[Federal Register Volume 80, Number 171 (Thursday, September 3, 2015)]
[Notices]
[Pages 53364-53369]
[FR Doc No: 2015-21873]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75788; File No. SR-EDGX-2015-38]

Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Fees for a Market Data Product Known as EDGX Book Viewer

August 28, 2015.
    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 August 24, 2015, EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. The
Exchange has designated the proposed rule change as one establishing or
changing a member due, fee, or other charge imposed by the Exchange
under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. 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)(ii).
    \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

    The Exchange filed a proposal to amend the Market Data section of
its fee schedule to adopt fees for a market data product called EDGX
Book Viewer.
    The text of the proposed rule change is available at the Exchange's
Web site at www.batstrading.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the 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 parts 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 Market Data section of its fee
schedule to adopt fees for a market data product called EDGX Book
Viewer. EDGX Book Viewer is a data feed that disseminates, on a real-
time basis, the aggregated two-side quotations for up to five (5) price
levels for all displayed orders for securities traded on the Exchange
and for which the Exchanges reports quotes under the Consolidated Tape
Association (``CTA'') Plan or the Nasdaq/UTP Plan. EDGX Book Viewer
also contains the last ten (10) trades including time of trade, price
and share quantity.\5\ EDGX Book Viewer is currently available via
www.batstrading.com without charge.
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    \5\ See Securities Exchange Act Release No. 75713 (August 17,
2015), 80 FR 50896 (August 21, 2015) (SR-EDGX-2015-36) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to
Amend Rule 13.8 to Describe the Market Data Product EDGX Book
Viewer).
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    The Exchange now proposes to amend its fee schedule to incorporate
fees for distribution of EDGX Book Viewer to subscribers.\6\ EDGX Book
Viewer will remain available via www.batstrading.com for viewing
without charge. The proposed fees include the following, each of which
are described in detail below: (i) Distribution Fees for both Internal
and External Distributors; \7\ (ii) Usage Fees for both Professional
\8\ and Non-Professional \9\ Users; \10\ (iii) an Enterprise Fee; \11\
and (iv) a Digital Media Enterprise Fee.
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    \6\ The Exchange notes that its affiliated exchanges, EDGA
Exchange, Inc. (``EDGA''), BATS Y-Exchange, Inc. (``BYX'') and BATS
Exchange, Inc. (``BZX'', together with the Exchange, EDGA and BYX,
the ``BATS Exchanges''), also intent to file proposed rule changes
with Commission to adopt similar fees for their respective Book
Viewer market data product.
    \7\ A ``Distributor'' is defined as ``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 the Exchange Fee Schedule
available at http://batstrading.com/support/fee_schedule/edgx/. An
``Internal Distributor'' is defined as ``a Distributor that receives
the Exchange Market Data product and then distributes that data to
one or more Users within the Distributor's own entity.'' Id. An
``External Distributor'' is defined as ``a Distributor that receives
the Exchange Market Data product and then distributes that data to a
third party or one or more Users outside the Distributor's own
entity.'' Id.''
    \8\ A ``Professional User'' is defined as ``any User other than
a Non-Professional User.'' See the Exchange Fee Schedule available
at http://batstrading.com/support/fee_schedule/edgx/.
    \9\ A ``Non-Professional User'' is defined as ``a natural person
who is not: (i) registered or qualified in any capacity with the
