33390 Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 

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.’’ 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92168; File No. SR– 

CboeBZX–2021–043] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend 

Open-Close Data Fees 

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 BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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 BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX Options’’) is filing 

with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change to amend OpenClose Data fees. 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://markets.cboe.com/us/ 

equities/regulation/rule_filings/bzx/), 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 (i) adopt an academic 

discount for its historical End-of-Day 

Open-Close and Intraday Open-Close 

data and (ii) offer a free trial during the 

months of June and July 2021 for an adhoc request of three (3) historical 

months of Intraday Open-Close 

historical data to all Members and nonMembers 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) 

(‘‘End-of-Day Open-Close Data’’). 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 BZX 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 BZX 

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 OpenClose Data and Intraday Open-Close 

Data available for purchase to Members 

and non-Members on the LiveVol 

DataShop website (datashop.cboe.com). 

Customers may currently purchase Endof-Day Open-Close Data on a 

subscription basis ($500 per month) or 

by ad hoc request for a specified 

historical month ($400 per request per 

month). Customers may also purchase 

Intraday Open-Close Data on a 

subscription basis ($1,500 per month or 

$18,000 per year) or by ad hoc request 

for a specified historical month ($750 

per request per month). 

The Exchange now proposes to adopt 

an academic discount for ad-hoc 

requests of historical months of these 

data sets. Specifically, the Exchange 

proposes to charge qualifying academic 

purchasers $750 per year for the first 

year (instead of $4,800 per year) for 

historical End-of-Day Open-Close Data 

and $1,500 per year for the first year 

(instead of $9,000 per year) for historical 

Intraday Open-Close Data. Additional 

months after the first year may be 

purchased separately and will be 

assessed a prorated amount based on the 

yearly rate (i.e., $62.50 per month for 

historical End-of-Day Open-Close and 

$125 per month for historical Intraday 

Open-Close). Particularly, the Exchange 

believes that academic institutions and 

researchers provide a valuable service 

for the Exchange in studying and 

promoting the options market. Though 

academic institutions and researchers 

have need for granular options data sets, 

they do not trade upon the data for 

which they subscribe. The Exchange 

believes the proposed reduced fee for 

qualifying academic purchasers of 

historical End-of-Day Open-Close Data 

and Intraday Open-Close Data will 

encourage and promote academic 

studies of its market data by academic 

institutions. In order to qualify for the 

academic pricing, an academic 

purchaser must be (1) an accredited 

academic institution or member of the 

faculty or staff of such an institution, (2) 

that will use the data in independent 

academic research, academic journals 

and other publications, teaching and 

classroom use, or for other bona fide 

educational purposes (i.e. academic 

use). Furthermore, use of the data must 

be limited to faculty and students of an 

accredited academic institution, and 

any commercial or profit-seeking usage 

is excluded. Academic pricing will not 


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Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 33391 

4See Nasdaq ISE, Options 7 Pricing Schedule, 

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

Intraday. 

5See Cboe Options Fees Schedule, Livevol Fees, 

Open Close Data. 

6For example, if a Member or non-Member 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 OpenClose 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. 

7See Nasdaq ISE, Options 7 Pricing Schedule, 

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

End of Day. 8 15 U.S.C. 78f. 

9 15 U.S.C. 78f(b)(5). 

10 15 U.S.C. 78f(b)(4). 

11See Nasdaq ISE, Options 7 Pricing Schedule, 

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

End of Day. 

be provided to any purchaser whose 

research is funded by a securities 

industry participant. LiveVol subscriber 

policies will reflect the academic 

discount program, and academic users 

interested in qualifying will be required 

to submit a brief application. LiveVol 

Business Development will have the 

discretion to review and approve such 

applications and request additional 

information when it deems necessary. 

The Exchange notes that another 

exchange currently offers an academic 

discount for a similar data feed.4

Additionally, the Exchange’s affiliate 

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

offers an academic discount for 

historical End-of-Day Open-Close and 

Intraday Open-Close Data products.5

The Exchange recognizes the high value 

of academic research and educational 

instruction and publications, and 

believes that the proposed academic 

discount for historical End-of-Day 

Open-Close Data and Intraday OpenClose Data will encourage the 

promotion of academic research of the 

options industry, which will serve to 

benefit all market participants while 

also opening up a new potential user 

base among students. Finally, the 

Exchange notes that academic 

purchasers’ ad hoc requests of historical 

End-of-Day Open-Close an Intraday 

Open-Close Data would be educational 

in use and purpose, and not vocational. 

The Exchange next seeks to adopt a 

free trial for historical ad hoc requests 

for Intraday Open-Close Data for new 

purchasers. Particularly, the Exchange 

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 Member or non-Member that has 

not previously subscribed to this 

offering.6 The Exchange believes the 

proposed trial will serve as an incentive 

for new users to start purchasing 

Intraday Open-Close historical data. 

