80 FR 53370 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for a Market Data Product Known as EDGA Book Viewer

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 171 (September 3, 2015)

Page Range		53370-53375
FR Document		2015-21872

Federal Register, Volume 80 Issue 171 (Thursday, September 3, 2015)

[Federal Register Volume 80, Number 171 (Thursday, September 3, 2015)]
[Notices]
[Pages 53370-53375]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-21872]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75787; File No. SR-EDGA-2015-34]

Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Fees for a Market Data Product Known as EDGA Book Viewer

August 28, 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 24, 2015, EDGA Exchange, Inc. (the ``Exchange'' or
``EDGA'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. The
Exchange has

[[Page 53371]]

designated the proposed rule change as one establishing or changing a
member due, fee, or other charge imposed by the Exchange under Section
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\
which renders the proposed rule change effective upon filing with the
Commission. 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange filed a proposal to amend the Market Data section of
its fee schedule to adopt fees for a market data product called EDGA
Book Viewer.
The text of the proposed rule change is available at the Exchange's
Web site at www.batstrading.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 Exchange 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 Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant parts of such
statements.

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

1. Purpose
The Exchange proposes to amend the Market Data section of its fee
schedule to adopt fees for market data product called EDGA Book Viewer.
EDGA Book Viewer is a data feed that disseminates, on a real-time
basis, the aggregated two-side quotations for up to five (5) price
levels for all displayed orders for securities traded on the Exchange
and for which the Exchanges reports quotes under the Consolidated Tape
Association (``CTA'') Plan or the Nasdaq/UTP Plan. EDGA Book Viewer
also contains the last ten (10) trades including time of trade, price
and share quantity.\5\ EDGA Book Viewer is currently available via
www.batstrading.com without charge.
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\5\ See Securities Exchange Act Release No. 75712 (August 17,
2015), 80 FR 50881 (August 21, 2015) (SR-EDGA-2015-31) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to
Amend Rule 13.8 to Describe the Market Data Product EDGA Book
Viewer).
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The Exchange now proposes to amend its fee schedule to incorporate
fees for distribution of EDGA Book Viewer to subscribers.\6\ EDGA Book
Viewer will remain available via www.batstrading.com for viewing
without charge. The proposed fees include the following, each of which
are described in detail below: (i) Distribution Fees for both Internal
and External Distributors; \7\ (ii) Usage Fees for both Professional
\8\ and Non-Professional \9\ Users; \10\ (iii) an Enterprise Fee; \11\
and (iv) a Digital Media Enterprise Fee.
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\6\ The Exchange notes that its affiliated exchanges, EDGX
Exchange, Inc. (``EDGX''), BATS Y-Exchange, Inc. (``BYX'') and BATS
Exchange, Inc. (``BZX'', together with the Exchange, EDGX and BYX,
the ``BATS Exchanges''), also intent to file proposed rule changes
with Commission to adopt similar fees for their respective Book
Viewer market data product.
\7\ A ``Distributor'' is defined as ``any entity that receives
the Exchange Market Data product directly from the Exchange or
indirectly through another entity and then distributes it internally
or externally to a third party.'' See the Exchange Fee Schedule
available at http://batstrading.com/support/fee_schedule/edga/. An
``Internal Distributor'' is defined as ``a Distributor that receives
the Exchange Market Data product and then distributes that data to
one or more Users within the Distributor's own entity.'' Id. An
``External Distributor'' is defined as ``a Distributor that receives
the Exchange Market Data product and then distributes that data to a
third party or one or more Users outside the Distributor's own
entity.'' Id.
\8\ A ``Professional User'' is defined as ``any User other than
a Non-Professional User.'' See the Exchange Fee Schedule available
at http://batstrading.com/support/fee_schedule/edga/.
\9\ A ``Non-Professional User'' is defined as ``a natural person
who is not: (i) Registered or qualified in any capacity with the
Commission, the Commodity Futures Trading Commission, any state
securities agency, any securities exchange or association, or any
commodities or futures contract market or association; (ii) engaged
as an ``investment adviser'' as that term is defined in Section
[202(a)(11)] of the Investment Advisers Act of 1940 (whether or not
registered or qualified under that Act); or (iii) employed by a bank
or other organization exempt from registration under federal or
state securities laws to perform functions that would require
registration or qualification if such functions were performed for
an organization not so exempt.'' Id.
\10\ The Exchange notes that User fees as well as the
distinctions based on professional and non-professional users have
been previously filed with or approved by the Commission by the BATS
Exchanges and the Nasdaq Stock Market LLC (``Nasdaq''). See
Securities Exchange Act Release No. 59582 (March 16, 2009), 74 FR
12423 (March 24, 2009) (Order approving SR-Nasdaq-2008-102). See
also See Securities Exchange Act Release Nos. 74285 (February 18,
2015), 80 FR 9828 (February 24, 2015) (SR-BATS-2015-11); 74283
(February 18, 2015), 80 FR 9809 (February 24, 2015) (SR-EDGA-2015-
09); 74282 (February 17, 2015), 80 FR 9487 (February 23, 2015) (SR-
EDGX-2015-09); and 74284 (February 18, 2015), 80 FR 9792 (February
24, 2015) (SR-BYX-2015-09) (``Initial BATS One Feed Fee Filings'').
\11\ The Exchange notes that Enterprise fees have been
previously filed with or approved by the Commission by the Exchange,
EDGA, BYX, BZX, Nasdaq, NYSE, and the CTA/CQ Plans. See Nasdaq Rule
7047. Securities Exchange Act Release Nos. 71507 (February 7, 2014),
79 FR 8763 (February 13, 2014) (SR-NASDAQ-2014-011); 70211 (August
15, 2013), 78 FR 51781 (August 21, 2013) (SR-NYSE-2013-58); and
70010 (July 19, 2013) (File No. SR-CTA/CQ-2013-04). See also the
Initial BATS One Feed Fee Filings, supra note 10.
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Distribution Fees. As proposed, each Internal Distributor that
receives EDGA Book Viewer shall pay a fee of $500 per month. The
Exchange does not propose to charge any User fees for EDGA Book Viewer
where the data is received and subsequently internally distributed to
Professional or Non-Professional Users. In addition, the Exchange
proposes to charge External Distributors that receives EDGA Book Viewer
a fee of $2,500 per month.
User Fees. The Exchange proposes to charge those who receive EDGA
Book Viewer from External Distributors different fees for both their
Professional Users and Non-Professional Users. The Exchange will assess
a monthly fee for Professional Users of $3.00 per User. Non-
Professional Users will be assessed a monthly fee of $0.10 per User.
The Exchange does not propose to charge per User fees to Internal
Distributors.
External Distributors that receives EDGA Book Viewer would be
required to count every Professional User and Non-Professional User to
which they provide EDGA Book Viewer, the requirements for which are
identical to that currently in place for the BATS One Feed.\12\ Thus,
the External Distributor's count will include every person and device
that accesses the data regardless of the purpose for which the
individual or device uses the data. External Distributors must report
all Professional and Non-Professional Users in accordance with the
following:
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\12\ See the Initial BATS One Feed Fee Filings, supra note 10.
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In connection with an External Distributor's distribution
of EDGA Book Viewer, the Distributor should count as one User each
unique User that the Distributor has entitled to have access to EDGA
Book Viewer. However, where a device is dedicated specifically to a
single individual, the Distributor should count only the individual and
need not count the device.
The External Distributor should identify and report each
unique User. If a User uses the same unique method to gain access to
EDGA Book Viewer, the Distributor should count that as one User.
However, if a unique User uses multiple methods to gain access to

