2258 Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 

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. 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 2259 

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

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 V, Section 

H, entitled ‘‘Nasdaq GEMX Trades 

Feed,’’ to introduce a monthly fee of 

$500 for unlimited internal and/or 

external distribution of the GEMX Trade 

Feed. 

The Nasdaq GEMX 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 GEMX 

Trade Feed for free, but subscriptions 

are available only to those firms that 

subscribe to other fee-liable Nasdaq 

GEMX data products—i.e., the Nasdaq 

GEMX Real-time Depth of Market Raw 

Data Feed, the Nasdaq GEMX Order 

Feed, or the Nasdaq GEMX Top Quote 

Feed. 

The Exchange now proposes to amend 

Section H to offer the Nasdaq GEMX 

Trade Feed on a standalone basis, 

including to firms that do not currently 

subscribe to another fee-liable GEMX 

data feed. For this standalone 

subscription to the Nasdaq GEMX Trade 

Feed, the Exchange proposes to charge 

a fee of $500 per month (for unlimited 

internal and external distribution). 

Upon effectiveness of the proposal, this 

monthly fee will apply to all firms that 

choose to subscribe to the Nasdaq 

GEMX Trade Feed, including firms that 

currently subscribe to or that 

subsequently become subscribers to the 

Nasdaq GEMX Real-time Depth of 

Market Raw Data Feed, the Nasdaq 

GEMX Order Feed, or the Nasdaq GEMX 

Top Quote Feed. 

Although the Exchange proposes to 

offer the Nasdaq GEMX 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 GEMX trade 

information that is available on the 

Nasdaq GEMX Trade Feed is also 

broadcast on two other Nasdaq GEMX 

data feeds: the GEMX Top Quote Feed 

and the GEMX Depth of Market Feed. 

The Exchange’s proposal reflects the 

value of the investments that the 

Exchange has made in developing, 

maintaining, and upgrading the GEMX 

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 

GEMX Trade Feed so that it is 

consistent with the specifications and 

formats of the other Nasdaq, Inc. trade 

data feeds. The re-platforming and 

associated upgrades will render 

connection to and consumption of the 

GEMX 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 

formats across different platforms. 

Furthermore, any updates or 

enhancements that are introduced 

across any of the six exchanges will now 

be more cost effective for customers to 

implement because of the standardized 

message format. In addition, the 

migration to the Nasdaq Inet technology 

allows customers to seamlessly conduct 

business across multiple exchanges by 

leveraging Nasdaq’s standard messaging 

protocols to interact with GEMX data 

feeds as well as all Nasdaq options data 

feeds. Moreover, the hardware 

efficiencies provide a highly-distributed 

and efficient system for the Exchange to 

operate from. 

• Geographic Diversity. In connection 

with the Exchange’s integration into the 

Nasdaq, Inc. family of exchanges, the 

Exchange moved its disaster recovery 

system to the site utilized by the other 

Nasdaq, Inc. exchanges in Chicago, 

Illinois. Customers can both receive 

market data and send orders through the 

Chicago facility, potentially reducing 

overall networking costs. Additionally, 

this new disaster recovery location 

enables firms to easily connect to a 

multitude of multi-asset class engines 

currently housed in or near this Chicago 

facility, which also may reduce 

networking costs. Adding such 

geographic diversity helps protect the 

market in the event of a catastrophic 

event impacting the entire East Coast. 

Lastly, the new facility has new 

equipment that will offer improved 

performance and resiliency. 

The Exchange notes that while it and 

its sister exchange, Nasdaq ISE, LLC, are 

unique among theirs [sic] competitors in 

offering a standalone Trade Feed, the 

Exchange proposes to price the product 

at or below the prices that competing 

exchanges charge for their data feeds. 

The Exchange notes that although fees 

for external distribution of data feeds 

are typically higher than internal 

distribution fees, the Exchange proposes 

to charge the same price for both 

internal and external distribution of the 

Trade Feed as a means of incentivizing 

external distribution. 

The Exchange also notes that it 

proposes to price its Trade Feed lower 

than that of the Nasdaq ISE product. 

