
[Federal Register Volume 81, Number 74 (Monday, April 18, 2016)]
[Notices]
[Pages 22670-22673]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-08815]



[[Page 22670]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77584; File No. SR-OPRA-2015-01]


Options Price Reporting Authority; Notice of Filing and Immediate 
Effectiveness of Proposed Amendment to the Plan for Reporting of 
Consolidated Options Last Sale Reports and Quotation Information To 
Amend Certain Provisions of the OPRA's Fee Schedule

April 12, 2016.
    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 22, 2015, 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\ Effective January 
1, 2016, the amendment revised the structure and the amount of OPRA's 
fees for ``Non-Display'' use of OPRA data. The Commission is publishing 
this notice to provide interested persons an opportunity to submit 
written comments on the OPRA Plan amendment.
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    \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 (Formerly Rule 11Aa3-2). 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 Plain is 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. The fourteen participants 
to the OPRA Plan are BATS Exchange, Inc., BOX Options Exchange, LLC, 
Chicago Board Options Exchange, Incorporated, C2 Options Exchange, 
Incorporated, EDGX Exchange, Inc., International Securities 
Exchange, LLC, ISE Gemini, LLC, ISE Mercury, LLC, Miami 
International Securities Exchange, LLC, NASDAQ OMX BX, Inc., NASDAQ 
OMX PHLX LLC, The NASDAQ Stock Market LLC, NYSE MKT LLC, and NYSE 
Arca, Inc.
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I. Description and Purpose of the Plan Amendment

    The purpose of the amendment is to amend the OPRA Fee Schedule to 
revise the structure and the amounts of OPRA fees for ``Non-Display'' 
use of OPRA Data. ``Non-Display'' use of OPRA data is use of the OPRA 
data for a purpose other than the display of the data to natural 
persons or in support of the display of the data or the internal or 
external redistribution of the data.
    OPRA first implemented ``Non-Display Application Fees'' in 2012.\4\ 
At that time, OPRA defined the term ``Non-Display Application'' 
essentially as an application used for purposes of generating orders 
and/or quotations on an automated basis including any application that 
is used for ``black box'' trading, automated trading, algorithmic 
trading and/or program trading.'' \5\ OPRA adopted those fees in 
response to two long-term trends in the use of OPRA market data. The 
first trend was the increasingly common use of OPRA market data for use 
in ``Non-Display Applications.'' The second trend was the decline, 
which has persisted over many years, in the number of devices and User 
IDs \6\ displaying OPRA data and subject to OPRA's Professional 
Subscriber Device-Based Fees. OPRA noted in its 2012 filing that, in 
2004, an average of 223,000 devices and User IDs were reported to OPRA 
in each month of the year, and that, in 2011, an average of 164,000 
devices and User IDs were reported to OPRA in each month of the 
year.\7\
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    \4\ See Securities Exchange Act Release No. 67648 (August 14, 
2012), 77 FR 49837 (August 17, 2012) (SR-OPRA-2012-04).
    \5\ The complete definition of the term ``Non-Display 
Application'' in File No. SR-OPRA-2012-04 is as follows: ``A `Non-
Display Application' is an application used by a Professional 
Subscriber that: (i) Is capable of accessing OPRA market data, (ii) 
does not display the data in a form for direct use by a human being 
and (iii) is used for purposes of generating orders and/or 
quotations on an automated basis for purposes other than complying 
with the Rules of one or more of the OPRA Participant Exchanges. The 
term includes any application that is used for ``black box'' 
trading, automated trading, algorithmic trading and/or program 
trading. The term does not include any application that is used only 
to generate two-sided continuous quotations, in fulfillment of the 
obligation to act in a market-making capacity pursuant to the Rules 
of one or more of the OPRA Participant Exchanges, of a Professional 
Subscriber that has been designated by such Exchange or Exchanges to 
act as a dealer/specialist for all purposes under the Securities 
Exchange Act of 1934 and the Rules and Regulations thereunder. The 
term also does not include an application that is used solely to 
perform surveillance, risk management or portfolio management 
functions in support of a firm's trading operations.''
    \6\ OPRA permits Professional Subscribers to count ``User IDs'' 
that are capable of receiving OPRA information as a surrogate for 
counting devices, and to pay fees based on the number of User IDs 
using the ``Professional Subscriber Device-Based Fees'' in OPRA's 
Fee Schedule. See OPRA's ``Policies with respect to Device-Based 
Fees,'' available on the OPRA Web site, www.opradata.com.
    \7\ See supra note 4, at n.9. The decline in the number of 
devices and User IDs displaying OPRA data and subject to OPRA's 
Professional Subscriber Device-Based Fees has continued: In 2014 an 
average of 148,400 devices and User IDs were reported to OPRA as 
receiving OPRA data in each month of the year, and OPRA projects 
that in 2015 an average of 136,600 devices and User IDs will be 
reported to OPRA as receiving OPRA data in each month of the year.
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    In 2014, the Consolidated Tape Association (``CTA'') Plan and 
Consolidated Quotation (``CQ'') Plan participants (collectively, the 
``CTA/CQ Plan Participants'') proposed to amend the CTA Plan and the CQ 
Plan (collectively the ``CTA/CQ Plans'') to implement fees for Non-
Display use of the market data disseminated pursuant to the CTA/CQ 
Plans.\8\ At the same time, the operating committee (the ``Nasdaq/UTP 
Plan Operating Committee'') of the Joint Self-Regulatory Organization 
Plan Governing the Collection, Consolidation, and Dissemination of 
Quotation and Transaction Information for Nasdaq-Listed Securities 
Traded on Exchanges on an Unlisted Trading Privilege Basis (the 
``Nasdaq/UTP Plan'') proposed to amend the Nasdaq/UTP Plan to implement 
fees for Non-Display use of the market data disseminated pursuant to 
the Nasdaq/UTP Plan.\9\
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    \8\ See Securities Exchange Act Release No. 73278 (October 1, 
2014), 79 FR 60536 (October 7, 2014) (SR-CTA/CQ-2014-03).
    \9\ See Securities Exchange Act Release No. 73279 (October 1, 
2014), 79 FR 60522 (October 7, 2014) (File No. S7-24-89).
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    The OPRA Plan amendment comprehensively revised the structure of 
OPRA's Non-Display fees so that OPRA's fee structure parallels the Non-
Display fee structures implemented by the CTA/CQ Plan Participants and 
the Nasdaq/UTP Plan Operating Committee. In addition, the OPRA Plan 
amendment revised the amounts of OPRA's Non-Display fees.