Commission, the Commodity 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 Advisers 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.'' Id.
    \10\ The Exchange notes that User fees as well as the
distinctions based on professional and non-professional users have
been previously filed with or approved by the Commission by the BATS
Exchanges and the Nasdaq Stock Market LLC (``Nasdaq''). See
Securities Exchange Act Release No. 59582 (March 16, 2009), 74 FR
12423 (March 24, 2009) (Order approving SR-Nasdaq-2008-102). See
also See Securities Exchange Act Release Nos. 74285 (February 18,
2015), 80 FR 9828 (February 24, 2015) (SR-BATS-2015-11); 74283
(February 18, 2015), 80 FR 9809 (February 24, 2015) (SR-EDGA-2015-
09); 74282 (February 17, 2015), 80 FR 9487 (February 23, 2015) (SR-
EDGX-2015-09); and 74284 (February 18, 2015), 80 FR 9792 (February
24, 2015) (SR-BYX-2015-09) (``Initial BATS One Feed Fee Filings'').
    \11\ The Exchange notes that Enterprise fees have been
previously filed with or approved by the Commission by the Exchange,
EDGA, BYX, BZX, Nasdaq, NYSE, and the CTA/CQ Plans. See Nasdaq Rule
7047. Securities Exchange Act Release Nos. 71507 (February 7, 2014),
79 FR 8763 (February 13, 2014) (SR-NASDAQ-2014-011); 70211 (August
15, 2013), 78 FR 51781 (August 21, 2013) (SR-NYSE-2013-58); and
70010 (July 19, 2013) (File No. SR-CTA/CQ-2013-04). See also the
Initial BATS One Feed Fee Filings, supra note 10.
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    Distribution Fees. As proposed, each Internal Distributor that
receives EDGX Book Viewer shall pay a fee of $500 per month. The
Exchange does not propose to charge any User fees for EDGX Book Viewer
where the data is received and subsequently internally distributed to
Professional or Non-Professional Users. In addition, the Exchange
proposes to charge External Distributors that receives EDGX Book Viewer
a fee of $2,500 per month.
    User Fees. The Exchange proposes to charge those who receive EDGX
Book Viewer from External Distributors different fees for both their
Professional Users and Non-Professional Users. The Exchange will assess
a monthly fee for Professional Users of $3.00 per User. Non-
Professional Users will be assessed a monthly fee of $0.15 per User.
The Exchange does not propose to charge per User fees to Internal
Distributors.
    External Distributors that receives EDGX Book Viewer would be
required to count every Professional User and Non-Professional User to
which they provide EDGX Book Viewer, the requirements for which are
identical to that currently in place for the BATS One Feed.\12\ Thus,
the External Distributor's count will include every person and device
that accesses the data regardless of the purpose for which the
individual or device uses the data. External Distributors must report
all Professional and Non-Professional Users in accordance with the
following:
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    \12\ See the Initial BATS One Feed Fee Filings, supra note 10.
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     In connection with an External Distributor's distribution
of EDGX Book Viewer, the Distributor should count as one User each
unique User that the Distributor has entitled to have access to EDGX
Book Viewer. However, where a device is dedicated specifically to a
single individual, the Distributor should count only the individual and
need not count the device.
     The External Distributor should identify and report each
unique User. If a User uses the same unique method to gain access to
EDGX Book Viewer, the Distributor should count that as one User.
However, if a unique User uses multiple methods to gain access to EDGX
Book Viewer (e.g., a single User has multiple passwords and user
identifications), the External Distributor should report all of those
methods as an individual User.
     External Distributors should report each unique individual
person who receives access through multiple devices as one User so long
as each device is dedicated specifically to that individual.
     If an External Distributor entitles one or more
individuals to use the same

