Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a New Data Product To Be Known as Open-Close Data and To Adopt Fees for Such Product, 61129-61132 [2019-24497]
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Federal Register / Vol. 84, No. 218 / Tuesday, November 12, 2019 / Notices
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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87463; File No. SR–C2–
2019–023]
Self-Regulatory Organizations; Cboe
C2 Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Introduce a New Data
Product To Be Known as Open-Close
Data and To Adopt Fees for Such
Product
November 5, 2019.
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
29, 2019, Cboe C2 Exchange, Inc. (the
‘‘Exchange’’ or ‘‘C2’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 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 C2 Exchange, Inc. (the
‘‘Exchange’’ or ‘‘C2’’) is filing with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
to introduce a new data product to be
known as Open-Close Data and to adopt
fees for such product. The text of the
proposed rule change is provided bin
[sic] Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
options/regulation/rule_filings/ctwo/),
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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to introduce a
new data product on C2 to be known as
Open-Close Data, which will be
available for purchase to C2 Trading
Permit Holders (‘‘TPHS’’) and non-TPHs
and also adopt fees for Open-Close Data.
Cboe LiveVol, LLC (‘‘LiveVol’’), a
wholly owned subsidiary of the
Exchange’s parent company, Cboe
Global Markets, Inc., will make the
Open-Close Data available for purchase
to TPHs and non-TPHs on the LiveVol
DataShop website
(datashop.cboe.com).5
More specifically, Open-Close Data is
a volume summary file for trading
activity on C2 Options. The Exchange
notes it is proprietary C2 trade data and
does not include trade data from any
other exchanges. It is also a historical
data product and not a real time data
feed. The Open-Close Data summarizes
and buckets the volume by origin
(customer, professional customer,
broker-dealer, and market maker),
buying/selling, and opening/closing
criteria. The customer and professional
customer volume is further broken
down into trade size buckets (less than
100 contracts, 100–199 contracts, greater
than 199 contracts). The data currently
goes back to January 2018 and contains
all series in an underlying security if it
has volume.6 The Exchange anticipates
a wide variety of market participants to
purchase Open-Close Data, including,
but not limited to, individual customers,
buy-side investors, investment banks
and academic institutions. For example,
the Exchange notes that academic
institutions may utilize the proposed
Open-Close Data and as a result promote
research and studies of the options
industry to the benefit of all market
participants. The Exchange believes the
proposed Open-Close Data product may
also provide helpful trading information
regarding investor sentiment and may
be used to create and test trading
models and analytical strategies and
5 The Exchange initially filed the proposed fee
changes on business date August 30, 2019 (SR–C2–
2019–019). On business date October 29, 2019, the
Exchange withdrew that filing and submitted this
filing.
6 The Open-Close data file format specifications
can be found at https://datashop.cboe.com/Themes/
Livevol/Content/static/OpenCloseSpecification.pdf
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provides comprehensive insight into
trading on C2. It is a completely
voluntary product, in that the Exchange
is not required by any rule or regulation
to make this data available and that
potential subscribers may purchase it
only if they voluntarily choose to do so.
The Exchange notes that its affiliate,
Cboe Exchange, Inc. (‘‘Cboe Options’’),
as well as other exchanges, offer a
similar data product.7
The Exchange proposes to provide in
its Fee Schedule that TPHs and nonTPHs may purchase Open-Close Data on
a subscription basis (end of day file) or
by ad hoc request for a specified month
(historical file). The Exchange proposes
to assess a monthly fee of $500 for
subscribing to a daily update which will
consist of Open/Close data covering all
Exchange-listed securities. TPHs and
non-TPHs purchasing Open/Close data
on a subscription basis will receive
access to a daily data file. The Exchange
proposes to assess a fee of $400 per
request per month for an ad-hoc request
of historical Open/Close data covering
all Exchange-listed securities. An adhoc request can be for any number of
months beginning with January 2018 for
which the data is available.8 The
proposed subscription and ad-hoc fees
will apply both to TPHs or non-TPHs.