[[Page 53372]]

EDGA Book Viewer (e.g., a single User has multiple passwords and user
identifications), the External Distributor should report all of those
methods as an individual User.
External Distributors should report each unique individual
person who receives access through multiple devices as one User so long
as each device is dedicated specifically to that individual.
If an External Distributor entitles one or more
individuals to use the same device, the External Distributor should
include only the individuals, and not the device, in the count.
Each External Distributor will receive a credit against its monthly
Distributor Fee for EDGA Book Viewer equal to the amount of its monthly
Usage Fees up to a maximum of the Distributor Fee for EDGA Book Viewer.
For example, an External Distributor will be subject to a $2,500
monthly Distributor Fee where they receive EDGA Book Viewer. If that
External Distributor reports User quantities totaling $2,500 or more of
monthly usage of EDGA Book Viewer, it will pay no net Distributor Fee,
whereas if that same External Distributor were to report User
quantities totaling $1,000 of monthly usage, it will pay a net of
$1,500 for the Distributor Fee. External Distributors will remain
subject to the per User fees discussed above.
Enterprise Fee. The Exchange also proposes to establish a $20,000
per month Enterprise Fee that will permit a recipient firm who receives
EDGA Book Viewer from an External Distributor to receive the data for
an unlimited number of Professional and Non-Professional Users. For
example, if a recipient firm had 15,000 Professional Users who each
receive EDGA Book Viewer at $3.00 per month, then that recipient firm
will pay $45,000 per month in Professional Users fees. Under the
proposed Enterprise Fee, the recipient firm will pay a flat fee of
$20,000 for an unlimited number of Professional and Non-Professional
Users for EDGA Book Viewer. A recipient firm must pay a separate
Enterprise Fee for each External Distributor that controls the display
of EDGA Book Viewer if it wishes such User to be covered by an
Enterprise Fee rather than by per User fees. A recipient firm that pays
the Enterprise Fee will not have to report its number of such Users on
a monthly basis. However, every six months, a recipient firm must
provide the Exchange with a count of the total number of natural person
users of each product, including both Professional and Non-Professional
Users. Lastly, the proposed Enterprise Fee would be counted towards the
Distributor Fee credit described above, under which an External
Distributor receives a credit towards its Distributor Fee equal to the
amount of its monthly EDGA Book Viewer User fees.
Digital Media Enterprise Fee. The Exchange proposes to adopt a
Digital Media Enterprise Fee of $5,000 per month for EDGA Book Viewer.
As an alternative to proposed User fees discussed above, a recipient
firm may purchase a monthly Digital Media Enterprise license to receive
EDGA Book Viewer from an External Distributor to distribute to an
unlimited number of Professional and Non-Professional Users for viewing
via television, Web sites, and mobile devices for informational and
non-trading purposes only without having to account for the extent of
access to the data or the report the number of Users to the Exchange.
Lastly, the proposed Digital Media Enterprise Fee would be counted
towards the Distributor Fee credit described above, under which an
External Distributor receives a credit towards its Distributor Fee
equal to the amount of its monthly EDGA Book Viewer User fees.
Implementation Date
The Exchange proposes to implement the proposed changes to its fee
schedule on September 8, 2015.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\13\ in general, and
furthers the objectives of Section 6(b)(4),\14\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its members and other recipients of
Exchange data. The Exchange believes that the proposed rates are
equitable and non-discriminatory in that they apply uniformly to all
recipients of Exchange data. The Exchange believes the proposed fees
are competitive with those charged by other venues and, therefore,
reasonable and equitably allocated to recipients. Lastly, the Exchange
also believes that the proposed fees are reasonable and non-
discriminatory because they will apply uniformly to all recipients of
Exchange data.
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\13\ 15 U.S.C. 78f.
\14\ 15 U.S.C. 78f(b)(4).
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The Exchange also believes that the proposed rule change is
consistent with Section 11(A) of the Act \15\ in that it supports (i)
fair competition among brokers and dealers, among exchange markets, and
between exchange markets and markets other than exchange markets and
(ii) the availability to brokers, dealers, and investors of information
with respect to quotations for and transactions in securities.
Furthermore, the proposed rule change is consistent with Rule 603 of
Regulation NMS,\16\ which provides that any national securities
exchange that distributes information with respect to quotations for or
transactions in an NMS stock do so on terms that are not unreasonably
discriminatory. In adopting Regulation NMS, the Commission granted
self-regulatory organizations and broker-dealers increased authority
and flexibility to offer new and unique market data to the public. It
was believed that this authority would expand the amount of data
available to consumers, and also spur innovation and competition for
the provision of market data.
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\15\ 15 U.S.C. 78k-1.
\16\ See 17 CFR 242.603.
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In addition, the proposed fees would not permit unfair
discrimination because all of the Exchange's customers and market data
vendors will be subject to the proposed fees on an equivalent basis.
EDGA Book Viewer is distributed and purchased on a voluntary basis, in
that neither the Exchange nor market data distributors are required by
any rule or regulation to make this data available. Accordingly,
Distributors and Users can discontinue use at any time and for any
reason, including due to an assessment of the reasonableness of fees
charged. Firms have a wide variety of alternative market data products
from which to choose, such as similar proprietary data products offered
by other exchanges and consolidated data. Moreover, the Exchange is not
required to make any proprietary data products available or to offer
any specific pricing alternatives to any customers.
In addition, the fees that are the subject of this rule filing are
constrained by competition. As explained below in the Exchange's
Statement on Burden on Competition, the existence of alternatives to
EDGA Book Viewer further ensures that the Exchange cannot set
unreasonable fees, or fees that are unreasonably discriminatory, when
vendors and subscribers can elect such alternatives. That is, the
Exchange competes with other exchanges (and their affiliates) that
provide similar market data products. If another exchange (or its
affiliate) were to charge less to distribute its similar product than
the Exchange charges to consolidate and distribute EDGA Book Viewer,
prospective Users likely would

