11748 Federal Register / Vol. 87, No. 41 / Wednesday, March 2, 2022 / Notices 

57 17 CFR 200.30–3(a)(12). 

1See Letter from Robert Books, Chair, CTA/CQ 

Operating Committee, to Vanessa Countryman, 

Secretary, Commission (Nov. 5, 2021). 

2The Participants are: Cboe BYX Exchange, Inc., 

Cboe BZX Exchange, Inc., Cboe EDGA Exchange, 

Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, 

Inc., Financial Industry Regulatory Authority, Inc., 

The Investors’ Exchange LLC, Long-Term Stock 

Exchange, Inc., MEMX LLC, MIAX PEARL, LLC, 

Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq PHLX, 

Inc., The Nasdaq Stock Market LLC, New York 

Stock Exchange LLC, NYSE American LLC, NYSE 

Arca, Inc., NYSE Chicago, Inc., and NYSE National, 

Inc. (collectively, the ‘‘Participants’’). 

3The CTA Plan, pursuant to which markets 

collect and disseminate last-sale price information 

for non-Nasdaq-listed securities, is a ‘‘transaction 

reporting plan’’ under Rule 601 of Regulation NMS, 

17 CFR 242.601, and a ‘‘national market system 

plan’’ under Rule 608 of Regulation NMS, 17 CFR 

242.608. The CQ Plan, pursuant to which markets 

collect and disseminate bid/ask quotation 

information for non-Nasdaq-listed securities, is a 

‘‘national market system plan’’ under Rule 608 

under the Act, 17 CFR 242.608. See Securities 

Exchange Act Release Nos. 10787 (May 10, 1974), 

39 FR at 17799 (May 20, 1974) (declaring the CTA 

Plan effective); 15009 (July 28, 1978), 43 FR at 

34851 (Aug. 7, 1978) (temporarily authorizing the 

CQ Plan); and 16518 (Jan. 22, 1980), 45 FR at 6521 

(Jan. 28, 1980) (permanently authorizing the CQ 

Plan). The most recent restatement of both Plans 

was in 1995. 

4 15 U.S.C 78k–1(a)(3). 

5 17 CFR 242.608. 

6See Securities Exchange Act Release No. 90610, 

86 FR 18596 (Apr. 9, 2021) (File No. S7–03–20) 

(‘‘MDI Rules Release’’). 

7See Securities Exchange Act Release No. 93615 

(Nov. 19, 2021), 86 FR 67800 (Nov. 29, 2021) 

(‘‘Notice’’). Comments received in response to the 

Notice are available at https://www.sec.gov/ 

comments/sr-ctacq-2021-02/srctacq202102.htm. 

8 17 CFR 242.608(b)(2)(i). 

9The full text of the Proposed Amendments 

appear as Attachments A and B to the Notice. See 

Notice, supra note 7, 86 FR at 67802–29. 

10 17 CFR 242.614(e). The Participants have 

submitted separate amendments to implement the 

fee-related aspects of the MDI Rules. See Securities 

Exchange Act Release No. 93625 (Nov. 19, 2021), 

86 FR 67517 (Nov. 26, 2021) (File No. SR–CTA/CQ– 

2021–03). 

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–PEARL–2022–06, and 

should be submitted on or before March 

23, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.57

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2022–04211 Filed 3–1–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94310; File No. SR–CTA/ 

CQ–2021–02] 

Consolidated Tape Association; Order 

Instituting Proceedings To Determine 

Whether To Approve or Disapprove the 

Thirty-Seventh Substantive 

Amendment to the Second 

Restatement of the CTA Plan and 

Twenty-Eighth Substantive 

Amendment to the Restated CQ Plan 

February 24, 2022. 

I. Introduction 

On November 5, 2021,1 the 

Participants 2 in the Second Restatement 

of the Consolidated Tape Association 

(‘‘CTA’’) Plan and Restated 

Consolidated Quotation (‘‘CQ’’) Plan 

(collectively ‘‘CTA/CQ Plans’’ or 

‘‘Plans’’) 3 filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

pursuant to Section 11A of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 4 and Rule 608 of Regulation 

National Market System (‘‘NMS’’) 

thereunder,5 a proposal (the ‘‘Proposed 

Amendments’’) to amend the Plans to 

implement the non-fee-related aspects 

of the Commission’s Market Data 

Infrastructure Rules (‘‘MDI Rules’’).6

The Proposed Amendments were 

published for comment in the Federal 

Register on November 29, 2021.7

This order institutes proceedings, 

under Rule 608(b)(2)(i) of Regulation 

NMS,8 to determine whether to 

disapprove the Proposed Amendments 

or to approve the Proposed 

Amendments with any changes or 

subject to any conditions the 

Commission deems necessary or 

appropriate after considering public 

comment. 

II. Summary of the Proposed 

Amendments 9

The Participants propose to amend 

the Plans to comply with Rule 614(e) of 

the MDI Rules. Rule 614(e) requires 

participants to the effective national 

market system plan(s) for NMS stocks to 

file by November 5, 2021, an 

amendment with the Commission that 

includes each of the requirements of 

Rule 614(e)(1)—(5).10

Specifically, Rule 614(e)(1) requires 

the amendment to conform the effective 

national market system plan(s) for NMS 

stocks to reflect the provision of 

information with respect to quotations 

for and transactions in NMS stocks that 

is necessary to generate consolidated 

market data by the national securities 

exchange and national securities 

association participants to competing 

consolidators and self-aggregators. 

Rule 614(e)(2) requires the 

amendment to include the application 

of timestamps by the national securities 

exchange and national securities 

association participants on all 

information with respect to quotations 

for and transactions in NMS stocks that 

is necessary to generate consolidated 

market data, including the time that 

such information was generated as 

applicable by the national securities 

exchange or national securities 

association and the time the national 

securities exchange or national 

securities association made such 

information available to competing 

consolidators and self-aggregators. 

Rule 614(e)(3) requires the 

amendment to include assessments of 

competing consolidator performance, 

including speed, reliability, and cost of 

data provision and the provision of an 

annual report of such assessment to the 

Commission. 

Rule 614(e)(4) requires the 

amendment to include the development, 

maintenance and publication of a list 

that identifies the primary listing 

exchange for each NMS stock. 

Rule 614(e)(5) requires the 

amendment to include the calculation 

and publication on a monthly basis of 

consolidated market data gross revenues 

for NMS stocks as specified by (i) listed 

on the NYSE; (ii) listed on Nasdaq; and 

(iii) listed on exchanges other than 

NYSE or Nasdaq. 

The following is a summary of the 

changes proposed to be made to the 

Plans by the Proposed Amendments. 