The Exchange notes that other
exchanges, including its affiliate
Exchange Cboe Exchange, Inc. (‘‘Cboe
Options’’) provide similar data products
that may be purchased on both a
subscription and ad-hoc basis and are
similarly priced.9
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,10 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,11 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and to protect investors and the
7 See Securities Exchange Act Release No. 55062
(January 8, 2007), 72 FR 2048 (January 17, 2007)
(approving SR–CBOE–2006–88); See also Securities
Exchange Act Release No. 56254 (August 15, 2007),
72 FR 47104 (August 22, 2007) (SR–ISE–2007–70).
8 For example, a TPH or non-TPH that requests
historical Open/Close Data for the months of
October 2018 and November 2018, would be
assessed a total of $800. The Exchange notes that
it may make historical data prior to January 2018
available in the future and that such historical data
would be available to all TPHs or non-TPHs.
9 See e.g., Cboe Options Fees Schedule, Livevol
Fees, Open-Close Data. See also Nasdaq ISE Options
7 Pricing Schedule, Section 10.A.
10 15 U.S.C. 78f.
11 15 U.S.C. 78f(b)(5).
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public interest, and that it is not
designed to permit unfair
discrimination among customers,
brokers, or dealers. The Exchange also
believes that its proposal to adopt fees
for Open-Close Data is consistent with
Section 6(b) of the Act in general, and
furthers the objectives of Section 6(b)(4)
of the Act 12 in particular, in that it is
an equitable allocation of dues, fees and
other charges among its members and
other recipients of Exchange data.
In adopting Regulation NMS, the
Commission granted self-regulatory
organizations (‘‘SROs’’) and brokerdealers increased authority and
flexibility to offer new and unique
market data to the public. It was
believed that this authority would
expand the amount of data available to
consumers, and also spur innovation
and competition for the provision of
market data. The Exchange believes that
the proposed Open-Close Data would
further broaden the availability of U.S.
option market data to investors
consistent with the principles of
Regulation NMS. The proposal also
promotes increased transparency
through the dissemination of OpenClose Data. The proposed rule change
would benefit investors by providing
access to the Open-Close Data, which as
noted above, may promote better
informed trading, as well as research
and studies of the options industry.
Particularly, information regarding
opening and closing activity across
different option series may indicate
investor sentiment, which can be
helpful research and/or trading
information. Subscribers to the data may
be able to enhance their ability to
analyze option trade and volume data,
and create and test trading models and
analytical strategies. The Exchange
believes Open-Close Data provides a
valuable tool that subscribers can use to
gain comprehensive insight into the
trading activity in a particular series,
but also emphasizes such data is not
necessary for trading. Moreover, the
Exchange’s affiliate Cboe Options, along
with other exchanges, also offer a
similar data product.13
The Exchange operates in a highly
competitive environment. Indeed, there
are currently 16 registered options
exchanges that trade options. The
Commission has repeatedly expressed
its preference for competition over
regulatory intervention in determining
12 15
U.S.C. 78f(b)(4).
Securities Exchange Act Release No. 55062
(January 8, 2007), 72 FR 2048 (January 17, 2007)
(approving SR–CBOE–2006–088); See also
Securities Exchange Act Release No. 56254 (August
15, 2007), 72 FR 47104 (August 22, 2007) (SR–ISE–
2007–70).
13 See
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prices, products, and services in the
securities markets. Particularly, in
Regulation NMS, the Commission
highlighted the importance of market
forces in determining prices and SRO
revenues and, also, recognized that
current regulation of the market system
‘‘has been remarkably successful in
promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 14
Making similar data products available
to market participants fosters
competition in the marketplace, and
constrains the ability of exchanges to
charge supracompetitive fees. In the
event that a market participant views
one exchange’s data product as more or
less attractive than the competition they
can and do switch between similar
products. The proposed fees are a result
of the competitive environment, as the
Exchange seeks to adopt fees to attract
purchasers of the proposed Open-Close
Data product.
The Exchange believes the proposed
fees are reasonable as the proposed fees
are both modest and similar to, or even
lower than, the fees assessed by other
exchanges that provide similar data
products.15 Indeed, proposing fees that
are excessively higher than established
fees for similar data products would
simply serve to reduce demand for the
Exchange’s data product, which as
noted, is entirely optional. Like the
Exchange’s proposed Open-Close Data
product, other exchanges offer similar
data products that each provide insight
into trading on those markets and may
likewise aid in assessing investor
sentiment. Although each of these
similar open-close data products
provide only proprietary trade data and
not trade data from other exchanges, it’s
possible investors are still able to gauge
overall investor sentiment across
different option series based on open
and closing interest on any one
exchange.16 Similarly, market
participants may be able to analyze
option trade and volume data, and
create and test trading models and
analytical strategies using only openclose data relating to trading activity on
one or more of the other markets that
provide similar data products. As such,
if a market participant views another
exchange’s open-close data as more
attractive than its proposed open-close
14 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005)
(‘‘Regulation NMS Adopting Release’’).
