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Federal Register / Vol. 86, No. 226 / Monday, November 29, 2021 / Notices
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pursuant to Rule 614d5. Monthly performance metrics shall include:
i Capacity statistics, including system tested capacity, system output capacity, total transaction capacity, and total transaction peak capacity;
ii Message rate and total statistics, including peak output rates on the following bases: 1-millisecond, 10millisecond, 100-millisecond, 500millisecond, 1-second, and 5-second;
iii System availability statistics, including system up-time percentage and cumulative amount of outage time;
iv Network delay statistics, including quote and trade zero window size events, quote and trade retransmit events, and quote and trade message total; and v Latency statistics, including distribution statistics up to the 99.99th percentile, for the following:
A When a Participant sends an inbound message to a Competing Consolidator and when the Competing Consolidator receives the inbound message;
B When the Competing Consolidator receives the inbound message and when the Competing Consolidator sends the corresponding consolidated message to a customer of the Competing Consolidator; and C When a Participant sends an inbound message to a Competing Consolidator and when the Competing Consolidator sends the corresponding consolidated message to a customer of the Competing Consolidator.
VI. Collection and Reporting of Quotation Information a Responsibilities of Participants.
Each Participant agrees to collect, and furnish to the Processor in a format acceptable to the Processor and the Operating Committee, all quotation information required to be made available by such Participant to vendors by paragraph bl of the Ruleby Rules 602b1 of Regulation NMS. Each Participant further agrees to collect and report to Competing Consolidators and Self Aggregators all quotation information required to be made available by such Participant by Rule 603b of Regulation NMS, including all data necessary to generated consolidated market data.
Each bid and offer with respect to an Eligible Security furnished to the Processor, Competing Consolidators, and Self-Aggregators by any Participant pursuant to this CQ Plan shall be accompanied by i the quotation size or aggregate quotation size associated therewith as required the information required by Rules 602b1 or 603b of Regulation NMS, as applicable,
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paragraph bl of the Rule and ii the time of the bid or offer as identified by:
A In the case of a national securities exchange, the reporting Participants matching engine publication timestamp reported in microseconds; or B in the case of a national securities association, the quotation publication timestamp that the associations bidding or offering member reports to the associations quotation facility in accordance with FINRA rules.
Also, if a national securities association quotation facility such as FINRAs Alternative Display Facility provides a proprietary feed of its quotation information, then the quotation facility shall also furnish the Processor, Competing Consolidators, and Self-Aggregators with the time of the quotation as published on the quotation facilitys proprietary feed.
The national securities association shall convert any quotation times reported to it in seconds or milliseconds to microseconds and shall furnish such times to the Processor, Competing Consolidators, and Self-Aggregators in microseconds.
Each bid and offer with respect to an Eligible Security furnished to Competing Consolidators and Self-Aggregators by any Participant pursuant to this CQ
Plan shall also be accompanied by the time the Participant made such bid and offer available to Competing Consolidators and Self Aggregators reported in microseconds.
In addition, each bid and offer with respect to an Eligible Security made by a broker or dealer otherwise than on the floor of an exchange and furnished to the Processor, Competing Consolidators, and Self-Aggregators by any Participant which is a national securities association shall, at the time furnished, be accompanied by an appropriate symbol designated by the Processor and acceptable to the Operating Committee identifying such broker or dealer as required by paragraph bi of the Rule.
b Timeliness of Reporting. Each Participant agrees to furnish quotation information, and changes in any such information, to the Processor as promptly as possible and to establish and maintain collection and reporting procedures and facilities such as to insure that on the average and under normal conditions, the bids and offers with respect to Eligible Securities required to be made available by such Participant to vendors by paragraph b1 of the Rule will be furnished to the Processor within approximately one minute of the time such bid or offer is communicated to such Participant. The Participants agree that they shall have as an objective the reduction of the time
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period for furnishing quotation information to the Processor.
Each Participant further agrees to furnish quotation information, and changes in any such information, to the Competing Consolidator and SelfAggregators in the same manner and using the same methods, including all methods of access and the same format, as such Participant makes available any information with respect to quotations for and transactions in NMS stocks to any person.
c High speed line and market identifiers. Subject to the rejection procedures described in Section VId, the Processor shall make available by means of the high speed line i all quotation information received by it without alteration and in the sequence in which it was received and ii the consolidated BBO contained in such quotation information with respect to each Eligible Security and any identifier associated with such consolidated BBO.
Each bid and offer with respect to an Eligible Security transmitted by the Processor shall be accompanied by an appropriate symbol designated by the Processor and acceptable to the Operating Committee identifying the Participant that reported such bid or offer to the Processor. Each bid or offer with respect to an Eligible Security furnished to the Processor by a Participant that is a national securities association other than an ITS/CAES
BBO shall be accompanied by the symbol identifying the broker or dealer who was reported to the Processor as having made such bid or offer otherwise than on the floor of an exchange. The quotation information transmitted by the Processor as referred to above shall be made available to persons receiving such information, including vendors, at the location in New York City designated by the Processor and acceptable to the Operating Committee.
d Processor validation and correction procedure. The quotation information received by the Processor from any Participant shall be validated by the Processor for proper format. If the format is incorrect as to any bid or offer made with respect to an Eligible Security, such bid or offer will be rejected and the Participant which reported such bid or offer will be so notified. The correction of the format of any such quotation information and any retransmission thereof to the Processor shall be the responsibility of the furnishing Participant. The Processor shall not perform any other validation function with respect to quotation information and shall have no responsibility regarding the accuracy of quotation information furnished to the
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