[Federal Register Volume 86, Number 65 (Wednesday, April 7, 2021)]
[Notices]
[Pages 18105-18109]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-07120]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91459; File No. SR-Phlx-2021-17]


Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Enhance the End 
of Day Summary Message on Nasdaq Last Sale Plus

April 1, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on March 19, 2021, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I and II below, which Items 
have been prepared by the Exchange. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to enhance the End of Day (``EOD'') summary 
message on Nasdaq Last Sale (``NLS'') Plus by replacing the current 
high, low and closing price of a security based on its trading on Phlx, 
The Nasdaq Stock Market, LLC (``Nasdaq''), and Nasdaq BX, Inc. (``BX'' 
or ``Nasdaq BX'') with the high, low and closing price of a security 
published by the securities information processors (``SIPs''), and 
adding the opening price of a security as published by the SIPs to that 
message. This is a companion filing that will modify the definition of 
NLS Plus contained in the Nasdaq Phlx Rulebook to conform to the 
definitions provided in the Nasdaq and Nasdaq BX rulebooks.
    The text of the proposed rule change is available on the Exchange's 
website at https://listingcenter.nasdaq.com/rulebook/phlx/rules, 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 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 enhance the EOD summary message on NLS 
Plus by replacing the current high, low and closing price of a security 
based on its trading on the Phlx, Nasdaq, and Nasdaq BX exchanges with 
the consolidated high, low and closing price as published by the SIPs, 
and adding the opening price of a security published by the SIPs to 
that message.\3\ The proposed changes to NLS Plus were filed by Nasdaq 
on February 17, 2021, and published in the Federal Register on March 8, 
2021.\4\ Nasdaq BX will be submitting a similar filing concurrently 
with this filing. The purpose of this filing is to modify the 
definition of NLS Plus in the Nasdaq Phlx Rulebook to conform to the 
definitions provided in the Nasdaq and Nasdaq BX rulebooks.
---------------------------------------------------------------------------

    \3\ The securities information processors issue consolidated 
trade information pursuant to the UTP Plan and the CTA/CQ Plan.
    \4\ See Securities Exchange Act Release No. 91241 (March 2, 
2021), 86 FR 13427 (March 8, 2021) (SR-Nasdaq-2021-010).
---------------------------------------------------------------------------

    Nasdaq's proposal to enhance the EOD summary message on NLS Plus 
was in response to requests by firms using NLS Plus for a broader 
benchmark against which to compare trades on the Nasdaq exchanges. 
Specifically, approximately 30 firms have requested that Nasdaq 
distribute benchmark prices on NLS Plus to provide retail investors and 
the general investing public with a static benchmark against which to 
compare the price movements shown on NLS Plus using standard high, low,

[[Page 18106]]

opening and closing prices for U.S. markets as a whole. In response to 
that feedback, and also partly in response to recent changes by 
competitor exchanges to their end of day messages,\5\ the Exchange 
proposes to enhance its EOD message for NLS Plus--which currently 
provides the high, low and closing price of a security based on its 
trading on Nasdaq affiliates--with a new EOD message that provides the 
high, low and closing price published by the SIPs, and add a new field 
with the opening price of a security as published by the SIPs.\6\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 89083 (June 17, 
2020), 85 FR 37706 (June 23, 2020) (SR-CboeEDGX-2020-029) (amending 
the content of the Cboe One Feed to identify the primary listing 
market's official opening and closing price); NYSE Best Quote and 
Trades Client Specification (March 30, 2020) (updated on January 31, 
2020, to publish the listing market official opening and closing 
price in the Consolidated Stock Summary Messages) available at 
https://www.nyse.com/publicdocs/nyse/data/NYSE_BQT_Client_Specification_v2.3a.pdf.
    \6\ The Proposal also clarifies the description of the 
information provided in NLS Plus. It removes an unnecessary sentence 
at the end of the description of NLS Plus stating that volume 
information reflects trading activity in Tape A and B Securities, 
and replaces it with an earlier reference to Tape A and B securities 
that provides the same information. It also separates the 
description of the end of day trade summary into two sentences for 
greater clarity: the first sentence lists the data provided by the 
Nasdaq equity exchanges, and the second sentence identifies the 
consolidated information obtained from Tapes A, B and C. The phrases 
``as well as consolidated volume of,'' and ``Cumulative Consolidated 
Market Volume'' are deleted to remove repetitive language that might 
cause confusion. This filing also replaces an outdated reference to 
Nasdaq Rule 7032 in Section 3, Nasdaq PSX Fees, PSX Last Sale and 
Nasdaq Last Sale Plus Data Feeds (b)(4) with the correct citation to 
Equity 7, Section 132 of the Nasdaq Rulebook. See Securities 
Exchange Act Release No. 84684 (November 29, 2018), 83 FR 62936 
(December 6, 2018) (SR-NASDAQ-2018-098).
---------------------------------------------------------------------------

