73060 Federal Register / Vol. 88, No. 204 / Tuesday, October 24, 2023 / Notices 

21 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this 

requirement. 

22 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4References to ‘‘member organization’’ as used in 

Exchange rules include American Trading Permit 

(‘‘ATP’’) Holders, which are registered brokers or 

dealers approved to effect transactions on the 

Exchange’s options marketplace. Under the 

Exchange’s rules, an ATP Holder has the status as 

a ‘‘member’’ of the Exchange as that term is defined 

in Section 3 of the Act. See Rule 900.2NY. 

5The Exchange previously adopted a 

subscription-based market data product known as 

the NYSE Options Open-Close Volume Summary 

that market participants can purchase on a 

subscription basis. See Securities Exchange Act 

Release No. 93803 (December 16, 2021), 86 FR 

72647 (December 22, 2021) (SR–NYSEAMER–2021– 

46). The purpose of this filing is to introduce a 

historic monthly report of the NYSE Options OpenClose Volume Summary that would be available for 

purchase by any market participant on an ad-hoc 

basis. 

6The terms Customer, Professional Customer, 

Firm and Market Maker are defined in Rule 

900.2NY. 

subparagraph (f)(6) of Rule 19b–4 

thereunder.21

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2023–041 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–NASDAQ–2023–041. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NASDAQ–2023–041 and should be 

submitted on or before November 14, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–23404 Filed 10–23–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98771; File No. SR– 

NYSEAMER–2023–50] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the NYSE 

American Options Proprietary Market 

Data Fee Schedule 

March 18, 2023. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on October 

16, 2023, NYSE American LLC 

(‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

NYSE American Options Proprietary 

Market Data Fee Schedule (‘‘Fee 

Schedule’’) to introduce a data product 

to be known as the NYSE Options OpenClose Intra-Day Volume Summary 

(‘‘Intra-Day Volume Summary’’) that 

would be available for purchase by any 

market participant, i.e., members 4 and 

non-members, on an ad-hoc basis and to 

adopt fees for such product. The 

proposed rule change is available on the 

Exchange’s website at www.nyse.com, at 

the principal office of the Exchange, and 

at the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to introduce a 

data product to be known as the IntraDay Volume Summary that would be 

available for purchase by market 

participants on an ad-hoc basis and to 

adopt fees for such product.5

More specifically, the Exchange 

proposes to offer an ad-hoc historic 

monthly Intra-Day Volume Summary 

market data product that provides a 

volume summary of trading activity on 

the Exchange at the option level by 

origin (Customer, Professional 

Customer, Firm, Broker-Dealer, and 

Market Maker 6), side of the market (buy 

or sell), contract volume, and 


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7The specifications for the ad-hoc historic 

monthly Intra-Day Volume Summary can be found 

at https://www.nyse.com/market-data/historical/ 

open-close-volume-summary. 

8See e.g., Securities Exchange Act Release Nos. 

89496 (August 6, 2020), 85 FR 48743 (August 12, 

2020) (SR–C2–2020–010) (Notice of Filing and 

Immediate Effectiveness of a Proposed Rule Change 

Relating To Introduce a New Data Product To Be 

Known as Intraday Open-Close Data); and 97723 

(June 14, 2023), 88 FR 40358 (June 21, 2023) (SR– 

BOX–2023–16) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change To Amend 

the Fee Schedule for Trading on the BOX Options 

Market LLC Facility To Offer Ad-Hoc Historical 

Requests for the Intraday Open-Close Data Report 

and Adopt Fees for This Data). The ad-hoc historic 

monthly Intra-Day Volume Summary report 

contains the same information that is provided in 

the monthly subscription-based market data 

product known as the NYSE Options Open-Close 

Volume Summary. See, note 5, supra. 

9See Securities Exchange Act Release No. 97841 

(July 5, 2023), 88 FR 44176 (July 11, 2023) (SR– 

NYSEArca–2023–46). 

10For example, Nasdaq PHLX LLC offers history 

for its intra-day data starting in January 2009 for 

purchase on an ad-hoc basis while Intra-Day 

Volume Summary history is only offered starting in 

August 2022. See https://www.nasdaqtrader.com/ 

micro.aspx?id=photo. 

