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Federal Register / Vol. 86, No. 226 / Monday, November 29, 2021 / Notices c Subscriber terminations. A
networks administrator may determine that circumstances warrant directing a data redisseminator to cease providing that CQ networks quotation information consolidated market data to a subscriber. Except as specifically authorized by the CQ networks Participants, the networks administrator shall, after making that determination, refer the matter to the CQ networks Participants for final decision before any action is taken. The CQ networks Participants may direct the data redisseminator to cease providing the CQ networks quotation information consolidated market data to the subscriber if a majority of those Participants determine that i such action is necessary or appropriate in the public interest or for the protection of investors, or ii the subscriber has breached any agreement required by the networks administrator pursuant to this Section VII. Any person aggrieved by any such final decision of the CQ
networks Participants may petition the SEC for review of that decision in accordance with the Act and the rules and regulations of the SEC thereunder.
d Contracts subject to Act. The Consolidated Vendor Form, the Subscriber Addendum, the Consolidated Subscriber Form and any other agreement or addendum that a networks administrator requires pursuant to Section VIIa shall by their terms be subject at all times to applicable provisions of the Act and the rules and regulations thereunder and shall subject vendor services to those provisions, rules and regulations.
e Market tests. Notwithstanding the provisions of Section VIIa regarding the form of, and necessity for, agreements with recipients of quotation information and the provisions of Section IXb regarding the amount and incidence of charges, and the establishment and amendment of charges, a networks administrator, acting with the concurrence of a majority of the CQ networks Participants, may enter into arrangements of limited duration, geography and scope with vendors and other persons for pilot test operations designed to develop, or to permit the development of, new quotation information services and uses under terms and conditions other than those specified in Sections VIIad and IXb. Without limiting the generality of the foregoing, any such arrangements may dispense with agreements with, and collection of charges from, customers of such vendors or other persons. Any such arrangement shall afford the CQ networks Participants an
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opportunity to receive market research obtained from the pilot test operations and/or to participate in the pilot test operations. The networks administrator shall promptly report to the Operating Committee and the SEC about the commencement of each such arrangement and, upon its conclusion, any market research obtained from the pilot test operations.
f Performance of contract functions.
This Section VII requires AMEX, as the CQ Network B administrator, to enter into arrangements on behalf of the Network B Participants so as to authorize vendors and other persons to receive and use CQ Network B quotation information for the purposes of assorted services. NYSE shall perform in place of AMEX such of the execution, administration and maintenance functions relating to those arrangements other than arrangements with subscribers as NYSE and AMEX may from time to time agree in the interest of administrative efficiency.
VIII. Operational Matters a Regulatory and Operational Halts.
Section XIa of the CTA Plan Regulatory Halts and Operational Halts governs regulatory and operational halts. The provisions of Section XIa of the CTA Plan shall apply to the Participants under this CQ
Plan in the same manner, and with the same force and effect, as they apply to the Participants under the CTA Plan.
b Hours of operation. The Processor shall receive and make available quotation information pursuant to this CQ Plan between 9:00 a.m. and 6:30
p.m., eastern time, Monday through Friday or during such other period on those days as the Operating Committee, by affirmative vote of all its members, may specify while one or more Participants is open for trading. In addition, the Processor shall receive and make available quotation information pursuant to this CQ Plan during any other period an additional period during which any one or more Participants wish to furnish quotation information to the Processor, provided that such Participant or Participants have agreed to pay all costs and expenses which would not have been incurred by the Processor had it not made the quotation information available during such additional period additional period costs and expenses. Additional period costs and expenses shall include the cost of operating during the additional period to which such costs and expenses are attributable to that portion of the equipment associated with making
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quotation information available as is utilized for such purposes.
IX. Financial Matters a Sharing of Income and Expenses.
Each CQ Networks Participants shall share in the income and expenses associated with the making available of that CQ Networks quotation information in accordance with the provisions of this Section IX. Except as otherwise indicated, each income, expense and cost item, and each formula therefor described in this Section IX, applies separately to each of the two CQ networks and its respective Participants. The Annual Share of any Participant furnishing a CQ networks quotation information to the Processor, and the Gross Income and Operating Expenses for each CQ network as defined in subsections b and c, respectively, of this Section IX, shall be determined for each calendar year and shall be determined as of the end of each such calendar year.
i Annual Share. For the purposes of this CQ Plan, the Annual Share of any Participant furnishing CQ Network A
quotation information or CQ Network B
quotation information to the Processor for any calendar year shall be the same as the Participants Annual Share as calculated pursuant to Section XIai of the CTA Plan.
ii Net Income. Each CQ networks Operating Expenses attributable to any calendar year as defined in Section IXc shall be deducted from that CQ
networks Gross Income attributable to that calendar year as defined in Section IXb. The balance after such deduction shall be such CQ networks Net Income attributable to such calendar year.
iii Allocation to Participants. A CQ
networks Net Income, if any, attributable to each calendar year, whether a positive above zero amount or a negative below zero amount, shall be allocated among all such CQ
networks Participants according to their respective Annual Shares as determined for that calendar year.
iv Payments. As soon as reasonably complete income and expense figures are available for each calendar quarter, each networks administrator shall A
determine the cumulative year-to-date Net Income for its CQ network as at the end of such quarter the current Net Income and B distribute in accordance with Section IXaiii that portion of the current Net Income if any as has not theretofore been distributed. Following the availability of audited financial statements for each calendar year, each networks administrator shall 1 calculate the
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