    The Exchange proposes that this change become operative on May 17, 
2021, to allow time to conduct customer testing in advance of the date 
of launch.
Nasdaq Last Sale Plus
    NLS Plus is a comprehensive data feed that offers retail investors, 
the general investing public, and other customers access to the last 
sale products offered by Phlx,\7\ Nasdaq, and Nasdaq BX, and the 
consolidated volume information published on the SIPs for Tapes A, B, 
and C, in a convenient format that includes both real-time and end of 
day information.\8\ It is, in essence, a market data vendor product 
that consolidates information from multiple Nasdaq exchanges and the 
SIPs. This product directly competes against similar products offered 
by other exchanges, and faces potential competition from data vendors, 
which can obtain and distribute SIP data on the same terms as 
Nasdaq.\9\
---------------------------------------------------------------------------

    \7\ PSX Last Sale is comprised of two proprietary data feeds 
containing real-time last sale information for trades executed on 
the Exchange. ``PSX Last Sale for Nasdaq'' contains all such 
transaction reports for Nasdaq-listed stocks, and ``PSX Last Sale 
for NYSE/NYSE Amex'' contains all such transaction reports for NYSE-
listed stocks and stocks listed on NYSE American and other Tape B 
listing venues. See Equity 7, Section 3, PSX Last Sale and Nasdaq 
Last Sale Plus Data feeds (a).
    \8\ The full list of NLS Plus components is as follows: Trade 
Price, Trade Size, Sale Condition Modifiers, Cumulative Consolidated 
Market Volume for Tape A, B, and C securities, End of Day Trade 
Summary, Adjusted Closing Price, IPO Information, Bloomberg ID, and 
pertinent regulatory Information (such as Market Wide Circuit 
Breaker, Reg SHO Short Sale Price Test Restricted Indicator, Trading 
Action, and Symbol Directory). See Equity 7, Section 3, PSX Last 
Sale and Nasdaq Last Sale Plus Data feeds (b).
    \9\ See Securities Exchange Act Release No. 75890 (September 10, 
2015), 80 FR 55692 (September 16, 2015) (SR-Phlx-2015-76) 
(explaining that, in distributing NLS Plus, Nasdaq performs 
``precisely the same functions as Bloomberg, Thomson Reuters, and 
dozens of other market data vendors; and the contents of the NLS 
Plus data stream are similar in nature to what is distributed by 
other exchanges.'').
---------------------------------------------------------------------------

    At the close of each trading day, Nasdaq disseminates an EOD 
summary message on NLS Plus that includes the following information for 
all active Nasdaq- and non-Nasdaq-listed securities:
     Nasdaq Price High: The highest price reported for a last 
sale transaction on any Nasdaq venue for the issue symbol during the 
current trading day.
     Nasdaq Price Low: The lowest price reported for a last 
sale transaction on any Nasdaq venue for the issue symbol during the 
current trading day.
     Nasdaq Price Closing: For Nasdaq-listed securities, this 
is the Nasdaq Official Closing Price value, if available. For non-
Nasdaq-listed securities, it is the final last sale eligible 
transaction reported by any Nasdaq venue for the issue during normal 
market hours.
     Consolidated Volume: Reflects the total volume for the 
issue reported at the consolidated market level.\10\
---------------------------------------------------------------------------

