Je veux savoir à propos de…

Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices propose to add a $500 monthly recurring charge for a 5 Mb connection to DTCC and a $2,500 monthly recurring charge for a 10 Mb connection to DTCC
to the Fee Schedule.58
3. NCL NMS Network Ports The Exchanges propose to amend the Fee Schedule to add services that IDS
currently offers enabling NCL
Customers to connect to the NMS feeds for which the Securities Industry Automation Corporation is engaged as the securities information processor the NMS Network in the Mahwah Data Center.59 The Exchanges propose to add a chart to the Fee Schedule setting forth and describing each type of NCL NMS
Network Port providing NCL Customers access to the NCL NMS Network, along with the associated amounts of initial plus monthly fees.60
The Exchanges also propose to add Note 4, titled Note 4: NMS Network, to the section of the Fee Schedule titled D. Non-Colocation NCL Services, establishing that when an NCL
Customer purchases an NMS Network port, it has the option of receiving the NMS feeds over the NMS Network.61
Proposed Note 4 would provide that when an NCL Customer purchases access to the NMS Network, upon its request, it will receive connectivity to any of the NMS feeds that it selects, subject to any necessary technical provisioning requirements, authorization, and licensing from the provider of such NMS feed.62 Proposed Note 4 would also state that fees for the NMS feeds are charged by the provider of such NMS feed.63
4. NCL Cross Connect The Exchanges propose to amend the Fee Schedule to specify fiber cross connect services that IDS offers NCL
Customers for an initial and monthly charge.64 A cross connect is used to connect a circuit to a port, the Exchanges state, and NCL Customers 58 See
id.
id.
60 The Exchanges propose a $10,000 initial charge plus $11,000 monthly charge for a 10 Gb NCL NMS
Network port, and a $10,000 initial charge plus $18,000 monthly charge for a 40 Gb NCL NMS
Network port. See id.
61 See id.
62 Proposed Note 4 would further provide that these NMS feeds are as follows: CTS; CQS; and OPRA. See id.
63 See id.
64 See id. According to the Exchanges, because NCL Customers do not co-locate any equipment in the Mahwah Data Center, they generally require fewer fiber cross connects than colocation Users.
Hence, the Exchanges do not propose amending the Fee Schedule to include bundles of 6, 12, 18, or 24
cross connects as are available to colocation Users.
See id. at 12720 n.10.

jbell on DSKJLSW7X2PROD with NOTICES

59 See
VerDate Sep<11>2014

17:49 Jun 01, 2021

Jkt 253001

use such cross connects to connect from the IDS Network or NMS Network to a circuit connecting outside the Mahwah Data Center.65 According to the Exchanges, the proposed fees for this service would be identical to the fees for the corresponding service in colocation.66 The Exchanges propose to add a $500 initial charge plus a $600
monthly charge to furnish and install one NCL Cross Connect to the Fee Schedule.67
5. NCL Expedite Fee The Exchanges propose to amend the Fee Schedule to specify optional services that IDS offers NCL Customers to expedite the completion of services purchased or ordered by the NCL
Customer, for which IDS charges an Expedite Fee. 68 If an NCL Customer wishes to obtain NCL Services earlier than the expected completion date, the NCL Customer may pay the Expedite Fee.69 The Exchanges propose to add a $4,000 per request charge for expedited installation/completion of a customers NCL service to the Fee Schedule.70
6. NCL Change Fee The Exchanges propose to amend the Fee Schedule to specify the Change Fee that IDS charges an NCL Customer if the NCL Customer requests a change to one or more existing NCL Services that IDS has already established or completed for the NCL Customer.71 The 65 See
id. at 12720.
id.
67 See id.
68 According to the Exchanges, the proposed fees would be similar to the Expedite Fee applicable to Users in colocation. See id. citing Securities Exchange Act Release No. 67666 August 15, 2012, 77 FR 50742 August 22, 2012 SRNYSE2012
18.
69 The Exchanges state that the time saved would vary depending on the types of services ordered, but the Expedite Fee would always be a flat $4,000, allowing the NCL Customer to determine if the expected time savings warrants payment of the fee.
See id.
70 See id.
71 The Exchanges state that several of the proposed services that would be added to the Fee Schedule include an initial fee in addition to an ongoing monthly fee. These initial fees are related to IDSs initial cost of establishing or installing a particular service for the NCL Customer. IDS
charges a fee of $950 per order if the NCL Customer requests a change to one or more existing NCL
Services that IDS has already established or completed for the NCL Customer. According to the Exchanges, this is similar to the Change Fee applicable to Users in colocation. For example, the initial installation of an IDS Network connection would include establishing and configuring market data services requested by the NCL Customer, which would be covered by the initial install fee.
However, if the NCL Customer requests that IDS
establish and configure additional market data services for its IDS Network connection, the NCL
Customer would be charged a one-time Change Fee of $950 for that request. If an NCL Customer orders two or more services at one time for example, 66 See
PO 00000

Frm 00060

Fmt 4703

Sfmt 4703

29605

Exchanges propose to add a $950 per request charge to change an NCL service that has already been installed/
completed for a customer to the Fee Schedule.72
C. Fee Schedule Name Finally, the Exchanges propose change the name of the Fee Schedule from Wireless Connectivity Fees and Charges to Mahwah Wireless, Circuits, and Non-Colocation Connectivity Fees and Charges, since the Fee Schedule will no longer be limited to wireless services.73
III. Exchanges Justification and Comments Received The Exchanges generally argue that the proposed rule changes are reasonable, equitable, and not unfairly discriminatory because use of the proposed services is completely voluntary and alternatives to them are available.74 According to the Exchanges, IDS operates in a highly competitive market in which exchanges, third party telecommunications providers, Hosting Users,75 and other third-party vendors offer connectivity services as a means to facilitate the trading and other market activities of market participants.76 With these proposals, the Exchanges assert that market participants would have more choices with respect to the form and price of the services they use, allowing market participants to select the services and connectivity options that better suit their needs, thereby helping them tailor their connectivity operations to the requirements of their businesses.77 In any case, the Exchanges state that there are currently few NCL
Customers, and thus expect that the through submitting an order form requesting multiple services, the NCL Customer would be charged a one-time Change Fee of $950, which would cover the multiple services. See id. at 12720
21.
72 See id. at 12721.
73 See id.
74 See id.
75 Hosting is a service offered by a User to another entity in the Users space within the Mahwah Data Center. The Exchanges allow Users to act as Hosting Users for a monthly fee. See id.
citing Securities Exchange Act Release No. 76008
September 29, 2015, 80 FR 60190 October 5, 2015 SRNYSE201540.
76 See id. In this regard, the Exchanges maintain that most of the third-party telecommunications providers that provide circuits do so at fees lower than those proposed herein, and that most NCL
Customers and colocation Users use such third party telecommunication circuits into and out of the Mahwah Data Center. See id. at 12722.
77 See id. at 12723. More generally, the Exchanges maintain that market participants consider various factors in determining which connectivity options to choose, including latency; bandwidth size;
amount of network uptime; the equipment that the network uses; the cost of the connection; and the applicable contractual provisions. See id. at 12722.

E:FRFM02JNN1.SGM

02JNN1