15 See e.g., Cboe Options Fees Schedule, Livevol
Fees, Open-Close Data. See also Nasdaq ISE Options
7 Pricing Schedule, Section 10.A.
16 The exchange notes that its open-close data
product does not include data on any exclusive,
singly-listed option series.
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data product, then such market
participant can merely choose not to
purchase the Exchange’s Open-Close
Data and instead purchase another
exchange’s open-close data product,
which offer similar data points, albeit
based on that other market’s trading
activity.
The Exchange also believes the
proposed fees are reasonable as they
would support the introduction of a
new market data product that is
designed to aid investors by providing
insight into trading on C2 Options. The
proposed Open-Close Data would
provide options market participants
with valuable information about
opening and closing transactions
executed on the Exchange, similar to
other historical trade data products
offered by competing options
exchanges. In turn, this data would
assist market participants in gauging
investor sentiment and trading activity,
resulting in potentially better informed
trading decisions. As noted above, users
may also use such data to create and test
trading models and analytical strategies.
Selling historical market data, such as
Open-Close Data, is also a means by
which exchanges compete to attract
business. To the extent that the
Exchange is successful in attracting
subscribers for the Open-Close Data, it
may earn trading revenues and further
enhance the value of its data products.
If the market deems the proposed fees
to be unfair or inequitable, firms can
diminish or discontinue their use of the
data and/or avail themselves of similar
products offered by other exchanges.17
The Exchange therefore believes that the
proposed fees for Open-Close Data
reflect the competitive environment and
would be properly assessed on TPH or
non-TPH users. The Exchange also
believes the proposed fees are equitable
and not unfairly discriminatory as the
fees would apply equally to all users
who choose to purchase such data. The
Exchange’s proposed fees would not
differentiate between subscribers that
purchase Open-Close Data, and are set
at a modest level that would allow any
interested TPH or non-TPH to purchase
such data based on their business needs.
As noted above, the Exchange
anticipates a wide variety of market
participants to purchase Open-Close
Data, including but not limited to
individual customers, buy-side
investors, investment banks and
academic institutions. For example, on
its affiliate exchange Cboe Options,
which also offers an Open-Close Data
17 See e.g., Cboe Options Fees Schedule, Livevol
Fees, Open-Close Data. See also Nasdaq ISE Options
7 Pricing Schedule, Section 10.A.
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product, approximately 38% of
purchases of historical ad hoc OpenClose Data files are individuals, 33% are
buy-side investors or investment banks
and 25% are academic institutions.
Accordingly, the Exchange anticipates
that open-close data may be used not
just for commercial or monetizing
purposes, but also for educational use
and research. The Exchange reiterates
that the decision as to whether or not to
purchase the Open-Close Data is
entirely optional for all potential
subscribers. Indeed, no market
participant is required to purchase the
Open-Close Data, and the Exchange is
not required to make the Open-Close
Data available to all investors. Rather,
the Exchange is voluntarily making
historical Open-Close Data available, as
requested by customers, and market
participants may choose to receive (and
pay for) this data based on their own
business needs. Potential purchasers
may request the data at any time if they
believe it to be valuable, or may decline
to purchase such data.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. Rather, the
Exchange believes that the proposal will
promote competition by permitting the
Exchange to introduce and sell a data
product similar to those offered by other
competitor options exchanges.18 The
Exchange is proposing to introduce
Open-Close Data in order to keep pace
with changes in the industry and
evolving customer needs, and believes
this proposed rule change would
contribute to robust competition among
national securities exchanges. As noted,
at least three other U.S. options
exchanges offer a market data product
that is substantially similar to the OpenClose Data. As a result, the Exchange
believes this proposed rule change
permits fair competition among national
securities exchanges.
Furthermore, the Exchange operates
in a highly competitive environment,
and its ability to price the proposed data
product is constrained by competition
among exchanges that offer similar data
products to their customers. As
discussed, there are currently a number
of similar products available to market
participants and investors. At least three
other U.S. options exchanges offer a
market data product that is substantially
similar to the Open-Close Data, which
the Exchange must consider in its
18 Id.
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pricing discipline in order to compete
for the market data.19 For example,
proposing fees that are excessively
higher than established fees for similar
data products would simply serve to
reduce demand for the Exchange’s data
product, which as discussed, market
participants are under no obligation to
utilize. In this competitive environment,
potential purchasers are free to choose
which, if any, similar product to
purchase to satisfy their need for market
information. As a result, the Exchange
believes this proposed rule change
permits fair competition among national
securities exchanges.
