Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Notices 50915 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 68005 

(October 9, 2012), 77 FR 63362 (October 16, 2012) 

(SR–NYSEArca–2012–106) (establishing fees for 

certain proprietary options market data products). 

See also Securities Exchange Act Release Nos. 

69523 (May 6, 2013), 78 FR 27452 (May 10, 2013) 

(SR–NYSEArca–2013–41) (establishing a schedule 

of NYSE Arca Options proprietary market data 

fees); 69554 (May 10, 2013), 78 FR 28917 (May 16, 

2013) (SR–NYSEArca–2013–47) (establishing nondisplay usage fees and amending the professional 

end-user fees); 71933 (April 11, 2014), 79 FR 21821 

(April 17, 2014) (SR–NYSEArca–2014–34) 

(amending the professional user fees); 73010 

(September 5, 2014), 79 FR 54307 (September 11, 

2014) (SR–NYSEArca–2014–94) (amending fees for 

non-display use); 76023 (September 29, 2015), 80 

FR 60208 (October 5, 2015) (SR–NYSEArca–2015– 

83) (modifying certain proprietary options data 

products); and 77111 (February 11, 2016), 81 FR 

8291 (February 18, 2016) (SR–NYSEArca–2016–29) 

(Modifying the Arca Options Deep market data 

product). 

5See Securities Exchange Act Release No. 73588 

(November 13, 2014), 79 FR 68922 (November 19, 

2014) (SR–NYSEArca–2014–129) (establishing fees 

for the complex order book feed). 

6The OPRA Plan is a national market system plan 

approved by the Securities and Exchange 

Commission (‘‘Commission’’) pursuant to Section 

11A of the Act and Rule 608 thereunder (formerly 

Rule 11Aa3–2). See Securities Exchange Act 

Release No. 17638 (March 18, 1981), 22 SEC. Docket 

484 (March 31, 1981). The full text of the OPRA 

Plan is available at https://www.opraplan.com/. The 

OPRA Plan provides for the collection and 

dissemination of last sale and quotation information 

on options that are traded on the participant 

exchanges. Section 5.2(c) of the OPRA Plan also 

permits OPRA Plan participants to disseminate 

unconsolidated market information to certain of 

their members under certain circumstances. The 

manner in which the Exchange proposes to 

disseminate the products would comply with 

Section 5.2(c) of the OPRA Plan, pursuant to which 

the Exchange may not disseminate the products ‘‘on 

any more timely basis than the same information is 

furnished to the OPRA System for inclusion in 

OPRA’s consolidated dissemination of Options 

Information.’’ 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92887; File No. SR– 

NYSEArca–2021–75] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Modify the Arca 

Options Deep Market Data Product 

September 7, 2021. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on August 

24, 2021, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or the ‘‘Exchange’’) 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 self-regulatory organization. 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 modify the 

Arca Options Deep market data product. 

The proposed rule change is available 

on the Exchange’s website at 

www.nyse.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 

self-regulatory organization 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 those 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to modify the 

Arca Options Deep market data product. 

The Exchange currently offers the 

following real-time options market data 

feeds: ‘‘Arca Options Top,’’ ‘‘Arca 

Options Deep,’’ and ‘‘Arca Options 

Complex’’ (the ‘‘Arca Options 

Products’’). ‘‘Arca Options Top’’ is a 

single market data product that 

combines last sale data, best bids and 

offers (‘‘BBO’’), order imbalance 

information and series status and 

underlying status messages. ‘‘Arca 

Options Complex,’’ also a single market 

data product, provides subscribers 

NYSE Arca Options quote and trade 

information (including orders/quotes, 

requests for responses, and trades) for 

the complex order book on a real-time 

basis. ‘‘Arca Options Deep’’ is also a 

single market data product that provides 

subscribers NYSE Arca Options quotes 

and orders at the first three price levels 

in each series on a real-time basis. 

The Exchange charges a single fee for 

Arca Options Products and subscribers 

of Arca Options Products receive all 

three data feeds described above.4 The 

Exchange charges a separate fee for Arca 

Options Complex for subscribers that 

seek to obtain this data feed on a 

standalone basis.5

The Exchange proposes to modify the 

Arca Options Deep market data product 

so that quotes and orders would be 

available for the full order book in each 

series on a real-time basis rather than at 

the first three price levels. As modified, 

Arca Options Deep would provide 

vendors and subscribers with a unified 

view of events, in sequence, as they 

appear on the Exchange’s matching 

engine. The modified Arca Options 

Deep would include depth of book order 

data, last sale data, opening imbalance 

data, series status updates (e.g., trade 

corrections and trading halts) and series 

summary messages. The series summary 

message would update every minute 

and would include the opening price, 

high price, low price, closing price, and 

cumulative volume for each series 

traded on the Exchange. The Exchange 

is not making any changes to the current 

product other than providing quotes and 

orders for the full order book rather than 

at the first three price levels and the 

inclusion of opening imbalance data. 

