Federal Register / Vol. 87, No. 44 / Monday, March 7, 2022 / Notices 12743 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

II. Docketed Proceeding(s) 

1. Docket No(s).: MC2022–43 and 

CP2022–49; Filing Title: USPS Request 

to Add Priority Mail Express & Priority 

Mail Contract 130 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: March 1, 2022; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3040.130 

through 3040.135, and 39 CFR 3035.105; 

Public Representative: Jennaca 

Upperman; Comments Due: March 9, 

2022. 

2. Docket No(s).: MC2022–44 and 

CP2022–50; Filing Title: USPS Request 

to Add Priority Mail Contract 736 to 

Competitive Product List and Notice of 

Filing Materials Under Seal; Filing 

Acceptance Date: March 1, 2022; Filing 

Authority: 39 U.S.C. 3642, 39 CFR 

3040.130 through 3040.135, and 39 CFR 

3035.105; Public Representative: 

Kenneth R. Moeller; Comments Due: 

March 9, 2022. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2022–04748 Filed 3–4–22; 8:45 am] 

BILLING CODE 7710–FW–P 

POSTAL SERVICE 

Product Change—Priority Mail 

Negotiated Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: March 7, 

2022. 

FOR FURTHER INFORMATION CONTACT: 

Sean Robinson, 202–268–8405. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on March 1, 2022, 

it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail Contract 736 to 

Competitive Product List. Documents 

are available at www.prc.gov, Docket 

Nos. MC2022–44, CP2022–50. 

Sean Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2022–04774 Filed 3–4–22; 8:45 am] 

BILLING CODE 7710–12–P 

POSTAL SERVICE 

Product Change—Priority Mail Express 

and Priority Mail Negotiated Service 

Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: March 7, 

2022. 

FOR FURTHER INFORMATION CONTACT: 

Sean Robinson, 202–268–8405. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on March 1, 2022, 

it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail Express & Priority Mail 

Contract 130 to Competitive Product 

List. Documents are available at 

www.prc.gov, Docket Nos. MC2022–43, 

CP2022–49. 

Sean Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2022–04771 Filed 3–4–22; 8:45 am] 

BILLING CODE 7710–12–P 

POSTAL SERVICE 

Product Change—Priority Mail and 

First-Class Package Service 

Negotiated Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: March 7, 

2022. 

FOR FURTHER INFORMATION CONTACT: 

Sean Robinson, 202–268–8405. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on February 28, 

2022, it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail & First-Class Package 

Service Contract 215 to Competitive 

Product List. Documents are available at 

www.prc.gov, Docket Nos. MC2022–42, 

CP2022–48. 

Sean Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2022–04773 Filed 3–4–22; 8:45 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

TIME AND DATE: Notice is hereby given, 

pursuant to the provisions of the 

Government in the Sunshine Act, Public 

Law 94–409, that the Securities and 

Exchange Commission will hold an 

Open Meeting on Wednesday, March 9, 

2022 at 10 a.m. 

PLACE: The meeting will be webcast on 

the Commission’s website at 

www.sec.gov. 

STATUS: The meeting will begin at 10 

a.m. (ET) and will be open to the public 

via webcast on the Commission’s 

website at www.sec.gov. 

MATTERS TO BE CONSIDERED: 1. The 

Commission will consider whether to 

propose amendments regarding 

cybersecurity risk management, strategy, 

governance, and incident disclosure. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information and to ascertain 

what, if any, matters have been added, 

deleted or postponed, please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 

Dated: March 9, 2022. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–04830 Filed 3–3–22; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94319; File No. SR– 

NYSEArca–2022–10] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the NYSE Arca 

Options Proprietary Market Data Fee 

Schedule 

February 28, 2022. 

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

Securities Exchange Act of 1934 

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


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4Members of the Exchange are OTP Firms, OTP 

Holders and ETP Holders. 

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. 93132 (September 27, 2021), 86 FR 

54499 (October 1, 2021) (SR–NYSEArca–2021–82). 

The purpose of this filing is to introduce a historic 

monthly report of the NYSE Options Open-Close 

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 1.1. 

7The specifications for the ad-hoc historic 

monthly End of Day Volume Summary can be 

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

historical/open-close-volume-summary. 

8See Securities Exchange Act Release Nos. 87463 

(November 5, 2019), 84 FR 61129 (November 12, 

2019) (SR–C2–2019–023) (Notice of Filing and 

Immediate Effectiveness of a Proposed Rule Change 

To Introduce a New Data Product To Be Known as 

Open-Close Data and To Adopt Fees for Such 

Product); 55062 (January 8, 2007), 72 FR 2048 

(January 17, 2007) (SR–CBOE–2006–88) (Order 

Granting Approval to Proposed Rule Change To 

Codify a Fee Schedule for the Sale of Open and 

Close Volume Data on CBOE Listed Options by 

Market Data Express, LLC); and 56957 (December 

13, 2007), 72 FR 71988 (December 19, 2007) (SR– 

ISE–2007–115) (Notice of Filing and Immediate 

Effectiveness of Proposed Rule Change Relating to 

Historical ISE Open/Close Trade Profile Fees). The 

ad-hoc historic monthly End of 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. 