CTA Plan Proposed Amendments 

Preface 

Under the Proposed Amendments, the 

CTA Plan would include the following 

new provision: ‘‘Terms used in this plan 

have the same meaning as the terms are 

defined in Rule 600(b) under the Act.’’ 

Section I.—Definitions 

The Proposed Amendments add a 

definition of ‘‘Primary Listing 

Exchange,’’ as new Section I.(x), which 

means ‘‘the national securities exchange 

on which an Eligible Security is listed.’’ 

The proposed definition further states, 

‘‘[i]f an Eligible Security is listed on 


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11See Notice, supra note 7, 86 FR at 67800. 

12See id. 

13 17 CFR 242.614(d)(5). 

14 Id. 15See Notice, supra note 7, 86 FR at 67800. 

16See id. 

17See id. 

more than one national securities 

exchange, Primary Listing Exchange 

means the exchange on which the 

security has been listed the longest.’’ 

Section IV.—Administration of the CTA 

Plan 

The Proposed Amendments add new 

Section IV.(e), Plan website Disclosures, 

requiring CTA to publish on the CTA 

Plan’s website the Primary Listing 

Exchange for each Eligible Security, 

and, on a monthly basis, the 

consolidated market data gross revenues 

for Eligible Securities as specified by 

Tape A and Tape B securities. The 

Participants explain that this addition is 

intended to comply with Rule 614(e)(4) 

and Rule 614(e)(5)(i) and (iii).11

Section V.—The Processor and 

Competing Consolidators 

The Proposed Amendments amend 

the title of Section V. to include 

competing consolidators, such that it is 

now titled ‘‘The Processor and 

Competing Consolidators’’ and add new 

Section V.(f), Evaluation of Competing 

Consolidators, to require the Operating 

Committee to assess the performance of 

competing consolidators on an annual 

basis and to submit an annual report to 

the Commission containing the 

assessment. The Proposed Amendments 

require this annual report to include an 

analysis with respect to competing 

consolidators’ speed, reliability, and 

cost of data provision. The Participants 

explain that these additions are 

intended to comply with the 

requirements of Rule 614(e)(3).12

In addition, the Proposed 

Amendments require the Operating 

Committee, in conducting the analysis, 

to review the monthly performance 

metrics to be published by competing 

consolidators pursuant to Rule 

614(d)(5).13 Rule 614(d)(5) requires 

competing consolidators to publish on 

their websites monthly performance 

metrics as defined by the effective 

national market system plan(s) for NMS 

stocks.14 The Proposed Amendments 

add the following monthly performance 

metrics to this section: 

(i) Capacity statistics, including 

system tested capacity, system output 

capacity, total transaction capacity, and 

total transaction peak capacity; 

(ii) Message rate and total statistics, 

including peak output rates on the 

following bases: 1-millisecond, 10- 

millisecond, 100-millisecond, 500- 

millisecond, 1-second, and 5-second; 

(iii) System availability statistics, 

including system up-time percentage 

and cumulative amount of outage time; 

(iv) Network delay statistics, 

including quote and trade zero window 

size events, quote and trade retransmit 

events, and quote and trade message 

total; and 

(v) Latency statistics, including 

distribution statistics up to the 99.99th 

percentile, for the following: 

(A) When a Participant sends an 

inbound message to a competing 

consolidator and when the competing 

consolidator receives the inbound 

message; 

(B) When the competing consolidator 

receives the inbound message and when 

the competing consolidator sends the 

corresponding consolidated message to 

a customer of the competing 

consolidator; and 

(C) When a Participant sends an 

inbound message to a competing 

consolidator and when the competing 

consolidator sends the corresponding 

consolidated message to a customer of 

the competing consolidator. 

The Participants explain that they 

have proposed to amend Section V. to 

define the monthly performance metrics 

in accordance with Rule 614(d)(5).15

Section VI.—Consolidated Tape 

The Proposed Amendments amend 

Section VI.(c), Reporting Format and 

Technical Specifications, to include a 

reference to competing consolidators 

and self-aggregators such that last sale 

price information relating to a 

completed transaction in an Eligible 

Security reported to competing 

consolidators and self-aggregators by 

any Participant or other reporting party 

shall be in the format required in 

Section VI.(c). 

In addition, the Proposed 

Amendments amend Section VI.(c) to 

delete from the required format the time 

of the transaction (reported in 

microseconds) as identified in the 

Participant’s matching engine 

publication timestamp, and replace it 

with the time the last sale price 

information was generated by the 

Participant (reported in microseconds). 

Furthermore, the Proposed 

Amendments amend Section VI.(c) to 

add to the required format, with respect 

to reports to competing consolidators 

and self-aggregators, the time the 

Participant made the last sale price 

information available to competing 

consolidators and self-aggregators 

(reported in microseconds). The 

Participants explain that the proposed 

references to competing consolidators 

and self-aggregators and the proposed 

requirement to report in microseconds 

the time that a Participant made the last 

sale price information available to 

competing consolidators and selfaggregators are intended to comply with 

Rule 614(e)(1) and (2).16

With respect to FINRA, the Proposed 

Amendments amend a statement in 

Section VI.(c) that the time of the 

transaction shall be the time of 

execution that a FINRA member reports 

to a FINRA trade reporting facility in 

accordance with FINRA rules. The 

Proposed Amendments change this 

statement to state that the time the last 

sale price information was generated by 

a Participant shall be the time that a 

FINRA member reports to a FINRA trade 

reporting facility in accordance with 

FINRA rules. The Proposed 

Amendments also add references to 

competing consolidators and selfaggregators such that if FINRA’s trade 

reporting facility provides a proprietary 

feed of trades reported by the trade 

reporting facility to the Processor, 

competing consolidators and selfaggregators, then the FINRA trade 

reporting facility shall also furnish the 

Processor, competing consolidators, and 

self-aggregators with the time of the 

transmission as published on the 

facility’s proprietary feed. 

The Proposed Amendments also 

delete Section VI.(g), ITS Transactions, 

which concerns last sale prices 

reflecting ITS transactions. The 

Participants explain that they are 

proposing to remove this provision 

because the ITS is obsolete.17

Section VIII. Collection and Reporting of 

Last Sale Data 

The Proposed Amendments amend 

Section VIII.(a), Responsibility of 

Exchange Participants, to remove a list 

of exchange participants and the 

requirement that each collects and 

reports to the Processor all last sale 

price information to be reported to it 

relating to transactions in Eligible 

Securities taking place on its floor. The 

Proposed Amendments amend this 

statement to state that each Participant 

agrees to collect and report to the 

Processor all last sale price information 

to be reported by it relating to 

transactions in Eligible Securities. 

