Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 2255 

identifying activity level or voluntarily registers as 

a large trader by filing electronically with the 

Commission Form 13H. 

2See Securities Exchange Act Release No. 64976 

(July 27, 2011), 76 FR 46959 (August 3, 2011). 

3The Commission, pursuant to Rule 17a–25 (17 

CFR 240.17a–25), currently collects transaction data 

from registered broker-dealers through the 

Electronic Blue Sheets (‘‘EBS’’) system to support 

its regulatory and enforcement activities. The large 

trader framework added two new fields, the time of 

the trade and the identity of the trader, to the EBS 

system. 4See 5 U.S.C. 552 and 15 U.S.C. 78m(h)(7). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

Section 13(h) of the Securities Exchange 

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

(‘‘Exchange Act’’). The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Rule 13h–1 and Form 13H under 

Section 13(h) of the Exchange Act 

established a large trader reporting 

framework.2 The framework assists the 

Commission in identifying and 

obtaining certain baseline information 

about traders that conduct a substantial 

amount of trading activity, as measured 

by volume or market value, in the U.S. 

securities markets. 

The identification, recordkeeping, and 

reporting framework provides the 

Commission with a mechanism to 

identify large traders and obtain 

additional information on their trading 

activity. Specifically, the system 

requires large traders to identify 

themselves to the Commission and 

make certain disclosures to the 

Commission on Form 13H. Upon receipt 

of Form 13H, the Commission issues a 

unique identification number to the 

large trader, which the large trader then 

provides to its registered broker-dealers. 

Certain registered broker-dealers are 

required to maintain transaction records 

for each large trader, and are required to 

report that information to the 

Commission upon request.3 In addition, 

certain registered broker-dealers are 

required to adopt procedures to monitor 

their customers for activity that would 

trigger the identification requirements of 

the rule. 

The respondents to the collection of 

information are large traders. There are 

currently approximately 6,300 large 

traders and 300 registered brokerdealers. Based on its experience 

collecting initial Forms 13H in previous 

years, the Commission estimates that 

approximately 600 new large traders 

will register each year and thus be 

subject to quarterly and annual 

reporting requirements over the next 

three years. 

Each new large trader respondent files 

one response, which takes 

approximately 20 hours to complete. 

The average internal cost of compliance 

per response is $5,615, calculated as 

follows: (3 hours of compliance manager 

time at $307 per hour) + (7 hours of 

legal time at $362 per hour) + (10 hours 

of paralegal time at $212 per hour) = 

$5,615. Additionally, on average, each 

large trader respondent (including new 

respondents) files 2 responses per year, 

which take approximately 6 hours to 

complete. The average internal cost of 

compliance per response is $1,770, 

calculated as follows: (2 hours of 

compliance manager time at $307 per 

hour) + (2 hours of legal time at $362 

per hour) + (2 hours of paralegal time at 

$212 per hour) = $1,770. 

Each registered broker-dealer’s 

monitoring requirement takes 

approximately 15 hours per year. The 

average internal cost of compliance is 

$5,430, calculated as follows: 15 hours 

of legal time at $362 per hour = $5,430. 

The Commission estimates that it may 

send 100 requests specifically seeking 

large trader data per year to each 

registered broker-dealer subject to the 

rule, and it would take each registered 

broker-dealer 2 hours to comply with 

each request. Accordingly, the annual 

reporting hour burden for a brokerdealer is estimated to be 200 burden 

hours (100 requests × 2 burden hours/ 

request = 200 burden hours). The 

average internal cost of compliance per 

response is $432, calculated as follows: 

2 hours of paralegal time at $212 per 

hour = $432. 

Compliance with Rule 13h–1 is 

mandatory. The information collection 

under proposed Rule 13h–1 is 

considered confidential subject to the 

limited exceptions provided by the 

Freedom of Information Act.4

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: Pamela C. Dyson, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: January 9, 2018. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–00492 Filed 1–12–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82468; File No. SR– 

CboeEDGA–2017–003] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change Related to Fees 

for the EDGA Depth Market Data 

Product 

January 9, 2018. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

27, 2017, Cboe EDGA Exchange, Inc. 