The Exchange also does not believe
the proposed fees would cause any
unnecessary or inappropriate burden on
intermarket competition as other
exchanges are free to introduce their
own comparable data product and lower
their prices to better compete with the
Exchange’s offering. The Exchange does
not believe the proposed rule change
would cause any unnecessary or
inappropriate burden on intramarket
competition. Particularly, the proposed
product and fees apply uniformly to any
purchaser, in that it does not
differentiate between subscribers that
purchase Open-Close Data. The
proposed fees are set at a modest level
that would allow any interested TPH or
non-TPH to purchase such data based
on their business needs.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A) of the Act 20 and Rule 19b–
4(f)(6) 21 thereunder. 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 See e.g., Cboe Options Fees Schedule, Livevol
Fees, Open-Close Data. See also Nasdaq ISE Options
7 Pricing Schedule, Section 10.A and Nasdaq PHLX
Options 7 Pricing Schedule, Section 10, PHLX
Options Trade Outline (‘‘PHOTO’’).
20 15 U.S.C. 78(b)(3)(A).
21 17 CFR 240.19b–4(f)(6).
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61131
19(b)(3)(A) of the Act 22 and Rule 19b–
4(f)(6) 23 thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 24 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),25 the
Commission may designate a shorter
time if such action is consistent with
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay to permit the Exchange
to provide Open-Close Data to its three
subscribers on an uninterrupted basis.26
According to the Exchange, other
exchanges offer a similar data product at
similar prices, and the proposed rule
change presents no new or novel issues.
The Commission believes that waving
the 30-day operative delay is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission designates the proposed
rule change to be operative upon
filing.27
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,
22 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
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.
24 17 CFR 240.19b–4(f)(6).
25 17 CFR 240.19b–4(f)(6).
26 As noted above, the Exchange previously filed
proposed fees for the Open-Close Data product on
August 30, 2019, as effective immediately. See
supra, note 5, and Securities Exchange Act Release
86928 (September 11, 2019), 84 FR 48968
(September 17, 2019) (noticing C2–2019–019). The
Commission received only one comment letter on
the proposed rule change from C2 withdrawing the
filing. See Letter from Corinne Klott, Assistant
General Counsel, C2, dated October 29, 2019. This
filing withdrew and replaced the earlier filing.
27 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
23 17
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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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
C2–2019–023 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–C2–2019–023. 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 (https://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–C2–2019–023 and should
be submitted on or before December 3,
2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.28
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–24497 Filed 11–8–19; 8:45 am]
BILLING CODE 8011–01–P
28 17
CFR 200.30–3(a)(12)
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SMALL BUSINESS ADMINISTRATION
[License No. 07/77–0197]
AAVIN Equity Partners I, L.P.;
Surrender of License of Small
Business Investment Company
The
foregoing determinations were made
pursuant to the authority vested in me
by the Act of October 19, 1965 (79 Stat.
985; 22 U.S.C. 2459), Executive Order
12047 of March 27, 1978, the Foreign
Affairs Reform and Restructuring Act of
1998 (112 Stat. 2681, et seq.; 22 U.S.C.
6501 note, et seq.), Delegation of
Authority No. 234 of October 1, 1999,
and Delegation of Authority No. 236–3
of August 28, 2000.
SUPPLEMENTARY INFORMATION:
Pursuant to the authority granted to
the United States Small Business
Administration under the Small
Business Investment Act of 1958, as
amended, under Section 309 of the Act
and Section 107.1900 of the Small
Business Administration Rules and
Regulations (13 CFR 107.1900) to
function as a small business investment
company under the Small Business
Investment Company License No. 07/
77–0107 issued to AAVIN Equity
Partners I, LP said license is hereby
declared null and void.
Marie Therese Porter Royce,
Assistant Secretary, Bureau of Educational
and Cultural Affairs, Department of State.
A. Joseph Shepard,
Associate Administrator for Office of
Investment and Innovation.