11For example, a customer that requests historical 

Intra-Day Volume Summary for the months of 

November 2023 and December 2023, would be 

assessed a total of $2,000. 

12See e.g., Cboe LiveVol, LLC Market Data Fees 

available at https://www.cboe.com/us/options/ 

membership/fee_schedule/ctwo/. Cboe C2 Options 

(‘‘C2’’) offers Open-Close Data: Intraday Ad-hoc 

Request (historical data) and assesses a fee of $500 

per request per month. Cboe EDGX Exchange, Inc. 

(‘‘EDGX’’) similarly offers Open-Close Data: 

Intraday Ad-hoc Request (historical data) and 

assesses a fee of $500 per request per month. See 

https://www.cboe.com/us/options/membership/fee_

schedule/edgx/. Nasdaq ISE, LLC (‘‘ISE’’) offers 

Nasdaq ISE Open/Close Trade Profile Intraday AdHoc Request (historical data) and assesses a fee of 

$1,000 per request per month, $2,000 per request 

per quarter and $8,000 per request per year. See 

Sec. 10, Market Data, at https://listingcenter.

nasdaq.com/rulebook/ise/rules/ise-options-7. 

13See ISE fees, note 12, supra. 

14 15 U.S.C. 78f(b). 

15 15 U.S.C. 78f(b)(5). 

16 15 U.S.C. 78f(b). 

17 15 U.S.C. 78f(b)(4). 

18See, notes 8 and 9, supra. 

transaction type (opening or closing). 

The Customer, Professional Customer, 

Firm, Broker-Dealer, and Market Maker 

volume is further broken down into 

trade size buckets (less than 100 

contracts, 100–199 contracts, greater 

than 199 contracts). The ad-hoc historic 

monthly Intra-Day Volume Summary is 

proprietary Exchange trade data and 

does not include trade data from any 

other exchange. It is also a historical 

data product and not a real-time data 

feed. The Exchange proposes to offer 

data beginning November 2023 and 

would contain all series in an 

underlying security if it has volume.7

The Exchange anticipates a wide 

variety of market participants to 

purchase the ad-hoc historic monthly 

Intra-Day Volume Summary, including, 

but not limited to, individual customers, 

buy-side investors, investment banks 

and academic institutions. For example, 

academic institutions may utilize the 

proposed product to promote research 

and studies of the options industry to 

the benefit of all market participants. 

The Exchange believes the proposed 

product may also provide helpful 

trading information regarding investor 

sentiment and may be used to create 

and test trading models and analytical 

strategies. The ad-hoc historic monthly 

Intra-Day Volume Summary is a 

completely voluntary product, in that 

the Exchange is not required by any rule 

or regulation to make this data available 

and that potential customers may 

purchase it on an ad-hoc basis only if 

they voluntarily choose to do so. The 

Exchange notes that other exchanges 

offer a similar product,8 including the 

Exchange’s affiliate, NYSE Arca, Inc. 

(‘‘NYSE Arca’’).9 As such, the ad-hoc 

historic monthly Intra-Day Volume 

Summary is subject to direct 

competition from similar intra-day 

options trading summaries offered by 

other exchanges. All of these exchanges 

offer essentially the same intra-day 

options trading summary information 

for purchase on an ad-hoc basis, and 

generally differ solely in the amount of 

history available for purchase.10

The Exchange proposes to provide in 

its Fee Schedule that market 

participants may purchase the ad-hoc 

historic monthly Intra-Day Volume 

Summary for a specified month 

(historical data). The Exchange proposes 

to assess a fee of $1,000 per request per 

month for an ad-hoc request of 

historical Intra-Day Volume Summary 

covering all Exchange-listed securities. 

An ad-hoc request can be for any 

number of months beginning with 

November 2023 for which the data is 

available.11 The proposed fee for ad-hoc 

requests for the historic monthly IntraDay Volume Summary will apply to all 

market participants. The Exchange notes 

that other exchanges provide a similar 

data product 12 that may be purchased 

on an ad-hoc basis. The proposed fee is 

comparably priced to at least one other 

exchange that sells a market data 

product similar to Intra-Day Volume 

Summary that may be purchased on an 

ad-hoc basis.13

The Exchange intends to offer the 

historic monthly Intra-Day Volume 

Summary on an ad-hoc basis and charge 

the proposed fees effective November 1, 

2023. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,14 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act,15 in particular, in that it is 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and to protect investors and the 

public interest, and that it is not 

designed to permit unfair 

discrimination among customers, 

brokers, or dealers. The Exchange also 

believes that its proposal to adopt fees 

for ad-hoc historic monthly Intra-Day 

Volume Summary is consistent with 

Section 6(b) of the Act 16 in general, and 

furthers the objectives of Section 6(b)(4) 

of the Act 17 in particular, in that it is 

an equitable allocation of dues, fees and 

other charges among its members and 

other recipients of Exchange data. 

In adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations (‘‘SROs’’) and brokerdealers increased authority and 

flexibility to offer new and unique 

market data to the public. It was 

believed that this authority would 

expand the amount of data available to 

users and consumers of such data and 

also spur innovation and competition 

for the provision of market data. 

The Exchange believes that the 

proposed ad-hoc historic monthly IntraDay Volume Summary market data 

product would further broaden the 

availability of U.S. options market data 

to investors consistent with the 

principles of Regulation NMS. The 

proposed rule change would benefit 

investors by providing access to historic 

data, which as noted above, may 

promote better informed trading, as well 

as research and studies of the options 

industry. Particularly, information 

regarding opening and closing activity 

across different options series may 

indicate investor sentiment, which can 

be helpful research and/or trading 

information. Customers of the historic 

data product may be able to enhance 

their ability to analyze options trade and 

volume data, and create and test trading 

models and analytical strategies. The 

Exchange believes ad-hoc historic 

monthly Intra-Day Volume Summary 

would provide a valuable tool that 

customers can use to gain 

comprehensive insight into the trading 

activity in a particular series, but also 

emphasizes such data is not necessary 

for trading. Moreover, other exchanges 

offer a similar data product.18


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73062 Federal Register / Vol. 88, No. 204 / Tuesday, October 24, 2023 / Notices 

19The Options Clearing Corporation (‘‘OCC’’) 

publishes options and futures volume in a variety 

of formats, including daily and monthly volume by 

exchange, available here: https://www.theocc.com/ 

Market-Data/Market-Data-Reports/Volume-andOpen-Interest/Monthly-Weekly-Volume-Statistics. 

20Based on a compilation of OCC data for 

monthly volume of equity-based options and 

monthly volume of equity-based ETF options, see 

id., the Exchange’s market share in equity-based 

options increased slightly from 11.30% for the 

month of July 2022 to 11.50% for the month of July 

2023. 

21See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005). 

22NetCoalition v. SEC, 615 F.3d 525, 535 (D.C. 

Cir. 2010) (quoting H.R. Rep. No. 94–229 at 92 

(1975), as reprinted in 1975 U.S.C.C.A.N. 323). 

23 Id. at 535. 

24See Securities Exchange Act Release No. 34– 

90217 (October 16, 2020), 85 FR 67392 (October 22, 

2020) (SR–NYSENAT–2020–05) (internal quotation 

marks omitted), quoting Securities Exchange Act 

Release No. 59039 (December 2, 2008), 73 FR 

74770, 74781 (December 9, 2008) (ArcaBook 

Approval Order). 

25See, note 12, supra. 26See, notes 8 and 9, supra. 

The Exchange operates in a highly 

competitive market. Indeed, there are 

currently 17 registered options 

exchanges competing for order flow. 

Based on publicly-available 

information, and excluding index-based 

options, no single exchange has more 

than 16% of the market share of 

executed volume of multiply-listed 

equity and ETF options trades.19

Therefore, no exchange possesses 

significant pricing power in the 

execution of multiply-listed equity and 

ETF options order flow. More 

specifically, in July 2023, the Exchange 

had less than 12% market share of 

executed volume of multiply-listed 

equity and ETF options trades.20

The Commission has repeatedly 

expressed its preference for competition 

over regulatory intervention in 

determining prices, products, and 

services in the securities markets. 