More specifically, 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.7

Lastly, the purchase of Intraday OpenClose historical data is discretionary 

and not compulsory. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,8 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act,9 in particular, in that it is 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and to protect investors and the 

public interest, and that it is not 

designed to permit unfair 

discrimination among customers, 

brokers, or dealers. The Exchange also 

believes that its proposal to adopt fees 

for Intraday Open-Close Data is 

consistent with Section 6(b) of the Act 

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 10 in 

particular, in that it is an equitable 

allocation of dues, fees and other 

charges among its members and other 

recipients of Exchange data. 

In particular, the Exchange believes 

that the discount for qualifying 

academic purchasers of the ad hoc 

historical End-of-Day Open-Close and 

Intraday Open-Close Data is reasonable 

because academic users are not able to 

monetize access to the data as they do 

not trade on the data set. The Exchange 

believes the proposed discount will 

allow for more academic institutions 

and faculty members to purchase 

historical End-of-Day Open-Close and 

Intraday Open-Close Data, and, as a 

result, promote research and studies of 

the options industry to the benefit of all 

market participants. The Exchange 

believes that the proposed discount is 

equitable and not unfairly 

discriminatory because it will apply 

equally to all academic users that 

submit an application and meet the 

accredited academic institution or 

faculty member and academic use 

criteria. As stated above, qualified 

academic users will subscribe to the 

data set for educational use and 

purposes and are not permitted to use 

the data for commercial or monetizing 

purposes, nor can qualify if they are 

funded by an industry participant. As a 

result, the Exchange believes the 

proposed discount is equitable and not 

unfairly discriminatory because it 

maintains equal treatment for all 

industry participants or other 

subscribers that use the data for 

vocational, commercial or other forprofit purposes. 

The Exchange also believes that the 

proposed free trial for any Member or 

non-Member 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 Members and 

non-Members 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 11

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 

relating to the academic discount will 

apply to all qualifying academic 

purchasers uniformly. While the 

proposed fee reduction applies only to 

qualifying academic purchasers, 

academic purchasers’ research and 

publications as a result of access to 

historical market data benefits all 

market participants. The Exchange also 

does not believe that the proposed rule 

change relating to the free trial will 

impose any burden on intramarket 

competition that is not necessary or 

appropriate in furtherance of the 


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33392 Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 

12 Id. 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f)(2). 

15 15 U.S.C. 78s(b)(2)(B). 16 17 CFR 200.30–3(a)(12). 

purposes of the Act because the 

proposed rule change will apply to all 

Members and non-Members 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 also does not believe 

that the proposed rule change 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 the 

Exchange. Furthermore, another 

exchange currently offers similar 

historical data to academic users at a 

discounted price as well as a similar 

free-trial period for similar data.12

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 is effective 

upon filing pursuant to Section 

19(b)(3)(A) 13 of the Act and 

subparagraph (f)(2) of Rule 19b–4 14

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) 15 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– 

CboeBZX–2021–043 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–CboeBZX–2021–043. 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–CboeBZX–2021–043 and 

should be submitted on or before July 

15, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13282 Filed 6–23–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92179; File No. 265–33] 

Asset Management Advisory 

Committee; Meeting 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice of meeting. 

SUMMARY: Notice is being provided that 

the Securities and Exchange 

Commission Asset Management 

Advisory Committee (‘‘AMAC’’) will 

hold a public meeting on July 7, 2021, 

by remote means. The meeting will 

begin at 11:00 a.m. (ET) and will be 

open to the public via webcast on the 

Commission’s website at www.sec.gov. 

Persons needing special 

accommodations to take part because of 

a disability should notify the contact 

person listed below. The public is 

invited to submit written statements to 

the Committee. The meeting will 

include a discussion of matters in the 

asset management industry relating to: 

(1) The ESG, Diversity & Inclusion, and 

Private Investments Subcommittees, 

including potential recommendations 

from those Subcommittees; and (2) the 

Evolution of Advice Subcommittee, 

including a panel discussion. 

DATES: The public meeting will be held 

on July 7, 2021. Written statements 

should be received on or before July 6, 

2021. 

ADDRESSES: The meeting will be held by 

remote means and webcast on 

www.sec.gov. Written statements may be 

submitted by any of the following 

methods. To help us process and review 

your statement more efficiently, please 

use only one method. At this time, 

electronic statements are preferred. 

Electronic Statements 

• Use the Commission’s internet 

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

rules/other.shtml); or 

• Send an email message to rulecomments@sec.gov. Please include File 

Number 265–33 on the subject line; or 

Paper Statements 

• Send paper statements to Vanessa 

Countryman, Federal Advisory 

Committee Management Officer, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–1090. All submissions should 

refer to File No. 265–33. This file 

number should be included on the 

subject line if email is used. The 

Commission will post all statements on 

the Commission’s website at (http://

www.sec.gov/comments/265-33/265- 

33.htm). 


khammond on DSKJM1Z7X2PROD with NOTICES