[Federal Register Volume 79, Number 88 (Wednesday, May 7, 2014)]
[Notices]
[Pages 26277-26280]
[FR Doc No: 2014-10388]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72074; File No. SR-NYSEARCA-2014-51]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Offering ArcaBook
for Arca Options--Complex on a Standalone Basis Without Charge From May
1, 2014 Through October 31, 2014

May 1, 2014.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on April 23, 2014, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to offer ArcaBook for Arca Options--Complex
on a standalone basis without charge from May 1, 2014 through October
31, 2014. The text of the proposed rule change is available on the
Exchange's Web site at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

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

1. Purpose
    The Exchange proposes to offer ArcaBook for Arca Options--Complex
on a standalone basis without charge from May 1, 2014 through October
31, 2014.
    On October 1, 2012, the Exchange began offering the following real-
time options market data products: ArcaBook for Arca Options--Trades,
ArcaBook for Arca Options--Top of Book, ArcaBook for Arca Options--
Depth of Book, ArcaBook for Arca Options--Complex, ArcaBook for Arca
Options--Series Status, and ArcaBook for Arca Options--Order Imbalance
(collectively, ``Arca Options Products'').\4\ The Exchange subsequently
introduced combined fees for all six of the Arca Options Products,
which are not currently offered or charged separately.\5\
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    \4\ See Securities Exchange Act Release No. 67720 (August 23,
2012), 77 FR 52769 (August 30, 2012) (SR-NYSEArca-2012-89) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change
Proposing To Offer Certain Proprietary Options Data Products).
    \5\ See Securities Exchange Act Release No. 69523 (May 6, 2013),
78 FR 27452 (May 10, 2013) (SR-NYSEArca-2013-41) (Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Establishing a
Schedule of the NYSE Arca Options Proprietary Market Data Fees). See
also Securities Exchange Act Release No. 68005 (October 9, 2012), 77
FR 63362 (October 16, 2012) (SR-NYSEArca-2012-106) (Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Establishing
Fees for Certain Proprietary Options Market Data Products). See also
Securities Exchange Act Release No. 69554 (May 10, 2013), 78 FR
28917 (May 16, 2013) (SR-NYSEArca-2013-47) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Establishing Non-
Display Usage Fees and Amending the Professional End-User Fees for
NYSE Arca Options Market Data). See also Securities Exchange Act
Release No. 71933 (April 11, 2014), 79 FR 21821 (April 17, 2014)
(SR-NYSEArca-2014-34) (Notice of Filing and Immediate Effectiveness
of Proposed Rule Change Amending the Professional User Fees for NYSE
Arca Options Market Data).
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    The Exchange now proposes to offer ArcaBook for Arca Options--
Complex on a standalone basis without charge beginning on May 1,
2014.\6\ The Exchange intends to submit a separate proposed rule change
to the Securities and Exchange Commission (``Commission'') prior to
November 1, 2014 that would establish fees for ArcaBook for Arca
Options--Complex effective as of that date.
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    \6\ ArcaBook for Arca Options--Complex would remain one of the
six Arca Options Products for which the existing pricing would
continue to apply.
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    The Exchange does not propose to make any other changes to the
availability of, or fees for, other Arca Options Products.
    The proposed change is not otherwise intended to address any other
issues, and the Exchange is not aware of any problems that vendors or
subscribers would have in complying with the proposed change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\7\ in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\8\ in
particular, because it provides for the equitable allocation of
reasonable dues, fees, and other charges among its members, issuers and
other persons using its facilities and does not unfairly discriminate
between customers, issuers, brokers or dealers.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes that the proposed change is reasonable
because it would allow for standalone access and subscription to
ArcaBook for Arca Options--Complex, rather than requiring access and
subscription to all six Arca Options Products. In this regard, the
Exchange notes that some vendors of and subscribers to the Arca Options
Products currently utilize only ArcaBook for Arca Options--Complex.
This proposed change is also reasonable because it would make ArcaBook
for Arca Options--Complex more widely accessible, thereby incentivizing
greater use of, and interaction with, the Exchange's Complex Order Book
and leading to greater amounts of liquidity on the Complex Order Book,
specifically, and on the Exchange, generally. The proposed change is
also reasonable because at least one other option market currently
makes standalone complex order market data products available and
charges related fees.\9\ However, subscription to all six Arca Options
Products would remain available.
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    \9\ See, e.g., the Chicago Board Options Exchange, Inc.
(``CBOE'') ``Complex Order Book Feed'' product and pricing
information, available at https://www.cboe.org/MDX/CSM/OBOOKMain.aspx.
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    The Exchange believes that it is equitable and not unfairly
discriminatory to make ArcaBook for Arca Options--Complex available
free of charge until November 1, 2014 because it would provide an
opportunity for vendors and subscribers to determine whether the
standalone market data product, without the other

five Arca Options Products, suits their needs. This would also be
similar to the manner in which CBOE made its ``Complex Order Book
Feed'' available to market participants free of charge for
approximately two months before subsequently charging related fees.\10\
Other exchanges also provide certain market data products entirely free
of charge or free for at least a certain period of time.\11\ This would
also be equitable and not unfairly discriminatory because the product
would be free during this time period to any vendor or subscriber. A
period during which the product is available free of charge would also
further contribute to greater use of, and interaction with, the
Exchange's Complex Order Book.
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    \10\ See Securities Exchange Act Release Nos. 70118 (August 5,
2013), 78 FR 48757 (August 9, 2013) (SR-CBOE-2013-070) and 70683
(October 15, 2013), 78 FR 62798 (October 22, 2013) (SR-CBOE-2013-
087).
    \11\ For example, NASDAQ OMX BX (``BX'') provides a 30-day free
trial related to its options market data. See Chapter XV, Section
4(g) of the BX Rules and Securities Exchange Act Release No. 69821
(June 21, 2013), 78 FR 38757 (June 27, 2013) (SR-BX-2013-040). BX
similarly provided its ``BX TotalView'' data feed for free for its
first year of operation and also recently reduced the ``Extranet
Access Fee'' from $1,000 per recipient per month to free. See
Securities Exchange Act Release Nos. 59615 (March 20, 2009), 74 FR
14604 (March 31, 2009) (SR-BX-2009-005) and 71506 (February 7,
2014), 79 FR 8769 (February 13, 2014) (SR-BX-2014-008). BATS
Exchange, Inc. (``BATS'') also offers several market data feeds, but
only charges for three of them (``PITCH,'' ``TOP'' and ``Last
Sale''). A list of the available BATS market data feeds is available
at http://www.batstrading.com/market_data/products/ and the feeds
for which fees apply are available at http://cdn.batstrading.com/resources/regulation/BATS_US_Market_Data_Price_List.pdf.
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    The Exchange also notes that purchasing Arca Options Products is
entirely optional. Firms are not required to purchase them and have a
wide variety of alternative options market data products from which to
choose. Moreover, the Exchange is not required to make these
proprietary data products available or to offer any specific pricing
alternatives to any customers.
    The decision of the United States Court of Appeals for the District
of Columbia Circuit in NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir.
2010), upheld reliance by the Commission upon the existence of
competitive market mechanisms to set reasonable and equitably allocated
fees for proprietary market data:

    In fact, the legislative history indicates that the Congress
intended that the market system `evolve through the interplay of
competitive forces as unnecessary regulatory restrictions are
removed' and that the SEC wield its regulatory power `in those
situations where competition may not be sufficient,' such as in the
creation of a `consolidated transactional reporting system.'

    Id. at 535 (quoting H.R. Rep. No. 94-229 at 92 (1975), as reprinted
in 1975 U.S.C.C.A.N. 323). The court agreed with the Commission's
conclusion that ``Congress intended that `competitive forces should
dictate the services and practices that constitute the U.S. national
market system for trading equity securities.' '' \12\ The Exchange
believes that this is also true with respect to options markets.
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    \12\ NetCoalition, 615 F.3d at 535.
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    As explained below in the Exchange's Statement on Burden on
Competition, the Exchange believes that there is substantial evidence
of competition in the marketplace for data and that the Commission can
rely upon such evidence in concluding that the fees proposed in this
filing are the product of competition and therefore satisfy the
relevant statutory standards.\13\ In addition, the existence of
alternatives to these data products, such as options data from other
sources, as described below, further ensures that the Exchange cannot
set unreasonable fees, or fees that are unreasonably discriminatory,
when vendors and subscribers can elect such alternatives.
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    \13\ Section 916 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 (the ``Dodd-Frank Act'') amended
paragraph (A) of Section 19(b)(3) of the Act, 15 U.S.C. 78s(b)(3),
to make clear that all exchange fees for market data may be filed by
exchanges on an immediately effective basis.
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    As the NetCoalition decision noted, the Commission is not required
to undertake a cost-of-service or ratemaking approach.\14\ The Exchange
believes that, even if it were possible as a matter of economic theory,
cost-based pricing for non-core market data would be so complicated
that it could not be done practically.\15\
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    \14\ NetCoalition, 615 F.3d at 536.
    \15\ The Exchange believes that cost-based pricing would be
impractical because it would create enormous administrative burdens
for all parties, including the Commission, to cost-regulate a large
number of participants and standardize and analyze extraordinary
amounts of information, accounts, and reports. In addition, and as
described below, it is impossible to regulate market data prices in
isolation from prices charged by markets for other services that are
joint products. Cost-based rate regulation would also lead to
litigation and may distort incentives, including those to minimize
costs and to innovate, leading to further waste. Under cost-based
pricing, the Commission would be burdened with determining a fair
rate of return, and the industry could experience frequent rate
increases based on escalating expense levels. Even in industries
historically subject to utility regulation, cost-based ratemaking
has been discredited. As such, the Exchange believes that cost-based
ratemaking would be inappropriate for proprietary market data and
inconsistent with Congress's direction that the Commission use its
authority to foster the development of the national market system,
and that market forces will continue to provide appropriate pricing
discipline. See Appendix C to NYSE's comments to the Commission's
2000 Concept Release on the Regulation of Market Information Fees
and Revenues, which can be found on the Commission's Web site at
http://www.sec.gov/rules/concept/s72899/buck1.htm.
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    For these reasons, the Exchange believes that the proposed fees are
reasonable, equitable, and not unfairly discriminatory.

