33446 Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 

31 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3For example, subscribers to the intraday product 

will receive the first calculation of intraday data by 

approximately 9:42 a.m. ET, which represents data 

captured from 9:30 a.m. to 9:40 a.m. Subscribers 

will receive the next update at 9:52 a.m., 

representing the data previously provided together 

with data captured from 9:40 a.m. through 9:50 

a.m., and so forth. Each update will represent the 

aggregate data captured from the current 

‘‘snapshot’’ and all previous ‘‘snapshots.’’ 

4For example, if a TPH or non-TPH that has never 

made an ad-hoc request for a specified month of 

Intraday Open-Close historical data wishes to 

purchase Intraday Open-Close Data for the months 

of January, February and March 2021 during the 

month of June 2021, the historical files for those 

months would be provided free of charge. If a new 

user wishes to purchase Intraday Open-Close 

historical data for the months of January, February, 

March and April 2021 during the month of June 

2021, then the data for January, February and March 

2021 would be provided free of charge, and the new 

user would be charged $1,000 for the April 2021 

historical file. 

5See Nasdaq ISE, Options 7 Pricing Schedule, 

Section 10A., Nasdaq ISE Open/Close Trade Profile 

End of Day. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13248 Filed 6–23–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92169; File No. SR–CBOE– 

2021–038] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fees 

Schedule Relating to the Sale of 

Historical Intraday Open-Close Volume 

Data 

June 14, 2021. 

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 June 1, 

2021, Cboe Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘Cboe Options’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II 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 

Cboe Exchange, Inc. (the ‘‘Exchange’’ 

or ‘‘Cboe Options) proposes to amend its 

Fees Schedule relating to the sale of 

historical Intraday Open-Close volume 

data. The text of the proposed rule 

change is provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://www.cboe.com/ 

AboutCBOE/CBOELegalRegulatory

Home.aspx), at the Exchange’s Office of 

the Secretary, 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 amend its 

Fees Schedule to offer a free trial during 

the months of June and July 2021 for an 

ad-hoc request of three (3) historical 

months of Intraday Open-Close 

historical data to all Cboe Options 

Trading Permit Holders (‘‘TPHs’’) and 

non-TPHs who have never before 

subscribed to the Intraday Open-Close 

historical files. 

By way of background, the Exchange 

historically offered Open-Close Data, 

which is an end-of-day volume 

summary of trading activity on the 

Exchange at the option level by origin 

(customer, professional customer, 

broker-dealer, and market maker), side 

of the market (buy or sell), price, and 

transaction type (opening or closing). 

The customer and professional customer 

volume is further broken down into 

trade size buckets (less than 100 

contracts, 100–199 contracts, greater 

than 199 contracts). The Open-Close 

Data is proprietary Cboe Options trade 

data and does not include trade data 

from any other exchange. It is also a 

historical data product and not a realtime data feed. The recently adopted 

Intraday Open-Close Data provides 

similar information to that of OpenClose Data but is produced and updated 

every 10 minutes during the trading 

day. Data is captured in ‘‘snapshots’’ 

taken every 10 minutes throughout the 

trading day and is available to 

subscribers within five minutes of the 

conclusion of each 10-minute period.3

The Intraday Open-Close Data provides 

a volume summary of trading activity on 

the Exchange at the option level by 

origin (customer, professional customer, 

broker-dealer, and market maker), side 

of the market (buy or sell), and 

transaction type (opening or closing). 

The customer and professional customer 

volume are further broken down into 

trade size buckets (less than 100 

contracts, 100–199 contracts, greater 

than 199 contracts). The Intraday OpenClose Data is also proprietary Cboe 

Options trade data and does not include 

trade data from any other exchange. 

Cboe LiveVol, LLC (‘‘LiveVol’’), a 

wholly owned subsidiary of the 

Exchange’s parent company, Cboe 

Global Markets, Inc., makes the Intraday 

Open-Close Data available for purchase 

to TPHs and non-TPHs on the LiveVol 

DataShop website (datashop.cboe.com). 

Customers may currently purchase 

Intraday Open-Close Data on a 

subscription basis (monthly or annually) 

or by ad hoc request for a specified 

month (e.g., request for Intraday OpenClose Data for month of January 2021). 

