Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the NYSE Proprietary Market Data Fee Schedule To Reflect the Offering of the NYSE Bonds Market Data Products, 67212-67213 [2014-26687]

Download as PDF 67212 Federal Register / Vol. 79, No. 218 / Wednesday, November 12, 2014 / Notices 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– NYSEArca–2014–128 and should be submitted on or before December 3, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–26689 Filed 11–10–14; 8:45 am] BILLING CODE 8011–01–P A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73527; File No. SR–NYSE– 2014–57] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the NYSE Proprietary Market Data Fee Schedule To Reflect the Offering of the NYSE Bonds Market Data Products November 5, 2014. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that October 29, 2014, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the selfregulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. TKELLEY on DSK3SPTVN1PROD with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to update the NYSE Proprietary Market Data Fee schedule (‘‘Market Data Fee Schedule’’) to reflect the offering of the NYSE Bonds market data products. The text of the proposed rule change is available on the Exchange’s Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. 15 17 CFR 200.30–3(a)(12). U.S.C.78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 1 15 VerDate Sep<11>2014 17:55 Nov 10, 2014 Jkt 235001 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 self-regulatory organization 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 those 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 parts of such statements. 1. Purpose The Exchange proposes to update the Market Data Fee Schedule to reflect the offering of the NYSE Bonds market data products. In 2007, the Exchange established NYSE Bonds®, an electronic bond trading platform.4 Bonds eligible to trade on the NYSE Bonds platform include any debt instrument that is listed on the NYSE and any corporate debt of a listed company of the Exchange or of any wholly-owned subsidiary of a company listed on the Exchange.5 On NYSE Bonds, firm and executable orders entered by members or sponsored participants are displayed on the order book and executed on a strict price/time priority. In connection with the establishment of the NYSE Bonds platform, the Exchange created a real-time bond data feed that includes order information, such as time sequence of orders in the NYSE Bonds order book, pricing information for the NYSE Bonds opening, closing and halt auctions, as well as order imbalance information, indicative match prices, and halt messages as described in NYSE Rule 86.6 This product is now referred to as the NYSE Bonds Depth of Book feed. The Exchange also established the NYSE Bonds BBO feed, a data feed consisting of real-time top-of-book data and the NYSE Bonds Trades Feed, a data feed consisting of real-time last sale prices and sizes.7 These NYSE Bonds 4 See Securities Exchange Act Release No. 55496 (Mar. 20, 2007), 72 FR 14631 (Mar. 28, 2007) (SR– NYSE–2006–37). 5 See NYSE Rule 86. 6 See supra note 4. 7 See supra note 4. Because NYSE Bonds is a purely order-driven system, the Exchange does not disseminate any quote information on a particular bond if there are no orders posted in the book for such bond. PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 market data feeds are currently offered free of charge. The Exchange proposes to update the Market Data Fee Schedule to reflect the NYSE Bonds market data products, which will continue to be offered without charge. If the Exchange decides to establish fees for the NYSE Bonds market data products at a later date, it will submit a separate rule filing. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) 8 of the Act, in general, and furthers the objectives of Section 6(b)(5) 9 of the Act, in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, 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 it is not designed to permit unfair discrimination among customers, brokers, or dealers. The Exchange believes that adding the NYSE Bonds market data products to the Market Data Fee Schedule will remove impediments to and help perfect a free and open market by providing greater transparency for the Exchange’s customers regarding market data products that are available and have been previously filed with the Commission.10 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 that is not necessary or appropriate in furtherance of the purposes of the Act because the Exchange is merely adding a reference to the Market Data Fee Schedule for market data products that have been previously filed with the Commission and are offered without charge.11 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. 8 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). 10 See supra note 4. 11 Id. 9 15 E:\FR\FM\12NON1.SGM 12NON1 TKELLEY on DSK3SPTVN1PROD with NOTICES Federal Register / Vol. 79, No. 218 / Wednesday, November 12, 2014 / Notices III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule 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 if consistent with the protection of investors and the public interest, provided that the self-regulatory organization has given the Commission written notice of its intent to file 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,12 the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 13 and Rule 19b–4(f)(6) thereunder.14 At any time within 60 days of the filing of such 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 under Section 19(b)(2)(B) 15 of the Act to determine whether the proposed rule change should be approved or disapproved. A proposed rule change filed under Rule 19b–4(f)(6) 16 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b–4(f)(6)(iii),17 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange believes that waiving the 30-day delay is consistent with the protection of investors and the public interest because it would permit the Exchange to more promptly update its Market Data Fee Schedule about free product offerings, thereby promoting transparency regarding already-filed market data products. The Commission agrees and has determined to waive the five-day pre-filing requirement and the Exchange has fulfilled this requirement. U.S.C. 78s(b)(3)(A). 14 17 CFR 240.19b–4(f)(6). 15 15 U.S.C. 78s(b)(2)(B). 16 17 CFR 240.19b–4(f)(6). 17 17 CFR 240.19b–4(f)(6)(iii). 30-day operative date so that the proposal may take effect upon filing.18 2014–57 and should be submitted on or before December 3, 2014. IV. Solicitation of Comments For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.19 Kevin M. O’Neill, Deputy Secretary. 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– NYSE–2014–57 on the subject line. Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2014–57. 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 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 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 the filing will also be available for inspection and copying at the NYSE’s principal office and on its Internet Web site at www.nyse.com. 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–NYSE– 12 The 13 15 VerDate Sep<11>2014 17:55 Nov 10, 2014 Jkt 235001 67213 18 For purposes only of accelerating the operative date of this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 [FR Doc. 2014–26687 Filed 11–10–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73534; File No. SR–ICC– 2014–14] Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change To Add Rules Related to the Clearing of Standard Western European Sovereign CDS Contracts November 5, 2014. I. Introduction On August 25, 2014, ICE Clear Credit LLC (‘‘ICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change SR–ICC–2014–14 pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder.2 The proposed rule change was published for comment in the Federal Register on September 4, 2014.3 The Commission did not receive comments on the proposed rule change. On October 17, 2014, the Commission extended the time period in which to either approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change to December 3, 2014.4 For the reasons discussed below, the Commission is approving the proposed rule change. II. Description of the Proposed Rule Change ICC proposes to amend Chapter 26 of the ICC Clearing Rules (‘‘Rules’’) to add Subchapter 26I and to amend the ICC Risk Management Framework to provide for the clearance of Standard Western European Sovereign (‘‘SWES’’) credit default swap (‘‘CDS’’) contracts, specifically the Republic of Ireland, the Italian Republic, the Portuguese Republic, and the Kingdom of Spain (collectively, the ‘‘SWES Contracts’’). 19 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Securities Exchange Act Release No. 34–72941 (Aug. 28, 2014), 79 FR 52794 (Sep. 4, 2014) (SR– ICC–2014–14). 4 Securities Exchange Act Release No. 34–73384 (Oct. 17, 2014), 79 FR 63453 (Oct. 23, 2014) (SR– ICC–2014–14). 1 15 E:\FR\FM\12NON1.SGM 12NON1