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

    In accordance with Section 6(b)(8) of the Act,\16\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. An exchange's ability to price its proprietary
data products is constrained by actual competition for the sale of
proprietary data products, the joint product nature of exchange
platforms, and the existence of alternatives to the Exchange's
proprietary data.
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    \16\ 15 U.S.C. 78f(b)(8).
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    The Existence of Actual Competition. The market for proprietary
options data products is currently competitive and inherently
contestable because there is fierce competition for the inputs
necessary for the creation of proprietary data and strict pricing
discipline to the proprietary products themselves. Numerous exchanges
compete with each other for options trades and sales of options market
data itself, providing virtually limitless opportunities for
entrepreneurs who wish to compete in any or all of those areas,
including producing and distributing their own options market data.
Proprietary options data products are produced and distributed by each
individual exchange, as well as other entities, in a vigorously
competitive market.
    Competitive markets for order flow, executions, and transaction
reports provide pricing discipline for the inputs of proprietary
options data products and therefore constrain markets from overpricing
proprietary market data. The U.S. Department of Justice has
acknowledged the aggressive competition among exchanges, including for
the sale of proprietary market data itself. In 2011, Assistant Attorney
General Christine Varney stated that exchanges ``compete head to head
to offer real-time equity data products. These data products include
the best bid and offer of every exchange and information on each equity
trade, including the last sale.'' \17\ Similarly, the

options markets vigorously compete with respect to options data
products.\18\ It is common for broker-dealers to further exploit this
recognized competitive constraint by sending their order flow and
transaction reports to multiple markets, rather than providing them all
to a single market.
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    \17\ Press Release, U.S. Department of Justice, Assistant
Attorney General Christine Varney Holds Conference Call Regarding
NASDAQ OMX Group Inc. and IntercontinentalExchange Inc. Abandoning
Their Bid for NYSE Euronext (May 16, 2011), available at http://www.justice.gov/iso/opa/atr/speeches/2011/at-speech-110516.html.
    \18\ See, e.g., Securities Exchange Act Release No. 67466 (July
19, 2012), 77 FR 43629 (July 25, 2012) (SR-Phlx-2012-93), which
describes a variety of options market data products and their
pricing.
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    In addition, in the case of products that are distributed through
market data vendors, the market data vendors themselves provide
additional price discipline for proprietary data products because they
control the primary means of access to certain end users. These vendors
impose price discipline based upon their business models. For example,
vendors that assess a surcharge on data they sell are able to refuse to
offer proprietary products that their end users do not or will not
purchase in sufficient numbers. Vendors will not elect to make
available the Arca Options Products unless their customers request
them, and data recipients with Professional Users will not elect to
purchase them unless they can be used for profit-generating purposes.
All of these operate as constraints on pricing proprietary data
products.
    Joint Product Nature of Exchange Platform. Transaction execution
and proprietary data products are complementary in that market data is
both an input and a byproduct of the execution service. In fact, market
data and trade execution are a paradigmatic example of joint products
with joint costs. The decision whether and on which platform to post an
order will depend on the attributes of the platforms where the order
can be posted, including the execution fees, data quality, and price
and distribution of their data products. The more trade executions a
platform does, the more valuable its market data products become.
Further, data products are valuable to many end-users only insofar as
they provide information that end-users expect will assist them in
making trading decisions. In that respect, the Exchange believes that
the Arca Options Products offer options market data information that is
useful for professionals in making trading decisions.
    The costs of producing market data include not only the costs of
the data distribution infrastructure, but also the costs of designing,
maintaining, and operating the exchange's transaction execution
platform and the cost of regulating the exchange to ensure its fair
operation and maintain investor confidence. The total return that a
trading platform earns reflects the revenues it receives from both
products and the joint costs it incurs. Moreover, an exchange's broker-
dealer customers view the costs of transaction executions and market
data as a unified cost of doing business with the exchange.
    Other market participants have noted that the liquidity provided by
the order book, trade execution, core market data, and non-core market
data are joint products of a joint platform and have common costs.\19\
The Exchange also notes that the economics literature confirms that
there is no way to allocate common costs between joint products that
would shed any light on competitive or efficient pricing.\20\
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    \19\ See Securities Exchange Act Release No. 62887 (Sept. 10,
2010), 75 FR 57092, 57095 (Sept. 17, 2010) (SR-Phlx-2010-121);
Securities Exchange Act Release No. 62907 (Sept. 14, 2010), 75 FR
57314, 57317 (Sept. 20, 2010) (SR-NASDAQ-2010-110); and Securities
Exchange Act Release No. 62908 (Sept. 14, 2010), 75 FR 57321, 57324
(Sept. 20, 2010) (SR-NASDAQ-2010-111) (``all of the exchange's costs
are incurred for the unified purposes of attracting order flow,
executing and/or routing orders, and generating and selling data
about market activity. The total return that an exchange earns
reflects the revenues it receives from the joint products and the
total costs of the joint products.''); see also Securities Exchange
Act Release Nos. 71217 (Dec. 31, 2013), 79 FR 875, 877 (Jan. 7,
2014) (SR-NASDAQ-2013-162) and 70945 (Nov. 26, 2013), 78 FR 72740,
72741 (Dec. 3, 2013) (SR-NASDAQ-2013-142) (``Transaction execution
and proprietary data products are complementary in that market data
is both an input and a byproduct of the execution service. In fact,
market data and trade execution are a paradigmatic example of joint
products with joint costs.'').
    \20\ See generally Mark Hirschey, Fundamentals of Managerial
Economics, at 600 (2009) (``It is important to note, however, that
although it is possible to determine the separate marginal costs of
goods produced in variable proportions, it is impossible to
determine their individual average costs. This is because common
costs are expenses necessary for manufacture of a joint product.
Common costs of production--raw material and equipment costs,
management expenses, and other overhead--cannot be allocated to each
individual by-product on any economically sound basis. . . . Any
allocation of common costs is wrong and arbitrary.''). This is not
new economic theory. See, e.g., F. W. Taussig, ``A Contribution to
the Theory of Railway Rates,'' Quarterly Journal of Economics V(4)
438, 465 (July 1891) (``Yet, surely, the division is purely
arbitrary. These items of cost, in fact, are jointly incurred for
both sorts of traffic; and I cannot share the hope entertained by
the statistician of the Commission, Professor Henry C. Adams, that
we shall ever reach a mode of apportionment that will lead to
trustworthy results.'').
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    Analyzing the cost of market data product production and
distribution in isolation from the cost of all of the inputs supporting
the creation of market data and market data products will inevitably
underestimate the cost of the data and data products. Thus, because it
is impossible to obtain the data inputs to create market data products
without a fast, technologically robust, and well-regulated execution
system, system costs and regulatory costs affect the price of both
obtaining the market data itself and creating and distributing market
data products. It would be equally misleading, however, to attribute
all of an exchange's costs to the market data portion of an exchange's
joint products. Rather, all of an exchange's costs are incurred for the
unified purposes of attracting order flow, executing and/or routing
orders, and generating and selling data about market activity. The
total return that an exchange earns reflects the revenues it receives
from the joint products and the total costs of the joint products.
    The level of competition and contestability in the market is
evident in the numerous alternative venues that compete for order flow,
including 12 self-regulatory organization (``SRO'') options markets,
two of which were approved in the last two years.\21\ The Exchange
believes that these new entrants demonstrate that competition is
robust.
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    \21\ See Securities Exchange Act Release Nos. 70050 (July 26,
2013), 78 FR 46622 (August 1, 2013) (File No. 10-209) and 68341
(December 3, 2012), 77 FR 73065 (December 7, 2012) (File No. 10-
207).
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    Each SRO market competes to produce transaction reports via trade
executions. Competition among trading platforms can be expected to
constrain the aggregate return that each platform earns from the sale
of its joint products, but different platforms may choose from a range
of possible, and equally reasonable, pricing strategies as the means of
recovering total costs. For example, some platforms may choose to pay
rebates to attract orders, charge relatively low prices for market data
products (or provide market data products free of charge), and charge
relatively high prices for accessing posted liquidity. Other platforms
may choose a strategy of paying lower rebates (or no rebates) to
attract orders, setting relatively high prices for market data
products, and setting relatively low prices for accessing posted
liquidity. In this environment, there is no economic basis for
regulating maximum prices for one of the joint products in an industry
in which suppliers face competitive constraints with regard to the
joint offering.
    Existence of Alternatives. The large number of SROs that currently
produce proprietary data or are currently capable of producing it
provides further pricing discipline for proprietary data products. Each
SRO is currently permitted to produce proprietary data products, and

