Notice2022-04335
Consolidated Tape Association; Order Instituting Proceedings To Determine Whether To Approve or Disapprove the Thirty-Seventh Substantive Amendment to the Second Restatement of the CTA Plan and Twenty-Eighth Substantive Amendment to the Restated CQ Plan
Primary source
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Published
March 2, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 41 (Wednesday, March 2, 2022)</title>
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[Federal Register Volume 87, Number 41 (Wednesday, March 2, 2022)]
[Notices]
[Pages 11748-11755]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-04335]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94310; File No. SR-CTA/CQ-2021-02]
Consolidated Tape Association; Order Instituting Proceedings To
Determine Whether To Approve or Disapprove the Thirty-Seventh
Substantive Amendment to the Second Restatement of the CTA Plan and
Twenty-Eighth Substantive Amendment to the Restated CQ Plan
February 24, 2022.
I. Introduction
On November 5, 2021,\1\ the Participants \2\ in the Second
Restatement of the Consolidated Tape Association (``CTA'') Plan and
Restated Consolidated Quotation (``CQ'') Plan (collectively ``CTA/CQ
Plans'' or ``Plans'') \3\ filed with the Securities and Exchange
Commission (``Commission''), pursuant to Section 11A of the Securities
Exchange Act of 1934 (``Act'') \4\ and Rule 608 of Regulation National
Market System (``NMS'') thereunder,\5\ a proposal (the ``Proposed
Amendments'') to amend the Plans to implement the non-fee-related
aspects of the Commission's Market Data Infrastructure Rules (``MDI
Rules'').\6\ The Proposed Amendments were published for comment in the
Federal Register on November 29, 2021.\7\
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\1\ See Letter from Robert Books, Chair, CTA/CQ Operating
Committee, to Vanessa Countryman, Secretary, Commission (Nov. 5,
2021).
\2\ The Participants are: Cboe BYX Exchange, Inc., Cboe BZX
Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc.,
Cboe Exchange, Inc., Financial Industry Regulatory Authority, Inc.,
The Investors' Exchange LLC, Long-Term Stock Exchange, Inc., MEMX
LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq PHLX,
Inc., The Nasdaq Stock Market LLC, New York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE
National, Inc. (collectively, the ``Participants'').
\3\ 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 of
Regulation NMS, 17 CFR 242.601, and a ``national market system
plan'' under Rule 608 of Regulation NMS, 17 CFR 242.608. The CQ
Plan, pursuant to which markets collect and disseminate bid/ask
quotation information for non-Nasdaq-listed securities, is a
``national market system plan'' under Rule 608 under the Act, 17 CFR
242.608. See Securities Exchange Act Release Nos. 10787 (May 10,
1974), 39 FR at 17799 (May 20, 1974) (declaring the CTA Plan
effective); 15009 (July 28, 1978), 43 FR at 34851 (Aug. 7, 1978)
(temporarily authorizing the CQ Plan); and 16518 (Jan. 22, 1980), 45
FR at 6521 (Jan. 28, 1980) (permanently authorizing the CQ Plan).
The most recent restatement of both Plans was in 1995.
\4\ 15 U.S.C 78k-1(a)(3).
\5\ 17 CFR 242.608.
\6\ See Securities Exchange Act Release No. 90610, 86 FR 18596
(Apr. 9, 2021) (File No. S7-03-20) (``MDI Rules Release'').
\7\ See Securities Exchange Act Release No. 93615 (Nov. 19,
2021), 86 FR 67800 (Nov. 29, 2021) (``Notice''). Comments received
in response to the Notice are available at <a href="https://www.sec.gov/comments/sr-ctacq-2021-02/srctacq202102.htm">https://www.sec.gov/comments/sr-ctacq-2021-02/srctacq202102.htm</a>.
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This order institutes proceedings, under Rule 608(b)(2)(i) of
Regulation NMS,\8\ to determine whether to disapprove the Proposed
Amendments or to approve the Proposed Amendments with any changes or
subject to any conditions the Commission deems necessary or appropriate
after considering public comment.
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\8\ 17 CFR 242.608(b)(2)(i).
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II. Summary of the Proposed Amendments <SUP>9</SUP>
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\9\ The full text of the Proposed Amendments appear as
Attachments A and B to the Notice. See Notice, supra note 7, 86 FR
at 67802-29.
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The Participants propose to amend the Plans to comply with Rule
614(e) of the MDI Rules. Rule 614(e) requires participants to the
effective national market system plan(s) for NMS stocks to file by
November 5, 2021, an amendment with the Commission that includes each
of the requirements of Rule 614(e)(1)--(5).\10\
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\10\ 17 CFR 242.614(e). The Participants have submitted separate
amendments to implement the fee-related aspects of the MDI Rules.
See Securities Exchange Act Release No. 93625 (Nov. 19, 2021), 86 FR
67517 (Nov. 26, 2021) (File No. SR-CTA/CQ-2021-03).
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Specifically, Rule 614(e)(1) requires the amendment to conform the
effective national market system plan(s) for NMS stocks to reflect the
provision of information with respect to quotations for and
transactions in NMS stocks that is necessary to generate consolidated
market data by the national securities exchange and national securities
association participants to competing consolidators and self-
aggregators.
Rule 614(e)(2) requires the amendment to include the application of
timestamps by the national securities exchange and national securities
association participants on all information with respect to quotations
for and transactions in NMS stocks that is necessary to generate
consolidated market data, including the time that such information was
generated as applicable by the national securities exchange or national
securities association and the time the national securities exchange or
national securities association made such information available to
competing consolidators and self-aggregators.
Rule 614(e)(3) requires the amendment to include assessments of
competing consolidator performance, including speed, reliability, and
cost of data provision and the provision of an annual report of such
assessment to the Commission.
