SEC Announces Self-Regulatory Organization File No. SR-BX-2025-006 on February 3, 2025

The Exchange has submitted a proposal to the Securities and Exchange Commission (SEC) for a rule change. The proposed change relates to the National Market System Plan to address extra capacity fees collected by the Consolidated Tape Association (CTA) and the Options Price Reporting Authority (OPRA).

The proposed rule change aims to revise the previous allocation methodology for the extra capacity fee that was consolidated under the CTA Plan and the OPRA Plan. The revised methodology would distribute extra capacity fees based on the Participants’ or industry members’ proportionate share of data reported to the CTA and OPRA systems instead of the previous allocation based on the number of trades reported to the systems.

The Exchange proposes that industry members will now pay extra capacity fees based on their share of total data reported, which includes the number of trading venues or listed securities reported to the systems. This proposed change is expected to more accurately reflect the actual data usage of each industry member and aligns with the industry-wide goal of more accurately attributing costs based on actual consumption.

The proposed rule change would also include updates to definitions in the CTA Plan and OPRA Plan to reflect these changes. The revised definitions would clarify the methodology for calculating a Participant’s or industry member’s proportionate share based on data reported to the systems.

Several industry Participants offered favorable comments on the proposed rule change, citing its alignment with industry best practices and its potential to more accurately distribute costs based on data usage. These Participants agreed that the new allocation methodology would provide a more equitable distribution of extra capacity fees across industry members.

Overall, the proposed rule change submitted by the Exchange seeks to update the allocation methodology for extra capacity fees collected by the CTA and OPRA. By revising the methodology to reflect actual data usage, the proposed change aims to improve the accuracy and fairness of fee distribution among industry members. Industry Participants have expressed support for the proposed change, recognizing its potential to align with industry best practices and ensure a more equitable distribution of costs.