many currently do or have announced plans to do so, including but not
limited to the Exchange; NYSE MKT LLC; CBOE; C2 Options Exchange,
Incorporated; International Securities Exchange, LLC; NASDAQ; Phlx; BX;
BATS Exchange, Inc. (``BATS''); and Miami International Securities
Exchange LLC. Because market data users can thus find suitable
substitutes for most proprietary market data products,\22\ a market
that overprices its market data products stands a high risk that users
may substitute another source of market data information for its own.
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    \22\ See supra note 18.
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    In addition to the competition and price discipline described
above, the market for proprietary data products is also highly
contestable because market entry is rapid, inexpensive, and profitable.
The history of electronic trading is replete with examples of entrants
that swiftly grew into some of the largest electronic trading platforms
and proprietary data producers: Archipelago, Bloomberg Tradebook,
Island, RediBook, Attain, TrackECN, BATS, and Direct Edge. Two new
options exchanges have been approved by the SEC in the last two years
alone.\23\
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    \23\ See supra note 21.
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    In establishing the proposed fees, the Exchange considered the
competitiveness of the market for proprietary options data and all of
the implications of that competition. The Exchange believes that it has
considered all relevant factors and has not considered irrelevant
factors in order to establish fair, reasonable, and not unreasonably
discriminatory fees and an equitable allocation of fees among all
users. The existence of numerous alternatives to the Exchange's
products, including proprietary data from other sources, ensures that
the Exchange cannot set unreasonable fees, or fees that are
unreasonably discriminatory, when vendors and subscribers can elect
these alternatives or choose not to purchase a specific proprietary
data product if its cost to purchase is not justified by the returns
any particular vendor or subscriber would achieve through the purchase.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \24\ of the Act and subparagraph (f)(2) of Rule
19b-4 \25\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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    \24\ 15 U.S.C. 78s(b)(3)(A).
    \25\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \26\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \26\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEARCA-2014-51 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEARCA-2014-51. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Section, 100 F Street
NE., Washington, DC 20549-1090, on official business days between the
hours of 10:00 a.m. and 3:00 p.m. Copies of the filing will also be
available for inspection and copying at the NYSE's principal office and
on its Internet Web site at www.nyse.com. All comments received will be
posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEARCA-2014-51 and should be submitted
on or before May 28, 2014.

For the Commission, by the Division of Trading and Markets, pursuant
to delegated authority.\27\
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    \27\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-10388 Filed 5-6-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 31 (Wednesday, February 17, 2016)]
[Notices]
[Pages 8122-8123]
[FR Doc No: 2016-03183]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA 2015-0508]

Agency Information Collection Activities; Extension of a
Currently Approved Collection: Driver Qualification Files

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION:  Notice and request for comments.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, FMCSA
announces its plan to submit the Information Collection Request (ICR)
described below to the Office of Management and Budget (OMB) for its
review and approval, and invites public comment. The Agency's
regulations pertaining to the qualification of operators of commercial
motor vehicles (CMVs) are unchanged and impose no increased
information-collection (IC) burden on individual drivers and motor
carriers. However, the Agency increases its estimate of the total IC
burden of these regulations because both the number of CMV drivers and
the frequency of their hiring have increased since the Agency's 2012
estimate of this burden.

DATES: We must receive your comments on or before April 18, 2016.

ADDRESSES: You may submit comments identified by Federal Docket
Management System Number FMCSA- 2015-0508 using any of the following
methods:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the online instructions for submitting comments.
     Fax: 1-202-493-2251.
     Mail: Docket Management Facility; U.S. Department of
Transportation, 1200 New Jersey Avenue SE., West Building, Ground
Floor, Room W12-140, 20590-0001.
     Hand Delivery or Courier: West Building, Ground Floor,
Room W12-140, 1200 New Jersey Avenue SE., Washington, DC between 9 a.m.
and 5 p.m., e.t., Monday through Friday, except Federal holidays.
     Instructions: All submissions must include the Agency name
and docket number. For detailed instructions on submitting comments and
additional information on the exemption process, see the Public
Participation heading below. Note that all comments received will be
posted without change to http://www.regulations.gov, including any
personal information provided. Please see the Privacy Act heading
below.
     Docket: For access to the docket to read background
documents or comments received, go to http://www.regulations.gov, and
follow the online instructions for accessing the dockets, or go to the
street address listed above.
     Privacy Act: In accordance with 5 U.S.C. 553(c), DOT
solicits comments from the public to better inform its rulemaking
process. DOT posts these comments, without edit, including any personal
information the commenter provides, to www.regulations.gov, as
described in the system of records notice (DOT/ALL-14 FDMS), which can
be reviewed at www.dot.gov/privacy.
     Public Participation: The Federal eRulemaking Portal is
available 24 hours each day, 365 days each year. You can obtain
electronic submission and retrieval help and guidelines under the
``help'' section of the Federal eRulemaking Portal Web site. If you
want us to notify you that we received your comments, please include a
self-addressed, stamped envelope or postcard, or print the
acknowledgement page that appears after submitting comments online.
Comments received after the comment closing date will be included in
the docket and will be considered to the extent practicable.

FOR FURTHER INFORMATION CONTACT: Mr. Robert F. Schultz, FMCSA Driver
and Carrier Operations Division, Department of Transportation, FMCSA,
West Building 6th Floor, 1200 New Jersey Avenue SE., Washington, DC,
20590. Telephone:<PHONE_NUMBER>. Email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Background

    The Motor Carrier Safety Act of 1984 [Pub.L. 98-554, Title II, 98
Stat. 2834 (October 30, 1984)] requires the Secretary of Transportation
to issue regulations pertaining to commercial motor vehicle (CMV)
safety. These regulations are also issued under the authority provided
by 49 U.S.C. 504, 31133, 31136, and 31502. Part 391 of volume 49 of the
Code of Federal Regulations contains the minimum qualifications of
drivers of CMVs in interstate commerce.
    Motor carriers may not require or permit an unqualified driver to
operate a CMV. The foremost proof of driver qualification is the
information that part 391 requires be collected and maintained in the
driver qualification file (DQ file). Motor carriers must obtain this
information from sources specified in the regulations (49 CFR 391.51).
These include the driver, previous employers of the driver, and
officials of the State of driver licensure.
    Motor carriers are not required to forward driver qualification
information to FMCSA, but must maintain the information in a DQ file.
The DQ file of each driver must be made available to State and Federal
safety investigators on demand.
    The Agency is asking OMB to approve FMCSA's revised estimate of the
paperwork burden imposed by its DQ file regulations. The regulations
have not been amended; the information-collection (IC) burden imposed
on individual drivers and motor carriers by the regulations is
unchanged. However, the Agency has increased its estimate of the total
IC burden of the DQ-file regulations because both the number of CMV
drivers and the turnover rate in their hiring have increased since the
Agency's 2012 estimate of this burden. The increase in the number of
CMV drivers is partly the result of the Agency being directed by OMB to
include intrastate as well as interstate drivers in the population of
drivers incurring an IC burden under the DQ file regulations. The
Agency had excluded intrastate drivers from its previous estimate,
approved by OMB on July 8, 2013, on the ground that drivers who operate
exclusively in intrastate commerce were maintaining DQ files pursuant
to State, not Federal, law.
    Title: Driver Qualification Files.

    OMB Control Number: 2126-0004.
    Type of Request: Extension of a currently approved ICR.
    Respondents: Motor carriers and drivers of commercial motor
vehicles.
    Estimated Number of Respondents: 6.2 million (5.7 million drivers
and .5 million motor carriers.
    Estimated Time per Response: 28 minutes (average).
    Expiration Date: July 31, 2016.
    Frequency of Response: Responses to some regulatory requirements of
the driver qualification rules occur on a random basis. Other responses
occur more predictably. Some responses recur; others do not. For
example, motor carriers are required to obtain and review the motor
vehicle driving record of their drivers from the State of licensure.
They must complete this task at the time of hiring and every year
thereafter. The time-of-hiring requirement results in a random
frequency of response, but, thereafter, the annual requirement results
in a fixed frequency of response.
    Estimated Total Annual Burden: 9.8 million hours.

Definitions

    (1) ``Federal Motor Carrier Safety Regulations'' (FMCSRs) are
parts 350-399 of Title 49 of the Code of Federal Regulations. (2)
``Commercial Motor Vehicle'' (CMV) is ``a self-propelled or towed
vehicle used on the highways in interstate commerce to transport
passengers or property, if the vehicle--
    (A) has a gross vehicle weight rating or gross combination
weight rating, or gross vehicle weight or gross combination weight,
of at least 10,001 pounds, whichever is greater;
    (B) is designed or used to transport more than 8 passengers
(including the driver) for compensation;
    (C) is designed or used to transport more than 15 passengers,
including the driver, and is not used to transport passengers for
compensation; or
    (D) is used in transporting material found by the Secretary of
Transportation to be hazardous under section 5103 of this title and
transported in a quantity requiring placarding under regulations
prescribed by the Secretary under section 5103.''

Public Comments Invited

    FMCSA requests that you comment on any aspect of this information
collection, including: (1) Whether the proposed collection is necessary
for FMCSA to perform its functions, (2) the accuracy of the estimated
burden, (3) ways for the FMCSA to enhance the quality, usefulness, and
clarity of the collected information, and (4) ways that the burden
could be minimized without reducing the quality of the collected
information. The agency will summarize or include your comments in the
request for OMB's clearance of this information collection.

    Issued under the authority of 49 CFR 1.87 on February 5, 2016.
Kelly Regal,
Associate Administrator for Office of Research and Information
Technology.
[FR Doc. 2016-03183 Filed 2-16-16; 8:45 am]
 BILLING CODE 4910-EX-P


[Federal Register Volume 83, Number 46 (Thursday, March 8, 2018)]
[Rules and Regulations]
[Pages 9801-9811]
[FR Doc No: 2018-04645]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2017-0713; Product Identifier 2016-NM-199-AD; Amendment
39-19170; AD 2018-02-17]
RIN 2120-AA64

Airworthiness Directives; Airbus Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule; correction.