device, the External Distributor should include only the individuals,
and not the device, in the count.
    Each External Distributor will receive a credit against its monthly
Distributor Fee for EDGX Book Viewer equal to the amount of its monthly
Usage Fees up to a maximum of the Distributor Fee for EDGX Book Viewer.
For example, an External Distributor will be subject to a $2,500
monthly Distributor Fee where they receive EDGX Book Viewer. If that
External Distributor reports User quantities totaling $2,500 or more of
monthly usage of EDGX Book Viewer, it will pay no net Distributor Fee,
whereas if that same External Distributor were to report User
quantities totaling $1,000 of monthly usage, it will pay a net of
$1,500 for the Distributor Fee. External Distributors will remain
subject to the per User fees discussed above.
    Enterprise Fee. The Exchange also proposes to establish a $20,000
per month Enterprise Fee that will permit a recipient firm who receives
EDGX Book Viewer from an External Distributor to receive the data for
an unlimited number of Professional and Non-Professional Users. For
example, if a recipient firm had 15,000 Professional Users who each
receive EDGX Book Viewer at $3.00 per month, then that recipient firm
will pay $45,000 per month in Professional Users fees. Under the
proposed Enterprise Fee, the recipient firm will pay a flat fee of
$20,000 for an unlimited number of Professional and Non-Professional
Users for EDGX Book Viewer. A recipient firm must pay a separate
Enterprise Fee for each External Distributor that controls the display
of EDGX Book Viewer 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. However, every six months, a recipient firm must
provide the Exchange with a count of the total number of natural person
users of each product, including both Professional and Non-Professional
Users. Lastly, the proposed Enterprise Fee would be counted towards the
Distributor Fee credit described above, under which an External
Distributor receives a credit towards its Distributor Fee equal to the
amount of its monthly EDGX Book Viewer User fees.
    Digital Media Enterprise Fee. The Exchange proposes to adopt a
Digital Media Enterprise Fee of $5,000 per month for EDGX Book Viewer.
As an alternative to proposed User fees discussed above, a recipient
firm may purchase a monthly Digital Media Enterprise license to receive
EDGX Book Viewer from an External Distributor to distribute to an
unlimited number of Professional and Non-Professional Users for viewing
via television, Web sites, and mobile devices for informational and
non-trading purposes only without having to account for the extent of
access to the data or the report the number of Users to the Exchange.
Lastly, the proposed Digital Media Enterprise Fee would be counted
towards the Distributor Fee credit described above, under which an
External Distributor receives a credit towards its Distributor Fee
equal to the amount of its monthly EDGX Book Viewer User fees.
Implementation Date
    The Exchange proposes to implement the proposed changes to its fee
schedule on September 8, 2015.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\13\ in general, and
furthers the objectives of Section 6(b)(4),\14\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its members and other recipients of
Exchange data. The Exchange believes that the proposed rates are
equitable and non-discriminatory in that they apply uniformly to all
recipients of Exchange data. The Exchange believes the proposed fees
are competitive with those charged by other venues and, therefore,
reasonable and equitably allocated to recipients. Lastly, the Exchange
also believes that the proposed fees are reasonable and non-
discriminatory because they will apply uniformly to all recipients of
Exchange data.
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    \13\ 15 U.S.C. 78f.
    \14\ 15 U.S.C. 78f(b)(4).
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    The Exchange also believes that the proposed rule change is
consistent with Section 11(A) of the Act \15\ in that it supports (i)
fair competition among brokers and dealers, among exchange markets, and
between exchange markets and markets other than exchange markets and
(ii) the availability to brokers, dealers, and investors of information
