Federal Register / Vol. 87, No. 72 / Thursday, April 14, 2022 / Notices 22271 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3For example, if a User that has elected to 

participate in the free trial program for EDGA Top 

data is approved on April 15, 2022, that User will 

not be subject to any applicable fees (i.e., User Fee) 

through May 14, 2022. 

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– 

CboeEDGX–2022–020 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–CboeEDGX–2022–020. 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. 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– 

CboeEDGX–2022–020, and should be 

submitted on or before May 5, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–07947 Filed 4–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94648; File No. SR– 

CboeEDGA–2022–007] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend the 

Fees Applicable to Various Market 

Data Products 

April 8, 2022. 

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 April 1, 

2022, Cboe EDGA Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGA’’) filed with the 

Securities and Exchange Commission 

(the ‘‘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 

Cboe EDGA Exchange, Inc. (‘‘EDGA’’ 

or the ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) a proposed rule 

change to amend the fees applicable to 

various market data products. 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/edga/), 

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 the 

Market Data section of its Fees Schedule 

for its equities trading platform (‘‘EDGA 

Equities’’). Particularly, the Exchange 

proposes to adopt a free trial program 

for Exchange market data products, 

effective April 1, 2022. 

The Exchange proposes a 30-day free 

trial for any User or Distributor that 

subscribes to or distributes, 

respectively, an Exchange real-time 

market data product (‘‘Product’’) listed 

on the Fee Schedule for the first time. 

As proposed, a first-time User would be 

any entity or individual that has not 

previously subscribed to a particular 

Product and a first-time Distributor 

would be any entity that has not 

previously distributed, internally or 

externally, a particular Product. A firsttime User or Distributor of a particular 

Exchange market data product would 

not be charged any applicable fees listed 

in the Fee Schedule for that product for 

the duration of the 30 days.3 For 

example, a firm that currently 

subscribes to EDGA Top would be 

eligible to receive a free 30-day trial of 

EDGA Depth, whether in a display-only 

format or for non-display use. However, 

a firm that currently receives EDGA 

Depth for non-display use would not be 

eligible to receive a free 30-day trial of 

EDGA Depth in a display-only format. 

The Exchange would provide the 30-day 

free trial for each particular product to 

each first-time User or Distributor once. 

The Exchange believes that providing 

a 30-day free trial to Exchange real-time 

market data products listed on the 

Exchange’s Fee Schedule would enable 

potential Users and Distributors to 

determine whether a particular 

Exchange market data product provides 

value to their business models or 

investment strategies, as applicable, 

before fully committing to expend 

development and implementation costs 

related to the receipt or distribution of 

that product, and is intended to 

encourage increased use of the 

Exchange’s market data products by 

defraying some of the development and 

implementation costs Users or 

Distributors would ordinarily have to 

expend before using a product. The 


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22272 Federal Register / Vol. 87, No. 72 / Thursday, April 14, 2022 / Notices 

4See The Nasdaq Stock Market LLC (‘‘Nasdaq’’) 

Equity 7 Pricing Schedule, Section 112(b)(1) and 

New York Stock Exchange LLC (‘‘NYSE’’) 

Proprietary Market Data Fees Schedule, General. 

5 15 U.S.C. 78f. 

6 15 U.S.C. 78f(b)(4). 

7 15 U.S.C. 78k–1. 

8See 17 CFR 242.603. 

9See Nasdaq Equity 7 Pricing Schedule, Section 

112(b)(1) and NYSE Proprietary Market Data Fees 

Schedule, General. 

10See Nasdaq Equity 7 Pricing Schedule, Section 

112(b)(1) and NYSE Proprietary Market Data Fees 

Schedule, General. 

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

12 17 CFR 240.19b–4(f). 

Exchange notes that other exchanges 

have similar free trial programs.4

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,5

in general, and furthers the objectives of 

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

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its members and 

other recipients of Exchange data. In 

addition, the Exchange believes that the 

proposed rule change is consistent with 

Section 11(A) of the Act as it supports 

(i) fair competition among brokers and 

dealers, among exchange markets, and 

between exchange markets and markets 

other than exchange markets, and (ii) 

the availability to brokers, dealers, and 

investors of information with respect to 

quotations for and transactions in 

securities.7 Finally, the proposed rule 

change is also consistent with Rule 603 

of Regulation NMS,8 which provides 

that any national securities exchange 

that distributes information with respect 

to quotations for or transactions in an 

NMS stock do so on terms that are not 

unreasonably discriminatory. 

The Exchange believes that adopting 

a free trial program for real-time market 

data products listed in its Fees Schedule 

is equitable and reasonable. Particularly, 

providing Exchange real-time market 

data products to new Users and 

Distributors free-of-charge for the first 

30 days is reasonable because it would 

allow vendors and subscribers to 

become familiar with the feeds and 

determine whether they suit their needs 

without incurring fees. It is also 

intended to incentivize Distributors to 

enlist more Users to subscribe to 

Exchange market data products in an 

effort to broaden the products’ 

distribution. Making a new market data 

product available for free for a trial 

period is also consistent with offerings 

of other exchanges. For example, NYSE 

and Nasdaq offer similar free trial 

programs.9

The Exchange believes the proposal to 

provide the Exchange market data 

products to new Users or Distributors 

free-of-charge for their first 30 days 

subscribing or distributing the data, as 

applicable, is equitable and not unfairly 

discriminatory because it applies to any 

first-time User or Distributor, regardless 

of the use they plan to make of the feed. 