The Exchange believes that this price 

differential is reasonable given the fact 

that Nasdaq ISE has more listings, strike 

volume, and market makers than does 

Nasdaq GEMX, such that the Nasdaq ISE 

Trade Feed product has greater potential 

value to customers than does the 

Exchange’s product. Specifically, the 

ISE market has 3,788 listed options on 

its platform, totaling 732,000 strikes. 

Comparatively, GEMX has 2,642 listed 

options and 619.000 [sic] strikes. ISE 

also has 33% more market makers 

providing liquidity than does GEMX. 

Finally, offering valuable trade data as 

a standalone feed allows for a much 

lower bandwidth option that customers 

can utilize instead of having to 

subscribe to other GEMX feeds that may 

include quotes and orders and require 

much more system effort to consume 

and utilize due to the larger number of 

messages required for processing. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,4 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 


daltland on DSKBBV9HB2PROD with NOTICES
2260 Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 

5 15 U.S.C. 78f(b)(4) and (5). 

6Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

7NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 

2010). 

8See NetCoalition, at 534–535. 

9 Id. at 537. 

10 Id. at 539 (quoting Securities Exchange Act 

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

74770, 74782–83 (December 9, 2008) (SR– 

NYSEArca–2006–21)). 

of the Act,5 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees, and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Commission and the courts have 

repeatedly expressed their preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, while 

adopting a series of steps to improve the 

current market model, the Commission 

highlighted the importance of market 

forces in determining prices and selfregulatory organization (‘‘SRO’’) 

revenues and, also, recognized that 

current regulation of the market system 

‘‘has been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 6

Likewise, in NetCoalition v. Securities 

and Exchange Commission 7

(‘‘NetCoalition’’) the D.C. Circuit upheld 

the Commission’s use of a market-based 

approach in evaluating the fairness of 

market data fees against a challenge 

claiming that Congress mandated a costbased approach.8 As the court 

emphasized, the Commission ‘‘intended 

in Regulation NMS that ‘market forces, 

rather than regulatory requirements’ 

play a role in determining the market 

data . . . to be made available to 

investors and at what cost.’’ 9

Further, ‘‘[n]o one disputes that 

competition for order flow is ‘fierce.’ 

. . . As the SEC explained, ‘[i]n the U.S. 

national market system, buyers and 

sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’. . . .’’ 10 Although the court 

and the SEC were discussing the cash 

equities markets, the Exchange believes 

that these views apply with equal force 

to the options markets. 

The Exchange believes that its 

proposal is reasonable because it 

expands the availability of the Nasdaq 

GEMX Trade Feed to all firms that wish 

to subscribe to it, rather than by limiting 

its availability to only those firms that 

subscribe to other fee-liable Nasdaq 

GEMX data products. Even though 

certain firms presently receive trade 

data for free as part of their other paid 

data feeds, the Exchange believes that 

such firms may prefer to receive a 

standalone Trade Feed because it will 

provide them with pure trade data and 

no longer require them to sift through 

their other paid feeds to isolate it. The 

Exchange also believes that its proposal 

is reasonable to charge a monthly fee for 

all subscriptions to the Nasdaq GEMX 

Trade Feed because this product 

provides valuable data to firms. As 

noted above, 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 

charts. 

Moreover, the Exchange believes its 

proposal to charge a monthly fee of $500 

for a subscription to the Nasdaq GEMX 

Trade Feed is a reasonable reflection of 

the Exchange’s costs in producing, 

maintaining, and upgrading the product 

to provide value to subscribers. The 

Exchange notes, for example, that 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 

Trade Feed so that it is consistent with 

the specifications and formats of the 

other Nasdaq, Inc. data feeds. The replatforming and associated upgrades 

will render connection to and 

consumption of the Trade Feeds and 

other data products easier for customers 

to manage. 

Moreover, the Exchange’s integration 

into Nasdaq, Inc. has also resulted in its 

migration to a more robust and 

geographically diverse disaster recovery 

facility, located in Chicago, IL. 

Customers can both receive market data 

and send orders through the Chicago 

facility, potentially reducing overall 

networking costs. Adding such 

geographic diversity helps protect the 

market in the event of a catastrophic 

event impacting the entire East Coast. 