Rule 614(e)(4) requires the amendment to include the development,
maintenance and publication of a list that identifies the primary
listing exchange for each NMS stock.
Rule 614(e)(5) requires the amendment to include the calculation
and publication on a monthly basis of consolidated market data gross
revenues for NMS stocks as specified by (i) listed on the NYSE; (ii)
listed on Nasdaq; and (iii) listed on exchanges other than NYSE or
Nasdaq.
The following is a summary of the changes proposed to be made to
the Plans by the Proposed Amendments.
CTA Plan Proposed Amendments
Preface
Under the Proposed Amendments, the CTA Plan would include the
following new provision: ``Terms used in this plan have the same
meaning as the terms are defined in Rule 600(b) under the Act.''
Section I.--Definitions
The Proposed Amendments add a definition of ``Primary Listing
Exchange,'' as new Section I.(x), which means ``the national securities
exchange on which an Eligible Security is listed.'' The proposed
definition further states, ``[i]f an Eligible Security is listed on
[[Page 11749]]
more than one national securities exchange, Primary Listing Exchange
means the exchange on which the security has been listed the longest.''
Section IV.--Administration of the CTA Plan
The Proposed Amendments add new Section IV.(e), Plan website
Disclosures, requiring CTA to publish on the CTA Plan's website the
Primary Listing Exchange for each Eligible Security, and, on a monthly
basis, the consolidated market data gross revenues for Eligible
Securities as specified by Tape A and Tape B securities. The
Participants explain that this addition is intended to comply with Rule
614(e)(4) and Rule 614(e)(5)(i) and (iii).\11\
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\11\ See Notice, supra note 7, 86 FR at 67800.
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Section V.--The Processor and Competing Consolidators
The Proposed Amendments amend the title of Section V. to include
competing consolidators, such that it is now titled ``The Processor and
Competing Consolidators'' and add new Section V.(f), Evaluation of
Competing Consolidators, to require the Operating Committee to assess
the performance of competing consolidators on an annual basis and to
submit an annual report to the Commission containing the assessment.
The Proposed Amendments require this annual report to include an
analysis with respect to competing consolidators' speed, reliability,
and cost of data provision. The Participants explain that these
additions are intended to comply with the requirements of Rule
614(e)(3).\12\
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\12\ See id.
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In addition, the Proposed Amendments require the Operating
Committee, in conducting the analysis, to review the monthly
performance metrics to be published by competing consolidators pursuant
to Rule 614(d)(5).\13\ Rule 614(d)(5) requires competing consolidators
to publish on their websites monthly performance metrics as defined by
the effective national market system plan(s) for NMS stocks.\14\ The
Proposed Amendments add the following monthly performance metrics to
this section:
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\13\ 17 CFR 242.614(d)(5).
\14\ Id.
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(i) Capacity statistics, including system tested capacity, system
output capacity, total transaction capacity, and total transaction peak
capacity;
(ii) Message rate and total statistics, including peak output rates
on the following bases: 1-millisecond, 10-millisecond, 100-millisecond,
500-millisecond, 1-second, and 5-second;
(iii) System availability statistics, including system up-time
percentage and cumulative amount of outage time;
(iv) Network delay statistics, including quote and trade zero
window size events, quote and trade retransmit events, and quote and
trade message total; and
(v) Latency statistics, including distribution statistics up to the
99.99th percentile, for the following:
(A) When a Participant sends an inbound message to a competing
consolidator and when the competing consolidator receives the inbound
message;
(B) When the competing consolidator receives the inbound message
and when the competing consolidator sends the corresponding
consolidated message to a customer of the competing consolidator; and
(C) When a Participant sends an inbound message to a competing
consolidator and when the competing consolidator sends the
corresponding consolidated message to a customer of the competing
consolidator.
The Participants explain that they have proposed to amend Section
V. to define the monthly performance metrics in accordance with Rule
614(d)(5).\15\
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\15\ See Notice, supra note 7, 86 FR at 67800.
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Section VI.--Consolidated Tape
The Proposed Amendments amend Section VI.(c), Reporting Format and
Technical Specifications, to include a reference to competing
consolidators and self-aggregators such that last sale price
information relating to a completed transaction in an Eligible Security
reported to competing consolidators and self-aggregators by any
Participant or other reporting party shall be in the format required in
Section VI.(c).
In addition, the Proposed Amendments amend Section VI.(c) to delete
from the required format the time of the transaction (reported in
microseconds) as identified in the Participant's matching engine
publication timestamp, and replace it with the time the last sale price
information was generated by the Participant (reported in
microseconds). Furthermore, the Proposed Amendments amend Section
VI.(c) to add to the required format, with respect to reports to
competing consolidators and self-aggregators, the time the Participant
made the last sale price information available to competing
consolidators and self-aggregators (reported in microseconds). The
Participants explain that the proposed references to competing
consolidators and self-aggregators and the proposed requirement to
report in microseconds the time that a Participant made the last sale
price information available to competing consolidators and self-
aggregators are intended to comply with Rule 614(e)(1) and (2).\16\
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\16\ See id.
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With respect to FINRA, the Proposed Amendments amend a statement in
Section VI.(c) that the time of the transaction shall be the time of
execution that a FINRA member reports to a FINRA trade reporting
facility in accordance with FINRA rules. The Proposed Amendments change
this statement to state that the time the last sale price information
was generated by a Participant shall be the time that a FINRA member
reports to a FINRA trade reporting facility in accordance with FINRA
rules. The Proposed Amendments also add references to competing
consolidators and self-aggregators such that if FINRA's trade reporting
facility provides a proprietary feed of trades reported by the trade
reporting facility to the Processor, competing consolidators and self-
aggregators, then the FINRA trade reporting facility shall also furnish
the Processor, competing consolidators, and self-aggregators with the
time of the transmission as published on the facility's proprietary
feed.
