83 FR 13539 - Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Twenty-Third Charges Amendment to the Second Restatement of the CTA Plan and the Fourteenth Charges Amendment to the Restated CQ Plan

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 61 (March 29, 2018)

Page Range		13539-13542
FR Document		2018-06266
Federal Register, Volume 83 Issue 61 (Thursday, March 29, 2018)
[Federal Register Volume 83, Number 61 (Thursday, March 29, 2018)]
[Notices]
[Pages 13539-13542]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-06266]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82937; File No. SR-CTA/CQ-2018-01]


Consolidated Tape Association; Notice of Filing and Immediate 
Effectiveness of the Twenty-Third Charges Amendment to the Second 
Restatement of the CTA Plan and the Fourteenth Charges Amendment to the 
Restated CQ Plan

March 23, 2018.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that 
on March 5, 2018,\3\ the Consolidated Tape Association (``CTA'') Plan 
participants (``Participants'') \4\ filed with the Securities and 
Exchange Commission (``Commission'') a proposal to amend the Second 
Restatement of the CTA Plan and the Restated Consolidated Quotation 
(``CQ'') Plan (``Plans'').\5\ The amendment represents the twenty-third 
Charges Amendment to the CTA Plan and the fourteenth Charges Amendment 
to the CQ Plan (``Amendments''). The Amendments seek to amend the text 
of the Plans' fee schedule to adopt changes to the Broker-Dealer 
Enterprise Maximum Monthly Charge (``Enterprise Cap'') and Per-Quote-
Packet Charges.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ See Letter from Emily Kasparov to Brent J. Fields, 
Secretary, Securities and Exchange Commission, dated March 1, 2018.
    \4\ The Participants are: Cboe BYX Exchange, Inc.; Cboe BZX 
Exchange, Inc.; Cboe EDGA Exchange, Inc.; Cboe EDGX Exchange, Inc.; 
Cboe Exchange, Inc.; Chicago Stock Exchange, Inc.; Financial 
Industry Regulatory Authority, Inc.; Investors Exchange LLC; Nasdaq 
BX, Inc.; Nasdaq ISE, LLC; Nasdaq PHLX LLC; The Nasdaq Stock Market 
LLC; New York Stock Exchange LLC; NYSE Arca, Inc.; NYSE American 
LLC; and NYSE National, Inc. (collectively, the ``Participants'').
    \5\ See Securities Exchange Act Release Nos. 10787 (May 10, 
1974), 39 FR 17799 (May 20, 1974) (declaring the CTA Plan 
effective); 15009 (July 28, 1978), 43 FR 34851 (August 7, 1978) 
(temporarily authorizing the CQ Plan); and 16518 (January 22, 1980), 
45 FR 6521 (January 28, 1980) (permanently authorizing the CQ Plan). 
The most recent restatement of both Plans was in 1995. The CTA Plan, 
pursuant to which markets collect and disseminate last sale price 
information for non-NASDAQ listed securities, is a ``transaction 
reporting plan'' under Rule 601 under the Act, 17 CFR 242.601, and a 
``national market system plan'' under Rule 608 under the Act, 17 CFR 
242.608. The CQ Plan, pursuant to which markets collect and 
disseminate bid/ask quotation information for listed securities, is 
a national market system plan.
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    The Participants are proposing to increase the Enterprise Cap from 
$686,400 to $1,260,000 for Network A and from $520,000 to $680,000 for 
Network B. The Participants state that the Enterprise Cap was 
established to provide incentives to entities to make market data 
available to large Nonprofessional Subscriber bases. Due to what they 
describe as ongoing industry consolidation, however, the Participants 
are proposing to increase the Enterprise Cap in order to account for 
the sudden and substantial increase of Nonprofessional Subscribers at 
entities using the Enterprise Cap.
    To make the increase of the Enterprise Cap revenue neutral (from an 
overall Plan perspective) and fee neutral (from an individual entity 
\6\ perspective), the Participants are proposing to decrease the Per-
Quote-Packet Charges for those broker-dealers with 500,000 or more 
Nonprofessional Subscribers. According to the Participants, the 
increase in fees as a result of the increase of the Enterprise Cap will 
be offset by a decrease in Per-Quote-Packet Charges for those entities 
that would be most likely affected by the raising of the cap, i.e., 
those with a large Nonprofessional Subscriber base.
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    \6\ As described below, the Plan does not require an entity that 
is registered as a broker-dealer under the Act to pay more than the 
Enterprise Cap for any month for the aggregate amount of (a) a 
network's Device charges for devices used for its Internal 
Distribution plus (b) that network's Device and Per-Quote-Packet 
charges payable in respect of services that it provides to 
Nonprofessional Subscribers that are brokerage account customers of 
the broker-dealer.
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    Pursuant to Rule 608(b)(3) under Regulation NMS,\7\ the 
Participants designate the amendment as establishing or changing a fee 
or other charge collected on their behalf in connection with access to, 
or use of, the facilities contemplated by the Plans. As a result, the 
amendment is effective upon filing with the Commission.
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    \7\ 17 CFR 242.608(b)(3)(i).
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    The Commission is publishing this notice to solicit comments from 
interested persons on the proposed Amendments. Set forth in Sections I 
and II is the statement of the purpose and summary of the Amendments, 
along with the information required by Rules 608(a) and 601(a) under 
the Act, prepared and submitted by the Participants to the Commission.

