[Federal Register: January 18, 2011 (Volume 76, Number 11)]
[Notices]
[Page 2934-2938]
[DOCID:fr18ja11-101]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63701; File No. SR-CBOE-2010-116]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Related to Exchange Fees for Fiscal Year 2011

January 11, 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 December 29, 2010, the Chicago Board Options Exchange,
Incorporated (``Exchange'' or ``CBOE'') 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 CBOE. The Exchange has designated the proposal as one establishing
or changing a due, fee, or other charge imposed by CBOE under Section
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(2) thereunder.\4\ The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Chicago Board Options Exchange, Incorporated (``CBOE'' or
``Exchange'') proposes to amend its Fees Schedule to make various
changes for Fiscal Year 2011. 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.

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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this proposed rule change is to amend the CBOE Fees
Schedule to make various fee changes. The proposed changes are the
product of the Exchange's annual budget review. The fee changes were
approved by the Exchange's Board of Directors pursuant to CBOE Rule
2.22 and will take effect on January 3, 2011. The Exchange proposes to
amend the following fees:
    Clearing Trading Permit Holder Proprietary Sliding Scale: The
Clearing Trading Permit Holder Proprietary Sliding Scale reduces a
Clearing Trading Permit Holder's (``CTPH'') per contract transaction
fee based on the number of contracts the CTPH trades in a month. The
Exchange proposes to replace the existing Clearing Trading Permit
Holder Proprietary Sliding Scale with: (1) A Multiply-Listed Options
Fee Cap for CTPH Proprietary Orders, and (2) a CBOE Proprietary
Products Sliding Scale for CTPH Proprietary Orders, as further
described below.
    Multiply-Listed Options Fee Cap: The Exchange proposes to cap CTPH
Proprietary transaction fees in all products except options on OEX,
XEO, SPX, and volatility indexes,\5\ in the aggregate, at $75,000 per
month per CTPH, except that any AIM Execution Fees incurred by a CTPH
would not count towards the cap (AIM Execution Fees are described
below). A CTPH would continue to pay any AIM Execution Fees after
reaching the cap in a month. AIM Execution Fees would be excluded from
the proposed fee cap because the AIM Execution Fee is a discounted fee
($.05 per contract) and therefore the Exchange believes those fees
should not count towards the cap. The proposed fee cap is similar to a
``Firm Related Equity Option Cap'' in place at NASDAQ OMX PHLX, LLC.\6\
The Exchange believes the proposed fee cap would create an incentive
for CTPHs to continue to send order flow to the Exchange.
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    \5\ OEX is the symbol for options on the S&P 100 index, XEO is
the symbol for European-Style options on the S&P 100 index and SPX
is the symbol for options on the S&P 500 index. Volatility indexes
include options on the CBOE Volatility Index (VIX).
    \6\ NASDAQ OMX PHLX Firms are subject to a maximum fee of
$75,000. See NASDAQ OMX PHLX, LLC Fee Schedule, Section II (Equity
Options Fees).
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    CBOE Proprietary Products Sliding Scale: The Exchange proposes to
adopt a CBOE Proprietary Products Sliding Scale that would reduce the
standard CTPH Proprietary transaction fee in OEX, XEO, SPX, and
volatility indexes (``CBOE Proprietary Products'') \7\ provided a CTPH
reaches certain volume thresholds in multiply-listed options on the
Exchange in a month as described below.
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    \7\ The CTPH Proprietary transaction fee in CBOE Proprietary
Products (as defined) is currently $.20 per contract and is proposed
to be changed to $.25 per contract (as described below).
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    Specifically, the standard CTPH Proprietary transaction fee in CBOE
Proprietary Products would be reduced to the fees shown in the
following table for CTPHs that execute at least 375,000 contracts but
less than 1,500,000 contracts in multiply-listed options on the
Exchange in a month, excluding contracts executed in AIM that incurred
the AIM Execution Fee (the AIM Execution Fee is described below).\8\
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    \8\ Contracts executed in AIM that incurred the AIM Execution
Fee would be excluded from the sliding scale for the same reason
that AIM Execution Fees would not apply to the Multiply-Listed
Options Fee Cap; the Exchange believes it is appropriate to exclude
such contracts from the proposed sliding scale because such
contracts have already received a discounted transaction fee ($.05
per contract).

------------------------------------------------------------------------
                                   CBOE proprietary
             Tiers               product contracts per        Rate
                                         month
------------------------------------------------------------------------
First.........................  First 750,000.........  18 cents

Second........................  Next 250,000..........  5 cents
Third.........................  Above 1,000,000.......  2 cents
------------------------------------------------------------------------

    If a CTPH reaches the aforementioned volume thresholds in multiply-
listed options on the Exchange in a month, under the proposed sliding
scale the first 750,000 contracts traded by the CTPH in a month in CBOE
Proprietary Products would be assessed at $.18 per contract. The next
250,000 contracts traded in a month in CBOE Proprietary Products (up to
1,000,000 total contracts traded) would be assessed at $.05 per
contract. All contracts above 1,000,000 contracts traded in a month in
CBOE Proprietary Products would be assessed at $.02 per contract.
    The standard CTPH Proprietary transaction fee in CBOE Proprietary
Products would be reduced to the fees shown in the following table for
CTPHs that execute 1,500,000 or more contracts in multiply-listed
options on the Exchange in a month, excluding contracts executed in AIM
that incurred the AIM Execution Fee:

------------------------------------------------------------------------
                                   CBOE proprietary
             Tiers               product contracts per        Rate
                                         month
------------------------------------------------------------------------
First.........................  First 750,000.........  15 cents
Second........................  Above 750,000.........  1 cent
------------------------------------------------------------------------