The Exchange believes that Arca 

Options Deep, as modified, addresses 

requests received from vendors and 

subscribers that would like to receive 

the data described above in an 

integrated fashion. An integrated data 

feed would provide greater efficiencies 

and reduce errors for vendors and 

subscribers that currently choose to 

integrate the data after receiving it from 

the Exchange. The Exchange believes 

that providing vendors and subscribers 

with the option of a market data product 

that both integrates existing products 

and includes additional market data 

would allow vendors and subscribers to 

choose the best solution for their 

specific businesses while also 

enhancing the functionality of the 

product. 

The proposed modification to the 

Arca Options Deep data feed will allow 

subscribers who currently obtain depth 

of market data at three price levels to 

receive the full order book market data 

in a single data feed. Offering a data 

product that provides the full order 

book in one market data product would 

provide greater efficiencies and better 

sequencing for vendors and subscribers. 

As it does currently, Arca Options Deep 

would continue to provide last sale and 

BBO information on a real-time basis as 

reported to the Options Price Reporting 

Authority (‘‘OPRA’’) and disseminated 

on a consolidated basis under the OPRA 

Plan.6

The Exchange does not propose to 

make any change to the fees for Arca 

Options Deep. The single fee charged for 

the Arca Options Products that 

comprise the Arca Options Top, Arca 


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50916 Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Notices 

7See Securities Exchange Act Release No. 92304 

(June 30, 2021), 86 FR 36440 (July 9, 2021) (SR– 

NYSE–Arca–2021–47) (Notice of Filing of Proposed 

Rule Change for New Rules 6.1P–O, 6.37AP–O, 

6.40P–O, 6.41P–O, 6.62P–O, 6.64P–O, 6.76P–O, and 

6.76AP–O and Amendments to Rules 1.1, 6.1–O, 

6.1A–O, 6.37–O, 6.65A–O and 6.96–O). 

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

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

10See Securities Exchange Act Release No. 51808 

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

11 15 U.S.C. 78f(b)(8). 

12See Nasdaq ITCH-to-Trade Options (ITTO), 

https://www.nasdaqtrader.com/micro.aspx?id=

Dapos (ITTO is designed to provide full quote and 

order depth . ITTO uses a series of messages to track 

the life of a quote or order through the Nasdaq 

Options Market (NOM). ITTO supports NOM last 

sale data as well as Net Order Imbalance data for 

the opening auction). 

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

14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

Options Deep and Arca Options 

Complex would continue to apply. The 

separate fee that now applies to Arca 

Options Complex, would likewise 

continue to apply to the Arca Options 

Complex market data product. 

Arca Options Deep would continue to 

be offered through the Exchange’s 

Liquidity Center Network (‘‘LCN’’), a 

local area network in the Exchange’s 

Mahwah, New Jersey data center that is 

available to users of the Exchange’s colocation services. The Exchange would 

also continue to offer the Arca Options 

Deep through the Exchange’s Secure 

Financial Transaction Infrastructure 

(‘‘SFTI’’) network, through which all 

other users and members access the 

Exchange’s trading and execution 

systems and other proprietary market 

data products. 

The Exchange plans to introduce the 

modified Arca Options Deep market 

data product when the Exchange 

transitions to the Pillar trading platform, 

anticipated for the fourth quarter of 

2021.7 The Exchange will announce the 

exact date that the modified Arca 

Options Product market data product 

will become available through a NYSE 

Trader Update. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 8 of the Act, 

in general, and furthers the objectives of 

Section 6(b)(5) 9 of the Act, in particular, 

in that it is 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 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 it is not 

designed to permit unfair 

discrimination among customers, 

brokers, or dealers. 

The Exchange also believes this 

proposal is consistent with Section 

6(b)(5) of the Act because it protects 

investors and the public interest and 

promotes just and equitable principles 

of trade by providing investors with 

improved options for receiving market 

data. The proposed rule change would 

benefit investors by facilitating their 

prompt access to the additional realtime information contained in a 

modified Arca Options Deep market 

data product. 

The Exchange believes the proposed 

change is reasonable because it would 

provide vendors and subscribers with a 

higher quality market data product. 

In adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations and broker-dealers 

increased authority and flexibility to 

offer new and unique market data to 

consumers of such data. It was believed 

that this authority would expand the 

amount of data available to users and 

consumers of such data and also spur 

innovation and competition for the 

provision of market data. The Exchange 

believes that the options data product 

changes proposed herein are precisely 

the sort of market data product 

evolutions that the Commission 

envisioned when it adopted Regulation 

NMS. The Commission concluded that 

Regulation NMS—by lessening 

regulation of the market in proprietary 

data—would itself further the Act’s 

goals of facilitating efficiency and 

competition: 

[E]fficiency is promoted when broker-dealers 

who do not need the data beyond the prices, 

sizes, market center identifications of the 

NBBO and consolidated last sale information 

are not required to receive (and pay for) such 

data. The Commission also believes that 

efficiency is promoted when broker-dealers 

may choose to receive (and pay for) 

additional market data based on their own 

internal analysis of the need for such data.10

By removing ‘‘unnecessary regulatory 

restrictions’’ on the ability of exchanges 

to sell their own data, Regulation NMS 

advanced the goals of the Act and the 

principles reflected in its legislative 

history. 