A. Description of the Concepts Underlying the CTA/CQ Plan and Nasdaq/
UTP Plan Non-Display Fees; Comparison to the Current OPRA Structure; 
Revised OPRA Structure

1. Definition of ``Non-Display Use''
    The CTA/CQ Plan Participants have defined the term ``Non-Display 
Use,'' with respect to the market data disseminated pursuant to the 
CTA/CQ Plans as referring to ``accessing, processing or consuming real-
time Network A or Network B quotation information or last sale price 
information, whether delivered via direct and/or redistributor data 
feeds, for a purpose other than in support of a data recipient's 
display or further internal or external redistribution.'' \10\ The 
Nasdaq/UTP Plan Operating Committee has implemented a parallel 
definition of the term: ``Non-Display use refers to accessing, 
processing or consuming data, whether received via direct and/or 
redistributor Data Feeds, for a purpose other than solely facilitating 
the delivery of the data to

[[Page 22671]]

the Data Feed Recipient's display or for the purpose of further 
internally or externally redistributing the data.'' \11\
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    \10\ See supra note 8, at 60538.
    \11\ See supra note 9, at 60525.
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    These definitions are broader than OPRA's prior definition of the 
term ``Non-Display Application'' which, as noted above, encompassed 
only ``applications . . . used for purposes of generating orders and/or 
quotations on an automated basis. . . .'' For example, the CTA/CQ Plan 
and Nasdaq/UTP definitions specifically include within their 
definitions of the term ``Non-Display Use'' use of their respective 
datasets for price referencing for smart order routing, operations 
control programs, investment analysis, order verification, surveillance 
programs, risk management, compliance and portfolio valuation 
purposes.\12\
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    \12\ See supra note 8, at 60538 (CTA/CQ Plan); and see supra 
note 9, at 60526 (Nasdaq/UTP Plan).
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    The OPRA Plan amendment replaced the definition of ``Non-Display 
Application'' with a definition of the term ``Non-Display Use'' that 
parallels the definitions implemented by the CTA/CQ Plan Participants 
and the Nasdaq/UTP Plan Operating Committee. Specifically, the OPRA 
Plan amendment defined the term ``Non-Display Use'' as follows:

    Non-Display Use refers to the accessing, processing or consuming 
by an OPRA data feed recipient (either an OPRA vendor or an OPRA 
professional subscriber) of OPRA market data received on a current 
basis, whether delivered via data feed directly from OPRA's 
processor and/or indirect data feed from an OPRA vendor, for a 
purpose other than in support of the data feed recipient's display 
or further internal or external redistribution. Non-Display Use 
includes, without limitation, trading (such as in a ``black box'' or 
a trading engine that performs automated trading, algorithmic 
trading or program trading, or generates arbitrage or program 
trading orders); automated order or quote generation and/or order 
pegging; price referencing for algorithmic trading; operations 
control programs; investment analysis; order verification; 
surveillance programs; risk management; compliance; and portfolio 
valuation.

