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Federal Register / Vol. 86, No. 226 / Monday, November 29, 2021 / Notices
sale price information and quotation information in respect of Network A
Eligible Securities, less b the total of all CTA Network A
Operating Expenses as referred to in Section XIIc of this CTA Plan and all CQ Network A Operating Expenses as referred to in Section IXc of the CQ
Plan.
In determining the clause a amount for any calendar year, there shall be deducted and allocated to the NYSE an amount in respect of last sale price information and quotation information for bonds traded on the NYSE. The amount for any calendar year shall equal the product of the clause a amount without this deduction times the bond allocation fraction as defined in Section XIIbi.
The combined CTA/CQ Network A
net income attributable to each calendar year shall be distributed among the CTA/CQ Network A Participants according to the sum of their respective Trading Shares and Quoting Shares.
B Network B nonprofessional subscriber charges. The CTA Network B
Participants may establish jointly with the CQ Network B Participants as the CQ Plan defines that term one or more combined charges for the receipt of last sale price information and quotation information by nonprofessional subscribers. Seventy-five percent of the revenues collected from those combined charges shall be allocated to the CTA
Network B Participants under this CTA
Plan and the remaining 25 percent of those revenues shall be allocated to the CQ Network B Participants.
c Operating Expenses.
i Determination of Operating Expenses. Each CTA networks Operating Expenses attributable to any calendar year means:
Y The networks Annual Fixed Payment for that Year; plus Z Extraordinary Expenses.
A networks Annual Fixed Payment shall compensate that networks administrator for its services as the CTA
network administrator under this CTA
Plan and as the networks administrator for the corresponding network under the CQ Plan.
For Network A, the Annual Fixed Payment commenced with calendar year 2008. For calendar year 2008, the Annual Fixed Payment for Network A
was $6 million dollars. For Network B, the Annual Fixed Payment commenced with calendar year 2009.
For calendar year 2009, the Annual Fixed Payment for Network B was $3
million dollars.
For each subsequent calendar year, a networks Annual Fixed Payment shall increase but not decrease by the
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percentage increase if any in the annual cost-of-living adjustment COLA that the U.S. Social Security Administration applies to Supplemental Security Income for the calendar year preceding that subsequent calendar year, subject to a maximum annual increase of five percent. For example, if the Social Security Administrations cost-of-living adjustment had been three percent for calendar year 2008, then the Annual Fixed Payment for CTA
Network A and CQ Network A for calendar year 2009 would have increased by three percent to $6,180,000.
Every two years, each networks administrator will provide a report highlighting any significant changes to that networks administrative expenses under this CTA Plan and the CQ Plan during the preceding two years, and the Participants will review each networks Annual Fixed Payment and determine by majority vote whether to continue it at its then current level. On a quarterly basis, each networks administrator shall deduct one-quarter of each calendar years Annual Fixed Payment from the aggregate of that CTA
networks Gross Income and the Gross Income of the corresponding network under the CQ Plan, before determining that quarters distributable Net Income under this CTA Plan and the CQ Plan. If a Participants share of Net Income for either network for any calendar year including the Net Income for the corresponding network under the CQ Plan is less than its pro rata share of the Annual Fixed Payment for that calendar year, the Participant shall be responsible for the difference.
A CTA networks Extraordinary Expenses include that portion of the CTA networks legal and audit expenses and marketing and consulting fees that are outside of the ordinary and customary functions that a network administrator performs. For instance, Extraordinary Expenses would include such things as legal fees related to prosecution of a legal proceeding against a vendor that fails to pay applicable charges and fees relating to a marketing campaign that Participants determine to undertake to popularize stock trading.
ii Litigation costs. A CTA networks Operating Expenses shall not include any cost or expense incurred by any Participant except those incurred by a Participant acting in its capacity as a networks administrator on behalf of that networks Participants as the result of, or in connection with, its defense of any claim, suit or proceeding against CTA, the Processor, this CTA Plan or any one or more Participants, relating to
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this CTA Plan or the reception, generation or dissemination of that networks consolidated last sale price information as contemplated by this CTA Plan, and all such costs and expenses incurred by any such Participant shall be borne by such Participant without contribution or reimbursement; provided, however, that nothing herein shall affect or impair any right of indemnification included in any contract referred to in Section Vc hereof.
iii Collection costs. Except as otherwise provided in this Section XIIc, each Participant and each other reporting party shall be responsible for paying the full cost and expense without any reimbursement or sharing incurred by it in collecting and reporting to the Processor in New York City last sale price information relating to Eligible Securities or associated with its market surveillance function.
XIII. Concurrent Use of Facilities a Scope of concurrent use. Any Participant may agree with the Processor to use the high speed line for the purpose of disseminating concurrent use information.
Concurrent use information means market information that falls into one of the following categories:
i Last sale prices and related information relating to completed transactions effected on a Participant in A listed equity securities other than Eligible Securities or B bonds that are listed, or admitted to trading, on an exchange Participant concurrent use securities information; and ii information relating to an index A in which a Participant has a proprietary ownership interest or B
that underlies a security that is listed, or admitted to trading, on an exchange Participant concurrent use index information.
b Processing privileges and conditions. To the extent a Participant disseminates concurrent use information, the Participant shall do so subject to the same contractual obligations that the contracts described in Section Vc impose on reporting parties. The Processor will provide any one or more of the same collection, processing, validation and dissemination functions that the Processor provides in respect of completed transactions in Eligible Securities and related information, including inclusion of that information in the data base that Section Vb describes. The reporting of transactions in concurrent use securities information to the Processor and the sequencing and dissemination of concurrent use
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