The Proposed Amendments also add 

a statement that each Participant further 

agrees to collect and report to competing 

consolidators and self-aggregators all 

last sale price information to be reported 

to it related to transactions in Eligible 

Securities in the same manner and using 


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18The Proposed Amendments also delete the 

following statement from Section VIII.(a): ‘‘CTA 

shall seek to reduce the time period for reporting 

last sale prices to the Processor as conditions 

warrant.’’ 

19See Notice, supra note 7, 86 FR at 67801. 

20See id. 

21See id. 

22See id. 

the same methods, including all 

methods of access and the same format, 

as such Participant makes available any 

information with respect to quotations 

for and transactions in Eligible 

Securities to any person.18 In addition, 

the Proposed Amendments amend 

Section VIII.(b), FINRA Responsibility, 

to add references to competing 

consolidators and self-aggregators such 

that the provision states: ‘‘The FINRA 

shall develop and adopt rules governing 

the reporting of last sale price 

information to be reported by its 

members to both the Processor for 

inclusion on the consolidated tape and 

to Competing Consolidators and SelfAggregators. Such rules shall . . . (ii) be 

designed to avoid duplicate reporting of 

transactions on the consolidated tape or 

to Competing Consolidators and Self 

Aggregator . . .’’ The Participants 

explain that these additions are 

designed to comply with Rule 

614(e)(1).19

Finally, the Proposed Amendments 

delete Section VIII.(c), Description of 

Reporting Procedures, which states that 

each Participant and each other 

reporting party has prepared and 

submitted to CTA and the Commission 

a description of the procedures by 

which it collects and reports to the 

Processor last sale price information 

reported by it pursuant to the CTA Plan. 

The Participants explain that this 

provision is no longer relevant under 

the MDI Rules.20

Section IX.—Receipt and Use of CTA 

Information 

In Sections IX.(a), Requirements for 

Receipt and Use of Information, (b), 

Approvals of Redisseminators and 

Terminations of Approvals, and (c), 

Subscriber Terminations, the Proposed 

Amendments replace several references 

to ‘‘each CTA network’s information,’’ 

‘‘a CTA network’s information,’’ ‘‘that 

CTA network’s information,’’ and ‘‘that 

CTA network’s last sale price 

information’’ with the term 

‘‘consolidated market data’’. 

The Proposed Amendments also 

amend Section IX.(a) to include 

references to competing consolidators 

and self-aggregators. Proposed Section 

IX.(a) states that, ‘‘[p]ursuant to fair and 

reasonable terms and conditions, each 

CTA network’s administrator shall 

provide for: (i) The dissemination of 

consolidated market data on terms that 

are not unreasonably discriminatory to 

Competing Consolidators, SelfAggregators, vendors, newspapers, 

Participants, Participant members and 

member organizations, and other 

persons over that network’s ticker and 

over the high speed line; and (ii) the use 

of consolidated market data by 

Competing Consolidators, SelfAggregators, vendors, subscribers, 

newspapers, Participants, Participant 

members and member organizations and 

other persons.’’ Additionally, the 

section now states that each CTA 

network’s Participants will determine 

the terms and conditions applying in 

respect of a particular manner of receipt 

or use of consolidated market data 

including whether the manner of receipt 

or use will require recipients or users to 

enter into agreements with the CTA 

network’s administrator, and that these 

determinations will be made in a 

reasonably uniform manner to subject 

all parties that receive or use 

consolidated market data in a particular 

manner to terms and conditions that are 

substantially similar. 

In addition, the Proposed 

Amendments amend Section IX.(a) to 

state that the Participants expect their 

CTA network’s administrator to require 

the following parties to enter into 

agreements with the CTA network 

administrator: (i) Any party that 

receives a CTA network’s information 

by means of a direct computer-tocomputer interface with the Processor or 

competing consolidator; (ii) any 

competing consolidator or selfaggregator that receives last sale 

transaction information directly from a 

Participant for the purpose of creating 

consolidated market data; (iii) vendors 

and other parties that redisseminate 

consolidated market data to others; and 

(iv) persons that use consolidated 

market data for such purposes as that 

CTA network’s administrator may from 

time to time identify. 

The Participants explain that the 

proposed revisions to Section IX.(a) 

intend to make clear that the current 

market data contracts regarding the 

receipt of market data will be applicable 

to competing consolidators and selfaggregators.21 They believe that the 

change is consistent with Rule 614(e)(1) 

and is necessary, stating that competing 

consolidators and self-aggregators 

would be receiving and using 

consolidated market data and should be 

subject to the same contracts applicable 

to vendors and subscribers.22

The Proposed Amendments amend 

Section XI.(b), Approvals of 

Redisseminators and Terminations of 

Approvals, to state that all vendors and 

other parties that redisseminate 

consolidated market data (‘‘data 

redisseminators’’) shall be required to be 

approved by a CTA network’s 

administrator. Additionally, the 

Proposed Amendments amend Section 

XI.(c), Subscriber Terminations, to state 

that a CTA network’s administrator may 

determine that circumstances warrant 

directing a data redisseminator to cease 

providing consolidated market data to a 

subscriber, and that the CTA network’s 

Participants may direct the data 

redisseminator to cease providing 

consolidated market data to the 

subscriber if a majority of those 

Participants determine that (i) such 

action is necessary or appropriate in the 

public interest or for the protection of 

investors, or (ii) the subscriber has 

breached any agreement required by the 

CTA network’s administrator pursuant 

to Section IX. 

Section XI.—Operational Matters 

The Proposed Amendments delete 

from Section XI.(a), Regulatory and 

Operational Halts, the definition of 

‘‘Primary Listing Market’’ in Section 

XI.(a)(i)(H) and the definition of 

‘‘Trading Center’’ in Section XI.(a)(i)(N). 

The Proposed Amendments add a 

reference to competing consolidators 

and self-aggregators to Section XI.(a)(ii), 

Operational Halts, to state that a 

Participant shall notify competing 

consolidators and self-aggregators if it 

has concerns about its ability to collect 

and transmit quotes, orders or last sale 

prices, or where the Participant has 

declared an Operational Halt or 

suspension of trading in one or more 

Eligible Securities, pursuant to the 

procedures adopted by the Operating 

Committee. In addition, the Proposed 

Amendments add a reference to 

competing consolidators and selfaggregators to Section XI.(a)(viii), 

Communications, to require a Primary 

Listing Exchange for an Eligible Security 

to notify competing consolidators and 

self-aggregators if it determines to 

initiate a Regulatory Halt. 

