April 27, 2022

Ms. Vanessa Countryman
Secretary
Securities and Exchange Commission
100 F Street NE., Washington, DC 20549

Re: SR-CTA/CQ-2021-02 (Release No. 34-93615); SR-CTA/CQ-2021-03 (Release No. 34-93625); S7-24-89 (Release No. 34-93618); S7-24-89 (Release No. 34-93620)

Dear Ms. Countryman:

The Securities Industry and Financial Markets Association (“SIFMA”)1 respectfully submits this supplementary letter to the Securities and Exchange Commission (“Commission”) in response to the Commission’s Orders Instituting Proceedings to approve or disapprove the above-referenced proposals submitted by the Consolidated Tape Association (“CT”) Plan and Consolidated Quotations (“CQ”) Plan (the “CT/CQ Plans”), and the Nasdaq Unlisted Trading Privileges Basis (“UTP”) Plan (collectively, the “Plans”).2 These proposals would amend the Plans to adopt fees (“Fee Proposals”) for the receipt of the expanded consolidated market data for national market system (“NMS”) stocks required to be disseminated under the Commission’s Market Data Infrastructure Rule (“Infrastructure Rule”)3 and to implement the non-fee-related aspects (“Non-Fee Proposals”) of the Infrastructure Rule (collectively, the “Proposals”).4 As discussed in more detail in SIFMA’s previous comment letter,5 SIFMA strongly opposes the Proposals and urges the Commission to disapprove them as they contradict the Commission’s direction in the Infrastructure Release and otherwise fail to meet the standards under the Securities Exchange Act of 1934 (“Exchange Act”) for consolidated market data fee filings.6

 

1 SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).
2 See Release No. 34-94310 (February 24, 2022), 87 FR 11748 (March 2, 2022) (SR-CTA/CQ-2021-02); Release No. 34-94309 (February 24, 2022), 87 FR 11763 (March 2, 2022) (SR-CTA/CQ-2021-03); Release No. 34-94308 (February 24, 2022), 87 FR 11755 (March 2, 2022) (S7-24-89).
3 See Release No. 34-90610, 86 FR 18596 (April 9, 2021) (File No. S7-03-20) (“Infrastructure Release”).
4 See Release No. 34090610 (December 9, 2020), 86 FR 18596 (April 9, 2021).
5 See Letter from Ellen Greene & William C. Thum, SIFMA to Vanessa Countryman, SEC (December 17, 2021) (“December Comment Letter”).
6 See Sections 11A(c)(1)(C) and 11A(c)(1)(D) and Rule 603(a) of Regulation NMS.