[[Page 13540]]

I. Rule 608(a)

A. Purpose of the Amendments

1. Background
Broker-Dealer Enterprise Maximum Monthly Charge
    The Plans require an entity that is registered as a broker-dealer 
under the Act to pay no more than the Enterprise Cap for any month for 
the aggregate amount of (a) a network's Device charges for devices used 
for its Internal Distribution plus (b) that network's Device and Per-
Quote-Packet charges payable in respect of services that it provides to 
Nonprofessional Subscribers that are brokerage account customers of the 
broker-dealer. In 2013, the Participants set the amount of the 
Enterprise Cap to $686,400 for Network A and $520,000 for Network B.\8\
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    \8\ See Securities Exchange Act Release No. 70010 (Jul. 19, 
2013), 78 FR 44984 (Jul. 25, 2013) (``2013 Filing'').
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    In the 2013 Filing, the Participants changed the mechanism for 
increasing the Enterprise Cap. The Enterprise Cap was previously 
increased based on the percentage increase in the annual composite 
share volume for the preceding calendar year, subject to an annual 
maximum increase of five percent. In 2013, the Participants permitted 
such annual increases in the monthly Enterprise Cap as to which they 
agreed by a majority vote, subject to a maximum increase in any 
calendar year of four percent. At that time, the Participants believed 
that this provision permitted an annual increase by a two-thirds vote 
of the Participants without requiring a corresponding rule filing with 
the Securities and Exchange Commission. Nevertheless, the Participants 
have not increased the Enterprise Cap since this change was adopted in 
2013.\9\ This filing proposes to remove that provision.
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    \9\ As described below, the Participants believe that this 
provision should be deleted and that any changes to the Enterprise 
Cap should be submitted to the Commission for review and public 
comment.
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Per Quote Packet Charges
    As an alternative to monthly Professional Subscriber and 
Nonprofessional Subscriber fees, a vendor may respond to end-user 
queries for quote and trade information and pay a fee for each such 
response. The Participants first established the Per-Quote-Packet 
Charges in 1991 as a pilot at $0.005 per query.\10\ In 1999, a pilot 
implementing a three-tiered rate structure was introduced, which was 
eventually replaced with a one-tier rate at $0.005 per query.\11\ In 
2014, the Participants increased the fee to $0.0075 per query to offset 
the revenue loss resulting from decreases in the Professional 
Subscriber device fee.\12\
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    \10\ See Securities Exchange Act Release No. 39235 (Oct. 14, 
1997), 62 FR 54886 (Oct. 22, 1997).
    \11\ See Securities Exchange Act Release No. 41977 (Oct. 5, 
1999), 64 FR 55503 (Oct. 13, 1999).
    \12\ See Securities Exchange Act Release No. 73278 (Oct. 1, 
2014), 79 FR 60536 (Oct. 7, 2014).
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2. Amendment to Enterprise Cap
    The Participants are proposing to increase the Enterprise Cap from 
$686,400 to $1,260,000 for Network A and from $520,000 to $680,000 for 
Network B. As a result of industry consolidation, the Nonprofessional 
Subscriber base for entities subject to the cap may suddenly increase, 
and where before two entities may have slightly benefited from the 
Enterprise Cap, a combined entity could find a substantial decrease in 
fees by using the Enterprise Cap. Consequently, the increase of the 
Enterprise Cap is designed to maintain the status quo and should not, 
in conjunction with the Per-Quote-Packet Charges change described 
below, result in an increase of revenue to the Plans or fees for any 
particular entity.\13\
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    \13\ The Participants note that a very small number of entities 
take advantage of the Enterprise Cap.
---------------------------------------------------------------------------