Federal Highway Administration
[FR Doc. 2019–24463 Filed 11–8–19; 8:45 am]
BILLING CODE P
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Life in the Pacific’’ Exhibition
Notice is hereby given of the
following determinations: I hereby
determine that certain objects to be
included in the exhibition ‘‘Fiji: Art &
Life in the Pacific,’’ imported from
abroad for temporary exhibition within
the United States, are of cultural
significance. The objects are imported
pursuant to loan agreements with the
foreign owners or custodians. I also
determine that the exhibition or display
of the exhibit objects at the Los Angeles
County Museum of Art, Los Angeles,
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2020; at the Peabody Essex Museum,
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FOR FURTHER INFORMATION CONTACT: Chi
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PO 00000
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Notice of Final Federal Agency Actions
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SUMMARY:
[FR Doc. 2019–24656 Filed 11–8–19; 8:45 am]
This notice announces actions
taken by the FHWA that are final. The
action relates to the creation of a
reversible north-south transit and high
occupancy vehicle lane connecting
Mercer Street and SR 520 along the I–
5 express lanes and other associated
design refinements associated with SR
520, I–5 to Medina construction in the
City of Seattle, King County, State of
Washington.
SUMMARY:
A claim seeking judicial review
of the Federal agency actions on the
listed highway project will be barred
unless the claim is filed on or before
April 10, 2020. If the Federal law that
authorizes judicial review of a claim
provides a time period of less than 150
days for filing such claim, then that
shorter time period still applies.
FOR FURTHER INFORMATION CONTACT:
Susan Wimberly, Field Operations
Team Leader, Federal Highway
Administration, 711 S. Capitol Way,
Suite 501, Olympia, WA 98501–1284,
360–753–9480, or Washington.FHWA@
dot.gov; or Margaret Kucharski,
Megaprograms Environmental Manager,
Washington State Department of
Transportation, 999 3rd Ave, Suite
2200, Seattle, WA 98104, 206–770–
3500, or Margaret.Kucharski@
wsdot.wa.gov.
DATES:
E:\FR\FM\12NON1.SGM
12NON1
]]>Agencies
[Federal Register Volume 84, Number 218 (Tuesday, November 12, 2019)]
[Notices]
[Pages 61129-61132]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-24497]
[[Page 61129]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87463; File No. SR-C2-2019-023]
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Introduce a New Data Product To Be Known as Open-Close Data and To
Adopt Fees for Such Product
November 5, 2019.
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 29, 2019, Cboe C2 Exchange, Inc. (the ``Exchange'' or
``C2'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe C2 Exchange, Inc. (the ``Exchange'' or ``C2'') is filing with
the Securities and Exchange Commission (``Commission'') a proposed rule
change to introduce a new data product to be known as Open-Close Data
and to adopt fees for such product. The text of the proposed rule
change is provided bin [sic] Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (https://markets.cboe.com/us/options/regulation/rule_filings/ctwo/), 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 introduce a new data product on C2 to be
known as Open-Close Data, which will be available for purchase to C2
Trading Permit Holders (``TPHS'') and non-TPHs and also adopt fees for
Open-Close Data. Cboe LiveVol, LLC (``LiveVol''), a wholly owned
subsidiary of the Exchange's parent company, Cboe Global Markets, Inc.,
will make the Open-Close Data available for purchase to TPHs and non-
TPHs on the LiveVol DataShop website (datashop.cboe.com).\5\
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\5\ The Exchange initially filed the proposed fee changes on
business date August 30, 2019 (SR-C2-2019-019). On business date
October 29, 2019, the Exchange withdrew that filing and submitted
this filing.
