Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to the NYSE Proprietary Market Data Fee Schedule Regarding Non-Display Use Fees, 67220-67222 [2014-26688]
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Federal Register / Vol. 79, No. 218 / Wednesday, November 12, 2014 / Notices
restructuring of indirect ownership
interests of the Exchange, and will not
involve the introduction of any new
direct or indirect owners or any entity
or individual that would have the right
to direct the actions of the Exchange or
vote the shares of the Exchange. As
such, the Exchange believes that the
proposal is consistent with the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the publication date
of this notice or within such longer
period (1) as the Commission may
designate up to 45 days of such date if
it finds such longer period to be
appropriate and publishes its reasons
for so finding or (2) as to which the selfregulatory organization consents, the
Commission will:
(A) by order approve or disapprove
such Proposed Rule Change; or
(B) institute proceedings to determine
whether the Proposed Rule Change
should be 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, as modified by Amendment No.
1, is consistent with the Act. Comments
may be submitted by any of the
following methods:
TKELLEY on DSK3SPTVN1PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml ); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
ISEGemini-2014–24 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–ISEGemini-2014–24. 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
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Commission will post all comments on
the Commission’s Internet Web site
(https://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 on official business
days between the hours of 10:00 a.m.
and 3:00 p.m. Copies of such filing also
will be available for inspection and
copying at the principal offices of the
Exchange. 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–
ISEGemini-2014–24, and should be
submitted on or before December 3,
2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–26691 Filed 11–10–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73528; File No. SR–NYSE–
2014–58]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to the NYSE
Proprietary Market Data Fee Schedule
Regarding Non-Display Use Fees
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 on 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 and II below, which Items have
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes a change to
the NYSE Proprietary Market Data Fee
Schedule (‘‘Market Data Fee Schedule’’)
regarding non-display use fees. 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 a change to
the Market Data Fee Schedule regarding
non-display use fees for NYSE
OpenBook, NYSE Trades, NYSE BBO
and NYSE Order Imbalances, the market
data products to which non-display use
fees apply. Specifically, with respect to
the three categories of, and fees
applicable to, market data recipients for
non-display use, the Exchange proposes
to describe the three categories in the
Market Data Fee Schedule.
In September 2014, the Exchange
revised the fees for non-display use of
NYSE OpenBook, NYSE Trades, and
NYSE BBO and added fees for nondisplay use of NYSE Order Imbalances.4
In the 2014 Filing, the Exchange
proposed certain changes to the
categories of, and fees applicable to,
data recipients for non-display use. As
set forth in the 2014 Filing: (i) Category
1 Fees apply when a data recipient’s
non-display use of real-time market data
38 17
1 15
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4 See Securities Exchange Act Release No. 72923
(August 26, 2014), 79 FR 52079 (September 2, 2014)
(SR–NYSE–2014–43) (‘‘2014 Filing’’).
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Federal Register / Vol. 79, No. 218 / Wednesday, November 12, 2014 / Notices
is on its own behalf as opposed to use
on behalf of its clients; (ii) Category 2
Fees apply when a data recipient’s nondisplay use of real-time market data is
on behalf of its clients as opposed to use
on its own behalf; and (iii) Category 3
Fees apply when a data recipient’s nondisplay use of real-time market data is
for the purpose of internally matching
buy and sell orders within an
organization, including matching
customer orders on a data recipient’s
own behalf and/or on behalf of its
clients. The Market Data Fee Schedule
currently lists each category as Category
1, Category 2, and Category 3, without
further description.
The Exchange is proposing to amend
the Market Data Fee Schedule to add the
descriptions of the three categories, as
set forth above, as a footnote to the
Market Data Fee Schedule. Because
there will now be multiple footnotes to
the Market Data Fee Schedule, the
Exchange proposes non-substantive
edits to change the existing footnote
references from asterisks to numbers.
TKELLEY on DSK3SPTVN1PROD with NOTICES
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 5 of the Act,
in general, and furthers the objectives of
Section 6(b)(5) 6 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
description of the three categories of
data recipients for non-display use 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 the category
descriptions that have been previously
filed with the Commission and are
applicable to the existing Market Data
Fee Schedule.7
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
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 See supra n. 4.
