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Federal Register / Vol. 86, No. 226 / Monday, November 29, 2021 / Notices
Processor as to the reasonableness of price or size, as to the identification of the furnishing Participant and, in the case of quotation information furnished by a national securities association, the broker or dealer which made the bid or offer, or as to any other data.
Accordingly, as between the Processor and a Participant furnishing quotation information and except as to its format, the accuracy of such information shall be the sole responsibility of such Participant.
e Unusual market conditions.
Whenever any Participant which is an exchange determines, as provided in paragraph b3 of the Rule, that the level of trading activity or the existence of unusual market conditions is such that such Participant is incapable of collecting, processing and making available to vendors the data with respect to any one or more Eligible Securities required to be made available pursuant to paragraph bl of the Rule Rules 602b1 and 603b of Regulation NMS in a manner which accurately reflects the current state of the market in such securities on the floor of such Participant, such Participant shall immediately notify the Processor, Competing Consolidators, and SelfAggregators of such determination. The Processor shall immediately thereupon give notice of such determination to each of the other Participants or its facilities manager, to each of the persons to whom it makes quotation information available pursuant to this CQ Plan and to the persons included as specified persons in paragraph a15 of the Rule. Following such notification to the Processor, such Participant shall monitor the activity or conditions which formed the basis for such notification and, when it determines that it is again capable of collecting, processing and making available to vendors and others the quotation information with respect to the one or more affected Eligible Securities in a manner which accurately reflects the current state of the market in such securities on the floor of such Participant, such Participant shall immediately advise the Processor, Competing Consolidators, and SelfAggregators thereof. The Processor shall immediately thereupon give notice of such advice to each of the persons identified in the second sentence of this Section VIe.
f Description of reporting procedures. Prior to the date upon which any Participant begins furnishing quotation information to the Processor pursuant to this CQ Plan, each such Participant shall prepare and submit to the Operating Committee and the Processor a description of the
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procedures by which it intends to comply with its obligations under this CQ Plan to collect quotation information and furnish it to the Processor.
Thereafter, any revisions of such procedures shall be reported promptly to the Operating Committee and the Processor.
VII. Receipt and Use of Quotation Information a Requirements for receipt and use of information. Pursuant to fair and reasonable terms and conditions, each networks administrator shall provide for:
i The dissemination of each CQ
networks quotation information on terms that are not unreasonably discriminatory to Competing Consolidators, Self-Aggregators, vendors, newspapers, Participants, Participant members and member organizations, and other persons over the high speed line; and ii the use of that CQ networks quotation information by Competing Consolidators, Self-Aggregators, vendors, subscribers, newspapers, Participants, Participant members and member organizations, and other persons.
Subject to Section IXbiii, each CQ
networks Participants shall determine the terms and conditions that apply in respect of a particular manner of receipt or use of that CQ networks quotation information, including whether the manner of receipt or use shall require the recipients or users to enter into appropriate agreements with the networks administrator. The Participants shall apply those determinations in a reasonably uniform manner, so as to subject all parties that receive or use a CQ networks quotation information in a particular manner to terms and conditions that are substantially similar.
The Participants in both CQ networks expect that their networks administrator will require the following parties to enter into agreements with the networks administrator, acting on behalf of the CQ networks Participants, substantially in the form of Exhibit C
the Consolidated Vendor Form or a predecessor form of agreement:
i Any party that receives a CQ
networks quotation information consolidated market data by means of a direct computer-to-computer interface with the Processor or Competing Consolidators;
ii any Competing Consolidator or Self Aggregator that receives quotation information directly from a Participant for the purpose of creating consolidated market data;

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iiiii vendors and other persons that redisseminate a CQ networks quotation information consolidated market data; and iiiiv persons that use a CQ
networks quotation information consolidated market data for such purposes as the CQ networks administrator may from time to time identify.
Each CQ networks Participants expect that their networks administrator will require subscribers, and other recipients of quotation information, that do not enter into the Consolidated Vendor Form, either:
i To enter into an agreement with its vendor that contains terms and conditions that run to the benefit of that CQ networks Participants and that are substantially similar to the terms and conditions set forth in the Subscriber Addendum attached as part of Exhibit D; or ii to enter into agreements with the networks administrator, acting on behalf of the CQ networks Participants, substantially in the form of that CQ
networks Consolidated Subscriber Form attached as part of Exhibit D or a predecessor form of agreement.
However, each networks administrator may determine that a particular manner of receipt or use by any party warrants terms and conditions different from those found in the Consolidated Vendor Form, the Subscriber Addendum or the Consolidated Subscriber Form, or requires no agreement at all.
b Approvals of redisseminators and terminations of approvals. All vendors of and other parties that redisseminate of a CQ networks quotation information consolidated market data and other parties that redisseminate a CQ networks quotation information collectively, data redisseminators shall be required to be approved by that networks administrator. A networks administrator may terminate the approval of a data redisseminator if it determines that circumstances so warrant. All decisions to so terminate an approval must be approved by a majority of that CQ networks Participants. All actions of a CQ
networks Participants approving, disapproving or terminating a prior approval of a data redisseminator will be final and conclusive on all of the CQ
networks Participants, except that any data redisseminator aggrieved by any final decision of a CQ networks Participants may petition the SEC for review of the decision in accordance with the Act and the rules and regulations of the SEC thereunder.

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