-----------------------------------------------------------------------

SUMMARY: The FAA is correcting an airworthiness directive (AD) that
published in the Federal Register. That AD applies to certain Airbus
Model A330-200, -200 Freighter, and -300 series airplanes, and all
Model A340-200, -300, -500, and -600 series airplanes. As published,
six paragraph references located in three tables of that AD are
incorrect. This document corrects the errors. In all other respects,
the original document remains the same.

DATES: This correction is effective March 16, 2018.
    The Director of the Federal Register approved the incorporation by
reference of certain publications listed in this AD as of March 16,
2018 (83 FR 5689, February 9, 2018).

ADDRESSES: For service information identified in this final rule,
contact Airbus SAS, Airworthiness Office--EAL, 1 Rond Point Maurice
Bellonte, 31707 Blagnac Cedex, France; telephone +33 5 61 93 36 96; fax
+33 5 61 93 45 80; email: [email protected]; internet
http://www.airbus.com. You may view this referenced service information
at the FAA, Transport Standards Branch, 1601 Lind Avenue SW, Renton,
WA. For information on the availability of this material at the FAA,
call<PHONE_NUMBER>. It is also available on the internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2017-
0713.

Examining the AD Docket

    You may examine the AD docket on the internet at http://www.regulations.gov; or in person at the Docket Management Facility
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains this AD, the regulatory evaluation,
any comments received, and other information. The address for the
Docket Office (phone:<PHONE_NUMBER>) is Docket Management Facility, U.S.
Department of Transportation, Docket Operations, M-30, West Building
Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC
20590.

FOR FURTHER INFORMATION CONTACT: Vladimir Ulyanov, Aerospace Engineer,
International Section, Transport Standards Branch, FAA, 1601 Lind
Avenue SW, Renton, WA 98057-3356; telephone<PHONE_NUMBER>; fax 425-227-
1149.

SUPPLEMENTARY INFORMATION: As published, Airworthiness Directive 2018-
02-17, Amendment 39-19170 (83 FR 5689, February 9, 2018) (``AD 2018-02-
17''), requires repetitive inspections of certain cargo doors, and
repair if necessary, a one-time inspection and adjustment of certain
hook gaps, reinforcement of the door frame structure, related
investigative and corrective actions if necessary, and a modification.
That AD applies to certain Airbus Model A330-200, -200 Freighter, and -
300 series airplanes, and all Model A340-200, -300, -500, and -600
series airplanes.

Need for the Correction

    As published, six paragraph references located in three tables of
AD 2018-02-17 are incorrect.
    Table 1 to paragraph (h)(1) of AD 2018-02-17 refers to paragraphs
(r)(1) and (r)(2) of that AD. Table 2 and table 3 to paragraph (l)(1)
of AD 2018-02-17 refer to paragraphs (r)(3) and (r)(4) of that AD. In
the notice of proposed rulemaking (NPRM) (82 FR 37360, August 10,
2017), these references were correct. However, during the development
of the final rule for AD 2018-02-17, paragraph (r) was redesignated as
paragraph (s) but the references to paragraph (r) were not updated
accordingly. Where the tables in AD 2018-02-17 refer to paragraphs
(r)(1), (r)(2), (r)(3), and (r)(4), the correct references are
paragraphs (s)(1), (s)(2), (s)(3), and (s)(4) of this AD.

Related Service Information Under 1 CFR Part 51

    Airbus has issued the following service information.
    The following service information describes procedures for
inspecting and repairing the frame fork area at beam 4 and frame head
area at beam 1 from frame 20B to frame 25 of the forward cargo door,
and adjusting the hook gaps ``U'' and ``V.'' This service information
is distinct since it applies to different airplane models.
     Service Bulletin A330-52-3087, Revision 02, including
Appendix 01, dated February 18, 2016.
     Service Bulletin A340-52-4095, Revision 02, including
Appendix 01, dated November 29, 2015.
     Service Bulletin A340-52-5020, Revision 02, including
Appendices 01 and 02, dated November 27, 2015.
    The following service information describes procedures for
modifying the frame fork area at beam 4 and frame head area at beam 1
from frame 20B to frame 25 of the forward cargo door frame. This
service information is distinct since it applies to different airplane
models and configurations.
     Service Bulletin A330-52-3105, dated February 24, 2016.
     Service Bulletin A330-52-3110, dated February 15, 2016.
     Service Bulletin A330-52-3111, dated February 15, 2016.
     Service Bulletin A340-52-4108, dated February 15, 2016.
     Service Bulletin A340-52-4113, dated February 15, 2016.
     Service Bulletin A340-52-4114, dated February 15, 2016.
    The following service information describes procedures for
modifying the fastener holes in the forward cargo door frame structure
by cold working and changing the fastener type and size. This service
information is distinct since it applies to different airplane models
and configurations.
     Service Bulletin A330-52-3116, dated April 20, 2016.
     Service Bulletin A330-52-3117, dated April 20, 2016.
     Service Bulletin A330-52-3118, dated April 20, 2016.
     Service Bulletin A340-52-4119, dated April 20, 2016.
     Service Bulletin A340-52-4120, dated April 20, 2016.
     Service Bulletin A340-52-4121, dated April 20, 2016.
    The following service information describes procedures for
inspecting the frame fork area at beam 4 and frame head area at beam 1
of the aft cargo door from frame 60 to frame 64A, adjusting the hook
gaps ``U'' and ``V,'' and doing corrective actions. This service
information is distinct since it applies to different airplane models
and configurations.
     Service Bulletin A330-52-3095, Revision 02, including
Appendices 01 and 02, dated February 19, 2016.
     Service Bulletin A340-52-4101, Revision 02, including
Appendices 01 and 02, dated November 27, 2015.
     Service Bulletin A340-52-5023, Revision 02, including
Appendices 01 and 02, dated November 27, 2015.
    The following service information describes procedures for
modifying the frame fork and head of the aft cargo door frame from
frame 59A to frame 65. This service information is distinct since it
applies to different airplane models and configurations.
     Service Bulletin A330-52-3106, dated February 24, 2016.
     Service Bulletin A330-52-3112, dated February 24, 2016.
     Service Bulletin A330-52-3113, dated February 15, 2016.
     Service Bulletin A330-52-3114, dated February 15, 2016.
     Service Bulletin A340-52-4109, dated February 25, 2016.
     Service Bulletin A340-52-4115, dated February 19, 2016.
    The following service information describes procedures for
modifying the fastener holes in the aft cargo door frame structure by
cold working and changing the fastener type and size. This service
information is distinct since it applies to different airplane models.
     Service Bulletin A330-52-3115, dated April 20, 2016.
     Service Bulletin A340-52-4118, dated April 20, 2016.
    This service information is reasonably available because the
interested parties have access to it through their normal course of
business or by the means identified in the ADDRESSES section.

Correction of Publication

    This document corrects several errors and correctly adds the AD as
an amendment to 14 CFR 39.13. Although no other part of the preamble or
regulatory information has been corrected, we are publishing the entire
rule in the Federal Register.
    The effective date of this AD remains March 16, 2018.
    Since this action only corrects paragraph references, it has no
adverse economic impact and imposes no additional burden on any person.
Therefore, we have determined that notice and public procedures are
unnecessary.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

Adoption of the Correction

    Accordingly, pursuant to the authority delegated to me by the
Administrator, the Federal Aviation Administration amends part 39 of
the Federal Aviation Regulations (14 CFR part 39) as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13   [Corrected]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

2018-02-17 Airbus: Amendment 39-19170; Docket No. FAA-2017-0713;
Product Identifier 2016-NM-199-AD.

(a) Effective Date

    This AD is effective March 16, 2018.

(b) Affected ADs

    This AD replaces AD 2012-12-12, Amendment 39-17092 (77 FR 37797,
June 25, 2012); and AD 2013-16-26, Amendment 39-17564 (78 FR 53640,
August 30, 2013).

(c) Applicability

    This AD applies to the Airbus airplanes identified in paragraphs
(c)(1) and (c)(2) of this AD, certificated in any category, all
manufacturer serial numbers, except those on which Airbus
Modification 202702 and Modification 202790 have been embodied in
production; and the Airbus airplanes identified in paragraphs (c)(3)
through (c)(5) of this AD, certificated in any category, all
manufacturer serial numbers.
    (1) Model A330-201, -202, -203, -223, -223F, -243, and -243F
airplanes.
    (2) Model A330-301, -302, -303, -321, -322, -323, -341, -342,
and -343 airplanes.
    (3) Model A340-211, -212, and -213 airplanes.
    (4) Model A340-311, -312, and -313 airplanes.
    (5) Model A340-541 and -642 airplanes.

(d) Subject

    Air Transport Association (ATA) of America Code 52, Doors.

(e) Reason

    This AD was prompted by reports of cracked forward and aft cargo
door frames, and loose, missing, or sheared rivets. We are issuing
this AD to detect and correct cracked or ruptured cargo door frames,
which could result in reduced structural integrity of the forward or
aft cargo door.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Affected Cargo Doors

    For the purpose of this AD, the affected cargo doors are pre-
modification 202702 (forward cargo door) and pre-modification 202790
(aft cargo door), and are listed by part number (P/N) in the
applicable service information identified in paragraph (h)(1) or
(l)(1) of this AD. For post-modification doors, which are not
affected by this AD, the part numbers are identified as F52370900XXX
(forward cargo door) and F52372315XXX (aft cargo door), where
``XXX'' can be a combination of any three numerical digits.