The Proposed Amendments also 

replace references to ‘‘Primary Listing 

Market’’ with ‘‘Primary Listing 

Exchange’’ throughout Section XI. 

The Participants state that their 

revisions to Section XI to include 

references to notifying competing 

consolidators and self-aggregators in 

connection with Regulatory and 

Operational Halts are consistent with 

Rule 614(e)(1) and would ensure that 

competing consolidators and selfaggregators are notified of information 

related to Regulatory and Operational 


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23See id. 

24See id. 

25See Notice, supra note 7, 86 FR at 67801. 

26 17 CFR 242.614(d)(5). 

27 Id. 

Halts and that competing consolidators 

can disseminate this information to 

their customers.23

CQ Plan Proposed Amendments 

Preface 

Under the Proposed Amendments, the 

CQ Plan would include the following 

new provision: ‘‘Terms used in this plan 

have the same meaning as the terms are 

defined in Rule 600(b) under the Act.’’ 

Section I.—Definitions 

The Proposed Amendments add a 

definition of ‘‘Primary Listing 

Exchange’’ as new Section I.(v), which 

means ‘‘the national securities exchange 

on which an Eligible Security is listed.’’ 

The proposed definition further states, 

‘‘[i]f an Eligible Security is listed on 

more than one national securities 

exchange, Primary Listing Exchange 

means the exchange on which the 

security has been listed the longest.’’ 

The Proposed Amendments amend 

the definition of ‘‘Quotation 

Information’’ in Section I.(x) (formerly, 

Section I.(w)) to change a reference to 

‘‘consolidated BBO’’ to ‘‘NBBO,’’ such 

that Quotation Information now means, 

among other things, ‘‘(iii) each NBBO 

contained in the foregoing information 

and any identifier associated therewith 

. . . .’’ 

Section IV.—Administration of This CQ 

Plan 

The Proposed Amendments add new 

Section IV.(d), Plan website Disclosures, 

requiring the Operating Committee to 

publish on the CQ Plan’s website the 

Primary Listing Exchange for each 

Eligible Security, and, on a monthly 

basis, the consolidated market data 

gross revenues for Eligible Securities as 

specified by Tape A and Tape B 

securities. The Participants explain that 

this addition is intended to comply with 

Rule 614(e)(4) and Rule 614(e)(5)(i) and 

(iii).24

Section V.—The Processor and 

Competing Consolidators 

The Proposed Amendments amend 

the title of Section V. to include 

competing consolidators, such that it is 

now titled ‘‘The Processor and 

Competing Consolidators,’’ and add new 

Section V.(f), Evaluation of Competing 

Consolidators, to require the Operating 

Committee to assess the performance of 

competing consolidators on an annual 

basis and to submit an annual report to 

the Commission containing the 

assessment. The Proposed Amendments 

require this annual report to include an 

analysis with respect to competing 

consolidators’ speed, reliability, and 

cost of data provision. The Participants 

explain that these additions are 

intended to comply with the 

requirements of Rule 614(e)(3).25

In addition, the Proposed 

Amendments require the Operating 

Committee, in conducting the analysis, 

to review the monthly performance 

metrics to be published by competing 

consolidators pursuant to Rule 

614(d)(5).26 Rule 614(d)(5) requires 

competing consolidators to publish on 

their websites monthly performance 

metrics as defined by the effective 

national market system plan(s) for NMS 

stocks.27 The Proposed Amendments 

add the following monthly performance 

metrics to this section: 

(i) Capacity statistics, including 

system tested capacity, system output 

capacity, total transaction capacity, and 

total transaction peak capacity; 

(ii) Message rate and total statistics, 

including peak output rates on the 

following bases: 1-millisecond, 10- 

millisecond, 100-millisecond, 500- 

millisecond, 1-second, and 5-second; 

(iii) System availability statistics, 

including system up-time percentage 

and cumulative amount of outage time; 

(iv) Network delay statistics, 

including quote and trade zero window 

size events, quote and trade retransmit 

events, and quote and trade message 

total; and 

(v) Latency statistics, including 

distribution statistics up to the 99.99th 

percentile, for the following: 

(A) When a Participant sends an 

inbound message to a competing 

consolidator and when the competing 

consolidator receives the inbound 

message; 

(B) When the competing consolidator 

receives the inbound message and when 

the competing consolidator sends the 

corresponding consolidated message to 

a customer of the competing 

consolidator; and 

(C) When a Participant sends an 

inbound message to a competing 

consolidator and when the competing 

consolidator sends the corresponding 

consolidated message to a customer of 

the competing consolidator. 

Section VI.—Collection and Reporting 

of Quotation Information 

The Proposed Amendments amend 

Section VI.(a), Responsibilities of 

Participants, to state that ‘‘[e]ach 

Participant agrees to collect, and furnish 

to the Processor in a format acceptable 

to the Operating Committee, all 

quotation information required to be 

made available by such Participant by 

Rules 602(b)(1) of Regulation NMS. 

Each Participant further agrees to collect 

and report to Competing Consolidators 

and Self Aggregators all quotation 

information required to be made 

available by such Participant by Rule 

603(b) of Regulation NMS, including all 

data necessary to generated 

consolidated market data.’’ 

In addition, under the Proposed 

Amendments, Section VI.(a) states that 

each bid and offer with respect to an 

Eligible Security furnished to the 

Processor, competing consolidators and 

self-aggregators by any Participant 

pursuant to Plan would be accompanied 

by (i) the information required by Rules 

602(b)(1) or 603(b) of Regulation NMS, 

as applicable, and (ii) the time of the bid 

or offer as identified by: (A) In the case 

of a national securities exchange, the 

reporting Participant’s matching engine 

publication timestamp (reported in 

microseconds); or (B) in the case of a 

national securities association, the 

quotation publication timestamp that 

the association’s bidding or offering 

member reports to the association’s 

quotation facility in accordance with 

FINRA rules. Each bid and offer with 

respect to an Eligible Security furnished 

to competing consolidators and selfaggregators by any Participant must be 

accompanied by the time (reported in 

microseconds) the Participant made the 

bid and offer available to competing 

consolidators and self-aggregators. 