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More specifically, Open-Close Data is a volume summary file for
trading activity on C2 Options. The Exchange notes it is proprietary C2
trade data and does not include trade data from any other exchanges. It
is also a historical data product and not a real time data feed. The
Open-Close Data summarizes and buckets the volume by origin (customer,
professional customer, broker-dealer, and market maker), buying/
selling, and opening/closing criteria. The customer and professional
customer volume is further broken down into trade size buckets (less
than 100 contracts, 100-199 contracts, greater than 199 contracts). The
data currently goes back to January 2018 and contains all series in an
underlying security if it has volume.\6\ The Exchange anticipates a
wide variety of market participants to purchase Open-Close Data,
including, but not limited to, individual customers, buy-side
investors, investment banks and academic institutions. For example, the
Exchange notes that academic institutions may utilize the proposed
Open-Close Data and as a result promote research and studies of the
options industry to the benefit of all market participants. The
Exchange believes the proposed Open-Close Data product may also provide
helpful trading information regarding investor sentiment and may be
used to create and test trading models and analytical strategies and
provides comprehensive insight into trading on C2. It is a completely
voluntary product, in that the Exchange is not required by any rule or
regulation to make this data available and that potential subscribers
may purchase it only if they voluntarily choose to do so. The Exchange
notes that its affiliate, Cboe Exchange, Inc. (``Cboe Options''), as
well as other exchanges, offer a similar data product.\7\
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\6\ The Open-Close data file format specifications can be found
at https://datashop.cboe.com/Themes/Livevol/Content/static/OpenCloseSpecification.pdf
\7\ See Securities Exchange Act Release No. 55062 (January 8,
2007), 72 FR 2048 (January 17, 2007) (approving SR-CBOE-2006-88);
See also Securities Exchange Act Release No. 56254 (August 15,
2007), 72 FR 47104 (August 22, 2007) (SR-ISE-2007-70).
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The Exchange proposes to provide in its Fee Schedule that TPHs and
non-TPHs may purchase Open-Close Data on a subscription basis (end of
day file) or by ad hoc request for a specified month (historical file).
The Exchange proposes to assess a monthly fee of $500 for subscribing
to a daily update which will consist of Open/Close data covering all
Exchange-listed securities. TPHs and non-TPHs purchasing Open/Close
data on a subscription basis will receive access to a daily data file.
The Exchange proposes to assess a fee of $400 per request per month for
an ad-hoc request of historical Open/Close data covering all Exchange-
listed securities. An ad-hoc request can be for any number of months
beginning with January 2018 for which the data is available.\8\ The
proposed subscription and ad-hoc fees will apply both to TPHs or non-
TPHs. The Exchange notes that other exchanges, including its affiliate
Exchange Cboe Exchange, Inc. (``Cboe Options'') provide similar data
products that may be purchased on both a subscription and ad-hoc basis
and are similarly priced.\9\
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\8\ For example, a TPH or non-TPH that requests historical Open/
Close Data for the months of October 2018 and November 2018, would
be assessed a total of $800. The Exchange notes that it may make
historical data prior to January 2018 available in the future and
that such historical data would be available to all TPHs or non-
TPHs.
\9\ See e.g., Cboe Options Fees Schedule, Livevol Fees, Open-
Close Data. See also Nasdaq ISE Options 7 Pricing Schedule, Section
10.A.
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\10\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\11\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and to protect investors and the
[[Page 61130]]
public interest, and that it is not designed to permit unfair
discrimination among customers, brokers, or dealers. The Exchange also
believes that its proposal to adopt fees for Open-Close Data is
consistent with Section 6(b) of the Act in general, and furthers the
objectives of Section 6(b)(4) of the Act \12\ in particular, in that it
is an equitable allocation of dues, fees and other charges among its
members and other recipients of Exchange data.
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\10\ 15 U.S.C. 78f.
\11\ 15 U.S.C. 78f(b)(5).
\12\ 15 U.S.C. 78f(b)(4).
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to consumers, and also spur innovation and competition for the
provision of market data. The Exchange believes that the proposed Open-
Close Data would further broaden the availability of U.S. option market
data to investors consistent with the principles of Regulation NMS. The
proposal also promotes increased transparency through the dissemination
of Open-Close Data. The proposed rule change would benefit investors by
providing access to the Open-Close Data, which as noted above, may
promote better informed trading, as well as research and studies of the
options industry. Particularly, information regarding opening and
closing activity across different option series may indicate investor
sentiment, which can be helpful research and/or trading information.
Subscribers to the data may be able to enhance their ability to analyze
option trade and volume data, and create and test trading models and
analytical strategies. The Exchange believes Open-Close Data provides a
valuable tool that subscribers can use to gain comprehensive insight
into the trading activity in a particular series, but also emphasizes
such data is not necessary for trading. Moreover, the Exchange's
affiliate Cboe Options, along with other exchanges, also offer a
similar data product.\13\
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\13\ See Securities Exchange Act Release No. 55062 (January 8,
2007), 72 FR 2048 (January 17, 2007) (approving SR-CBOE-2006-088);
See also Securities Exchange Act Release No. 56254 (August 15,
2007), 72 FR 47104 (August 22, 2007) (SR-ISE-2007-70).