    \10\ See NLS Plus Version 3.0 Technical Specifications, Section 
5.8.5 (End of Day Trading Summary) at 29, available at http://www.nasdaqtrader.com/content/technicalsupport/specifications/dataproducts/NLSPlusSpecification3.0.pdf.
---------------------------------------------------------------------------

Proposal
    The Exchange proposes to enhance the current EOD summary message by 
providing the open, high, low, close and volume of a security based on 
the consolidated data provided by the UTP and CTA/CQ plans for Tape A, 
B \11\ and C \12\ securities. This will require replacing the current 
high, low, and close on the Nasdaq exchanges with the following three 
fields:
---------------------------------------------------------------------------

    \11\ Tape A and Tape B securities are disseminated pursuant to 
the Security Industry Automation Corporation's (SIAC's) Consolidated 
Tape Association Plan/Consolidated Quotation System (``CTA/CQS'' or 
``CTA'').
    \12\ Tape C securities are disseminated pursuant to the NASDAQ 
Unlisted Trading Privileges (``UTP'') Plan.
---------------------------------------------------------------------------

     Consolidated Price High: The highest price of any high/low 
eligible transaction on Tapes A, B or C received on the trading day.
     Consolidated Price Low: The lowest price of any high/low 
eligible transaction on Tapes A, B or C received on the trading day.
     Consolidated Price Close: The final last sale eligible 
transaction on Tapes A, B or C received on the trading day.\13\
---------------------------------------------------------------------------

    \13\ If there are no trades or no qualifying trades for a 
specific issue, all relevant fields for the EOD summary message will 
be left blank.
---------------------------------------------------------------------------

    It will also require adding the following new field to the EOD 
summary message:
     Consolidated Price Open: The first last sale eligible 
transaction received on the trading day for Tapes A, B or C.
    The Consolidated Volume field will not change.
    The above data will be available to users of the NLS Plus feed on a 
delayed basis, 15 minutes after the real-time dissemination of the 
above data points on the UTP and CTA/CQ data feeds for that day. The 
Exchange is not proposing any change to NLS Plus fees as a result of 
this modification.
Discussion
    The NLS Plus data feed, designed for distribution to the investing 
public,\14\ is purchased by broker-dealers for dissemination to retail 
investors in the context of the brokerage relationship and financial 
media websites for the general investing public, among others. 
Approximately 30 firms that purchase or may purchase NLS Plus have 
requested that Nasdaq modify the EOD summary information to help 
investors place trades on the Nasdaq exchanges in the context of U.S. 
markets as a whole, rather than just the Nasdaq exchanges. 
Specifically, these firms requested that Nasdaq use benchmark prices 
for the high, low, opening and closing price of a security as published 
by the securities information processors to help investors understand 
price movements on the Nasdaq exchanges.
---------------------------------------------------------------------------

    \14\ See Securities Exchange Act Release No. 75890 (September 
10, 2015), 80 FR 55692 (September 16, 2015) (SR-Phlx-2015-76) 
(explaining that Nasdaq, in distributing NLS Plus, ``combines 
publicly available data from the three filed last sale products of 
the [Nasdaq] equity markets and from the network processors for the 
ease and convenience of market data users and vendors, and 
ultimately the investing public.'').
---------------------------------------------------------------------------

    This suggestion by Nasdaq's customers is comparable to changes in 
the end of day messages undertaken recently by two of Nasdaq's chief 
competitors, Cboe and NYSE, in their top-of-book data feeds. In 2020, 
both

[[Page 18107]]

amended their end of day messages to identify the primary listing 
market's official opening and closing price after a 15-minute delay, 
which, similar to the proposal by Nasdaq's customers, establish an 
external benchmark against which to evaluate exchange data.\15\
---------------------------------------------------------------------------

    \15\ See Securities Exchange Act Release No. 89083 (June 17, 
2020), 85 FR 37706 (June 23, 2020) (SR-CboeEDGX-2020-029) (amending 
the content of the Cboe One Feed to identify the primary listing 
market's official opening and closing price after a 15 minute delay, 
effective July 10, 2020); NYSE Best Quote and Trades Client 
Specification, Version 2.3a (March 30, 2020) available at https://www.nyse.com/publicdocs/nyse/data/NYSE_BQT_Client_Specification_v2.3a.pdf (updated on January 31, 
2020, to publish the listing market official opening and closing 
price in the Consolidated Stock Summary Messages).
---------------------------------------------------------------------------

