Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Proposing To Amend NYSE Arca Equities Rule 7.44(j) To Delete Reference to the Exchange's Proprietary Data Feed When Disseminating the Retail Liquidity Identifier, 67210-67212 [2014-26689]

Download as PDF 67210 Federal Register / Vol. 79, No. 218 / Wednesday, November 12, 2014 / Notices identifies speakers, the subject on which each participant will speak, and the time allotted for each presentation. A written summary of the hearing will be compiled, and such summary will be made available, upon written request to OPIC’s Corporate Secretary, at the cost of reproduction. Written summaries of the projects to be presented at the December 11, 2014 Board meeting will be posted on OPIC’s Web site on or about November 21, 2014. CONTACT PERSON FOR INFORMATION: Information on the hearing may be obtained from Connie M. Downs at (202) 336–8438, via facsimile at (202) 408– 0297, or via email at Connie.Downs@ opic.gov. Dated: November 7, 2014. Connie M. Downs, OPIC Corporate Secretary. [FR Doc. 2014–26826 Filed 11–7–14; 11:15 am] BILLING CODE 3210–01–P TKELLEY on DSK3SPTVN1PROD with NOTICES Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold a Closed Meeting on Thursday, November 13, 2014 at 2:00 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or her designee, has certified that, in her opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matter at the Closed Meeting. Commissioner Aguilar, as duty officer, voted to consider the items listed for the Closed Meeting in closed session. The subject matter of the Closed Meeting will be: Institution and settlement of injunctive actions; Institution settlement of administrative proceedings; Other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. 18:58 Nov 10, 2014 Jkt 235001 Dated: November 6, 2014. Brent J. Fields, Secretary. [FR Doc. 2014–26818 Filed 11–7–14; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73529; File No. SR– NYSEARCA–2014–128] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Proposing To Amend NYSE Arca Equities Rule 7.44(j) To Delete Reference to the Exchange’s Proprietary Data Feed When Disseminating the Retail Liquidity Identifier November 5, 2014. SECURITIES AND EXCHANGE COMMISSION VerDate Sep<11>2014 For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551–5400. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on October 28, 2014, NYSE Arca, Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with the Securities and Exchange Commission (‘‘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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to revise [sic] to amend NYSE Arca Equities Rule 7.44(j) to delete reference to the Exchange’s proprietary data feed. 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 1 15 U.S.C.78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. Frm 00055 Fmt 4703 A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing to amend NYSE Arca Equities Rule 7.44 (‘‘Rule 7.44’’), which governs the Exchange’s Retail Liquidity Program (‘‘Program’’) and is currently operating as a pilot, to delete reference to the Exchange’s proprietary data feed in Rule 7.44(j). Rule 7.44(j) currently provides, that ‘‘[a]n identifier shall be disseminated through the Consolidated Quotation System, the UTP Quote Data Feed, and the Exchange’s proprietary data feed when RPI interest priced at least $0.001 better than the PBB or PBO for a particular security is available in Exchange systems (‘Retail Liquidity Identifier’).’’ When the Exchange implemented the Program, it filed a rule proposal that specified that in connection with the implementation of the Program, the Exchange would begin disseminating the Retail Liquidity Identifier referenced in Rule 7.44(j) through the Consolidated Quotation System and the UTP Quote Data Feed (the ‘‘public data feeds’’). However, because of the differing technology associating with disseminating data via the Exchange’s proprietary data feed, the Exchange was not be able to disseminate the Retail Liquidity Identifier via the Exchange’s proprietary data feed on the initial implementation date of the Program. Accordingly, the Exchange proposed a separate implementation date for disseminating the Retail Liquidity Identifier via the Exchange’s proprietary data feed and would have announced that date via Trader Update.4 Because the Exchange does not have technology currently available to disseminate the Retail Liquidity Identifier over the Exchange’s proprietary data feed, the Exchange proposes to amend Rule 7.44(j) to delete the reference to the Exchange’s proprietary data feed. If the Exchange at a later date has the technology to disseminate the Retail Liquidity Indicator over its proprietary data feed, the Exchange will file a separate rule 4 See Securities Exchange Act Release No. 71960 (April 17, 2014), 79 FR 22746 (April 23, 2014) (SR– NYSEArca–2014–38). 2 15 PO 00000 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. Sfmt 4703 E:\FR\FM\12NON1.SGM 12NON1 Federal Register / Vol. 79, No. 218 / Wednesday, November 12, 2014 / Notices proposal pursuant to Rule 19(b)(1) of the Act 5 to amend Rule 7.44(j) to add back the reference to the proprietary data feeds. The Exchange believes that deleting the reference to the proprietary data feed in Rule 7.44 provides transparency in Exchange rules regarding over what data feeds the Retail Liquidity Indicator is available.6 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Act,7 in general, and furthers the objectives of Section 6(b)(5),8 in particular, in that it is designed to promote just and equitable principles of trade, 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. The Exchange believes that deleting reference to the proprietary data feed in Rule 7.44(j) is consistent with the Act because the Retail Liquidity Identifier has been and will continue to be available via the public data feeds. The Exchange further believes that the proposed rule change would protect investors and the public interest because information about Retail Liquidity Identifiers has been and continues to be available via the public data feeds. Pending the availability of technology to support the dissemination of the Retail Liquidity Indicator over the proprietary data feed, the Exchange believes that it removes impediments to and perfects the mechanism of a free and open market to delete reference to the proprietary data feed in Rule 7.44(j) because it would provide transparency in Exchange rules regarding how the Retail Liquidity Indicator is disseminated. 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. The Exchange notes that the Retail Liquidity Identifier has been and will continue to 5 See 15 U.S.C. 78s(b)(1). Exchange proposes a non-substantive change to Rule 7.44(j) to clarify that the Exchange would disseminate a Retail Liquidity Indicator through the Consolidated Quotation System or UTP Quote Data Feed, as applicable, i.e., that Retail Liquidity Indicators for Tape B symbols would be disseminated over the Consolidated Quotation System and Retail Liquidity Indicators for Tape C symbols would be disseminated over UTP Quote Data Feed, consistent with the Regulation NMS plans governing the respective public data feeds. 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). TKELLEY on DSK3SPTVN1PROD with NOTICES 6 The VerDate Sep<11>2014 17:55 Nov 10, 2014 Jkt 235001 be available via the public data feeds and therefore market participants will have access to information regarding the Retail Liquidity Identifiers. 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 9 and Rule 19b–4(f)(6) 10 thereunder because the proposal does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) by its terms, 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.11 A proposed rule change filed under Rule 19b–4(f)(6) normally may not become operative prior to 30 days after the date of filing. However, Rule 19b– 4(f)(6)(iii) 12 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay period. The Commission believes that waiver of the 30-day operative delay period is consistent with the protection of investors and the public interest. Specifically, the Commission believes that the proposal would provide clarity to the Exchange’s rules and would not affect the dissemination of the Retail Liquidity Identifier. For these reasons, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, and designates the proposed rule change to be operative upon filing with the Commission.13 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 11 In addition, Rule 19b–4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange’s intent to file the proposed rule change, along with a brief description and text of 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. The Exchange has satisfied this requirement. 12 17 CFR 240.19b–4(f)(6)(iii). 13 For purposes only of waiving the operative delay for this proposal, the Commission has 10 17 PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 67211 At any time within 60 days of the filing of the 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.14 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– NYSEArca–2014–128 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEArca–2014–128. 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., Washington, DC 20549, 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 office of the Exchange. All comments received will be posted without change; considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 14 15 U.S.C. 78s(b)(3)(C). E:\FR\FM\12NON1.SGM 12NON1 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