with respect to quotations for and transactions in securities.
Furthermore, the proposed rule change is consistent with Rule 603 of
Regulation NMS,\16\ which provides that any national securities
exchange that distributes information with respect to quotations for or
transactions in an NMS stock do so on terms that are not unreasonably
discriminatory. In adopting Regulation NMS, the Commission granted
self-regulatory organizations and broker-dealers increased authority
and flexibility to offer new and unique market data to the public. It
was believed that this authority would expand the amount of data
available to consumers, and also spur innovation and competition for
the provision of market data.
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    \15\ 15 U.S.C. 78k-1.
    \16\ See 17 CFR 242.603.
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    In addition, the proposed fees would not permit unfair
discrimination because all of the Exchange's customers and market data
vendors will be subject to the proposed fees on an equivalent basis.
EDGX Book Viewer 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. Firms 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. Moreover, the Exchange is not
required to make any proprietary data products available or to offer
any specific pricing alternatives to any customers.
    In addition, the fees that are the subject of this rule filing are
constrained by competition. As explained below in the Exchange's
Statement on Burden on Competition, the existence of alternatives to
EDGX Book Viewer further ensures that the Exchange cannot set
unreasonable fees, or fees that are unreasonably discriminatory, when
vendors and subscribers can elect such alternatives. That is, the
Exchange competes with other exchanges (and their affiliates) that
provide similar market data products. If another exchange (or its
affiliate) were to charge less to distribute its similar product than
the Exchange charges to consolidate and distribute EDGX Book Viewer,
prospective Users likely would not subscribe to, or would cease
subscribing to, EDGX Book Viewer.
    The Exchange notes that the Commission is not required to undertake
a cost-of-service or rate-making approach. The Exchange believes that,
even if it were possible as a matter of economic theory, cost-based
pricing for non-core market data would be so complicated that it could
not be done practically.\17\
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    \17\ The Exchange believes that cost-based pricing would be
impractical because it would create enormous administrative burdens
for all parties, including the Commission, to cost-regulate a large
number of participants and standardize and analyze extraordinary
amounts of information, accounts, and reports. In addition, it is
impossible to regulate market data prices in isolation from prices
charged by markets for other services that are joint products. Cost-
based rate regulation would also lead to litigation and may distort
incentives, including those to minimize costs and to innovate,
leading to further waste. Under cost-based pricing, the Commission
would be burdened with determining a fair rate of return, and the
industry could experience frequent rate increases based on
escalating expense levels. Even in industries historically subject
to utility regulation, cost-based ratemaking has been discredited.
As such, the Exchange believes that cost-based ratemaking would be
inappropriate for proprietary market data and inconsistent with
Congress's direction that the Commission use its authority to foster
the development of the national market system, and that market
forces will continue to provide appropriate pricing discipline. See
Appendix C to NYSE's comments to the Commission's 2000 Concept
Release on the Regulation of Market Information Fees and Revenues,
which can be found on the Commission's Web site at http://www.sec.gov/rules/concept/s72899/buck1.htm. See also Securities
Exchange Act Release No. 73816 (December 11, 2014), 79 FR 75200
(December 17, 2014) (SR-NYSE-2014-64) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change to Establish an
Access Fee for the NYSE Best Quote and Trades Data Feed, Operative
December 1, 2014).