With respect to national securities 

associations, under the Proposed 

Amendments, if a national securities 

association quotation facility provides a 

proprietary feed of its quotation 

information, then the quotation facility 

shall also furnish the Processor, 

competing consolidators, and selfaggregators with the time of the 

quotation as published on the quotation 

facility’s proprietary feed, and the 

national securities association shall 

convert any quotation times reported to 

it in seconds or milliseconds to 

microseconds and shall furnish such 

times to the Processor, competing 

consolidators, and self-aggregators in 

microseconds. Additionally, Section 

VI.(a), as proposed to be amended, 

states, ‘‘Each bid and offer with respect 

to an Eligible Security made by a broker 

or dealer otherwise than on the floor of 

an exchange and furnished to the 

Processor, Competing Consolidators, 

and Self-Aggregators by any Participant 

which is a national securities 

association shall, at the time furnished, 

be accompanied by an appropriate 

symbol designated by the Operating 


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28See Notice, supra note 7, 86 FR at 67801. The 

Participants state that they amended Sections 

VIII.(a) and (b) of the CQ Plan to add the 

requirement that each Participant agrees to collect 

and report to competing consolidators and selfaggregators all quotation data in the same manner 

and using the same methods, including all methods 

of access and the same format, as such Participant 

makes available any information with respect to 

quotations for and transactions in Eligible 

Securities to any person. However, Commission 

staff believes they meant Section VI. instead of 

Section VIII. and such amendment is only present 

in proposed Section VI.(b) of the CQ Plan. 

29See Notice, supra note 7, 86 FR at 67801. 

30Specifically, ‘‘paragraph (b)(1) of the Rule.’’ See 

id., 86 FR at 67824. 

31See id., 86 FR at 67801. 

32See id. 

33See id. 

34See Letters to Vanessa Countryman, Secretary, 

Commission, from Ellen Greene, Managing Director, 

Equity and Options Market Structure, and William 

C. Thum, Managing Director and Associate General 

Counsel, Asset Management Group, Securities 

Industry and Financial Markets Association (Dec. 

17, 2021) (‘‘SIFMA Letter’’); Patrick Flannery, Chief 

Executive Officer, MayStreet, to Vanessa 

Countryman, Secretary, Commission (Dec. 17, 2021) 

(‘‘MayStreet Letter’’). 

35SIFMA Letter, supra note 34, at 1, 8; MayStreet 

Letter, supra note 34, at 1. The Commission notes 

that the comment letters submitted by these 

commenters address both the Proposed 

Amendments and similar proposed amendments to 

the Fifty-First Amendment to the Joint SelfRegulatory Organization Plan Governing the 

Collection, Consolidation and Dissemination of 

Quotation and Transaction Information for NasdaqListed Securities Traded on Exchanges on an 

Unlisted Trading Privileges Basis. See Securities 

Exchange Act Release No. 93620 (Nov. 19, 2021), 

86 FR 67541 (Nov. 26, 2021). 

36SIFMA Letter, supra note 34, at 8. 

Committee identifying such broker or 

dealer as required by paragraph (b)(i) of 

the Rule.’’ 

The Proposed Amendments also 

amend Section VI.(b), Timeliness of 

Reporting, to add the following 

requirement: ‘‘Each Participant further 

agrees to furnish quotation information, 

and changes in any such information, to 

the Competing Consolidator[s] and SelfAggregators in the same manner and 

using the same methods, including all 

methods of access and the same format, 

as such Participant makes available any 

information with respect to quotations 

for and transactions in NMS stocks to 

any person.’’ The Participants explain 

that this addition is designed to comply 

with the requirements of Rule 

614(e)(1).28

In addition, the Proposed 

Amendments amend Section VI.(c), 

High Speed Line and Market Identifiers, 

to remove a reference to an ‘‘ITS/CAES 

BBO’’ as excepted from the requirement 

that each bid or offer with respect to an 

Eligible Security furnished to the 

processor by a Participant that is a 

national securities association shall be 

accompanied by the symbol identifying 

the broker or dealer who was reported 

to the Processor as having made such 

bid or offer otherwise than on the floor 

of an exchange. The Participants explain 

that they propose to remove this 

reference because references to ITS/ 

CAES are outdated.29

The Proposed Amendments also 

amend Section VI.(e), Unusual Market 

Conditions, to include references to 

competing consolidators and selfaggregators and to remove a reference to 

Rule 602(b)(1) 30 and replace it with a 

reference to Rules 601(b)(1) and 603(b) 

of Regulation NMS. The Proposed 

Amendments also remove a reference to 

vendors in Section VI.(e). 

Finally, the Proposed Amendments 

delete Section VI.(f), Description of 

Reporting Procedures, which requires 

each Participant and each other 

reporting party to prepare and submit to 

the Operating Committee and the 

Processor a description of the 

procedures by which it intends to 

comply with its obligations under the 

CQ Plan. The Participants explain that 

the provisions of Section VI.(f) are no 

longer relevant.31

Section VII.—Receipt and Use of 

Quotation Information 

In Sections VII.(a), Requirements for 

Receipt and Use of Information, (b), 

Approvals of Redisseminators and 

Terminations of Approvals, and (c) 

Subscriber Terminations, the Proposed 

Amendments replace several references 

to a ‘‘CQ network’s quotation 

information’’ with the term 

‘‘consolidated market data.’’ 

The Proposed Amendments also 

amend Section VII.(a) to include 

references to competing consolidators 

and self-aggregators, such that, pursuant 

to fair and reasonable terms and 

conditions, each network’s 

administrator shall provide for: (i) The 

dissemination of each CQ network’s 

quotation information on terms that are 

not unreasonably discriminatory to 

competing consolidators and selfaggregators, and (ii) the use of that CQ 

network’s quotation information by 

competing consolidators and selfaggregators. 

In addition, the Proposed 

Amendments amend Section VII.(a) to 

state that the Participants in both CQ 

networks expect that their network’s 

administrator will require the following 

parties to enter into agreements with the 

network’s administrator: (i) Any party 

that receives consolidated market data 

by means of a direct computer-tocomputer interface with the Processor or 

competing consolidators; (ii) any 

competing consolidator or selfaggregator that receives quotation 

information directly from a Participant 

for the purpose of creating consolidated 

market data; (iii) vendors and other 

parties that redisseminate consolidated 

market data; and (iv) persons that use 

consolidated market data for such 

purposes as the CQ network’s 

administrator may from time to time 

identify. 

The Participants explain that the 

proposed revisions intend to make clear 

that the current market data contracts 

regarding the receipt of market data will 

be applicable to competing 

consolidators and self-aggregators.32

They believe that the change is 

consistent with Rule 614(e)(1) and is 

necessary, stating that competing 

consolidators and self-aggregators 

would be receiving and using 

consolidated market data and should be 

subject to the same contracts applicable 

to vendors and subscribers.33

The Proposed Amendments also 

amend Section VII.(b), Approvals of 

Redisseminators and Terminations of 

Approvals, to state that all vendors of 

and other parties that redisseminate 

consolidated market data (‘‘data 

redisseminators’’) shall be required to be 

approved by a CTA network’s 

administrator. Additionally, the 

Proposed Amendments amend Section 

XI.(c), Subscriber Terminations, to state 

that a network’s administrator may 

determine that circumstances warrant 

directing a data redisseminator to cease 

providing consolidated market data to a 

subscriber, and that the CQ network’s 

Participants may direct the data 

redisseminator to cease providing 

consolidated market data to the 

subscriber if a majority of those 

Participants determine that (i) such 

action is necessary or appropriate in the 

public interest or for the protection of 

investors, or (ii) the subscriber has 

breached any agreement required by the 

CTA network’s administrator pursuant 

to Section VII. 