    Additionally, the Participants are proposing to remove a provision 
related to an annual increase of the Enterprise Cap after a two-thirds 
vote of the Participants. In the 2013 Filing, the Participants amended 
the mechanism by which the Enterprise Cap would increase, from an 
automatic increase based on volume to an affirmative vote requirement 
by the Participants.
    Since 2013, the Enterprise Cap has not been increased using this 
mechanism, and the Participants believe that any future changes to the 
Enterprise Cap should be submitted via a filing with the Securities and 
Exchange Commission and subject to public comment. Consequently, the 
Participants are proposing to delete this particular provision.
3. Per-Quote-Packet Charges Change to Remain Revenue Neutral
    Because of the increase in the Enterprise Cap, there could be 
broker-dealers looking to use the Enterprise Cap that, without a 
corresponding offset, could face an increase in fees. To offset a 
potential fee increase, the Participants are proposing a decrease in 
the Per-Quote-Packet Charges where a broker-dealer has 500,000 or more 
Nonprofessional Subscribers. For such entities, the Per-Quote-Packet 
Charges would be decreased from $.0075 to $.0025. By implementing a 
tiered structure for Per-Quote-Packet Charges, the proposal is designed 
to provide an offset to those firms most likely affected by the 
Enterprise Cap increase (i.e., those with a large Nonprofessional 
Subscriber base).
    Additionally, the proposal will align Network A and Network B with 
a similar tiered structure being proposed for Network C.

B. Governing or Constituent Documents

    Not applicable.

C. Implementation of the Amendments

    Pursuant to Rule 608(b)(3)(i) under Regulation NMS, the 
Participants have designated the proposed amendment as establishing or 
changing fees and are submitting the amendment for immediate 
effectiveness.

D. Development and Implementation Phases

    See Item C above.

E. Analysis of Impact on Competition

    The proposed amendments do not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act. The proposed increase in the Enterprise Cap is designed to 
account for industry consolidation.
    Without this adjustment, the Plans' revenue will suddenly decrease 
due to a broker-dealer increasing its Nonprofessional Subscriber base 
through a merger with another broker-dealer. As detailed further below, 
while the Enterprise Cap is being increased, the Plans' revenue and 
fees collected from affected entities will be maintained at their 
current levels. Any potential fee increase for broker-dealers taking 
advantage of the Enterprise Cap will be offset by a decrease in the 
Per-Quote-Packet Charges for broker-dealers with large Nonprofessional 
Subscriber bases. The combination of the Enterprise Cap increase and 
the Per-Quote-Packet Charges decrease will ensure that the fee changes 
proposed herein remain revenue neutral.
    The Participants therefore believe that the proposed fee changes 
are carefully calibrated to maintain the status quo and, as a result, 
do not impose any burden on competition that is not necessary or 
appropriate.

F. Written Understanding or Agreements relating To Interpretation of, 
or Participation in, Plan

    Not applicable.

G. Approval by Sponsors in Accordance With Plan

    Section XII (b)(iii) of the CTA Plan provides that ``[a]ny addition 
of any

[[Page 13541]]

charge to . . . the charges set forth in Exhibit E . . . shall be 
effected by an amendment to this CTA Plan . . . that is approved by 
affirmative vote of not less than two-thirds of all of the then voting 
members of CTA. Any such amendment shall be executed on behalf of each 
Participant that appointed a voting member of CTA who approves such 
amendment and shall be filed with the SEC.'' Further, Section 
IX(b)(iii) of the CQ Plan provides that ``additions, deletions, or 
modifications to any charges under this CQ Plan shall be effected by an 
amendment . . . that is approved by affirmative vote of two-thirds of 
all the members of the Operating Committee.''
    The Participants have executed this Amendment and represent not 
less than two-thirds of all of the parties to the Plans. That satisfies 
the Plans' Participant-approval requirements.