(the ‘‘Exchange’’ or ‘‘EDGA’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The Exchange has designated the 

proposed rule change as one 

establishing or changing a member due, 

fee, or other charge imposed by the 

Exchange under Section 19(b)(3)(A)(ii) 

of the Act 3 and Rule 19b–4(f)(2) 

thereunder,4 which renders the 

proposed rule change effective upon 

filing with the Commission. 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 filed a proposal to 

amend the Market Data section of its fee 

schedule to introduce new fees for NonDisplay Usage of EDGA Depth. 

The text of the proposed rule change 

is available at the Exchange’s website at 

www.markets.cboe.com, at the principal 


daltland on DSKBBV9HB2PROD with NOTICES
2256 Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 

5See the Exchange’s fee schedule available at 

http://markets.cboe.com/us/equities/membership/ 

fee_schedule/edga/. 

6See Exchange Rule 13.8(a). 

7A Trading Platform is defined as ‘‘any execution 

platform operated as or by a registered National 

Securities Exchange (as defined in Section 3(a)(1) 

of the Exchange Act), an Alternative Trading 

System (as defined in Rule 300(a) of Regulation 

ATS), or an Electronic Communications Network 

(as defined in Rule 600(b)(23) of Regulation NMS).’’ 

See the Exchange’s fee schedule available at http:// 

markets.cboe.com/us/equities/membership/fee_

schedule/edga/. 

8See the Exchange’s fee schedule available at 

http://markets.cboe.com/us/equities/membership/ 

fee_schedule/edga/. 

9See e.g., Nasdaq Rule IM–7023–1(c), U.S. NonDisplay Information. 

10A ‘‘Distributor’’ is defined as ‘‘any entity that 

receives the Exchange Market Data product directly 

from the Exchange or indirectly through another 

entity and then distributes it internally or externally 

to a third party.’’ See the Exchange’s fee schedule 

available at http://markets.cboe.com/us/equities/ 

membership/fee_schedule/edga/. 

11See e.g., Securities Exchange Act Release No. 

76900 at fn. 8 (January 14, 2016), 81 FR 3506 

(January 21, 2016) (SR–NYSE–2016–02). In this 

filing, the NYSE discontinued fees related to 

managed non-display for NYSE OpenBook. Id. 

12 15 U.S.C. 78f. 

13 15 U.S.C. 78f(b)(4). 

14 15 U.S.C. 78k–1. 

15See 17 CFR 242.603. 

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 

Exchange 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 these 

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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Market Data section of its fee schedule 

to introduce new fees for Non-Display 

Usage 5 of EDGA Depth. EDGA Depth is 

an uncompressed market data feed that 

provides depth-of-book quotations and 

execution information based on equity 

orders entered into the System.6 The 

Exchange currently charges subscribers 

to EDGA Depth a fee of $2,000 per 

month for Non-Display Usage of EDGA 

Depth by its Trading Platforms.7 NonDisplay Usage is defined as ‘‘any 

method of accessing a Market Data 

product that involves access or use by 

a machine or automated device without 

access or use of a display by a natural 

person or persons.’’ 8 Trading Platforms 

include registered National Securities 

Exchanges, Alternative Trading Systems 

(‘‘ATSs’’), and Electronic 

Communications Networks (‘‘ECNs’’) as 

those terms are defined in the Exchange 

Act and regulations and rules 

thereunder. Previously, subscribers of 

EDGA Depth that used the feed for NonDisplay purposes but did not utilize the 

feed within a Trading Platform were 

charged the existing Distributors fees. 

Forms of Non-Display Use include, 

but are not limited to, algorithmic or 

automated trading, order routing, 

surveillance, order management, risk 

management, clearance and settlement 

activities, and account maintenance.9

Non-Display Usage does not include any 

use of EDGA Depth that relates solely to 

transportation, dissemination, and 

redistribution of EDGA Depth, or that 

results in the output of EDGA Depth 

solely for display. Non-display uses of 

data for non-trading purposes benefits 

data recipients by allowing users to 

automate functions, to achieve greater 

speed and accuracy, and to reduce costs 

of labor. While some non-trading uses 

do not directly generate revenues, they 

can substantially reduce a data 

recipient’s costs by automating many 

functions. Those functions can be 

carried out in a more efficient and 

accurate manner, with reduced errors 

and labor costs. 