(h) Forward Cargo Door Repetitive Inspections

    (1) Before exceeding 5,300 total flight cycles since first
installation of the forward cargo door on an airplane, or within the
applicable compliance time specified in table 1 to paragraph (h)(1)
of this AD, whichever occurs later, except as specified in paragraph
(q) of this AD: Do all applicable detailed and high frequency eddy
current (HFEC) inspections of all frame fork areas, frame head
areas, and outer skin areas of each affected forward cargo door, as
applicable; in accordance with the Accomplishment Instructions of
the applicable service information specified in paragraph (h)(1)(i),
(h)(1)(ii), or (h)(1)(iii) of this AD. Do all applicable related
investigative actions and corrective actions before further flight
in accordance with the Accomplishment Instructions of the applicable
service information specified in paragraph (h)(1)(i), (h)(1)(ii), or
(h)(1)(iii) of this AD, except as required by paragraph (p) of this
AD. Repeat the applicable inspections of the frame fork areas, frame
head areas, and outer skin areas of each affected forward cargo door
thereafter at intervals not to exceed 1,400 flight cycles.

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BILLING CODE 4910-13-C

    (i) Airbus Service Bulletin A330-52-3087, Revision 02, including
Appendix 01, dated February 18, 2016 (``SB A330-52-3087, R02'').
    (ii) Airbus Service Bulletin A340-52-4095, Revision 02,
including Appendix 01, dated November 29, 2015 (``SB A340-52-4095,
R02'').
    (iii) Airbus Service Bulletin A340-52-5020, Revision 02,
including Appendices 01 and 02, dated November 27, 2015 (``SB A340-
52-5020, R02'').
    (2) Concurrently with the first inspection required by paragraph
(h)(1) of this AD: Do a one-time detailed inspection of the hook
gaps ``U'' and ``V'' of each affected forward cargo door for proper
adjustment, and, depending on findings, adjust the hook(s), in
accordance with the Accomplishment Instructions of the applicable
service information specified in paragraph (h)(2)(i), (h)(2)(ii), or
(h)(2)(iii) of this AD. Do all the required hook gap adjustments
before further flight.
    (i) SB A330-52-3087, R02.
    (ii) SB A340-52-4095, R02.
    (iii) SB A340-52-5020, R02.

(i) Forward Cargo Door Modification

    (1) Except as specified in paragraph (i)(2) of this AD, before
exceeding 18,500 total flight cycles since first installation of the
forward cargo door on an airplane, or within 12 months after March
16, 2018 (the effective date of this AD), whichever occurs later: Do
reinforcement modifications on the frame structure of each affected
forward cargo door, in accordance with the Accomplishment
Instructions of the applicable service information specified in
paragraphs (i)(1)(i) through (i)(1)(vi) of this AD, except as
required by paragraph (p) of this AD.
    (i) Airbus Service Bulletin A330-52-3105, dated February 24,
2016 (for certain Model A330-202, -223, and -243 airplanes; and
Model A330-301, -321, -322, -341, and -342 airplanes).
    (ii) Airbus Service Bulletin A330-52-3110, dated February 15,
2016 (for certain Model A330-202, -203, -223, and -243 airplanes;
and Model A330-303, -323, and -343 airplanes).
    (iii) Airbus Service Bulletin A330-52-3111, dated February 15,
2016 (for certain Model A330-202, -203, -223, -223F, -243, and -243F
airplanes; and Model A330-302, -303, -323, -342, and -343
airplanes).
    (iv) Airbus Service Bulletin A340-52-4108, dated February 15,
2016 (for certain Model A340-211, -212, and -213 airplanes; and
Model A340-311, -312, and -313 airplanes).
    (v) Airbus Service Bulletin A340-52-4113, dated February 15,
2016 (for certain Model A340-312 and -313 airplanes).
    (vi) Airbus Service Bulletin A340-52-4114, dated February 15,
2016 (for certain Model A340-313 airplanes).
    (2) Accomplishment of the reinforcement modifications required
by paragraph (i)(1) of this AD may be deferred, provided that,
before exceeding 18,500 total flight cycles since first installation
of the forward cargo door on an airplane, or within 12 months after
March 16, 2018 (the effective date of this AD), whichever occurs
later, but not earlier than 14,500 total flight cycles for Model
A330 airplanes, or 12,500 total flight cycles for Model A340
airplanes, cold working is accomplished on the frame structure of
each affected forward cargo door, in accordance with the
Accomplishment Instructions of the applicable service information
specified in paragraphs (i)(2)(i) through (i)(2)(vi) of this AD,
except as required by paragraph (p) of this AD. Modification of an
airplane by accomplishment of the cold working specified in this
paragraph does not constitute terminating action for the repetitive
inspections required by paragraph (h)(1) of this AD.
    (i) Airbus Service Bulletin A330-52-3116, dated April 20, 2016
(for certain Model A330-202, -223, and -243 airplanes; and Model
A330-301, -321, -322, -341, and -342 airplanes).
    (ii) Airbus Service Bulletin A330-52-3117, dated April 20, 2016
(for certain Model A330-202, -203, -223, and -243 airplanes; and
Model A330-303, -323, and -343 airplanes).
    (iii) Airbus Service Bulletin A330-52-3118, dated April 20, 2016
(for certain Model A330-202, -203, -223, -223F, -243, and -243F
airplanes; and Model A330-302, -303, -323, -342, and -343
airplanes).
    (iv) Airbus Service Bulletin A340-52-4119, dated April 20, 2016
(for certain Model A340-211, -212, and -213 airplanes; and Model
A340-311, -312, and -313 airplanes).
    (v) Airbus Service Bulletin A340-52-4120, dated April 20, 2016
(for certain Model A340-312 and -313 airplanes).
    (vi) Airbus Service Bulletin A340-52-4121, dated April 20, 2016
(for certain Model A340-313 airplanes).
    (3) Within 18,500 flight cycles after cold working is
accomplished on the frame structure of each affected forward cargo
door as specified in paragraph (i)(2) of this AD: Do the
reinforcement modifications on the frame structure of each affected
forward cargo door, using a method approved by the Manager,
International Section, Transport Standards Branch, FAA; or the
European Aviation Safety Agency (EASA); or Airbus's EASA Design
Organization Approval (DOA). If approved by the DOA, the approval
must include the DOA-authorized signature.

(j) Forward Cargo Door Terminating Action

    Modification of an airplane by reinforcement of the forward
cargo door frame structure required by paragraph (i)(1) or (i)(3) of
this AD constitutes terminating action for the inspections required
by paragraph (h)(1) and (h)(2) of this AD for that airplane.

(k) Definitions of Pre-Modified and Post-Modified Airplanes of Aft
Cargo Door

    (1) For the purpose of this AD, pre-modified Model A330-200
series airplanes, Model A330-200 Freighter series airplanes, Model
A330-300 series airplanes, Model A340-200 series airplanes, and
Model A340-300 series airplanes are defined as those not having
Airbus Modification 44852, or Modification 44854 applied in
production, or being in pre-Airbus Service Bulletin A330-52-3044 or
pre-Airbus Service Bulletin A340-52-4054 configuration, as
applicable.
    (2) For the purpose of this AD, post-modification Model A330-200
series airplanes, Model A330-200 Freighter series airplanes, Model
A330-300 series airplanes, Model A340-200 series airplanes, and
Model

A340-300 series airplanes are defined as those having Airbus
Modification 44852 or Modification 44854 applied in production, or
modified in service as specified in Airbus Service Bulletin A330-52-
3044 or Airbus Service Bulletin A340-52-4054, as applicable.

(l) Aft Cargo Door Repetitive Inspections

    (1) Before exceeding 4,000 total flight cycles for pre-modified
airplanes, or 12,000 total flight cycles for post-modified
airplanes, since first installation of the aft cargo door on an
airplane, as applicable, or within the compliance time specified in
table 2 to paragraph (l)(1) of this AD or table 3 to paragraph
(l)(1) of this AD, as applicable, whichever occurs later, except as
specified in paragraph (q) of this AD: Do all applicable inspections
of all frame fork areas, frame head areas, and outer skin area of
each affected aft cargo door, in accordance with the Accomplishment
Instructions of the applicable service information specified in
paragraph (l)(1)(i), (l)(1)(ii), or (l)(1)(iii) of this AD. Do all
applicable related investigative actions and corrective actions
before further flight in accordance with the Accomplishment
Instructions of the applicable service information specified in
paragraph (l)(1)(i), (l)(1)(ii), or (l)(1)(iii) of this AD, except
as required by paragraph (p) of this AD. Repeat the applicable
inspections thereafter at intervals not to exceed 1,400 flight
cycles.
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BILLING CODE 4910-13-C
    (i) Airbus Service Bulletin A330-52-3095, Revision 02, including
Appendices 01 and 02, dated February 19, 2016 (``SB A330-52-3095,
R02'').
    (ii) Airbus Service Bulletin A340-52-4101, Revision 02,
including Appendices 01 and 02, dated November 27, 2015 (``SB A340-
52-4101, R02'').
    (iii) Airbus Service Bulletin A340-52-5023, Revision 02,
including Appendices 01 and 02, dated November 27, 2015 (``SB A340-
52-5023, R02'').
    (2) Concurrently with the first inspection required by paragraph
(l)(1) of this AD: Do a one-time detailed inspection of the hook
gaps ``U'' and ``V'' of each affected aft cargo door for proper
adjustment and, depending on findings, adjust the hook(s) in
accordance with the Accomplishment Instructions of the applicable
service information specified in paragraph (l)(2)(i), (l)(2)(ii), or
(l)(2)(iii) of this AD. Do all the required hook gap adjustments
before further flight.
    (i) SB A330-52-3095, R02.
    (ii) SB A340-52-4101, R02.
    (iii) SB A340-52-5023, R02.

