49428 Federal Register / Vol. 82, No. 205 / Wednesday, October 25, 2017 / Notices 

16 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3The OPRA Plan is a national market system plan 

approved by the Commission pursuant to Section 

11A of the Act and Rule 608 thereunder. See 

Securities Exchange Act Release No. 17638 (March 

18, 1981), 22 S.E.C. Docket 484 (March 31, 1981). 

The full text of the OPRA Plan and a list of its 

fifteen participants are available at http:// 

www.opradata.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. 

4OPRA defines a ‘‘Vendor,’’ in general, as an 

entity that receives OPRA data and redistributes it 

externally, that is, to persons other than its own 

employees and employees of its wholly-owned 

subsidiaries. 

5OPRA defines a ‘‘Subscriber,’’ in general, as an 

entity or person that receives OPRA data but does 

not redistribute it to third parties, and defines a 

‘‘Nonprofessional Subscriber’’ as a Subscriber who 

is a ‘‘Nonprofessional.’’ OPRA’s definition of the 

term ‘‘Nonprofessional’’ is stated in its forms of 

‘‘Electronic Subscriber Agreement’’ and ‘‘Hardcopy 

Subscriber Agreement.’’ These forms are available 

on OPRA’s Web site, www.opradata.com. With a 

limited exception for certain personal trusts that is 

described in the Electronic Subscriber Agreement 

and Hardcopy Subscriber Agreement, a 

Nonprofessional Subscriber must be a natural 

person. 

6Many Vendors prefer to pay the flat 

Nonprofessional Subscriber Fee, even though their 

aggregate fees on the basis of Usage-based Vendor 

Fees might be lower and could not be greater, due 

to the administrative simplicity of doing so and the 

fact that the cost on a per Subscriber basis of doing 

so is very small. 

7See Securities Exchange Act Release No. 66564 

(March 9, 2012) (File No. SR–OPRA–2012–02). 

8For example, a hypothetical Vendor that reports 

310,000 Nonprofessional Subscribers in a month 

would pay total Nonprofessional Subscriber Fees of 

$337,500 for the month: The sum of (75,000 × 

$1.25) + (75,000 × $1.15) + (150,000 × $1.00) + 

(10,000 × $0.75). 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (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 Web site 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–2017–121 and 

should be submitted on or before 

November 15, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–23116 Filed 10–24–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81900; File No. SR–OPRA– 

2017–02] 

Options Price Reporting Authority; 

Notice of Filing and Immediate 

Effectiveness of Proposed Amendment 

To Modify the OPRA Fee Schedule To 

Eliminate the Enterprise Rate NonProfessional Subscriber Fee and 

Amend the Non-Professional 

Subscriber Fee 

October 19, 2017. 

Pursuant to Section 11A of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 608 thereunder,2

notice is hereby given that on 

September 27, 2017, the Options Price 

Reporting Authority (‘‘OPRA’’) 

submitted to the Securities and 

Exchange Commission (‘‘Commission’’) 

an amendment to the Plan for Reporting 

of Consolidated Options Last Sale 

Reports and Quotation Information 

(‘‘OPRA Plan’’).3 The OPRA Plan 

amendment would implement changes 

to the Non-Professional Subscriber Fee 

and Eliminate the Enterprise Rate NonProfessional Subscriber Fee effective 

January 1, 2018. The Commission is 

publishing this notice to provide 

interested persons an opportunity to 

submit written comments on the OPRA 

Plan amendment. 

I. Description and Purpose of the Plan 

Amendment 

(a) Fee Schedule Amendments 

The purpose of the amendment is to 

eliminate OPRA’s Enterprise Rate 

Nonprofessional Subscriber Fee 

(‘‘Enterprise Rate Nonpro Fee’’) and to 

revise its Nonprofessional Subscriber 

Fee so that, instead of being a flat fee of 

$1.25 per month per Nonprofessional 

Subscriber, the Nonprofessional 

Subscriber Fee will have five tiers, with 

the tier for a Vendor’s first 75,000 

Nonprofessional Subscribers subject to 

the current rate of $1.25 per month and 

each of the successive higher tiers 

subject to a lower rate. 

OPRA’s Fee Schedule provides that a 

Vendor 4 may determine the fee that it 

pays with respect to its distribution of 

current OPRA data to a Nonprofessional 

Subscriber 5 in one of two ways: Either 

the Vendor may pay OPRA’s monthly 

Nonprofessional Subscriber Fee 

(currently $1.25/month), or the Vendor 

may count the Nonprofessional 

Subscriber’s queries for OPRA data and 

pay Usage-based Vendor Fees based on 

the actual usage of OPRA data by the 

Nonprofessional Subscriber, subject to a 

cap that OPRA has always set at the 

amount of the Nonprofessional 

Subscriber Fee.6

OPRA introduced the Enterprise Rate 

Nonpro Fee in 2012.7 The purpose of 

the Fee was to limit the maximum 

aggregate amount of Nonprofessional 

Subscriber Fees and Usage-based 

Vendor Fees with respect to 

Nonprofessional Subscribers that any 

Vendor would be required to pay with 

respect to its Nonprofessional 

Subscribers. OPRA’s Enterprise Rate 

Nonpro Fee was established at $375,000 

per month. When the Enterprise Rate 

Nonpro Fee was introduced, the fee 

provided a benefit to one OPRA Vendor, 

but OPRA’s expectation was that the fee 

would provide an incentive for other 

Vendors to increase the number of 

Nonprofessional Subscribers to whom 

they distribute OPRA data. 

OPRA’s expectation for the Enterprise 

Rate Nonpro Fee has not been fulfilled. 

The fee continues to provide a benefit 

to only one OPRA Vendor, and it now 

appears to OPRA that this is likely to 

remain the case indefinitely. 