    In light of customer requests and changing industry standards, the 
Exchange has determined that the requested change to the EOD summary 
message is in the best interest of our customers. The end of day data 
published by the securities information processors provides useful 
information on the state of the U.S. market as a whole, and including 
it on the NLS Plus feed will enhance investor understanding of the 
proprietary data distributed by the Exchange.\16\ The proposal will 
also provide consumers with greater choice by offering an alternative 
to other EOD summaries offered in the market. The Exchange therefore 
proposes to modify its EOD summary message to provide the Open, High, 
Low, Close and Volume of a security based on the consolidated data 
provided by the SIPs. This EOD message will be based on data obtained 
from the securities information processors, and will be distributed by 
Nasdaq as a vendor of SIP data, and will be subject to competition from 
all distributors of SIP data.
---------------------------------------------------------------------------

    \16\ Any customer that requires access to the high, low, and 
closing price of a security on the Nasdaq equity exchanges alone, 
and not the U.S. markets as a whole, would continue to have access 
to that information on the real-time NLS Plus data feed.
---------------------------------------------------------------------------

    The proposed change to the EOD summary message is not targeted at, 
or expected to be limited in its applicability to, any particular 
segment of market participants, and no segment of retail investors, the 
general investing public, or any other market participant is expected 
to benefit more than any other.\17\
---------------------------------------------------------------------------

    \17\ Although this is not a fee filing, the Exchange is 
addressing this question to provide as complete as possible an 
evaluation of the proposed change. See Division of Trading and 
Markets, U.S. Securities and Exchange Commission, ``Staff Guidance 
on SRO Filings Related to Fees'' (May 21, 2019) (``Staff 
Guidance''), available at https://www.sec.gov/tm/staff-guidance-sro-rule-filings-fees (indicating that the discussion of purpose should 
indicate ``whether the relevant product or service, including the 
corresponding proposed fee or fee change, is targeted at--or 
expected to be limited in its applicability to--a specific 
segment(s) of market participants (and if so, the related 
details))''.
---------------------------------------------------------------------------

    The Exchange expects that the new EOD message will be attractive to 
potential customers, and, based on conversations with potential 
customers and our overall familiarity with the market, the Exchange 
expects between approximately 10 and 20 additional customers for NLS 
Plus as a result of the proposed change.\18\
---------------------------------------------------------------------------

    \18\ See id. (requesting that the discussion of purpose address 
``the projected number of purchasers (including members, as well as 
non-members) of any new or modified product or service and the 
expected number of purchasers likely to be subject to a new fee or 
pricing tier, including members and non-members . . .'').
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\19\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\20\ in particular, in that it is designed 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, in general to protect investors and the public 
interest, and is not designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In 2015, the Commission found the creation of the NLS Plus data 
feed to be ``consistent with section 6(b)(5) of the Act, which requires 
that the rules of an exchange be designed to promote just and equitable 
principles of trade, remove impediments to and perfect the mechanisms 
of a free and open market and a national market system and, in general, 
to protect investors and the public interest. . . .'' \21\ The NLS Plus 
Approval Order noted that NLS Plus disseminated an End of Day Trade 
Summary among other messages,\22\ and consolidated volume information 
obtained from the UTP and CTA Plans.\23\ As NLS Plus and the current 
end of day messages and volume information have already been shown to 
be consistent with Section 6(b) of the Act, this analysis therefore 
focuses on the consistency of the proposal to enhance the EOD summary 
message with data on the open, high, low and closing price of a 
security published by the SIPs.
---------------------------------------------------------------------------