The Exchange now proposes to adopt 

a separate fee of $1,000 per month to 

cover other forms of Non-Display Usage 

other than through a Trading Platform. 

The proposed fee would be assessed in 

addition to existing Distributor 10 fees 

and would supplement the existing 

Non-Display Usage fee for Trading 

Platforms. Specifically, subscribers who 

are subject to the Non-Display Usage by 

Trading Platform fee but also utilize 

EDGA Depth for other Non-Display 

purposes would be subject to both fees. 

However, subscribers who utilize EDGA 

Depth for other Non-Display purposes 

and not within a Trading Platform 

would be subject only to the proposed 

fee for Non-Display Use. 

Certain subscribers that use an 

Exchange approved Managed NonDisplay Service Provider would be 

exempt from proposed Non-Display 

Usage Fee. To be approved as Managed 

Non-Display Service Provider, the 

Distributor must host subscriber’s 

applications that utilize EDGA Depth 

must within the Managed Non-Display 

Service Provider’s space/cage; fully 

manage and control access to EDGA 

Depth, and not permit further 

redistribution of the Exchange Data 

internally or externally.11 In order to 

qualify for the exemption, the subscriber 

must meet the following requirements: 

• Any subscriber applications that 

utilize EDGA Depth must be hosted 

within the Managed Non-Display 

Service Provider’s space/cage; 

• the subscriber’s access to EDGA 

Depth is fully managed and controlled 

by the Managed Non-Display Service 

Provider, and no further redistribution 

of the Exchange Data internally or 

externally is permitted; and 

• the subscriber is supported solely 

by one Managed Non-Display Service 

Provider, is not hosted by multiple 

Managed Non-Display Service 

Providers, and does not have their own 

data center-hosted environment that 

also receives EDGA Depth. 

The Exchange intends to implement 

the proposed fee changes on January 2, 

2018. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,12

in general, and furthers the objectives of 

Section 6(b)(4),13 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its members and 

other recipients of Exchange data. The 

Exchange believes that the proposed 

rates are equitable and nondiscriminatory in that they apply 

uniformly to all recipients of Exchange 

data. The Exchange believes the 

proposed fees are competitive with 

those charged by other venues and, 

therefore, reasonable and equitably 

allocated to recipients. 

The Exchange also believes that the 

proposed rule change is consistent with 

Section 11(A) of the Act 14 in that it 

supports (i) fair competition among 

brokers and dealers, among exchange 

markets, and between exchange markets 

and markets other than exchange 

markets and (ii) the availability to 

brokers, dealers, and investors of 

information with respect to quotations 

for and transactions in securities. 

Furthermore, the proposed rule change 

is consistent with Rule 603 of 

Regulation NMS,15 which provides that 

any national securities exchange that 

distributes information with respect to 

quotations for or transactions in an NMS 

stock do so on terms that are not 

unreasonably discriminatory. In 

adopting Regulation NMS, the 


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Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 2257 

16The Exchange believes that cost-based pricing 

would be impractical because it would create 

enormous administrative burdens for all parties, 

including the Commission, to cost-regulate a large 

number of participants and standardize and analyze 

extraordinary amounts of information, accounts, 

and reports. In addition, it is impossible to regulate 

market data prices in isolation from prices charged 

by markets for other services that are joint products. 

Cost-based rate regulation would also lead to 

litigation and may distort incentives, including 

those to minimize costs and to innovate, leading to 

further waste. Under cost-based pricing, the 

Commission would be burdened with determining 

a fair rate of return, and the industry could 

experience frequent rate increases based on 

escalating expense levels. Even in industries 

historically subject to utility regulation, cost-based 

ratemaking has been discredited. As such, the 

Exchange believes that cost-based ratemaking 

would be inappropriate for proprietary market data 

and inconsistent with Congress’s direction that the 

Commission use its authority to foster the 

development of the national market system, and 

that market forces will continue to provide 

appropriate pricing discipline. See Appendix C to 

NYSE’s comments to the Commission’s 2000 

Concept Release on the Regulation of Market 

Information Fees and Revenues, which can be 

found on the Commission’s website at http://

www.sec.gov/rules/concept/s72899/buck1.htm. See 

also Securities Exchange Act Release No. 73816 

(December 11, 2014), 79 FR 75200 (December 17, 

2014) (SR–NYSE–2014–64) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

to Establish an Access Fee for the NYSE Best Quote 

and Trades Data Feed, Operative December 1, 

2014). 