Agencies

[Federal Register Volume 79, Number 218 (Wednesday, November 12, 2014)]
[Notices]
[Pages 67212-67213]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-26687]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73527; File No. SR-NYSE-2014-57]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Update the NYSE Proprietary Market Data Fee Schedule To Reflect the 
Offering of the NYSE Bonds Market Data Products

November 5, 2014.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that October 29, 2014, New York Stock Exchange LLC (``NYSE'' or 
the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I, 
II, and III below, which Items have been prepared by the self-
regulatory organization. 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\ 15 U.S.C. 78a.
    \3\ 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 update the NYSE Proprietary Market Data 
Fee schedule (``Market Data Fee Schedule'') to reflect the offering of 
the NYSE Bonds market data products. The text of the proposed rule 
change is available on the Exchange's Web site at www.nyse.com, 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 self-regulatory organization 
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 those 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 parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to update the Market Data Fee Schedule to 
reflect the offering of the NYSE Bonds market data products.
    In 2007, the Exchange established NYSE Bonds[supreg], an electronic 
bond trading platform.\4\ Bonds eligible to trade on the NYSE Bonds 
platform include any debt instrument that is listed on the NYSE and any 
corporate debt of a listed company of the Exchange or of any wholly-
owned subsidiary of a company listed on the Exchange.\5\ On NYSE Bonds, 
firm and executable orders entered by members or sponsored participants 
are displayed on the order book and executed on a strict price/time 
priority.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 55496 (Mar. 20, 
2007), 72 FR 14631 (Mar. 28, 2007) (SR-NYSE-2006-37).
    \5\ See NYSE Rule 86.
---------------------------------------------------------------------------