[[Page 53373]]

not subscribe to, or would cease subscribing to, EDGA Book Viewer.
The Exchange notes that the Commission is not required to undertake
a cost-of-service or rate-making approach. The Exchange believes that,
even if it were possible as a matter of economic theory, cost-based
pricing for non-core market data would be so complicated that it could
not be done practically.\17\
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\17\ The Exchange believes that cost-based pricing would be
impractical because it would create enormous administrative burdens
for all parties, including the Commission, to cost-regulate a large
number of participants and standardize and analyze extraordinary
amounts of information, accounts, and reports. In addition, it is
impossible to regulate market data prices in isolation from prices
charged by markets for other services that are joint products. Cost-
based rate regulation would also lead to litigation and may distort
incentives, including those to minimize costs and to innovate,
leading to further waste. Under cost-based pricing, the Commission
would be burdened with determining a fair rate of return, and the
industry could experience frequent rate increases based on
escalating expense levels. Even in industries historically subject
to utility regulation, cost-based ratemaking has been discredited.
As such, the Exchange believes that cost-based ratemaking would be
inappropriate for proprietary market data and inconsistent with
Congress's direction that the Commission use its authority to foster
the development of the national market system, and that market
forces will continue to provide appropriate pricing discipline. See
Appendix C to NYSE's comments to the Commission's 2000 Concept
Release on the Regulation of Market Information Fees and Revenues,
which can be found on the Commission's Web site at http://www.sec.gov/rules/concept/s72899/buck1.htm. See also Securities
Exchange Act Release No. 73816 (December 11, 2014), 79 FR 75200
(December 17, 2014) (SR-NYSE-2014-64) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change to Establish an
Access Fee for the NYSE Best Quote and Trades Data Feed, Operative
December 1, 2014).
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Distributor Fee. The Exchange believes that the proposed
Distributor Fees are also reasonable, equitably allocated, and not
unreasonably discriminatory. The fees for Members and non-Members are
uniform except with respect to reasonable distinctions with respect to
internal and external distribution.\18\ The Exchange believes that the
Distributor Fees for EDGA Book Viewer are reasonable and fair in light
of alternatives offered by other market centers. For example, EDGA Book
Viewer provides investors with alternative market data and competes
with similar market data product currently offered by the New York
Stock Exchange, Inc. (``NYSE'') and the Nasdaq Stock Market LLC
(``Nasdaq'').\19\ Specifically, the NYSE charges an access fee of
$5,000 per month for NYSE OpenBook,\20\ which is higher than the
External Distributor fee proposed herein for EDGA Book Viewer.
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\18\ The Exchange notes that distinctions based on external
versus internal distribution have been previously filed with the
Commission by Nasdaq, Nasdaq OMX BX, and Nasdaq OMX PSX. See Nasdaq
Rule 019(b); see also Securities Exchange Act Release No. 62876
(September 9, 2010), 75 FR 56624 (September 16, 2010) (SR-PHLX-2010-
120); Securities Exchange Act Release No. 62907 (September 14,
2010), 75 FR 57314 (September 20, 2010) (SR-NASDAQ-2010-110);
Securities Exchange Act Release No. 63442 (December 6, 2010), 75 FR
77029 (December 10, 2010) (SR-BX-2010-081). See also the Initial
BATS One Feed Fee Filings, supra note 10.
\19\ See Nasdaq Rule 7023(a)(1)(C) (describing Nasdaq TotalView
is a depth-of-book data feed that includes all orders and quotes
from all Nasdaq members displayed in the Nasdaq Market Center as
well as the aggregate size of such orders and quotes at each price
level in the execution functionality of the Nasdaq Market Center).
See also Nasdaq Book Viewer, a description of which is available at
https://data.nasdaq.com/Book Viewer.aspx (last visited July 29,
2015). See NYSE OpenBook available at http://www.nyxdata.com/openbook (last visited July 29, 2015) (providing real-time view of
the NYSE limit order book).
\20\ See NYSE Market Data Pricing dated May 2015 available at
http://www.nyxdata.com/. Nasdaq charges distribution fees ranging
from $300 for 1-10 subscribers to $75,000 for more than $250 [sic]
subscribers. See Nasdaq Rule 7023(b)(4).
