82_FR_49633 82 FR 49428 - Options Price Reporting Authority; Notice of Filing and Immediate Effectiveness of Proposed Amendment To Modify the OPRA Fee Schedule To Eliminate the Enterprise Rate Non-Professional Subscriber Fee and Amend the Non-Professional Subscriber Fee

82 FR 49428 - Options Price Reporting Authority; Notice of Filing and Immediate Effectiveness of Proposed Amendment To Modify the OPRA Fee Schedule To Eliminate the Enterprise Rate Non-Professional Subscriber Fee and Amend the Non-Professional Subscriber Fee

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 205 (October 25, 2017)

Page Range49428-49429
FR Document2017-23115

Federal Register, Volume 82 Issue 205 (Wednesday, October 25, 2017)
[Federal Register Volume 82, Number 205 (Wednesday, October 25, 2017)]
[Notices]
[Pages 49428-49429]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-23115]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81900; File No. SR-OPRA-2017-02]


Options Price Reporting Authority; Notice of Filing and Immediate 
Effectiveness of Proposed Amendment To Modify the OPRA Fee Schedule To 
Eliminate the Enterprise Rate Non-Professional Subscriber Fee and Amend 
the Non-Professional Subscriber Fee

October 19, 2017.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given that 
on September 27, 2017, the Options Price Reporting Authority (``OPRA'') 
submitted to the Securities and Exchange Commission (``Commission'') an 
amendment to the Plan for Reporting of Consolidated Options Last Sale 
Reports and Quotation Information (``OPRA Plan'').\3\ The OPRA Plan 
amendment would implement changes to the Non-Professional Subscriber 
Fee and Eliminate the Enterprise Rate Non-Professional Subscriber Fee 
effective January 1, 2018. The Commission is publishing this notice to 
provide interested persons an opportunity to submit written comments on 
the OPRA Plan amendment.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ The OPRA Plan is a national market system plan approved by 
the Commission pursuant to Section 11A of the Act and Rule 608 
thereunder. See Securities Exchange Act Release No. 17638 (March 18, 
1981), 22 S.E.C. Docket 484 (March 31, 1981). The full text of the 
OPRA Plan and a list of its fifteen participants are available at 
http://www.opradata.com. The OPRA Plan provides for the collection 
and dissemination of last sale and quotation information on options 
that are traded on the participant exchanges.
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I. Description and Purpose of the Plan Amendment