    If a CTPH reaches the 1,500,000 contract threshold in multiply-
listed options on the Exchange in a month, under the proposed sliding
scale the first 750,000 contracts traded by the CTPH in a month in CBOE
Proprietary Products would be assessed at $.15 per contract. All
contracts above 750,000 contracts traded in a month in CBOE Proprietary
Products would be assessed at $.01 per contract.
    A CTPH that executes less than 375,000 contracts in multiply-listed
options on the Exchange in a month would not be eligible for the CBOE
Proprietary Products Sliding Scale and would pay the standard CTPH
Proprietary transaction fee for CBOE Proprietary Products. Due to the
Exchange's obligation to pay license fees on the CBOE Proprietary
Products, Surcharge Fees \9\ applicable to the CBOE Proprietary
Products would also continue to apply in addition to the standard CTPH
Proprietary transaction fee and the rates on the sliding scale.
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    \9\ See CBOE Fees Schedule, Section 1 Index Options, and
Footnote 14.
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    As is the case with the existing CTPH Proprietary Sliding Scale,
the proposed Multiply-Listed Options Fee Cap and CBOE Proprietary
Products Sliding Scale would apply to Clearing Trading Permit Holder
proprietary orders (``F'' origin code), except for orders of joint
back-office (``JBO'') participants. The Exchange would also aggregate
the fees and contracts of a Clearing Trading Permit Holder and its
affiliates in the same manner as it does under the existing CTPH
Proprietary Sliding Scale.\10\
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    \10\ See CBOE Fees Schedule, Footnote 11. Each CTPH would be
responsible for notifying the Exchange's TPH Department of all of
its affiliations so that fees and contracts of the CTPH and its
affiliates may be aggregated for purposes of the fee cap and sliding
scale. The Exchange would aggregate the fees and trading activity of
separate CTPHs for the purposes of the fee cap and sliding scale if
there is at least 75% common ownership between the CTPHs as
reflected on each CTPH's Form BD, Schedule A. A Clearing Trading
Permit Holder's fees and contracts executed pursuant to a CMTA
agreement (i.e., executed by another clearing firm and then
transferred to the Clearing Trading Permit Holder's account at the
OCC) would be aggregated with the Clearing Trading Permit Holder's
non-CMTA fees and contracts for purposes of the fee cap and sliding
scale.
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    Clearing Trading Permit Holder Proprietary Transaction Fee: The
Exchange currently charges $.20 per contract for Clearing Trading
Permit Holder Proprietary transactions in index options (including ETF,
ETN and HOLDRs options). The Exchange proposes to increase the Clearing
Trading Permit Holder Proprietary transaction fee to $.25 per contract
for OEX, XEO, SPX and volatility indexes. This rate would be subject to
the proposed CBOE Proprietary Products Sliding Scale for CTPH
Proprietary orders.
    AIM Execution Fee: The Exchange currently charges an AIM Execution
Fee of $.20 per contract to certain broker-dealer orders executed in
the Automated Improvement Mechanism (``AIM'') \11\ that were initially
entered into AIM as the contra party to an Agency Order. \12\
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    \11\ AIM is an electronic auction system that exposes certain
orders electronically in an auction to provide such orders with the
opportunity to receive an execution at an improved price. AIM is
governed by CBOE Rule 6.74A.
    \12\ See Securities Exchange Act Release No. 59379 (February 10,
2009), 74 FR 7713 (February 19, 2009). The existing AIM Execution
Fee applies to broker-dealer orders (orders with ``B'' origin code),
non-Trading Permit Holder market-maker orders (orders with ``N''
origin code), orders from specialists in the underlying security
(orders with ``Y'' origin code) and certain orders with ``F'' origin
code (orders from OCC members that are not CBOE Trading Permit
Holders). See CBOE Fees Schedule, Footnote 16.
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    The Exchange proposes to amend the AIM Execution Fee to (i) reduce
the fee from $.20 per contract to $.05 per contract, and (ii) apply the
fee to all orders (all origin codes) in all products, except OEX, XEO,
SPX and volatility indexes, executed in AIM that were initially entered
into AIM as the contra party to an Agency Order. The proposed fee would
apply to such executions instead of the applicable standard transaction
fee except if the applicable standard transaction fee is lower than
$.05 per contract, in which case the applicable standard transaction
fee would apply.\13\ Applicable standard transaction fees would apply
to AIM executions in OEX, XEO, SPX and volatility indexes. The proposed
AIM Execution Fee is similar to the fee charged by NASDAQ OMX PHLX to
an ``Initiating Order'' that is contra-side to a ``PIXL Order'' in the
PIXL Auction.\14\
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    \13\ For example, public customer orders (``C'' origin code) pay
no transaction fee in equity options and QQQQ options and thus such
orders would pay no transaction fee (would not pay the AIM Execution
Fee) for such AIM transactions. Transaction fees for certain public
customer orders in certain ETF, ETN and HOLDRs options are currently
waived and thus such orders would pay no transaction fee (would not
pay the AIM Execution Fee) for such AIM transactions. See CBOE Fees
Schedule, Footnotes 8 and 9.
    \14\ NASDAQ OMX PHLX assesses a fee of $.05 per contract to an
Initiating Order when the Initiating Order executes against a PIXL
Order in the PIXL Auction. See NASDAQ OMX PHLX, LLC Fee Schedule,
Section IV, PIXL Pricing.
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    Floor Brokerage Fees: The Exchange currently charges floor brokers
executing orders in volatility index options $.02 per contract and $.01
per contract for crossed orders. The Exchange proposes to increase
these

fees to $.03 per contract and $.015 per contract for crossed
orders.\15\
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    \15\ The Exchange proposes to delete DXL options (options based
on 1/10th the value of the Dow Jones Industrial Average) from
Section 3 of the Fees Schedule and delete all other references to
DXL from the Fees Schedule because DXL options are no longer listed
on CBOE.
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    PAR Official Fees: The Exchange proposes to establish PAR Official
Fees.\16\ These fees would apply to all orders executed by a PAR
Official, except for customer orders (``C'' origin code) that are not
directly routed to the trading floor (an order that is directly routed
to the trading floor is directed to a PAR Official for manual handling
by use of a field on the order ticket). Such orders would be charged
$.02 per contract and, like floor brokerage fees, a discounted rate of
$.01 per contract would apply for crossed orders. The purpose of the
proposed fee is to help offset the Exchange's costs of providing PAR
Official services (e.g., salaries, etc). As noted above, the Exchange
would not charge the fee to public customer orders except for any
customer order that is directly routed to the trading floor. The
Exchange believes it is reasonable to charge the fee to a customer that
specifically requests order handling by a PAR Official. PAR Official
Fees would be charged to the order originating firm unless the
originating firm cannot be identified, in which case the fees would be
charged to the executing firm on the trade record.
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    \16\ A PAR Official is an Exchange employee or independent
contractor whom the Exchange may designate as being responsible for
(i) operating the PAR workstation in a Designated Primary Market-
Maker (``DPM'') trading crowd with respect to the classes of options
assigned to him/her; (ii) when applicable, maintaining the book with
respect to the classes of options assigned to him/her; and (iii)
effecting proper executions of orders placed with him/her. The PAR
Official may not be affiliated with any Trading Permit Holder that
is approved to act as a Market-Maker. See CBOE Rule 7.12.
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    Volatility Index Surcharge Fee: The Exchange currently charges a
surcharge fee of $.08 per contract on all non-public customer \17\
transactions in volatility index options. The Exchange proposes to
increase the surcharge fee for volatility index options to $.10 per
contract. The surcharge fee is assessed to help the Exchange recoup
license fees the Exchange pays to index licensors for the right to list
volatility index options for trading and is similar to surcharge fees
charged by other exchanges.
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    \17\ The Surcharge Fee applies to all non-public customer
transactions (i.e. CBOE and non-Trading Permit Holder market-maker,
Clearing Trading Permit Holder and broker-dealer), including
voluntary professionals and professionals. See CBOE Fees Schedule,
Section 1 (Index Options) and Footnote 14.
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    Linkage Fee: Currently, when the Exchange receives a customer order
that has an original size of 1,000 or more contracts that is routed, in
whole or in part, to one or more exchanges in connection with the
Options Order Protection and Locked/Crossed Market Plan, the Exchange
charges $.35 per contract executed on another exchange in addition to
the customary CBOE execution charges.\18\ The Exchange proposes to
reduce the qualifying customer order size from 1,000 or more contracts
to 500 or more contracts. The purpose of this Linkage Fee is to pass
through some of the transaction costs incurred by the Exchange
associated with the execution of customer orders at away markets. The
Exchange believes it is appropriate to pass through some of these costs
to these larger non-broker-dealer customer orders that are more akin to
broker-dealer orders.
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    \18\ See CBOE Fees Schedule, Section 20. See, also, Securities
Exchange Act Release No. 62793 (August 30, 2010), 75 FR 54408
(September 7, 2010).
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    Facility Fees: The Exchange proposes to amend the following
facility fees in Section 8 of the Fees Schedule:
    Booth Fees: The Exchange currently charges $185 per month for use
of a perimeter booth on the trading floor. The Exchange proposes to
increase this fee to $195 per month. The fee for an OEX booth is
proposed to be increased from $330 per month to $550 per month,
equaling the rate charged for DJX and MNX booths. The fee for VIX
booths is also proposed to be increased to $550 per month due to high
demand for booth space for VIX options, which recently moved into a
larger pit on the trading floor. The $550 per month fee for booths by
the OEX book is proposed to be eliminated because there are no longer
such booths due to the relocation of the OEX pit.\19\
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    \19\ The Exchange also proposes a clarifying change to Section
8(b) of the Fees Schedule. The Exchange proposes to change
``Arbitrage Phone Positions'' to ``SPX Arbitrage Phone Positions''
to clarify that this fee applies to booths that are adjacent to or
near the SPX pit.
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    Forms and Form Storage Fees: The Exchange currently charges a fee
of $10 per month for cabinet space at the Exchange used by trading
permit holders to store paper forms such as trade order forms. The
Exchange proposes to increase this fee to $11 per month. The Exchange
has provided trading permit holders with boxes of 5-part and 2-part
paper trade order forms for many years at no charge. The Exchange
proposes to charge trading permit holders $50 per box to recoup the
cost of making these forms available to trading permit holders.
    Access Badge Fees: The Exchange proposes to increase certain fees
for access badges. These fees have not changed in approximately ten
years. The monthly fees for access badges would increase from $110 to
$120 for Floor Managers and from $55 to $60 for clerks. In addition,
the Exchange proposes to amend the following charges per occurrence:
(1) The fee for issuance of a badge would increase from $15 to $16.50,
(2) the fee to replace a badge would increase from $15 to $16.50, (3)
the fee for failure to return an access badge would increase from $75
to $82.50, (4) the fee for a temporary badge for a non-trading permit
holder would increase from $10 to $11, and (5) the fee for a temporary
badge for a trading permit holder would increase from $10 to $11 (the
first three badges per year are free of charge).
    Coat Room Services Fee: The Exchange charges trading permit holders
$15 per month for coat room services. The Exchange proposes to increase
the fee to $25 per month to help the Exchange recoup increased costs
for making this service available to trading permit holders.
    Telecommunication Fees: The Exchange proposes to increase certain
telecommunication fees. These fees have not changed in over seven
years. The Exchange proposes the following changes to Section 8(F) of
the Fees Schedule:
    Monthly fees:
    a. Exchangefone Maintenance--Increase from $52.00 to $57.00.
    b. Single Line Maintenance--Increase from $10.50 t0 $11.50.
    c. PhoneMail with Outcall & Pager--Increase from $17.00 to $18.75.
    d. Intra-Floor Lines--Increase from $52.50 to $57.75.
    e. Voice Circuits--Increase from $14.40 to $16.00.
    f. Data Circuits at Local Carrier (entrance)--Increase from $14.40
to $16.00.
    g. Lines Between Local Carrier and Communications Center--Increase
from $11.60 to $12.75.
    h. Lines Direct From Local Carrier to Trading Floor--Increase from
$11.60 to $12.75.
    i. Lines Between Communications Center and Trading Floor--Increase
from $11.60 to $12.75.
    Fees for installation, relocation and removal of lines:
    j. Data Circuits at In-House Frame:
    i. Lines Between Local Carrier and Communications Center--The
installation fee would increase from $200 to $550 and would include the
removal fee. The existing removal fee of $100 would be eliminated.
    ii. Lines Direct From Local Carrier to Trading Floor--The
installation fee would increase from $350 to $725 and