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User Fees. The Exchange believes that implementing the Professional
and Non-Professional User fees for EDGA Book Viewer are equitable and
reasonable because they will result in greater availability to
Professional and Non-Professional Users. Moreover, introducing a modest
Non-Professional User fee for EDGA Book Viewer is reasonable because it
provides an additional method for retail investors to access EDGA Book
Viewer data by providing the same data that is available to
Professional Users. The Exchange believes that the proposed fees are
equitable and not unfairly discriminatory because they will be charged
uniformly to recipient firms and Users. The fee structure of
differentiated Professional and Non-Professional fees is utilized by
the Exchange for the BATS One Feed and has long been used by other
exchanges for their proprietary data products, and by the Nasdaq UTP
and the CTA and CQ Plans in order to reduce the price of data to retail
investors and make it more broadly available.\21\ Offering EDGA Book
Viewer to Non-Professional Users with the same data available to
Professional Users results in greater equity among data recipients.
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\21\ See the Initial BATS One Feed Fee Filings, supra note 10.
See also, e.g., Securities Exchange Act Release No. 20002, File No.
S7-433 (July 22, 1983) (establishing nonprofessional fees for CTA
data); Nasdaq Rules 7023(b), 7047.
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In addition, the proposed fees are reasonable when compared to
similar fees for comparable products offered by the NYSE and Nasdaq.
Specifically, NYSE offers NYSE OpenBook for a monthly fee of $60.00 per
professional subscriber and $15 per non-professional subscriber.\22\
Nasdaq offers Nasdaq BookViewer for the same fees as Nasdaq TotalView,
which is a monthly fee of $70.00 per professional subscriber and $14
per non-professional subscriber.\23\ The Exchange's proposed per User
Fees for EDGA Book Viewer are less than the NYSE and Nasdaq fees.
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\22\ See NYSE Market Data Pricing dated May 2015 available at
http://www.nyxdata.com/.
\23\ See Nasdaq Rule 7023(b)(2).
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Enterprise Fee. The proposed Enterprise Fee for EDGA Book Viewer is
equitable and reasonable as the fees proposed are less than the
enterprise fees currently charged for Nasdaq Book Viewer, which is
subject to the exact same fees as Nasdaq TotalView. Nasdaq charges an
enterprise fee of $100,000 per month for Nasdaq TotalView,\24\ which is
far greater than the proposed Enterprise Fee of $20,000 per month for
EDGA Book Viewer. In addition, the Enterprise Fee proposed by the
Exchange could result in a fee reduction for recipient firms with a
large number of Professional and Non-Professional Users. If a recipient
firm has a smaller number of Professional Users of EDGA Book Viewer,
then it may continue using the per User structure and benefit from the
per User Fee reductions. By reducing prices for recipient firms with a
large number of Professional and Non-Professional Users, the Exchange
believes that more firms may choose to receive and to distribute EDGA
Book Viewer, thereby expanding the distribution of this market data for
the benefit of investors.
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\24\ See Nasdaq Rule 7023(c)(2) (stating that a distributor that
is also a broker-dealer pays a monthly fee of $100,000 for the right
to provide Nasdaq TotalView and for display usage for internal
distribution, or for external distribution to both professional and
non-professional subscribers with whom the firm has a brokerage
relationship.) Nasdaq also charges an enterprise fee of $25,000 to
provide Nasdaq TotalView to an unlimited number of non-professional
subscribers only. See Nasdaq Rule 7023(c)(1).
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The Exchange further believes that the proposed Enterprise Fee is
reasonable because it will simplify reporting for certain recipients
that have large numbers of Professional and Non-Professional Users.
Firms that pay the proposed Enterprise Fee will not have to report the
number of Users on a monthly basis as they currently do, but rather
will only have to count natural person users every six months, which is
a significant reduction in administrative burden. Finally, the Exchange
believes that it is equitable and not unfairly discriminatory to
establish an Enterprise Fee because it reduces the Exchange's costs and
the Distributor's administrative burdens in tracking and auditing large
numbers of Users.

[[Page 53374]]

