investing public under the conditions set forth in thisproposed rule change would be able to do so. The Exchange expects financial media firms, firmsengaged in the development and sale of new financial applications, broker-dealers, and datavendors in particular to benefit from the proposed license. The Exchange believes this proposedrule change will promote competition as it is similar to a media license already offered by other2. Statutory BasisThe Exchange believes that the proposed rule change is consistent with the provisions ofSection 6 of the Act,in general, and Sections 6(b)(4) and 6(b)(5) of the Act,in particular, inthat it provides an equitable allocation of reasonable fees among users and recipients of the dataand is not designed to permit unfair discrimination among customers, issuers, and brokers. TheExchange also believes that the proposed rule change is consistent with Section 11(A) of theSee infra, notes 24-25.15 U.S.C. 78f(b).15 U.S.C. 78f(b)(4), (5).

Actin that it is consistent with (i) fair competition among brokers and dealers, among exchangemarkets, and between exchange markets and markets other than exchange markets; and (ii) theavailability to brokers, dealers, and investors of information with respect to quotations for andtransactions in securities. Furthermore, the proposed rule change is consistent with Rule 603 ofRegulation NMS,which provides that any national securities exchange that distributesinformation with respect to quotations for or transactions in an NMS stock do so on terms thatare not unreasonably discriminatory.The Proposal Is an Equitable Allocation of Reasonable Dues, Fees and OtherChargesIn adopting Regulation NMS, the Commission granted self-regulatory organizations andbroker-dealers increased authority and flexibility to offer new and unique market data to thepublic. The Commission has repeatedly expressed its preference for competition over regulatoryintervention in determining prices, products, and services in the securities markets. Specifically,in Regulation NMS, the Commission highlighted the importance of market forces in determiningprices and SRO revenues, and also recognized that current regulation of the market system “hasbeen remarkably successful in promoting market competition in its broader forms that are mostimportant to investors and listed companies.”With respect to market data, the decision of the United States Court of Appeals for theDistrict of Columbia Circuit in NetCoalition v. SEC upheld the Commission’s reliance on theexistence of competitive market mechanisms to evaluate the reasonableness and fairness of feesfor proprietary market data:15 U.S.C. 78k-1.17 CFR 242.603.See Regulation NMS Adopting Release, 70 FR 37495, at 37499.

In fact, the legislative history indicates that the Congress intended that themarket system “evolve through the interplay of competitive forces asunnecessary regulatory restrictions are removed” and that the SEC wieldits regulatory power “in those situations where competition may not besufficient,” such as in the creation of a “consolidated transactionalreporting system.”The court agreed with the Commission’s conclusion that “Congress intended that‘competitive forces should dictate the services and practices that constitute the U.S. nationalmarket system for trading equity securities.’”More recently, the Commission confirmed that it applies a “market-based” test in itsassessment of market data fees, and that under that test:the Commission considers whether the exchange was subject to significantcompetitive forces in setting the terms of its proposal for [market data],including the level of any fees. If an exchange meets this burden, theCommission will find that its fee rule is consistent with the Act unlessthere is a substantial countervailing basis to find that the terms of the ruleviolate the Act or the rules thereunder.In addition, the proposed NYSE American BBO Digital Media license would removeimpediments to and would perfect the mechanism of a free and open market and a nationalNetCoalition v. SEC, 615 F.3d 525, 535 (D.C. Cir. 2010) (“NetCoalition I”) (quoting H.R. Rep. No. 94–229 at 92 (1975), as reprinted in 1975 U.S.C.C.A.N. 323).Id. at 535.See Securities Exchange Act Release No. 34-90217 (October 16, 2020), 85 FR 67392 (October 22, 2020)(SR-NYSENAT-2020-05) (“National IF Approval Order”) (internal quotation marks omitted), quotingSecurities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74781 (December 9, 2008).