2. Three Categories of Non-Display Use and Fee Basis for Non-Display 
Use in Each Category
    The CTA/CQ Plan Participants and the Nasdaq/UTP Plan Operating 
Committee have each established three ``categories'' of Non-Display 
Use. Using the nomenclature established by the CTA/CQ Plan 
Participants, the three categories are as follows:

    Category 1 applies when a data recipient makes non-display uses 
of real time market data on its own behalf.
    Category 2 applies when a data recipient makes non-display uses 
of real time market data on behalf of its clients.
    Category 3 applies when a data recipient makes non-display uses 
of real time market data for the purpose of internally matching buy 
and sell orders within the data feed recipient. Category 3 includes 
matching buy and sell orders on a data recipient's own behalf and/or 
on behalf of its clients. Category 3 includes, but is not restricted 
to, use in trading platform(s), such as exchanges, alternative 
trading systems (``ATSs''), broker crossing networks, broker 
crossing systems not filed as ATSs, dark pools, multilateral trading 
facilities, and systematic internalization systems.\13\
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    \13\ See supra note 8, at 60538 (CTA/CQ Plan). The Nasdaq/UTP 
Plan Operating Committee has established the same three categories, 
identical in substance, but using a somewhat different vocabulary: 
the Nasdaq/UTP Plan refers to its fee for its counterpart to CTA/CQ 
Category 1 as the ``Non-Display fee for Internal Use''; for its 
counterpart to CTA/CQ Category 2 as the ``Non-Display Fee for 
External Use''; and for its counterpart to CTA/CQ Category 3 as the 
``Non-Display Fee for Electronic Trading Systems.'' See supra note 
9, at 60525. To the extent that the nomenclatures used by the CTA/CQ 
Plan Participants and the Nasdaq/UTP Plan Operating Committee are 
different, OPRA's amendment tracks the CTA/CQ nomenclature.

    The OPRA Plan amendment adopted the three categories of Non-Display 
Use that have been implemented by the CTA/CQ Plans and the Nasdaq/UTP 
Plan.
    For the first two of these categories of Non-Display Use 
(``Category 1'' and ``Category 2'' in the CTA/CQ nomenclature), the 
CTA/CQ Plan Participants and the Nasdaq/UTP Plan Operating Committee 
have established fees on an ``Enterprise'' basis, so that a recipient 
of the market data pays only one ``Category 1'' fee if it makes any 
Non-Display Use of the market data in Category 1, and only one 
``Category 2'' fee if it makes any Non-Display Use of the market data 
in Category 2.\14\ The OPRA Plan amendment adopted fees for Category 1 
Non-Display Use and Category 2 Non-Display Use that are also on an 
``Enterprise'' basis.\15\
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    \14\ See supra note 8, at 60538 (CTA/CQ Plans); see supra note 
9, at 60525-26 (Nasdaq/UTP Plan).
    \15\ OPRA included a footnote in its revised Fee Schedule to 
state that the wholly-owned subsidiaries of a data feed recipient 
are within the definition of the term ``Enterprise'' as applied to 
the data feed recipient. This is consistent with the way in which 
OPRA addresses questions relating to affiliate relationships 
generally, as is stated in Section 1 (``Contracting on behalf of 
Affiliates'') of OPRA's ``Policies with respect to Device-Based 
Fees'', available on OPRA's Web site, www.opradata.com.
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    For the third of these categories of Non-Display Use (``Category 
3'' in the CTA/CQ nomenclature), the CTA/CQ Plan Participants and the 
Nasdaq/UTP Plan Operating Committee have established fees on a ``per 
platform'' basis. That is, a recipient of the market data is required 
to pay a fee for Category 3 Non-Display Use on each ``platform'' that 
is used for internally matching buy and sell orders.\16\ The OPRA Plan 
amendment adopted fees for Category 3 Non-Display Use that are also on 
a ``per platform'' basis. Tracking the CTA/CQ Plan and Nasdaq/UTP Plan 
definitions, the OPRA Plan amendment defined the term ``Platform'' as 
follows: ``A ``Platform'' is a platform for internally matching buy and 
sell orders. Matching buy and sell orders includes matching customer 
orders on a data recipient's own behalf and/or on behalf of its 
clients. The term `Platform' includes, but is not restricted to, 
exchanges, alternative trading systems (ATSs), broker crossing 
networks, broker crossing systems not filed as ATSs, dark pools, 
multilateral trading facilities, and systematic internalization 
systems.''
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    \16\ See supra note 8, at 60538 (CTA/CQ Plans); see supra note 
9, at 60525 (Nasdaq/UTP Plan).
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    As is the case with respect to the CTA/CQ Non-Display Use fees and 
the Nasdaq/UTP Non-Display Use fees, an OPRA data recipient may use 
OPRA data for one, two or all three categories and therefore be subject 
to non-display fees for one, two or all three categories. For example, 
if a broker-dealer uses OPRA data to run compliance programs for the 
firm (Category 1), to conduct investment analysis on behalf of its 
customers (Category 2), and to operate an ATS that matches buy and sell 
orders (Category 3), then the firm would be required to pay OPRA non-
display use fees in respect of all three categories.