Digital Media Enterprise Fee. The Exchange believes that the
proposed Digital Media Enterprise Fee for EDGA Book Viewer provides for
an equitable allocation of reasonable fees among recipients of the data
and is not designed to permit unfair discrimination among customers,
brokers, or dealers. In establishing the Digital Media Enterprise Fee,
the Exchange recognizes that there is demand for a more seamless and
easier-to-administer data distribution model that takes into account
the expanded variety of media and communication devices that investors
utilize today. The Exchange believes the Digital Media Enterprise Fee
will be easy to administer because data recipients that purchase it
would not be required to differentiate between Professional and Non-
Professional Users, account for the extent of access to the data, or
report the number of Users. This is a significant reduction on a
recipient firm's administrative burdens and is a significant value to
investors. For example, a television broadcaster could display EDGA
Book Viewer data during market-related programming and on its Web site
or allow viewers to view the data via their mobile devices, creating a
more seamless distribution model that will allow investors more choice
in how they receive and view market data, all without having to account
for and/or measure who accesses the data and how often they do so.
The proposed Digital Media Enterprise Fee is equitable and
reasonable because it will also enable recipient firms to more widely
distribute data from EDGA Book Viewer to investors for informational
purposes at a lower cost than is available today. For example, a
recipient firm may purchase an Enterprise license in the amount of
$20,000 per month for to receive EDGA Book Viewer from an External
Distributor that receives the product for an unlimited number of
Professional and Non-Professional Users, which is greater than the
proposed Digital Media Enterprise Fee. The Exchange also believes the
amount of the Digital Media Enterprise Fee is reasonable as compared to
the existing enterprise fees discussed above because the distribution
of EDGA Book Viewer data is limited to television, Web sites, and
mobile devices for informational purposes only, while distribution of
EDGA Book Viewer data pursuant to an Enterprise license contains no
such limitation. The Exchange also believes that the proposed Digital
Media Enterprise Fee is equitable and reasonable because it is less
than similar fees charged by other exchanges.\25\
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\25\ The Nasdaq Stock Market offers proprietary data products
for distribution over the internet and television under alternative
fee schedules that are subject to maximum fee of $50,000 per month.
See Nasdaq Rule 7039(b). The NYSE charges a Digit Media Enterprise
fee of $40,000 per month for the NYSE Trade Digital Media product.
See Securities Exchange Act Release No. 69272 (April 2, 2013), 78 FR
20983 (April 8, 2013) (SR-NYSE-2013-23).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. The
Exchange's ability to price EDGA Book Viewer is constrained by: (i)
Competition among exchanges, other trading platforms, and Trade
Reporting Facilities (``TRF'') that compete with each other in a
variety of dimensions; (ii) the existence of inexpensive real-time
consolidated data and market-specific data and free delayed data; and
(iii) the inherent contestability of the market for proprietary data.
The Exchange and its market data products are subject to
significant competitive forces and the proposed fees represent
responses to that competition. To start, the Exchange competes
intensely for order flow. It competes with the other national
securities exchanges that currently trade equities, with electronic
communication networks, with quotes posted in FINRA's Alternative
Display Facility, with alternative trading systems, and with securities
firms that primarily trade as principal with their customer order flow.
In addition, EDGA Book Viewer competes with a number of alternative
products. For instance, EDGA Book Viewer does provide a complete
picture of all trading activity in a security. Rather, the other
national securities exchanges, the several TRFs of FINRA, and
Electronic Communication Networks (``ECN'') that produce proprietary
data all produce trades and trade reports. Each is currently permitted
to produce last sale information products, and many currently do,
including Nasdaq and NYSE. In addition, market participants can gain
access to EDGA last sale and depth-of-book quotations, though
integrated with the prices of other markets, on feeds made available
through the SIPs.
In sum, the availability of a variety of alternative sources of
information imposes significant competitive pressures on Exchange data
products and the Exchange's compelling need to attract order flow
imposes significant competitive pressure on the Exchange to act
equitably, fairly, and reasonably in setting the proposed data product
fees. The proposed data product fees are, in part, responses to that
pressure. The Exchange believes that the proposed fees would reflect an
equitable allocation of its overall costs to users of its facilities.
In addition, when establishing the proposed fees, the Exchange
considered the competitiveness of the market for proprietary data and
all of the implications of that competition. The Exchange believes that
it has considered all relevant factors and has not considered
irrelevant factors in order to establish fair, reasonable, and not
unreasonably discriminatory fees and an equitable allocation of fees
among all Users. The existence of alternatives to EDGA Book Viewer,
including existing similar feeds by other exchanges, consolidated data,
and proprietary data from other sources, ensures that the Exchange
cannot set unreasonable fees, or fees that are unreasonably
discriminatory, when vendors and subscribers can elect these
alternatives or choose not to purchase a specific proprietary data
product if its cost to purchase is not justified by the returns any
particular vendor or subscriber would achieve through the purchase.

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

The Exchange has neither solicited nor received written comments on
the proposed rule change.

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

The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \26\ and paragraph (f) of Rule 19b-4
thereunder.\27\ 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
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

\26\ 15 U.S.C. 78s(b)(3)(A).
\27\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposal is

[[Page 53375]]

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 [email protected]. Please include
File No. SR-EDGA-2015-34 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 No. SR-EDGA-2015-34. 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 will also 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 No. SR-EDGA-2015-34 and should be
submitted on or before September 24, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
---------------------------------------------------------------------------

\28\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-21872 Filed 9-2-15; 8:45 am]
BILLING CODE 8011-01-P