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    Distributor Fee. The Exchange believes that the proposed
Distributor Fees are also reasonable, equitably allocated, and not
unreasonably discriminatory. The fees for Members and non-Members are
uniform except with respect to reasonable distinctions with respect to
internal and external distribution.\18\ The Exchange believes that the
Distributor Fees for EDGX Book Viewer are reasonable and fair in light
of alternatives offered by other market centers. For example, EDGX Book
Viewer provides investors with alternative market data and competes
with similar market data product currently offered by the New York
Stock Exchange, Inc. (``NYSE'') and the Nasdaq Stock Market LLC
(``Nasdaq'').\19\ Specifically, the NYSE charges an access fee of
$5,000 per month for NYSE OpenBook,\20\ which is higher than the
External Distributor fee proposed herein for EDGX Book Viewer.
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    \18\ The Exchange notes that distinctions based on external
versus internal distribution have been previously filed with the
Commission by Nasdaq, Nasdaq OMX BX, and Nasdaq OMX PSX. See Nasdaq
Rule 019(b); see also Securities Exchange Act Release No. 62876
(September 9, 2010), 75 FR 56624 (September 16, 2010) (SR-PHLX-2010-
120); Securities Exchange Act Release No. 62907 (September 14,
2010), 75 FR 57314 (September 20, 2010) (SR-NASDAQ-2010-110);
Securities Exchange Act Release No. 63442 (December 6, 2010), 75 FR
77029 (December 10, 2010) (SR-BX-2010-081). See also the Initial
BATS One Feed Fee Filings, supra note 10.
    \19\ See Nasdaq Rule 7023(a)(1)(C) (describing Nasdaq TotalView
is a depth-of-book data feed that includes all orders and quotes
from all Nasdaq members displayed in the Nasdaq Market Center as
well as the aggregate size of such orders and quotes at each price
level in the execution functionality of the Nasdaq Market Center).
See also Nasdaq Book Viewer, a description of which is available at
https://data.nasdaq.com/Book Viewer.aspx (last visited July 29,
2015). See NYSE OpenBook available at http://www.nyxdata.com/openbook (last visited July 29, 2015) (providing real-time view of
the NYSE limit order book).
    \20\ See NYSE Market Data Pricing dated May 2015 available at
http://www.nyxdata.com/. Nasdaq charges distribution fees ranging
from $300 for 1-10 subscribers to $75,000 for more than $250 [sic]
subscribers. See Nasdaq Rule 7023(b)(4).
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    User Fees. The Exchange believes that implementing the Professional
and Non-Professional User fees for EDGX Book Viewer are equitable and
reasonable because they will result in greater availability to
Professional and Non-Professional Users. Moreover, introducing a modest
Non-Professional User fee for EDGX Book Viewer is reasonable because it
provides an additional method for retail investors to access EDGX Book
Viewer data by providing the same data that is available to
Professional Users. 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 is utilized by
the Exchange for the BATS One Feed and has long been used by other
exchanges for their proprietary data products, and by the Nasdaq UTP
and the CTA and CQ Plans in order to reduce the price of data to retail
investors and make it more broadly available.\21\ Offering EDGX Book
Viewer to Non-Professional Users with the same data available to
Professional Users results in greater equity among data recipients.
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    \21\ See the Initial BATS One Feed Fee Filings, supra note 10.
See also, e.g., Securities Exchange Act Release No. 20002, File No.
S7-433 (July 22, 1983) (establishing nonprofessional fees for CTA
data); Nasdaq Rules 7023(b), 7047.
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    In addition, the proposed fees are reasonable when compared to
similar fees for comparable products offered by the NYSE and Nasdaq.
Specifically, NYSE offers NYSE OpenBook for a monthly fee of $60.00 per
professional subscriber and $15 per non-professional subscriber.\22\
Nasdaq offers Nasdaq BookViewer for the same fees as Nasdaq TotalView,
which is a monthly fee of $70.00 per professional subscriber and $14
per non-professional subscriber.\23\ The Exchange's proposed per User
Fees for EDGX Book Viewer are less than the NYSE and Nasdaq fees.
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    \22\ See NYSE Market Data Pricing dated May 2015 available at
http://www.nyxdata.com/.
    \23\ See Nasdaq Rule 7023(b)(2).
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    Enterprise Fee. The proposed Enterprise Fee for EDGX Book Viewer is
equitable and reasonable as the fees proposed are less than the
enterprise fees currently charged for Nasdaq Book Viewer, which is
subject to the exact same fees as Nasdaq TotalView. Nasdaq charges an
enterprise fee of $100,000 per month for Nasdaq TotalView,\24\ which is
far greater than the proposed Enterprise Fee of $20,000 per month for
EDGX Book Viewer. In addition, the Enterprise Fee proposed by the
Exchange 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 EDGX Book Viewer,
then it may continue using the per User structure and benefit from the
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 EDGX
Book Viewer, thereby expanding the distribution of this market data for
the benefit of investors.
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    \24\ See Nasdaq Rule 7023(c)(2) (stating that a distributor that
is also a broker-dealer pays a monthly fee of $100,000 for the right
to provide Nasdaq TotalView and for display usage for internal
distribution, or for external distribution to both professional and
non-professional subscribers with whom the firm has a brokerage
relationship.) Nasdaq also charges an enterprise fee of $25,000 to
provide Nasdaq TotalView to an unlimited number of non-professional
subscribers only. See Nasdaq Rule 7023(c)(1).
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    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 natural person users every six months, which is
a significant reduction in administrative burden. Finally, the Exchange
believes that it is equitable and not unfairly discriminatory to
establish an Enterprise Fee because it reduces the Exchange's costs and
the Distributor's administrative burdens in tracking and auditing large
numbers of Users.
    Digital Media Enterprise Fee. The Exchange believes that the
proposed Digital Media Enterprise Fee for EDGX Book Viewer provides for
an equitable allocation of reasonable fees among recipients of the data
and is not designed to permit unfair discrimination among customers,
brokers, or dealers. In establishing the Digital Media Enterprise Fee,
the Exchange recognizes that there is demand for a more seamless and
easier-to-administer data distribution model that takes into account
the expanded