would include the removal fee. The existing removal fee of $200 would
be eliminated. The relocation fee of $425 would be increased to $625.
    iii. Lines Between Communications Center and Trading Floor--The
installation fee would increase from $350 to $725 and would include the
removal fee. The existing removal fee of $200 would be eliminated. The
relocation fee of $425 would be increased to $625.
    iv. [sic]
    The Exchange currently charges a $350 installation fee for
electrician services connected to the installation of a tether on the
trading floor for a market-maker hand held terminal. The Exchange
proposes to increase this fee to $450. The Exchange proposes to charge
$900 for installation of a tether in index pits due to the higher costs
associated with installing tethers in those larger pits. The fee for
relocation of a tether would remain unchanged at $200 regardless of
location.
    Trading Floor Terminal Rental Fees: The Exchange proposes to
increase fees for rental of trading floor terminals to help the
Exchange offset increased costs. The Exchange currently charges $200
per month per login ID for use of a Floor Broker Workstation (FBW). The
FBW is a system for electronically entering and managing orders on the
Exchange floor. The Exchange proposes to increase this fee to $225 per
month per login ID.
    The Exchange charges trading permit holders $35 per month for
Satellite TV on the trading floor. The Exchange proposes to increase
this fee to $50 per month.
    The Exchange charges $100 per month for use of a PAR Workstation.
PAR Workstations are touch screen terminals designed to allow
electronic representation of orders routed to it. The Exchange proposes
to increase this fee to $125 per month.
    Co-Location Fees: The Exchange provides cabinet space in CBOE's
building for trading permit holders to place their network and quoting
engine hardware, to help trading permit holders meet their need for
high performance processing and low latency. Trading permit holders
also receive power, cooling, security and assistance with installation
and connection of the equipment to the Exchange's servers. For these
services, the Exchange currently charges trading permit holders a co-
location fee of $10 per ``U'' (1.75 inches) of shelf space and $20 per
U for sponsored users, in increments of 4 U (7 inches). To bring its
fees more in line with the current market for co-location services, the
Exchange proposes to increase these fees to $20 per U and $40 per U for
Sponsored Users.
    DPM's and Firm Designated Examining Authority Fee: The Exchange
charges DPMs and firms for which the Exchange is the Designated
Examining Authority (``DEA''), a fee of $.40 per $1,000 of gross
revenue as reported on quarterly FOCUS reports filed by such trading
permit holders. The fee is subject to a minimum fee of $1,000 per month
for Clearing Trading Permit Holders and $275 for non-Clearing Trading
Permit Holders. The Exchange proposes to increase this fee, which has
not changed in many years, from $.40 per $1,000 of gross revenue to
$.50 per $1,000 of gross revenue.
    CBOEdirect Connectivity Charges: The Exchange proposes to increase
three monthly fees related to connectivity to CBOEdirect to bring the
fees more in line with the current market for similar services. The
Exchange charges trading permit holders a $40 per month Network Access
Port Fee ($80 per month for Sponsored Users) and a $40 per month FIX
Port Fee ($80 per month for Sponsored Users) for network hardware the
Exchange provides to trading permit holders for access to the
Exchange's network. The Exchange proposes to increase each fee to $80
per month ($160 per month for Sponsored Users). The Exchange charges
trading permit holders a $40 per month CMI Client Application Server
Fee ($80 per month for Sponsored Users) for server hardware that
enables trading permit holders to connect to CBOE's two Application
Protocol Interfaces: CMI (CBOE Market Interface) and Financial
Information Exchange (FIX). The Exchange proposes to increase this fee
to $80 per month ($160 per month for Sponsored Users).
    Hybrid Fees: The Exchange provides certain hardware (e.g., servers)
and related maintenance services to third party vendors that provide
trading permit holders with quoting software used by trading permit
holders to trade on the Hybrid Trading System. The Exchange charges
trading permit holders a Quoting Infrastructure User Fee of $150 per
month to help the Exchange recover its costs in facilitating trading
permit holder's receipt of these third party services. The Exchange
proposes to increase this fee to $200 per month to help offset
increased costs.
    TickerXpress (``TX'') is an Exchange service that supplies market
data to Exchange market-makers trading on the Hybrid Trading System.
Currently, the Exchange charges trading permit holders receiving
``enhanced'' TX market data a fee of $300 per month. Enhanced market
data is data that has been processed so that it can be used by market-
makers utilizing quoting software. The Exchange proposes to increase
this fee to $350 per month to help offset the Exchange's increased
costs in providing this data to Exchange trading permit holders.\20\
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    \20\ The Exchange also proposes to amend Section 17 of the Fees
Schedule to delete a reference to an effective date of April 1,
2007.
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    Miscellaneous Changes: The Exchange proposes the following
housekeeping changes to its Fees Schedule. The Exchange proposes to
amend footnotes 8 and 9 of the Fees Schedule to delete references to
the effective dates of two fee waiver programs described therein that
are still ongoing. The Exchange proposes to amend Section 1 and
footnote 8 of the Fees Schedule to change references to ``SPDR'' to
``SPY''. The reason for this change is to clarify that Section 1 and
footnote 8 apply to options on the SPDR S&P 500 ETF Trust (ticker
symbol SPY) and not to other options listed on the Exchange that
include ``SPDR'' in their name (e.g., options on SPDR Gold Shares). The
Exchange proposes to amend Section 15 of the Fees Schedule to delete a
sentence relating to the Market Data Infrastructure Fee that is now
outdated.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Securities Exchange Act of 1934 (``Act''),\21\ in
general, and furthers the objectives of Section 6(b)(4) \22\ of the Act
in particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees, and other charges among its
trading permit holders and other persons using its facilities. The
Exchange believes the proposed Multiply-Listed Options Fee Cap and CBOE
Proprietary Products Sliding Scale for CTPH Proprietary orders and AIM
Execution Fee would allow the Exchange to remain competitive with
similar programs at other exchanges. The Exchange believes the other
proposed fee changes are equitable and reasonable in that in general
they are intended to help the Exchange recover its costs of providing
various products and services to trading permit holders and other
persons using its facilities.
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    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(4).
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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.