9For example, Nasdaq PHLX LLC offers history 

for their end of day data starting in January 2009 

while NYSE Options Open-Close Volume Summary 

history is only offered starting in December 2018. 

See https://www.nasdaqtrader.com/ 

micro.aspx?id=photo. 

10For example, a customer that requests historical 

End of Day Volume Summary for the months of 

June 2021 and July 2021, would be assessed a total 

of $1,200. The Exchange notes that it may make 

historical data prior to December 2018 available in 

the future and that such historical data would be 

available to all members and non-members. 

11See 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: End-of-Day Ad-hoc 

Request (historical data) and assesses a fee of $400 

per request per month. Cboe EDGX Exchange, Inc. 

(‘‘EDGX’’) similarly offers Open-Close Data: End-ofDay Ad-hoc Request (historical data) and assesses 

a fee of $400 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 End of Day 

Ad-Hoc Request (historical data) and assesses a fee 

of $600 per request per month. See Sec. 10, Market 

Data, at https://listingcenter.nasdaq.com/rulebook/ 

ise/rules/ise-options-7. 

notice is hereby given that, on February 

24, 2022, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or the ‘‘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 Arca Options Proprietary Market 

Data Fee Schedule (‘‘Fee Schedule’’) to 

introduce a data product to be known as 

the NYSE Options Open-Close End of 

Day Volume Summary (‘‘End of Day 

Volume Summary’’) that would be 

available for purchase by any market 

participant, i.e., members 4 and nonmembers, 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 End of 

Day 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 End of Day Volume Summary 

market data product that will provide 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 

transaction type (opening or closing). 

The Customer, Professional Customer, 

Firm, Broker-Dealer, and Market Maker 

volume will be further broken down 

into trade size buckets (less than 100 

contracts, 100–199 contracts, greater 

than 199 contracts). The ad-hoc historic 

monthly End of 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 that would go back to December 

2018 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 

End of 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 End of 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 As such, the ad-hoc historic 

monthly End of Day Volume Summary 

is subject to direct competition from 

similar end of day options trading 

summaries offered by other exchanges. 

All of these exchanges offer essentially 

the same end of day options trading 

summary information, and generally 

differ solely in the amount of history 

available for purchase.9

The Exchange proposes to provide in 

its Fee Schedule that market 

participants may purchase the ad-hoc 

historic monthly End of Day Volume 

Summary for a specified month 

(historical file). The Exchange proposes 

to assess a fee of $600 per request per 

month for an ad-hoc request of 

historical End of Day Volume Summary 

covering all Exchange-listed securities. 

An ad-hoc request can be for any 

number of months beginning with 

December 2018 for which the data is 

available.10 The proposed fee for ad-hoc 

requests for the historic monthly End of 

Day Volume Summary will apply to all 

market participants. The Exchange notes 

that other exchanges provide a similar 

data product that may be purchased on 

an ad-hoc basis and is comparably 

priced.11

NYSE Options Open-Close Volume 

Summary is subject to significant 

competitive forces that constrain its 


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12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(5). 

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

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

16See note 8, supra. 

17The 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. 

18Based on OCC data for monthly volume of 

equity-based options and monthly volume of ETFbased options, see id., the Exchange’s market share 

in multiply-listed equity and ETF options was 

10.35% for the month of November 2020 and 

12.99% for the month of November 2021. 

19See Securities Exchange Act Release No. 51808 

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

20NetCoalition 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). 

21 Id. at 535. 

22See 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). 

pricing. As described above, the 

Exchange’s data product competes headto-head with numerous products 

currently available in the marketplace. 

These products each serve as reasonable 

substitutes for one another as they are 

each designed to provide data on 

options market activity which can be 

used to infer longer-term trends. The 

information provided by one exchange 

is generally similar to that provided by 

other exchanges because order flow can 

move from one exchange to another, and 

market sentiment trends that appear on 

one exchange are likely to be similar to 

the sentiment trends on other 

exchanges. The key differentiator in the 

quality of the data depends on the 

volume of transactions on a given 

exchange. The greater the volume of 

transactions, the greater the value of the 

data. The proposed fee for ad-hoc 

purchases of historic monthly End of 

Day Volume Summary is therefore 

constrained by the competition among 

exchanges for similar options trading 

summary products. 

The Exchange intends to offer the 

historic monthly End of Day Volume 

Summary on an ad-hoc basis and charge 

the proposed fees on March 1, 2022. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,12 in general, and 

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

of the Act,13 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 End of Day Volume Summary is 

consistent with Section 6(b) of the Act 14

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 15 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 End 

of Day Volume Summary market data 

product would further broaden the 

availability of U.S. option 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 option 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 End of 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.16

The Exchange operates in a highly 

competitive market. Indeed, there are 

currently 16 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.17

Therefore, currently no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity 

and ETF options order flow. More 

specifically, in November 2021, the 

Exchange had less than 13% market 

share of executed volume of multiplylisted equity and ETF options trades.18

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.’’ 19

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.’’ 20

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.’ ’’ 21

More recently, the Commission 

confirmed that it applies a ‘‘marketbased’’ 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.22

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 


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23See, note 11, supra. 