market system by providing investors with alternative market data and would compete withsimilar market data products currently offered by the Nasdaq Stock Market LLC (“Nasdaq”)through its Nasdaq Basicdata feed and the four U.S. equities exchanges operated by CboeExchange, Inc. - Cboe BZX Exchange, Inc. (“BZX”), Cboe BYX Exchange, Inc. (“BYX”), CboeEDGA Exchange, Inc. (“EDGA”), and Cboe EDGX Exchange, Inc. (“EDGX”), each of whichcontributes to a market data product that comprises the Cboe One Feed that permits a digitalmedia use.Similar to both Nasdaq Basic and the Cboe One Feed, which provide real-time bestbid and offer information for all U.S. exchange-listed stocks, NYSE American BBO DigitalMedia would allow vendors and subscribers to utilize NYSE American BBO, or NYSE BQT forsubscribers that choose to subscribe to the BBO data feeds from New York Stock Exchange LLC(“NYSE”) and NYSE Arca, Inc. (“NYSE Arca”), to quickly access and distribute real time bidand offer data.Competition among exchanges in the sale of top-of-book data is a powerful competitiveforce that constrains the price of top-of-book data products. NYSE American BBO provideschoices to broker-dealers and other data consumers by offering less than the quantum of dataSee https://www.nasdaq.com/solutions/data/equities/nasdaq-basic. See alsohttps://www.nasdaqtrader.com/TraderNews.aspx?id=dn2022-1. See BZX Rule 11.22(j) Cboe One Feed; BYX Rule 11.22(i) BYX Cboe One Feed; EDGA Rule 13.8(b)Cboe One Feed; and EDGX Rule 13.8(b) Cboe One Feed. The Cboe One Feed offered by BZX, BYX,EDGA and EDGX are each a data feed that that contains the aggregate best bid and offer of all displayedorders for securities traded each of those exchanges.The NYSE BQT feed disseminates top-of-book information from the NYSE, NYSE American, NYSEArca, NYSE National and NYSE Texas exchanges. See NYSE Best Quote & Trades (BQT), available athttps://www.nyse.com/market-data/real-time/nyse-bqt. As set forth in footnote 5 of the NYSE Fee Schedule, to subscribe to NYSE BQT, subscribers must also separately pay applicable fees for NYSEBBO, NYSE Trades, NYSE Arca BBO, NYSE Arca Trades, NYSE American BBO, NYSE AmericanTrades, NYSE National BBO, NYSE National Trades, NYSE Texas BBO and NYSE Texas Trades, as maybe amended from time to time. This proposed fee change, taken together with similar fee changes filed bythe Exchange’s affiliated exchanges, NYSE and NYSE Arca, will reduce the fees associated with NYSEBQT for Redistributors of NYSE American BBO and NYSE American Trades who wish to provide thesetop of book products to an unlimited number of professional and non-professional users, and redistributesuch data via television, website and mobile devices.

provided through the consolidated tape feeds, but at a lower price.Top-of-book data can be used for many purposes—from a retail investor casuallysurveying the market to sophisticated market participants using it for a variety of applications,such as investment analysis, risk management, or portfolio valuation.All major exchange groups compete to sell top-of-book data. As noted above, NasdaqBasic provides data derived from liquidity within the Nasdaq market center and trades reportedto the FINRA/Nasdaq TRFs. As noted above, the NYSE BQT feed disseminates top-of-bookinformation from the NYSE, NYSE American, NYSE Arca, NYSE National and NYSE Texasexchanges, while the Cboe One Summary Feed provides data from the four Cboe equitiesexchanges: BZX Exchange, BYX Exchange, EDGX Exchange and EDGA Exchange.Nasdaq,NYSE and Cboe compete on price and quality. Nasdaqand Cboeboth currently offerenterprise licenses for their top-of book feeds.Competition among exchanges for order flow has long been recognized by the courts. Asthe D.C. Circuit recognized in NetCoalition I, “[n]o one disputes that competition for order flowis fierce.”The court further noted that “no exchange possesses a monopoly, regulatory orotherwise, in the execution of order flow from broker dealers,” and that an exchange “mustcompete vigorously for order flow to maintain its share of trading volume.”See Cboe Market Data Services, U.S. Equities, U.S. Equities Market Data Products, available at:https://markets.cboe.com/us/equities/market_data_services/#:~:text=Cboe%20Top%20is%20a%20real,time%20on%20a%20Cboe%20book.&text=It%20is%20a%20real%2Dtime,time%20on%20a%20Cboe%20book. See Section 132, Market Data Enterprise License for Display Usage, available athttps://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Equity%207#section132marketdataenterpriselicensefordisplayusage. See Cboe, Market Data Services, Cboe One Feed, available at https://markets.cboe.com/us/equities/market_ dataservices/cboeone/. NetCoalition I, 615 F.3d at 544 (internal quotation omitted).Id.