The Exchange seeks only to adopt a free 

trial for historical ad hoc requests for 

Intraday Open-Close Data for new 

purchasers. Currently, ad hoc requests 

for historical Intraday Open-Close Data 

are available to all customers at the 

same price and in the same manner. The 

current charge for this historical 

Intraday Open-Close Data covering all of 

the Exchange’s securities (Equities, 

Indexes & ETF’s) is $1,000 per month. 

The Exchange now proposes to adopt a 

free trial available during the months of 

June and July 2021 to provide up to 

three (3) historical months of Intraday 

Open-Close Data to any TPH or nonTPH that has not previously subscribed 

to this offering.4 The Exchange believes 

the proposed trial will serve as an 

incentive for new users to start 

purchasing Intraday Open-Close 

historical data. Particularly, the 

Exchange believes it will give potential 

subscribers the ability to use and test 

the data offering before signing up for 

additional months. The Exchange also 

notes another exchange offers a free trial 

for new subscribers of a similar data 

product.5 Lastly, the purchase of 

Intraday Open-Close historical data is 

discretionary and not compulsory. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 


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Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 33447 

6 15 U.S.C. 78f. 

7 15 U.S.C. 78f(b)(4). 

8 15 U.S.C. 78f.(b)(5). 

9 Id. 

10See Nasdaq ISE, Options 7 Pricing Schedule, 

Section 10A., Nasdaq ISE Open/Close Trade Profile 

End of Day. 

11See Nasdaq ISE, Options 7 Pricing Schedule, 

Section 10A., Nasdaq ISE Open/Close Trade Profile 

End of Day. 

12 15 U.S.C. 78s(b)(3)(A). 

13 17 CFR 240.19b–4(f)(2). 

14 15 U.S.C. 78s(b)(2)(B). 

the objectives of Section 6 of the Act,6

in general, and furthers the objectives of 

Section 6(b)(4),7 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its Members and 

issuers and other persons using its 

facilities. The Exchange also believes 

that the proposed rule change is 

consistent with the objectives of Section 

6(b)(5) 8 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest, and, 

particularly, is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 9 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

that the proposed free trial for any TPH 

or non-TPH who has not previously 

purchased Intraday Open-Close 

historical data is reasonable because 

such users would not be subject to fees 

for up to 3 months’ worth of Intraday 

Open-Close historical data. The 

Exchange believes the proposed free 

trial is also reasonable as it will give 

potential subscribers the ability to use 

and test the Intraday Open-Close 

historical data prior to purchasing 

additional months and will therefore 

encourage and promote new users to 

purchase the Intraday Open-Close 

historical data. The Exchange believes 

that the proposed discount is equitable 

and not unfairly discriminatory because 

it will apply equally to all TPHs and 

non-TPHs who have not previously 

purchased Intraday Open-Close 

historical data. Lastly, as noted above, 

another exchange offers a free trial to 

new users for a similar data product 10

and purchase of this data product is 

discretionary and not compulsory. 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that the 

proposed rule change will impose any 

burden on intramarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

because the proposed rule change will 

apply to all TPHs and non-TPHs who 

have never made an ad-hoc request to 

purchase Intraday Open-Close historical 

data. Moreover, purchase of Intraday 

Open-Close historical files is 

discretionary and not compulsory. 

The Exchange does not believe that 

the proposed rule changes will impose 

any burden on intermarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act 

because the proposed change applies 

only to Cboe Options. Furthermore, 

another exchange currently offers a 

similar free trial to new users of a 

similar data product.11

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 12 of the Act and 

subparagraph (f)(2) of Rule 19b–4 13

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 14 of the Act to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CBOE–2021–038 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–CBOE–2021–038. 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–CBOE–2021–038 and 

should be submitted on or before July 

15, 2021. 