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 79, Number 218 (Wednesday, November 12, 2014)]
[Notices]
[Pages 67210-67212]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-26689]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73529; File No. SR-NYSEARCA-2014-128]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Proposing To Amend 
NYSE Arca Equities Rule 7.44(j) To Delete Reference to the Exchange's 
Proprietary Data Feed When Disseminating the Retail Liquidity 
Identifier

November 5, 2014.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given 
that, on October 28, 2014, NYSE Arca, Inc. (``Exchange'' or ``NYSE 
Arca'') filed with the Securities and Exchange Commission 
(``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 to revise [sic] to amend NYSE Arca Equities 
Rule 7.44(j) to delete reference to the Exchange's proprietary data 
feed. 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 is proposing to amend NYSE Arca Equities Rule 7.44 
(``Rule 7.44''), which governs the Exchange's Retail Liquidity Program 
(``Program'') and is currently operating as a pilot, to delete 
reference to the Exchange's proprietary data feed in Rule 7.44(j).
    Rule 7.44(j) currently provides, that ``[a]n identifier shall be 
disseminated through the Consolidated Quotation System, the UTP Quote 
Data Feed, and the Exchange's proprietary data feed when RPI interest 
priced at least $0.001 better than the PBB or PBO for a particular 
security is available in Exchange systems (`Retail Liquidity 
Identifier').'' When the Exchange implemented the Program, it filed a 
rule proposal that specified that in connection with the implementation 
of the Program, the Exchange would begin disseminating the Retail 
Liquidity Identifier referenced in Rule 7.44(j) through the 
Consolidated Quotation System and the UTP Quote Data Feed (the ``public 
data feeds''). However, because of the differing technology associating 
with disseminating data via the Exchange's proprietary data feed, the 
Exchange was not be able to disseminate the Retail Liquidity Identifier 
via the Exchange's proprietary data feed on the initial implementation 
date of the Program. Accordingly, the Exchange proposed a separate 
implementation date for disseminating the Retail Liquidity Identifier 
via the Exchange's proprietary data feed and would have announced that 
date via Trader Update.\4\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 71960 (April 17, 
2014), 79 FR 22746 (April 23, 2014) (SR-NYSEArca-2014-38).
---------------------------------------------------------------------------