H. Description of Operation of Facility Contemplated by the Proposed 
Amendments

    Not applicable.

I. Terms and Conditions of Access

    Not applicable.

J. Method of Determination and Imposition, and Amount of, Fees and 
Charges

    The Participants are proposing to increase the Enterprise Cap by an 
amount to ensure that industry consolidation would not result in a 
sudden decrease in Plan revenue, thereby avoiding any single entity 
from getting a disproportionate benefit from the Enterprise Cap. The 
Participants propose to decrease the Per-Quote-Packet Charges for 
broker-dealers with a large Nonprofessional Subscriber base. The amount 
of the proposed decrease is specifically tailored to ensure that the 
increase in fees as a result of raising the Enterprise Cap would be 
offset and that the proposed amendment would remain revenue neutral.
    Because the Participants have data showing the current benefit of 
the Enterprise Cap and the number of queries of those potentially 
affected by the change in the Enterprise Cap, the Participants were 
able to calibrate the Per-Quote-Packet Charges in order to make the 
changes proposed herein revenue neutral. As previously stated, the 
proposed change will not only maintain the status quo on an overall 
Plan revenue basis, but also maintain the status quo with respect to 
the fees charged to individual entities.
    The proposed fee changes were distributed to and discussed with 
members of the Plans' Advisory Committee, and were discussed and voted 
on during the General Session of the Operating Committee in the 
presence of the Advisory Committee.

K. Method and Frequency of Processor Evaluation

    Not applicable.

L. Dispute Resolution

    Not applicable.

II. Rule 601(a)

A. Equity Securities for which Transaction Reports Shall be Required by 
the Plan

    Not applicable.

B. Reporting Requirements

    Not applicable.

C. Manner of Collecting, Processing, Sequencing, Making Available and 
Disseminating Last Sale Information

    Not applicable.

D. Manner of Consolidation

    Not applicable.

E. Standards and Methods Ensuring Promptness, Accuracy and Completeness 
of Transaction Reports

    Not applicable.

F. Rules and Procedures Addressed to Fraudulent or Manipulative 
Dissemination

    Not applicable.

G. Terms of Access to Transaction Reports

    Not applicable.

H. Identification of Marketplace of Execution

    Not applicable.

III. Solicitation of Comments

    The Commission seeks comment on the Amendments. In particular, the 
Commission seeks comment on the following: (1) Is the anticipated 
impact on revenue to the Plans consistent with the Participants' 
representations; (2) is the anticipated impact on costs to consumers of 
market data, including broker-dealers and their non-professional 
customers, consistent with the Participants' representations; (3) is 
there supporting data to illustrate that the proposed changes are 
``revenue neutral'' as asserted by the Participants; (4) could the fee 
changes have a disproportionate impact on particular data recipients; 
(5) what, if any, supporting data could inform whether the changes 
would maintain the status quo and therefore do not impose any burden on 
competition that is not necessary or appropriate as asserted by the 
Participants; and (6) whether the impact of potential industry 
consolidation on the revenue of the Plans is consistent with the 
representations of the Participants? Interested persons are invited to 
submit written data, views, and arguments concerning the foregoing, 
including whether the proposed Amendments are 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 Number SR-CTA/CQ-2018-01 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CTA/CQ-2018-01. 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 website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the Amendments that are filed with the 
Commission, and all written communications relating to the Amendments 
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 website viewing and printing in the 
Commission's Public Reference Room on official business days between 
the hours of 10:00 a.m. and 3:00 p.m. Copies of the Amendments also 
will be available for inspection and copying at the principal office of 
the CTA.
    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-CTA/CQ-2018-01 and should be 
submitted on or before April 19, 2018.