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33448 Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 

15 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 Nos. 91750 

(May 4, 2021), 86 FR 25045 (May 10, 2021) (SR– 

BX–2021–018) (‘‘Notice’’); 91751 (May 4, 2021), 86 

FR 24941 (May 10, 2021) (SR–PHLX–2021–25); 

91752 (May 4, 2021), 86 FR 24921 (May 10, 2021) 

(SR–NASDAQ–2021–029); 91753 (May 4, 2021), 86 

FR 24994 (May 10, 2021) (SR–MRX–2021–05); 

91755 (May 4, 2021), 86 FR 25035 (May 10, 2021) 

(SR–ISE–2021–08); 91756 (May 4, 2021), 86 FR 

24979 (May 10, 2021) (SR–GEMX–2021–03); 91757 

(May 4, 2021), 86 FR 24911 (May 10, 2021) (SR– 

C2–2021–008); 91758 (May 4, 2021), 86 FR 25004 

(May 10, 2021) (SR-CboeEDGX–2021–024); 91759 

(May 4, 2021), 86 FR 24956 (May 10, 2021) (SRCboeEDGA–2021–010); 91760 (May 4, 2021), 86 FR 

24966 (May 10, 2021) (SR–CBOE–2021–030); 91761 

(May 4, 2021), 86 FR 25016 (May 10, 2021) (SRCboeBYX–2021–011); and 91762 (May 4, 2021), 86 

FR 24931 (May 10, 2021) (SR-CboeBZX–2021–034). 

4The CAT NMS Plan defines ‘‘Industry Member’’ 

as ‘‘a member of a national securities exchange or 

a member of a national securities association.’’ See 

CAT NMS Plan, infra note 5, at Section 1.1. 

5The CAT NMS Plan is a national market system 

plan approved by the Commission pursuant to 

Section 11A of the Act and the rules and 

regulations thereunder. See Securities Exchange Act 

Release No. 79318 (November 15, 2016), 81 FR 

84696 (November 23, 2016). The CAT NMS Plan 

functions as the limited liability company 

agreement of the jointly owned limited liability 

company formed under Delaware state law through 

which the Participants conduct the activities of the 

CAT (‘‘Company’’). On August 29, 2019, the 

Participants replaced the CAT NMS Plan in its 

entirety with the limited liability company 

agreement of a new limited liability company 

named Consolidated Audit Trail, LLC, which 

became the Company. See Securities Exchange Act 

Release No. 87149 (September 27, 2019), 84 FR 

52905 (October 3, 2019). 

6 15 U.S.C. 78s(b)(3)(A). A proposed rule change 

may take effect upon filing with the Commission if 

it is designated by the exchange as ‘‘establishing or 

changing a due, fee, or other charge imposed by the 

self-regulatory organization on any person, whether 

or not the person is a member of the self-regulatory 

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

7See supra note 3. 

8For a more detailed description of the proposed 

rule changes, see Notice, supra note 3. 

9The Participants include BOX Exchange LLC, 

Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., 

Cboe C2 Exchange, Inc., Cboe EDGA Exchange, Inc., 

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

Financial Industry Regulatory Authority, Inc., 

Investors’ Exchange LLC, Long-Term Stock 

Exchange, Inc., MEMX LLC, Miami International 

Securities Exchange LLC, MIAX Emerald, LLC, 

MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq 

GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, LLC, 

Nasdaq PHLX LLC, The Nasdaq Stock Market LLC, 

New York Stock Exchange LLC, NYSE American 

LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and 

NYSE National, Inc. 

10See Securities Exchange Act Release No. 67457 

(July 18, 2012), 77 FR 45722 (August 1, 2012). 

11See supra note 5. 

12See CAT NMS Plan, supra note 5, at Section 

11.1(b). 

13 Id. at Section 11.2(c). See Article XI of the CAT 

NMS Plan for additional detail. Id. at Article XI. 

14 Id. at Section 11.2(b) and (e). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13283 Filed 6–23–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92207; File Nos. SR–BX– 

2021–018; SR–C2–2021–008; SR–CBOE– 

2021–030; SR-CboeBYX–2021–011; SRCboeBZX–2021–034; SR-CboeEDGA–2021– 

010; SR-CboeEDGX–2021–024; SR–GEMX– 

2021–03; SR–ISE–2021–08; SR–MRX–2021– 

05; SR–NASDAQ–2021–029; SR–PHLX– 

2021–25] 

Self-Regulatory Organizations; Cboe 

BYX Exchange, Inc.; Cboe BZX 

Exchange, Inc.; Cboe C2 Exchange, 

Inc.; Cboe EDGA Exchange, Inc.; Cboe 

EDGX Exchange, Inc.; Cboe Exchange, 

Inc.; NASDAQ BX, Inc.; Nasdaq GEMX, 

LLC; Nasdaq ISE, LLC; Nasdaq MRX, 

LLC; NASDAQ PHLX LLC and The 

NASDAQ Stock Market LLC; 

Suspension of and Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove Proposed Rule 

Changes To Adopt a Fee Schedule To 

Establish Fees for Industry Members 

Related to the National Market System 

Plan Governing the Consolidated Audit 

Trail 

June 17, 2021. 

