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, 49429-49431 [2017-23114]

Download as PDF Federal Register / Vol. 82, No. 205 / Wednesday, October 25, 2017 / Notices 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. 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. sradovich on DSK3GMQ082PROD with NOTICES (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, 9 See 17 CFR 242.608(b)(2). VerDate Sep<11>2014 22:06 Oct 24, 2017 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 2017–02 and should be submitted on or before November 15, 2017. II. Solicitation of Comments [FR Doc. 2017–23115 Filed 10–24–17; 8:45 am] 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: BILLING CODE 8011–01–P 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. • 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– 10 See Jkt 244001 PO 00000 17 CFR 242.608(b)(3)(iii). Frm 00119 Fmt 4703 By the Commission. Eduardo A. Aleman, Assistant Secretary. 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. Paper Comments (b) Implementation of the OPRA Plan Amendment 49429 Sfmt 4703 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 1 15 U.S.C. 78k–1. CFR 242.608. 3 The 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. 2 17 E:\FR\FM\25OCN1.SGM 25OCN1 49430 Federal Register / Vol. 82, No. 205 / Wednesday, October 25, 2017 / Notices sradovich on DSK3GMQ082PROD with NOTICES elect that rate in place of the regular OPRA device-based fees.4 Specifically, it is proposed, effective January 1, 2018: To increase the current $30.50 monthly per device fee by $1.00; to increase the Enterprise Rate, currently a monthly fee of $30.50 times the number of a Professional Subscriber’s U.S.-based registered representatives, to be a monthly fee of $31.50 times the number of the Subscriber’s U.S.-based registered representatives; and to make conforming changes to the minimum monthly fee under the Enterprise Rate. ‘‘Professional Subscribers’’ are persons who subscribe to OPRA data, do not qualify for the reduced fees charged to ‘‘Nonprofessional Subscribers,’’ and do not redistribute the OPRA data to third parties. OPRA permits the counting of ‘‘User IDs’’ as a surrogate for counting ‘‘devices’’ for purposes of its Professional Subscriber Device-based Fees.5 The number of devices reported to OPRA as subject to Professional Subscriber Device-Based Fees has been steadily trending downwards over many years. In 2008, OPRA received devicebased fees, including enterprise fees, with respect to approximately 210,500 devices. In 2015, OPRA received devicebased fees, including enterprise fees, with respect to approximately 141,300 devices, and in 2016 OPRA received device-based fees, including enterprise fees, with respect to approximately 137,100 devices. OPRA is receiving device-based fees in the third calendar quarter of 2017 with respect to approximately 128,500 devices—already a reduction of approximately 6.3% from 2016. OPRA believes that this long-term downward trend is the result of the increasing use of trading algorithms and automated trading platforms and other fundamental changes in the securities industry, and OPRA anticipates that this trend is likely to continue. The proposed increase in the Professional Subscriber Device-Based Fees is consistent with OPRA’s past practice of making incremental $1.00 increases in its monthly Professional Subscriber Device-Based Fees,6 and 4 OPRA’s Enterprise Rate is based on the number of a Professional Subscriber’s U.S. registered representatives and independent investment advisers who contract with the Subscriber to provide advisory services to the Subscriber’s customers. 5 See footnote 2 in the OPRA Fee Schedule and OPRA’s Policies with respect to Device-based Fees. 6 The year 2015 was an exception: For 2015, OPRA implemented an increase of $1.50 in its Professional Subscriber Device-Based Fee, because during 2015 one of OPRA’s member exchanges initiated after-hours trading, causing OPRA to incur additional expenses associated with data VerDate Sep<11>2014 22:06 Oct 24, 2017 Jkt 244001 OPRA believes that OPRA’s Professional Subscribers should not be surprised by the increase. The proposed increase in the Professional Subscriber DeviceBased Fee—which is an increase of approximately 3.3%—will partially offset the impact on revenue of the reduction in the number of devices in 2017 as compared to 2016. 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. OPRA proposes to put the changes in the Professional Subscriber Device-Based Fee into effect as of January 1, 2018. Implementation of the changes in the Professional Subscriber Device-Based Fee on January 1 is consistent with OPRA’s prior practice with respect to changes in this fee, and OPRA represents that this will provide ample opportunity to give persons subject to this fee advance notice of the change. (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 Understanding 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. dissemination during expanded trading hours. OPRA implemented $1.00/month increases in its Professional Subscriber Device-Based Fee for each of the years 2008–2014 and for the years 2016 and 2017. See Securities Exchange Act Release Nos. 72826, 79 FR 48777 (August 18, 2014) (File No. SR– OPRA–2014–06), 77585, 81 FR 22668 (April 18, 2016) (File No. SR–OPRA–2015–02), and 79152, 81 FR 75462 (October 31, 2016) (File No. SR–OPRA– 2016–01). PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 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 7 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.8 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–2017–01 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–2017–01. 