(m) Modification for Pre-Modified Airplanes

    (1) For pre-modified airplanes, except as specified in paragraph
(m)(2) of this AD: Before exceeding 18,500 total flight cycles since
first installation of the aft cargo door on an airplane, or within
12 months after March 16, 2018 (the effective date of this AD),
whichever occurs later, do reinforcement modifications, in
accordance with the Accomplishment Instructions of the applicable
service information specified in paragraphs (m)(1)(i) through
(m)(1)(vi) of this AD, except as required by paragraph (p) of this
AD.
    (i) Airbus Service Bulletin A330-52-3106, dated February 24,
2016 (for certain Model A330-301, -321, -322, -341, and -342
airplanes).
    (ii) Airbus Service Bulletin A330-52-3112, dated February 24,
2016 (for certain Model A330-202 and -223 airplanes; and Model A330-
301, -322, -341, and -342 airplanes).
    (iii) Airbus Service Bulletin A330-52-3113, dated February 15,
2016 (for certain Model A330-223 and -243 airplanes; and Model A330-
322 and -342 airplanes).
    (iv) Airbus Service Bulletin A330-52-3114, dated February 15,
2016 (for certain Model A330-202, -203, -223, -223F, -243, and -243F
airplanes; and Model A330-302, -303, -323, -342, and -343
airplanes).
    (v) Airbus Service Bulletin A340-52-4109, dated February 25,
2016 (for certain Model A340-211, -212, and -213 airplanes; and
Model A340-311, -312, and -313 airplanes).
    (vi) Airbus Service Bulletin A340-52-4115, dated February 19,
2016 (for certain Model A340-212, -213, and -313 airplanes).
    (2) Accomplishment of the reinforcement modifications required
by paragraph (m)(1) of this AD may be deferred provided that before
exceeding 18,500 total flight cycles since first installation of the
aft cargo door on an airplane, or within 12 months after March 16,
2018 (the effective date of this AD), whichever occurs later, but
not earlier than 14,500 total flight cycles, cold working is
accomplished on the frame structure of each affected aft cargo door,
in accordance with the Accomplishment Instructions of Airbus Service
Bulletin A330-52-3115, dated April 20, 2016; or Airbus Service
Bulletin A340-52-4118, dated April 20, 2016; as applicable.

Modification of an airplane by accomplishment of the cold working
specified in this paragraph does not constitute terminating action
for the repetitive inspections required by paragraph (l)(1) of this
AD.
    (3) For an airplane on which the cold working on the cargo door
frame structure is accomplished, as specified in paragraph (m)(2) of
this AD: Within 18,500 flight cycles after the application of cold
working, do reinforcement modifications, in accordance with the
Accomplishment Instructions of the service information specified in
paragraphs (m)(1)(i) through (m)(1)(vi) of this AD, as applicable,
or using a method approved by the Manager, International Section,
Transport Standards Branch, FAA; or EASA; or Airbus's EASA DOA. If
approved by the DOA, the approval must include the DOA-authorized
signature.

(n) Terminating Action Aft Cargo Doors for Pre-Modified Airplanes

    Modification of an airplane by reinforcement of the aft cargo
door frame structure required by paragraph (m)(1) or (m)(3) of this
AD constitutes terminating action for the inspections required by
paragraph (l)(1) and (l)(2) of this AD for that airplane.

(o) Optional Terminating Action Modification for Post-Modified
Airplanes

    For post-modified airplanes, modification of an airplane by
reinforcement of the aft cargo door frame structure, in accordance
with the Accomplishment Instructions of the applicable service
information specified in paragraphs (m)(1)(i) through (m)(1)(vi) of
this AD, or using a method approved by the Manager, International
Section, Transport Standards Branch, FAA; or EASA; or Airbus's EASA
DOA, constitutes terminating action for the inspections required by
paragraph (l)(1) and (l)(2) of this AD for that airplane. If
approved by the DOA, the approval must include the DOA-authorized
signature.

(p) Exceptions to Service Information

    Where the service information specified in paragraphs (h)(1),
(i)(1), (i)(2), (l)(1), and (m) of this AD specifies to contact
Airbus for instructions or repair, before further flight, accomplish
corrective actions in accordance with the procedures specified in
paragraph (t)(2) of this AD.

(q) Exception to Initial Inspection Compliance Time

    For the purposes of table 1 to paragraph (h)(1) of this AD,
table 2 to paragraph (l)(1) of this AD, and table 3 to paragraph
(l)(1) of this AD: As soon as a cargo door is inspected using any
applicable service information specified in this AD, the previous
inspections accomplished in accordance with any alert operator
transmission can be disregarded for the determination of the
compliance time for the initial inspection required by this AD.

(r) Exception To Reporting in the Service Information

    Although the Airbus service bulletins specified in paragraphs
(r)(1) through (r)(6) of this AD specify to submit certain
information to the manufacturer, and specify that action as ``RC''
(Required for Compliance), this AD does not include that
requirement.
    (1) SB A330-52-3087, R02.
    (2) SB A330-52-3095, R02.
    (3) SB A340-52-4095, R02.
    (4) SB A340-52-4101, R02.
    (5) SB A340-52-5020, R02.
    (6) SB A340-52-5023, R02.

(s) Credit for Previous Actions

    (1) This paragraph provides credit for the initial inspection
required by paragraph (h) of this AD, if that inspection was
performed before March 16, 2018 (the effective date of this AD),
using Airbus Service Bulletin A330-52-3087, dated August 29, 2013;
Airbus Service Bulletin A340-52-4095, dated August 29, 2013; or
Airbus Service Bulletin A340-52-5020, dated August 29, 2013; as
applicable; provided that the actions identified as ``additional
work'' in the Accomplishment Instructions of Airbus Service Bulletin
A330-52-3087, Revision 01, dated July 9, 2014; Airbus Service
Bulletin A340-52-4095, Revision 01, dated July 28, 2014; or Airbus
Service Bulletin A340-52-5020, Revision 01, dated July 9, 2014; as
applicable; are accomplished within 1,100 flight cycles after that
inspection; and provided the next inspection of all frame fork
areas, frame head areas, and outer skin area of each affected
forward cargo door is accomplished within 1,100 flight cycles after
that inspection, in accordance with the Accomplishment Instructions
of SB A330-52-3087, R02; SB A340-52-4095, R02; or SB A340-52-5020,
R02, as applicable.
    (2) This paragraph provides credit for the initial inspection
required by paragraph (h) of this AD, if that inspection was
performed before March 16, 2018 (the effective date of this AD),
using Airbus Service Bulletin A330-52-3087, Revision 01, dated July
9, 2014; Airbus Service Bulletin A340-52-4095, Revision 01, dated
July 28, 2014; or Airbus Service Bulletin A340-52-5020, Revision 01,
dated July 9, 2014; as applicable; provided that the next inspection
of all frame fork areas, frame head areas, and outer skin area of
each affected forward cargo door, is accomplished within 1,100
flight cycles after that inspection in accordance with the
Accomplishment Instructions of SB A330-52-3087, R02; SB A340-52-
4095, R02; or SB A340-52-5020, R02, as applicable.
    (3) This paragraph provides credit for the initial inspection
required by paragraph (l) of this AD, if that inspection was
performed before March 16, 2018 (the effective date of this AD),
using Airbus Service Bulletin A330-52-3095, dated August 29, 2013;
Airbus Service Bulletin A340-52-4101, dated August 29, 2013; or
Airbus Service Bulletin A340-52-5023, dated August 29, 2013;
provided that the actions identified as ``additional work'' in the
Accomplishment Instructions of Airbus Service Bulletin A330-52-3095,
Revision 01, dated July 28, 2014; Airbus Service Bulletin A340-52-
4101, Revision 01, dated July 28, 2014; or Airbus Service Bulletin
A340-52-5023, Revision 01, dated July 28, 2014; as applicable; are
accomplished within 550 flight cycles after that inspection, and
provided the next inspection of all frame fork areas, frame head
areas, and outer skin area of each affected aft cargo door is
accomplished within 550 flight cycles after that inspection in
accordance with the Accomplishment Instructions of SB A330-52-3095,
R02; SB A340-52-4101, R02; or SB A340-52-5023, R02, as applicable.
    (4) This paragraph provides credit for the initial inspection
required by paragraph (l) of this AD, if that inspection was
performed before March 16, 2018 (the effective date of this AD),
using Airbus Service Bulletin A330-52-3095, Revision 01, dated July
28, 2014; Airbus Service Bulletin A340-52-4101, Revision 01, dated
July 28, 2014; or Airbus Service Bulletin A340-52-5023, Revision 01,
dated July 28, 2014; as applicable; provided that the next
inspection of all frame fork areas, frame head areas, and outer skin
area of each affected aft cargo door is accomplished within 550
flight cycles after that inspection in accordance with the
Accomplishment Instructions of SB A330-52-3095, R02; SB A340-52-
4101, R02; or SB A340-52-5023, R02, as applicable.
    (5) Where Airbus Service Bulletins A330-52-3095, Revision 01,
dated July 28, 2014; A340-52-4101, Revision 01, dated July 28, 2014;
A340-52-5020, Revision 01, dated July 9, 2014; and A340-52-5023,
Revision 01, dated July 28, 2014; refer to using fasteners having P/
N ASNA2657, this AD also allows the use of alternative HST11 series
fasteners.