(a) Fee Schedule Amendments

    The purpose of the amendment is to eliminate OPRA's Enterprise Rate 
Nonprofessional Subscriber Fee (``Enterprise Rate Nonpro Fee'') and to 
revise its Nonprofessional Subscriber Fee so that, instead of being a 
flat fee of $1.25 per month per Nonprofessional Subscriber, the 
Nonprofessional Subscriber Fee will have five tiers, with the tier for 
a Vendor's first 75,000 Nonprofessional Subscribers subject to the 
current rate of $1.25 per month and each of the successive higher tiers 
subject to a lower rate.
    OPRA's Fee Schedule provides that a Vendor \4\ may determine the 
fee that it pays with respect to its distribution of current OPRA data 
to a Nonprofessional Subscriber \5\ in one of two ways: Either the 
Vendor may pay OPRA's monthly Nonprofessional Subscriber Fee (currently 
$1.25/month), or the Vendor may count the Nonprofessional Subscriber's 
queries for OPRA data and pay Usage-based Vendor Fees based on the 
actual usage of OPRA data by the Nonprofessional Subscriber, subject to 
a cap that OPRA has always set at the amount of the Nonprofessional 
Subscriber Fee.\6\
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    \4\ OPRA defines a ``Vendor,'' in general, as an entity that 
receives OPRA data and redistributes it externally, that is, to 
persons other than its own employees and employees of its wholly-
owned subsidiaries.
    \5\ OPRA defines a ``Subscriber,'' in general, as an entity or 
person that receives OPRA data but does not redistribute it to third 
parties, and defines a ``Nonprofessional Subscriber'' as a 
Subscriber who is a ``Nonprofessional.'' OPRA's definition of the 
term ``Nonprofessional'' is stated in its forms of ``Electronic 
Subscriber Agreement'' and ``Hardcopy Subscriber Agreement.'' These 
forms are available on OPRA's Web site, www.opradata.com. With a 
limited exception for certain personal trusts that is described in 
the Electronic Subscriber Agreement and Hardcopy Subscriber 
Agreement, a Nonprofessional Subscriber must be a natural person.
    \6\ Many Vendors prefer to pay the flat Nonprofessional 
Subscriber Fee, even though their aggregate fees on the basis of 
Usage-based Vendor Fees might be lower and could not be greater, due 
to the administrative simplicity of doing so and the fact that the 
cost on a per Subscriber basis of doing so is very small.
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    OPRA introduced the Enterprise Rate Nonpro Fee in 2012.\7\ The 
purpose of the Fee was to limit the maximum aggregate amount of 
Nonprofessional Subscriber Fees and Usage-based Vendor Fees with 
respect to Nonprofessional Subscribers that any Vendor would be 
required to pay with respect to its Nonprofessional Subscribers. OPRA's 
Enterprise Rate Nonpro Fee was established at $375,000 per month. When 
the Enterprise Rate Nonpro Fee was introduced, the fee provided a 
benefit to one OPRA Vendor, but OPRA's expectation was that the fee 
would provide an incentive for other Vendors to increase the number of 
Nonprofessional Subscribers to whom they distribute OPRA data.
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    \7\ See Securities Exchange Act Release No. 66564 (March 9, 
2012) (File No. SR-OPRA-2012-02).
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    OPRA's expectation for the Enterprise Rate Nonpro Fee has not been 
fulfilled. The fee continues to provide a benefit to only one OPRA 
Vendor, and it now appears to OPRA that this is likely to remain the 
case indefinitely.
    Accordingly, OPRA is proposing to eliminate the Enterprise Rate 
Nonpro Fee and, at the same time, revise OPRA's Nonprofessional 
Subscriber Fee so that the fee has five tiers: $1.25/month for a 
Vendor's first 75,000 Nonprofessional Subscribers, $1.15/month for the 
Vendor's next 75,000 Nonprofessional Subscribers, $1.00/month for the 
Vendor's next 100,000 Nonprofessional Subscribers, $0.75/month for the 
Vendor's next 250,000 Nonprofessional Subscribers, and $0.60/month for 
the Vendor's Nonprofessional Subscribers in excess of 500,000 
Nonprofessional Subscribers.\8\
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    \8\ For example, a hypothetical Vendor that reports 310,000 
Nonprofessional Subscribers in a month would pay total 
Nonprofessional Subscriber Fees of $337,500 for the month: The sum 
of (75,000 x $1.25) + (75,000 x $1.15) + (150,000 x $1.00) + (10,000 
x $0.75).
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    If all Vendors were to continue to distribute OPRA data to 
Nonprofessional Subscribers at their current rates, these changes would 
result in an increase in OPRA's annual revenues of approximately 
$135,000. However, OPRA anticipates that, in fact,

[[Page 49429]]

in the short term the Vendor that has had the benefit of the Enterprise 
Rate Nonpro Fee may reduce its distribution of OPRA data to 
Nonprofessional Subscribers and that these changes may therefore result 
in a decrease in OPRA's annual revenues. In the longer term, OPRA 
anticipates that it is possible that the tiered Nonprofessional 
Subscriber fees may accomplish OPRA's original expectation for the 
Enterprise Rate Nonpro Fee by providing an incentive for Vendors to 
increase the number of Nonprofessional Subscribers to whom they 
distribute OPRA data in view of the reduced fees in the higher tiers.
    The text of the amendment to the OPRA Plan is available at OPRA, 
the Commission's Public Reference Room, the OPRA Web site at http://opradata.com, and on the Commission's Web site at www.sec.gov.

(b) Implementation of the OPRA Plan Amendment

    Pursuant to paragraph (b)(3)(i) of Rule 608 of Regulation NMS under 
the Act, OPRA designated this amendment as establishing or changing 
fees or other charges collected on behalf of all of the OPRA 
participant exchanges in connection with access to or use of OPRA 
facilities. In order to give persons subject to these fees advance 
notice of the changes, OPRA proposes that they go into effect on 
January 1, 2018.

(c) Phases of Development and Implementation

    Not applicable.

(d) Impact on Competition

    OPRA believes that the proposed amendment will impose no burdens on 
competition that are not justified in light of the purposes of the Act.

(e) Written Understandings or Agreements Among the Plan Participants

    Not applicable.