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 7 See 8 See E:\FR\FM\25OCN1.SGM 17 CFR 242.608(b)(2). 17 CFR 242.608(b)(3)(iii). 25OCN1 Federal Register / Vol. 82, No. 205 / Wednesday, October 25, 2017 / Notices 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– 2017–01 and should be submitted on or before November 15, 2017. By the Commission. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–23114 Filed 10–24–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81906; File No. SR– BatsBZX–2017–67] Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Transaction Fees for the Exchange’s Equity Platform October 19, 2017. 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 October 10, 2017, Bats BZX Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BZX’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b–4(f)(2) thereunder,4 which renders the proposed rule change effective upon filing with the Commission. 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 sradovich on DSK3GMQ082PROD with NOTICES The Exchange filed a proposal to amend the fee schedule applicable to Members 5 and non-Members of the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 5 The term ‘‘Member’’ is defined as ‘‘any registered broker or dealer that has been admitted to membership in the Exchange.’’ See Exchange Rule 1.5(n). 2 17 VerDate Sep<11>2014 22:06 Oct 24, 2017 Jkt 244001 Exchange pursuant to BZX Rules 15.1(a) and (c). The text of the proposed rule change is available at the Exchange’s Web site at www.bats.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 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 parts 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 fee schedule applicable to its equities trading platform (‘‘BZX Equities’’) to amend the criteria for Cross-Asset Add Volume Tier 3 under footnote 1. The Exchange currently offers four CrossAsset Add Volume tiers under footnote 1 that provide an enhanced rebate ranging from $0.0028 to $0.0030 per share for orders that yield fee codes B,6 V,7 and Y 8 upon a Member achieving each tier’s required criteria. Currently, under Cross-Asset Add Volume Tier 3, Members receives an enhanced rebate of $0.0028 per share where they have on the Exchange’s equity options platform (‘‘BZX Options’’) an ADAV greater than or equal to 2.00% of average OCV.9 The 6 Fee code B is appended to displayed orders that add liquidity to BZX (Tape B) and is provided a standard rebate of $0.0025 per share. See the Exchange’s fee schedule available at http:// www.bats.com/us/equities/membership/fee_ schedule/bzx/. 7 Fee code V is appended to displayed orders that add liquidity to BZX (Tape A) and is provided a standard rebate of $0.0020 per share. Id. 8 Fee code Y is appended to displayed orders that add liquidity to BZX (Tape C) and is provided a standard rebate of $0.0020 per share. Id. 9 ‘‘OCV’’, for purposes of equities pricing means the total equity and ETF options volume that clears in the Customer range at the Options Clearing Corporation (‘‘OCC’’) for the month for which the fees apply, excluding volume on any day that the Exchange experiences an Exchange System Disruption and on any day with a scheduled early market close, using the definition of Customer as provided under the Exchange’s fee schedule for BZX Options. See the Exchange’s fee schedule available at http://www.bats.com/us/equities/ membership/fee_schedule/bzx/. PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 49431 Exchange now proposes to amend the criteria necessary to receive the enhanced rebate provided by CrossAsset Tier 3. As amended, Cross-Asset Add Volume Tier 3 would require that the Member have on BZX Options an Options Market Maker Add OCV 10 equal to or greater than 1.85% of average OCV and that Member must also add an ADV 11 equal to or greater than 0.10% of TCV.12 The Exchange proposes to implement these amendments to its fee schedule immediately.13 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,14 in general, and furthers the objectives of Section 6(b)(4),15 in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. The Exchange also notes that it operates in a highly-competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. The proposed rule change reflects a competitive pricing structure designed to incent market participants to direct their order flow to the Exchange. The Exchange believes the rates remain competitive with those charged by other venues and, therefore, reasonable and equitably allocated to Members. Volume-based rebates and fees such as the proposed Cross-Asset Add Volume Tier have been widely adopted by equities and options exchanges and are equitable because they are open to all Members on an equal basis and provide additional benefits or discounts that are reasonably related to the value to an exchange’s market quality associated with higher levels of market activity, such as higher levels of liquidity provision and/or growth 10 ‘‘Options Market Maker Add OCV’’ for purposes of equities pricing means ADAV resulting from Market Maker orders as a percentage of OCV, using the definitions of ADAV, Market Maker and OCV as provided under the Exchange’s fee schedule for BZX Options. Id. 11 ‘‘ADV’’ means average daily volume calculated as the number of shares added or removed, combined, per day. Id. 12 ‘‘TCV’’ means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply. Id. 13 The Exchange initially filed the proposed rule change on September 29, 2017 (SR–BatsBZX–2017– 64). On October 10, 2017, the Exchange withdrew SR–BatsBZX–2017–64 and submitted this filing. 14 15 U.S.C. 78f. 15 15 U.S.C. 78f(b)(4). E:\FR\FM\25OCN1.SGM 25OCN1