    \21\ See Securities Exchange Act Release No. 75257 (June 22, 
2015), 80 FR 36862, 36864 (June 26, 2015) (SR-Nasdaq-2015-055) 
(``NLS Plus Approval Order''); see also Securities Exchange Act 
Release No. 75763 (August 26, 2015), 80 FR 52817 (September 1, 2015) 
(SR-Phlx-2015-72) (adding NLS Plus to the PSX Last Sale portion of 
the Phlx fee schedule).
    \22\ See NLS Plus Approval Order, 80 FR 36862 at 36863. (``In 
addition to last sale information, NLS Plus also disseminates the 
following data elements: Trade Price, Trade Size, Sale Condition 
Modifiers, Cumulative Consolidated Market Volume, End of Day Trade 
Summary, Adjusted Closing Price, IPO Information, and Bloomberg ID 
(together the `data elements'). NLS Plus also features and 
disseminates the following messages: Market Wide Circuit Breaker, 
Reg SHO Short Sale Price Test Restricted Indicator, Trading Action, 
Symbol Directory, Adjusted Closing Price, and End of Day Trade 
Summary (together the ``messages'').'').
    \23\ See id. (``Consolidated volume reflects the consolidated 
volume at the time that the NLS Plus trade message is generated, and 
includes the volume for the issue symbol as reported on the 
consolidated market data feed. The consolidated volume is based on 
the real-time trades reported via the UTP Trade Data Feed (`UTDF') 
and delayed trades reported via CTA. NASDAQ OMX calculates the real-
time trading volume for its trading venues, and then adds the real-
time trading volume for the other (non-NASDAQ OMX) trading venues as 
reported via the UTDF data feed. For non-NASDAQ-listed issues, the 
consolidated volume is based on trades reported via SIAC's 
Consolidated Tape System (`CTS') for the issue symbol. The Exchange 
calculates the real-time trading volume for its trading venues, and 
then adds the 15-minute delayed trading volume for the other (non-
NASDAQ OMX) trading venues as reported via the CTS data feed.'').
---------------------------------------------------------------------------

    NLS Plus competes with the substitute top-of-book proprietary data 
products offered by other exchanges, including the NYSE BQT feed, which 
disseminates top-of-book information from the NYSE, NYSE American, NYSE 
Arca, NYSE National, and NYSE Chicago exchanges,\24\ and the Cboe One 
Summary Feed, which disseminates data from the BZX Exchange, BYX 
Exchange, EDGX Exchange and EDGA Exchange.\25\ NLS Plus also competes 
with the offerings of data vendors that distribute the proprietary data 
feeds of Nasdaq and other exchanges. Of particular importance here, 
Nasdaq obtains data from the SIPs on the same terms as any data vendor, 
and Nasdaq has no latency, cost, or other advantage in the distribution 
of end of day SIP data as proposed herein. Retail customers are 
potentially able to obtain such information from any distributor of SIP 
data.
---------------------------------------------------------------------------

    \24\ See Securities Exchange Act Release No. 87803 (December 19, 
2019), 84 FR 71505 (December 27, 2019) (SR-NYSE-2019-70) (explaining 
that the NYSE BQT market data product competes ``head to head with 
the Nasdaq Basic and Cboe One Feed market data products.'').
    \25\ See https://markets.cboe.com/us/equities/
market_data_services/
#:~:text=Cboe%20Top%20is%20a%20real,time%20on%20a%20Cboe%20book.&text
=It%20is%20a%20real%2Dtime,time%20on%20a%20Cboe%20book. We note that 
Cboe recently proposed a fee reduction for top-of-book data as well. 
See Securities Exchange Act Release No. 86670 (August 14, 2019), 84 
FR 43207 (August 20, 2019) (SR-CboeBYX-2019-012).
---------------------------------------------------------------------------

    This Proposal reflects the competitive nature of these markets. As 
noted above, both NYSE and Cboe expanded their end of day summary 
messages in 2020 to identify the primary listing market's

[[Page 18108]]

official opening and closing price after a 15-minute delay.\26\ The 
Exchange's change to the EOD summary message is, in part, a competitive 
response to the data feed changes introduced by these two competitors. 
The Proposal also promotes competition by providing investors with an 
additional option for receiving consolidated EOD security data.
---------------------------------------------------------------------------