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 \23\ and subparagraph (f)(2) of Rule 19b-4 \24\
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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    \23\ 15 U.S.C. 78s(b)(3)(A).
    \24\ 17 CFR 240.19b-4(f)(2).
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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-2010-116 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-2010-116. 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, 100 F Street, NE.,
Washington, DC 20549, 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 office of the CBOE. 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-2010-116 and should be
submitted on or before February 8, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
---------------------------------------------------------------------------

    \25\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-919 Filed 1-14-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 193 (Friday, October 4, 2019)]
[Notices]
[Pages 53203-53205]
[FR Doc No: 2019-21600]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87163; File No. SR-CboeEDGX-2019-048]

Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.;
Suspension of and Order Instituting Proceedings To Determine Whether To
Approve or Disapprove a Proposed Rule Change To Introduce a Small
Retail Broker Distribution Program

September 30, 2019.

I. Introduction

    On August 1, 2019, Cboe EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend the EDGX fee schedule to introduce a
Small Retail Broker Distribution Program (the ``Program''). The
proposed rule change was immediately effective upon filing with the
Commission pursuant to Section 19(b)(3)(A) of the Act.\3\ The proposed
rule change was published for comment in the Federal Register on August
20, 2019.\4\ The Commission received no comment letters regarding the
proposed rule change. Under Section 19(b)(3)(C) of the Act,\5\ the
Commission is hereby: (i) Temporarily suspending the proposed rule
change; and (ii) instituting proceedings to determine whether to
approve or disapprove the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ See Securities Exchange Act Release No. 86678 (August 14,
2019), 84 FR 43246 (``Notice'').
    \5\ 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

II. Description of the Proposed Rule Change

    The Exchange proposes to amend its fee schedule to introduce a
pricing program that would allow certain Distributors \6\ to purchase
top of book market data from the Exchange at discounted fees.
Currently, the Exchange offers two top of book data feeds that provide
quote and trade information. First, the Exchange charges a fee of
$1,500 per month for external distribution of EDGX Top Feed \7\ and a
fee of $4 per month for each Professional User and $0.10 per month for
each Non-Professional User.\8\ Second, the Exchange charges $5,000 per
month for external distribution of Cboe One Summary Feed \9\ and a Data
Consolidation Fee of $1,000 per month. The Exchange also charges a fee
$10 per month for each Professional User and $0.25 for each Non-
Professional User.
---------------------------------------------------------------------------

    \6\ A Distributor of an Exchange market data product is any
entity that receives the Exchange market data product directly from
the Exchange or indirectly through another entity and then
distributes it internally or externally to a third party. See EDGX
Fee Schedule.
    \7\ EDGX Top is an uncompressed data feed that offers top of
book quotations and execution information based on equity orders
entered in the Exchange. See Notice, supra note 4, 84 FR at 43246.
    \8\ A ``Professional User'' of an Exchange market data product
is any user other than a Non-Professional User. See EDGX Fee
Schedule. A ``Non-Professional User'' of an Exchange market data
product is a natural person or qualifying trust that uses data only
for personal purposes and not for any commercial purpose and, for a
natural person who works in the United States, is not: (i)
Registered or qualified in any capacity with the Commission, the
Commodities Futures Trading Commission, any state securities agency,
any securities exchange or association, or any commodities or
futures contract market or association; (ii) engaged as an
``investment adviser'' as that term is defined in Section 202(a)(11)
of the Investment Advisors Act of 1940 (whether or not registered or
qualified under that Act); or (iii) employed by a bank or other
organization exempt from registration under federal or state
securities laws to perform functions that would require registration
or qualification if such functions were performed for an
organization not so exempt; or, for a natural person who works
outside of the United States, does not perform the same functions as
would disqualify such person as a Non-Professional User if he or she
worked in the United States. Id.
    \9\ Cboe One Summary Feed is a data feed that offers top of book
quotations and execution information based on equity orders
submitted to the Exchange and its affiliated equities exchanges,
i.e., Cboe EDGA Exchange, Inc., Cboe BZX Exchange, Inc., and Cboe
BYX Exchange, Inc. See Notice, supra note 4, 84 FR at 43246.
---------------------------------------------------------------------------

    Under the Exchange's proposal, Distributors that qualify for the
Program would be charged a discounted fee of $750 per month for the
distribution of EDGX Top and $3,500 per month for the distribution of
Cboe One Summary Feed. Distributors that qualify for the Program would
also be charged a discounted Data Consolidation Fee of $350 for Cboe
One Summary Feed. The Exchange would continue to charge the current
Professional and Non-Professional User fees for both data feeds.
    In order to qualify for the Program, a Distributor must meet the
following criteria for each respective data feed: (i) Distributor is a
broker-dealer distributing EDGX Top Data to Non-Professional Data Users
with whom the broker-dealer has a brokerage relationship; (ii) more
than 50% of the Distributor's total subscriber population must consist
of Non-Professional subscribers, inclusive of any subscribers not
receiving EDGX Top Data/Cboe One Summary Feed; and (iii) Distributor
distributes EDGX Top Data/Cboe One Summary Feed to no more than 5,000
Non-Professional Data Users.

III. Suspension of the Proposed Rule Change

    Pursuant to Section 19(b)(3)(C) of the Act,\10\ at any time within
60 days of the date of filing of a proposed rule change pursuant to
Section 19(b)(1) of the Act,\11\ the Commission summarily may
temporarily suspend the change in the rules of a self-regulatory
organization (''SRO'') 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.
As discussed below, the Commission believes a temporary suspension of
the proposed rule change is necessary and appropriate to allow for
additional analysis of the proposed rule change's consistency with the
Act and the rules thereunder.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(C).
    \11\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

    The Exchange asserts that the proposed fees for the Program ``are
reasonable as they represent a significant cost reduction for smaller,
primarily regional, retail brokers that provide top of book data from
EDGX and its affiliated exchanges to their retail investor clients.''
\12\ The Exchange also asserts that the ``proposed fees are equitable
and not unfairly discriminatory as the proposed fee structure is
designed to decrease the price and increase the availability of U.S.
equities market data to retail investors.'' \13\ Finally, the Exchange
states that while the proposed fees are limited to smaller firms that
distribute data to no more than 5,000 Non-Professional data users, it
does not believe that the proposed fees for the Program are inequitable
or unfairly discriminatory.\14\
---------------------------------------------------------------------------

    \12\ See Notice, supra note 4, 84 FR at 43248.
    \13\ Id.
    \14\ See id. at 43249.
---------------------------------------------------------------------------

    When exchanges file their proposed rule changes with the
Commission, including fee filings like the Exchange's present proposal,
they are required to provide a statement supporting the proposal's
basis under the Act and the rules and regulations thereunder applicable
to the exchange.\15\ The instructions to Form 19b-4, on which exchanges
file their proposed rule changes, specify that such statement ``should
be sufficiently detailed and specific to support a finding that the
proposed rule change is consistent with [those] requirements.'' \16\
---------------------------------------------------------------------------

    \15\ See 17 CFR 240.19b-4 (Item 3 entitled ``Self-Regulatory
Organization's Statement of the Purpose of, and Statutory Basis for,
the Proposed Rule Change'').
    \16\ See id.