(t) Other FAA AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
International Section, Transport Standards Branch, FAA, has the
authority to approve AMOCs for this AD, if requested using the
procedures found in 14 CFR 39.19. In accordance with 14 CFR 39.19,
send your request to your principal inspector or local Flight
Standards District Office, as appropriate. If sending information
directly to the manager of the certification office, send it to the
attention of the person identified in paragraph (u)(2) of this AD.
Information may be emailed to: [email protected].
Before using any approved AMOC, notify your appropriate principal
inspector, or lacking a principal inspector, the manager of the
local flight standards district office/certificate holding district
office.
    (2) Contacting the Manufacturer: As of March 16, 2018 (the
effective date of this AD), for any requirement in this AD to obtain
corrective actions from a manufacturer, the action must be
accomplished using a method approved by the Manager, International
Section, Transport Standards Branch, FAA; or the EASA; or Airbus's
EASA DOA. If approved by the DOA, the approval must include the DOA-
authorized signature.
    (3) Required for Compliance (RC): Except as required by
paragraphs (p) and (r) of this AD: If any service information
contains procedures or tests that are identified as RC, those
procedures and tests must be done to comply with this AD; any
procedures or tests that are not identified as RC are recommended.
Those procedures and tests that are not identified as RC may be
deviated from using accepted methods in accordance with the
operator's maintenance or

inspection program without obtaining approval of an AMOC, provided
the procedures and tests identified as RC can be done and the
airplane can be put back in an airworthy condition. Any
substitutions or changes to procedures or tests identified as RC
require approval of an AMOC.

(u) Related Information

    (1) Refer to Mandatory Continuing Airworthiness Information
(MCAI) EASA AD 2016-0188, dated September 21, 2016; corrected
September 22, 2016; for related information. This MCAI may be found
in the AD docket on the internet at http://www.regulations.gov by
searching for and locating Docket No. FAA-2017-0713.
    (2) For more information about this AD, contact Vladimir
Ulyanov, Aerospace Engineer, International Section, Transport
Standards Branch, FAA, 1601 Lind Avenue SW, Renton, WA 98057-3356;
telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>.
    (3) Service information identified in this AD that is not
incorporated by reference is available at the addresses specified in
paragraphs (v)(4) and (v)(5) of this AD.

(v) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless this AD specifies otherwise.
    (3) The following service information was approved for IBR on
March 16, 2018 (83 FR 5689, February 9, 2018).
    (i) Airbus Service Bulletin A330-52-3087, Revision 02, including
Appendix 01, dated February 18, 2016.
    (ii) Airbus Service Bulletin A330-52-3095, Revision 02,
including Appendices 01 and 02, dated February 19, 2016.
    (iii) Airbus Service Bulletin A330-52-3105, dated February 24,
2016.
    (iv) Airbus Service Bulletin A330-52-3106, dated February 24,
2016.
    (v) Airbus Service Bulletin A330-52-3110, dated February 15,
2016.
    (vi) Airbus Service Bulletin A330-52-3111, dated February 15,
2016.
    (vii) Airbus Service Bulletin A330-52-3112, dated February 24,
2016.
    (viii) Airbus Service Bulletin A330-52-3113, dated February 15,
2016.
    (ix) Airbus Service Bulletin A330-52-3114, dated February 15,
2016.
    (x) Airbus Service Bulletin A330-52-3115, dated April 20, 2016.
    (xi) Airbus Service Bulletin A330-52-3116, dated April 20, 2016.
    (xii) Airbus Service Bulletin A330-52-3117, dated April 20,
2016.
    (xiii) Airbus Service Bulletin A330-52-3118, dated April 20,
2016.
    (xiv) Airbus Service Bulletin A340-52-4095, Revision 02,
including Appendix 01, dated November 29, 2015.
    (xv) Airbus Service Bulletin A340-52-4101, Revision 02,
including Appendices 01 and 02, dated November 27, 2015.
    (xvi) Airbus Service Bulletin A340-52-4108, dated February 15,
2016.
    (xvii) Airbus Service Bulletin A340-52-4109, dated February 25,
2016.
    (xviii) Airbus Service Bulletin A340-52-4113, dated February 15,
2016.
    (xix) Airbus Service Bulletin A340-52-4114, dated February 15,
2016.
    (xx) Airbus Service Bulletin A340-52-4115, dated February 19,
2016.
    (xxi) Airbus Service Bulletin A340-52-4118, dated April 20,
2016.
    (xxii) Airbus Service Bulletin A340-52-4119, dated April 20,
2016.
    (xxiii) Airbus Service Bulletin A340-52-4120, dated April 20,
2016.
    (xxiv) Airbus Service Bulletin A340-52-4121, dated April 20,
2016.
    (xxv) Airbus Service Bulletin A340-52-5020, Revision 02,
including Appendices 01 and 02, dated November 27, 2015.
    (xxvi) Airbus Service Bulletin A340-52-5023, Revision 02,
including Appendices 01 and 02, dated November 27, 2015.
    (4) For service information identified in this AD, contact
Airbus SAS, Airworthiness Office--EAL, 1 Rond Point Maurice
Bellonte, 31707 Blagnac Cedex, France; telephone: +33 5 61 93 36 96;
fax: +33 5 61 93 45 80; email: [email protected];
internet: http://www.airbus.com.
    (5) You may view this service information at the FAA, Transport
Standards Branch, 1601 Lind Avenue SW, Renton, WA. For information
on the availability of this material at the FAA, call<PHONE_NUMBER>.
    (6) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, call<PHONE_NUMBER>, or go to: http://www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued in Renton, Washington, on March 1, 2018.
Michael Kaszycki,
Acting Director, System Oversight Division, Aircraft Certification
Service.
[FR Doc. 2018-04645 Filed 3-7-18; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 84, Number 179 (Monday, September 16, 2019)]
[Notices]
[Page 48625]
[FR Doc No: 2019-19908]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2019-N-3839]

Impax Laboratories, LLC; Withdrawal of Approval of an Abbreviated
New Drug Application for Ursodiol Capsules USP, 300 Milligrams

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA or Agency) is
withdrawing the approval of abbreviated new drug application (ANDA)
077895 for Ursodiol Capsules USP, 300 milligrams (mg), held by Impax
Laboratories, LLC (Impax). Impax requested withdrawal of this
application and has waived its opportunity for a hearing.

DATES: Approval is withdrawn as of September 16, 2019.

FOR FURTHER INFORMATION CONTACT: Jennifer Forde, Office of Regulatory
Policy, Center for Drug Evaluation and Research, Food and Drug
Administration, 10903 New Hampshire Ave., Bldg. 51, Rm. 6228, Silver
Spring, MD 20993-0002,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: On July 27, 2006, FDA approved ANDA 077895
for Ursodiol Capsules USP, 300 mg, submitted by CorePharma, LLC
(CorePharma). According to annual reports filed with the Agency, this
product has not been commercially manufactured since February 2010.
    In a letter dated August 9, 2011, FDA informed CorePharma that it
had concerns about the validity of bioequivalence data submitted with
ANDA 077895 from studies conducted by a certain contract research
organization intended to establish bioequivalence of CorePharma's
product to its reference listed drug (RLD), new drug application
019594, Actigall (Ursodiol) Capsules, 300 mg. In that letter, FDA
directed CorePharma to supplement its ANDA with either: (1) New
bioequivalence studies or (2) re-assays of the samples from the
original bioequivalence studies. In a letter dated January 26, 2012,
CorePharma submitted a request for an extension of time to submit new
bioequivalence data in response to the Agency's August 9, 2011, letter.
On February 10, 2012, the Agency granted CorePharma's request for an
extension to submit new bioequivalence data by October 30, 2012.
    FDA subsequently sent another letter to CorePharma on August 19,
2016, requesting that CorePharma provide the requested bioequivalence
data within 30 calendar days or voluntarily seek withdrawal of ANDA
077895 under Sec.  314.150(d) (21 CFR 314.150(d)). In response to the
August 19, 2016, correspondence, FDA received a letter from CorePharma
dated September 7, 2016, stating that CorePharma did not wish to
request the withdrawal of approval of ANDA 077895 for Ursodiol
Capsules. In February 2017, the Agency was notified that the ownership
of ANDA 077895 was transferred from CorePharma to Impax.
    On April 24, 2017, FDA issued a letter to Impax, noting that as of
the date of the April 24, 2017, letter, FDA had not received the
requested bioequivalence data. In the April 24, 2017, correspondence,
FDA strongly suggested to Impax that it voluntarily seek withdrawal of
ANDA 077895 under Sec.  314.150(d) as a result of failing to provide
data and information establishing bioequivalence to the RLD. In a
letter dated February 25, 2019, Impax informed FDA that it would like
to request the withdrawal of ANDA 077895 under Sec.  314.150(d).
Additionally, in a March 14, 2019, correspondence to FDA, Impax waived
any opportunity for hearing provided under Sec.  314.150(a).
    In the Federal Register of February 5, 2019 (84 FR 1745), FDA
erroneously included ANDA 077895 in a list of drug applications for
which approval was being withdrawn under Sec.  314.150(c). Elsewhere in
this issue of the Federal Register FDA is publishing a correction to
that notice to remove ANDA 077895 from the list of applications whose
approval was withdrawn under Sec.  314.150(c). In addition, for the
reasons discussed above, and because of Impax's request, FDA is
withdrawing approval of ANDA 077895, and all amendments and supplements
thereto, under Sec.  314.150(d). Distribution of Ursodiol Capsules USP,
300 mg, in interstate commerce without an approved application is
illegal and subject to regulatory action (see sections 505(a) and
301(d) of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 355(a)
and 331(d)).

