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Federal Register / Vol. 86, No. 55 / Wednesday, March 24, 2021 / Notices
time details for executions of an order resting on the Book, where that Recipient Member attempted to execute against such resting order within a certain timeframe.
Report Content
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Paragraph a1 of Rule 531 would describe the content of the Report and delineate which information would be provided regarding the resting order,7
the response that successfully executed against the resting order, and the response submitted by the Recipient Member that missed executing against the resting order. It is important to note that the content of the Report will be specific to the Recipient Member and the Report will not include any information related to any Member other than the Recipient Member. The Exchange will restrict all other market participants, including the Recipient Member, from receiving another market participants data.
Resting Order Information. Rule 531a1i would provide that the following information would be included in the Report regarding the resting order: A the time the resting order was received by the Exchange; 8
B symbol; 9 C order reference number, which is a unique reference number assigned to a new order at the time of receipt; 10 D whether the Recipient Member is an Affiliate 11 of the Member that entered the resting order; 12 E origin type e.g., Priority Customer,13 Market Maker 14; F side 7 Only displayed orders will be included in the Report. The Exchange notes that it does not currently offer any non-displayed orders types on its options trading platform.
8 This information is also included in the NASDAQ report. See Nasdaq Approval Order at note 12, supra note 6. The time the Exchange received the resting order would be in nanoseconds and is the time the resting order was received by the Exchanges System.
9 This information is also included in the NASDAQ report. See id.
10 This information is also included in the NASDAQ report. See id.
11 The term affiliate of or person affiliated with another person means a person who, directly, or indirectly, controls, is controlled by, or is under common control with, such other person. See Exchange Rule 100.
12 The Report will simply indicate whether the Recipient Member is Affiliate of the Member that entered the resting order and not include any other information that may indicate the identity of the Member that entered the resting order.
13 The term Priority Customer means a person or entity that i is not a broker or dealer in securities, and ii does not place more than 390
orders in listed options per day on average during a calendar month for its own beneficial accounts.
The number of orders shall be counted in accordance with Interpretation and Policy .01 to Exchange Rule 100. See Exchange Rule 100.
14 The term Market Maker refers to Lead Market Makers, Primary Lead Market Makers
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buy or sell; 15 and G displayed price and size of the resting order.16
Execution Information. Rule 531a1ii would provide that the following information would be included in the Report regarding the execution of the resting order: A the EBBO 17 at the time of execution; 18 B
the ABBO 19 at the time of execution; 20
C the time first response that executes against the resting order was received by the Exchange and the size of the execution and type of the response; 21
D the time difference between the time the resting order was received by the Exchange and the time the first response that executes against the resting order was received by the Exchange; 22 and E
whether the response was entered by the Recipient Member. If the resting order executes against multiple contraside responses, only the EBBO and ABBO at the time of the execution against the first response will be included.
Recipient Members Response Information. Rule 531a1iii would provide that the following information would be included in the Report regarding responses sent by the Recipient Member: A Recipient and Registered Market Makers collectively. See Exchange Rule 100.
15 This information is also included in the NASDAQ report. See Nasdaq Approval Order at note 12, supra note 6.
16 This information is also included in the NASDAQ Report. See id. The Exchange notes that the displayed price and size are also disseminated via the Exchanges proprietary data feeds and the Options Price Reporting Authority OPRA. The Exchange also notes that the displayed price of the resting order may be different than the ultimate execution price. This may occur when a resting order is displayed and ranked at different prices upon entry to avoid a locked or crossed market.
17 The term EBBO means the best bid or offer on the Exchange. See Exchange Rule 100.
18 Exchange Rule 531a1iiB would further provide that if the resting order executes against multiple contra-side responses, only the EBBO sic at the time of the execution against the first response will be included.
19 The term ABBO or Away Best Bid or Offer means the best bids or offers disseminated by other Eligible Exchanges defined in Exchange Rule 1400g and calculated by the Exchange based on market information received by the Exchange from OPRA. See Exchange Rule 100.
20 Exchange Rule 531a1iiA would further provide that if the resting order executes against multiple contra-side responses, only the ABBO sic at the time of the execution against the first response will be included.
21 This information is also included in the NASDAQ report. See Nasdaq Approval Order at note 12, supra note 6. The time the Exchange received the response order would be in nanoseconds and would be the time the response was received by the Exchanges network, which is before the time the response would be received by the System.
22 The time difference would be provided in nanoseconds. This information is also included in the NASDAQ report. See Nasdaq Approval Order at note 12, supra note 6.

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Member identifier; B 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; 23 C size and type of each response submitted by Recipient Member; and D
response reference number, which is a unique reference number attached to the response by the Recipient Member.
Timeframe for Data Included in Report Paragraph a2 of Rule 531 would provide that the Report would include the data set forth under Rule 531a1
described above for executions and contra-side responses that occurred within 200 microseconds of the time the resting order was received by the Exchange.
Scope of Data Included in the Report Paragraph a3 of Rule 531 would provide that the Report will only include trading data related to the Recipient Member and, subject to the proposed paragraph 4 of Rule 531a described below, will not include any other Members trading data other than that listed in paragraphs 1i and ii of Exchange Rule 531a described above.24
Historical Data Paragraph a4 of Rule 531 would specify that the Report will contain historical data from the prior trading day and will be available after the end of the trading day, generally on a T+1
basis.
2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6b of the Act.25 Specifically, the Exchange believes the proposed rule change is consistent with the Section 6b5 26 requirements that the rules of an exchange be designed to prevent 23 This information is also included in the NASDAQ report. See Nasdaq Approval Order at note 12, supra note 6. For purposes of calculating this duration of time, the Exchange will use the time the resting order and the Recipient Members responses is received by the Exchanges network, both of which would be before the order and responses would be received by the System. This time difference would be provided in nanoseconds.
24 The scope of information included in the Report is similar to the NASDAQ report in that both NASDAQs report and the proposed Report do not include information related to the any Member other than the Recipient Member. See Nasdaq Approval Order at note 13, supra note 6.
25 15 U.S.C. 78fb.
26 15 U.S.C. 78fb5.

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