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

    Among other things, exchange proposed rule changes are subject to
Section 6 of the Act, including Sections 6(b)(4), (5), and (8), which
requires the rules of an exchange to: (1) Provide for the equitable
allocation of reasonable fees among members, issuers, and other persons
using the exchange's facilities; \17\ (2) perfect the mechanism of a
free and open market and a national market system, protect investors
and the public interest, and not be designed to permit unfair
discrimination between customers, issuers, brokers, or dealers; \18\
and (3) not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.\19\
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78f(b)(4).
    \18\ 15 U.S.C. 78f(b)(5).
    \19\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

    In temporarily suspending the Exchange's fee change, the Commission
intends to further consider whether the establishment of the Program is
consistent with the statutory requirements applicable to a national
securities exchange under the Act. In particular, the Commission will
consider whether the proposed rule change satisfies the standards under
the Act and the rules thereunder requiring, among other things, that an
exchange's rules provide for the equitable allocation of reasonable
fees among members, issuers, and other persons using its facilities;
not permit unfair discrimination between customers, issuers, brokers or
dealers; and do not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.\20\
---------------------------------------------------------------------------

    \20\ See 15 U.S.C. 78f(b)(4), (5), and (8), respectively.
---------------------------------------------------------------------------

    Therefore, the Commission finds that it is appropriate in the
public interest, for the protection of investors, and otherwise in
furtherance of the purposes of the Act, to temporarily suspend the
proposed rule changes.\21\
---------------------------------------------------------------------------

    \21\ For purposes of temporarily suspending the proposed rule
change, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

IV. Proceedings To Determine Whether To Approve or Disapprove the
Proposed Rule Change

    The Commission is instituting proceedings pursuant to Sections
19(b)(3)(C) \22\ and 19(b)(2)(B) of the Act \23\ to determine whether
the proposed rule change should be approved or disapproved. Institution
of proceedings does not indicate that the Commission has reached any
conclusions with respect to any of the issues involved. Rather, the
Commission seeks and encourages interested persons to provide
additional comment on the proposed rule change to inform the
Commission's analysis of whether to disapprove the proposed rule
change.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78s(b)(3)(C). Once the Commission temporarily
suspends a proposed rule change, Section 19(b)(3)(C) of the Act
requires that the Commission institute proceedings under Section
19(b)(2)(B) to determine whether a proposed rule change should be
approved or disapproved.
    \23\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2)(B) of the Act,\24\ the Commission is
providing notice of the grounds for possible disapproval under
consideration:
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

     Section 6(b)(4) of the Act, which requires that the rules
of a national securities exchange ``provide for the equitable
allocation of reasonable dues, fees, and other charges among its
members and issuers and other persons using its facilities,'' \25\
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

     Section 6(b)(5) of the Act, which requires, among other
things, that the rules of a national securities exchange be ``designed
to perfect the operation of a free and open market and a national
market system'' and ``protect investors and the public interest,'' and
not be ``designed to permit unfair discrimination between customers,
issuers, brokers, or dealers,'' \26\ and
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

     Section 6(b)(8) of the Act, which requires that the rules
of a national securities exchange ``not impose any burden on
competition not necessary or appropriate in furtherance of the purposes
of [the Act].'' \27\
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

    As noted above, the proposal establishes new discounted fees for
Distributors of the Exchange's two top of book data feeds. The
Commission notes that the Exchange's statements in support of the
proposed rule change are general in nature and lack detail and
specificity. The Exchange states that it operates in a highly
competitive environment, and its ability to price top of book data
products is constrained by (i) competition among other national
securities exchanges that offer similar data products to their
customers; and (ii) real-time consolidated data disseminated by the
securities information processors.\28\ The Exchange also states that
the proposed Program would reduce fees charged to small retail brokers
that provide access to two top of book data products, the EDGX Top Feed
and the Cboe One Summary Feed.\29\ However, the rationale provided does
not address how the proposed fee is an equitable allocation of
reasonable fees other than to note that large brokers and vendors
currently benefit from lower fees and enterprise licenses and that the
proposed fees would ``ensure that small retail brokers that distribute
top of book data to their retail investor customers could also benefit
from reduced pricing . . .'' \30\
---------------------------------------------------------------------------

    \28\ See Notice, supra note 4, 84 FR at 43247-43248.
    \29\ See id. at 43248.
    \30\ Id.
---------------------------------------------------------------------------

    Under the Commission's Rules of Practice, the ``burden to
demonstrate that a proposed rule change is consistent with the [Act]
and the rules and regulations issued thereunder . . . is on the [SRO]
that proposed the rule change.'' \31\ The description of a proposed
rule change, its purpose and operation, its effect, and a legal
analysis of its consistency with applicable requirements must all be
sufficiently detailed and specific to support an affirmative Commission
finding,\32\ and any failure of an SRO to provide this information may
result in the Commission not having a sufficient basis to make an
affirmative finding that a proposed rule change is consistent with the
Act and the applicable rules and regulations.\33\
---------------------------------------------------------------------------

    \31\ Rule 700(b)(3), Commission Rules of Practice, 17 CFR
201.700(b)(3).
    \32\ See id.
    \33\ See id.
---------------------------------------------------------------------------

    The Commission is instituting proceedings to allow for additional
consideration and comment on the issues raised herein, including as to
whether the proposed fees are consistent with the Act, and
specifically, with its requirements that exchange fees be reasonable
and equitably allocated; be designed to perfect the mechanism of a free
and open market and the national market system, protect investors and
the public interest, and not be unfairly discriminatory; or not impose
an unnecessary or inappropriate burden on competition.\34\
---------------------------------------------------------------------------

    \34\ See 15 U.S.C. 78f(b)(4), (5), and (8).
---------------------------------------------------------------------------

V. Commission's Solicitation of Comments

    The Commission requests written views, data, and arguments with
respect to the concerns identified above as well as any other relevant
concerns. Such comments should be submitted by October 25, 2019.
Rebuttal comments should be submitted by November 8, 2019. Although
there do not appear to be any issues relevant to approval or
disapproval which would be facilitated by an oral presentation of
views, data, and arguments, the Commission will consider, pursuant to
Rule 19b-4, any

request for an opportunity to make an oral presentation.\35\
---------------------------------------------------------------------------

    \35\ 15 U.S.C. 78s(b)(2). Section 19(b)(2) of the Act grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by an SRO. See Securities
Acts Amendments of 1975, Report of the Senate Committee on Banking,
Housing and Urban Affairs to Accompany S. 249, S. Rep. No. 75, 94th
Cong., 1st Sess. 30 (1975).
---------------------------------------------------------------------------

    The Commission asks that commenters address the sufficiency and
merit of the Exchange's statements in support of the proposal, in
addition to any other comments they may wish to submit about the
proposed rule change.
    Interested persons are invited to submit written data, views, and
arguments concerning the proposed rule change, 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-CboeEDGX-2019-048 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-CboeEDGX-2019-048. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeEDGX-2019-048 and should be
submitted on or before October 25, 2019. Rebuttal comments should be
submitted by November 8, 2019.

VI. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(3)(C) of the
Act,\36\ that File No. SR-CboeEDGX-2019-048 be and hereby is,
temporarily suspended. In addition, the Commission is instituting
proceedings to determine whether the proposed rule change should be
approved or disapproved.
---------------------------------------------------------------------------

    \36\ 15 U.S.C. 78s(b)(3)(C).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
---------------------------------------------------------------------------

    \37\ 17 CFR 200.30-3(a)(57) and (58).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-21600 Filed 10-3-19; 8:45 am]
BILLING CODE 8011-01-P


			  UNITED STATES OF AMERICA

		        DEPARTMENT OF TRANSPORTATION

			  OFFICE OF THE SECRETARY

			          WASHINGTON, D.C.

Issued by the Department of Transportation on November 5, 2007

NOTICE OF ACTION TAKEN -- DOCKET DOT-OST-2005-20494

________________________________________________________________________
________________________________________________________

This serves as notice to the public of the action described below, taken
by the Department official indicated (no additional confirming order
will be issued in this matter).

Applicant:  NetJets Transportes Aereos, S.A. 						Date Filed:  October
19, 2007

Relief requested:  Renew exemption from 49 U.S.C. § 41301 to engage in
charter air transportation of persons and property  between any point or
points in Portugal and any point or points in the United States; and
between any point or points in the United States and any point or points
in a third country or countries, provided that such service constitutes
part of a continuous operation (with or without a change of aircraft),
that includes service to Portugal for the purpose of carrying local
traffic between Portugal and the United States; and other charters
pursuant to Part 212 of the Department’s regulations.

If renewal, date and citation of last action:  October 20, 2005, in this
docket

Applicant representatives:  E. Tazewell Ellett & Kathy M. Miljanic
(202) 637-8644/5657

DOT Analyst:  Shelita A. Smith<PHONE_NUMBER>

Responsive pleadings:  None filed

DISPOSITION

Action:  Approved							Action date:  November 5, 2007

Effective dates of exemption authority granted:  November 5, 2007 –
November 5, 2009

Basis for approval (bilateral agreement/reciprocity):  United
States-Portugal Air Transport Agreement

Except to the extent exempted/waived, this authority is subject to the
terms, conditions, and limitations indicated:

   X    Standard exemption conditions (attached)
Foreign air carrier permit   (          )

Special conditions/Partial grant/Denial basis/Remarks:

Action taken by:  Paul L. Gretch, Director

		   Office of International Aviation

________________________________________________________________________
________________________________________________________

Under authority assigned by the Department in its regulations, 14 CFR
Part 385, we found that (1) the applicant is qualified to perform the
proposed operations; (2) our action was consistent with Department
policy; (3) grant of the authority was consistent with the public
interest; and (4) grant of the authority would not constitute a major
regulatory action under the Energy Policy and Conservation Act of 1975.
To the extent not granted/deferred/dismissed, we denied

all requests in the referenced Docket.  We may amend, modify, or revoke
the authority granted in this Notice at any time without hearing at our
discretion.

