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Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices
jbell on DSKJLSW7X2PROD with NOTICES

end of day messages and volume information have already been shown to be consistent with Section 6b of the Act, this analysis therefore focuses on the consistency of the proposal to enhance the EOD summary message with data on the open, high, low and closing price of a security published by the SIPs.
NLS Plus competes with the substitute top-of-book proprietary data products offered by other exchanges, including the NYSE BQT feed, which disseminates top-of-book information from the NYSE, NYSE American, NYSE
Arca, NYSE National, and NYSE
Chicago exchanges,23 and the Cboe One Summary Feed, which disseminates data from the BZX Exchange, BYX
Exchange, EDGX Exchange and EDGA
Exchange.24 NLS Plus also competes with the offerings of data vendors that distribute the proprietary data feeds of Nasdaq and other exchanges. Of particular importance here, Nasdaq obtains data from the SIPs on the same terms as any data vendor, and Nasdaq has no latency, cost, or other advantage in the distribution of end of day SIP
data as proposed herein. Retail customers are potentially able to obtain such information from any distributor of SIP data.
This Proposal reflects the competitive nature of these markets. As noted above, both NYSE and Cboe expanded their end of day summary messages in 2020
to identify the primary listing markets official opening and closing price after a 15-minute delay.25 Nasdaqs change to based on trades reported via SIACs Consolidated Tape System CTS for the issue symbol. The Exchange calculates the real-time trading volume for its trading venues, and then adds the 15-minute delayed trading volume for the other non-NASDAQ
OMX trading venues as reported via the CTS data feed..
23 See Securities Exchange Act Release No. 87803
December 19, 2019, 84 FR 71505 December 27, 2019 SRNYSE201970 explaining that the NYSE BQT market data product competes head to head with the Nasdaq Basic and Cboe One Feed market data products..
24 See https markets.cboe.com/us/equities/
market_data_services text=Cboe%20Top %20is%20a%20real,time%20on%20a%20Cboe %20book.&text=It%20is%20a%20real%2Dtime, time%20on%20a%20Cboe%20book. We note that Cboe recently proposed a fee reduction for top-ofbook data as well. See Securities Exchange Act Release No. 86670 August 14, 2019, 84 FR 43207
August 20, 2019 SRCboeBYX2019012.
25 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, 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.

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the EOD summary message is, in part, a competitive response to the data feed changes introduced by these two competitors. The Proposal also promotes competition by providing investors with an additional option for receiving consolidated EOD security data.
Moreover, as explained above, the Proposal will enhance investor understanding of the proprietary data distributed by the Exchange by providing a benchmark against which to compare such changes.
Competition with other exchanges in the sale of top-of-book products, coupled with potential competition from vendors in the distribution of proprietary and consolidated data feeds, and the likelihood that the Proposal will enhance investor understanding of securities markets and promote consumer choice, all provide a substantial basis for finding that the Proposal promotes just and equitable principles of trade, removes impediments to and perfect the mechanism of a free and open market and a national market system, and protects investors and the public interest.
The Proposal is not unfairly discriminatory. As noted previously, the NLS Plus data feed was found to be nondiscriminatory and otherwise consistent with the Act in 2015.26 The only change here is to enhance the EOD summary message with data on the open, high, low and closing price of a security published by the SIPs. As explained above, 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 any other market participant is expected to benefit more than any other. The proposed EOD summary message will be available to all NLS
Plus purchasers, without differentiation of any kind, and is therefore not unfairly discriminatory.
B. Self-Regulatory Organizations Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act.
Intermarket Competition The Proposal, which adds the high, low, opening and closing price of a 26 See Securities Exchange Act Release No. 75257
June 22, 2015, 80 FR 36862, 36864 June 26, 2015
SRNasdaq2015055 NLS Plus Approval Order.

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security as published by the SIP to the NLS Plus EOD message, will place no burden on intermarket competition the competition among SROs. As explained above, NLS Plus already competes directly against the NYSE BQT feed and the Cboe One Summary Feed, and is subject to potential competition from market data vendors. In the particular context of distributing the proposed EOD message, the Exchange is in direct competition with any vendor of SIP
information, and any vendor not currently distributing SIP data would be able to do so by obtaining such information from the SIPs and adding that information to their market data products. Rather than place a burden competition, the Proposal will enhance competition by providing consumers with greater choice through an alternative EOD summary not currently offered by NYSE or Cboe.
Intramarket Competition The Proposal will not cause any unnecessary or inappropriate burden on intramarket competition competition among exchange customers. As explained above, the Proposal 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 any other market participant is expected to benefit more than any other. As such, the Proposal does not place any category of market participant at a relative disadvantage compared to any other market participant, and therefore will not impose any burden on competition not necessary or appropriate in furtherance of the Act.
C. Self-Regulatory Organizations Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: i Significantly affect the protection of investors or the public interest; ii impose any significant burden on competition; and iii become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section
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