variety of media and communication devices that investors utilize
today. The Exchange believes the Digital Media Enterprise Fee will be
easy to administer because data recipients that purchase it would not
be required to differentiate between Professional and Non-Professional
Users, account for the extent of access to the data, or report the
number of Users. This is a significant reduction on a recipient firm's
administrative burdens and is a significant value to investors. For
example, a television broadcaster could display EDGX Book Viewer data
during market-related programming and on its Web site or allow viewers
to view the data via their mobile devices, creating a more seamless
distribution model that will allow investors more choice in how they
receive and view market data, all without having to account for and/or
measure who accesses the data and how often they do so.
    The proposed Digital Media Enterprise Fee is equitable and
reasonable because it will also enable recipient firms to more widely
distribute data from EDGX Book Viewer to investors for informational
purposes at a lower cost than is available today. For example, a
recipient firm may purchase an Enterprise license in the amount of
$20,000 per month for to receive EDGX Book Viewer from an External
Distributor for an unlimited number of Professional and Non-
Professional Users, which is greater than the proposed Digital Media
Enterprise Fee. The Exchange also believes the amount of the Digital
Media Enterprise Fee is reasonable as compared to the existing
enterprise fees discussed above because the distribution of EDGX Book
Viewer data is limited to television, Web sites, and mobile devices for
informational purposes only, while distribution of EDGX Book Viewer
data pursuant to an Enterprise license contains no such limitation. The
Exchange also believes that the proposed Digital Media Enterprise Fee
is equitable and reasonable because it is less than similar fees
charged by other exchanges.\25\
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    \25\ The Nasdaq Stock Market offers proprietary data products
for distribution over the internet and television under alternative
fee schedules that are subject to maximum fee of $50,000 per month.
See Nasdaq Rule 7039(b). The NYSE charges a Digit Media Enterprise
fee of $40,000 per month for the NYSE Trade Digital Media product.
See Securities Exchange Act Release No. 69272 (April 2, 2013), 78 FR
20983 (April 8, 2013) (SR-NYSE-2013-23).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. The
Exchange's ability to price EDGX Book Viewer is constrained by: (i)
Competition among exchanges, other trading platforms, and Trade
Reporting Facilities (``TRF'') that compete with each other in a
variety of dimensions; (ii) the existence of inexpensive real-time
consolidated data and market-specific data and free delayed data; and
(iii) the inherent contestability of the market for proprietary data.
    The Exchange and its market data products are subject to
significant competitive forces and the proposed fees represent
responses to that competition. To start, the Exchange competes
intensely for order flow. It competes with the other national
securities exchanges that currently trade equities, with electronic
communication networks, with quotes posted in FINRA's Alternative
Display Facility, with alternative trading systems, and with securities
firms that primarily trade as principal with their customer order flow.
    In addition, EDGX Book Viewer competes with a number of alternative
products. For instance, EDGX Book Viewer does provide a complete
picture of all trading activity in a security. Rather, the other
national securities exchanges, the several TRFs of FINRA, and
Electronic Communication Networks (``ECN'') that produce proprietary
data all produce trades and trade reports. Each is currently permitted
to produce last sale information products, and many currently do,
including Nasdaq and NYSE. In addition, market participants can gain
access to EDGX last sale and depth-of-book quotations, though
integrated with the prices of other markets, on feeds made available
through the SIPs.
    In sum, the availability of a variety of alternative sources of
information imposes significant competitive pressures on Exchange data
products and the Exchange's compelling need to attract order flow
imposes significant competitive pressure on the Exchange to act
equitably, fairly, and reasonably in setting the proposed data product
fees. The proposed data product fees are, in part, responses to that
pressure. The Exchange believes that the proposed fees would reflect an
equitable allocation of its overall costs to users of its facilities.
    In addition, when establishing the proposed fees, the Exchange
considered the competitiveness of the market for proprietary data and
all of the implications of that competition. The Exchange believes that
it has considered all relevant factors and has not considered
irrelevant factors in order to establish fair, reasonable, and not
unreasonably discriminatory fees and an equitable allocation of fees
among all Users. The existence of alternatives to EDGX Book Viewer,
including existing similar feeds by other exchanges, consolidated data,
and proprietary data from other sources, ensures that the Exchange
cannot set unreasonable fees, or fees that are unreasonably
discriminatory, when vendors and subscribers can elect these
alternatives or choose not to purchase a specific proprietary data
product if its cost to purchase is not justified by the returns any
particular vendor or subscriber would achieve through the purchase.