Persons entitled to petition the Department for review of the action set
forth in this Notice under the Department’s regulations, 14 CFR §
385.30, may file their petitions within seven (7) days after the date of
issuance of this Notice.  This action was effective when taken, and the
filing of a petition for review will not alter such effectiveness.

An electronic version of this document is available on the World Wide
Web at:

http://www. regulations.gov

Foreign Carrier Exemption Conditions

In the conduct of the operations authorized, the foreign carrier
applicant(s) shall:

(1)  Not conduct any operations unless it holds a currently effective
authorization from its homeland for such operations, and it has filed a
copy of such authorization with the Department;

(2)  Comply with all applicable requirements of the Federal Aviation
Administration, the Transportation Security Administration, and with all
applicable U.S. Government requirements concerning security, including,
but not limited to, 14 CFR Parts 129, 91, and 36 and 49 CFR Part 1546 or
1550, as applicable.  To assure compliance with all applicable U.S.
Government requirements concerning security, the holder shall, before
commencing any new service (including charter flights) from a foreign
airport that would be the holder’s last point of departure for the
United States, contact its International Principal Security Inspector
(IPSI) to advise the IPSI of its plans and to find out whether the
Transportation Security Administration has determined that security is
adequate to allow such airport(s) to be served;

(3)  Comply with the requirements for minimum insurance coverage
contained in 14 CFR Part 205, and, prior to the commencement of any
operations under this authority, file evidence of such coverage, in the
form of a completed OST Form 6411, with the Federal Aviation
Administration’s Program Management Branch (AFS-260), Flight Standards
Service (any changes to, or termination of, insurance also shall be
filed with that office);

(4)  Not operate aircraft under this authority unless it complies with
operational safety requirements at least equivalent to Annex 6 of the
Chicago Convention;

(5)  Conform to the airworthiness and airman competency requirements of
its Government for international air services;

(6)  Except as specifically exempted or otherwise provided for in a
Department Order, comply with the requirements of 14 CFR Part 203,
concerning waiver of Warsaw Convention liability limits and defenses;

(7)  Agree that operations under this authority constitute a waiver of
sovereign immunity, for the purposes of 28 U.S.C. 1605(a), but only with
respect to those actions or proceedings instituted against it in any
court or other tribunal in the United States that are: (a)  based on its
operations in international air transportation that, according to the
contract of carriage, include a point in the United States as a point of
origin, point of destination, or agreed stopping place, or for which the
contract of carriage was purchased in the United States; or (b)  based
on a claim under any international agreement or treaty cognizable in any
court or other tribunal of the United States.  In this condition, the
term "international air transportation" means "international
transportation" as defined by the Warsaw Convention, except that all
States shall be considered to be High Contracting Parties for the
purpose of this definition;

(8)  Except as specifically authorized by the Department, originate or
terminate all flights to/from the United States in its homeland;

(9)  Comply with the requirements of 14 CFR Part 217, concerning the
reporting of scheduled, nonscheduled, and charter data;

(10) If charter operations are authorized, except as otherwise provided
in the applicable aviation agreement, comply with the Department's rules
governing charters (including 14 CFR Parts 212 and 380); and

(11) Comply with such other reasonable terms, conditions, and
limitations required by the public interest as may be prescribed by the
Department, with all applicable orders or regulations of other U.S.
agencies and courts, and with all applicable laws of the United States.

This authority shall not be effective during any period when the holder
is not in compliance with the conditions imposed above.  Moreover, this
authority cannot be sold or otherwise transferred without explicit
Department approval under Title 49 of the U.S. Code.

11/2006


[Federal Register Volume 78, Number 154 (Friday, August 9, 2013)]
[Notices]
[Pages 48668-48669]
[FR Doc No: 2013-19293]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RM98-1-000]

Records Governing Off-the-Record Communications; Public Notice

    This constitutes notice, in accordance with 18 CFR 385.2201(b), of
the receipt of prohibited and exempt off-the-record communications.
    Order No. 607 (64 FR 51222, September 22, 1999) requires Commission
decisional employees, who make or receive a prohibited or exempt off-
the-record communication relevant to the merits of a contested
proceeding, to deliver to the Secretary of the Commission, a copy of
the communication, if written, or a summary of the substance of any
oral communication.
    Prohibited communications are included in a public, non-decisional
file associated with, but not a part of, the decisional record of the
proceeding. Unless the Commission determines that the prohibited
communication and any responses thereto should become a part of the
decisional record, the prohibited off-the-record communication will not
be considered by the Commission in reaching its decision. Parties to a

proceeding may seek the opportunity to respond to any facts or
contentions made in a prohibited off-the-record communication, and may
request that the Commission place the prohibited communication and
responses thereto in the decisional record. The Commission will grant
such a request only when it determines that fairness so requires. Any
person identified below as having made a prohibited off-the-record
communication shall serve the document on all parties listed on the
official service list for the applicable proceeding in accordance with
Rule 2010, 18 CFR 385.2010.
    Exempt off-the-record communications are included in the decisional
record of the proceeding, unless the communication was with a
cooperating agency as described by 40 CFR 1501.6, made under 18 CFR
385.2201(e)(1)(v).
    The following is a list of off-the-record communications recently
received by the Secretary of the Commission. The communications listed
are grouped chronologically, in ascending order. These filings are
available for review at the Commission in the Public Reference Room or
may be viewed on the Commission's Web site at http://www.ferc.gov using
the eLibrary link. Enter the docket number, excluding the last three
digits, in the docket number field to access the document. For
assistance, please contact FERC, Online Support at
<EMAIL_ADDRESS>or toll free at<PHONE_NUMBER>, or for TTY,
contact<PHONE_NUMBER>.

------------------------------------------------------------------------
                                                         Presenter or
           Docket No.                 Filed date          requester
------------------------------------------------------------------------
Prohibited:
    1. CP13-14-000..............           07-24-13  David P. Marsh.\1\
Exempt:
    1. CP13-483-000, CP13-492-             05-28-13  FERC Staff.\2\
     000.
    2. CP13-14-000..............           08-02-13  Hon. Chris Gibson.
------------------------------------------------------------------------
\1\ Two letters were received. The first one was addressed to
  Commissioner Norris, and the second one was addressed to Commissioner
  LaFleur.
\2\ Phone record.

    Dated: August 5, 2013.
Kimberly D. Bose,
Secretary.
[FR Doc. 2013-19293 Filed 8-8-13; 8:45 am]
BILLING CODE 6717-01-P


                           Record of Conference Call

From: Johnson, Mary
Sent: Wednesday, March 05, 2014 4:03 PM
To: Johnson, Mary; Hutson, Nick; Culligan, Kevin; Wayland, Robertj
Subject: FW: Call with Judy Sheahan (US Conference of Mayors) - Differences between the two GHG
proposals for new EGUs
When: Thursday, March 13, 2014 1:00 PM-2:00 PM (UTC-05:00) Eastern Time (US & Canada).
Where:<PHONE_NUMBER>; Conf Code is<PHONE_NUMBER>

Meeting was attended by:
Judy Sheehan (USCM)  -  phone
Dave Gatton (USCM)  -  phone
Mary Johnson (EPA)  -  phone
Bob Wayland (EPA)  -  phone
Nick Hutson (EPA)  -  phone

Purpose:  As a follow-on to the intergovernmental update briefing "Rulemaking for GHG Emissions from
EGUs" on Feb. 26, Judy Sheahan (US Conference of Mayors) requested that we explain the differences
between the two GHG proposals for new EGUs.