The Exchange notes that while it and 

its sister exchange, Nasdaq ISE, LLC, are 

unique among its competitors in 

offering a standalone Trade Feed, it 

proposes to price the product at or 

below the prices that competing 

exchanges charge for their data feeds. 

The Exchange notes that although fees 

for external distribution of data feeds 

are typically higher than internal 

distribution fees, the Exchange proposes 

to charge the same price for both 

internal and external distribution of the 

GEMX Trade Feed as a means of 

incentivizing external distribution. 

The Exchange also notes that it 

proposes to price its Trade Feed lower 

than that of the Nasdaq ISE product. 

The Exchange believes that this price 

differential is reasonable given the fact 

that Nasdaq ISE has more listings, strike 

volume, and market makers than does 

Nasdaq GEMX, such that the Nasdaq ISE 

Trade Feed product has greater potential 

value to customers than does the 

Exchange’s product. 

The Exchange believes that the 

proposal is an equitable allocation and 

is not unfairly discriminatory because 

the Exchange will apply the same fee to 

all, regardless of membership. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. In terms of 

inter-market competition, the Exchange 

notes that it operates in a highly 

competitive market in which market 

participants can readily favor competing 

venues if they deem fee levels at a 

particular venue to be excessive, or 

rebate opportunities available at other 

venues to be more favorable. In such an 

environment, the Exchange must 

continually adjust its fees to remain 

competitive with other exchanges. 

Because competitors are free to modify 

their own fees in response, and because 

market participants may readily adjust 

their order routing practices, the 

Exchange believes that the degree to 

which fee changes in this market may 

impose any burden on competition is 

extremely limited. 

In this instance, the proposed 

establishment of the Nasdaq GEMX 

Trade Feed fee does not impose an 

undue burden on competition because a 

subscription to the Nasdaq GEMX Trade 

Feed is completely voluntary and 

subject to extensive competition both 

[sic] other exchanges. In sum, if the 

change proposed herein is unattractive 

to market participants, it is likely that 

the Exchange will lose market share as 

a result. Accordingly, the Exchange does 

not believe that the proposed change 

will impair the ability of members or 

competing order execution venues to 

maintain their competitive standing in 

the financial markets. 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 2261 

11 15 U.S.C. 78s(b)(3)(A)(ii). 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 54286 

(August 8, 2006), 71 FR 46955 (August 15, 2006) 

(SR–NASDAQ–2006–028). 

4NLS is a market data product that contains realtime last sale information for trades executed on the 

Continued 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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)(ii) of the Act.11 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: (i) 

Necessary or appropriate in the public 

interest; (ii) for the protection of 

investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

GEMX–2017–63 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–GEMX–2017–63. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

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

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 

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

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–GEMX–2017–63, and 

should be submitted on or before 

February 6, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–00523 Filed 1–12–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82467; File No. SR– 

NASDAQ–2017–134] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Exchange Rule 7037 

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, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ 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 Substance of 

the Proposed Rule Change 

The Exchange proposes to Amend 

Exchange Rule 7037 to reflect 

substantial enhancements to the data 

feeds underlying FilterView since the 

current fees were set in 2006. 

Specifically, the Exchange proposes to 

modify the monthly subscription fee for 

FilterView from $500 to $750 per month 

per subset of data. The proposal is 

described further below. 

While these amendments are effective 

upon filing, the Exchange has 

designated the proposed amendments to 

be operative on January 1, 2018. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://nasdaq.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 Exchange proposes to adjust the 

fee schedule for FilterView to reflect 

substantial enhancements to its 

underlying data feeds since the current 

fee was set in 2006.3 Specifically, the 

Exchange proposes to change the 

monthly subscription fee for FilterView 

from $500 to $750 per month per subset 

of data. 

FilterView 

FilterView allows market data 

Distributors to receive a subset of any 

other real-time data feed offered by the 

Exchange, allowing Distributors to 

control information processing costs by 

lowering the bandwidth required to 

process Exchange data. FilterView is 

commonly purchased in two types: NLS 

FilterView and Nasdaq NOIView. NLS 

FilterView separates Nasdaq Last Sale 

(‘‘NLS’’) 4 data into two distinct data 


daltland on DSKBBV9HB2PROD with NOTICES