17See the non-display fees for NYSE OpenBook 

and NYSE ArcaBook in the NYSE and NYSE Arca 

fee schedules available at http://www.nyxdata.com/ 

nysedata/default.aspx?tabid=518&folder=207656. 

Commission granted self-regulatory 

organizations and broker-dealers 

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 consumers, and also 

spur innovation and competition for the 

provision of market data. 

In addition, the proposed fees would 

not permit unfair discrimination 

because all of the Exchange’s 

subscribers will be subject to the 

proposed fees on an equivalent basis. 

EDGA Depth is distributed and 

purchased on a voluntary basis, in that 

neither the Exchange nor market data 

distributors are required by any rule or 

regulation to make this data available. 

Accordingly, Distributors and Users can 

discontinue use at any time and for any 

reason, including due to an assessment 

of the reasonableness of fees charged. 

Firms have a wide variety of alternative 

market data products from which to 

choose, such as similar proprietary data 

products offered by other exchanges and 

consolidated data. Moreover, the 

Exchange is not required to make any 

proprietary data products available or to 

offer any specific pricing alternatives to 

any customers. 

In addition, the fees that are the 

subject of this rule filing are constrained 

by competition. As explained below in 

the Exchange’s Statement on Burden on 

Competition, the existence of 

alternatives to EDGA Depth further 

ensures that the Exchange cannot set 

unreasonable fees, or fees that are 

unreasonably discriminatory, when 

subscribers can elect such alternatives. 

That is, the Exchange competes with 

other exchanges (and their affiliates) 

that provide similar market data 

products. If another exchange (or its 

affiliate) were to charge less to 

consolidate and distribute its similar 

product than the Exchange charges to 

consolidate and distribute EDGA Depth, 

prospective Users likely would not 

subscribe to, or would cease subscribing 

to, EDGA Depth. 

The Exchange notes that the 

Commission is not required to 

undertake a cost-of-service or ratemaking approach. The Exchange 

believes that, even if it were possible as 

a matter of economic theory, cost-based 

pricing for non-core market data would 

be so complicated that it could not be 

done practically.16

The proposed Non-Display fee for 

usage other than through a Trading 

Platform for EDGA Depth is equitable 

and reasonable as the Exchange believes 

the proposed fee represents the value of 

the data provided by the feed and its use 

by market participants. The proposed 

fee changes reflects changing trends in 

the ways in which the industry uses 

market data. The proposed fee comport 

with the proliferation of the use of data 

for various non-display purposes and by 

non-display trading applications. It 

recognizes industry changes that have 

evolved as a result of numerous 

technological advances, the advent of 

trading algorithms and automated 

trading, different investment patterns, a 

plethora of new securities products, 

unprecedented levels of trading, 

decimalization, internationalization and 

developments in portfolio analysis and 

securities research. The Exchange 

believes the proposed fee reflects the 

value of the data provided. 

The Exchange notes that fees for nondisplay use have become commonplace 

in the industry. Several exchanges 

impose them as does the UTP, CTA/CQ, 

and OPRA Plans. In addition, the fee 

proposed is less than similar fees 

currently charged by other exchanges 

for their depth-of-book data products. 

For example, NYSE Arca, Inc. (‘‘NYSE 

Arca’’) and the New York Stock 

Exchange, Inc. (‘‘NYSE’’) charge $5,000 

and $6,000 per month, respectively, for 

its depth-of-book data used for nondisplay purposes.17

The proposed fee is also equitable and 

reasonable in that it ensures that heavy 

users of the EDGA Depth pay an 

equitable share of the total fees. 

Currently, External Distributors pay 

higher fees than Internal Distributors 

based upon their assumed higher usage 

levels. The Exchange believes that nondisplay users are generally high users of 

the data, using it to power a trading 

algorithms and other trading relates 

systems for millions or even billions of 

trading messages per day. 

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, as amended. 

The Exchange’s ability to price EDGA 

Depth is constrained by: (i) Competition 

among exchanges, other trading 

platforms, and Trade Reporting 

Facilities (‘‘TRF’’) that compete with 

each other in a variety of dimensions; 

(ii) the existence of inexpensive realtime consolidated data and marketspecific data and free delayed data; and 

(iii) the inherent contestability of the 

market for proprietary data. 

