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Federal Register / Vol. 86, No. 87 / Friday, May 7, 2021 / Notices
issuers, brokers, or dealers. The proposal is also designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. Additionally, the proposal is consistent with Section 11A
of the Act relating to the establishment of the national market system for securities.
In particular, the Exchange believes that the proposal to rename, enhance, and in some instances, alter the scope of the current products, through the new re-platformed products and charge fees to users of these new products is reasonable and not unfairly discriminatory because the fees will remain the same as the current Workstation, InterACT and Risk Management products as users migrate to using the re-platformed products. For the same reason, the Exchange believes that the proposed changes remove impediments to and perfect the mechanism of a free and open market and a national market system, constitute an equitable allocation of fees, and protect investors and the public interest because under each individually proposed rule, a member firm who would migrate to the new products will receive enhanced services that will improve the users experience using the products, but will be charged the same fee amount as the firm currently pays for the respective current products.
Although the Exchange has changed the time period for query access to members trades through WorkX and has removed summaries for the total number of Regulation NMS tradethroughs on Real-Time Stats, the Exchange believes that the proposed changes are both equitably allocated, reasonable and protects investors and the public interest because WorkX
provides the enhanced functionalities to FINRA/Nasdaq TRF Participants for trade reporting while maintaining compliance with record-keeping rules for accessible transaction data pursuant to the Act,15 and the change to RealTime Stats does not take away from the users ability to monitor and maintain compliance with FINRA rules.
Moreover, these changes are balanced by the enhancements that users will receive from the re-platformed WorkX
and Real-Time Stats products.
The Exchange believes that the proposal is not unfairly discriminatory.
All member firms will be notified about the product availability, have access to the re-platformed products and will be 15 See
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required to fully migrate once the Exchange discontinues the current products. If a firm is not satisfied with product differences, the firm will have at least a year before the existing product is retired to find an alternate service offered by a third party or allow time for Nasdaq to enhance the product.
Moreover, the fees for the re-platformed products will apply to all member firms in the same manner as the current products.
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.
Intramarket Competition The Exchange does not believe that its proposals will place any category of Exchange participant at a competitive disadvantage. To the contrary, the proposed changes will provide opportunities for members to receive enhanced features of their current Workstation, InterACT and Risk Management products. Moreover, these enhanced products, which are available to any participant, will provide a more user-friendly and efficient product experience for the same fees as the current products. Although Real-Time Stats does not provide the total number of Regulation NMS trade-throughs, this will not place any category of Exchange participants at a competitive disadvantage because historically, participants have utilized this surveillance tool to maintain compliance with FINRA trading rules.
Real-Time Stats offers an enhancement of the FINRA surveillance tool.
Moreover, participants who want to surveil for SEC rules may obtain the Reg Recon surveillance tool, which includes summaries of the total number of Regulation NMS trade-throughs.
Additionally, the Exchange is reducing the length of its historical data to improve WorkX system processing while maintaining compliance with record-keeping rules pursuant to the Act.16 Although WorkX does not sic provide query access to a members trades older than one year and dating back to no more than five years, this change will not take away from user functionality.
Intermarket Competition The Exchange believes that its proposed modifications to its fee schedule will not impose any burden on 16 See
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competition because the launch of the Exchanges enhanced connectivity, surveillance and risk management services are reflective of the need for the Exchange to ensure that it provides the best products and the benefit member firms receive from these enhancements.
The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing providers of third-party services if they deem the re-platformed products and services to be insufficient, or products available by other vendors to be more favorable. The proposed fees for the re-platformed products are reflective of this competition. As discussed above, the Exchange has proposed the fees to be the same as the current products.
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 19b3A of the Act 17 and Rule 19b 4f6 thereunder.18
At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule change should be approved or disapproved.
IV. Solicitation of Comments Interested persons are invited to submit written data, views, and 17 15

U.S.C. 78sb3A.
CFR 240.19b4f6. In addition, Rule 19b 4f6iii requires a self-regulatory organization to give the Commission written notice of its 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.
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