Accordingly, OPRA is proposing to 

eliminate the Enterprise Rate Nonpro 

Fee and, at the same time, revise 

OPRA’s Nonprofessional Subscriber Fee 

so that the fee has five tiers: $1.25/ 

month for a Vendor’s first 75,000 

Nonprofessional Subscribers, $1.15/ 

month for the Vendor’s next 75,000 

Nonprofessional Subscribers, $1.00/ 

month for the Vendor’s next 100,000 

Nonprofessional Subscribers, $0.75/ 

month for the Vendor’s next 250,000 

Nonprofessional Subscribers, and $0.60/ 

month for the Vendor’s Nonprofessional 

Subscribers in excess of 500,000 

Nonprofessional Subscribers.8

If all Vendors were to continue to 

distribute OPRA data to 

Nonprofessional Subscribers at their 

current rates, these changes would 

result in an increase in OPRA’s annual 

revenues of approximately $135,000. 

However, OPRA anticipates that, in fact, 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 82, No. 205 / Wednesday, October 25, 2017 / Notices 49429 

9See 17 CFR 242.608(b)(2). 10See 17 CFR 242.608(b)(3)(iii). 

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3The OPRA Plan is a national market system plan 

approved by the Commission pursuant to Section 

11A of the Act and Rule 608 thereunder. See 

Securities Exchange Act Release No. 17638 (March 

18, 1981), 22 S.E.C. Docket 484 (March 31, 1981). 

The full text of the OPRA Plan and a list of its 

fifteen participants are available at http://

www.opradata.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. 

in the short term the Vendor that has 

had the benefit of the Enterprise Rate 

Nonpro Fee may reduce its distribution 

of OPRA data to Nonprofessional 

Subscribers and that these changes may 

therefore result in a decrease in OPRA’s 

annual revenues. In the longer term, 

OPRA anticipates that it is possible that 

the tiered Nonprofessional Subscriber 

fees may accomplish OPRA’s original 

expectation for the Enterprise Rate 

Nonpro Fee by providing an incentive 

for Vendors to increase the number of 

Nonprofessional Subscribers to whom 

they distribute OPRA data in view of the 

reduced fees in the higher tiers. 

The text of the amendment to the 

OPRA Plan is available at OPRA, the 

Commission’s Public Reference Room, 

the OPRA Web site at http://

opradata.com, and on the Commission’s 

Web site at www.sec.gov. 

(b) Implementation of the OPRA Plan 

Amendment 

Pursuant to paragraph (b)(3)(i) of Rule 

608 of Regulation NMS under the Act, 

OPRA designated this amendment as 

establishing or changing fees or other 

charges collected on behalf of all of the 

OPRA participant exchanges in 

connection with access to or use of 

OPRA facilities. In order to give persons 

subject to these fees advance notice of 

the changes, OPRA proposes that they 

go into effect on January 1, 2018. 

(c) Phases of Development and 

Implementation 

Not applicable. 

(d) Impact on Competition 

OPRA believes that the proposed 

amendment will impose no burdens on 

competition that are not justified in 

light of the purposes of the Act. 

(e) Written Understandings or 

Agreements Among the Plan 

Participants 

Not applicable. 

(f) Approval of the Proposed 

Amendment 

OPRA represents that the proposed 

amendments to the OPRA Fee Schedule 

were approved in accordance with the 

provisions of the OPRA Plan. 

The Commission may summarily 

abrogate the amendment within sixty 

days of its filing and require refiling and 

approval of the amendment by 

Commission order pursuant to Rule 

608(b)(2) under the Act 9 if it appears to 

the Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or the maintenance of fair and orderly 

markets, to remove impediments to, and 

perfect the mechanisms of, a national 

market system, or otherwise in 

furtherance of the purposes of the Act.10

II. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the OPRA Plan 

amendment 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 No. SR– 

OPRA–2017–02 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–OPRA–2017–02. 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 Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the OPRA Plan 

amendment that are filed with the 

Commission, and all written 

communications relating to the OPRA 

Plan amendment 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 Web site 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 such 

filing also will be available for 

inspection and copying at the principal 

office of OPRA. 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–OPRA– 

2017–02 and should be submitted on or 

before November 15, 2017. 

By the Commission. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–23115 Filed 10–24–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81899; File No. SR–OPRA– 

2017–01] 

Options Price Reporting Authority; 

Notice of Filing and Immediate 

Effectiveness of Proposed Amendment 

To Modify the OPRA Fee Schedule To 

Amend the Professional Subscriber 

Device-Based Fee 

October 19, 2017. 

Pursuant to Section 11A of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 608 thereunder,2

notice is hereby given that on 

September 27, 2017, the Options Price 

Reporting Authority (‘‘OPRA’’) 

submitted to the Securities and 

Exchange Commission (‘‘Commission’’) 

an amendment to the Plan for Reporting 

of Consolidated Options Last Sale 

Reports and Quotation Information 

(‘‘OPRA Plan’’).3 The OPRA Plan 

amendment would implement changes 

to the Professional Subscriber DeviceBased Fee effective January 1, 2018. The 

Commission is publishing this notice to 

provide interested persons an 

opportunity to submit written 

comments on the OPRA Plan 

amendment. 

I. Description and Purpose of the Plan 

Amendment 

(a) Fee Schedule Amendments 

The purpose of the proposed Fee 

Schedule amendments is to specify 

OPRA’s Professional Subscriber DeviceBased Fee effective January 1, 2018 and 

make conforming changes in OPRA’s 

Enterprise Rate Professional Subscriber 

Fee. OPRA’s Enterprise Rate 

Professional Subscriber Fee is available 

to those Professional Subscribers that 


sradovich on DSK3GMQ082PROD with NOTICES