III. Summary of Comments 

In response to the Notice, the 

Commission received two comments on 

the Proposed Amendments.34 Generally, 

both commenters oppose the Proposed 

Amendments and recommend that the 

Commission disapprove them.35

Both commenters argue that the 

Proposed Amendments contain 

provisions that would be irrelevant 

under the decentralized consolidation 

model. Specifically, one commenter 

states that the Proposed Amendments 

appear to continue to contain the 

concept of a single processor in 

contravention of the MDI Rules 

Release.36 The other commenter argues 


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37MayStreet Letter, supra note 34, at 3. 

38See id. 

39SIFMA Letter, supra note 34, at 4–5, 8; 

MayStreet Letter, supra note 34, at 3–5. 

40MayStreet Letter, supra note 34, at 3–4. This 

commenter states that the Act requires competing 

consolidators to receive the data under terms that 

are not ‘‘unreasonably’’ discriminatory. Id. at 4. 

41See id. at 5. 

42See id. 

43See id. at 4. 

44See id. 45MayStreet Letter, supra note 34, at 3. 46 17 CFR 242.608. 47 17 CFR 201.700. 48See 17 CFR 242.608(b)(2). 

49See 17 CFR 242.608(b)(2). 

50 17 CFR 242.608(b)(2)(i). See also Commission 

Rule of Practice 700(b)(2), 17 CFR 201.700(b)(2). 

51See MDI Rules Release, supra note 6. 

52See 17 CFR 242.608(b)(2). 

53See id. 

54 15 U.S.C. 78k–1(a)(1)(C)(iii). 

55See 15 U.S.C. 78k–1(c)(1)(B). 

that under the MDI Rule, only 

competing consolidators would sell 

consolidated market data to vendors and 

subscribers. Therefore, this commenter 

does not believe the sections of the 

Proposed Amendment that discuss 

vendors’ and subscribers’ contractual 

relationships with the Plan are 

relevant.37 The commenter recommends 

that these provisions be removed or 

altered to reflect that the Plans no longer 

have agreements with vendors and end 

users and instead will have agreements 

with competing consolidators and selfaggregators related specifically to the 

cost of content underlying the market 

data.38

Both commenters also argue that the 

Proposed Amendments incorrectly treat 

competing consolidators in the same 

manner as market data vendors, despite 

Commission instruction to the 

contrary.39 One of the commenters 

believes that subjecting competing 

consolidators to the same contractual 

requirements as data vendors and 

subscribers that receive consolidated 

market data from the exclusive SIP fails 

to recognize that competing 

consolidators are SIPs and not similarly 

situated to today’s data vendors.40 The 

commenter does not believe the 

contracts applicable to current data 

vendors will suffice for competing 

consolidators because the data that 

competing consolidators would receive 

from the Participants is content 

underlying consolidated data and 

different from the SIP data that data 

vendors receive.41 Additionally, the 

commenter states that not recognizing 

competing consolidators as SIPs would 

put competing consolidators at a 

competitive disadvantage to market data 

vendors given that they take on 

expenses and risks that data vendors do 

not—such as the costs to generate 

consolidated market data, disclosing 

operational and performance metrics, 

registering with the Commission, and 

complying with Rule 614 of Regulation 

NMS.42

Separately, one commenter argues 

that validation procedures between 

competing consolidators and 

Participants should be similar to those 

between the current Processor and the 

Participants.43 While this commenter 

acknowledges that the validation 

process for competing consolidators and 

Participants may differ from the current 

Processor validation process, the 

commenter believes that establishing 

validation procedures with the new 

competing consolidators that would be 

consistent across SROs is a prudent 

measure for ensuring data quality.44

Finally, the commenter also believes 

that the Participants’ description of 

services offered by the current plans for 

equity market data have confused the 

underlying content of consolidated 

market data and the consolidated 

market data itself.45

IV. Proceedings To Determine Whether 

To Approve or Disapprove the 

Proposed Amendments 

The Commission is instituting 

proceedings pursuant to Rule 

608(b)(2)(i) of Regulation NMS,46 and 

Rule 700 of the Commission’s Rules of 

Practice,47 to determine whether to 

approve or disapprove the Proposed 

Amendments or to approve the 

Proposed Amendments with any 

changes or subject to any conditions the 

Commission deems necessary or 

appropriate after considering public 

comment. Institution of proceedings 

does not indicate that the Commission 

has reached any conclusions with 

respect to any of the issues involved. 

Rather, the Commission seeks and 

encourages interested persons to 

provide additional comment on the 

Proposed Amendments to inform the 

Commission’s analysis. 

Rule 608(b)(2) of Regulation NMS 

provides that the Commission ‘‘shall 

approve a . . . proposed amendment to 

a national market system plan, with 

such changes or subject to such 

conditions as the Commission may 

deem necessary or appropriate, if it 

finds that such . . . amendment is 

necessary or appropriate in the public 

interest, for the protection of investors 

and the maintenance of fair and orderly 

markets, to remove impediments to, and 

perfect the mechanisms of, a national 

market system, or otherwise in 

furtherance of the purposes of the 

Act.’’ 48 Rule 608(b)(2) further provides 

that the Commission shall disapprove a 

proposed amendment if it does not 

make such a finding.49 Pursuant to Rule 

608(b)(2)(i) of Regulation NMS,50 the 

Commission is providing notice of the 

grounds for disapproval under 

consideration: 

• Whether the Proposed Amendments 

are consistent with the Commission’s 

MDI Rules as outlined in Rule 614(e); 51

• Whether, consistent with Rule 608 

of Regulation NMS, the Proposed 

Amendments are necessary or 

appropriate in the public interest, for 

the protection of investors and the 

maintenance of fair and orderly markets, 

to remove impediments to, and perfect 

the mechanisms of, a national market 

system, or otherwise in furtherance of 

the purposes of the Act; 52

• Whether consistent with Rule 

603(a) of Regulation NMS, the Proposed 

Amendments provide for the 

distribution of information with respect 

to quotations for and transactions in 

NMS stocks on terms that are fair and 

reasonable and not unreasonably 

discriminatory; 