The Proposed Amendments also delete Section VI.(g), ITS
Transactions, which concerns last sale prices reflecting ITS
transactions. The Participants explain that they are proposing to
remove this provision because the ITS is obsolete.\17\
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\17\ See id.
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Section VIII. Collection and Reporting of Last Sale Data
The Proposed Amendments amend Section VIII.(a), Responsibility of
Exchange Participants, to remove a list of exchange participants and
the requirement that each collects and reports to the Processor all
last sale price information to be reported to it relating to
transactions in Eligible Securities taking place on its floor. The
Proposed Amendments amend this statement to state that each Participant
agrees to collect and report to the Processor all last sale price
information to be reported by it relating to transactions in Eligible
Securities.
The Proposed Amendments also add a statement that each Participant
further agrees to collect and report to competing consolidators and
self-aggregators all last sale price information to be reported to it
related to transactions in Eligible Securities in the same manner and
using
[[Page 11750]]
the same methods, including all methods of access and the same format,
as such Participant makes available any information with respect to
quotations for and transactions in Eligible Securities to any
person.\18\ In addition, the Proposed Amendments amend Section
VIII.(b), FINRA Responsibility, to add references to competing
consolidators and self-aggregators such that the provision states:
``The FINRA shall develop and adopt rules governing the reporting of
last sale price information to be reported by its members to both the
Processor for inclusion on the consolidated tape and to Competing
Consolidators and Self-Aggregators. Such rules shall . . . (ii) be
designed to avoid duplicate reporting of transactions on the
consolidated tape or to Competing Consolidators and Self Aggregator . .
.'' The Participants explain that these additions are designed to
comply with Rule 614(e)(1).\19\
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\18\ The Proposed Amendments also delete the following statement
from Section VIII.(a): ``CTA shall seek to reduce the time period
for reporting last sale prices to the Processor as conditions
warrant.''
\19\ See Notice, supra note 7, 86 FR at 67801.
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Finally, the Proposed Amendments delete Section VIII.(c),
Description of Reporting Procedures, which states that each Participant
and each other reporting party has prepared and submitted to CTA and
the Commission a description of the procedures by which it collects and
reports to the Processor last sale price information reported by it
pursuant to the CTA Plan. The Participants explain that this provision
is no longer relevant under the MDI Rules.\20\
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\20\ See id.
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Section IX.--Receipt and Use of CTA Information
In Sections IX.(a), Requirements for Receipt and Use of
Information, (b), Approvals of Redisseminators and Terminations of
Approvals, and (c), Subscriber Terminations, the Proposed Amendments
replace several references to ``each CTA network's information,'' ``a
CTA network's information,'' ``that CTA network's information,'' and
``that CTA network's last sale price information'' with the term
``consolidated market data''.
The Proposed Amendments also amend Section IX.(a) to include
references to competing consolidators and self-aggregators. Proposed
Section IX.(a) states that, ``[p]ursuant to fair and reasonable terms
and conditions, each CTA network's administrator shall provide for: (i)
The dissemination of consolidated market data on terms that are not
unreasonably discriminatory to Competing Consolidators, Self-
Aggregators, vendors, newspapers, Participants, Participant members and
member organizations, and other persons over that network's ticker and
over the high speed line; and (ii) the use of consolidated market data
by Competing Consolidators, Self-Aggregators, vendors, subscribers,
newspapers, Participants, Participant members and member organizations
and other persons.'' Additionally, the section now states that each CTA
network's Participants will determine the terms and conditions applying
in respect of a particular manner of receipt or use of consolidated
market data including whether the manner of receipt or use will require
recipients or users to enter into agreements with the CTA network's
administrator, and that these determinations will be made in a
reasonably uniform manner to subject all parties that receive or use
consolidated market data in a particular manner to terms and conditions
that are substantially similar.
In addition, the Proposed Amendments amend Section IX.(a) to state
that the Participants expect their CTA network's administrator to
require the following parties to enter into agreements with the CTA
network administrator: (i) Any party that receives a CTA network's
information by means of a direct computer-to-computer interface with
the Processor or competing consolidator; (ii) any competing
consolidator or self-aggregator that receives last sale transaction
information directly from a Participant for the purpose of creating
consolidated market data; (iii) vendors and other parties that
redisseminate consolidated market data to others; and (iv) persons that
use consolidated market data for such purposes as that CTA network's
administrator may from time to time identify.
The Participants explain that the proposed revisions to Section
IX.(a) intend to make clear that the current market data contracts
regarding the receipt of market data will be applicable to competing
consolidators and self-aggregators.\21\ They believe that the change is
consistent with Rule 614(e)(1) and is necessary, stating that competing
consolidators and self-aggregators would be receiving and using
consolidated market data and should be subject to the same contracts
applicable to vendors and subscribers.\22\
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\21\ See id.
\22\ See id.
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The Proposed Amendments amend Section XI.(b), Approvals of
Redisseminators and Terminations of Approvals, to state that all
vendors and other parties that redisseminate consolidated market data
(``data redisseminators'') shall be required to be approved by a CTA
network's administrator. Additionally, the Proposed Amendments amend
Section XI.(c), Subscriber Terminations, to state that a CTA network's
administrator may determine that circumstances warrant directing a data
redisseminator to cease providing consolidated market data to a
subscriber, and that the CTA network's Participants may direct the data
redisseminator to cease providing consolidated market data to the
subscriber if a majority of those Participants determine that (i) such
action is necessary or appropriate in the public interest or for the
protection of investors, or (ii) the subscriber has breached any
agreement required by the CTA network's administrator pursuant to
Section IX.