The proposed NYSE American BBO Digital Media Enterprise license is an element ofthe competition among exchanges for the sale of top-of-book feeds. As explained above, it wasdrafted in response to requests from potential customers, including financial media firms, retailbroker-dealers, mobile application vendors, and data vendors, and is consistent with the licenseoffered by one of the Exchange’s competitors allowing general news websites to distribute real-time quote and trade information.The Exchange expects the proposed new license to beattractive to financial media outlets, search engines, and firms engaged in the development andsale of new financial applications, as well as broker-dealers, and expects that the increaseddissemination of NYSE American BBO data will enhance the Exchange’s ability to competewith other exchanges in the sale of top-of-book data.In establishing the Digital Media Enterprise Fee, the Exchange recognizes that there isdemand for a more seamless and easier–to-administer data distribution mode that takes intoaccount the expanded variety of media and communication devices that investors utilize today.The Exchange believes the proposed Digital Media Enterprise Fee will be easy to administerbecause data recipients that purchase it would not be required to differentiate betweenProfessional and Non-Professional Users, account for the extent of access to the data, or reportthe number of Users. This is a significant reduction on a recipient firm’s administrative burdenand is a benefit to investors. For example, a television broadcaster could display the NYSEAmerican BBO data during market-related programming and on its website or allow viewers toview the data via their mobile devices, creating a more seamless distribution model that wouldSee, e.g., Securities Exchange Act Release No. 79699 (December 28, 2016), 82 FR 892 (January 4, 2017)(SR-BatsEDGA-2016-32) (introducing the digital media license for Bats EDGA); see also Cboe One Feed,Digital Media License, available at https://www.cboe.com/us/equities/market_data_services/cboe_one/ (allowing general news websites to distribute real-time quote and trade information on open publicwebsites and applications; information may be distributed via television, websites and mobile devices forinformational and non-trading purposes only).

allow investors more choice in how they receive and view market data, all without having toaccount for and/or measure who accesses the data and how often they do so.The proposed Digital Media Enterprise Fee is also reasonable and equitably allocatedbecause it will enable recipient firms to more widely distribute data from the NYSE AmericanBBO data feed to investors for informational purposes at a lower cost than is available today.For example, Nasdaq provides a Digital Media Enterprise License for Nasdaq Basic for$100,000 per month per firm.The Exchange also believes the proposed Digital Media Enterprise License is reasonableand equitably allocated as the proposed rule change would allow subscribers to redistributeNYSE American BBO to an unlimited number of Professional and non-Professional Users, andredistribute NYSE American BBO via television, website and mobile devices, at a lower cost.The Exchange believes the proposed enterprise license would result in lower fees for subscribersable to reach the largest audience of investors, including retail investors. Discounts for broaderdissemination of market data information have routinely been adopted by exchanges as equitableallocations of reasonable dues, fees and charges.The Exchange believes the proposed enterprise license to allow both digital media useand enterprise use is reasonable and equitably allocated because it would reduce exchange fees,lower administrative costs for subscribers and help expand the availability of market informationto investors and thereby increase participation in financial markets. As discussed above, asubscriber would pay a flat fee of $5,000 per month (instead of $8,000 per month) for bothSee https://data.nasdaq.com/price-list?category=U.S.+Equities&subcategory=Nasdaq+Basic.For example, the Commission has permitted pricing discounts for market data under Nasdaq Rules atSection 132. Market Data Enterprise License for Display Usage and Section 147. Nasdaq Basic (b) UserFees. See also Securities Exchange Act Release No. 82182 (November 30, 2017), 82 FR 57627 (December6, 2017) (SR-NYSE-2017-60) (changing an enterprise fee for NYSE BBO and NYSE Trades).

enterprise use of NYSE American BBO and NYSE American BBO Digital Media use cases. Asubscriber would similarly pay a flat fee of $5,000 per month (instead of $8,000 per month) forboth enterprise use of NYSE American Trades and NYSE American Trades Digital Media usecases. Subscribers would be able to disseminate NYSE American BBO and/or NYSE AmericanTrades, as the case may be, to an unlimited number of Professional and non-Professional Usersfor a monthly fee that is lower than if the subscriber licensed for each use separately.The Proposal Does Not Permit Unfair DiscriminationThe Exchange believes that the proposed fee change is not unfairly discriminatorybecause it neither targets nor will it have a disparate impact on any category of marketparticipant and would apply uniformly to all subscribers of Exchange data on an equal and non-discriminatory basis. As explained below in the Exchange’s Statement on Burden onCompetition, the Exchange believes that there is substantial evidence of competition in themarketplace for data and that the Commission can rely upon such evidence in concluding that thefees established in this filing are the product of competition and therefore satisfy the relevantstatutory standards. In addition, the existence of alternatives to the Exchange’s offering,including real-time consolidated data, free delayed consolidated data, and proprietary data fromother sources, ensures that the Exchange cannot set unreasonable fees, or fees that are unfairlydiscriminatory, when vendors and subscribers can elect such alternatives. In addition, theproposal would not permit unfair discrimination because the proposed licensing options wouldbe available to all of the Exchange’s current and future subscribers on an equivalent basis.For all of the reasons set forth herein, the Exchange believes that the proposed DigitalMedia Enterprise license will be subject to significant competition. Moreover, the Exchangebelieves that the proposed rule change will benefit the general investing public by lowering the

