Voglio sapere a riguardo di…

Federal Register / Vol. 86, No. 226 / Monday, November 29, 2021 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES2

disseminate over CQ Network A
pursuant to the CQ Plan during that month; and B represents the number of messages that the CQ Network B Participants disseminate over CQ Network B
pursuant to the CQ Plan during that month.

For the purpose of this calculation, message includes any message that a Participant disseminates over the Consolidated Quotation System, including, but not limited to, quotations relating to Eligible Securities or concurrent use securities, administrative messages, index messages, corrections, cancellations and error messages.
vi Combined CTA and CQ subscriber charges.
A Network A subscriber charges.
The CQ Network A Participants may establish jointly with the CTA Network A Participants as the CTA Plan defines that term one or more combined charges for the receipt of last sale price information and quotation information. In that event, 1 the financial results relating to the dissemination of CTA Network A last sale price information as the CTA Plan uses that term and the CQ Network A
financial results shall be determined and reported on a combined basis and 2 this Section IXbv shall supersede any inconsistent provision of this CQ
Plan. For these purposes, the combined net income of CTA/CQ Network A shall be defined as Section XIbvA of the CTA Plan defines it.
The combined CTA/CQ Network A
net income attributable to each calendar year shall be distributed among the CTA/CQ according to their respective Annual Shares.
B Network B nonprofessional subscriber charges. The CQ Network B
Participants may establish jointly with the Network B Participants as the CTA Plan defines that term one or more combined charges for the receipt of quotation information and last sale price information by nonprofessional subscribers. Twenty-five percent of the revenues collected from those combined charges shall be allocated to the CQ
Network B Participants and the remaining 75 percent of those revenues shall be allocated to the Network B
Participants under the CTA Plan.
c Operating Expenses.
i Determination of Operating Expenses. Each CQ 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
VerDate Sep<11>2014

17:01 Nov 26, 2021

Jkt 256001

administrator for its services as the CQ
network administrator under this CQ
Plan and as the networks administrator for the corresponding network under the CTA 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 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 CQ Network A and CTA 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 CQ Plan and the CTA 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 CQ
networks Gross Income and the Gross Income of the corresponding network under the CTA Plan, before determining that quarters distributable Net Income under this CQ Plan and the CTA 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 CTA 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 CQ networks Extraordinary Expenses include that portion of the CQ 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
PO 00000

Frm 00029

Fmt 4701

Sfmt 4703

67827

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 CQ Networks Operating Expenses shall not include any cost or expense incurred by any Participant except those incurred by a Participant acting in the capacity of 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 the Operating Committee, the Processor, this CQ Plan or any one or more Participants, relating to this CQ Plan or the reception, processing and making available of that CQ networks quotation information as contemplated by this CQ
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 Vb hereof.
iii Collection costs. Except as otherwise provided in this Section IXc, each Participant shall be responsible for paying the full cost and expense without any reimbursement or sharing incurred by it in collecting and furnishing to the Processor in New York City quotation information relating to Eligible Securities or associated with its market surveillance function.
X. 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 bids, offers and related information relating to i listed equity securities other than Eligible Securities and ii bonds that are listed, or admitted to trading, on an exchange Participant concurrent use securities.
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 Vb impose on the Participants. The Processor will provide any one or more of the same collection, processing, validation and dissemination functions that the Processor provides in respect of quotation information relating to Eligible Securities, and related information, including inclusion of that
E:FRFM29NON2.SGM

29NON2