The Exchange and its market data 

products are subject to significant 

competitive forces and the proposed 

fees represent responses to that 

competition. To start, the Exchange 

competes intensely for order flow. It 

competes with the other national 

securities exchanges that currently trade 

equities, with electronic communication 

networks, with quotes posted in 

FINRA’s Alternative Display Facility, 

with alternative trading systems, and 

with securities firms that primarily 

trade as principal with their customer 

order flow. 

In addition, EDGA Depth competes 

with a number of alternative products. 

For instance, EDGA Depth does not 

provide a complete picture of all trading 

activity in a security. Rather, the other 

national securities exchanges, the 

several TRFs of FINRA, and ECNs that 

produce proprietary data all produce 

trades and trade reports. Each is 

currently permitted to produce depthof-book information products, and many 

currently do, including Nasdaq, NYSE, 

and NYSE Arca. 

In sum, the availability of a variety of 

alternative sources of information 

imposes significant competitive 

pressures on Exchange data products 

and the Exchange’s compelling need to 

attract order flow imposes significant 

competitive pressure on the Exchange to 

act equitably, fairly, and reasonably in 

setting the proposed data product fees. 


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18See supra note 17. 

19 15 U.S.C. 78s(b)(3)(A). 

20 17 CFR 240.19b–4(f). 

21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3As part of this proposal, the Exchange proposes 

to correct a typographical error by renaming the 

Nasdaq GEMX Trades Feed the ‘‘Nasdaq GEMX 

Trade Feed.’’ The Exchange hereinafter refers to the 

product by its corrected name. 

The proposed data product fees are, in 

part, responses to that pressure. The 

Exchange believes that the proposed 

fees would reflect an equitable 

allocation of its overall costs to users of 

its facilities. 

In addition, when establishing the 

proposed fees, the Exchange considered 

the competitiveness of the market for 

proprietary data and all of the 

implications of that competition. The 

Exchange believes that it has considered 

all relevant factors and has not 

considered irrelevant factors in order to 

establish fair, reasonable, and not 

unreasonably discriminatory fees and an 

equitable allocation of fees among all 

Users. The existence of alternatives to 

EDGA Depth, including existing similar 

feeds by other exchanges, consolidated 

data, and proprietary data from other 

sources, ensures that the Exchange 

cannot set unreasonable fees, or fees 

that are unreasonably discriminatory, 

when subscribers can elect these 

alternatives or choose not to purchase a 

specific proprietary data product if its 

cost to purchase is not justified by the 

returns any particular vendor or 

subscriber would achieve through the 

purchase. 

The Exchange believes the adoption 

of the fee for Non-Display Usage for 

EDGA Depth would increase 

competition amongst the exchanges that 

offer depth-of-book products. In 

addition, the proposed Non-Display 

Usage fee is less than similar fees 

currently charged by the NYSE and 

NYSE Arca for their depth-of-book 

data.18

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 19 and paragraph (f) of Rule 

19b–4 thereunder.20 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. 

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– 

CboeEDGA–2017–003 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 CboeEDGA–2017–003. 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 CboeEDGA–2017–003 and 

should be submitted on or before 

February 6, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–00525 Filed 1–12–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82466; File No. SR–GEMX– 

2017–63] 

Self-Regulatory Organizations; Nasdaq 

GEMX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the 

Exchange’s Schedule of Fees at 

Chapter V, Section H, Entitled ‘‘Nasdaq 

GEMX Trades Feed’’ 

January 9, 2018. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

26, 2017, Nasdaq GEMX, LLC (‘‘GEMX’’ 

or ‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III, below, which Items have been 

prepared by the Exchange. 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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend the 

Exchange’s Schedule of Fees at Chapter 

V, Section H, entitled ‘‘Nasdaq GEMX 

Trades Feed,’’ to introduce a monthly 

fee of $500 for unlimited internal and/ 

or external distribution of the Nasdaq 

GEMX Trade Feed,3 as described further 

below. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://nasdaqgemx.cchwallstreet.com/, 

at the principal office of the Exchange, 

and at the Commission’s Public 

Reference Room. 


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