(f) Approval of the Proposed Amendment

    OPRA represents that the proposed amendments to the OPRA Fee 
Schedule were approved in accordance with the provisions of the OPRA 
Plan.
    The Commission may summarily abrogate the amendment within sixty 
days of its filing and require refiling and approval of the amendment 
by Commission order pursuant to Rule 608(b)(2) under the Act \9\ if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or the 
maintenance of fair and orderly markets, to remove impediments to, and 
perfect the mechanisms of, a national market system, or otherwise in 
furtherance of the purposes of the Act.\10\
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    \9\ See 17 CFR 242.608(b)(2).
    \10\ See 17 CFR 242.608(b)(3)(iii).
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II. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the OPRA Plan 
amendment 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 [email protected]. Please include 
File No. SR-OPRA-2017-02 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 Number SR-OPRA-2017-02. 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 OPRA Plan amendment that are 
filed with the Commission, and all written communications relating to 
the OPRA Plan amendment 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 OPRA. All 
comments received will be posted without change. Persons submitting 
comments are cautioned that we do not redact or edit personal 
identifying information from comment submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-OPRA-2017-02 and should be 
submitted on or before November 15, 2017.

    By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-23115 Filed 10-24-17; 8:45 am]
 BILLING CODE 8011-01-P



                                                49428                     Federal Register / Vol. 82, No. 205 / Wednesday, October 25, 2017 / Notices

                                                comments more efficiently, please use                   Reporting Authority (‘‘OPRA’’)                          Subscriber’s queries for OPRA data and
                                                only one method. The Commission will                    submitted to the Securities and                         pay Usage-based Vendor Fees based on
                                                post all comments on the Commission’s                   Exchange Commission (‘‘Commission’’)                    the actual usage of OPRA data by the
                                                Internet Web site (http://www.sec.gov/                  an amendment to the Plan for Reporting                  Nonprofessional Subscriber, subject to a
                                                rules/sro.shtml). Copies of the                         of Consolidated Options Last Sale                       cap that OPRA has always set at the
                                                submission, all subsequent                              Reports and Quotation Information                       amount of the Nonprofessional
                                                amendments, all written statements                      (‘‘OPRA Plan’’).3 The OPRA Plan                         Subscriber Fee.6
                                                with respect to the proposed rule                       amendment would implement changes                          OPRA introduced the Enterprise Rate
                                                change that are filed with the                          to the Non-Professional Subscriber Fee                  Nonpro Fee in 2012.7 The purpose of
                                                Commission, and all written                             and Eliminate the Enterprise Rate Non-                  the Fee was to limit the maximum
                                                communications relating to the                          Professional Subscriber Fee effective                   aggregate amount of Nonprofessional
                                                proposed rule change between the                        January 1, 2018. The Commission is                      Subscriber Fees and Usage-based
                                                Commission and any person, other than                   publishing this notice to provide                       Vendor Fees with respect to
                                                those that may be withheld from the                     interested persons an opportunity to                    Nonprofessional Subscribers that any
                                                public in accordance with the                           submit written comments on the OPRA                     Vendor would be required to pay with
                                                provisions of 5 U.S.C. 552, will be                     Plan amendment.                                         respect to its Nonprofessional
                                                available for Web site viewing and                                                                              Subscribers. OPRA’s Enterprise Rate
                                                                                                        I. Description and Purpose of the Plan
                                                printing in the Commission’s Public                                                                             Nonpro Fee was established at $375,000
                                                                                                        Amendment
                                                Reference Room, 100 F Street NE.,                                                                               per month. When the Enterprise Rate
                                                Washington, DC 20549 on official                        (a) Fee Schedule Amendments                             Nonpro Fee was introduced, the fee
                                                business days between the hours of                         The purpose of the amendment is to                   provided a benefit to one OPRA Vendor,
                                                10:00 a.m. and 3:00 p.m. Copies of the                  eliminate OPRA’s Enterprise Rate                        but OPRA’s expectation was that the fee
                                                filing also will be available for                       Nonprofessional Subscriber Fee                          would provide an incentive for other
                                                inspection and copying at the principal                 (‘‘Enterprise Rate Nonpro Fee’’) and to                 Vendors to increase the number of
                                                office of the Exchange. All comments                    revise its Nonprofessional Subscriber                   Nonprofessional Subscribers to whom
                                                received will be posted without change.                 Fee so that, instead of being a flat fee of             they distribute OPRA data.
                                                Persons submitting comments are                         $1.25 per month per Nonprofessional                        OPRA’s expectation for the Enterprise
                                                cautioned that we do not redact or edit                 Subscriber, the Nonprofessional                         Rate Nonpro Fee has not been fulfilled.
                                                personal identifying information from                   Subscriber Fee will have five tiers, with               The fee continues to provide a benefit