    Dated: September 6, 2019.
Lowell J. Schiller,
Principal Associate Commissioner for Policy.
[FR Doc. 2019-19908 Filed 9-13-19; 8:45 am]
 BILLING CODE 4164-01-P


[Federal Register Volume 76, Number 44 (Monday, March 7, 2011)]
[Notices]
[Pages 12384-12386]
[FR Doc No: 2011-5063]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63998; File No. SR-CBOE-2011-018]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Codify a Fee Schedule for the Sale by Market Data
Express, LLC, of a BBO Data Feed for Securities Traded on CBSX

March 1, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on February 17, 2011, Chicago Board Options Exchange, Incorporated
(``CBOE'' or the ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    This proposal submitted by Chicago Board Options Exchange,
Incorporated (``CBOE'' or ``Exchange'') is to codify a fee schedule for
the sale by Market Data Express, LLC (``MDX''), an affiliate of CBOE,
of a data product that includes CBOE Stock Exchange (``CBSX'') best bid
and offer and trade data and certain related market data. The text of
the proposed rule change is available on the Exchange's Web site
(http://www.cboe.org/legal), at the Exchange's Office of the Secretary
and at the Commission's Public Reference Room.

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

    In its filing with the Commission, CBOE included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. CBOE has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such statements.

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

1. Purpose
    The purpose of the proposed rule change is to establish fees that
MDX will charge for the sale of certain market data with respect to the
trading of securities on CBSX. CBSX is CBOE's stock trading facility.
    CBOE currently collects and processes market data with respect to
quotes and orders and the prices of trades for all securities that are
traded on CBSX. This market data includes the ``best bid and offer,''
or ``BBO'', consisting of all outstanding quotes and standing orders at
the best available price level on each side of the market, with
aggregate size (``BBO data,'' sometimes referred to as ``top of book
data''). Data with respect to executed trades is referred to as ``last
sale'' data. CBOE reports CBSX BBO data under the Consolidated
Quotation Plan (``CQ Plan'') and CBSX last sale data under the
Consolidated Tape Association Plan (``CTA Plan'') with respect to NYSE-
listed securities and securities listed on exchanges other than NYSE
and Nasdaq for inclusion in those Plans' consolidated data streams.
CBOE reports CBSX BBO data and CBSX last sale data under the Nasdaq
Unlisted Trading Privileges Plan (``Nasdaq/UTP Plan'') with respect to
Nasdaq-listed securities for inclusion in that Plan's consolidated data
stream.
    MDX provides to ``Customers'' \3\ a real-time, low latency data
feed that includes the CBSX BBO data and last sale data. (This data
feed is sometimes referred to in this filing as the ``BBO Data Feed'').
The BBO and last sale data contained in the BBO Data Feed is identical
to the data that CBOE sends to the processors under the CQ, CTA and
Nasdaq/UTP Plans.\4\ In addition, the BBO Data Feed includes certain
data that is not included in the data sent to the processors under the
CQ, CTA and Nasdaq/UTP Plans, namely, totals of customer versus non-
customer shares at the BBO and All-or-None contingency orders priced
better than or equal to the BBO. The purpose of this proposed rule
change is to establish the fees MDX will charge for the sale of the BBO
Data Feed.
---------------------------------------------------------------------------

    \3\ A ``Customer'' is any entity that receives the BBO Data Feed
directly from MDX's system and then distributes it either internally
or externally to Subscribers. A ``Subscriber'' is a person (other
than an employee of a Customer) that receives the BBO Data Feed from
a Customer for its own internal use.
    \4\ The Exchange notes that MDX makes available to Customers the
BBO data and last sale data that is included in the BBO Data Feed no
earlier than the time at which the Exchange sends that data to the
processors under the CQ, CTA and Nasdaq/UTP Plans. The Exchange also
notes that it also makes the BBO data and last sale data that is
included in the BBO Data Feed available directly to CBSX Trading
Permit Holders, and permits them to redistribute the data to their
customers.
---------------------------------------------------------------------------

    MDX would charge Customers a ``direct connect fee'' of $500 per
connection per month. MDX would also charge Customers a ``per user
fee'' of $25 per month per ``Authorized User'' or ``Device'' for
receipt of the BBO Data Feed by Subscribers. An ``Authorized User'' is
defined as an individual user (an individual human being) who is
uniquely identified (by user ID and confidential password or other
unambiguous method reasonably acceptable to MDX) and authorized by a
Customer to access the BBO Data Feed supplied by the Customer. A
``Device'' is defined as any computer, workstation or other item of
equipment, fixed or portable, that receives, accesses and/or displays
data in visual, audible or other form. Either a CBSX Trading Permit
Holder or a non-CBSX Trading Permit Holder may be a Customer. All
Customers would be assessed the same fees.
    The proposed fees would be implemented on March 1, 2011.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the requirements of Section 6(b) of the Securities Exchange Act of
1934 (``Act'') \5\ in general, and, in particular, with Section 6(b)(4)
of the Act \6\ in that it provides for the equitable allocation of
reasonable dues, fees and other charges among CBSX Trading Permit
Holders and other persons using its facilities, and with Section
6(b)(5) \7\ of the Act in that there will be no unfair discrimination
between customers, issuers, brokers, or dealers in the distribution of
the data. In addition, the Exchange believes that the proposed

rule change is consistent with the requirements of Section 6(b)(8) \8\
of the Act in that it does not impose any burden on competition not
necessary or appropriate in furtherance of the purposes of the Act. The
fees charged would be the same for all market participants, and
therefore do not unreasonably discriminate among market participants.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
    \7\ 15 U.S.C. 78f(b)(5).
    \8\ 15 U.S.C. 78f(b)(8).
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    The Exchange believes that the proposed market data fees are
consistent with the requirements of the Act for several reasons. First,
they compare favorably to fees that other markets charge for similar
products. For example, the proposed direct connect fee of $500 per
connection per month and per user fee of $25 per month compares
favorably to the fees Nasdaq and NYSE charge for similar market data
products. Nasdaq charges distributors of its ``Nasdaq Basic'' data feed
a monthly fee of $1,500 per firm and charges each professional
subscriber a per subscriber monthly charge of $10 for Nasdaq-listed
stocks, $5 for NYSE-listed stocks, and $5 for Amex-listed stocks.\9\
Like the BBO Data Feed, the Nasdaq Basic data feed includes best bid
and offer data and last sale data as well as other market data. NYSE
charges a monthly fee of $1,500 for the receipt of access to the ``NYSE
BBO'' data feed plus $15 per month per professional subscriber and $5
per month per non-professional subscriber. The NYSE BBO data feed
provides best bid and offer information for NYSE-traded securities.\10\
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    \9\ See, Securities Exchange Act Release No. 59933 (May 15,
2009), 74 FR 24889 (May 26, 2009) and http://www.nasdaqtrader.com.
Nasdaq charges each non-professional subscriber to Nasdaq Basic a
per subscriber monthly charge of $0.50 for Nasdaq-listed stocks,
$0.25 for NYSE-listed stocks, and $0.25 for Amex-listed stocks.
    \10\ See, Securities Exchange Act Release No. 62181 (May 26,
2010), 75 FR 31488 (June 3, 2010) and http://www.nyxdata.com.
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    The Exchange also believes that the proposed fees for the BBO Data
Feed are consistent with the requirements of the Act because
competition provides an effective constraint on the market data fees
that the Exchange, through MDX, has the ability and the incentive to
charge. CBSX has a compelling need to attract order flow from market
participants in order to maintain its share of trading volume. This
compelling need to attract order flow imposes significant pressure on
CBOE to act reasonably in setting its fees for market data,
particularly given that the market participants that will pay such fees
often will be the same market participants from whom CBSX must attract
order flow. These market participants include broker-dealers that
control the handling of a large volume of customer and proprietary
order flow. Given the portability of order flow from one exchange to
another, any exchange that sought to charge unreasonably high data fees
would risk alienating many of the same customers on whose orders it
depends for competitive survival. CBSX competes for order flow with the
other national securities exchanges that currently trade equities, with
electronic communication networks (``ECNs'') and with other trading
platforms.
    CBOE is constrained in pricing the BBO Data Feed by the
availability to market participants of alternatives to purchasing the
BBO Data Feed. CBOE must consider the extent to which market
participants would choose one or more alternatives instead of
purchasing the exchange's data. For example, the BBO data and last sale
data available in the BBO Data Feed is included in the CQ, CTA and
Nasdaq/UTP data feeds. The CQ, CTA and Nasdaq/UTP data feeds are widely
distributed and relatively inexpensive, thus constraining CBOE's
ability to price the BBO Data Feed. In this respect, the CQ, CTA and
Nasdaq/UTP data feeds, which include CBSX's transaction information,
are significant alternatives to the BBO Data Feed product.
    Further, the various self-regulatory organizations, ECNs and the
several Trade Reporting Facilities of FINRA that produce proprietary
data are sources of competition for MDX. As noted above, Nasdaq and
NYSE offer market data products that compete with the BBO Data Feed. In
addition, the Exchange believes other exchanges may currently offer
top-of-book market data products for a fee or for free.
    For the reasons cited above, the Exchange believes that the BBO
Data Feed offering, including the proposed fees, is equitable, fair,
reasonable and not unreasonably discriminatory. In addition, the
Exchange believes that no substantial countervailing basis exists to
support a finding that the proposed terms and fees for the BBO Data
Feed fails to meet the requirements of the Act.

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

    CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of purposes of the Act. The Exchange believes that the BBO
Data Feed offered by MDX will help attract new users and new order flow
to CBSX, thereby improving CBSX's ability to compete in the market for
order flow and executions.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \11\ and subparagraph (f)(2) of Rule 19b-4 \12\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(2). [sic]
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-CBOE-2011-018 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-CBOE-2011-018. This file
number should be included on the subject line if e-mail is used.
    To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the

Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room on official business days
between the hours of 10 a.m. and 3 p.m. Copies of such filing also will
be available for inspection and copying at the principal offices of the
Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
CBOE-2011-018, and should be submitted on or before March 28, 2011.
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    \13\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-5063 Filed 3-4-11; 8:45 am]
BILLING CODE 8011-01-P