• Whether modifications to the 

Proposed Amendments, or conditions to 

their approval, would be required to 

make the Proposed Amendments 

necessary or appropriate in the public 

interest, for the protection of investors 

and the maintenance of fair and orderly 

markets, to remove impediments to, and 

perfect the mechanisms of, a national 

market system, or otherwise in 

furtherance of the purposes of the Act; 53

• Whether the Proposed Amendments 

are consistent with Congress’s finding, 

in Section 11A(1)(C)(iii) of the Act, that 

it is in the public interest and 

appropriate for the protection of 

investors and the maintenance of fair 

and orderly markets to ensure ‘‘the 

availability to brokers, dealers, and 

investors of information with respect to 

quotations for and transactions in 

securities’’; 54 and 

• Whether, consistent with the 

purposes of Section 11A(c)(1)(B) of the 

Act,55 the Proposed Amendments’ 

provisions are drafted, to support the 

prompt, accurate, reliable, and fair 

collection, processing, distribution, and 

publication of information with respect 

to quotations for and transactions in 

NMS securities, and the fairness and 

usefulness of the form and content of 

such information. 

Under the Commission’s Rules of 

Practice, the ‘‘burden to demonstrate 

that a NMS plan filing is consistent with 

the Exchange Act and the rules and 

regulations issued thereunder . . . is on 

the plan participants that filed the NMS 


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56 17 CFR 201.700(b)(3)(ii). 

57 Id. 

58 Id. 

59 17 CFR 242.608(b)(2)(i). 

60Rule 700(c)(ii) of the Commission’s Rules of 

Practice provides that ‘‘[t]he Commission, in its sole 

discretion, may determine whether any issues 

relevant to approval or disapproval would be 

facilitated by the opportunity for an oral 

presentation of views.’’ 17 CFR 201.700(c)(ii). 

61See Notice, supra note 7. 

62See id., 86 FR at 67801. 

63See MDI Rules Release, supra note 6, at Section 

III.H.2., 86 FR at 18698–701. 

plan filing.’’ 56 The description of the 

NMS plan filing, its purpose and 

operation, its effect, and a legal analysis 

of its consistency with applicable 

requirements must all be sufficiently 

detailed and specific to support an 

affirmative Commission finding.57 Any 

failure of the plan participants that filed 

the NMS plan filing to provide such 

detail and specificity may result in the 

Commission not having a sufficient 

basis to make an affirmative finding that 

the NMS plan filing is consistent with 

the Act and the applicable rules and 

regulations thereunder.58

V. Commission’s Solicitation of 

Comments 

The Commission requests that 

interested persons provide written 

submissions of their views, data, and 

arguments with respect to the issues 

identified above, as well as any other 

concerns they may have with the 

proposal. In particular, the Commission 

invites the written views of interested 

persons concerning whether the 

proposal is consistent with Section 11A 

or any other provision of the Act, or the 

rules and regulations thereunder. 

Although there do not appear to be any 

issues relevant to approval or 

disapproval that would be facilitated by 

an oral presentation of views, data, and 

arguments, the Commission will 

consider, pursuant to Rule 608(b)(2)(i) 

of Regulation NMS,59 any request for an 

opportunity to make an oral 

presentation.60 The Commission asks 

that commenters address the sufficiency 

and merit of the Participants’ statements 

in support of the Proposed 

Amendments,61 in addition to any other 

comments they may wish to submit 

about the Proposed Amendments. In 

particular, the Commission seeks 

comment on the following: 

1. What are commenters’ views on 

whether the Proposed Amendments 

reflect the provision of information with 

respect to quotations for and 

transactions in NMS stocks that is 

necessary to generate consolidated 

market data by the national securities 

exchange and national securities 

association participants to competing 

consolidators and self-aggregators. For 

example, do commenters believe that 

Section I of the CTA Plan and Section 

I of the CQ Plan (both titled Definitions) 

appropriately define terms to accurately 

reflect the decentralized consolidation 

model consistent with the MDI Rules 

Release? If not, what, if any, 

modifications should be made to these 

definitions in the Proposed 

Amendments? Additionally, do 

commenters believe that the Proposed 

Amendments should be modified to 

explicitly incorporate certain terms such 

as Consolidated Market Data, as defined 

in Rule 600(b)(19) into the Plan? 

Similarly, Section V of the CTA Plan 

and Section V of the CQ Plan (both 

titled The Processor and Competing 

Consolidators) describe the evaluation 

and functions of the Processor, 

respectively. Do commenters believe 

that modifying the Proposed 

Amendments to remove the role of the 

Processor is necessary for the 

decentralized consolidation model 

consistent with the MDI Rules Release? 

2. What are commenters’ views on 

whether the Proposed Amendments 

include the application of timestamps 

by the national securities exchange and 

national securities association 

participants on all information with 

respect to quotations for and 

transactions in NMS stocks that is 

necessary to generate consolidated 

market data, including the time that 

such information was generated as 

applicable by the national securities 

exchange or national securities 

association and the time the national 

securities exchange or national 

securities association made such 

information available to competing 

consolidators and self-aggregators. 

Specifically, do commenters believe that 

the Proposed Amendments require the 

Participants to timestamp all of the data 

underlying Consolidated Market Data, 

as defined in Rule 600(b)(19), upon 

generation and upon provision to 

competing consolidators and selfaggregators? If not, should the Proposed 

Amendments be modified to include a 

requirement for such timestamping? 

3. What are commenters’ views on the 

absence of a microsecond timestamp 

requirement applicable to FINRA in 

Section VI.(c) (Consolidated Tape, 

Reporting Format and Technical 

Specifications) of the CTA Plan? 

4. What are commenters’ views on the 

proposed deletion of language in 

Section VIII.(a) (Collection and 

Reporting of Last Sale Data, 

Responsibility of Exchange Participants) 

of the CTA Plan stating, ‘‘CTA shall seek 

to reduce the time period for reporting 

last sale prices to the Processor as 

conditions warrant.’’ Specifically, do 

commenters believe that this Proposed 

Amendment should be modified to 

retain the language but replace the term 

‘‘Processor’’ with ‘‘Competing 

Consolidators and Self-Aggregators’’? 

5. What are commenters’ views on the 

following sections of the Proposed 

Amendments in light of the 

decentralized consolidation model 

under the MDI Rules: Section IX. 