[[Page 13542]]


    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2018-06266 Filed 3-28-18; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 83, No. 61 / Thursday, March 29, 2018 / Notices 13539

potential price manipulation and fraud 19, 2018. Rebuttal comments should be to the CQ Plan (‘‘Amendments’’). The
in the underlying bitcoin trading submitted by May 3, 2018. Amendments seek to amend the text of
platforms and in light of the potentially For the Commission, by the Division of the Plans’ fee schedule to adopt changes
significant spread between the price of Trading and Markets, pursuant to delegated to the Broker-Dealer Enterprise
the Bitcoin Futures Contracts and the authority.22 Maximum Monthly Charge (‘‘Enterprise
spot price of bitcoin? Brent J. Fields, Cap’’) and Per-Quote-Packet Charges.
12. What are commenters’ views on Secretary. The Participants are proposing to
whether the two bitcoin futures [FR Doc. 2018–06297 Filed 3–28–18; 8:45 am] increase the Enterprise Cap from
exchanges represent a significant BILLING CODE 8011–01–P $686,400 to $1,260,000 for Network A
market, i.e., a market of significant size? and from $520,000 to $680,000 for
Comments may be submitted by any Network B. The Participants state that
of the following methods: SECURITIES AND EXCHANGE the Enterprise Cap was established to
COMMISSION provide incentives to entities to make
Electronic Comments market data available to large
[Release No. 34–82937; File No. SR–CTA/
• Use the Commission’s internet CQ–2018–01]
Nonprofessional Subscriber bases. Due
comment form (http://www.sec.gov/ to what they describe as ongoing
rules/sro.shtml); or Consolidated Tape Association; Notice industry consolidation, however, the
• Send an email to rule-comments@ of Filing and Immediate Effectiveness Participants are proposing to increase
sec.gov. Please include File Number SR– of the Twenty-Third Charges the Enterprise Cap in order to account
NYSEArca–2017–139 on the subject Amendment to the Second for the sudden and substantial increase
line. Restatement of the CTA Plan and the of Nonprofessional Subscribers at
Fourteenth Charges Amendment to the entities using the Enterprise Cap.
Paper Comments Restated CQ Plan To make the increase of the Enterprise
• Send paper comments in triplicate March 23, 2018.
Cap revenue neutral (from an overall
to Secretary, Securities and Exchange Plan perspective) and fee neutral (from
Pursuant to Section 11A of the an individual entity 6 perspective), the
Commission, 100 F Street NE,
Securities Exchange Act of 1934 Participants are proposing to decrease
Washington, DC 20549–1090.
(‘‘Act’’),1 and Rule 608 thereunder,2 the Per-Quote-Packet Charges for those
All submissions should refer to File notice is hereby given that on March 5, broker-dealers with 500,000 or more
Number SR–NYSEArca-2017–139. This 2018,3 the Consolidated Tape Nonprofessional Subscribers. According
file number should be included on the Association (‘‘CTA’’) Plan participants to the Participants, the increase in fees
subject line if email is used. To help the (‘‘Participants’’) 4 filed with the as a result of the increase of the
Commission process and review your Securities and Exchange Commission Enterprise Cap will be offset by a
comments more efficiently, please use (‘‘Commission’’) a proposal to amend decrease in Per-Quote-Packet Charges
only one method. The Commission will the Second Restatement of the CTA Plan for those entities that would be most
post all comments on the Commission’s and the Restated Consolidated likely affected by the raising of the cap,
internet website (http://www.sec.gov/ Quotation (‘‘CQ’’) Plan (‘‘Plans’’).5 The i.e., those with a large Nonprofessional
rules/sro.shtml). Copies of the amendment represents the twenty-third Subscriber base.
submission, all subsequent Charges Amendment to the CTA Plan
amendments, all written statements and the fourteenth Charges Amendment Pursuant to Rule 608(b)(3) under
with respect to the proposed rule Regulation NMS,7 the Participants
change that are filed with the 22 17 CFR 200.30–3(a)(57). designate the amendment as
Commission, and all written 1 15 U.S.C. 78k–1. establishing or changing a fee or other
communications relating to the 2 17 CFR 242.608. charge collected on their behalf in
proposed rule change between the 3 See Letter from Emily Kasparov to Brent J. connection with access to, or use of, the
Fields, Secretary, Securities and Exchange facilities contemplated by the Plans. As
Commission and any person, other than Commission, dated March 1, 2018.
those that may be withheld from the 4 The Participants are: Cboe BYX Exchange, Inc.;
a result, the amendment is effective
public in accordance with the Cboe BZX Exchange, Inc.; Cboe EDGA Exchange, upon filing with the Commission.
provisions of 5 U.S.C. 552, will be Inc.; Cboe EDGX Exchange, Inc.; Cboe Exchange, The Commission is publishing this
available for website viewing and Inc.; Chicago Stock Exchange, Inc.; Financial notice to solicit comments from
Industry Regulatory Authority, Inc.; Investors
printing in the Commission’s Public Exchange LLC; Nasdaq BX, Inc.; Nasdaq ISE, LLC; interested persons on the proposed
Reference Room, 100 F Street NE, Nasdaq PHLX LLC; The Nasdaq Stock Market LLC; Amendments. Set forth in Sections I and
Washington, DC 20549 on official New York Stock Exchange LLC; NYSE Arca, Inc.; II is the statement of the purpose and
business days between the hours of NYSE American LLC; and NYSE National, Inc. summary of the Amendments, along
(collectively, the ‘‘Participants’’).
10:00 a.m. and 3:00 p.m. Copies of the 5 See Securities Exchange Act Release Nos. 10787 with the information required by Rules
filing also will be available for (May 10, 1974), 39 FR 17799 (May 20, 1974) 608(a) and 601(a) under the Act,
inspection and copying at the principal (declaring the CTA Plan effective); 15009 (July 28, prepared and submitted by the
office of the Exchange. All comments 1978), 43 FR 34851 (August 7, 1978) (temporarily Participants to the Commission.
authorizing the CQ Plan); and 16518 (January 22,
received will be posted without change. 1980), 45 FR 6521 (January 28, 1980) (permanently
Persons submitting comments are authorizing the CQ Plan). The most recent 6 As described below, the Plan does not require