Section XI.--Operational Matters
The Proposed Amendments delete from Section XI.(a), Regulatory and
Operational Halts, the definition of ``Primary Listing Market'' in
Section XI.(a)(i)(H) and the definition of ``Trading Center'' in
Section XI.(a)(i)(N).
The Proposed Amendments add a reference to competing consolidators
and self-aggregators to Section XI.(a)(ii), Operational Halts, to state
that a Participant shall notify competing consolidators and self-
aggregators if it has concerns about its ability to collect and
transmit quotes, orders or last sale prices, or where the Participant
has declared an Operational Halt or suspension of trading in one or
more Eligible Securities, pursuant to the procedures adopted by the
Operating Committee. In addition, the Proposed Amendments add a
reference to competing consolidators and self-aggregators to Section
XI.(a)(viii), Communications, to require a Primary Listing Exchange for
an Eligible Security to notify competing consolidators and self-
aggregators if it determines to initiate a Regulatory Halt.
The Proposed Amendments also replace references to ``Primary
Listing Market'' with ``Primary Listing Exchange'' throughout Section
XI.
The Participants state that their revisions to Section XI to
include references to notifying competing consolidators and self-
aggregators in connection with Regulatory and Operational Halts are
consistent with Rule 614(e)(1) and would ensure that competing
consolidators and self-aggregators are notified of information related
to Regulatory and Operational
[[Page 11751]]
Halts and that competing consolidators can disseminate this information
to their customers.\23\
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\23\ See id.
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CQ Plan Proposed Amendments
Preface
Under the Proposed Amendments, the CQ Plan would include the
following new provision: ``Terms used in this plan have the same
meaning as the terms are defined in Rule 600(b) under the Act.''
Section I.--Definitions
The Proposed Amendments add a definition of ``Primary Listing
Exchange'' as new Section I.(v), which means ``the national securities
exchange on which an Eligible Security is listed.'' The proposed
definition further states, ``[i]f an Eligible Security is listed on
more than one national securities exchange, Primary Listing Exchange
means the exchange on which the security has been listed the longest.''
The Proposed Amendments amend the definition of ``Quotation
Information'' in Section I.(x) (formerly, Section I.(w)) to change a
reference to ``consolidated BBO'' to ``NBBO,'' such that Quotation
Information now means, among other things, ``(iii) each NBBO contained
in the foregoing information and any identifier associated therewith .
. . .''
Section IV.--Administration of This CQ Plan
The Proposed Amendments add new Section IV.(d), Plan website
Disclosures, requiring the Operating Committee to publish on the CQ
Plan's website the Primary Listing Exchange for each Eligible Security,
and, on a monthly basis, the consolidated market data gross revenues
for Eligible Securities as specified by Tape A and Tape B securities.
The Participants explain that this addition is intended to comply with
Rule 614(e)(4) and Rule 614(e)(5)(i) and (iii).\24\
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\24\ See id.
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Section V.--The Processor and Competing Consolidators
The Proposed Amendments amend the title of Section V. to include
competing consolidators, such that it is now titled ``The Processor and
Competing Consolidators,'' and add new Section V.(f), Evaluation of
Competing Consolidators, to require the Operating Committee to assess
the performance of competing consolidators on an annual basis and to
submit an annual report to the Commission containing the assessment.
The Proposed Amendments require this annual report to include an
analysis with respect to competing consolidators' speed, reliability,
and cost of data provision. The Participants explain that these
additions are intended to comply with the requirements of Rule
614(e)(3).\25\
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\25\ See Notice, supra note 7, 86 FR at 67801.
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In addition, the Proposed Amendments require the Operating
Committee, in conducting the analysis, to review the monthly
performance metrics to be published by competing consolidators pursuant
to Rule 614(d)(5).\26\ Rule 614(d)(5) requires competing consolidators
to publish on their websites monthly performance metrics as defined by
the effective national market system plan(s) for NMS stocks.\27\ The
Proposed Amendments add the following monthly performance metrics to
this section:
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\26\ 17 CFR 242.614(d)(5).
\27\ Id.
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(i) Capacity statistics, including system tested capacity, system
output capacity, total transaction capacity, and total transaction peak
capacity;
(ii) Message rate and total statistics, including peak output rates
on the following bases: 1-millisecond, 10-millisecond, 100-millisecond,
500-millisecond, 1-second, and 5-second;
(iii) System availability statistics, including system up-time
percentage and cumulative amount of outage time;
(iv) Network delay statistics, including quote and trade zero
window size events, quote and trade retransmit events, and quote and
trade message total; and
(v) Latency statistics, including distribution statistics up to the
99.99th percentile, for the following:
(A) When a Participant sends an inbound message to a competing
consolidator and when the competing consolidator receives the inbound
message;
(B) When the competing consolidator receives the inbound message
and when the competing consolidator sends the corresponding
consolidated message to a customer of the competing consolidator; and
(C) When a Participant sends an inbound message to a competing
consolidator and when the competing consolidator sends the
corresponding consolidated message to a customer of the competing
consolidator.
Section VI.--Collection and Reporting of Quotation Information
The Proposed Amendments amend Section VI.(a), Responsibilities of
Participants, to state that ``[e]ach Participant agrees to collect, and
furnish to the Processor in a format acceptable to the Operating
Committee, all quotation information required to be made available by
such Participant by Rules 602(b)(1) of Regulation NMS. Each Participant
further agrees to collect and report to Competing Consolidators and
Self Aggregators all quotation information required to be made
available by such Participant by Rule 603(b) of Regulation NMS,
including all data necessary to generated consolidated market data.''