(Receipt and Use of CTA Information) of 

the CTA Plan and Section VII. (Receipt 

and Use of Quotation Information) of 

the CQ Plan. Do commenters believe 

that the Proposed Amendments should 

be modified with respect to any of these 

sections to implement the decentralized 

consolidation model? If so, how? What 

are commenters’ views on the use of the 

term ‘‘consolidated market data’’ in 

Section IX. of the CTA Plan? Do 

commenters agree with the statement by 

the Participants that the current market 

data contracts regarding the receipt of 

market data applicable to vendors and 

subscribers should be applicable to 

competing consolidators and selfaggregators? 62 Do commenters interpret 

these provisions to mean that a 

network’s administrator must approve a 

competing consolidator or selfaggregator before the competing 

consolidator or self-aggregator can 

receive data and can terminate such 

approval of a competing consolidator or 

self-aggregator? 

6. What are commenters’ views on 

whether the Proposed Amendments 

sufficiently describe how the Plans will 

operate under the Initial Parallel 

Operation Period when ‘‘the 

decentralized consolidation model will 

run in parallel to the existing exclusive 

SIP model.’’ 63 Specifically, Section D of 

the Proposed Amendments states that 

Proposed Amendments will be 

implemented to coincide with the 

phased implementation of the MDI 

Rules as required by the Commission. 

Do commenters believe that the 

Proposed Amendments should specify 

how the Participants will transition 

from the current Plan to the initial 

parallel operation period and the 

process after the initial parallel 

operation period? 

7. What are commenters’ views on the 

Proposed Amendments in light of the 

decentralized consolidation model with 

respect to (i) references to the Processor, 

High speed line, and Subscribers; (ii) 

the dissemination of Regulatory Halts; 

(iii) the authority of the Operating 

Committee under Section IV.(d) of the 

CTA Plan and Section IV.(b) of the CQ 

Plan, respectively, with respect to 


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64 17 CFR 200.30–3(a)(85). 

1See Letter from Robert Books, Chair, UTP 

Operating Committee, to Vanessa Countryman, 

Secretary, Commission (Nov. 5, 2021). 

2The Participants are: Cboe BYX Exchange, Inc., 

Cboe BZX Exchange, Inc., Cboe EDGA Exchange, 

Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, 

Inc., Financial Industry Regulatory Authority, Inc., 

The Investors’ Exchange LLC, Long-Term Stock 

Exchange, Inc., MEMX LLC, MIAX PEARL, LLC, 

Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq PHLX, 

Inc., The Nasdaq Stock Market LLC, New York 

Stock Exchange LLC, NYSE American LLC, NYSE 

Arca, Inc., NYSE Chicago, Inc., and NYSE National, 

Inc. (collectively, the ‘‘Participants’’). 

3The Plan governs the collection, processing, and 

dissemination on a consolidated basis of quotation 

information and transaction reports in Eligible 

Securities for its Participants. The Plan serves as the 

required transaction reporting plan for its 

Participants, which is a prerequisite for their 

trading Eligible Securities. See Securities Exchange 

Act Release No. 55647 (Apr. 19, 2007), 72 FR 20891 

(Apr. 26, 2007). 

4 15 U.S.C 78k–1. 

5 17 CFR 242.608. 

6See Securities Exchange Act Release No. 90610, 

86 FR 18596 (Apr. 9, 2021) (File No. S7–03–20) 

(‘‘MDI Rules Release’’). 

7See Securities Exchange Act Release No. 93620 

(Nov. 19, 2021), 86 FR 67541 (Nov. 26, 2021) 

Continued 

operation of the Consolidated Tape 

System and Consolidated Quotation 

System; and (iv) references to contracts 

with Vendors and Subscribers. Do 

commenters believe that the Proposed 

Amendments should be modified with 

respect to any of these provisions in 

light of the decentralized consolidation 

model required by the MDI Rules? 

8. What are commenters’ views on the 

following sections of the Proposed 

Amendments in light of the 

decentralized consolidation model: (i) 

CTA Plan: Parties, Administration of the 

CTA Plan, Potential Conflicts of Interest, 

The Processor and Competing 

Consolidators, Consolidated Tape, 

Collection and Reporting of Last Sale 

Data, Receipt and Use of CTA 

Information, Operational Matters, 

Financial Matters, Concurrent Use of 

Facilities, (ii) CQ Plan: Administration 

of this CQ Plan, The Processor and 

Competing Consolidators, Collection 

and Reporting of Quotation Information, 

Receipt and Use of Quotation 

Information, Operational Matters, 

Financial Matters, Concurrent Use of 

Facilities. Do commenters believe that 

the Proposed Amendments should be 

modified with respect to any of these 

sections, or any other section, in light of 

the decentralized consolidation model 

required by the MDI Rules? If so, please 

describe how the Proposed 

Amendments should be modified in 

light of the decentralized consolidation 

model required by the MDI Rules. 

9. Do commenters have views about 

any other aspect of the Proposed 

Amendments? Do commenters believe 

that the Proposed Amendments should 

be modified in any other way to be 

consistent with the MDI Rules or the 

MDI Rules Release? 

Interested persons are invited to 

submit written data, views, and 

arguments regarding whether the 

proposal should be approved or 

disapproved by March 23, 2022. Any 

person who wishes to file a rebuttal to 

any other person’s submission must file 

that rebuttal by April 6, 2022. 

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 No. SR– 

CTA/CQ–2021–02 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 No. 

SR–CTA/CQ–2021–02. 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 

Participants’ principal offices. 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 File No. SR–CTA/CQ– 

2021–02 and should be submitted on or 

before March 23, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.64

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–04335 Filed 3–1–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94308; File No. S7–24–89] 

Joint Industry Plan; Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove the Fifty-First 

Amendment to the Joint SelfRegulatory Organization Plan 

Governing the Collection, 

Consolidation and Dissemination of 

Quotation and Transaction Information 

for Nasdaq-Listed Securities Traded on 

Exchanges on an Unlisted Trading 

Privileges Basis 

February 24, 2022. 

I. Introduction 

On November 5, 2021,1 the 

Participants 2 in the Joint SelfRegulatory Organization Plan Governing 

the Collection, Consolidation and 

Dissemination of Quotation and 

Transaction Information for NasdaqListed Securities Traded on Exchanges 

on an Unlisted Trading Privileges Basis 

(‘‘UTP Plan’’ or ‘‘Plan’’) 3 filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

11A of the Securities Exchange Act of 

1934 (‘‘Act’’) 4 and Rule 608 of 

Regulation National Market System 

(‘‘NMS’’) thereunder,5 a proposal (the 

‘‘Proposed Amendment’’) to amend the 

UTP Plan to implement the non-feerelated aspects of the Commission’s 

Market Data Infrastructure Rules (‘‘MDI 

Rules’’).6 The Proposed Amendment 

was published for comment in the 

Federal Register on November 26, 

2021.7


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