cautioned that we do not redact or edit restatement of both Plans was in 1995. The CTA an entity that is registered as a broker-dealer under
sradovich on DSK3GMQ082PROD with NOTICES

personal identifying information from Plan, pursuant to which markets collect and the Act to pay more than the Enterprise Cap for any
disseminate last sale price information for non- month for the aggregate amount of (a) a network’s
comment submissions. You should NASDAQ listed securities, is a ‘‘transaction Device charges for devices used for its Internal
submit only information that you wish reporting plan’’ under Rule 601 under the Act, 17 Distribution plus (b) that network’s Device and Per-
to make available publicly. All CFR 242.601, and a ‘‘national market system plan’’ Quote-Packet charges payable in respect of services
submissions should refer to File under Rule 608 under the Act, 17 CFR 242.608. The that it provides to Nonprofessional Subscribers that
CQ Plan, pursuant to which markets collect and are brokerage account customers of the broker-
Number SR–NYSEArca-2017–139 and disseminate bid/ask quotation information for listed dealer.
should be submitted on or before April securities, is a national market system plan. 7 17 CFR 242.608(b)(3)(i).

VerDate Sep<11>2014 19:09 Mar 28, 2018 Jkt 244001 PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 E:\FR\FM\29MRN1.SGM 29MRN1
Federal Register / Vol. 83, No. 61 / Thursday, March 29, 2018 / Notices 13541