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The Exchange operates in a highly competitive environment. Indeed,
there are currently 16 registered options exchanges that trade options.
The Commission has repeatedly expressed its preference for competition
over regulatory intervention in determining prices, products, and
services in the securities markets. Particularly, in Regulation NMS,
the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \14\ Making similar data
products available to market participants fosters competition in the
marketplace, and constrains the ability of exchanges to charge
supracompetitive fees. In the event that a market participant views one
exchange's data product as more or less attractive than the competition
they can and do switch between similar products. The proposed fees are
a result of the competitive environment, as the Exchange seeks to adopt
fees to attract purchasers of the proposed Open-Close Data product.
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\14\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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The Exchange believes the proposed fees are reasonable as the
proposed fees are both modest and similar to, or even lower than, the
fees assessed by other exchanges that provide similar data
products.\15\ Indeed, proposing fees that are excessively higher than
established fees for similar data products would simply serve to reduce
demand for the Exchange's data product, which as noted, is entirely
optional. Like the Exchange's proposed Open-Close Data product, other
exchanges offer similar data products that each provide insight into
trading on those markets and may likewise aid in assessing investor
sentiment. Although each of these similar open-close data products
provide only proprietary trade data and not trade data from other
exchanges, it's possible investors are still able to gauge overall
investor sentiment across different option series based on open and
closing interest on any one exchange.\16\ Similarly, market
participants may be able to analyze option trade and volume data, and
create and test trading models and analytical strategies using only
open-close data relating to trading activity on one or more of the
other markets that provide similar data products. As such, if a market
participant views another exchange's open-close data as more attractive
than its proposed open-close data product, then such market participant
can merely choose not to purchase the Exchange's Open-Close Data and
instead purchase another exchange's open-close data product, which
offer similar data points, albeit based on that other market's trading
activity.
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\15\ See e.g., Cboe Options Fees Schedule, Livevol Fees, Open-
Close Data. See also Nasdaq ISE Options 7 Pricing Schedule, Section
10.A.
\16\ The exchange notes that its open-close data product does
not include data on any exclusive, singly-listed option series.
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The Exchange also believes the proposed fees are reasonable as they
would support the introduction of a new market data product that is
designed to aid investors by providing insight into trading on C2
Options. The proposed Open-Close Data would provide options market
participants with valuable information about opening and closing
transactions executed on the Exchange, similar to other historical
trade data products offered by competing options exchanges. In turn,
this data would assist market participants in gauging investor
sentiment and trading activity, resulting in potentially better
informed trading decisions. As noted above, users may also use such
data to create and test trading models and analytical strategies.
Selling historical market data, such as Open-Close Data, is also a
means by which exchanges compete to attract business. To the extent
that the Exchange is successful in attracting subscribers for the Open-
Close Data, it may earn trading revenues and further enhance the value
of its data products. If the market deems the proposed fees to be
unfair or inequitable, firms can diminish or discontinue their use of
the data and/or avail themselves of similar products offered by other
exchanges.\17\ The Exchange therefore believes that the proposed fees
for Open-Close Data reflect the competitive environment and would be
properly assessed on TPH or non-TPH users. The Exchange also believes
the proposed fees are equitable and not unfairly discriminatory as the
fees would apply equally to all users who choose to purchase such data.
The Exchange's proposed fees would not differentiate between
subscribers that purchase Open-Close Data, and are set at a modest
level that would allow any interested TPH or non-TPH to purchase such
data based on their business needs.
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\17\ See e.g., Cboe Options Fees Schedule, Livevol Fees, Open-
Close Data. See also Nasdaq ISE Options 7 Pricing Schedule, Section
10.A.
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As noted above, the Exchange anticipates a wide variety of market
participants to purchase Open-Close Data, including but not limited to
individual customers, buy-side investors, investment banks and academic
institutions. For example, on its affiliate exchange Cboe Options,
which also offers an Open-Close Data
[[Page 61131]]
product, approximately 38% of purchases of historical ad hoc Open-Close
Data files are individuals, 33% are buy-side investors or investment
banks and 25% are academic institutions. Accordingly, the Exchange
anticipates that open-close data may be used not just for commercial or
monetizing purposes, but also for educational use and research. The
Exchange reiterates that the decision as to whether or not to purchase
the Open-Close Data is entirely optional for all potential subscribers.