    \26\ See Securities Exchange Act Release No. 89083 (June 17, 
2020), 85 FR 37706 (June 23, 2020) (SR-CboeEDGX-2020-029) (amending 
the content of the Cboe One Feed to identify the primary listing 
market's official opening and closing price, effective July 10, 
2020); NYSE Best Quote and Trades Client Specification, Version 2.3a 
(March 30, 2020), available at https://www.nyse.com/publicdocs/nyse/data/NYSE_BQT_Client_Specification_v2.3a.pdf (updated on January 31, 
2020, to publish the listing market official opening and closing 
price in the Consolidated Stock Summary Messages).
---------------------------------------------------------------------------

    Moreover, as explained above, the Proposal will enhance investor 
understanding of the proprietary data distributed by the Exchange by 
providing a benchmark against which to compare such changes.
    Competition with other exchanges in the sale of top-of-book 
products, coupled with potential competition from vendors in the 
distribution of proprietary and consolidated data feeds, and the 
likelihood that the Proposal will enhance investor understanding of 
securities markets and promote consumer choice, all provide a 
substantial basis for finding that the Proposal promotes just and 
equitable principles of trade, removes impediments to and perfects the 
mechanism of a free and open market and a national market system, and 
protects investors and the public interest.
    The Proposal is not unfairly discriminatory. As noted previously, 
the NLS Plus data feed was found to be non-discriminatory and otherwise 
consistent with the Act in 2015.\27\ The only change here is to enhance 
the EOD summary message with data on the open, high, low and closing 
price of a security published by the SIPs. As explained above, the 
proposed change to the EOD summary message is not targeted at, or 
expected to be limited in its applicability to, any particular segment 
of market participants, and no segment of retail investors, the general 
investing public, or any other market participant is expected to 
benefit more than any other. The proposed EOD summary message will be 
available to all NLS Plus purchasers, without differentiation of any 
kind, and is therefore not unfairly discriminatory.
---------------------------------------------------------------------------

    \27\ See Securities Exchange Act Release No. 75257 (June 22, 
2015), 80 FR 36862, 36864 (June 26, 2015) (SR-Nasdaq-2015-055) 
(``NLS Plus Approval Order'').
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act.
Intermarket Competition
    The Proposal, which adds the high, low, opening and closing price 
of a security as published by the SIPs to the NLS Plus EOD message, 
will place no burden on intermarket competition (the competition among 
SROs). As explained above, NLS Plus already competes directly against 
the NYSE BQT feed and the Cboe One Summary Feed, and is subject to 
potential competition from market data vendors. In the particular 
context of distributing the proposed EOD message, the Exchange is in 
direct competition with any vendor of SIP information, and any vendor 
not currently distributing SIP data would be able to do so by obtaining 
such information from the SIPs and adding that information to their 
market data products. Rather than place a burden competition, the 
Proposal will enhance competition by providing consumers with greater 
choice through an alternative EOD summary not currently offered by NYSE 
or Cboe.
Intramarket Competition
    The Proposal will not cause any unnecessary or inappropriate burden 
on intramarket competition (competition among exchange customers). As 
explained above, the Proposal is not targeted at, or expected to be 
limited in its applicability to, any particular segment of market 
participants, and no segment of retail investors, the general investing 
public, or any other market participant is expected to benefit more 
than any other. As such, the Proposal does not place any category of 
market participant at a relative disadvantage compared to any other 
market participant, and therefore will not impose any burden on 
competition not necessary or appropriate in furtherance of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    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 \28\ and Rule 19b-
4(f)(6) thereunder.\29\
---------------------------------------------------------------------------

    \28\ 15 U.S.C. 78s(b)(3)(A).
    \29\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its 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.
---------------------------------------------------------------------------

    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 shall institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2021-17 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-Phlx-2021-17. 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

[[Page 18109]]

internet website (http://www.sec.gov/rules/sro.shtml). Copies of the 
submission, all subsequent amendments, all written statements with 
respect to the proposed rule change that are filed with the Commission, 
and all written communications relating to the proposed rule change 
between the Commission and any person, other than those that may be 
withheld from the public in accordance with the provisions of 5 U.S.C. 
552, will be available for website viewing and printing in the 
Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. 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-Phlx-2021-17 and should be submitted on 
or before April 28, 2021.
---------------------------------------------------------------------------

    \30\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-07120 Filed 4-6-21; 8:45 am]
BILLING CODE 8011-01-P