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

    The Exchange has neither solicited nor received written comments on
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 \26\ and paragraph (f) of Rule 19b-4
thereunder.\27\ 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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    \26\ 15 U.S.C. 78s(b)(3)(A).
    \27\ 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 proposal 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 No. SR-EDGX-2015-38 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 No. SR-EDGX-2015-38. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing will also be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File No. SR-EDGX-2015-38 and should be
submitted on or before September 24, 2015.
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    \28\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-21873 Filed 9-2-15; 8:45 am]
 BILLING CODE 8011-01-P


From: Shriner. Paul@ epamail. epa. gov [ mailto: Shriner. Paul@ epamail. epa. gov] Sent: Thursday, January 05, 2006 4: 08 PM Subject: comments on Phase III 316( b) NODA Dear stakeholder:

EPA has received 4 comments on the Phase III 316( b) NODA. It has come to our attention that some commenters may have experienced difficulties with the FDMS, the federal online comment submittal system. Those comments received are API, CWISC, GE, and DOE. To ensure all comments on EPA's NODA were received, if your comment is not listed above please send a copy of your comments directly to this email address no later than Tuesday, January 10, 2005.

Sincerely,

Paul Shriner US EPA Office of Science and Technology 202 566 1076  LEGAL NOTICE Unless expressly stated otherwise, this message is confidential and may be privileged. It is intended for the addressee( s) only. Access to this E mail by anyone else is unauthorized. If you are not an addressee, any disclosure or copying of the contents of this E mail or any action taken ( or not taken) in reliance on it is unauthorized and may be unlawful. If you are not an addressee, please inform the sender immediately.


[Federal Register Volume 87, Number 74 (Monday, April 18, 2022)]
[Notices]
[Pages 22881-22882]
[FR Doc No: 2022-08225]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

[9748-01-OA]

Notice of Meeting of the EPA Children's Health Protection
Advisory Committee (CHPAC)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of meeting.

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SUMMARY: Pursuant to the provisions of the Federal Advisory Committee
Act, notice is hereby given that the next meeting of the Children's
Health Protection Advisory Committee (CHPAC) will be held virtually and
in-person on May 17 and 18, 2022 at the U.S. Environmental Protection
Agency (EPA) Headquarters located at 1200 Pennsylvania Avenue NW,
Washington, DC 20460. The CHPAC advises EPA on science, regulations and
other issues relating to children's environmental health.

DATES: May 17, 2022, from 10:00 a.m. to 5:30 p.m. and May 18, 2022,
from 10:00 a.m. to 3:30 p.m.

ADDRESSES: The meeting will take place virtually and in-person. If you
want to listen to the meeting or provide comments, please email
[email protected] for further details.

FOR FURTHER INFORMATION CONTACT: Amelia Nguyen, Office of Children's
Health Protection, U.S. EPA, MC 1107T,

1200 Pennsylvania Avenue NW, Washington, DC 20460,<PHONE_NUMBER>, or
[email protected].

SUPPLEMENTARY INFORMATION: The meetings of the CHPAC are open to the
public. An agenda will be posted to https://www.epa.gov/children/childrens-health-protection-advisory-committee-chpac.
    Access and Accommodations: For information on access or services
for individuals with disabilities, please contact Amelia Nguyen at 202-
564-4268 or [email protected].

Amelia Nguyen,
Biologist, Office of Children's Health Protection.
[FR Doc. 2022-08225 Filed 4-15-22; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: September 19, 2007 (Volume 72, Number 181)]
[Notices]
[Page 53572-53573]
[DOCID:fr19se07-78]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2007-0098; FRL-8146-5]

Tribal Pesticide Program Council; Notice of Public Meeting

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Tribal Pesticide Program Council will hold a 2-1/2 day
meeting, beginning on October 10, 2007 and ending October 12, 2007.
This notice announces the location and times for the meeting and sets
forth the tentative agenda topics.