    In connection with the establishment of the NYSE Bonds platform, 
the Exchange created a real-time bond data feed that includes order 
information, such as time sequence of orders in the NYSE Bonds order 
book, pricing information for the NYSE Bonds opening, closing and halt 
auctions, as well as order imbalance information, indicative match 
prices, and halt messages as described in NYSE Rule 86.\6\ This product 
is now referred to as the NYSE Bonds Depth of Book feed. The Exchange 
also established the NYSE Bonds BBO feed, a data feed consisting of 
real-time top-of-book data and the NYSE Bonds Trades Feed, a data feed 
consisting of real-time last sale prices and sizes.\7\ These NYSE Bonds 
market data feeds are currently offered free of charge.
---------------------------------------------------------------------------

    \6\ See supra note 4.
    \7\ See supra note 4. Because NYSE Bonds is a purely order-
driven system, the Exchange does not disseminate any quote 
information on a particular bond if there are no orders posted in 
the book for such bond.
---------------------------------------------------------------------------

    The Exchange proposes to update the Market Data Fee Schedule to 
reflect the NYSE Bonds market data products, which will continue to be 
offered without charge. If the Exchange decides to establish fees for 
the NYSE Bonds market data products at a later date, it will submit a 
separate rule filing.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \8\ of the 
Act, in general, and furthers the objectives of Section 6(b)(5) \9\ of 
the Act, in particular, in that it is designed to prevent fraudulent 
and manipulative acts and practices, to promote just and equitable 
principles of trade, to foster cooperation and coordination with 
persons engaged in facilitating transactions in securities, 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 it is not designed to permit unfair discrimination 
among customers, brokers, or dealers. The Exchange believes that adding 
the NYSE Bonds market data products to the Market Data Fee Schedule 
will remove impediments to and help perfect a free and open market by 
providing greater transparency for the Exchange's customers regarding 
market data products that are available and have been previously filed 
with the Commission.\10\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
    \10\ See supra note 4.
---------------------------------------------------------------------------

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 that is not necessary or appropriate 
in furtherance of the purposes of the Act because the Exchange is 
merely adding a reference to the Market Data Fee Schedule for market 
data products that have been previously filed with the Commission and 
are offered without charge.\11\
---------------------------------------------------------------------------

    \11\ Id.
---------------------------------------------------------------------------

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

    No written comments were solicited or received with respect to the 
proposed rule change.

[[Page 67213]]

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

    Because the foregoing proposed rule 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 if consistent with the protection of 
investors and the public interest, provided that the self-regulatory 
organization has given the Commission written notice of its intent to 
file 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,\12\ the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-
4(f)(6) thereunder.\14\
---------------------------------------------------------------------------

    \12\ The Exchange has fulfilled this requirement.
    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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 under 
Section 19(b)(2)(B) \15\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\17\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative immediately upon filing. The Exchange believes 
that waiving the 30-day delay is consistent with the protection of 
investors and the public interest because it would permit the Exchange 
to more promptly update its Market Data Fee Schedule about free product 
offerings, thereby promoting transparency regarding already-filed 
market data products. The Commission agrees and has determined to waive 
the five-day pre-filing requirement and the 30-day operative date so 
that the proposal may take effect upon filing.\18\
---------------------------------------------------------------------------

    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6)(iii).
    \18\ For purposes only of accelerating the operative date of 
this proposal, the Commission has considered the proposed rule's 
impact on efficiency, competition, and capital formation. 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

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-NYSE-2014-57 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2014-57. 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 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 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 the filing will also be available 
for inspection and copying at the NYSE's principal office and on its 
Internet Web site at www.nyse.com. 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-NYSE-2014-57 and should be submitted on or before 
December 3, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-26687 Filed 11-10-14; 8:45 am]
BILLING CODE 8011-01-P