[Federal Register Volume 66, Number 51 (Thursday, March 15, 2001)]
[Notices]
[Page 15151]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-6393]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44047; File No. SR-CTA-01-01]


Consolidated Tape Association; Order Granting Approval of Seventh 
Charges Amendment to the Second Restatement of the Consolidated Tape 
Association Plan

March 7, 2001.

I. Introduction

    On January 9, 2001, the Consolidated Tape Association Plan (``CTA 
Plan'') participants \1\ filed with the Securities and Exchange 
Commission (``Commission'' or ``SEC'') an amendment to the Second 
Restatement of the CTA Plan pursuant to Rule 11Aa3-2 \2\ of the 
Securities Exchange Act of 1934 (``Act''). Notice of the proposed CTA 
Plan amendment was published in the Federal Register on January 22, 
2001.\3\ The Commission received no comments in response to the 
proposal. This order approves the proposed plan amendments.
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    \1\ Each Plan participant executed the proposed amendments. The 
participants include the American Stock Exchange LLC, Boston Stock 
Exchange, Inc., Chicago Board Options Exchange, Inc., Chicago Stock 
Exchange Inc., Cincinnati Stock Exchange, Inc., National Association 
of Securities Dealers, Inc., New York Stock Exchange, Inc., Pacific 
Exchange, Inc. and Philadelphia Stock Exchange, Inc.
    \2\ 17 CFR 240.11Aa3-2.
    \3\ Securities Exchange Act Release No. 43841 (January 12, 
2001), 66 FR 6719.
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II. Description of the Proposal

    Currently, CTA Network B charges $21.50 per month for the first 
ticker at each customer location and $13.60 for any additional tickers 
at that location. CTA Network B proposes to eliminate the tiered 
pricing structure by eliminating the ``First Ticker'' premium charge. 
As proposed, each customer would be charge $13.60 for each ticker at 
each location.

III. Discussion

    The Commission finds that the proposed CTA Plan amendment is 
consistent with the Act and the rules and regulations thereunder.\4\ 
Specifically, the Commission finds that approval of the amendment is 
consistent with Rule 11Aa3-2(c)(2) \5\ of the Act.
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    \4\ The Commission has considered the proposed amendment's 
impact on efficiency, competition, and capital formation. 15 U.S.C. 
78c(f).
    \5\ 17 CFR 240.11Aa3-2(c)(2).
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    The Commission notes that, in October 2000, it formed the Advisory 
Committee on Market Information to assist the Commission in evaluating 
issues relating to the public availability of market information in the 
equities and options markets. Two of the issues the Committee will be 
evaluating are how market information fees should be determined and how 
the fairness and reasonableness of fees should be evaluated.
    Notwithstanding this ongoing evaluation, the Commission has decided 
to approve the proposed plan amendment. The proposed amendment should 
reduce the amount of fees paid by customers to CTA Network B for last 
sale information. Thus, the proposed amendment is consistent with, and 
should further, one of the principal objectives for the national market 
system set forth in Section 11A(a)(1)(C)(iii) \6\ of the Act--
increasing the availability of market information to broker-dealers and 
investors. The Commission wishes to emphasize, however, that its review 
of market data fees and revenues is ongoing and may require 
reevaluation of the fee structures contained in the proposed CTA Plan 
amendment at some point in the future.
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    \6\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 11A of the Act,\7\ and 
the rules thereunder, that the proposed amendment to the CTA Plan (SR-
CTA-01-01) is approved.
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    \7\ 15 U.S.C. 78k-1.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(27).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-6393 Filed 3-14-01; 8:45 am]
BILLING CODE 8010-01-M