Agencies

[Federal Register Volume 82, Number 205 (Wednesday, October 25, 2017)]
[Notices]
[Pages 49429-49431]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-23114]


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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 
Device-Based 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ The 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.
---------------------------------------------------------------------------

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 Device-Based 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

[[Page 49430]]

elect that rate in place of the regular OPRA device-based fees.\4\
---------------------------------------------------------------------------

    \4\ OPRA's Enterprise Rate is based on the number of a 
Professional Subscriber's U.S. registered representatives and 
independent investment advisers who contract with the Subscriber to 
provide advisory services to the Subscriber's customers.
---------------------------------------------------------------------------

    Specifically, it is proposed, effective January 1, 2018: To 
increase the current $30.50 monthly per device fee by $1.00; to 
increase the Enterprise Rate, currently a monthly fee of $30.50 times 
the number of a Professional Subscriber's U.S.-based registered 
representatives, to be a monthly fee of $31.50 times the number of the 
Subscriber's U.S.-based registered representatives; and to make 
conforming changes to the minimum monthly fee under the Enterprise 
Rate. ``Professional Subscribers'' are persons who subscribe to OPRA 
data, do not qualify for the reduced fees charged to ``Nonprofessional 
Subscribers,'' and do not redistribute the OPRA data to third parties. 
OPRA permits the counting of ``User IDs'' as a surrogate for counting 
``devices'' for purposes of its Professional Subscriber Device-based 
Fees.\5\
---------------------------------------------------------------------------

    \5\ See footnote 2 in the OPRA Fee Schedule and OPRA's Policies 
with respect to Device-based Fees.
---------------------------------------------------------------------------

    The number of devices reported to OPRA as subject to Professional 
Subscriber Device-Based Fees has been steadily trending downwards over 
many years. In 2008, OPRA received device-based fees, including 
enterprise fees, with respect to approximately 210,500 devices. In 
2015, OPRA received device-based fees, including enterprise fees, with 
respect to approximately 141,300 devices, and in 2016 OPRA received 
device-based fees, including enterprise fees, with respect to 
approximately 137,100 devices. OPRA is receiving device-based fees in 
the third calendar quarter of 2017 with respect to approximately 
128,500 devices--already a reduction of approximately 6.3% from 2016. 
OPRA believes that this long-term downward trend is the result of the 
increasing use of trading algorithms and automated trading platforms 
and other fundamental changes in the securities industry, and OPRA 
anticipates that this trend is likely to continue.
    The proposed increase in the Professional Subscriber Device-Based 
Fees is consistent with OPRA's past practice of making incremental 
$1.00 increases in its monthly Professional Subscriber Device-Based 
Fees,\6\ and OPRA believes that OPRA's Professional Subscribers should 
not be surprised by the increase. The proposed increase in the 
Professional Subscriber Device-Based Fee--which is an increase of 
approximately 3.3%--will partially offset the impact on revenue of the 
reduction in the number of devices in 2017 as compared to 2016.
---------------------------------------------------------------------------

    \6\ The year 2015 was an exception: For 2015, OPRA implemented 
an increase of $1.50 in its Professional Subscriber Device-Based 
Fee, because during 2015 one of OPRA's member exchanges initiated 
after-hours trading, causing OPRA to incur additional expenses 
associated with data dissemination during expanded trading hours. 
OPRA implemented $1.00/month increases in its Professional 
Subscriber Device-Based Fee for each of the years 2008-2014 and for 
the years 2016 and 2017. See Securities Exchange Act Release Nos. 
72826, 79 FR 48777 (August 18, 2014) (File No. SR-OPRA-2014-06), 
77585, 81 FR 22668 (April 18, 2016) (File No. SR-OPRA-2015-02), and 
79152, 81 FR 75462 (October 31, 2016) (File No. SR-OPRA-2016-01).
---------------------------------------------------------------------------

    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. OPRA proposes to put the changes in the Professional 
Subscriber Device-Based Fee into effect as of January 1, 2018. 
Implementation of the changes in the Professional Subscriber Device-
Based Fee on January 1 is consistent with OPRA's prior practice with 
respect to changes in this fee, and OPRA represents that this will 
provide ample opportunity to give persons subject to this fee advance 
notice of the change.

(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 Understanding 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 \7\ 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.\8\
---------------------------------------------------------------------------

    \7\ See 17 CFR 242.608(b)(2).
    \8\ See 17 CFR 242.608(b)(3)(iii).
---------------------------------------------------------------------------

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 [email protected]. Please include 
File No. SR-OPRA-2017-01 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-2017-01. 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

[[Page 49431]]

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-2017-01 and should be 
submitted on or before November 15, 2017.

    By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-23114 Filed 10-24-17; 8:45 am]
 BILLING CODE 8011-01-P