                                                comment submissions. You should                         the tier for a Vendor’s first 75,000                    to only one OPRA Vendor, and it now
                                                submit only information that you wish                   Nonprofessional Subscribers subject to                  appears to OPRA that this is likely to
                                                to make available publicly. All                         the current rate of $1.25 per month and                 remain the case indefinitely.
                                                submissions should refer to File                        each of the successive higher tiers                        Accordingly, OPRA is proposing to
                                                Number SR–NYSEArca–2017–121 and                         subject to a lower rate.                                eliminate the Enterprise Rate Nonpro
                                                should be submitted on or before                           OPRA’s Fee Schedule provides that a                  Fee and, at the same time, revise
                                                November 15, 2017.                                      Vendor 4 may determine the fee that it                  OPRA’s Nonprofessional Subscriber Fee
                                                  For the Commission, by the Division of                pays with respect to its distribution of                so that the fee has five tiers: $1.25/
                                                Trading and Markets, pursuant to delegated              current OPRA data to a Nonprofessional                  month for a Vendor’s first 75,000
                                                authority.16                                            Subscriber 5 in one of two ways: Either                 Nonprofessional Subscribers, $1.15/
                                                Eduardo A. Aleman,                                      the Vendor may pay OPRA’s monthly                       month for the Vendor’s next 75,000
                                                Assistant Secretary.                                    Nonprofessional Subscriber Fee                          Nonprofessional Subscribers, $1.00/
                                                [FR Doc. 2017–23116 Filed 10–24–17; 8:45 am]            (currently $1.25/month), or the Vendor                  month for the Vendor’s next 100,000
                                                BILLING CODE 8011–01–P                                  may count the Nonprofessional                           Nonprofessional Subscribers, $0.75/
                                                                                                                                                                month for the Vendor’s next 250,000
                                                                                                           3 The OPRA Plan is a national market system plan
                                                                                                                                                                Nonprofessional Subscribers, and $0.60/
                                                SECURITIES AND EXCHANGE                                 approved by the Commission pursuant to Section          month for the Vendor’s Nonprofessional
                                                                                                        11A of the Act and Rule 608 thereunder. See
                                                COMMISSION                                              Securities Exchange Act Release No. 17638 (March        Subscribers in excess of 500,000
                                                [Release No. 34–81900; File No. SR–OPRA–                18, 1981), 22 S.E.C. Docket 484 (March 31, 1981).       Nonprofessional Subscribers.8
                                                2017–02]                                                The full text of the OPRA Plan and a list of its           If all Vendors were to continue to
                                                                                                        fifteen participants are available at http://           distribute OPRA data to
                                                                                                        www.opradata.com. The OPRA Plan provides for
                                                Options Price Reporting Authority;                      the collection and dissemination of last sale and       Nonprofessional Subscribers at their
                                                Notice of Filing and Immediate                          quotation information on options that are traded on     current rates, these changes would
                                                Effectiveness of Proposed Amendment                     the participant exchanges.                              result in an increase in OPRA’s annual
                                                                                                           4 OPRA defines a ‘‘Vendor,’’ in general, as an
                                                To Modify the OPRA Fee Schedule To                                                                              revenues of approximately $135,000.
                                                                                                        entity that receives OPRA data and redistributes it
                                                Eliminate the Enterprise Rate Non-                      externally, that is, to persons other than its own
                                                                                                                                                                However, OPRA anticipates that, in fact,
                                                Professional Subscriber Fee and                         employees and employees of its wholly-owned
                                                Amend the Non-Professional                              subsidiaries.                                             6 Many Vendors prefer to pay the flat

                                                Subscriber Fee                                             5 OPRA defines a ‘‘Subscriber,’’ in general, as an   Nonprofessional Subscriber Fee, even though their
                                                                                                        entity or person that receives OPRA data but does       aggregate fees on the basis of Usage-based Vendor
                                                October 19, 2017.                                       not redistribute it to third parties, and defines a     Fees might be lower and could not be greater, due
                                                                                                        ‘‘Nonprofessional Subscriber’’ as a Subscriber who      to the administrative simplicity of doing so and the
                                                   Pursuant to Section 11A of the                                                                               fact that the cost on a per Subscriber basis of doing
                                                                                                        is a ‘‘Nonprofessional.’’ OPRA’s definition of the
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                                                Securities Exchange Act of 1934                         term ‘‘Nonprofessional’’ is stated in its forms of      so is very small.
                                                (‘‘Act’’) 1 and Rule 608 thereunder,2                   ‘‘Electronic Subscriber Agreement’’ and ‘‘Hardcopy        7 See Securities Exchange Act Release No. 66564

