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khammond on DSKJM1Z7X2PROD with NOTICES

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Federal Register / Vol. 86, No. 55 / Wednesday, March 24, 2021 / Notices
provided on a T+1 basis and include data specific to one Member, and only that Member would receive the report.34
In addition, both the proposed Report and NASDAQs Missed Opportunity Latency report are intended to provide the Recipient Member with the time duration by which the order entered by the Recipient Member missed an execution. Both the Exchange and NASDAQ restrict all other market participants, including the Recipient Member, from receiving another market participants data. As described above throughout the proposal, the proposed Report and NASDAQs Missed OpportunityLatency report both include the following information:
The time a resting order was received by the Exchange Symbol Order reference number unique reference number assigned to a new order at the time of receipt Side buy or sell Displayed price and size of the resting order 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 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 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 The proposed Report includes that following information that is not included in NASDAQs Missed OpportunityLatency report:
Whether the Recipient Member is an Affiliate of the Member that entered the resting order.
Origin type e.g., Priority Customer, Market Maker. This difference is immaterial as this data point is being provided as a convenience and this data point is also available either via OPRA or the Exchanges proprietary data feeds.
EBBO at the time of the execution.
This difference is immaterial as this data point is being provided as a convenience and this data point is also available either via OPRA or the Exchanges proprietary data feeds.
ABBO at the time of the execution.
This difference is immaterial as this 34 Id.

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data point is being provided as a convenience and this data point is also available either via OPRA or the Exchanges proprietary data feeds.
Whether response was entered by the Recipient Member. As stated above, this data point is simply provided as a convenience to the Recipient Member. 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.
Recipient Member identifier. This difference is not material because this data point is being provided as a convenience would sic be known to the Recipient Member even if not included in the Report.
Size and type of each response submitted by the Recipient Member.
This difference is not material because this data point is being provided as a convenience would sic be known to the Recipient Member even if not included in the Report.
Response reference number. The Exchange believe sic this is not a material difference since it this sic is a unique reference number not assigned by the Exchange, but rather attached to response sic by the Recipient Member themselves and would be known to the Recipient Member even if not included in the Report.
As illustrated above, the proposed Report and NASDAQs Missed OpportunityLatency Report is substantially similar and includes a number of the same data elements designed to assist Members in better understanding their trading activity on the Exchange and augment their trading strategies to improve their execution opportunities. Each of these above differences are immaterial because the data point is available via another source and is being provided as a convenience to the Recipient Member when analyzing the Report and intended to make the Report more comprehensive and easier to understand.
One additional difference between the proposed Report and NASDAQs Missed OpportunityLatency report is unrelated to the content of the Report, but is related to the type of security the report covers. The proposed Report would cover options trading on the Exchange while NASDAQs Missed OpportunityLatency report covers equity securities. The Exchange believes this difference is of no consequence as both reports are intended to serve the same purposeproviding firms with an opportunity to learn more about when they may have better opportunities to
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access liquidity and to receive better execution rates. The infrastructure by which a market participant seek to access displayed liquidity on either an equity or options exchange is similar.
Liquidity seeking orders on both equity and options exchanges would access the exchanges systems in similar manners through the use of ports and gateways.
Both reports provide data regarding attempts to access liquidity and both reports would be of no value to market participants seeking to access liquidity in dark pools or other off-exchange venues that are present in the equities market that do not provide for displayed orders. Such off exchange venues are not present in the options markets. The value of such a report is only present in the displayed markets for both options and equities trading and, therefore, the Exchange believes the proposed Report presents the same utility and benefits in the options market as the NASDAQ
report does today for equities.
In approving NASDAQs Missed OpportunityLatency report, the Commission noted that the report would increase transparency, particularly for Members who may not have the expertise to generate the same information. 35 For the reasons stated above, the Exchange believes this statement is true regardless of whether the Recipient Member trades equities or options. The Exchanges proposed Report would achieve the same goal for Members seeking to better understand the efficacy of their incoming orders.
Further, the proposed Report promotes just and equitable principles of trade because, like NASDAQs report, it will increase transparency and democratize information so that all firms may elect to subscribe to the Report even though some firms may not have the appropriate resources to generate a similar report themselves.
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 35 See Securities Exchange Act Release No. 78886
September 20, 2016, 81 FR 66113, 66114
September 26, 2016.

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