Indeed, no market participant is required to purchase the Open-Close
Data, and the Exchange is not required to make the Open-Close Data
available to all investors. Rather, the Exchange is voluntarily making
historical Open-Close Data available, as requested by customers, and
market participants may choose to receive (and pay for) this data based
on their own business needs. Potential purchasers may request the data
at any time if they believe it to be valuable, or may decline to
purchase such data.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Rather, the
Exchange believes that the proposal will promote competition by
permitting the Exchange to introduce and sell a data product similar to
those offered by other competitor options exchanges.\18\ The Exchange
is proposing to introduce Open-Close Data in order to keep pace with
changes in the industry and evolving customer needs, and believes this
proposed rule change would contribute to robust competition among
national securities exchanges. As noted, at least three other U.S.
options exchanges offer a market data product that is substantially
similar to the Open-Close Data. As a result, the Exchange believes this
proposed rule change permits fair competition among national securities
exchanges.
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\18\ Id.
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Furthermore, the Exchange operates in a highly competitive
environment, and its ability to price the proposed data product is
constrained by competition among exchanges that offer similar data
products to their customers. As discussed, there are currently a number
of similar products available to market participants and investors. At
least three other U.S. options exchanges offer a market data product
that is substantially similar to the Open-Close Data, which the
Exchange must consider in its pricing discipline in order to compete
for the market data.\19\ For example, proposing fees that are
excessively higher than established fees for similar data products
would simply serve to reduce demand for the Exchange's data product,
which as discussed, market participants are under no obligation to
utilize. In this competitive environment, potential purchasers are free
to choose which, if any, similar product to purchase to satisfy their
need for market information. As a result, the Exchange believes this
proposed rule change permits fair competition among national securities
exchanges.
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\19\ See e.g., Cboe Options Fees Schedule, Livevol Fees, Open-
Close Data. See also Nasdaq ISE Options 7 Pricing Schedule, Section
10.A and Nasdaq PHLX Options 7 Pricing Schedule, Section 10, PHLX
Options Trade Outline (``PHOTO'').
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The Exchange also does not believe the proposed fees would cause
any unnecessary or inappropriate burden on intermarket competition as
other exchanges are free to introduce their own comparable data product
and lower their prices to better compete with the Exchange's offering.
The Exchange does not believe the proposed rule change would cause any
unnecessary or inappropriate burden on intramarket competition.
Particularly, the proposed product and fees apply uniformly to any
purchaser, in that it does not differentiate between subscribers that
purchase Open-Close Data. The proposed fees are set at a modest level
that would allow any interested TPH or non-TPH to purchase such data
based on their business needs.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \20\ and Rule 19b-4(f)(6) \21\ thereunder.
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 \22\ and Rule 19b-4(f)(6) \23\
thereunder.
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\20\ 15 U.S.C. 78(b)(3)(A).
\21\ 17 CFR 240.19b-4(f)(6).
\22\ 15 U.S.C. 78s(b)(3)(A).
\23\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, 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.
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A proposed rule change filed under Rule 19b-4(f)(6) \24\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\25\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay to permit the
Exchange to provide Open-Close Data to its three subscribers on an
uninterrupted basis.\26\ According to the Exchange, other exchanges
offer a similar data product at similar prices, and the proposed rule
change presents no new or novel issues. The Commission believes that
waving the 30-day operative delay is consistent with the protection of
investors and the public interest. Accordingly, the Commission
designates the proposed rule change to be operative upon filing.\27\
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\24\ 17 CFR 240.19b-4(f)(6).
\25\ 17 CFR 240.19b-4(f)(6).
\26\ As noted above, the Exchange previously filed proposed fees
for the Open-Close Data product on August 30, 2019, as effective
immediately. See supra, note 5, and Securities Exchange Act Release
86928 (September 11, 2019), 84 FR 48968 (September 17, 2019)
(noticing C2-2019-019). The Commission received only one comment
letter on the proposed rule change from C2 withdrawing the filing.
See Letter from Corinne Klott, Assistant General Counsel, C2, dated
October 29, 2019. This filing withdrew and replaced the earlier
filing.
\27\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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,
[[Page 61132]]
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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-C2-2019-023 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-C2-2019-023. 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 (https://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-C2-2019-023 and should be submitted on
or before December 3, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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\28\ 17 CFR 200.30-3(a)(12)
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-24497 Filed 11-8-19; 8:45 am]
BILLING CODE 8011-01-P