In addition, under the Proposed Amendments, Section VI.(a) states
that each bid and offer with respect to an Eligible Security furnished
to the Processor, competing consolidators and self-aggregators by any
Participant pursuant to Plan would be accompanied by (i) the
information required by Rules 602(b)(1) or 603(b) of Regulation NMS, as
applicable, and (ii) the time of the bid or offer as identified by: (A)
In the case of a national securities exchange, the reporting
Participant's matching engine publication timestamp (reported in
microseconds); or (B) in the case of a national securities association,
the quotation publication timestamp that the association's bidding or
offering member reports to the association's quotation facility in
accordance with FINRA rules. Each bid and offer with respect to an
Eligible Security furnished to competing consolidators and self-
aggregators by any Participant must be accompanied by the time
(reported in microseconds) the Participant made the bid and offer
available to competing consolidators and self-aggregators.
With respect to national securities associations, under the
Proposed Amendments, if a national securities association quotation
facility provides a proprietary feed of its quotation information, then
the quotation facility shall also furnish the Processor, competing
consolidators, and self-aggregators with the time of the quotation as
published on the quotation facility's proprietary feed, and the
national securities association shall convert any quotation times
reported to it in seconds or milliseconds to microseconds and shall
furnish such times to the Processor, competing consolidators, and self-
aggregators in microseconds. Additionally, Section VI.(a), as proposed
to be amended, states, ``Each bid and offer with respect to an Eligible
Security made by a broker or dealer otherwise than on the floor of an
exchange and furnished to the Processor, Competing Consolidators, and
Self-Aggregators by any Participant which is a national securities
association shall, at the time furnished, be accompanied by an
appropriate symbol designated by the Operating
[[Page 11752]]
Committee identifying such broker or dealer as required by paragraph
(b)(i) of the Rule.''
The Proposed Amendments also amend Section VI.(b), Timeliness of
Reporting, to add the following requirement: ``Each Participant further
agrees to furnish quotation information, and changes in any such
information, to the Competing Consolidator[s] and Self-Aggregators in
the same manner and using the same methods, including all methods of
access and the same format, as such Participant makes available any
information with respect to quotations for and transactions in NMS
stocks to any person.'' The Participants explain that this addition is
designed to comply with the requirements of Rule 614(e)(1).\28\
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\28\ See Notice, supra note 7, 86 FR at 67801. The Participants
state that they amended Sections VIII.(a) and (b) of the CQ Plan to
add the requirement that each Participant agrees to collect and
report to competing consolidators and self-aggregators all quotation
data in the same manner and using the same methods, including all
methods of access and the same format, as such Participant makes
available any information with respect to quotations for and
transactions in Eligible Securities to any person. However,
Commission staff believes they meant Section VI. instead of Section
VIII. and such amendment is only present in proposed Section VI.(b)
of the CQ Plan.
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In addition, the Proposed Amendments amend Section VI.(c), High
Speed Line and Market Identifiers, to remove a reference to an ``ITS/
CAES BBO'' as excepted from the requirement that each bid or offer with
respect to an Eligible Security furnished to the processor by a
Participant that is a national securities association shall be
accompanied by the symbol identifying the broker or dealer who was
reported to the Processor as having made such bid or offer otherwise
than on the floor of an exchange. The Participants explain that they
propose to remove this reference because references to ITS/CAES are
outdated.\29\
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\29\ See Notice, supra note 7, 86 FR at 67801.
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The Proposed Amendments also amend Section VI.(e), Unusual Market
Conditions, to include references to competing consolidators and self-
aggregators and to remove a reference to Rule 602(b)(1) \30\ and
replace it with a reference to Rules 601(b)(1) and 603(b) of Regulation
NMS. The Proposed Amendments also remove a reference to vendors in
Section VI.(e).
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\30\ Specifically, ``paragraph (b)(1) of the Rule.'' See id., 86
FR at 67824.
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Finally, the Proposed Amendments delete Section VI.(f), Description
of Reporting Procedures, which requires each Participant and each other
reporting party to prepare and submit to the Operating Committee and
the Processor a description of the procedures by which it intends to
comply with its obligations under the CQ Plan. The Participants explain
that the provisions of Section VI.(f) are no longer relevant.\31\
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\31\ See id., 86 FR at 67801.
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Section VII.--Receipt and Use of Quotation Information
In Sections VII.(a), Requirements for Receipt and Use of
Information, (b), Approvals of Redisseminators and Terminations of
Approvals, and (c) Subscriber Terminations, the Proposed Amendments
replace several references to a ``CQ network's quotation information''
with the term ``consolidated market data.''
The Proposed Amendments also amend Section VII.(a) to include
references to competing consolidators and self-aggregators, such that,
pursuant to fair and reasonable terms and conditions, each network's
administrator shall provide for: (i) The dissemination of each CQ
network's quotation information on terms that are not unreasonably
discriminatory to competing consolidators and self-aggregators, and
(ii) the use of that CQ network's quotation information by competing
consolidators and self-aggregators.
In addition, the Proposed Amendments amend Section VII.(a) to state
that the Participants in both CQ networks expect that their network's
administrator will require the following parties to enter into
agreements with the network's administrator: (i) Any party that
receives consolidated market data by means of a direct computer-to-
computer interface with the Processor or competing consolidators; (ii)
any competing consolidator or self-aggregator that receives quotation
information directly from a Participant for the purpose of creating
consolidated market data; (iii) vendors and other parties that
redisseminate consolidated market data; and (iv) persons that use
consolidated market data for such purposes as the CQ network's
administrator may from time to time identify.
