Voglio sapere a riguardo di…

29604

Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices
b. Connectivity to Third Party Data Feeds The Exchanges propose to specify in the Fee Schedule connectivity services that IDS offers NCL Customers to connect to data feeds from third-party markets and other content service providers Third Party Data Feeds for a fee.41 According to the Exchanges, NCL Customers connect to Third Party Data Feeds over the IDS Network.42
The Exchanges state that IDS charges a monthly recurring fee for connectivity to each Third Party Data Feed.43 Third Party Data Feed providers may charge redistribution fees.44 The Exchanges propose that, when IDS is charged a redistribution fee by the Third Party Data Feed provider, IDS would pass through the charge to the NCL
Customer, without change to the fee.45
In addition, the Exchanges propose they it would not charge NCL Customers that are third-party markets or content providers for connectivity to their own feeds, as the Exchanges maintain that 41 See
id.
Exchanges state that IDS receives Third Party Data Feeds from multiple national securities exchanges and other content service providers at the Mahwah Data Center, and provides connectivity to that data to NCL Customers for a fee. According to the Exchanges, in order to connect to a Third Party Data Feed, an NCL Customer enters into a contract with the relevant third-party market or other content service provider, pursuant to which the content service provider charges the NCL
Customer for the Third Party Data Feed. IDS
receives the Third Party Data Feed over its fiber optic network and, after the data provider and NCL
Customer enter into an agreement and IDS receives authorization from the data provider, IDS
retransmits the data to the NCL Customer over the NCL Customers IDS Network port. IDS charges the NCL Customer for the connectivity to the Third Party Data Feed. An NCL Customer only receives, and is only charged for, connectivity to the Third Party Data Feeds for which it entered into contracts.
With the exception of the IDS, ICE, and Global OTC
feeds, neither the Exchanges nor IDS has any affiliation with the sellers of the Third Party Data Feeds. The Exchanges and IDS have no right to use the Third Party Data Feeds other than as a redistributor of the data. The Third Party Data Feeds do not provide access or order entry to the Exchanges execution system. With the exception of the ICE feed, the Third Party Data Feeds do not provide access or order entry to the execution systems of the third party generating the feed. The Exchanges further represent that IDS receives Third Party Data Feeds via arms-length agreements and has no inherent advantage over any other distributor of such data. See id.
43 The monthly recurring fee is per Third Party Data Feed, with the exception that the monthly recurring fee for the ICE Data Services Consolidated Feeds including the ICE Data Services Consolidated Feed Shared Farm feeds, Vela SuperFeeds, and MSCI feeds vary by the bandwidth of the connection. According to the Exchanges, depending on its needs and bandwidth, an NCL
Customer may opt to receive all or some of the Third Party Data Feeds. See id.
44 See id.
45 The fee would be labeled as a pass-through of a redistribution fee on the NCL Customers invoice.
See id.