    Because the Exchange does not have technology currently available 
to disseminate the Retail Liquidity Identifier over the Exchange's 
proprietary data feed, the Exchange proposes to amend Rule 7.44(j) to 
delete the reference to the Exchange's proprietary data feed. If the 
Exchange at a later date has the technology to disseminate the Retail 
Liquidity Indicator over its proprietary data feed, the Exchange will 
file a separate rule

[[Page 67211]]

proposal pursuant to Rule 19(b)(1) of the Act \5\ to amend Rule 7.44(j) 
to add back the reference to the proprietary data feeds. The Exchange 
believes that deleting the reference to the proprietary data feed in 
Rule 7.44 provides transparency in Exchange rules regarding over what 
data feeds the Retail Liquidity Indicator is available.\6\
---------------------------------------------------------------------------

    \5\ See 15 U.S.C. 78s(b)(1).
    \6\ The Exchange proposes a non-substantive change to Rule 
7.44(j) to clarify that the Exchange would disseminate a Retail 
Liquidity Indicator through the Consolidated Quotation System or UTP 
Quote Data Feed, as applicable, i.e., that Retail Liquidity 
Indicators for Tape B symbols would be disseminated over the 
Consolidated Quotation System and Retail Liquidity Indicators for 
Tape C symbols would be disseminated over UTP Quote Data Feed, 
consistent with the Regulation NMS plans governing the respective 
public data feeds.
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\7\ in general, and furthers the objectives of Section 6(b)(5),\8\ 
in particular, in that it is designed to promote just and equitable 
principles of trade, 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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that deleting reference to the proprietary 
data feed in Rule 7.44(j) is consistent with the Act because the Retail 
Liquidity Identifier has been and will continue to be available via the 
public data feeds. The Exchange further believes that the proposed rule 
change would protect investors and the public interest because 
information about Retail Liquidity Identifiers has been and continues 
to be available via the public data feeds. Pending the availability of 
technology to support the dissemination of the Retail Liquidity 
Indicator over the proprietary data feed, the Exchange believes that it 
removes impediments to and perfects the mechanism of a free and open 
market to delete reference to the proprietary data feed in Rule 7.44(j) 
because it would provide transparency in Exchange rules regarding how 
the Retail Liquidity Indicator is disseminated.

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. The Exchange notes that the 
Retail Liquidity Identifier has been and will continue to be available 
via the public data feeds and therefore market participants will have 
access to information regarding the Retail Liquidity Identifiers.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) \10\ thereunder because 
the proposal does not: (i) significantly affect the protection of 
investors or the public interest; (ii) impose any significant burden on 
competition; and (iii) by its terms, 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.\11\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to 
give the Commission written notice of the Exchange's intent to file 
the proposed rule change, along with a brief description and text of 
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. The Exchange has satisfied this 
requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally may 
not become operative prior to 30 days after the date of filing. 
However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission to designate 
a shorter time if such action is consistent with the protection of 
investors and the public interest. The Exchange has requested that the 
Commission waive the 30-day operative delay period. The Commission 
believes that waiver of the 30-day operative delay period is consistent 
with the protection of investors and the public interest. Specifically, 
the Commission believes that the proposal would provide clarity to the 
Exchange's rules and would not affect the dissemination of the Retail 
Liquidity Identifier. For these reasons, the Commission believes that 
waiving the 30-day operative delay is consistent with the protection of 
investors and the public interest, and designates the proposed rule 
change to be operative upon filing with the Commission.\13\
---------------------------------------------------------------------------

    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the 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.\14\
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

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-NYSEArca-2014-128 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2014-128. 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., 
Washington, DC 20549, 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 office of the Exchange. All 
comments received will be posted without change;

[[Page 67212]]

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.
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).

    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

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