The Participants explain that the proposed revisions intend to make
clear that the current market data contracts regarding the receipt of
market data will be applicable to competing consolidators and self-
aggregators.\32\ They believe that the change is consistent with Rule
614(e)(1) and is necessary, stating that competing consolidators and
self-aggregators would be receiving and using consolidated market data
and should be subject to the same contracts applicable to vendors and
subscribers.\33\
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\32\ See id.
\33\ See id.
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The Proposed Amendments also amend Section VII.(b), Approvals of
Redisseminators and Terminations of Approvals, to state that all
vendors of and other parties that redisseminate consolidated market
data (``data redisseminators'') shall be required to be approved by a
CTA network's administrator. Additionally, the Proposed Amendments
amend Section XI.(c), Subscriber Terminations, to state that a
network's administrator may determine that circumstances warrant
directing a data redisseminator to cease providing consolidated market
data to a subscriber, and that the CQ network's Participants may direct
the data redisseminator to cease providing consolidated market data to
the subscriber if a majority of those Participants determine that (i)
such action is necessary or appropriate in the public interest or for
the protection of investors, or (ii) the subscriber has breached any
agreement required by the CTA network's administrator pursuant to
Section VII.
III. Summary of Comments
In response to the Notice, the Commission received two comments on
the Proposed Amendments.\34\ Generally, both commenters oppose the
Proposed Amendments and recommend that the Commission disapprove
them.\35\
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\34\ See Letters to Vanessa Countryman, Secretary, Commission,
from Ellen Greene, Managing Director, Equity and Options Market
Structure, and William C. Thum, Managing Director and Associate
General Counsel, Asset Management Group, Securities Industry and
Financial Markets Association (Dec. 17, 2021) (``SIFMA Letter'');
Patrick Flannery, Chief Executive Officer, MayStreet, to Vanessa
Countryman, Secretary, Commission (Dec. 17, 2021) (``MayStreet
Letter'').
\35\ SIFMA Letter, supra note 34, at 1, 8; MayStreet Letter,
supra note 34, at 1. The Commission notes that the comment letters
submitted by these commenters address both the Proposed Amendments
and similar proposed amendments to the Fifty-First Amendment to the
Joint Self-Regulatory Organization Plan Governing the Collection,
Consolidation and Dissemination of Quotation and Transaction
Information for Nasdaq-Listed Securities Traded on Exchanges on an
Unlisted Trading Privileges Basis. See Securities Exchange Act
Release No. 93620 (Nov. 19, 2021), 86 FR 67541 (Nov. 26, 2021).
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Both commenters argue that the Proposed Amendments contain
provisions that would be irrelevant under the decentralized
consolidation model. Specifically, one commenter states that the
Proposed Amendments appear to continue to contain the concept of a
single processor in contravention of the MDI Rules Release.\36\ The
other commenter argues
[[Page 11753]]
that under the MDI Rule, only competing consolidators would sell
consolidated market data to vendors and subscribers. Therefore, this
commenter does not believe the sections of the Proposed Amendment that
discuss vendors' and subscribers' contractual relationships with the
Plan are relevant.\37\ The commenter recommends that these provisions
be removed or altered to reflect that the Plans no longer have
agreements with vendors and end users and instead will have agreements
with competing consolidators and self-aggregators related specifically
to the cost of content underlying the market data.\38\
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\36\ SIFMA Letter, supra note 34, at 8.
\37\ MayStreet Letter, supra note 34, at 3.
\38\ See id.
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Both commenters also argue that the Proposed Amendments incorrectly
treat competing consolidators in the same manner as market data
vendors, despite Commission instruction to the contrary.\39\ One of the
commenters believes that subjecting competing consolidators to the same
contractual requirements as data vendors and subscribers that receive
consolidated market data from the exclusive SIP fails to recognize that
competing consolidators are SIPs and not similarly situated to today's
data vendors.\40\ The commenter does not believe the contracts
applicable to current data vendors will suffice for competing
consolidators because the data that competing consolidators would
receive from the Participants is content underlying consolidated data
and different from the SIP data that data vendors receive.\41\
Additionally, the commenter states that not recognizing competing
consolidators as SIPs would put competing consolidators at a
competitive disadvantage to market data vendors given that they take on
expenses and risks that data vendors do not--such as the costs to
generate consolidated market data, disclosing operational and
performance metrics, registering with the Commission, and complying
with Rule 614 of Regulation NMS.\42\
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\39\ SIFMA Letter, supra note 34, at 4-5, 8; MayStreet Letter,
supra note 34, at 3-5.
\40\ MayStreet Letter, supra note 34, at 3-4. This commenter
states that the Act requires competing consolidators to receive the
data under terms that are not ``unreasonably'' discriminatory. Id.
at 4.
\41\ See id. at 5.
\42\ See id.
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Separately, one commenter argues that validation procedures between
competing consolidators and Participants should be similar to those
between the current Processor and the Participants.\43\ While this
commenter acknowledges that the validation process for competing
consolidators and Participants may differ from the current Processor
validation process, the commenter believes that establishing validation
procedures with the new competing consolidators that would be
consistent across SROs is a prudent measure for ensuring data
quality.\44\ Finally, the commenter also believes that the
Participants' description of services offered by the current plans for
equity market data have confused the underlying content of consolidated
market data and the consolidated market data itself.\45\
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\43\ See id. at 4.
\44\ See id.
\45\ MayStreet Letter, supra note 34, at 3.
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IV. Proceedings To Determine Whether To Approve or Disapprove the
Proposed Amendments
The Commission is instituting proceedings pursuant to Rule
608(b)(2)(i) of Regulation NMS,\46\ and Rule 700 of the Commission's
Rules of Practice,\47\ to determine whether to approve or disapprove
the Proposed Amendments or to approve the Proposed Amendments with any
changes or subject to any conditions the Commission deems necessary or
appropriate after considering public comment. Institution of
proceedings does not indicate that the Commission has reached any
conclusions with respect to any of the issues involved. Rather, the
Commission seeks and encourages interested persons to provide
additional comment on the Proposed Amendments to inform the
Commission's analysis.