                                                notice is hereby given that on                          Subscriber Agreement.’’ These forms are available       (March 9, 2012) (File No. SR–OPRA–2012–02).
                                                September 27, 2017, the Options Price                   on OPRA’s Web site, www.opradata.com. With a              8 For example, a hypothetical Vendor that reports

                                                                                                        limited exception for certain personal trusts that is   310,000 Nonprofessional Subscribers in a month
                                                                                                        described in the Electronic Subscriber Agreement        would pay total Nonprofessional Subscriber Fees of
                                                  16 17 CFR 200.30–3(a)(12).                            and Hardcopy Subscriber Agreement, a                    $337,500 for the month: The sum of (75,000 ×
                                                  1 15 U.S.C. 78k–1.                                    Nonprofessional Subscriber must be a natural            $1.25) + (75,000 × $1.15) + (150,000 × $1.00) +
                                                  2 17 CFR 242.608.                                     person.                                                 (10,000 × $0.75).



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                                                                            Federal Register / Vol. 82, No. 205 / Wednesday, October 25, 2017 / Notices                                                   49429

                                                in the short term the Vendor that has                     or the maintenance of fair and orderly                 2017–02 and should be submitted on or
                                                had the benefit of the Enterprise Rate                    markets, to remove impediments to, and                 before November 15, 2017.
                                                Nonpro Fee may reduce its distribution                    perfect the mechanisms of, a national                    By the Commission.
                                                of OPRA data to Nonprofessional                           market system, or otherwise in                         Eduardo A. Aleman,
                                                Subscribers and that these changes may                    furtherance of the purposes of the Act.10
                                                                                                                                                                 Assistant Secretary.
                                                therefore result in a decrease in OPRA’s
                                                                                                          II. Solicitation of Comments                           [FR Doc. 2017–23115 Filed 10–24–17; 8:45 am]
                                                annual revenues. In the longer term,
                                                OPRA anticipates that it is possible that                   Interested persons are invited to                    BILLING CODE 8011–01–P

