The New York Stock Exchange, LLC (NYSE) and NYSE Arca, Inc. (NYSE Arca) made rule filings to implement programs that would allow data vendors to redistribute exchange last sale information on a real-time basis. The NYSE filing introduces the NYSE Trades service on a pilot basis. This NYSE-only market data service would allow vendors to distribute data that NYSE reports to the Consolidated Tape Association (CTA) on a real-time basis at no charge during the pilot period. At the same time, NYSE made a filing that would establish a fee schedule for the receipt and redistribution of the data feed that would not commence until the later of SEC approval of the fee filing and the end of the pilot period program. The NYSE Arca filing contemplates a similar service for NYSE Arca last sale information. Currently, there are latency differences between accessing last sale data through the exchange and the CTA feeds that can be measured in milliseconds. The exchanges anticipate that demand for the products will derive from users who use the exchange feeds to power trading algorithms or smart order routers.