6 15
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necessary or appropriate in furtherance
of the purposes of the Act because the
Exchange is merely adding to the
Market Data Fee Schedule information
that has been previously filed with the
Commission.8
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.
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,9 the proposed rule change
has become effective pursuant to
Section 19(b)(3)(A) of the Act 10 and
Rule 19b–4(f)(6) thereunder.11
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) 12 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) 13 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),14 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
8 See
supra n. 4.
Exchange has fulfilled this requirement.
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6).
12 15 U.S.C. 78s(b)(2)(B).
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
9 The
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67221
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 adding the description of
the categories of market data recipients
for non-display use to the Market Data
Fee Schedule is consistent with the
protection of investors and the public
interest because it will provide more
transparency in the Exchange’s Market
Data Fee Schedule regarding the
existing definitions in that schedule.
The Commission agrees and has
determined to waive the 30-day
operative date so that the proposal may
take effect upon filing.15
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 (https://www.sec.gov/
rules/sro.shtml ); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSE–2014–58 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–2014–58. 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 (https://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.,
15 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).
E:\FR\FM\12NON1.SGM
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Federal Register / Vol. 79, No. 218 / Wednesday, November 12, 2014 / Notices
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 Web site
viewing and printing 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–
2014–58 and should be submitted on or
before December 3, 2014.
(‘‘By-Laws’’) of the NASDAQ OMX
Group, Inc. (‘‘NASDAQ OMX’’), the
parent company of the SROs.4 The
proposed rule changes by BSECC and
SCCP were published for comment in
the Federal Register on September 25,
2014 5 and the proposed rule changes by
BX, NASDAQ and Phlx were published
for comment in the Federal Register on
September 29, 2014.6 The Commission
received no comment letters on the
proposals.
II. Discussion
A. Background
Article Fourth, Paragraph C of
NASDAQ OMX’s Charter includes a
For the Commission, by the Division of
voting limitation that generally
Trading and Markets, pursuant to delegated
authority.16
prohibits a stockholder from voting
shares beneficially owned, directly or
Kevin M. O’Neill,
indirectly, by such stockholder in
Deputy Secretary.
excess of 5% of the then-outstanding
[FR Doc. 2014–26688 Filed 11–10–14; 8:45 am]
shares of capital stock of NASDAQ
BILLING CODE 8011–01–P
OMX entitled to vote as of the record
date in respect of any matter. Pursuant
to Article Fourth, Paragraph C(6) of the
SECURITIES AND EXCHANGE
Charter, NASDAQ OMX’s Board may
COMMISSION
grant exemptions to this limitation prior
[Release No. 34–73516; File Nos. SR–
to the time a stockholder beneficially
BSECC–2014–001; SR–BX–2014–045; SR–
owns more than 5% of the outstanding
NASDAQ–2014–093; SR–Phlx–2014–61; SR–
shares of stock entitled to vote on the
SCCP–2014–01]
election of a majority of directors at
Self-Regulatory Organizations; Boston such time. Article Fourth, Paragraph
Stock Exchange Clearing Corporation; C(6) of the Charter and Section 12.5 of
the By-Laws limit the Board’s authority
NASDAQ OMX BX, Inc.; the NASDAQ
to grant the exemption. The SROs note
Stock Market LLC; NASDAQ OMX
PHLX LLC; Stock Clearing Corporation that these provisions, which are
intended to be substantively identical,
of Philadelphia; Order Approving
Proposed Rule Changes To Amend the currently contain some language
differences. Therefore, the SROs
Restated Certificate of Incorporation
and By-Laws of the NASDAQ OMX
4 Certain provisions of NASDAQ OMX’s Charter
Group, Inc.
TKELLEY on DSK3SPTVN1PROD with NOTICES
November 5, 2014.
I. Introduction
On September 10, 2014, Boston Stock
Exchange Clearing Corporation
(‘‘BSECC’’), NASDAQ OMX BX, Inc.