The proposed modified Arca Options 

Deep market data feed will help to 

protect a free and open market by 

providing additional data to the 

marketplace and give investors greater 

choices. In addition, the proposal would 

not permit unfair discrimination 

because the products will be available to 

all of the Exchange’s customers and 

broker-dealers through both the LCN 

and SFTI. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,11 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 market for proprietary data 

products is currently competitive and 

inherently contestable because there is 

fierce competition for the inputs 

necessary to the creation of proprietary 

data. Numerous exchanges compete 

with each other for listings, trades, and 

market data itself, providing virtually 

limitless opportunities for entrepreneurs 

who wish to produce and distribute 

their own market data. This proprietary 

data is produced by each individual 

exchange, as well as other entities (such 

as internalizing broker-dealers and 

various forms of alternative trading 

systems, including dark pools and 

electronic communication networks), in 

a vigorously competitive market. It is 

common for market participants to 

further and exploit this competition by 

sending their order flow and transaction 

reports to multiple markets, rather than 

providing them all to a single market. 

Because the Exchange’s competitors 

already offer similar products, the 

proposed modified Arca Options Deep 

market data product will enhance 

competition. For example, Arca Options 

Deep would provide an alternative to 

Nasdaq ITCH-to-Trade Options, offered 

by The Nasdaq Stock Market, Inc. 

(‘‘Nasdaq’’).12

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

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

4(f)(6) thereunder.14


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Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Notices 50917 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(a). 

4 17 CFR 240.19b–4(f)(4)(ii). 

5Capitalized terms used but not defined herein 

have the meaning specified in the ICE Clear Europe 

Clearing Rules (the ‘‘Rules’’). 

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

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– 

NYSEArca–2021–75 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–NYSEArca–2021–75. 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–NYSEArca–2021–75, and 

should be submitted on or before 

October 4, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19612 Filed 9–10–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92883; File No. SR–ICEEU– 

2021–016] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Amendments to Part EE of Its Delivery 

Procedures 

September 7, 2021. 

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 August 

23, 2021, ICE Clear Europe Limited 

(‘‘ICE Clear Europe’’ or the ‘‘Clearing 

House’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule changes described in 

Items I, II, and III below, which Items 

have been prepared primarily by ICE 

Clear Europe. ICE Clear Europe filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A) of the Act 3 and Rule 

19b–4(f)(4)(ii) 4 thereunder, such that 

the proposed rule was immediately 

effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The principal purpose of the 

proposed amendments is for ICE Clear 

Europe to make certain amendments to 

Part EE of its Delivery Procedures to add 

provisions relating to delivery of an 

additional contract, the ICE Endex 

Austrian Central European Gas Hub AG 

(‘‘CEGH’’) Virtual Trading Point 

(‘‘VTP’’) Natural Gas Daily Futures 

(‘‘ICE Endex VTP Natural Gas Daily 

Futures’’), that will be traded on the ICE 

Endex exchange and cleared at ICE 

Clear Europe. The amendments also 

propose to correct the name of the ICE 

Endex CEGH Austrian VTP Natural Gas 

Futures to ICE Endex Austrian CEGH 

VTP Natural Gas Futures (‘‘ICE Endex 

VTP Natural Gas Futures’’) and make 

certain corresponding updates 

throughout Part EE.5

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, ICE 

Clear Europe 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. ICE 

Clear Europe has prepared summaries, 

set forth in sections (A), (B), and (C) 

below, of the most significant aspects of 

such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

ICE Clear Europe is proposing to 

amend Part EE of its Delivery 

Procedures to add provisions relating to 

delivery of an additional contract, the 

ICE Endex Austrian CEGH VTP Natural 

Gas Daily Futures (‘‘ICE Endex VTP 

Natural Gas Daily Futures’’), that will be 

traded on the ICE Endex exchange and 

cleared at ICE Clear Europe. The 

proposed amendments also correct the 

name of the ICE Endex CEGH Austrian 

VTP Natural Gas Futures to ICE Endex 

Austrian CEGH VTP Natural Gas 

Futures (‘‘ICE Endex VTP Natural Gas 

Futures’’) and make certain 

corresponding updates throughout Part 

EE. 

Proposed amendments to Part EE 

would set out the delivery specifications 

and procedures for deliveries under the 

Contract. Delivery would be effected by 

the transfer of rights to natural gas at the 

VTP from a Transferor (nominated by 

the Seller and which may be the Seller) 

to the Clearing House and from the 

Clearing House (via its nomination 


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