jbell on DSKJLSW7X2PROD with NOTICES

42 The
VerDate Sep<11>2014

17:49 Jun 01, 2021

Jkt 253001

such parties generally receive their own feeds for purposes of diagnostics and testing.46 The Exchanges propose to add a chart to the Fee Schedule setting forth a description of each type of connectivity service to Third Party Feeds over the IDS Network, along with the associated amount of monthly fees.47
The Exchanges also propose to add Note 3, titled Note 3: Third Party Systems, to the section of the Fee Schedule titled D. Non-Colocation NCL Services. 48 Proposed Note 3
would provide that pricing for data feeds from third party markets and other service providers Third Party Data Feeds is for connectivity only, which is subject to any technical provisioning requirements, authorization, and licensing from the provider of the data feed, and is over the IDS Network.49
Proposed Note 3 would also state that fees for Third Party Data Feeds are charged by the provider of such data feeds,50 as well as that IDS is not the 46 See
id.
proposed descriptions of these services and associated amount of monthly fees are as follows: BM&F Bovespa $3,000; Boston Options Exchange BOX $1,000; Canadian Securities Exchange CSE $1,000; Cboe BZX Exchange CboeBZX and Cboe BYX Exchange CboeBYX
$2,000; Cboe EDGX Exchange CboeEDGX and Cboe EDGA Exchange CboeEDGA $2,000; Cboe Exchange Cboe and Cboe C2 Exchange C2
$2,000; CME Group $3,000; Euronext Optiq Compressed Cash $900; Euronext Optiq Compressed Derivatives $600; Euronext Optiq Shaped Cash $1,200; Euronext Optiq Shaped Derivatives $900; Financial Industry Regulatory Authority FINRA $500; Global OTC $100; ICE
Data Services Consolidated Feed 100 Mb $200;
ICE Data Services Consolidated Feed >100 Mb to 1
Gb $500; ICE Data Services Consolidated Feed >1
Gb $1,000; ICE Data Services Consolidated Feed Shared Farm 100Mb $200; ICE Data Services Consolidated Feed Shared Farm >100 Mb to 1 Gb $500; ICE Data Services Consolidated Feed Shared Farm >1 Gb $1,000; ICE Data ServicesICE TMC
$200; ICE Data Services PRD $200; ICE Data Services PRD CEP $400; Intercontinental Exchange ICE $1,500; Investors Exchange IEX
$1,000; ITG TriAct Matchnow $1,000; Members Exchange MEMX $3,000; MIAX Emerald $3,500; MIAX Options/MIAX PEARL Options $2,000; MIAX PEARL Equities $2,500; Montreal Exchange MX $1,000; MSCI 5 Mb $500; MSCI
25 Mb $1,200; NASDAQ Stock Market $2,000;
NASDAQ OMX Global Index Data Service $100;
NASDAQ UQDF & UTDF $500; NASDAQ Canada CXC, CXD, CX2 $1,500; NASDAQ ISE $1,000;
Neo Aequitas $1,200; Omega $1,000; OneChicago $1,000; OTC Markets Group $1,000; Vela SuperFeed <500 Mb $250; VelaSuperFeed >500
Mb to <1.25 Gb $800; VelaSuperFeed >1.25 Gb $1,000; and TMX Group $2,500. See id. at 1271819.
48 See id. at 12719.
49 See id.
50 Proposed Note 3 further provides that Third Party Data Feed providers may charge redistribution fees, and that when IDS is charged a redistribution fee, IDS passes the charge through to the customer, without change to the fee. The fee is labeled as a pass-through of a redistribution fee on the customers invoice. Proposed Note 3 also states that 47 The
PO 00000

Frm 00059

Fmt 4703

Sfmt 4703

exclusive method to connect to Third Party Data Feeds.51
c. Connectivity to Third Party Data Testing and Certification Feeds The Exchanges propose to specify in the Fee Schedule that NCL Customers may obtain connectivity to third-party testing and certification feeds.52
According to the Exchanges, certification feeds are used to certify that an NCL Customer conforms to any of the relevant content service providers requirements for accessing Third Party Systems or receiving Third Party Data Feeds, while testing feeds would provide NCL Customers an environment in which to conduct tests with non-live data.53 The Exchanges state that such feeds, which are solely used for certification and testing and do not carry live production data, are available over the IDS Network.54 The Exchanges propose to add a $100
monthly recurring charge per feed for connectivity to Third Party Testing and Certification Feeds to the Fee Schedule.55
d. Connectivity to DTCC
The Exchanges propose to specify in the Fee Schedule services that IDS
provides to connect NCL Customers to Depository Trust & Clearing Corporation DTCC for clearing, fund transfer, insurance, and settlement services.56
IDS charges the NCL Customer for the connectivity to DTCC.57 The Exchanges IDS does not charge third party markets or content providers for connectivity to their own feeds. See id.
51 See id.
52 See id.
53 See id.
54 The Exchanges state that connectivity to third party testing and certification feeds would be subject to any technical provisioning requirements, authorization, and licensing from the provider of the data feed; fees for such feeds are charged by the provider of the feed; and the Exchanges are not the exclusive method to connect to third-party testing and certification feeds. See id.
55 See id.
56 According to the Exchanges, in order to connect to DTCC, an NCL Customer enters into a contract with DTCC, pursuant to which DTCC
charges the NCL Customer for the services provided. IDS receives the DTCC feed over its fiber optic network and, after DTCC and the NCL
Customer entered into the services contract and IDS
received authorization from DTCC, IDS provides connectivity to DTCC to the NCL Customer over the NCL Customers IDS Network port. The Exchanges state that connectivity to DTCC does not provide access or order entry to the Exchanges execution systems, and an NCL Customers connection to DTCC is not through the Exchanges execution systems. See id. at 1271920.
57 The Exchanges state that connectivity to DTCC
is subject to any technical provisioning requirements, authorization, and licensing from DTCC; fees for such feeds are charged by DTCC; and IDS is not the exclusive provider to connect to DTCC feeds. See id. at 12720.

E:FRFM02JNN1.SGM

02JNN1