80 FR 52529 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Market Data Fees

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 168 (August 31, 2015)

Page Range		52529-52530
FR Document		2015-21403
Federal Register, Volume 80 Issue 168 (Monday, August 31, 2015)
[Federal Register Volume 80, Number 168 (Monday, August 31, 2015)]
[Notices]
[Pages 52529-52530]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-21403]



[[Page 52529]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75755; File No. SR-ISE-2015-24]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to Market Data Fees

August 25, 2015.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on August 21, 2015, the International Securities Exchange, LLC 
(the ``Exchange'' or the ``ISE'') filed with the Securities and 
Exchange Commission the proposed rule change as described in Items I, 
II, and III 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The purpose of this proposed rule change is to amend the Exchange's 
Schedule of Fees to eliminate ISE's Historical Options Tick Data (``HOT 
Data'') service. The text of the proposed rule change is available on 
the Exchange's Web site (http://www.ise.com), at the principal office 
of the Exchange, and at the Commission's Public Reference Room.

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 these statements may be examined at 
the places specified in Item IV below. The self-regulatory organization 
has prepared summaries, set forth in sections A, B and C below, of the 
most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this proposed rule change is to amend the Exchange's 
Schedule of Fees to eliminate ISE's HOT Data service because the ISE 
has determined to no longer offer this service to members or non-
members.
    ISE's HOT Data was generated from daily data received from the 
Options Price Reporting Authority (``OPRA''), which is the ``securities 
information processor for market information generated by trading of 
securities options in the United States.'' \3\ The core data 
disseminated by OPRA includes last sale reports and quotations; 
however, OPRA also disseminates other information including, for 
example, the number of options contracts traded, open interest, and end 
of day summaries.\4\ Specifically, to create ISE's HOT Data, the ISE 
captured OPRA tick data \5\ and made it available as an ``end of day'' 
file \6\ or as a ``historical'' file \7\ for HOT Data subscribers and 
other market participants that made ad hoc requests for data.
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    \3\ OPRA Overview at http://www.opradata.com/overview/opra_over.jsp.
    \4\ Id.
    \5\ The Exchange collected this data throughout each trading day 
and at the end of each trading day, the Exchange compressed the data 
and uploaded it onto a server. Once the data was loaded onto the 
server, it was then made available to subscribers and other market 
participants.
    \6\ An end of day file refers to OPRA tick data for a trading 
day that was distributed prior to the opening of the next trading 
day. An end of day file was made available to subscribers as soon as 
practicable at the end of each trading day on an on-going basis 
pursuant to an annual subscription or through an ad-hoc request.
    \7\ An end of day file that was distributed after the start of 
the next trading day was called a historical file. A historical file 
was available to customers for a pre-determined date range by ad-hoc 
requests only.
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    The most recent fee charged to subscribers of HOT Data was $2,000 
per month on an annual subscription basis. For ad-hoc requests, ISE 
charged $120 per day, with a minimum purchase of $1,000 plus a 
processing fee of $499 per order for up to 1.5 Terabytes (TB). An order 
that exceeded 1.5 TB was charged an additional $399 for up to an 
additional 1.5 TB.
    The Exchange now proposes to eliminate the HOT Data service.\8\
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    \8\ No rule requires the ISE or any other exchange to offer this 
data nor are vendors required to purchase or display this data.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder that are applicable to a national securities exchange, and, 
in particular, with the requirements of section 6(b) of the Act.\9\ In 
particular, the proposal is consistent with section 6(b)(5) of the 
Act,\10\ because is designed to promote just and equitable principles 
of trade, remove impediments to and perfect the mechanisms of a free 
and open market and a national market system and, in general, to 
protect investors and the public interest.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes eliminating the service is consistent with 
the Exchange Act because it eliminates a service relating to market 
data that the Exchange has determined to no longer offer to members or 
non-members. The Exchange believes that the proposed rule change is 
consistent with the protection of investors and the public interest 
because the underlying data is available to market participants from 
other sources. Although ISE's HOT Data is separate from the core data 
feed available from OPRA, all the information that was available via 
the HOT Data feed is included in the OPRA core data feed, and this data 
is widely distributed. Additionally, the OPRA tick data collected and 
stored by ISE is neither exclusive nor proprietary to the Exchange. As 
such, the Exchange notes that there is nothing unique in ISE's HOT data 
that a third party vendor could not also provide.

