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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
CSE EXCHANGE ACT COMMISSION CTA PLAN MARKET SPECIALISTS SECURITIES MARKET DATA FEES TRADING FLOOR REVIEW LIMITATION SECURITIES INFORMATION PROCESSOR ADMINISTRATIVE LAW JUDGE PROCEEDING CONSOLIDATED TAPE ASSERTS PRACTICE AMENDMENTS IMPOSITION MATTER MARKET REGULATION PARTIES DIRECTS REGISTERED SECURITIES INFORMATION LAW JUDGE CHARGE MARKET DATA DISPLAY PROHIBITION |
UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Rel. No. 43316 / September 21, 2000
Admin. Proc. File No. 3-9967
In the Matter of the Application of
THE CINCINNATI STOCK EXCHANGE
Respondent.
ORDER ACCEPTING JURISDICTION, ESTABLISHING PROCEDURES, AND ORDERING
BRIEFS
I.
The Cincinnati Stock Exchange, Inc. ("CSE") has filed an appeal from
"an adverse action" taken by the Consolidated Tape Association
("CTA"). The CTA is the policy making body for the CTA Plan and
administers the Consolidated Tape System, which makes available last
sale transaction information for trades executed in eligible
securities. Pursuant to Section 11A of the Securities Exchange Act of
1934, the Commission approved a plan and amendments to that plan
(together, the "CTA Plan"), which, taken together, set forth the rules
for the operation of the CTA and the rights and obligations of the CTA
Plan Participants.
CTA Plan Section XII(b)(iv) provides that no CTA Participant may be
charged for receiving or using any portion of the Consolidated Tape's
last sale price information so long as that information isfurnished to
the Participant "only at premises occupied solely by such Participant
or on the (Participant's) trading floor or trading floors (as the term
is generally understood)" or for regulatory, surveillance, or other
CTA-approved purposes. Under CTA Plan Section XII(b)(iv), the data may
not "be retransmitted from, or otherwise made available to any person
not located within or on, such premises or trading floor."
In its application, the CSE alleges that it operates a "geographically
dispersed electronic trading floor, which includes the premises on
which each member's CSE operation is located." In November 1996, the
CTA voted to charge CSE specialists a "market data display device"
fee. The CSE asserts that the CTA has violated the CTA Plan by
imposing on its specialists this fee for receiving Consolidated Tape
data.
By order dated October 20, 1999, we sought the views of the CSE and
SNIPPETS:
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