53370 Federal Register / Vol. 80, No. 171 / Thursday, September 3, 2015 / Notices

the securities trading activities set forth however, will be required to manipulative acts and practices, to
in NASD Rule 1032(f)(1) is required to affirmatively register persons who promote just and equitable principles of
qualify and register as an Equity Trader. transition to Securities Trader trade, and, in general, to protect
FINRA rules do not expressly require Principals on or after the effective date investors and the public interest. The
such person to register in a specific of the proposed rule change.12 Commission also finds that the
principal registration category. On the proposed rule change is consistent with
III. Comment Letters
other hand, most national securities Section 15A(g)(3) of the Act,18 which
exchanges expressly require that an The Commission received two requires FINRA to prescribe standards
individual associated with an exchange comment letters that support the of training, experience, and competence
member who has supervisory proposed rule change.13 These for persons associated with FINRA
responsibility over proprietary trading commenters note that the proposal members. The proposed rule change
activities qualify and register as a would eliminate or reduce redundancies should harmonize the qualification and
Proprietary Trader Principal. and inefficiencies that exist in the registration requirements for individuals
In its proposal, FINRA amends NASD current qualification regime.14 These engaged in securities trading activities
Rule 1022(a) to require each person commenters also support the timeline across different markets and for
associated with a FINRA member who for implementing the proposed rule principals responsible for supervising
is included within the definition of change.15 such activities. In addition, by explicitly
‘‘principal’’ in NASD Rule 1021 and IV. Discussion and Commission requiring the registration of Securities
who has supervisory responsibility over Findings Trader Principals, as such, the proposal
the securities trading activities will help FINRA to identify and contact
After careful review of the proposed
described in NASD Rule 1032(f)(1) to principals with supervisory
rule change and the comment letters,
qualify and register as a Securities responsibility over the securities trading
the Commission finds that the proposed
Trader Principal. To qualify for activities described in NASD Rule
rule change is consistent with the
registration as a Securities Trader 1032(f)(1).
requirements of the Act and the rules
Principal, a person must first qualify and regulations thereunder that are V. Conclusion
and register as a Securities Trader and applicable to a national securities
then pass the General Securities It is therefore ordered, pursuant to
association.16 Specifically, the Section 19(b)(2) of the Act,19 that the
Principal qualification examination Commission finds that the proposed
(Series 24).10 As proposed, a person proposed rule change (SR–FINRA–
rule change is consistent with Section 2015–017) be, and hereby is,approved.
who is qualified and registered only as 15A(b)(6) of the Act,17 which requires,
a Securities Trader Principal may only among other things, that FINRA rules be For the Commission, by the Division of
have supervisory responsibility over the Trading and Markets, pursuant to delegated
designed to prevent fraudulent and
activities specified in NASD Rule authority.20
1032(f)(1). Moreover, a person who is Robert W. Errett,
Proprietary Trader Principal registrations in the
registered as a General Securities CRD system into Securities Trader Principal Deputy Secretary.
Principal will not be qualified to registrations. [FR Doc. 2015–21869 Filed 9–2–15; 8:45 am]
12 In connection with the proposals discussed
supervise the trading activities BILLING CODE 8011–01–P
above, and in anticipation of the national securities
described in NASD Rule 1032(f)(1), exchanges filing similar proposed rule changes to
unless the person qualifies and registers replace the Series 56 examination with the Series
as a Securities Trader by passing the 57 examination in their respective registration SECURITIES AND EXCHANGE
Series 57 examination and affirmatively rules, FINRA proposes to amend the Form U4 to COMMISSION
replace: (1) the Equity Trader registration category
registers as a Securities Trader with the Securities Trader registration category as [Release No. 34–75787; File No. SR–EDGA–
Principal. well as references to the Series 55 examination with 2015–34]
As proposed, a person registered as a the Series 57 examination; (2) references to the
General Securities Principal and an Series 56 examination with the Series 57
examination; and (3) the Proprietary Trader
Self-Regulatory Organizations; EDGA
Equity Trader in the CRD system on the Principal registration category with the Securities Exchange, Inc.; Notice of Filing and
effective date of the proposed rule Trader Principal registration category. Immediate Effectiveness of a Proposed
change will be eligible to register as a 13 See supra note 4.
Rule Change Related to Fees for a
14 See SIFMA Letter at 3–4 and ARM Letter at 2.
Securities Trader Principal without Market Data Product Known as EDGA
15 See SIFMA Letter at 4 and ARM Letter at 2.
having to take any additional Book Viewer
However, one commenter requests that FINRA
examinations.11 FINRA members, provide some flexibility in the timeline given the
August 28, 2015.
other initiatives that member firms are currently
10 The exchanges have indicated that they plan to undertaking or will undertake in the near future. Pursuant to Section 19(b)(1) of the
replace the Series 56 examination with the Series See SIFMA Letter at 4. See also ARM Letter at 2. Securities Exchange Act of 1934 (the
57 examination under their respective registration This commenter also encourages FINRA to ‘‘Act’’),1 and Rule 19b–4 thereunder,2
rules, thus the Series 57 examination will also coordinate the current proposal and the
replace the Series 56 examination for those Algorithmic Trading proposal that was set forth in
notice is hereby given that on August
registration categories, such as the Proprietary FINRA Regulatory Notice 15–06, and to implement 24, 2015, EDGA Exchange, Inc. (the
Trader Principal registration category, where the the Series 57 regime before implementing the ‘‘Exchange’’ or ‘‘EDGA’’) filed with the
Series 56 examination is currently an acceptable Algorithmic Trading proposal (assuming the Securities and Exchange Commission
prerequisite. Algorithmic Trading proposal moves forward). See
11 An individual who was registered as a General SIFMA Letter at 5. Moreover, this commenter (‘‘Commission’’) the proposed rule
Securities Principal and an Equity Trader in the encourages FINRA to solicit comment on the Series change as described in Items I, II and III
CRD system before the effective date of the 57 examination content through a Regulatory below, which Items have been prepared
tkelley on DSK3SPTVN1PROD with NOTICES

proposed rule change will also be eligible to register Notice. See id. The Commission notes that FINRA by the Exchange. The Exchange has
as a Securities Trader Principal without having to will file a proposed rule change to implement the
take any additional examinations, provided that no new exam. See Notice, supra note 3, at n. 6.
18 15 U.S.C. 78o–3(g)(3).
16 In approving this proposed rule change, the
more than two years has passed between the date 19 15
that person was last registered as a principal and Commission has considered the proposed rule’s U.S.C. 78s(b)(2).
20 17 CFR 200.30–3(a)(12).
the date that person registers as a Securities Trader impact on efficiency, competition, and capital
Principal. Moreover, on the effective date of the formation. See 15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1).

proposed rule change, FINRA will convert 17 15 U.S.C. 78o–3(b)(6). 2 17 CFR 240.19b–4.

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53374 Federal Register / Vol. 80, No. 171 / Thursday, September 3, 2015 / Notices