B. Non-Display Use Reporting Requirements

    In order to minimize the administrative burden associated with 
their Non-Display Use fees, the CTA/CQ Plan Participants and the 
Nasdaq/UTP Plan Operating Committee do not impose monthly reporting 
requirements in respect of their Non-Display Use fees, and instead 
require each recipient of a real-time data feed to make an initial 
declaration with respect to its Non-Display Use of their respective 
datasets, a declaration with respect to any changes in its Non-Display 
Use of their respective datasets, and an annual declaration of its non-
display use.\17\ OPRA included a note in its Fee Schedule to state that 
it will require reporting on the same basis. OPRA will audit data feed 
recipients' Non-Display Use of market data in accordance with the terms 
of its applicable agreements and ordinary auditing practices, and

[[Page 22672]]

will charge Non-Display Use fees in instances in which it determines 
that Non-Display Use has not been accurately declared.
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    \17\ See supra note 8, at 60539 (CTA/CQ Plans); see supra note 
9, at 60526 (Nasdaq/UTP Plan).
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C. Fees for Non-Display Use

    The OPRA Plan amendment adopted fees for Non-Display Use as 
follows: A monthly fee of $2,000/Enterprise for Category 1 Non-Display 
Use; a monthly fee of $2,000/Enterprise for Category 2 Non-Display Use; 
and a monthly fee of $2,000/Platform for Category 3 Non-Display Use.
    By way of comparison: The CTA/CQ Plan Participants have established 
separate monthly Non-Display Fees for Network A of $2,000 for last sale 
prices plus $2,000 for quotation information in each of the three 
categories of use, and Non-Display Fees for Network B of $1,000 for 
last sale prices plus $1,000 for quotation information in each of the 
three categories of use; \18\ and the Nasdaq/UTP Plan Operating 
Committee has established a monthly fee for the data disseminated 
pursuant to the Nasdaq/UTP Plan of $3,500 for each of the three 
categories of use.\19\
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    \18\ See supra note 8, at 60538.
    \19\ See supra note 9, at 60526.
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    Prior to the OPRA Plan amendment, 59 OPRA data feed recipients were 
paying OPRA's ``Non-Display Application Fee,'' which, as described 
above, was applicable only to any ``application used for purposes of 
generating orders and/or quotations on an automated basis.'' \20\ 
Because the definition of ``Non-Display Use'' is broader than OPRA's 
prior definition of the term ``Non-Display Application,'' OPRA expects 
the number of data feed recipients that will be subject to Category 1 
Non-Display fees to be greater than the number of data feed recipients 
paying the prior Non-Display Application Fee; OPRA's best estimate is 
that approximately double the number of data feed recipients currently 
paying OPRA's Non-Display Application Fee--approximately 120 data feed 
recipients--will be subject to Category 1 Non-Display fees. Further, 
OPRA's best estimate is that approximately half of those data feed 
recipients--approximately 60 data feed recipients--will also be subject 
to ``Category 2'' Non-Display fees. If these estimates are accurate, 
then the new fee structure would generate approximately $4,300,000 in 
annualized revenue to OPRA, representing an increase of approximately 
$3,200,000 over the annualized revenues that OPRA previously received 
from the Non-Display Application Fee.\21\
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    \20\ Of the 59 OPRA data feed recipients, seven were paying the 
$7500/month ``Enterprise'' rate. The new fees represent a fee 
reduction for these data feed recipients, and for a few OPRA data 
feed recipients that are reporting five or more Non-Display 
Applications. For the remaining data feed recipients, the new fees 
represent a fee increase.
    \21\ OPRA is not estimating any ``net'' revenue derived from 
``Category 3'' Non-Display Fees (for non-display use in connection 
with providing a two-sided trading platform). The OPRA Participant 
Exchanges are subject to Category 3 Non-Display Fees, but this 
revenue does not represent net revenue available to OPRA and its 
Participant Exchanges for collecting, consolidating, processing and 
disseminating OPRA data. Other than the OPRA Participant Exchanges, 