[Federal Register Volume 88, Number 14 (Monday, January 23, 2023)]
[Notices]
[Pages 4040-4043]
[FR Doc No: 2023-01116]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96674; File No. SR-C2-2023-001]

Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Cboe Data Services Section of the Fees Schedule

January 17, 2023.
    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 January 3, 2023, Cboe C2 Exchange, Inc. (the ``Exchange'' or
``C2'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rules 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 Substance
of the Proposed Rule Change

    Cboe C2 Exchange, Inc. (the ``Exchange'' or ``C2'') proposes to
update its Fees Schedule. The text of the proposed rule change is
provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/options/regulation/rule_filings/ctwo/), 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, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant 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 Exchange proposes to amend the Cboe Data Services, LLC
(``CDS'') section of its Fees Schedule, effective January 3, 2023. The
Exchange proposes to modify its fees relating to the distribution of
the BBO data feed.\3\ Particularly, the Exchange proposes to modify the
current User Fee and adopt a BBO Enterprise Fee. The Exchange also
proposes to rename the ``BBO data feed'' to ``C2 Options Top Data
Feed'' (or ``C2 Options Top Data''), and use the proposed name herein,
in order to align with the naming convention used by the Exchange's
affiliated options exchanges for similar data products.\4\
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    \3\ The BBO Data Feed is a real-time data feed that includes the
following information: (i) outstanding quotes and standing orders at
the best available price level on each side of the market; (ii)
executed trades time, size, and price; (iii) totals of customer
versus non-customer contracts at the best bid and offer (``BBO'');
(iv) all-or-none contingency orders priced better than or equal to
the BBO; (v) expected opening price and expected opening size; (vi)
end-of-day summaries by product, including open, high, low, and
closing price during the trading session; (vi) recap messages any
time there is a change in the open, high, low or last sale price of
a listed option; (vii) COB information; and (viii) product IDs and
codes for all listed options contracts. The quote and last sale data
contained in the BBO data feed is identical to the data sent to the
Options Price Reporting Authority (``OPRA'') for redistribution to
the public. This data feed is made available by the Exchange's
affiliate CDS.
    \4\ See Cboe BZX Options Fee Schedule and Cboe EDGX Options Fee
Schedule.
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    The Exchange first proposes to modify its current User Fees. The
Exchange currently charges a ``User Fee'', payable by a Customer,\5\ of
$50 per month per Device \6\ or user ID for use of the data in the C2
Options Top Data Feed by ``Display Only Service'' \7\ users. The
current User fee is payable only for ``external'' Display Only Service
users (Devices or user IDs of Display Only Service users who are not
employees or natural person independent contractors of the Customer,
the Customer's affiliates, or an authorized service facilitator).\8\
The Exchange proposes to eliminate the current User fee (and
corresponding description (other than the definition of ``Device'') in
the Fee Schedule) and in its place adopt Professional and Non-
Professional User fees for C2 Options Top Data. Particularly, the
Exchange proposes to charge distributors that redistribute C2 Options
Top Data different fees for their Professional Users \9\ and Non-
Professional Users \10\ (and codify the definitions in the Fee
Schedule). The Exchange proposes to assess a monthly fee for
Professional Users of $5.00 per User and a monthly fee of $0.10 per
Non-Professional User.\11\ The Exchange also proposes to clarify in the
Fee Schedule that User fees for Professional Users are payable for both
``internal'' Professional Users (Devices or user IDs of employees of a
Customer) and ``external'' Professional Users (Devices or user IDs of
Professional Users who receive the Data from a Customer and are not
employed by the Customer), as well as make clear that Non-Professional
Users must be external since a person who uses the Data for a
commercial purpose cannot be a Non-Professional User.
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    \5\ A ``Customer'' is any person, company or other entity that,
pursuant to a market data agreement with CDS, is entitled to receive
data, either directly from CDS or through an authorized
redistributor (i.e., a Customer or an extranet service provider),
whether that data is distributed externally or used internally.
    \6\ A ``Device'' means any computer, workstation or other item
of equipment, fixed or portable, that receives, accesses and/or
displays data in visual, audible or other form.
    \7\ Display Only Service allows a natural person end-user to
view and manipulate data using the Customer's computerized service,
but not to save, copy, export or transfer the data or any results of
the manipulation to any other computer hardware, software or media,
except for printing it to paper or other non-magnetic media.
    \8\ Customers who distribute C2 Options Top Data to external
users via a Display Only service must report to CDS the number of
authorized external devices that receive C2 Options Top data from
the Customer during a calendar month within 15 days after such month
in the manner and format specified by CDS from time to time to
determine applicable fees.
    \9\ A ``Professional User'' is any natural person recipient of
Data who is not a Non-Professional User.
    \10\ A ``Non-Professional User'' is a natural person or
qualifying trust that uses Data only for personal purposes and not
for any commercial purpose and, for a natural person who works in
the United States, is not: (i) registered or qualified in any
capacity with the Securities and Exchange Commission, the
Commodities Futures Trading Commission, any state securities agency,
any securities exchange or association, or any commodities or
futures contract market or association; (ii) engaged as an
``investment adviser'' as that term is defined in section 201(11) of
the Investment Advisors Act of 1940 (whether or not registered or
qualified under that Act); or (iii) employed by a bank or other
organization exempt from registration under federal or state
securities laws to perform functions that would require registration
or qualification if such functions were performed for an
organization not so exempt; or, for a natural person who works
outside of the United States, does not perform the same functions as
would disqualify such person as a Non-Professional User if he or she
worked in the United States. Professional User.
    \11\ Distributors that receive C2 Options Top Data will be
required to count every Professional User and Non-Professional User
to which they provide the data feed.
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    The Exchange lastly proposes to establish a $10,000 per month
Enterprise Fee that will permit a recipient firm who receives C2
Options Top Data from a Distributor to receive the data for an
unlimited number of Professional and Non-Professional Users. The
Enterprise Fee is an alternative to User fees and will permit a
recipient firm who receives C2 Options Top Data from a Distributor to
pay a flat fee to receive the data for an unlimited number of
Professional and Non-Professional Users, which the Exchange proposes to
make clear in the Fee Schedule. The Enterprise Fee may provide a
recipient an opportunity to reduce its fees. For example, if a
recipient firm has 10,000 Professional Users who each receive C2
Options Top at $5.00 per month (as proposed), then that recipient firm
will pay $50,000 per month in Professional Users fees. If the recipient
firm instead were to purchase the proposed Enterprise license, the
recipient firm would alternatively pay a flat fee of $10,000 for an
unlimited number of Professional and Non-Professional Users. A
recipient firm must pay a separate Enterprise Fee for each Distributor
that controls the display of C2 Options Top if it wishes such User to
be covered by an Enterprise Fee rather than by per User fees. A
recipient firm that pays the Enterprise Fee will not have to report its
number of such Users on a monthly basis. Rather, every six months, the
recipient firm must provide the Exchange with a count of the total
number of authorized person users of each product, including both
Professional and Non-Professional Users. The Exchange notes that the
purchase of an Enterprise license is voluntary, and a firm may elect to
instead use the per User structure and benefit from the proposed per
User Fees described above. For example, a firm that does not have a
sufficient number of subscribers to benefit from purchase of the
license need not do so.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of section 6(b) of the Act.\12\ Specifically, the
Exchange believes the proposed rule change is consistent with the
section 6(b)(5) \13\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to,