B. Self-Regulatory Organization's Statement on Burden on Competition

    This proposed rule change does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Exchange Act because ISE is eliminating a service that provides 
data, which is available to market participants from other sources.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any unsolicited written comments from members or other interested 
parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The Exchange believes that the foregoing proposed rule change may 
take effect upon filing with the Commission pursuant to sction 
19(b)(3)(A) \11\ of the Act and Rule 19b-4(f)(6) thereunder \12\ 
because the foregoing proposed rule change does not

[[Page 52530]]

(i) significantly affect the protection of investors or the public 
interest, (ii) impose any significant burden on competition, and (iii) 
become operative for 30 days after its filing date, or such shorter 
time as the Commission may designate.
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-ISE-2015-24 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-ISE-2015-24. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549 on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-ISE-2015-24, and should be 
submitted on or before September 21, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-21403 Filed 8-28-15; 8:45 am]
BILLING CODE 8011-01-P
52530 Federal Register / Vol. 80, No. 168 / Monday, August 31, 2015 / Notices

(i) significantly affect the protection of 10:00 a.m. and 3:00 p.m. Copies of such I. Self-Regulatory Organization’s
investors or the public interest, (ii) filing also will be available for Statement of the Terms of the Substance
impose any significant burden on inspection and copying at the principal of the Proposed Rule Change
competition, and (iii) become operative office of the Exchange. All comments FINRA is proposing to adopt NASD
for 30 days after its filing date, or such received will be posted without change; Rule 3040 (Private Securities
shorter time as the Commission may the Commission does not edit personal Transactions of an Associated Person) as
designate. identifying information from FINRA Rule 3280 (Private Securities
At any time within 60 days of the submissions. You should submit only Transactions of an Associated Person) in
filing of the proposed rule change, the the consolidated FINRA rulebook
information that you wish to make
Commission summarily may without any substantive changes.
available publicly. All submissions
temporarily suspend such rule change if FINRA also proposes to update cross-
it appears to the Commission that such should refer to File Number SR–ISE–
2015–24, and should be submitted on or references within other FINRA rules
action is: (i) Necessary or appropriate in accordingly.
the public interest; (ii) for the protection before September 21, 2015.
The text of the proposed rule change
of investors; or (iii) otherwise in For the Commission, by the Division of is available at the principal office of
furtherance of the purposes of the Act. Trading and Markets, pursuant to delegated FINRA, on FINRA’s Web site at http://
If the Commission takes such action, the authority.13 www.finra.org, and at the Commission’s
Commission shall institute proceedings Robert W. Errett, Public Reference Room.
to determine whether the proposed rule Deputy Secretary.
should be approved or disapproved. II. Self-Regulatory Organization’s
[FR Doc. 2015–21403 Filed 8–28–15; 8:45 am] Statement of the Purpose of, and
IV. Solicitation of Comments BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
Interested persons are invited to Change
submit written data, views, and In its filing with the Commission,
arguments concerning the foregoing, SECURITIES AND EXCHANGE
FINRA included statements concerning
including whether the proposed rule COMMISSION the purpose of and basis for the
change is consistent with the Act. proposed rule change and discussed any
Comments may be submitted by any of [Release No. 34–75757; File No. SR–FINRA– comments it received on the proposed
the following methods: 2015–030] rule change. The text of these statements