Specifically, in Regulation NMS, the 

Commission highlighted the importance 

of market forces in determining prices 

and SRO revenues, and also recognized 

that current regulation of the market 

system ‘‘has been remarkably successful 

in promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 21

With respect to market data, the 

decision of the United States Court of 

Appeals for the District of Columbia 

Circuit in NetCoalition v. SEC upheld 

the Commission’s reliance on the 

existence of competitive market 

mechanisms to evaluate the 

reasonableness and fairness of fees for 

proprietary market data: 

In fact, the legislative history indicates that 

the Congress intended that the market system 

‘‘evolve through the interplay of competitive 

forces as unnecessary regulatory restrictions 

are removed’’ and that the SEC wield its 

regulatory power ‘‘in those situations where 

competition may not be sufficient,’’ such as 

in the creation of a ‘‘consolidated 

transactional reporting system.’’ 22

The court agreed with the 

Commission’s conclusion that 

‘‘Congress intended that ‘competitive 

forces should dictate the services and 

practices that constitute the U.S. 

national market system for trading 

equity securities.’ ’’ 23 More recently, the 

Commission confirmed that it applies a 

‘‘market-based’’ test in its assessment of 

market data fees, and that under that 

test: 

the Commission considers whether the 

exchange was subject to significant 

competitive forces in setting the terms of its 

proposal for [market data], including the 

level of any fees. If an exchange meets this 

burden, the Commission will find that its fee 

rule is consistent with the Act unless there 

is a substantial countervailing basis to find 

that the terms of the rule violate the Act or 

the rules thereunder.24

Making similar historic data products 

available to market participants fosters 

competition in the marketplace, and 

constrains the ability of exchanges to 

charge supra-competitive fees. In the 

event that a market participant views 

one exchange’s historic data product as 

more or less attractive than the 

competition they can and do switch 

between similar products. The proposed 

fees are a result of the competitive 

environment, as the Exchange seeks to 

adopt fees to attract purchasers of the 

ad-hoc historic monthly Intra-Day 

Volume Summary data product. 

The Exchange believes its proposal to 

provide the ad-hoc historic monthly 

Intra-Day Volume Summary is 

reasonable as the proposed fee is 

comparable to the fee charged by at least 

one other exchange that provides a 

similar historic data product.25 Indeed, 

proposing fees that are excessively 

higher than established fees for similar 

historic data products would simply 

serve to reduce demand for the 

Exchange’s historic data product, which 

as noted, is entirely optional. Like the 

ad-hoc historic monthly Intra-Day 

Volume Summary, other exchanges offer 

similar historic data products that each 

provide insight into trading on those 

markets and may likewise aid in 

assessing investor sentiment. Although 

each of these similar historic data 

products provide only proprietary trade 

data and not trade data from other 

exchanges, it is possible investors are 

still able to gauge overall investor 

sentiment across different options series 

based on open and closing interest on 

any one exchange. Similarly, market 

participants may be able to analyze 

options trade and volume data, and 

create and test trading models and 

analytical strategies using only the adhoc historic monthly Intra-Day Volume 

Summary data relating to trading 

activity on one or more of the other 

markets that provide similar historic 

data products. As such, if a market 

participant views another exchange’s 

data as more attractive than the 

Exchange’s offering, then such market 

participant can merely choose not to 

purchase the Exchange’s historic data 

product and instead purchase another 

exchange’s historic product, which offer 

similar data points, albeit based on that 

other market’s trading activity. 

The Exchange also believes the 

proposed fees are reasonable as they 

would support the introduction of a 

historic market data product that is 

designed to aid investors by providing 

insight into trading on the Exchange. In 

turn, this data would assist market 

participants in gauging investor 

sentiment and trading activity, resulting 

in potentially better-informed trading 

decisions. As noted above, customers 

may also use such data to create and test 

trading models and analytical strategies. 

Selling historic market data, such as 

the ad-hoc historic monthly Intra-Day 

Volume Summary, is also a means by 

which exchanges compete to attract 

business. To the extent that the 

Exchange is successful in attracting 

customers to the Exchange’s historic 

data product, it may earn trading 

revenues and further enhance the value 

of its data products. If the market deems 

the proposed fees to be unfair or 

inequitable, customers can diminish or 

discontinue their use of the historic data 

and/or avail themselves of similar 

products offered by other exchanges.26

The Exchange therefore believes that the 

proposed fees reflect the competitive 

environment and would be properly and 

equally assessed to all customers. The 

Exchange also believes the proposed 

fees are equitable and not unfairly 

discriminatory as the fees would apply 

equally to all customers who choose to 

purchase such data. The proposed fees 

would not differentiate between 

customers that purchase the ad-hoc 

historic monthly Intra-Day Volume 

Summary, and are set at a modest level 

that would allow any interested market 

participant to purchase such data based 

on their business needs. Nothing in this 

proposal treats any category of market 

participant any differently from any 

other category of market participant. 