DATES: The meeting will be held on October 10-11, 2007 from 9 a.m. to
5p.m. and 9 a.m. to 12 noon on October 12, 2007.
    To request accommodation of a disability, please contact the person
listed under FOR FURTHER INFORMATON CONTACT, preferably at least 10
days prior to the meeting, to give EPA as much time as possible to
process your request.

ADDRESSES: The meeting will be held at the BlueWater Resort & Casino,
11300 Resort Drive, Parker, AZ 85344.

FOR FURTHER INFORMATION CONTACT:  Georgia McDuffie, Field and External
Affairs Division (7506P), Office of Pesticide Programs, Environmental
Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460-
0001; telephone number:<PHONE_NUMBER>; fax number:<PHONE_NUMBER>; e-
mail address<EMAIL_ADDRESS>or Lillian Wilmore, TPPC
Coordinator, PO Box 470329 Brookline Village, MA 02447; Telephone:
(617) 232-5742; Fax:<PHONE_NUMBER>; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this Action Apply to Me?

    You may be potentially affected by this action if you are
interested in TPPC information exchange relationship with EPA regarding
important issues related to human health, environmental exposure to
pesticides, and insight into EPA's decision-making process, you are
invited and encouraged to attend the meetings and participate as
appropriate. '' Potentially affected entities may include, but are not
limited to: Those persons who are or may be required to conduct testing
of chemical substances under the Federal Food, Drug and Cosmetic Act
(FFDCA), or the Federal Insecticide, Fungicide, and Rodenticide Act
(FIFRA).

B. How Can I Get Copies of this Document and Other Related Information?

    1. Docket. EPA has established a docket for this action under
docket identification (ID) number EPA-HQ-OPPT-2007-0098 Publicly
available docket materials are available either in the electronic
docket at http://www.regulations.gov, or, if only available in hard

copy, at the Office of Pesticide Programs (OPP) Regulatory Public
Docket in Rm. S-4400, One Potomac Yard (South Bldg.), 2777 S. Crystal
Dr., Arlington, VA. The hours of operation of this Docket Facility are
from 8:30 a.m. to 4 p.m., Monday through Friday, excluding legal
holidays. The Docket telephone number is<PHONE_NUMBER>.
    2. Electronic access. You may access this Federal Register document
electronically through the EPA Internet under the ``Federal Register''
listings at http://www.epa.gov/fedrgstr.

II. Tentative Agenda:

    1. TPPC State of the Council Report
    2. Tribal Presentations
    3. FIFRA Discussion (Problems for Tribes)
    4. Section 18s and 24c Issues (FIFRA 2ee Solution/Yakama Pilot)
    5. Tribal Invasive Species Working Group Report
    6. Reports from the State FIFRA Issues Research Evaluation Group
(SFIREG); Pesticide Program Dialogue Committee (PPDC); Forum on State
and Tribal Toxics Actions (FOSTTA); California Indian Basketweavers
Association (CIBA); National Tribal Environmental Council (NTEC); and
Alaska Intertribal Council.
    7. Tribal Caucus (TPPC Only)
    8. US EPA Region Reports

    9. Tribal Strategic Plan Follow-up Discussion
    10. Endangered Specifies/Bulletins/Fish & Wildlife's to De-list the
Bald Eagle.
    11. Beyond the Navajo Nation C& T Plan/Certification and Training
of applicators in Indian Country
    12. Discussions on Inspection Reporting/Multi-tribal Options/
Accountability/Measures.

List of Subjects

    Environmental protection.

    Dated: September 7, 2007.
William R. Diamond,
Director, Field External Affairs Division, Office of Pesticide
Programs.
[FR Doc. E7-18353 Filed 9-18-07; 8:45 am]

BILLING CODE 6560-50-S