                                                the tiered Nonprofessional Subscriber                     submit written data, views, and
                                                fees may accomplish OPRA’s original                       arguments concerning the foregoing,
                                                                                                          including whether the OPRA Plan                        SECURITIES AND EXCHANGE
                                                expectation for the Enterprise Rate
                                                                                                          amendment is consistent with the Act.                  COMMISSION
                                                Nonpro Fee by providing an incentive
                                                for Vendors to increase the number of                     Comments may be submitted by any of
                                                                                                                                                                 [Release No. 34–81899; File No. SR–OPRA–
                                                Nonprofessional Subscribers to whom                       the following methods:
                                                                                                                                                                 2017–01]
                                                they distribute OPRA data in view of the                  Electronic Comments
                                                reduced fees in the higher tiers.                                                                                Options Price Reporting Authority;
                                                  The text of the amendment to the                          • Use the Commission’s Internet                      Notice of Filing and Immediate
                                                OPRA Plan is available at OPRA, the                       comment form (http://www.sec.gov/                      Effectiveness of Proposed Amendment
                                                Commission’s Public Reference Room,                       rules/sro.shtml); or                                   To Modify the OPRA Fee Schedule To
                                                the OPRA Web site at http://                                • Send an email to rule-comments@                    Amend the Professional Subscriber
                                                opradata.com, and on the Commission’s                     sec.gov. Please include File No. SR–                   Device-Based Fee
                                                Web site at www.sec.gov.                                  OPRA–2017–02 on the subject line.
                                                                                                                                                                 October 19, 2017.
                                                (b) Implementation of the OPRA Plan                       Paper Comments
                                                                                                                                                                    Pursuant to Section 11A of the
                                                Amendment                                                    • Send paper comments in triplicate                 Securities Exchange Act of 1934
                                                  Pursuant to paragraph (b)(3)(i) of Rule                 to Secretary, Securities and Exchange                  (‘‘Act’’) 1 and Rule 608 thereunder,2
                                                608 of Regulation NMS under the Act,                      Commission, 100 F Street NE.,                          notice is hereby given that on
                                                OPRA designated this amendment as                         Washington, DC 20549–1090.                             September 27, 2017, the Options Price
                                                establishing or changing fees or other                    All submissions should refer to File                   Reporting Authority (‘‘OPRA’’)
                                                charges collected on behalf of all of the                 Number SR–OPRA–2017–02. This file                      submitted to the Securities and
                                                OPRA participant exchanges in                             number should be included on the                       Exchange Commission (‘‘Commission’’)
                                                connection with access to or use of                       subject line if email is used. To help the             an amendment to the Plan for Reporting
                                                OPRA facilities. In order to give persons                 Commission process and review your                     of Consolidated Options Last Sale
                                                subject to these fees advance notice of                   comments more efficiently, please use                  Reports and Quotation Information
                                                the changes, OPRA proposes that they                      only one method. The Commission will                   (‘‘OPRA Plan’’).3 The OPRA Plan
                                                go into effect on January 1, 2018.                        post all comments on the Commission’s                  amendment would implement changes
                                                (c) Phases of Development and                             Internet Web site (http://www.sec.gov/                 to the Professional Subscriber Device-
                                                Implementation                                            rules/sro.shtml). Copies of the                        Based Fee effective January 1, 2018. The
                                                                                                          submission, all subsequent                             Commission is publishing this notice to
                                                   Not applicable.                                        amendments, all written statements                     provide interested persons an
                                                (d) Impact on Competition                                 with respect to the OPRA Plan                          opportunity to submit written
                                                                                                          amendment that are filed with the                      comments on the OPRA Plan
                                                   OPRA believes that the proposed                                                                               amendment.
                                                amendment will impose no burdens on                       Commission, and all written
                                                competition that are not justified in                     communications relating to the OPRA                    I. Description and Purpose of the Plan
                                                light of the purposes of the Act.                         Plan amendment between the                             Amendment
                                                                                                          Commission and any person, other than
                                                (e) Written Understandings or                             those that may be withheld from the                    (a) Fee Schedule Amendments
                                                Agreements Among the Plan                                 public in accordance with the                            The purpose of the proposed Fee
                                                Participants                                              provisions of 5 U.S.C. 552, will be                    Schedule amendments is to specify
                                                   Not applicable.                                        available for Web site viewing and                     OPRA’s Professional Subscriber Device-
                                                                                                          printing in the Commission’s Public                    Based Fee effective January 1, 2018 and
                                                (f) Approval of the Proposed                              Reference Room, 100 F Street NE.,                      make conforming changes in OPRA’s
                                                Amendment                                                 Washington, DC 20549, on official                      Enterprise Rate Professional Subscriber
                                                  OPRA represents that the proposed                       business days between the hours of                     Fee. OPRA’s Enterprise Rate
                                                amendments to the OPRA Fee Schedule                       10:00 a.m. and 3:00 p.m. Copies of such                Professional Subscriber Fee is available
                                                were approved in accordance with the                      filing also will be available for                      to those Professional Subscribers that
                                                provisions of the OPRA Plan.                              inspection and copying at the principal
                                                  The Commission may summarily                            office of OPRA. All comments received                    1 15 U.S.C. 78k–1.
                                                abrogate the amendment within sixty                       will be posted without change. Persons                   2 17 CFR 242.608.
                                                days of its filing and require refiling and               submitting comments are cautioned that                    3 The OPRA Plan is a national market system plan

                                                                                                          we do not redact or edit personal                      approved by the Commission pursuant to Section
sradovich on DSK3GMQ082PROD with NOTICES




                                                approval of the amendment by
                                                                                                          identifying information from comment                   11A of the Act and Rule 608 thereunder. See
                                                Commission order pursuant to Rule                                                                                Securities Exchange Act Release No. 17638 (March
                                                608(b)(2) under the Act 9 if it appears to                submissions. You should submit only                    18, 1981), 22 S.E.C. Docket 484 (March 31, 1981).
                                                the Commission that such action is                        information that you wish to make                      The full text of the OPRA Plan and a list of its
                                                necessary or appropriate in the public                    available publicly. All submissions                    fifteen participants are available at http://
                                                                                                          should refer to File Number SR–OPRA–                   www.opradata.com. The OPRA Plan provides for
                                                interest, for the protection of investors,                                                                       the collection and dissemination of last sale and
                                                                                                                                                                 quotation information on options that are traded on
                                                  9 See   17 CFR 242.608(b)(2).                             10 See   17 CFR 242.608(b)(3)(iii).                  the participant exchanges.



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Document Created: 2017-10-25 01:17:55
Document Modified: 2017-10-25 01:17:55
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 49428 

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