The ad-hoc historic monthly Intra-Day 

Volume Summary is available to all 


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27See, notes 8 and 9, supra. 

28See, note 12, supra. 29See, notes 8 and 9, supra. 

30 15 U.S.C. 78s(b)(3)(A)(iii). 

31 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires the Exchange to give the 

Commission written notice of its intent to file the 

proposed rule change, along with a brief description 

and text of the proposed rule change, at least five 

business days prior to the date of filing of the 

proposed rule change, or such shorter time as 

designated by the Commission. The Exchange has 

satisfied this requirement. 

32 17 CFR 240.19b–4(f)(6). 

33 17 CFR 240.19b–4(f)(6)(iii). 

market participants, i.e., members and 

non-members, and all market 

participants would receive the same 

information in the data feed. 

As noted above, the Exchange 

anticipates a wide variety of market 

participants to purchase the ad-hoc 

historic monthly Intra-Day Volume 

Summary data product, including but 

not limited to individual customers, 

buy-side investors, investment banks 

and academic institutions. As such, the 

Exchange anticipates that the historic 

data product may be used not just for 

commercial or monetizing purposes, but 

also for educational use and research. 

The Exchange reiterates that the 

decision as to whether or not to 

purchase the ad-hoc historic monthly 

Intra-Day Volume Summary is entirely 

optional for all potential customers. 

Indeed, no market participant is 

required to purchase the historic data 

product, and the Exchange is not 

required to make the historic data 

product available to market participants. 

Rather, the Exchange is voluntarily 

making the historic data product 

available, as requested by customers, 

and market participants may choose to 

receive (and pay for) this data based on 

their own business needs. Potential 

customers may request the data at any 

time if they believe it to be valuable or 

may decline to purchase such data. 

In sum, the fierce competition for 

order flow constrains any exchange 

from pricing its historic market data at 

a supra-competitive price, and 

constrains the Exchange here in setting 

its fees for the ad-hoc historic monthly 

Intra-Day Volume Summary data 

product. 

The proposed fees are therefore 

reasonable because in setting them, the 

Exchange is constrained by the 

availability of numerous substitute 

venues offering historic market data 

products and trading.27 Such substitutes 

need not be identical, but only 

substantially similar to the product at 

hand. More specifically, in setting fees 

for the ad-hoc historic monthly IntraDay Volume Summary data product, the 

Exchange is constrained by the fact that, 

if its pricing is unattractive to 

customers, customers have their pick of 

an increasing number of alternative 

venues to use instead of the Exchange.28

Because of the availability of 

substitutes, an exchange that overprices 

its historic market data products stands 

a high risk that customers may 

substitute another source of market data 

information for its own. Those 

competitive pressures imposed by 

available alternatives are evident in the 

Exchange’s proposed pricing. The 

existence of numerous alternatives to 

the Exchange ensures that the Exchange 

cannot set unreasonable fees for historic 

market data without suffering the 

negative effects of that decision in the 

fiercely competitive market in which it 

operates. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange also does not believe the 

proposed fees would cause any 

unnecessary or inappropriate burden on 

intermarket competition as other 

exchanges are free to introduce their 

own comparable historic data product 

and adopt fees to better compete with 

the Exchange’s offering. Rather, the 

Exchange believes that the proposal will 

promote competition by permitting the 

Exchange to sell a historic data product 

similar to those offered by other options 

exchanges.29 The Exchange is offering 

the ad-hoc historic monthly Intra-Day 

Volume Summary in order to keep pace 

with changes in the industry and 

evolving customer needs, and believes 

the data product will contribute to 

robust competition among national 

securities exchanges. 

