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Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices The Consolidated Volume field will not change.
The above data will be available to users of the NLS Plus feed on a delayed basis, 15 minutes after the real-time dissemination of the above data points on the UTP and CTA/CQ data feeds for that day. The Exchange is not proposing any change to NLS Plus fees as a result of this modification.

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Discussion The NLS Plus data feed, designed for distribution to the general investing public,13 is purchased by broker-dealers for dissemination to retail investors in the context of the brokerage relationship and financial media websites for the general investing public, among others.
Approximately 30 firms that purchase or may purchase NLS Plus have requested that Nasdaq upgrade the EOD
summary information to help investors place trades on the Nasdaq exchanges in the context of U.S. markets as a whole, rather than just the Nasdaq exchanges.
Specifically, these firms requested that Nasdaq use benchmark prices for the high, low, opening and closing price of a security as published by the securities information processors to help investors understand price movements on the Nasdaq exchanges.
This suggestion by Nasdaqs customers is comparable to changes in the end of day messages undertaken recently by two of Nasdaqs chief competitors, Cboe and NYSE, in their top-of-book data feeds. In 2020, both amended their end of day messages to identify the primary listing markets official opening and closing price after a 15-minute delay, which, similar to the proposal by Nasdaqs customers, establish an external benchmark against which to evaluate exchange data.14
13 See Securities Exchange Act Release No. 82723
February 15, 2018, 83 FR 7812 February 22, 2018
SRNASDAQ2018010 quoting SRNASDAQ
2006060 Amendment No. 2, June 10, 2008, at 3
explaining that NLS was designed to enable market-data distributors to provide free access to the data to millions of individual investors via the internet and television and was expected to increase the availability of NASDAQ proprietary market data to individual investors.; see also SR
NASDAQ2006060 Amendment No. 2, June 10, 2008 available at http nasdaq.cchwallstreet.com/
NASDAQ/pdf/nasdaq-filings/2006/SR-NASDAQ2006-060_Amendment_2.pdf; Securities Exchange Act Release No. 57965 June 16, 2008, 73 FR 35178
June 20, 2008 SRNASDAQ2006060
approving SRNASDAQ2006060, as amended by Amendment Nos. 1 and 2, to implement NLS on a pilot basis. NLS Plus is a combination of NLS feeds from the Nasdaq equity exchanges. Like these underlying feeds, it is mainly designed for the use of the general investing public.
14 See Securities Exchange Act Release No. 89083
June 17, 2020, 85 FR 37706 June 23, 2020 SR
CboeEDGX2020029 amending the content of the Cboe One Feed to identify the primary listing markets official opening and closing price after a
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In light of customer requests and changing industry standards, Nasdaq has determined that the requested change to the EOD summary message is in the best interest of our customers.
The end of day data published by the securities information processors provides useful information on the state of the U.S. market as a whole, and including it on the NLS Plus feed will enhance investor understanding of the proprietary data distributed by the exchange.15 The proposal will also provide consumers with greater choice by offering an alternative to other EOD
summaries offered in the market.
Nasdaq therefore proposes to modify its EOD summary message to provide the Open, High, Low, Close and Volume of a security based on the consolidated data provided by the SIPs. This EOD
message will be based on data obtained from the securities information processors, and will be distributed by Nasdaq as a vendor of SIP data, and will be subject to competition from all distributors of SIP data.
The proposed change to the EOD
summary message is not targeted at, or expected to be limited in its applicability to, any particular segment of market participants, and no segment of retail investors, the general investing public, or other any other market participant is expected to benefit more than any other.16
The Exchange expects that the new EOD message will be attractive to potential customers, and, based on conversations with potential customers and our overall familiarity with the market, Nasdaq expects between approximately 10 and 20 additional 15 minute delay, effective July 10, 2020; NYSE Best Quote and Trades Client Specification, Version 2.3a March 30, 2020 available at https
www.nyse.com/publicdocs/nyse/data/NYSE_BQT_
Client_Specification_v2.3a.pdf updated on January 31, 2020, to publish the listing market official opening and closing price in the Consolidated Stock Summary Messages.
15 Any customer that requires access to the high, low, and closing price of a security on the Nasdaq equity exchanges alone, and not the U.S. markets as a whole, would continue to have access to that information on the real-time NLS Plus data feed.
16 Although this is not a fee filing, the Exchange is addressing this question to provide as complete as possible an evaluation of the proposed change.
See Division of Trading and Markets, U.S.
Securities and Exchange Commission, Staff Guidance on SRO Filings Related to Fees May 21, 2019 Staff Guidance, available at https
www.sec.gov/tm/staff-guidance-sro-rule-filings-fees indicating that the discussion of purpose should indicate whether the relevant product or service, including the corresponding proposed fee or fee change, is targeted ator expected to be limited in its applicability toa specific segments of market participants and if so, the related details.

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customers for NLS Plus as a result of the proposed change.17
2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6b of the Act,18 in general, and furthers the objectives of Section 6b5 of the Act,19
in particular, in that it is designed to promote just and equitable principles of trade, 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, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
In 2015, the Commission found the creation of the NLS Plus data feed to be consistent with section 6b5 of the Act, which requires that the rules of an exchange be designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest . . . . 20 The NLS Plus Approval Order noted that NLS Plus disseminated an End of Day Trade Summary among other messages,21 and consolidated volume information obtained from the UTP and CTA
Plans.22 As NLS Plus and the current 17 See id. requesting that the discussion of purpose address the projected number of purchasers including members, as well as nonmembers of any new or modified product or service and the expected number of purchasers likely to be subject to a new fee or pricing tier, including members and non-members . . ..
18 15 U.S.C. 78fb.
19 15 U.S.C. 78fb5.
20 See Securities Exchange Act Release No. 75257
June 22, 2015, 80 FR 36862, 36864 June 26, 2015
SRNasdaq2015055 NLS Plus Approval Order.
21 See id. at 36863. In addition to last sale information, NLS Plus also disseminates the following data elements: Trade Price, Trade Size, Sale Condition Modifiers, Cumulative Consolidated Market Volume, End of Day Trade Summary, Adjusted Closing Price, IPO Information, and Bloomberg ID together the data elements. NLS
Plus also features and disseminates the following messages: Market Wide Circuit Breaker, Reg SHO
Short Sale Price Test Restricted Indicator, Trading Action, Symbol Directory, Adjusted Closing Price, and End of Day Trade Summary together the messages..
22 See id. at 36863. Consolidated volume reflects the consolidated volume at the time that the NLS Plus trade message is generated, and includes the volume for the issue symbol as reported on the consolidated market data feed. The consolidated volume is based on the real-time trades reported via the UTP Trade Data Feed UTDF and delayed trades reported via CTA. NASDAQ OMX calculates the real-time trading volume for its trading venues, and then adds the real-time trading volume for the other non-NASDAQ OMX trading venues as reported via the UTDF data feed. For nonNASDAQ-listed issues, the consolidated volume is
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