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\46\ 17 CFR 242.608.
\47\ 17 CFR 201.700.
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Rule 608(b)(2) of Regulation NMS provides that the Commission
``shall approve a . . . proposed amendment to a national market system
plan, with such changes or subject to such conditions as the Commission
may deem necessary or appropriate, if it finds that such . . .
amendment is necessary or appropriate in the public interest, for the
protection of investors and 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.'' \48\ Rule 608(b)(2) further provides that the Commission
shall disapprove a proposed amendment if it does not make such a
finding.\49\ Pursuant to Rule 608(b)(2)(i) of Regulation NMS,\50\ the
Commission is providing notice of the grounds for disapproval under
consideration:
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\48\ See 17 CFR 242.608(b)(2).
\49\ See 17 CFR 242.608(b)(2).
\50\ 17 CFR 242.608(b)(2)(i). See also Commission Rule of
Practice 700(b)(2), 17 CFR 201.700(b)(2).
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<bullet> Whether the Proposed Amendments are consistent with the
Commission's MDI Rules as outlined in Rule 614(e); \51\
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\51\ See MDI Rules Release, supra note 6.
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<bullet> Whether, consistent with Rule 608 of Regulation NMS, the
Proposed Amendments are necessary or appropriate in the public
interest, for the protection of investors and 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; \52\
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\52\ See 17 CFR 242.608(b)(2).
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<bullet> Whether consistent with Rule 603(a) of Regulation NMS, the
Proposed Amendments provide for the distribution of information with
respect to quotations for and transactions in NMS stocks on terms that
are fair and reasonable and not unreasonably discriminatory;
<bullet> Whether modifications to the Proposed Amendments, or
conditions to their approval, would be required to make the Proposed
Amendments necessary or appropriate in the public interest, for the
protection of investors and 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; \53\
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\53\ See id.
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<bullet> Whether the Proposed Amendments are consistent with
Congress's finding, in Section 11A(1)(C)(iii) of the Act, that it is in
the public interest and appropriate for the protection of investors and
the maintenance of fair and orderly markets to ensure ``the
availability to brokers, dealers, and investors of information with
respect to quotations for and transactions in securities''; \54\ and
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\54\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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<bullet> Whether, consistent with the purposes of Section
11A(c)(1)(B) of the Act,\55\ the Proposed Amendments' provisions are
drafted, to support the prompt, accurate, reliable, and fair
collection, processing, distribution, and publication of information
with respect to quotations for and transactions in NMS securities, and
the fairness and usefulness of the form and content of such
information.
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\55\ See 15 U.S.C. 78k-1(c)(1)(B).
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Under the Commission's Rules of Practice, the ``burden to
demonstrate that a NMS plan filing is consistent with the Exchange Act
and the rules and regulations issued thereunder . . . is on the plan
participants that filed the NMS
[[Page 11754]]
plan filing.'' \56\ The description of the NMS plan filing, its purpose
and operation, its effect, and a legal analysis of its consistency with
applicable requirements must all be sufficiently detailed and specific
to support an affirmative Commission finding.\57\ Any failure of the
plan participants that filed the NMS plan filing to provide such detail
and specificity may result in the Commission not having a sufficient
basis to make an affirmative finding that the NMS plan filing is
consistent with the Act and the applicable rules and regulations
thereunder.\58\
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\56\ 17 CFR 201.700(b)(3)(ii).
\57\ Id.
\58\ Id.
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V. Commission's Solicitation of Comments
The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 11A or any other provision of the Act, or the
rules and regulations thereunder. Although there do not appear to be
any issues relevant to approval or disapproval that would be
facilitated by an oral presentation of views, data, and arguments, the
Commission will consider, pursuant to Rule 608(b)(2)(i) of Regulation
NMS,\59\ any request for an opportunity to make an oral
presentation.\60\ The Commission asks that commenters address the
sufficiency and merit of the Participants' statements in support of the
Proposed Amendments,\61\ in addition to any other comments they may
wish to submit about the Proposed Amendments. In particular, the
Commission seeks comment on the following:
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\59\ 17 CFR 242.608(b)(2)(i).
\60\ Rule 700(c)(ii) of the Commission's Rules of Practice
provides that ``[t]he Commission, in its sole discretion, may
determine whether any issues relevant to approval or disapproval
would be facilitated by the opportunity for an oral presentation of
views.'' 17 CFR 201.700(c)(ii).
\61\ See Notice, supra note 7.
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1. What are commenters' views on whether the Proposed Amendments
reflect the provision of information with respect to quotations for and
transactions in NMS stocks that is necessary to generate consolidated
market data by the national securities exchange and national securities
association participants to competing consolidators and self-
aggregators. For example, do commenters believe that Section I of the
CTA Plan and Section I of the CQ Plan (both titled Definitions)
appropriately define terms to accurately reflect the decentralized
consolidation model consistent with the MDI Rules Release? If not,
what, if any, modifications should be made to these definitions in the
Proposed Amendments? Additionally, do commenters believe that the
Proposed Amendments should be modified to explicitly incorporate
certain terms such as Consolidated Market Data, as defined in Rule
600(b)(19) into the Plan? Similarly, Section V of the CTA Plan and
Section V of the CQ Plan (both titled The Processor and Competing
Consolidators) describe the evaluation and functions of the Processor,
respectively. Do commenters believe that modifying the Proposed
Amendments to remove the role of the Processor is necessary for the
decentralized consolidation model consistent with the MDI Rules
Release?
