22 Jul 2025
📊SEC Notice on Rule Change for Data Subscriber Definition
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make a Non-Substantive Change To Amend and Conform a Definition in the Exchange's Fee Schedule
Summary
The SEC announces a proposed rule change by Investors Exchange LLC to amend the definition of “Data Subscriber” in its Market Data Fees section. This change aligns with existing agreements and policies, aiming to enhance clarity for businesses receiving IEX market data, particularly concerning controlled and uncontrolled distribution.
Agencies
- Securities and Exchange Commission
Business Impact
$$ - Med
The proposed rule change clarifies the definition of “Data Subscriber,” impacting entities receiving market data from Investors Exchange LLC and addressing compliance with SEC regulations. This update ensures businesses align their data agreements with new terms, directly affecting financial operations and regulatory adherence.