and facilitating transactions in securities, to remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and, in general, to protect investors and the public
interest. Additionally, the Exchange believes the proposed rule change
is consistent with section 6(b)(4) of the Act,\14\ which requires that
Exchange rules provide for the equitable allocation of reasonable dues,
fees, and other charges among its Trading Permit Holders and other
persons using its facilities.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ 15 U.S.C. 78f(b)(4).
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    The Exchange first notes that it operates in a highly competitive
environment. Indeed, there are currently 16 registered options
exchanges that trade options. Based on publicly available information,
no single options exchange has more than 18% of the market share.\15\
The Exchange believes top-of-book quotation and transaction data is
highly competitive as national securities exchanges compete vigorously
with each other to provide efficient, reliable, and low-cost data to a
wide range of investors and market participants. Indeed, there are
several competing products offered by other national securities
exchanges today, not counting products offered by the Exchange's
affiliates, and each of the Exchange's affiliated U.S. options
exchanges also offers similar top-of-book data.\16\ Each of those
exchanges offer top-of-book quotation and last sale information based
on their own quotation and trading activity that is substantially
similar to the information provided by the Exchange through the C2
Options Top Data Feed. Further, the quote and last sale data contained
in the C2 Data Feed is identical to the data sent to OPRA for
redistribution to the public.\17\ Accordingly, market participants can
substitute C2 Options Top Data with feeds from other exchanges and/or
through OPRA. Exchange top-of-book data is therefore widely available
today from a number of different sources.
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    \15\ See Cboe Global Markets U.S. Options Market Month-to-Date
Volume Summary (December 27, 2022), available at https://markets.cboe.com/us/options/market_statistics/.
    \16\ See e.g., NYSE Arca Options Proprietary Market Data Fees
Schedule, MIAX Options Exchange, Fee Schedule, Section 6 (Market
Data Fees), Nasdaq PHLX Options 7 Pricing Schedule, Section 10
(Proprietary Data Feed Fees) and Cboe Data Services, LLC Fees
Schedule.
    \17\ The Exchange notes that CDS makes available to
``Customers'' the BBO data and last sale data that is included in
the C2 Options Top Data Feed no earlier than the time at which the
Exchange sends that data to OPRA.
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    Moreover, the C2 Options Top Data Feed is distributed and purchased
on a voluntary basis, in that neither the Exchange nor market data
distributors are required by any rule or regulation to make this data
available. Accordingly, Distributors and Users can discontinue use at
any time and for any reason, including due to an assessment of the
reasonableness of fees charged. As described above, market participants
have a wide variety of alternative market data products from which to
choose, such as similar proprietary data products offered by other
exchanges and consolidated data. Further, the Exchange is not required
to make any proprietary data products available or to offer any
specific pricing alternatives to any customers. Moreover, all broker-
dealers involved in order routing must take consolidated data from
OPRA, and proprietary data feeds cannot be used to meet that particular
requirement. As such, all proprietary data feeds are optional.
    The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. Particularly, in
Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \18\ Making
similar data products available to market participants fosters
competition in the marketplace, and constrains the ability of exchanges
to charge supracompetitive fees. In the event that a market participant
views one exchange's data product as more or less attractive than the
competition they can and do switch between similar products. The
proposed fees are a result of the competitive environment, as the
Exchange seeks to adopt fees to attract purchasers of C2 Options Top
Data.
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    \18\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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    The Exchange believes the proposed changes to adopt new
Professional and Non-Professional User fees are reasonable as the User
fees continue to be lower than User fees assessed by other exchanges
for similar data.\19\ Moreover, External users will now be subject to
lower fees as the Exchange proposes to significantly reduce the monthly
User fees from $50 per External User to $5.00 per Professional User or
$0.10 per Non-Professional User. The Exchange believes that the
proposed fees are equitable and not unfairly discriminatory because
they will be charged uniformly to recipient firms and Users. The fee
structure of differentiated Professional and Non-Professional fees that
are paid by both Internal and External Distributors has long been used
by other exchanges, including the Exchange, for their proprietary data
products, and by the OPRA plan in order to reduce the price of data to
retail investors and make it more broadly available.\20\ The Exchange
also believes offering C2 Options Top Data to Non-Professional Users at
a lower cost than Professional Users results in greater equity among
data recipients, as Professional Users are categorized as such based on
their employment and participation in financial markets, and thus, are
compensated to participate in the markets. Although Non-Professional
Users too can receive significant financial benefits through their
participation in the markets, the Exchange believes it is reasonable to
charge more to those Users who are more directly engaged in the
markets.
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    \19\ See e.g., Nasdaq PHLX Options 7 Pricing Schedule, Section
10 (Proprietary Data Feed Fees), which provides for a fee of $40 per
month to professional users and $1.00 per month to non-professional
users of Top of PHLX Options (TOPO) Data. See also NYSE American
Options Proprietary Market Data Fees schedule, which provides for a
fee of $50 per month to professional users and $1.00 per month to
non-professional users of American Options Top Data.
    \20\ See, e.g., Securities Exchange Act Release No. 59544 (March
9, 2009), 74 FR 11162 (March 16, 2009) (SR-NYSE-2008-131)
(establishing the $15 Non-Professional User Fee (Per User) for NYSE
OpenBook); See, e.g., Securities Exchange Act Release No. 67589
(August 2, 2012), 77 FR 47459 (August 8, 2012) (revising OPRA's
definition of the term ``Nonprofessional''); and See Securities
Exchange Act Release No. 70684 (October 15, 2013), 78 FR 62849
(October 22, 2013) (SR-C2-2013-035) (establishing Professional and
Non-Professional User fees for C2 COB Data Feed).
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    The proposed Enterprise Fee for C2 Options Top Feed is equitable
and reasonable as the proposed fee could result in a fee reduction for
recipient firms with a large number of Professional and Non-
Professional Users. If a recipient firm has a smaller number of
Professional Users of C2 Options Top Data, then it may continue using
the per User structure and benefit from the proposed per User Fee
reductions. By reducing prices for recipient firms with a large number
of Professional and Non-Professional Users, the Exchange believes that
more firms may choose to receive and to distribute C2 Options Top Data,
thereby expanding the distribution of this market data for the benefit
of investors.
    The Exchange further believes that the proposed Enterprise Fee is
reasonable because it will simplify reporting for

certain recipients that have large numbers of Professional and Non-
Professional Users. Firms that pay the proposed Enterprise Fee will not
have to report the number of Users on a monthly basis as they currently
do, but rather will only have to count authorized users every six
months, which is a significant reduction in administrative burden.
Finally, as described above the Enterprise Fee is entirely optional. A
firm that does not have a sufficient number of subscribers to benefit
from purchase of the license need not do so.

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

    The Exchange does not believe that the proposed rule change would
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
operates in a highly competitive environment, and its ability to price
top-of-book data is constrained by competition among exchanges that
offer similar data products to their customers. Top-of-book data is
broadly disseminated by competing U.S. options exchanges and through
OPRA. There are therefore a number of alternative products available to
market participants and investors, including products offered by
certain competing exchanges. In this competitive environment potential
subscribers are free to choose which competing product to purchase to
satisfy their need for market information. Often, the choice comes down
to price, as market data customers look to purchase cheaper data
products, and quality, as market participants seek to purchase data
that represents significant market liquidity.
    The Exchange believes that the proposed fees do not put any market
participants at a relative disadvantage compared to other market
participants. As discussed, the proposed fees would apply to all
similarly situated recipient firms of C2 Options Top on an equal and
non-discriminatory basis. The Exchange believes the differentiated fees
for Professional and Non-Professional Users of C2 Options Top is
appropriate given Professional Users are categorized as such based on
their employment and participation in financial markets, and thus, are
compensated to participate in the markets. Non-Professional Users too
can receive significant financial benefits through their participation
in the markets, however the Exchange believes it is reasonable to
charge more to those Users who are more directly engaged in the
markets. The Exchange therefore believes that the proposed fee neither
favors nor penalizes one or more categories of market participants in a
manner that would impose an undue burden on competition.
    The Exchange believes that the proposed fees do not impose a burden
on competition or on other SROs that is not necessary or appropriate in
furtherance of the purposes of the Act. In particular, market
participants are not forced to subscribe to C2 Options Top Data, or any
of the Exchange's data feeds, as described above. Also as described
above, there are numerous substitute products offered by other national
securities exchanges, as well as OPRA. Because market data customers
can find suitable substitute feeds, an exchange that overprices its
market data products stands a high risk that users may substitute
another product. These competitive pressures ensure that no one
exchange's market data fees can impose an undue burden on competition,
and the Exchange's proposed fees do not do so here.

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any written comments from members or other interested parties.

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 \21\ and paragraph (f) of Rule 19b-4 \22\
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. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 17 CFR 240.19b-4(f).
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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 protected]. Please include
File Number SR-C2-2023-001 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-C2-2023-001. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-C2-2023-001 and should be submitted on
or before February 13, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-01116 Filed 1-20-23; 8:45 am]
BILLING CODE 8011-01-P