(‘‘BX’’), the NASDAQ Stock Market LLC
(‘‘NASDAQ’’), NASDAQ OMX PHLX
LLC (‘‘Phlx’’), and the Stock Clearing
Corporation of Philadelphia (‘‘SCCP’’
and, together with BSECC, BX,
NASDAQ and Phlx, the ‘‘SROs’’ or
‘‘Self-Regulatory Subsidiaries’’), filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) 1 of the Securities
Exchange Act of 1934 (‘‘Act’’),2 and
Rule 19b–4 thereunder,3 proposed rule
changes with respect to amendments to
the Amended and Restated Certificate of
Incorporation (‘‘Charter’’) and By-Laws
16 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
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and By-Laws are rules of a self-regulatory
organization if they are stated policies, practices, or
interpretations, as defined in Rule 19b–4 under the
Act, of the self-regulatory organization, and must be
filed with the Commission pursuant to Section
19(b) of the Act and Rule 19b–4 thereunder. See
Securities Exchange Act Release Nos. 58183 (July
17, 2008), 73 FR 42850 (July 23, 2008) (File No. SR–
NASDAQ–2008–035); 58324 (August 7, 2008), 73
FR 46936 (August 12, 2008) (File Nos. SR–BSE–
2008–02; SR–BSE–2008–23; SR–BSE–2008–25; SR–
BSECC–2008–01); and 58180 (July 17, 2008), 73 FR
42890 (July 23, 2008) (File No. SR–SCCP–2008–01)
(Order Approving a Proposed Rule Change, as
Modified by Amendment No. 1, To Amend the ByLaws of the NASDAQ OMX Group, Inc. in
Connection With the Acquisitions of Boston Stock
Exchange, Incorporated and Philadelphia Stock
Exchange, Inc.). Accordingly, the SROs have filed
with the Commission proposed changes to the
NASDAQ OMX Charter and By-Laws.
5 See Securities Exchange Act Release Nos. 73144
(September 19, 2014), 79 FR 57624 (September 25,
2014) (SR–BSECC–2014–001) and 73145
(September 19, 2014), 79 FR 57648 (September 25,
2014) (SR–SCCP–2014–01).
6 See Securities Exchange Act Release Nos. 73195
(September 23, 2014), 79 FR 58397 (September 29,
2014) (SR–BX–2014–045); 73193 (September 23,
2014), 79 FR 58388 (September 29, 2014) (SR–
NASDAQ–2014–093); and 73194 (September 23,
2014), 79 FR 58393 (September 29, 2014) (SR–Phlx–
2014–61).
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propose that NASDAQ OMX adopt the
amendments described below to the
Charter and By-Laws to conform these
provisions and remove any ambiguity
that may exist.
B. Proposed Amendments to the Charter
First, the SROs propose to add a
statement to Article Fourth, Paragraph
C(6) of the Charter that for so long as
NASDAQ OMX shall control, directly or
indirectly, any Self-Regulatory
Subsidiary, a resolution of the Board to
approve an exemption for any person
under Article Fourth, Paragraph C(6) of
the Charter shall not be permitted to
become effective until such resolution
has been filed with and approved by the
SEC under Section 19 of the Act. In
addition, the SROs propose to define
‘‘Self-Regulatory Subsidiary,’’ which is
currently not a defined term in the
Charter, as any subsidiary of NASDAQ
OMX that is a ‘‘self-regulatory
organization’’ as defined under Section
3(a)(26) of the Act.7 These changes
would conform the Charter to language
currently in the By-Laws.
Second, the SROs propose to add an
additional language to the current
provision in Article Fourth, Paragraph
C(6) of the Charter that states the Board
may not approve an exemption to the
5% voting limitation for: (i) A registered
broker or dealer or an affiliate thereof or
(ii) an individual or entity that is subject
to a statutory disqualification under
Section 3(a)(39) of the Act. Specifically,
the SROs propose to add a proviso to
Article Fourth, Paragraph C(6) of the
Charter stating that for these purposes,
an ‘‘affiliate’’ shall not be deemed to
include an entity that either owns 10%
or less of the equity of a broker or
dealer, or receives 1% or less of its
consolidated gross revenues from a
broker or dealer. This change would
conform the Charter to language
currently in the By-Laws.
Third, the SROs propose to change a
reference in Article Fourth, Paragraph
C(6) of the Charter from The NASDAQ
Stock Market LLC to ‘‘the SelfRegulatory Subsidiaries.’’ This change
would conform the Charter to language
currently in the By-laws and would also
include the other Self-Regulatory
Subsidiaries in addition to the NASDAQ
Stock Market LLC.