Digital Media Enterprise Fee. The reasonable because it is less than similar and the Exchange’s compelling need to
Exchange believes that the proposed fees charged by other exchanges.25 attract order flow imposes significant
Digital Media Enterprise Fee for EDGA competitive pressure on the Exchange to
(B) Self-Regulatory Organization’s
Book Viewer provides for an equitable act equitably, fairly, and reasonably in
Statement on Burden on Competition
allocation of reasonable fees among setting the proposed data product fees.
recipients of the data and is not The Exchange does not believe that The proposed data product fees are, in
designed to permit unfair the proposed rule change will result in part, responses to that pressure. The
discrimination among customers, any burden on competition that is not Exchange believes that the proposed
brokers, or dealers. In establishing the necessary or appropriate in furtherance fees would reflect an equitable
Digital Media Enterprise Fee, the of the purposes of the Act, as amended. allocation of its overall costs to users of
Exchange recognizes that there is The Exchange’s ability to price EDGA its facilities.
demand for a more seamless and easier- Book Viewer is constrained by: (i) In addition, when establishing the
to-administer data distribution model Competition among exchanges, other proposed fees, the Exchange considered
that takes into account the expanded trading platforms, and Trade Reporting the competitiveness of the market for
variety of media and communication Facilities (‘‘TRF’’) that compete with proprietary data and all of the
devices that investors utilize today. The each other in a variety of dimensions; implications of that competition. The
Exchange believes the Digital Media (ii) the existence of inexpensive real- Exchange believes that it has considered
Enterprise Fee will be easy to time consolidated data and market- all relevant factors and has not
administer because data recipients that specific data and free delayed data; and considered irrelevant factors in order to
purchase it would not be required to (iii) the inherent contestability of the establish fair, reasonable, and not
differentiate between Professional and market for proprietary data. unreasonably discriminatory fees and an
Non-Professional Users, account for the The Exchange and its market data equitable allocation of fees among all
extent of access to the data, or report the products are subject to significant Users. The existence of alternatives to
number of Users. This is a significant competitive forces and the proposed EDGA Book Viewer, including existing
reduction on a recipient firm’s fees represent responses to that similar feeds by other exchanges,
administrative burdens and is a competition. To start, the Exchange consolidated data, and proprietary data
significant value to investors. For competes intensely for order flow. It from other sources, ensures that the
example, a television broadcaster could competes with the other national Exchange cannot set unreasonable fees,
display EDGA Book Viewer data during securities exchanges that currently trade or fees that are unreasonably
market-related programming and on its equities, with electronic communication discriminatory, when vendors and
Web site or allow viewers to view the networks, with quotes posted in subscribers can elect these alternatives
data via their mobile devices, creating a FINRA’s Alternative Display Facility, or choose not to purchase a specific
more seamless distribution model that with alternative trading systems, and proprietary data product if its cost to
with securities firms that primarily purchase is not justified by the returns
will allow investors more choice in how
trade as principal with their customer any particular vendor or subscriber
they receive and view market data, all
order flow. would achieve through the purchase.
without having to account for and/or
In addition, EDGA Book Viewer
measure who accesses the data and how (C) Self-Regulatory Organization’s
competes with a number of alternative
often they do so. Statement on Comments on the
products. For instance, EDGA Book
The proposed Digital Media Proposed Rule Change Received From
Viewer does provide a complete picture
Enterprise Fee is equitable and Members, Participants or Others
of all trading activity in a security.
reasonable because it will also enable Rather, the other national securities The Exchange has neither solicited
recipient firms to more widely exchanges, the several TRFs of FINRA, nor received written comments on the
distribute data from EDGA Book Viewer and Electronic Communication proposed rule change.
to investors for informational purposes Networks (‘‘ECN’’) that produce III. Date of Effectiveness of the
at a lower cost than is available today. proprietary data all produce trades and Proposed Rule Change and Timing for
For example, a recipient firm may trade reports. Each is currently Commission Action
purchase an Enterprise license in the permitted to produce last sale
amount of $20,000 per month for to information products, and many The foregoing rule change has become
receive EDGA Book Viewer from an currently do, including Nasdaq and effective pursuant to Section 19(b)(3)(A)
External Distributor that receives the NYSE. In addition, market participants of the Act 26 and paragraph (f) of Rule
product for an unlimited number of can gain access to EDGA last sale and 19b–4 thereunder.27 At any time within
Professional and Non-Professional depth-of-book quotations, though 60 days of the filing of the proposed rule
Users, which is greater than the integrated with the prices of other change, the Commission summarily may
proposed Digital Media Enterprise Fee. markets, on feeds made available temporarily suspend such rule change if
The Exchange also believes the amount through the SIPs. it appears to the Commission that such
of the Digital Media Enterprise Fee is In sum, the availability of a variety of action is necessary or appropriate in the
reasonable as compared to the existing alternative sources of information public interest, for the protection of
enterprise fees discussed above because imposes significant competitive investors, or otherwise in furtherance of
the distribution of EDGA Book Viewer pressures on Exchange data products the purposes of the Act.
data is limited to television, Web sites, IV. Solicitation of Comments
and mobile devices for informational 25 The Nasdaq Stock Market offers proprietary
tkelley on DSK3SPTVN1PROD with NOTICES

data products for distribution over the internet and Interested persons are invited to
purposes only, while distribution of submit written data, views and
television under alternative fee schedules that are
EDGA Book Viewer data pursuant to an subject to maximum fee of $50,000 per month. See arguments concerning the foregoing,
Enterprise license contains no such Nasdaq Rule 7039(b). The NYSE charges a Digit
including whether the proposal is
limitation. The Exchange also believes Media Enterprise fee of $40,000 per month for the
NYSE Trade Digital Media product. See Securities
that the proposed Digital Media Exchange Act Release No. 69272 (April 2, 2013), 78 26 15 U.S.C. 78s(b)(3)(A).
Enterprise Fee is equitable and FR 20983 (April 8, 2013) (SR–NYSE–2013–23). 27 17 CFR 240.19b–4(f).