OPRA is aware of only one other two-sided trading platform that may 
be subject to ``Category 3'' fees. That platform would generate 
$24,000 in annualized Category 3 Non-Display Fees, a number that 
does not meaningfully change OPRA's estimates of total revenue and 
increased revenue resulting from the proposed Non-Display fee 
structure.
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    If OPRA's estimate of its annualized revenue from its revised Non-
Display fees is accurate, the additional annualized revenue will 
represent approximately a 4.7% increase in OPRA's total revenues for 
the year 2014. In terms of a perspective over a longer term, the 
additional annualized revenue will also represent approximately a 4.7% 
increase in OPRA's total revenues for the year 2008, approximately a 
0.6% increase per year for each year since 2008.
    Looking at the additional annualized revenue in another way, the 
estimated increase in revenue will represent less than two years of 
revenue lost by OPRA due to decreases in the number of Devices/User IDs 
that are subject to OPRA's Professional Subscriber Device-Based 
Fees.\22\ When OPRA implemented its ``Non-Display Application'' fee in 
2012, it stated that it believed that the use of Non-Display 
Applications by active trading firms was resulting, and would continue 
to result, in a significant reduction in the number of devices and user 
IDs that are reported to it,\23\ and OPRA anticipated that the Non-
Display Application fees would substantially offset the reduction in 
revenue from Professional Subscriber Device-Based Fees. OPRA believes 
that it has indeed been the case that Non-Display Use of OPRA data by 
active trading firms is a major reason for the reductions in the number 
of devices and user IDs that are reported to OPRA, and OPRA anticipates 
that the trend of reductions in the number of Devices/UserIDs will 
continue as it has for the past eight years. It has not been the case 
that the Non-Display Application fees have substantially offset the 
reduction in revenue resulting from the continuing reductions in the 
number of devices and user IDs that are reported to OPRA. OPRA 
anticipates that the ``Non-Display Use'' fees will offset future 
decreases in its revenues from Professional Subscriber Device-Based 
Fees to a greater extent than have OPRA's Non-Display Application fees.
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    \22\ The average number of Devices/User IDs in 2013 was 151,400. 
As noted above (see footnote 7), OPRA projects an average of 136,600 
devices/User IDs in 2015, representing a decrease of 14,800 Devices/
User IDs and a decrease in OPRA's 2015 revenues (at a monthly rate 
of $28.50 per device/User ID) of approximately $5,000,000.
    \23\ See supra note 8, at 60538.
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    The text of the amendment to the OPRA Plan is available at OPRA, 
the Commission's Public Reference Room, on OPRA's Web site at http://opradata.com, and on the Commission's Web site at www.sec.gov.

II. 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 
participants in connection with access to or use of OPRA facilities. 
OPRA put the revised Non-Display Application Fees into effect as of 
January 1, 2016.

III. 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.\24\ Comments may be submitted by 
any of the following methods:
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    \24\ Pursuant to Rule 608(b)(3)(iii) of Regulation NMS, the 
Commission may summarily abrogate an immediately effective NMS Plan 
amendment within sixty days of its filing and require refiling and 
approval of the amendment 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 Securities Exchange Act of 1934. See 17 CFR 
242.608(b)(3)(iii). The abrogation period for the OPRA Plan 
amendment has expired. Interested persons may nevertheless submit 
written comments on the OPRA Plan amendment.
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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-2015-01 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.


[[Page 22673]]


All submissions should refer to File Number SR-OPRA-2015-01. 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 office of OPRA. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-OPRA-2015-01 and should be 
submitted on or before May 9, 2016.

    By the Commission.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-08815 Filed 4-15-16; 8:45 am]
 BILLING CODE 8011-01-P


