Quiero saber acerca de...

khammond on DSKJM1Z7X2PROD with NOTICES

Federal Register / Vol. 86, No. 107 / Monday, June 7, 2021 / Notices data point is simply provided as a convenience. If not entered by the Recipient Member, this data point will be left blank so as not to include any identifying information about other Member activity. The second bucket of information also includes the size, time and type of first response that executes against the resting order; as well as the time difference between the time the resting order and first response that executes against the resting order are received by the Exchange. These data points would assist the Recipient Member in analyzing by how much time their order may have missed an execution against a contra-side order resting on the Book.
The third bucket of information is about the Recipient Members responses and the time their responses is received by the Exchange.
This includes the time difference between the time the first response that executes against the resting order was received by the Exchange and the time of each response sent by the Recipient Member, regardless of whether it executed or not. As above, this data point would assist the Recipient Member in analyzing by how much time their order may have missed an execution against a contra-side order resting on the Book. This bucket would also include the size and type of each response submitted by the Recipient Member, the Recipient Member identifier, and a response reference number which is selected by the Recipient Member. Each of these data points are unique to the Recipient Member and should already be known by Recipient Member even if not included in the Report.
The Exchange proposes to provide the Report on a voluntary basis and no Member will be required to subscribe to the Report. The Exchange notes that there is no rule or regulation that requires the Exchange to produce, or that a Member elect to receive, the Report. It is entirely a business decision of each Member to subscribe to the Report. The Exchange proposes to offer the Report as a convenience to Members to provide them with additional information regarding trading activity on the Exchange on a delayed basis after the close of regular trading hours. A
Member that chooses to subscribe to the Report may discontinue receiving the Report at any time if that Member determines that the information contained in the Report is no longer useful.
In summary, the proposed Report will help to protect a free and open market by providing additional data offered on an optional basis to the marketplace
VerDate Sep<11>2014

17:36 Jun 04, 2021

Jkt 253001

and by providing investors with greater choices.27 Additionally, the proposal would not permit unfair discrimination because the proposed Report will be available to all Exchange Members.
B. Self-Regulatory Organizations 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 believes that the proposed Report will enhance competition 28 by providing a new option for receiving market data to Members. The proposed Report will also further enhance competition between exchanges by allowing the Exchange to expand its product offerings to include a report similar to that currently offered by the NASDAQ Stock Market LLC
NASDAQ.29
In this instance, the proposed rule change to offer the optional Report is in response to Member interest and requests for such information. The Exchange does not believe the proposed Report will have an inappropriate burden on intra-market competition between Recipient Members and other Members who do not receive the Report.
As discussed above, the first two buckets of information included in the Report contain information about the resting order and the execution of the resting order, both of which are generally available to Members that choose not to receive the Report from other public sources, such as OPRA and the Exchanges proprietary data feeds.
The third bucket of information is about the Recipient Members response and the time their response is received by the Exchange, information which the Recipient Member would be able to obtain without receiving the Report.
Additionally, some Members may already be able to derive a substantial amount of the same data that is provided by some of the components based on their own executions and algorithms.
In sum, if the proposed Report is unattractive to Members, Members will opt not to receive it. Accordingly, the Exchange does not believe that the proposed change will impair the ability of Members or competing order execution venues to maintain their 27 See Sec. Indus. Fin. Mkts. Assn SIFMA, Initial Decision Release No. 1015, 2016 SEC LEXIS
2278 ALJ June 1, 2016 finding the existence of vigorous competition with respect to non-core market data.
28 Id.
29 See NASDAQ Equity Section 7, Rule 146a2.

PO 00000

Frm 00098

Fmt 4703

Sfmt 4703

30347

competitive standing in the financial markets.
C. Self-Regulatory Organizations Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19b3Aiii of the Act 30 and Rule 19b4f6 thereunder.31 Because the 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, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19b3A
of the Act 32 and Rule 19b4f6
thereunder.33
A proposed rule change filed under Rule 19b4f6 34 normally does not become operative for 30 days after the date of the filing. However, pursuant to Rule 19b4f6iii,35 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposed rule change may become operative immediately. The Exchange states that it is prepared to begin offering the Report upon the effectiveness of this proposed rule change. The Exchange also argues that waiver of the operative delay would allow the Exchange to provide a product offering identical to that of its affiliate, MIAX Emerald, as soon as practicable, which in turn would reduce potential confusion in the near term about whether the Exchange is offering the same report as its affiliate offers currently. For these reasons, the 30 15

U.S.C. 78sb3Aiii.
CFR 240.19b4f6.
32 15 U.S.C. 78sb3A.
33 17 CFR 240.19b4f6. In addition, Rule 19b 4f6iii requires the Exchange to give the Commission written notice of the Exchanges intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement.
34 17 CFR 240.19b4f6.
35 17 CFR 240.19b4f6iii.
31 17

E:FRFM07JNN1.SGM

07JNN1