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Federal Register / Vol. 80, No. 171 / Thursday, September 3, 2015 / Notices 53375

consistent with the Act. Comments may SECURITIES AND EXCHANGE rule. Otherwise, the transaction report
be submitted by any of the following COMMISSION will be deemed ‘‘late.’’ The proposed
methods: rule change amends Rule 6730 to
[Release No. 34–75782; File No. SR–FINRA–
2015–025]
provide that, for a TRACE-Eligible
Electronic Comments Security subject to dissemination, each
• Use the Commission’s Internet Self-Regulatory Organizations; member that is a Party to a Transaction
comment form (http://www.sec.gov/ Financial Industry Regulatory must report the transaction to TRACE as
rules/sro.shtml); or Authority, Inc.; Order Approving soon as practicable, but no later than
Proposed Rule Change To Require within 15 minutes of the Time of
• Send an email to rule- Execution or other timeframe specified
comments@sec.gov. Please include File Members To Report Transactions in
TRACE-Eligible Securities as Soon as in Rule 6730. Further, the proposed rule
No. SR–EDGA–2015–34 on the subject change adds new Supplementary
line. Practicable
Material .03 that requires members to
August 28, 2015. adopt policies and procedures
Paper Comments
I. Introduction reasonably designed to comply with this
• Send paper comments in triplicate amendedrequirement by implementing,
to Secretary, Securities and Exchange On July 2, 2015, Financial Industry without delay, systems that commence
Commission, 100 F Street NE., Regulatory Authority, Inc. (‘‘FINRA’’) the trade reporting process at the Time
Washington, DC 20549–1090. filed with the Securities and Exchange of Execution. The proposed rule change
Commission (‘‘Commission’’), pursuant also provides that, where a member has
All submissions should refer to File No. to Section 19(b)(1) of the Securities in place such reasonably designed
SR–EDGA–2015–34. This file number Exchange Act of 1934 (‘‘Act’’) 1 and Rule policies, procedures, and systems, the
should be included on the subject line 19b–4 thereunder,2 a proposed rule member generally will not be viewed as
if email is used. To help the change to amend FINRA Rule 6730, violating the ‘‘as soon as practicable’’
Commission process and review your which governs the reporting of eligible reporting requirement because of delays
comments more efficiently, please use transactions to its Trade Reporting and that are due to extrinsic factors that are
only one method. The Commission will Compliance Engine (‘‘TRACE’’). The not reasonably predictable and where
post all comments on the Commission’s proposed rule change was published for the member does not purposely intend
Internet Web site (http://www.sec.gov/ comment in the Federal Register on July to delay the reporting of the trade. The
rules/sro.shtml). Copies of the 16, 2015.3 The Commission received proposed rule change states that in no
submission, all subsequent two comment letters on the proposed event may a member purposely
amendments, all written statements rule change.4 FINRA responded to the withhold trade reports, for example, by
with respect to the proposed rule comment letters on August 20, 2015.5 programming its systems to delay
change that are filed with the This order approves the proposed rule reporting until the end of the reporting
Commission, and all written change. time period.
communications relating to the The proposed rule change also
II. Description of the Proposed Rule
proposed rule change between the Change recognizes that members may manually
Commission and any person, other than report transactions in TRACE-Eligible
those that may be withheld from the FINRA Rule 6730 currently requires Securities and, as a result, the trade
public in accordance with the that each FINRA member that is a Party reporting process may not be completed
provisions of 5 U.S.C. 552, will be to a Transaction 6 in a TRACE-Eligible as quickly as where an automated trade
available for Web site viewing and Security 7 report the transaction within reporting system is used. FINRA states
printing in the Commission’s Public 15 minutes of the Time of Execution,8 that, in these cases, in determining
Reference Room, 100 F Street NE., unless a different time period for the whether the member’s policies and
Washington, DC 20549, on official security is otherwise specified in the procedures are reasonably designed to
business days between the hours of report the trade ‘‘as soon as
1 15 U.S.C. 78s(b)(1).
10:00 a.m. and 3:00 p.m. Copies of such 2 17
practicable,’’ it will take into
CFR 240.19b–4.
filing will also be available for 3 See Securities Exchange Act Release No. 75428 consideration the manual nature of the
inspection and copying at the principal (July 10, 2015), 80 FR 42149. member’s trade reporting process.
office of the Exchange. All comments 4 See letter from Darren Wasney, Program While the current rules provide time
received will be posted without change; Manager, Financial Information Forum, to Robert periods for members to conduct the
the Commission does not edit personal W. Errett, Deputy Secretary, Commission, dated necessary actions to report transactions,
August 5, 2015 (‘‘FIF Letter’’) and letter from
identifying information from Michael Nicholas, Chief Executive Officer, Bond FINRA cites concerns about members
submissions. You should submit only Dealers of America, to Secretary, Commission, delaying the reporting of executed
information that you wish to make dated August 6, 2015 (‘‘BDA Letter’’). transactions, particularly, for example,
5 See letter from Racquel L. Russell, Associate
available publicly. All submissions by imbedding into the trade reporting
General Counsel, FINRA, to Robert W. Errett,
should refer to File No. SR–EDGA– Deputy Secretary, Commission, dated August 20,
process deliberate delays until the end
2015–34 and should be submitted on or 2015 (‘‘FINRA Response Letter’’). of the reporting time period. FINRA also
before September 24, 2015. 6 FINRA Rule 6710(e) provides that a ‘‘Party to a represents that it observed instances
For the Commission, by the Division of
Transaction’’ is an introducing broker-dealer, if any, that appear to indicate that firms have
an executing broker-dealer, or a customer. taken more time than is operationally
Trading and Markets, pursuant to delegated ‘‘Customer’’ includes a broker-dealer that is not a
authority.28 FINRA member. necessary to report trades, which raises
tkelley on DSK3SPTVN1PROD with NOTICES

7 See FINRA Rule 6710(a) (defining ‘‘TRACE- the possibility that certain firms may
Robert W. Errett,
Eligible Security’’). have intentionally delayed trade
Deputy Secretary. 8 FINRA Rule 6710(d) provides, among other reporting, possibly to delay public
[FR Doc. 2015–21872 Filed 9–2–15; 8:45 am] things, that the ‘‘Time of Execution’’ for a dissemination of the trade. FINRA
transaction in a TRACE-Eligible Security is the time
BILLING CODE 8011–01–P
when the Parties to a Transaction agree to all of the
believes that such conduct is
terms of the transaction that are sufficient to inconsistent with the purpose of the
28 17 CFR 200.30–3(a)(12). calculate the dollar price of the trade. trade reporting rules and that it is

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Document Created: 2015-12-15 09:57:05
Document Modified: 2015-12-15 09:57:05

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 53370