cost of distributing NYSE BBO, thereby enhancing overall market transparency.B. Self-Regulatory Organization’s Statement on Burden on CompetitionIn accordance with Section 6(b)(8)of the Act, the Exchange does not believe that theproposed rule change will impose any burden on competition that is not necessary or appropriatein furtherance of the purposes of the Act.Intramarket Competition. The Exchange believes that the proposed rule change does not put any market participant at a relative disadvantage compared to other market participants. Asnoted above, the proposed fees would apply equally to all subscribers of NYSE American BBO,and subscribers may choose whether to subscribe for Digital Media use of NYSE American BBOat all. The Exchange also believes that the proposed fees neither favor nor penalize one or morecategories of market participants in a manner that would impose an undue market oncompetition.Intermarket Competition. The Exchange believes the proposed rule change does not impose a burden on competition or on other exchanges that is not necessary or appropriatebecause of the availability of similar products and licensing options in the marketplace. Becauseother exchanges already offer similar products and licensing options, the Exchange’s proposedNYSE American BBO Digital Media Enterprise will further enhance competition. The NYSEAmerican BBO Digital Media Enterprise will foster competition by providing an alternative tosimilar licensing opportunities offered by other exchanges, notably Nasdaq and the CboeThe NYSE American BBO Digital Media Enterprise would provide investors witha new subscription option, which was a primary goal of the market data amendments adopted by78 U.S.C. 78f(b)(8).See supra, notes 28-29.

Regulation NMS.Thus, the Exchange believes the proposed rule change is necessary to permitfair competition among national securities exchanges.C. Self-Regulatory Organization’s Statement on Comments on the Proposed RuleChange Received from Members, Participants, or OthersNo 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 ActionPursuant to Section 19(b)(3)(A)(ii) of the Act,and Rule 19b-4(f)(2) thereundertheExchange has designated this proposal as establishing or changing a due, fee, or other chargeimposed on any person, whether or not the person is a member of the self-regulatoryorganization, which renders the proposed rule change effective upon filing. At any time within60 days of the filing of the proposed rule change, the Commission summarily may temporarilysuspend such rule change if it appears to the Commission that such action is necessary orappropriate in the public interest, for the protection of investors, or otherwise in furtherance ofthe purposes of the Act.IV. Solicitation of CommentsInterested persons are invited to submit written data, views and arguments concerning theforegoing, including whether the proposed rule change is consistent with the Act. Commentsmay be submitted by any of the following methods:Electronic Comments: Use the Commission’s internet comment form (https://www.sec.gov/rules/sro.shtml); orSee supra, note 20, at 37503.15 U.S.C. 78s(b)(3)(A)(ii).

 Send an email to rule-comments@sec.gov. Please include file number SR-NYSEAMER-2026-24 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-2026-24. This file numbershould be included on the subject line if email is used. To help the Commission process andreview your comments more efficiently, please use only one method. The Commission will postall 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 theExchange. Do not include personal identifiable information in submissions; you should submitonly information that you wish to make available publicly. We may redact in part or withholdentirely from publication submitted material that is obscene or subject to copyright protection.All submissions should refer to file number SR-NYSEAMER-2026-24 and should be submittedon or before [INSERT DATE 21 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL REGISTER]. For the Commission, by the Division of Trading and Markets, pursuant to delegatedauthority.Sherry R. Haywood,Assistant Secretary. 17 CFR 200.30-3(a)(12).

Exhibit 5Additions underlined.Deletions [bracketed].NYSE American LLC Equities Proprietary Market Data FeesAs of March 16[2], 2026, unless otherwise noted*****NYSE American BBOGeneral Access Fee $750/monthPer User Access Fee: $100/monthDigital Media Enterprise Fee: $5,000/month11 12Professional User Fee (Per User): $1/monthNon-Professional User Fee (Per User): $0.05/monthEnterprise Fee: $3,000/monthNon-Display FeeCategory 1: $500/monthCategory 2: $500/monthCategory 3: $500/month, capped at $1,500Non-Display Declaration Late Fee: $1,000/monthNYSE American TradesGeneral Access Fee: $750/monthPer User Access Fee: $100/monthDigital Media Enterprise Fee: $5,000/month11 12Redistribution Fee: $750/month6 7Professional User Fee (Per User): $1/monthNon-Professional User Fee (Per User): $0.05/month

Enterprise Fee: $3,000/monthNon-Display FeeCategory 1: $1,500/monthCategory 2: $1,500/monthCategory 3: $1,500/month, capped at $4,500Non-Display Declaration Late Fee: $1,000/month*****-----------------------------1-10No Change.A single Digital Media Enterprise Fee allows subscribers to receive both NYSEAmerican BBO and NYSE American Trades for distribution to an unlimited number ofUsers for information and non-trading purposes only.Subscribers that pay a Digital Media Enterprise Fee may choose to subscribe toEnterprise use of NYSE American BBO and/or NYSE American Trades at no additionalcost.