I. Introduction 

On April 21, 2021, Cboe BYX 

Exchange, Inc. (‘‘CboeBYX’’), Cboe BZX 

Exchange, Inc. (‘‘CboeBZX’’), Cboe C2 

Exchange, Inc. (‘‘C2’’), Cboe EDGA 

Exchange, Inc. (‘‘Cboe EDGA’’), Cboe 

EDGX Exchange, Inc. (‘‘Cboe EDGX’’), 

Cboe Exchange, Inc. (‘‘Cboe’’), NASDAQ 

BX, Inc. (‘‘BX’’), Nasdaq GEMX, LLC 

(‘‘GEMX’’), Nasdaq ISE, LLC (‘‘ISE’’), 

Nasdaq MRX, LLC (‘‘MRX’’), NASDAQ 

PHLX LLC (‘‘Phlx’’), The NASDAQ 

Stock Market LLC (‘‘Nasdaq’’) 

(collectively, the ‘‘Nasdaq and Cboe 

Participants’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 proposed rule changes 3 to 

adopt a fee schedule to establish fees for 

Industry Members 4 related to the 

National Market System Plan Governing 

the Consolidated Audit Trail (‘‘CAT 

NMS Plan’’ or ‘‘Plan’’).5 The proposed 

rule changes were immediately effective 

upon filing with the Commission 

pursuant to Section 19(b)(3)(A) of the 

Act.6 The proposed rule changes were 

published for comment in the Federal 

Register on May 10, 2021.7 The 

Commission has received no comments 

on the proposed rule changes. 

Pursuant to Section 19(b)(3)(C) of the 

Act, the Commission is hereby: (1) 

Temporarily suspending the proposed 

rule changes; and (2) instituting 

proceedings to determine whether to 

approve or disapprove the proposals. 

II. Summary of the Proposed Rule 

Changes 8

In July 2012, the Commission adopted 

Rule 613 of Regulation NMS, which 

required national securities exchanges 

and national securities associations 

(‘‘Participants’’) 9 to jointly develop and 

submit to the Commission a national 

market system plan (‘‘NMS plan’’) to 

create, implement, and maintain a 

consolidated audit trail (‘‘CAT’’) 10 that 

would capture customer and order event 

information for orders in NMS 

securities. On November 15, 2016, the 

Commission approved the CAT NMS 

Plan required by Rule 613.11 Under the 

CAT NMS Plan, the Operating 

Committee of a newly formed 

company—CAT NMS, LLC, of which 

each Participant is a member—has the 

discretion (subject to the funding 

principles set forth in the CAT NMS 

Plan) to establish funding for the 

Company to operate the CAT, including 

establishing fees to be paid by the 

Participants and Industry Members.12

The Plan specified that, in 

establishing the funding of the 

Company, the Operating Committee 

shall establish ‘‘a tiered fee structure in 

which the fees charged to: (i) CAT 

Reporters that are Execution Venues, 

including ATSs, are based upon the 

level of market share; (ii) Industry 

Members’ non-ATS activities are based 

upon message traffic; and (iii) the CAT 

Reporters with the most CAT-related 

activity (measured by market share and/ 

or message traffic, as applicable) are 

generally comparable (where, for these 

comparability purposes, the tiered fee 

structure takes into consideration 

affiliations between or among CAT 

Reporters, whether Execution Venues 

and/or Industry Members).’’ 13 Under 

the Plan, such fees are to be 

implemented in accordance with 

various funding principles, including an 

‘‘allocation of the Company’s related 

costs among Participants and Industry 

Members that is consistent with the 

Exchange Act taking into account . . . 

distinctions in the securities trading 

operations of Participants and Industry 

Members and their relative impact upon 

the Company resources and operations’’ 

and the ‘‘avoid[ance of] any 

disincentives such as placing an 

inappropriate burden on competition 

and reduction in market quality.’’ 14


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