Fourth, the SROs propose to add a
requirement to Article Fourth,
7 Under Section 3(a)(26) of the Act, a ‘‘selfregulatory organization’’ is defined as ‘‘any national
securities exchange, registered securities
association, or registered clearing agency . . . .’’ 15
U.S.C. 78c(a)(26). At present, this defined term
would include NASDAQ, BX and Phlx, which are
national securities exchanges, and BSECC and
SCCP, which are registered clearing agencies that
are currently dormant.
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]]>Agencies
[Federal Register Volume 79, Number 218 (Wednesday, November 12, 2014)]
[Notices]
[Pages 67220-67222]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-26688]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-73528; File No. SR-NYSE-2014-58]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
the NYSE Proprietary Market Data Fee Schedule Regarding Non-Display Use
Fees
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 on 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
and II 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 a change to the NYSE Proprietary Market Data
Fee Schedule (``Market Data Fee Schedule'') regarding non-display use
fees. 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 a change to the Market Data Fee Schedule
regarding non-display use fees for NYSE OpenBook, NYSE Trades, NYSE BBO
and NYSE Order Imbalances, the market data products to which non-
display use fees apply. Specifically, with respect to the three
categories of, and fees applicable to, market data recipients for non-
display use, the Exchange proposes to describe the three categories in
the Market Data Fee Schedule.
In September 2014, the Exchange revised the fees for non-display
use of NYSE OpenBook, NYSE Trades, and NYSE BBO and added fees for non-
display use of NYSE Order Imbalances.\4\ In the 2014 Filing, the
Exchange proposed certain changes to the categories of, and fees
applicable to, data recipients for non-display use. As set forth in the
2014 Filing: (i) Category 1 Fees apply when a data recipient's non-
display use of real-time market data
[[Page 67221]]
is on its own behalf as opposed to use on behalf of its clients; (ii)
Category 2 Fees apply when a data recipient's non-display use of real-
time market data is on behalf of its clients as opposed to use on its
own behalf; and (iii) Category 3 Fees apply when a data recipient's
non-display use of real-time market data is for the purpose of
internally matching buy and sell orders within an organization,
including matching customer orders on a data recipient's own behalf
and/or on behalf of its clients. The Market Data Fee Schedule currently
lists each category as Category 1, Category 2, and Category 3, without
further description.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 72923 (August 26,
2014), 79 FR 52079 (September 2, 2014) (SR-NYSE-2014-43) (``2014
Filing'').
---------------------------------------------------------------------------
The Exchange is proposing to amend the Market Data Fee Schedule to
add the descriptions of the three categories, as set forth above, as a
footnote to the Market Data Fee Schedule. Because there will now be
multiple footnotes to the Market Data Fee Schedule, the Exchange
proposes non-substantive edits to change the existing footnote
references from asterisks to numbers.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) \5\ of the
Act, in general, and furthers the objectives of Section 6(b)(5) \6\ 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that adding the description of the three
categories of data recipients for non-display use 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 the category descriptions that have been previously
filed with the Commission and are applicable to the existing Market
Data Fee Schedule.\7\
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\7\ See supra n. 4.
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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 to the Market Data Fee Schedule information that has been
previously filed with the Commission.\8\
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\8\ See supra n. 4.
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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.
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,\9\ the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6) thereunder.\11\
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\9\ The Exchange has fulfilled this requirement.
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
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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) \12\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\12\ 15 U.S.C. 78s(b)(2)(B).
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A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\14\ 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 adding the description of the categories of market data recipients
for non-display use to the Market Data Fee Schedule is consistent with
the protection of investors and the public interest because it will
provide more transparency in the Exchange's Market Data Fee Schedule
regarding the existing definitions in that schedule. The Commission
agrees and has determined to waive the 30-day operative date so that
the proposal may take effect upon filing.\15\
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ 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).
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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 (https://www.sec.gov/rules/sro.shtml ); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSE-2014-58 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-2014-58. 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 (https://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.,
[[Page 67222]]
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 Web site viewing and printing 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-2014-58 and should be submitted on
or before December 3, 2014.
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\16\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-26688 Filed 11-10-14; 8:45 am]
BILLING CODE 8011-01-P