As proposed, any first-time User or 

Distributor would not be charged any 

applicable fee listed in the Fee Schedule 

for any of the Exchange’s real-time 

market data products listed in the Fee 

Schedule for 30 days. The Exchange 

believes it is equitable to restrict the 

availability of this free trial to Users or 

Distributors that have not previously 

subscribed to, or distributed, 

respectively the particular market data 

product, since Users or Distributors who 

are current or previous subscribers or 

Distributors, respectively of that product 

are already familiar with the product 

and whether it would suit their needs. 

The Exchange believes that the 

proposed rule change providing for a 

free trial period to test is not unfairly 

discriminatory because the financial 

benefit of the fee waiver would be 

available to all Users subscribing to, and 

all Distributors distributing, an 

Exchange Product for the first time on 

a free-trial basis. The Exchange believes 

there is a meaningful distinction 

between Users and Distributors that are 

subscribing to or distributing a market 

data product for the first time, who may 

benefit from a period within which to 

set up and test use of the product before 

it becomes fee liable, and Users and 

Distributors that are already receiving or 

distributing the Exchange’s market data 

products and are deriving value from 

such use. The Exchange believes that 

the limited period of the free trial would 

not be unfairly discriminatory to other 

users of the Exchange’s market data 

products because it is designed to 

provide a reasonable period of time to 

set up and test a new market data 

product. The Exchange further believes 

that providing a free trial for 30 days 

would ease administrative burdens for 

data recipients to subscribe to or 

distribute a new data product and 

eliminate fees for a period before such 

users are able to derive any benefit from 

the data. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change would result 

in any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange operates in a highly 

competitive environment, and its ability 

to price these data products is 

constrained by competition among 

exchanges that offer similar data 

products to their customers. The 

Exchange believes that the proposed 

free trial program does not put any 

market participants at a relative 

disadvantage compared to other market 

participants. As discussed, the proposed 

trial would apply to first time Users and 

Distributors on an equal and nondiscriminatory basis. Further, the 

Exchange believes that the proposed 

program does not impose a burden on 

competition or on other SROs that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that the 

proposal would cause any unnecessary 

or inappropriate burden on intermarket 

competition as other exchanges are free 

to lower their prices or provide a free 

trial to better compete with the 

Exchange’s offering. Indeed, other 

national securities exchanges already 

offer similar free trial programs today.10

The proposed amendments are also 

designed to enhance competition by 

providing an incentive to Distributors to 

enlist new subscribers and Users to 

subscribe to Exchange real-time market 

data products. 

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 has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 11 and paragraph (f) of Rule 

19b–4 12 thereunder. 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 will 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. 


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Federal Register / Vol. 87, No. 72 / Thursday, April 14, 2022 / Notices 22273 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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–2022–007 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–CboeEDGA–2022–007. 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. 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– 

CboeEDGA–2022–007, and should be 

submitted on or before May 5, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–07949 Filed 4–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94649; File No. SR–ICEEU– 

2022–008] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

of Proposed Rule Change Relating to 

Amendments to the ICE Clear Europe 

Operational Risk Management Policy 

and Risk Identification Framework 

April 8, 2022. 

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 March 31, 

2022, 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. 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 (i) modify its Operational Risk 

Management Policy (the ‘‘Operational 

Risk Management Policy’’) to update the 

Clearing House’s operational risk 

management practices, and (ii) adding 

to the Clearing House’s rule framework 

the Risk Identification Framework 

(‘‘Risk Identification Framework’’) 

which is a document that provides ICE 

Clear Europe with a structure to explore, 

identify and monitor risks. The updates 

would also make certain other 

amendments to remove outdated 

provisions and to make certain other 

non-substantive amendments. 

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 its Operational Risk Management 

Policy to make certain clarifications and 

enhancements to (i) ICE Clear Europe’s 

approach to remediating identified 

control vulnerabilities and monitoring, 

(ii) transition to dynamic risk 

assessment where each risk would be 

assessed at least annually via a rolling 

review process, and (iii) the operational 

risk review process by linking it with 

the Enterprise Risk Register (described 

further below), as well as descriptive 

updates to the Enterprise Risk Register. 

The appendices to the Operational Risk 

Management Policy would also be 

updated to provide certain additional 

descriptive detail relating to current 

practices, including titles and impact 

guidelines and guidance charts in 

Appendix C. Various other 

typographical, clarificatory and stylistic 

improvements would also be made. 

ICE Clear Europe is also proposing to 

add to the Clearing House’s set of rules 

the Risk Identification Framework 

which would provide the Board with a 

structure to assist it in exploring, 

identifying and monitoring risks, as 

described below. 

I. Operational Risk Management Policy 

The overall description of operational 

risk management contained in Section 3 

would be clarified to include 

management as well as identification, 

management [sic], monitoring and 

reporting of risk. The same section 

would also provide that risks would be 

documented within the Enterprise Risk 

Register. 

Section 3.1 (previously titled ‘‘Risk 

Identification’’) would be deleted in its 

entirety and replaced with a new 

section titled ‘‘Enterprise Risk Register’’. 

The section would describe the 

Enterprise Risk Register (attached to the 

policy as Appendix A, and also referred 

to as the Risk Register Dashboard) 

which would serve as an inventory of 

the material risks faced by the Clearing 

House, incorporating the Risk 

Taxonomy (as discussed below). The 

section would also describe the purpose 

of the Enterprise Risk Register, which 

would be to strengthen the businesses’ 

understanding of their risks and allow 

them to demonstrate to the relevant risk 

committees and the Board that the risks 

are managed. The section would also 

describe the responsibilities with 

respect to the Enterprise Register, 

including that the Risk Owners would 

be responsible for updating and 


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