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Federal Register / Vol. 86, No. 226 / Monday, November 29, 2021 / Notices to this CTA Plan and attributable to that calendar year, including the high speed line fee revenues allocated to the networks pursuant to Section XIIbv.
For the purpose of determining CTA
Network As Gross Income attributable to any calendar year, there shall be deducted, and allocated to NYSE, from those revenues attributable to that calendar year and received by the NYSE
an amount which equals the product of those revenues and the bond allocation fraction. The bond allocation fraction is a fraction, the numerator of which shall be the total number of transactions in bonds on the NYSE for that calendar year and the denominator of which shall be the sum of the total number of transactions in bonds on the NYSE and the total number of transactions in Network A Eligible Securities on the NYSE for that calendar year.
ii Charges generally. Charges to subscribers, vendors and others for the privilege of receiving and using a networks last sale price information are shown on the Schedule of Market Data Charges attached hereto as Exhibit E.
iii Establishing and amending charges. Any addition of any charge to, deletion of any charge from, or modification to any of, the charges set forth in Exhibit E a New or Modified Charge shall be effected by an amendment to this CTA Plan appropriately revising Exhibit E that is approved by affirmative vote of not less than two-thirds of all of the then voting members of CTA. Any such amendment shall be executed on behalf of each Participant that appointed a voting member of CTA who approves such amendment and shall be filed with the SEC. However, charges imposed by the pilot test arrangements that Section IXe permits do not constitute New or
CTA Network A
Relative Message =
Usage Percentage
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where:
A represents the number of messages that the CTA Network A Participants disseminate over CTA Network A
pursuant to the CTA Plan during that month; and B represents the number of messages that the CTA Network B Participants disseminate over CTA Network B
pursuant to the CTA Plan during that month.

For the purpose of this calculation, message includes any message that a Participant disseminates over the
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A
A+B,
Consolidated Tape System, including, but not limited to, prices relating to Eligible Securities or concurrent use securities, administrative messages, index messages, corrections, cancellations and error messages.
vi Combined CTA and CQ charges.
A Network A subscriber charges.
The CTA Network A Participants may establish jointly with the CQ Network A Participants as the CQ Plan defines that term one or more combined charges for the receipt of last sale price information and quotation information.

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Modified Charges and do not require an amendment to this CTA Plan or the CQ
Plan.
iv Charges to Participants. The Participants are not exempt from the charges that are set forth in this CTA
Plan and each shall pay such of those charges as may be applicable to it.
v Combined CTA Network A and CTA Network B charges. Insofar as the CTA Network A Participants and the CTA Network B Participants impose jointly a combined charge for the receipt of direct and/or indirect access to the high speed line, the revenues that they receive from any such charge shall be allocated between CTA Network A and CTA Network B in accordance with the networks Relative Message Usage Percentages. The networks administrators shall direct the Processor to calculate the allocation on a monthly basis. NYSE, in its role as high speed line access administrator, shall collect any such combined high speed line access charge and shall distribute to the CTA Network B administrator the amount allocated to CTA Network B on a quarterly basis, as soon as the allocation calculations become available for a calendar quarter.
Relative message usage percentage means, as to each CTA network, a percentage equal to A the number of that networks messages that the networks Participants report over the high speed line for a month divided by B the sum of the number of both networks messages that both networks Participants report over the high speed line for that month.
For example, a months relative message usage percentage for CTA
Network A would be calculated as follows:

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In that event, 1 the financial results relating to the dissemination of CQ
Network A quotation information as the CQ Plan uses that term and CTA
Network A financial results shall be determined and reported on a combined basis and 2 this Section XIIbv shall supersede any inconsistent provision of this CTA Plan. For these purposes, the combined net income of CTA/CQ
Network A shall be defined as:
a The total amounts received by the NYSE from all parties in return for the privilege of receiving consolidated last
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respect to its CTA network, shall maintain appropriate records reflecting all components of and exclusions from, A Gross Income as referred to in Section XIIb and B Operating Expenses as referred to in Section XIIc. Each networks administrator with respect to its CTA network, and the independent public accountants referred to below shall furnish any such information and/or documentation reasonably requested in writing by a majority of that CTA networks Participants other than that CTA
networks administrator in support of or relating to any of the computations to which this Section XII refers. All revenues, expenses, computations, allocations and payments in respect of either CTA network referred to in or required by this Section XII shall be reported annually to that CTA networks Participants by a firm of independent public accountants which may be the firm regularly employed by that CTA
networks administrator. In reporting a CTA Networks expenses, the accountants shall report only the Annual Fixed Payment and Extraordinary Expenses, as defined in Section XIIci. Such accountants shall render their opinion that all such revenues, expenses, computations, allocations and payments have been reported in accordance with the understanding expressed in this Section XII. A copy of each such report shall also be furnished to the SEC for its information.
b Gross Income.
i Determination of Gross Income.
Each CTA networks Gross Income attributable to any calendar year means all revenues received by that CTA
networks administrator on behalf of all of that CTA networks Participants on account of all charges payable pursuant
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