24See, note 8, supra. 25See, note 11, supra. 

26See, note 8, supra. 

27See, note 11, supra. 

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 End of Day 

Volume Summary data product. 

The Exchange believes its proposal to 

provide the ad-hoc historic monthly 

End of Day Volume Summary is 

reasonable as the proposed fees are 

comparable to the fees assessed by other 

exchanges 23 that provide similar 

historic data products.24 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 End of 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 option series 

based on open and closing interest on 

any one exchange. Similarly, market 

participants may be able to analyze 

option trade and volume data, and 

create and test trading models and 

analytical strategies using only the adhoc historic monthly End of 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 End of 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.25

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 End of 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 End of Day 

Volume Summary is available to all 

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 End of 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 

End of 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 

End of 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.26 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 End of 

Day 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.27

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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 44 / Monday, March 7, 2022 / Notices 12747 

28See, note 8, supra. 

29 15 U.S.C. 78(b)(3)(A). 

30 17 CFR 240.19b–4(f)(6). 

31 15 U.S.C. 78s(b)(3)(A). 

32 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

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

Commission written notice of the Exchange’s 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. 

33 17 CFR 240.19b–4(f)(6). 

34 17 CFR 240.19b–4(f)(6). 

35For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

competitor options exchanges.28 The 

Exchange is offering the ad-hoc historic 

monthly End of 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 End of 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 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 End of 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 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A) of the Act 29 and Rule 19b– 

4(f)(6) 30 thereunder. 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) of the Act 31 and Rule 19b– 

4(f)(6) 32 thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 33 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),34 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 to allow the Exchange to 

implement the proposed rule change 

and corresponding fee on March 1, 

2022, and thereby allow the Exchange to 

compete with exchanges that currently 

offer similar historic market data 

products. The Commission believes 

that, as described above, the Exchange’s 

proposal does not raise any new or 

novel issues. Therefore, the Commission 

believes that waving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest. Accordingly, the Commission 

designates the proposed rule change to 

be operative upon filing.35

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 will institute proceedings 

to determine whether the proposed rule 

change 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2022–10 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–NYSEArca–2022–10. 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 (http://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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSEArca–2022–10 and 


khammond on DSKJM1Z7X2PROD with NOTICES
12748 Federal Register / Vol. 87, No. 44 / Monday, March 7, 2022 / Notices 

36 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. 

4See Securities Exchange Act Release No. 93803 

(December 16, 2021), 86 FR 72647 (December 22, 

2021) (SR–NYSEAmerican–2021–46) (Notice of 

Filing and Immediate Effectiveness of Proposed 

Rule Change To Adopt a New Historical Market 

Data Product To Be Known as the NYSE Options 

Open-Close Volume Summary) (‘‘Product Filing’’). 

5Members of the Exchange are member 

organizations, members, ETP Holders and ATP 

Holders. 

should be submitted on or before March 

28, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–04560 Filed 3–4–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting; Cancellation 

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: 87 FR 11493, March 1, 

2022. 

PREVIOUSLY ANNOUNCED TIME AND DATE OF

THE MEETING: Thursday March 3, 2022 at 

2 p.m. 

CHANGES IN THE MEETING: The Closed 

Meeting scheduled for Thursday, March 

3, 2022 at 2 p.m., has been cancelled. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 

Dated: March 2, 2022. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–04823 Filed 3–3–22; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 12 p.m. on Wednesday, 

March 9, 2022. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 

Dated: March 3, 2022. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–04923 Filed 3–3–22; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94334; File No. SR– 

NYSEAMER–2022–11] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Change To Amend the NYSE American 

Options Proprietary Market Data Fee 

Schedule 

March 1, 2022. 

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 February 

23, 2022, NYSE American LLC (‘‘NYSE 

American’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory 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 adopt fees for the NYSE 

Options Open-Close Volume Summary 

market data product, effective March 1, 

2022. The proposed 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 amend the 

Fee Schedule to adopt fees for the NYSE 

Options Open-Close Volume Summary,4

which will be available for purchase by 

any market participant, i.e., members 5

and non-members. The Exchange 

proposes to implement fees for the 

NYSE Options Open-Close Volume 

Summary market data product on March 

1, 2022. The proposed fees would be 

applied equally to all market 

participants and all market participants 

would receive the same information in 

the data feed. 

Background 

By way of background, pursuant to 

the Product Filing, the Exchange 

adopted two versions of the NYSE 

Options Open-Close Volume Summary: 

An End of Day Volume Summary 

market data product and an Intra-Day 


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