Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 2251 

19See supra note 18. 

20 15 U.S.C. 78s(b)(3)(A). 

21 17 CFR 240.19b–4(f). 22 17 CFR 200.30–3(a)(12). 

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, BYX Depth competes 

with a number of alternative products. 

For instance, BYX 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. 

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 

BYX 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 

BYX Depth would increase competition 

amongst the exchanges that offer depthof-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.19

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 20 and paragraph (f) of Rule 

19b–4 thereunder.21 At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

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– 

CboeBYX–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 CboeBYX–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 CboeBYX–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.22

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–00528 Filed 1–12–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–170, OMB Control No. 

3235–0167] 

Proposed Collection; Comment 

Request 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Form 15 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 


daltland on DSKBBV9HB2PROD with NOTICES
2252 Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 

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 ISE Trades Feed the ‘‘Nasdaq ISE Trade 

Feed.’’ The Exchange hereinafter refers to the 

product by its corrected name. 

Management and Budget for extension 

and approval. 

Form 15 (17 CFR 249.323) is a 

certification of termination of a class of 

security under Section 12(g) or notice of 

suspension of duty to file reports 

pursuant to Sections 13 and 15(d) of the 

Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.). We estimate that 

approximately 1,302 issuers file Form 

15 annually and it takes approximately 

1.5 hours per response to prepare for a 

total of 1,953 annual burden hours (1.5 

hours per response × 1,302 responses). 

Written comments are invited on: (a) 

Whether this proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden imposed by the 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 

unless it displays a currently valid 

control number. 

Please direct your written comment to 

Pamela 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. 2018–00498 Filed 1–12–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82465; File No. SR–ISE– 

2017–113] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the 

Exchange’s Schedule of Fees at 

Chapter VIII, Section J, Entitled 

‘‘Nasdaq ISE 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 ISE, LLC (‘‘ISE’’ 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 

VIII, Section J, entitled ‘‘Nasdaq ISE 

Trades Feed,’’ to introduce a monthly 

fee of $1,000 for unlimited internal and/ 

or external distribution of the Nasdaq 

ISE Trade Feed,3 as described further 

below. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://ise.cchwallstreet.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 

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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend the Exchange’s 

Schedule of Fees at Chapter VIII, 

Section J, entitled ‘‘Nasdaq ISE Trades 

Feed,’’ to introduce a monthly fee of 

$1,000 for unlimited internal and/or 

external distribution of the ISE Trade 

Feed. 

The Nasdaq ISE Trade Feed is a direct 

data feed product that displays last sale 

information about trades that occur in 

the Exchange’s execution system, along 

with opening price, cumulative volume, 

and high and low prices for the day. The 

data provided for each instrument 

includes the symbols (series and 

underlying security), put or call 

indicator, expiration date, the strike 

price of the series, and trading status. 

Access to real-time last sale options data 

from the Exchange increases 

transparency and enables firms to 

provide dynamically updated tickers, 

portfolio trackers and price/time charts. 

The Exchange presently offers 

subscriptions to the Nasdaq ISE Trade 

Feed for free. The Exchange proposes to 

amend Section J to charge a fee of 

$1,000 per month (for unlimited 

internal and external distribution) for a 

subscription to the Nasdaq ISE Trade 

Feed. Upon effectiveness of the 

proposal, this monthly fee will apply to 

all firms that choose to subscribe to the 

Nasdaq ISE Trade Feed, including firms 

that currently receive it for free. 

Although the Exchange proposes to 

offer the Nasdaq ISE Trade Feed for a 

fee on a standalone basis, it notes that 

the Trade Feed is a purely optional 

product and a subscription to it is not 

required to receive the data that it 

provides. The same ISE trade 

information that is available on the 

Nasdaq ISE Trade Feed is also broadcast 

on two other Nasdaq ISE data feeds: the 

ISE Top Quote Feed and the ISE Depth 

of Market Feed. 

The Exchange’s proposal to charge a 

fee for the Nasdaq ISE Trade Feed 

reflects the value of the investments that 

the Exchange has made in developing, 

maintaining, and upgrading the ISE 

Trade Feed product and the Exchange 

trading facility that supports it, which 

include the following: 

• Exchange Re-Platform and 

Harmonization of Specifications. In 

connection with its recent acquisition 

by Nasdaq, Inc. and the associated 

efforts to re-platform and integrate the 

Exchange into the Nasdaq, Inc. family of 

exchanges, the Exchange upgraded the 

ISE Trade Feed so that it is consistent 

with the specifications and formats of 

the other Nasdaq, Inc. data feeds. The 

re-platforming and associated upgrades 

will render connection to and 

consumption of the ISE Trade Feeds and 

other data products easier for customers 

to manage. Having one harmonized 

specification document format that is 

standardized across six exchanges 

makes initial onboarding and 

implementation of the data feeds into 

customers’ systems more efficient than 

having multiple documents in disparate 


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