Electronic Comments may be examined at the places specified
Self-Regulatory Organizations; in Item IV below. FINRA has prepared
• Use the Commission’s Internet Financial Industry Regulatory summaries, set forth in sections A, B,
comment form (http://www.sec.gov/ Authority, Inc.; Notice of Filing and and C below, of the most significant
rules/sro.shtml); or Immediate Effectiveness of a Proposed aspects of such statements.
• Send an email to rule-comments@ Rule Change To Adopt FINRA Rule
sec.gov. Please include File Number SR– A. Self-Regulatory Organization’s
3280 (Private Securities Transactions
ISE–2015–24 on the subject line. Statement of the Purpose of, and
of an Associated Person) in the
Statutory Basis for, the Proposed Rule
Paper Comments Consolidated FINRA Rulebook
Change
• Send paper comments in triplicate August 25, 2015.
to Brent J. Fields, Secretary, Securities 1. Purpose
and Exchange Commission, 100 F Street Pursuant to section 19(b)(1) of the As part of the process of developing
NE., Washington, DC 20549–1090. Securities Exchange Act of 1934 a new consolidated rulebook
All submissions should refer to File (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 (‘‘Consolidated FINRA Rulebook’’),5
Number SR–ISE–2015–24. This file notice is hereby given that on August FINRA is proposing to transfer NASD
number should be included on the 20, 2015, Financial Industry Regulatory Rule 3040 (Private Securities
subject line if email is used. To help the Authority, Inc. (‘‘FINRA’’) filed with the Transactions of an Associated Person)
Commission process and review your Securities and Exchange Commission into the Consolidated FINRA Rulebook
comments more efficiently, please use (‘‘Commission’’) the proposed rule as FINRA Rule 3280 (Private Securities
only one method. The Commission will change as described in Items I, II, and Transactions of an Associated Person)
post all comments on the Commission’s III below, which Items have been without any substantive changes. As
Internet Web site (http://www.sec.gov/ substantially prepared by FINRA. with NASD Rule 3040, proposed FINRA
rules/sro.shtml). Copies of the FINRA has designated the proposal as Rule 3280 states that, prior to
submission, all subsequent constituting a ‘‘non-controversial’’ participating in any private securities
amendments, all written statements proposed rule change pursuant to transaction, any person associated with
with respect to the proposed rule section 19(b)(3)(A) of the Act 3 and Rule a FINRA member must provide written
change that are filed with the 19b–4(f)(6) thereunder,4 which renders 5 The current FINRA rulebook consists of: (1)
Commission, and all written it effective upon filing with the FINRA Rules; (2) NASD Rules; and (3) rules
communications relating to the Commission. The Commission is incorporated from New York Stock Exchange LLC
proposed rule change between the publishing this notice to solicit (‘‘NYSE’’) (‘‘Incorporated NYSE Rules’’) (together,
Commission and any person, other than the NASD Rules and Incorporated NYSE Rules are
comments on the proposed rule change referred to as the ‘‘Transitional Rulebook’’). While
those that may be withheld from the
from interested persons. the NASD Rules generally apply to all FINRA
tkelley on DSK3SPTVN1PROD with NOTICES

public in accordance with the members, the Incorporated NYSE Rules apply only
provisions of 5 U.S.C. 552, will be to those members of FINRA that are also members
available for Web site viewing and 13 17 CFR 200.30–3(a)(12). of the NYSE. The FINRA Rules apply to all FINRA
printing in the Commission’s Public 1 15 U.S.C. 78s(b)(1). members, unless such rules have a more limited
application by their terms. For more information
Reference Room, 100 F Street NE., 2 17 CFR 240.19b–4.
about the rulebook consolidation process, see
Washington, DC 20549 on official 3 15 U.S.C. 78s(b)(3)(A).
Information Notice, March 12, 2008 (Rulebook
business days between the hours of 4 17 CFR 240.19b–4(f)(6). Consolidation Process).

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Document Created: 2018-02-23 11:04:43
Document Modified: 2018-02-23 11:04:43
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 52529