2. What are commenters' views on whether the Proposed Amendments
include the application of timestamps by the national securities
exchange and national securities association participants on all
information with respect to quotations for and transactions in NMS
stocks that is necessary to generate consolidated market data,
including the time that such information was generated as applicable by
the national securities exchange or national securities association and
the time the national securities exchange or national securities
association made such information available to competing consolidators
and self-aggregators. Specifically, do commenters believe that the
Proposed Amendments require the Participants to timestamp all of the
data underlying Consolidated Market Data, as defined in Rule
600(b)(19), upon generation and upon provision to competing
consolidators and self-aggregators? If not, should the Proposed
Amendments be modified to include a requirement for such timestamping?
3. What are commenters' views on the absence of a microsecond
timestamp requirement applicable to FINRA in Section VI.(c)
(Consolidated Tape, Reporting Format and Technical Specifications) of
the CTA Plan?
4. What are commenters' views on the proposed deletion of language
in Section VIII.(a) (Collection and Reporting of Last Sale Data,
Responsibility of Exchange Participants) of the CTA Plan stating, ``CTA
shall seek to reduce the time period for reporting last sale prices to
the Processor as conditions warrant.'' Specifically, do commenters
believe that this Proposed Amendment should be modified to retain the
language but replace the term ``Processor'' with ``Competing
Consolidators and Self-Aggregators''?
5. What are commenters' views on the following sections of the
Proposed Amendments in light of the decentralized consolidation model
under the MDI Rules: Section IX. (Receipt and Use of CTA Information)
of the CTA Plan and Section VII. (Receipt and Use of Quotation
Information) of the CQ Plan. Do commenters believe that the Proposed
Amendments should be modified with respect to any of these sections to
implement the decentralized consolidation model? If so, how? What are
commenters' views on the use of the term ``consolidated market data''
in Section IX. of the CTA Plan? Do commenters agree with the statement
by the Participants that the current market data contracts regarding
the receipt of market data applicable to vendors and subscribers should
be applicable to competing consolidators and self-aggregators? \62\ Do
commenters interpret these provisions to mean that a network's
administrator must approve a competing consolidator or self-aggregator
before the competing consolidator or self-aggregator can receive data
and can terminate such approval of a competing consolidator or self-
aggregator?
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\62\ See id., 86 FR at 67801.
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6. What are commenters' views on whether the Proposed Amendments
sufficiently describe how the Plans will operate under the Initial
Parallel Operation Period when ``the decentralized consolidation model
will run in parallel to the existing exclusive SIP model.'' \63\
Specifically, Section D of the Proposed Amendments states that Proposed
Amendments will be implemented to coincide with the phased
implementation of the MDI Rules as required by the Commission. Do
commenters believe that the Proposed Amendments should specify how the
Participants will transition from the current Plan to the initial
parallel operation period and the process after the initial parallel
operation period?
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\63\ See MDI Rules Release, supra note 6, at Section III.H.2.,
86 FR at 18698-701.
---------------------------------------------------------------------------
7. What are commenters' views on the Proposed Amendments in light
of the decentralized consolidation model with respect to (i) references
to the Processor, High speed line, and Subscribers; (ii) the
dissemination of Regulatory Halts; (iii) the authority of the Operating
Committee under Section IV.(d) of the CTA Plan and Section IV.(b) of
the CQ Plan, respectively, with respect to
[[Page 11755]]
operation of the Consolidated Tape System and Consolidated Quotation
System; and (iv) references to contracts with Vendors and Subscribers.
Do commenters believe that the Proposed Amendments should be modified
with respect to any of these provisions in light of the decentralized
consolidation model required by the MDI Rules?
8. What are commenters' views on the following sections of the
Proposed Amendments in light of the decentralized consolidation model:
(i) CTA Plan: Parties, Administration of the CTA Plan, Potential
Conflicts of Interest, The Processor and Competing Consolidators,
Consolidated Tape, Collection and Reporting of Last Sale Data, Receipt
and Use of CTA Information, Operational Matters, Financial Matters,
Concurrent Use of Facilities, (ii) CQ Plan: Administration of this CQ
Plan, The Processor and Competing Consolidators, Collection and
Reporting of Quotation Information, Receipt and Use of Quotation
Information, Operational Matters, Financial Matters, Concurrent Use of
Facilities. Do commenters believe that the Proposed Amendments should
be modified with respect to any of these sections, or any other
section, in light of the decentralized consolidation model required by
the MDI Rules? If so, please describe how the Proposed Amendments
should be modified in light of the decentralized consolidation model
required by the MDI Rules.
9. Do commenters have views about any other aspect of the Proposed
Amendments? Do commenters believe that the Proposed Amendments should
be modified in any other way to be consistent with the MDI Rules or the
MDI Rules Release?
Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by March 23, 2022. Any person who wishes to file a rebuttal
to any other person's submission must file that rebuttal by April 6,
2022. Comments may be submitted by any of the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#9fedeaf3fab2fcf0f2f2faf1ebecdfecfafcb1f8f0e9"><span class="__cf_email__" data-cfemail="4d3f382128602e2220202823393e0d3e282e632a223b">[email protected]</span></a>. Please include
File No. SR-CTA/CQ-2021-02 on the subject line.
Paper Comments
<bullet> 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-CTA/CQ-2021-02. 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 website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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 website 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 the filing also will be available for inspection
and copying at the Participants' principal offices. 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 File No. SR-CTA/CQ-2021-02 and should be
submitted on or before March 23, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\64\
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\64\ 17 CFR 200.30-3(a)(85).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2022-04335 Filed 3-1-22; 8:45 am]
BILLING CODE 8011-01-P
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