charge to . . . the charges set forth in Committee, and were discussed and necessary or appropriate as asserted by
Exhibit E . . . shall be effected by an voted on during the General Session of the Participants; and (6) whether the
amendment to this CTA Plan . . . that the Operating Committee in the impact of potential industry
is approved by affirmative vote of not presence of the Advisory Committee. consolidation on the revenue of the
less than two-thirds of all of the then Plans is consistent with the
K. Method and Frequency of Processor
voting members of CTA. Any such representations of the Participants?
Evaluation
amendment shall be executed on behalf Interested persons are invited to submit
of each Participant that appointed a Not applicable. written data, views, and arguments
voting member of CTA who approves L. Dispute Resolution concerning the foregoing, including
such amendment and shall be filed with whether the proposed Amendments are
the SEC.’’ Further, Section IX(b)(iii) of Not applicable.
consistent with the Act. Comments may
the CQ Plan provides that ‘‘additions, II. Rule 601(a) be submitted by any of the following
deletions, or modifications to any methods:
charges under this CQ Plan shall be A. Equity Securities for which
effected by an amendment . . . that is Transaction Reports Shall be Required Electronic Comments
approved by affirmative vote of two- by the Plan
thirds of all the members of the • Use the Commission’s internet
Not applicable.
Operating Committee.’’ comment form (http://www.sec.gov/
The Participants have executed this B. Reporting Requirements rules/sro.shtml); or
Amendment and represent not less than Not applicable. • Send an email to rule-comments@
two-thirds of all of the parties to the sec.gov. Please include File Number SR–
Plans. That satisfies the Plans’ C. Manner of Collecting, Processing,
Sequencing, Making Available and CTA/CQ–2018–01 on the subject line.
Participant-approval requirements.
Disseminating Last Sale Information Paper Comments
H. Description of Operation of Facility
Not applicable.
Contemplated by the Proposed • Send paper comments in triplicate
Amendments D. Manner of Consolidation to Brent J. Fields, Secretary, Securities
Not applicable. Not applicable. and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.
I. Terms and Conditions of Access E. Standards and Methods Ensuring
Promptness, Accuracy and All submissions should refer to File
Not applicable.
Completeness of Transaction Reports Number SR–CTA/CQ–2018–01. This file
J. Method of Determination and number should be included on the
Imposition, and Amount of, Fees and Not applicable. subject line if email is used. To help the
Charges F. Rules and Procedures Addressed to Commission process and review your
The Participants are proposing to Fraudulent or Manipulative comments more efficiently, please use
increase the Enterprise Cap by an Dissemination only one method. The Commission will
amount to ensure that industry Not applicable. post all comments on the Commission’s
consolidation would not result in a internet website (http://www.sec.gov/
sudden decrease in Plan revenue, G. Terms of Access to Transaction rules/sro.shtml). Copies of the
thereby avoiding any single entity from Reports submission, all subsequent
getting a disproportionate benefit from Not applicable. amendments, all written statements
the Enterprise Cap. The Participants with respect to the Amendments that
propose to decrease the Per-Quote- H. Identification of Marketplace of
are filed with the Commission, and all
Packet Charges for broker-dealers with a Execution
written communications relating to the
large Nonprofessional Subscriber base. Not applicable. Amendments between the Commission
The amount of the proposed decrease is III. Solicitation of Comments and any person, other than those that
specifically tailored to ensure that the may be withheld from the public in
increase in fees as a result of raising the The Commission seeks comment on accordance with the provisions of 5
Enterprise Cap would be offset and that the Amendments. In particular, the U.S.C. 552, will be available for website
the proposed amendment would remain Commission seeks comment on the viewing and printing in the
revenue neutral. following: (1) Is the anticipated impact Commission’s Public Reference Room
Because the Participants have data on revenue to the Plans consistent with on official business days between the
showing the current benefit of the the Participants’ representations; (2) is hours of 10:00 a.m. and 3:00 p.m.
Enterprise Cap and the number of the anticipated impact on costs to Copies of the Amendments also will be
queries of those potentially affected by consumers of market data, including
available for inspection and copying at
the change in the Enterprise Cap, the broker-dealers and their non-
the principal office of the CTA.
Participants were able to calibrate the professional customers, consistent with
Per-Quote-Packet Charges in order to the Participants’ representations; (3) is All comments received will be posted
make the changes proposed herein there supporting data to illustrate that without change. Persons submitting
revenue neutral. As previously stated, the proposed changes are ‘‘revenue comments are cautioned that we do not
neutral’’ as asserted by the Participants; redact or edit personal identifying
sradovich on DSK3GMQ082PROD with NOTICES

the proposed change will not only
maintain the status quo on an overall (4) could the fee changes have a information from comment submissions.
Plan revenue basis, but also maintain disproportionate impact on particular You should submit only information
the status quo with respect to the fees data recipients; (5) what, if any, that you wish to make available
charged to individual entities. supporting data could inform whether publicly. All submissions should refer
The proposed fee changes were the changes would maintain the status to File Number SR–CTA/CQ–2018–01
distributed to and discussed with quo and therefore do not impose any and should be submitted on or before
members of the Plans’ Advisory burden on competition that is not April 19, 2018.

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Document Created: 2018-03-29 00:25:25
Document Modified: 2018-03-29 00:25:25
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		83 FR 13539