Furthermore, the Exchange operates 

in a highly competitive environment, 

and its ability to price the ad-hoc 

historic monthly Intra-Day Volume 

Summary is constrained by competition 

among exchanges that offer similar 

historic data products to their 

customers. As discussed above, there 

are currently a number of similar 

products available to market 

participants and investors. A number of 

U.S. options exchanges offer a historic 

market data product that is substantially 

similar to the Exchange’s offering, 

which the Exchange must consider in its 

pricing discipline in order to compete 

effectively. For example, proposing fees 

that are excessively higher than 

established fees for similar historic data 

products would simply serve to reduce 

demand for the Exchange’s historic data 

product, which as discussed, market 

participants are under no obligation to 

utilize or purchase. In this competitive 

environment, potential purchasers are 

free to choose which, if any, similar 

historic data product to purchase to 

satisfy their need for market 

information. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. 

The Exchange does not believe the 

proposed rule change would cause any 

unnecessary or inappropriate burden on 

intramarket competition. Particularly, 

the proposed fees would apply 

uniformly to any customer, in that the 

Exchange would not differentiate 

between customers that purchase the 

ad-hoc historic monthly Intra-Day 

Volume Summary and all customers 

would receive the same information in 

the data feed. The Exchange believes the 

proposed fees are set at a modest level 

that would allow interested customers 

to purchase such data based on their 

business needs. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 30 and Rule 

19b–4(f)(6) thereunder.31

A proposed rule change filed under 

Rule 19b–4(f)(6) 32 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),33 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission believes that 

waiver of the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because the proposal does not raise any 


ddrumheller on DSK120RN23PROD with NOTICES1
73064 Federal Register / Vol. 88, No. 204 / Tuesday, October 24, 2023 / Notices 

34See supra, notes 8–10 and 12. 

35For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 36 17 CFR 200.30–3(a)(12), (59). 

new or novel issues.34 Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.35

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSEAMER–2023–50 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–NYSEAMER–2023–50. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NYSEAMER–2023–50 and should 

be submitted on or before November 14, 

2023 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–23400 Filed 10–23–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–420, OMB Control No. 

3235–0479] 

Proposed Collection; Comment 

Request; Extension Rule: 15c2–7 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 15c2–7 (17 CFR 

240.15c2–7) under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.). The Commission plans to submit 

this existing collection of information to 

the Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Rule 15c2–7 places disclosure 

requirements on broker-dealers who 

have correspondent relationships, or 

agreements identified in the Rule, with 

other broker-dealers. Whenever any 

such broker-dealer enters a quotation for 

a security through an inter-dealer 

quotation system, Rule 15c2–7 requires 

the broker-dealer to disclose these 

relationships and agreements in the 

manner required by the Rule. The interdealer quotation system must also be 

able to make these disclosures public in 

association with the quotation the 

broker-dealer is making. 

When Rule 15c2–7 was adopted in 

1964, the information it requires was 

necessary for execution of the 

Commission’s mandate under the 

Securities Exchange Act of 1934 to 

prevent fraudulent, manipulative, and 

deceptive acts by broker-dealers. In the 

absence of the information collection 

required under Rule 15c2–7, investors 

and broker-dealers would have been 

unable to accurately determine the 

market depth of, and demand for, 

securities in an inter-dealer quotation 

system. 

There are approximately 3,493 brokerdealers registered with the Commission. 

Any of these broker-dealers could be 

potential respondents for Rule 15c2–7, 

so the Commission is using that figure 

to represent the number of respondents. 

Rule 15c2–7 applies only to quotations 

entered into an inter-dealer quotation 

system, such as OTC Link, operated by 

OTC Markets Group Inc. (‘‘OTC Link’’). 

According to a representative of OTC 

Link, it has not received any Rule 15c2– 

7 notices since the previous PRA 

extension for Rule 15c2–7 in 2020; nor 

does OTC Link anticipate receiving any 

Rule 15c2–7 notices. However, because 

such notices could be made, the 

Commission estimates that one filing is 

made annually pursuant to Rule 15c2– 

7. 

Based on prior industry reports, the 

Commission estimates that the average 

time required to enter a disclosure 

pursuant to the Rule is .75 minutes, or 

45 seconds. The Commission sees no 

reason to change this estimate. We 

estimate that impacted respondents 

spend a total of .0125 hours per year to 

comply with the requirements of Rule 

15c2–7 (1 notice (x) 45 seconds/notice). 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

December 26, 2023. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Officer, Securities and 


ddrumheller on DSK120RN23PROD with NOTICES1