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Federal Register / Vol. 86, No. 226 / Monday, November 29, 2021 / Notices
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difference if any between its CQ
networks actual Net Income for the calendar year and the sum of the amount distributed pursuant to the preceding sentence and 2 distribute such difference in accordance with Section IXaiii. In the case of any negative below zero amount of Net Income i.e., a deficit, each Participant in the affected CQ network shall pay, promptly following billing therefor, its Annual Share thereof.
v Recordkeeping and reporting. Each networks administrator with respect to its CQ network, shall maintain appropriate records reflecting all components of, and exclusions from, A
Gross Income as referred to in Section IXb and B Operating Expenses as referred to in Section IXc. Each networks administrator with respect to its CQ 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 networks Participants other than such networks administrator in support of or relating to any of the computations to which this Section IX refers. All revenues, expenses, computations, allocations and payments with respect to either CQ network referred to in or required by this Section IX shall be reported annually to that CQ networks Participants by a firm of independent public accountants which may be the firm regularly employed by that networks administrator. In reporting a CQ networks expenses, the accountants shall report only the Annual Fixed Payment and Extraordinary Expenses, as defined in Section IXci. 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 IX. 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 CQ networks Gross Income attributable to any calendar year means all revenues received by that networks administrator on behalf of all of that CQ
networks Participants on account of all charges payable pursuant to this CQ
Plan and attributable to that calendar
year, including the high speed line fee revenues allocated to the networks pursuant to Section IXbv. For the purpose of determining the Gross Income attributable to any calendar year with respect to each CQ network, there shall be deducted, and allocated to that networks administrator, from the CQ
networks revenues attributable to that calendar year and received by such networks administrator, an amount which equals the product of those revenues and that CQ networks bond allocation fraction. A CQ networks bond allocation fraction is a fraction, the numerator of which shall be the total number of transactions in bonds on such networks administrator during that calendar year and the denominator of which shall be the sum of the total number of transactions in bonds on such networks administrator during such calendar year and the total number of transactions in that CQ networks Eligible Securities on that networks administrator during that calendar year.
ii Charges generally. Charges under this CQ Plan shall be designed to achieve a revenue structure which prevents abrupt dislocations and avoids precipitous rate increases to recipients of quotation information. Such charges as from time to time in effect are shown on the Schedule of Market Data Charges attached to the CTA Plan as Exhibit E.
References in this CQ Plan to Exhibit E refer to Exhibit E to the CTA Plan, as that exhibit is from time to time in effect.
iii Establishing and amending charges. Charges for the receipt and use of quotation information may be set at a level other than that provided for in Section IXbii only by an amendment to this CQ Plan appropriately revising Exhibit E that is approved by affirmative vote of that number of members of the Operating Committee as represents twothirds of the total number of members of the Operating Committee. Any other additions, deletions or modifications to any charges under this CQ Plan shall be effected by an amendment to this CQ
Plan appropriately revising Exhibit E
that is approved by affirmative vote of two-thirds of all the members of the Operating Committee. Any amendment adopted pursuant to the two preceding sentences shall be executed on behalf of each Participant that appointed a
CQNetworkA
Relative Message Usage Percentage
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A
A+B

A represents the number of messages that
where:

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member of the Operating Committee who approves such amendment and shall be filed with the SEC. Any other additions, deletions or modifications to any method of calculation of any charges under this CQ Plan shall be made only by amendment to this CQ
Plan adopted and filed with the SEC as provided in Section IVc hereof.
However, charges imposed by the pilot test arrangements that Section VIIe permits do not constitute an amendment or modification of the charges set forth in Exhibit E and do not require an amendment to this CQ Plan or the CTA
Plan.
iv Charges to Participants. The Participants are not exempt from the charges that are set forth in this CQ Plan and each shall pay such of those charges as may be applicable to it.
v Combined CQ Network A and CQ
Network B charges. Insofar as the CQ
Network A Participants and the CQ
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 CQ Network A and CQ
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 CQ Network B administrator the amount allocated to CQ 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 CQ 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 CQ
Network A would be calculated as follows:

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the CQ Network A Participants
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