Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Establishing the NYSE Integrated Feed Data Feed, 4951-4953 [2015-01647]
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Federal Register / Vol. 80, No. 19 / Thursday, January 29, 2015 / Notices
Submitting Comments’’ in the
SUPPLEMENTARY INFORMATION section of
this document.
FOR FURTHER INFORMATION CONTACT:
David Stroup, Office of Nuclear
Regulatory Research, U.S. Nuclear
Regulatory Commission, Washington,
DC 20555–0001, telephone: 301–251–
7609, email: David.Stroup@nrc.gov.
SUPPLEMENTARY INFORMATION:
I. Obtaining Information and
Submitting Comments
mstockstill on DSK4VPTVN1PROD with NOTICES
A. Obtaining Information
Please refer to Docket ID NRC–2014–
0206 when contacting the NRC about
the availability of information regarding
this document. You may obtain
publicly-available information related to
this action by the following methods:
• Federal eRulemaking Web site: Go
to https://www.regulations.gov and
search for Docket ID NRC–2014–0206.
• NRC’s Agencywide Documents
Access and Management System
(ADAMS): You may obtain publiclyavailable documents online in the
ADAMS Public Documents collection at
https://www.nrc.gov/reading-rm/
adams.html. To begin the search, select
‘‘ADAMS Public Documents’’ and then
select ‘‘Begin Web-based ADAMS
Search.’’ For problems with ADAMS,
please contact the NRC’s Public
Document Room (PDR) reference staff at
1–800–397–4209, 301–415–4737, or by
email to pdr.resource@nrc.gov. The
ADAMS accession number for each
document referenced (if it is available in
ADAMS) is provided the first time that
a document is referenced. Draft
NUREG–1824 (EPRI 3002002182),
‘‘Verification and Validation of Selected
Fire Models for Nuclear Power Plant
Applications, Supplement 1’’ is
available in ADAMS under Accession
No. ML14338A237.
• NRC’s PDR: You may examine and
purchase copies of public documents at
the NRC’s PDR, Room O1–F21, One
White Flint North, 11555 Rockville
Pike, Rockville, Maryland 20852.
B. Submitting Comments
Please include Docket ID NRC–2014–
0206 in the subject line of your
comment submission, in order to ensure
that the NRC is able to make your
comment submission available to the
public in this docket.
The NRC cautions you not to include
identifying or contact information that
you do not want to be publicly
disclosed in your comment submission.
The NRC posts all comment
submissions at https://
www.regulations.gov as well as entering
the comment submissions into ADAMS.
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18:16 Jan 28, 2015
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The NRC does not routinely edit
comment submissions to remove
identifying or contact information.
If you are requesting or aggregating
comments from other persons for
submission to the NRC, then you should
inform those persons not to include
identifying or contact information that
they do not want to be publicly
disclosed in their comment submission.
Your request should state that the NRC
does not routinely edit comment
submissions to remove such information
before making the comment
submissions available to the public or
entering the comment submissions into
ADAMS.
II. Further Information
In 2007, the NRC’s Office of Nuclear
Regulatory Research and the Electric
Power Research Institute (EPRI) under a
joint Memorandum of Understanding,
together with the National Institute of
Standards and Technology, conducted a
research project to verify and validate
five fire models that have been used for
nuclear power plant applications. The
results of that effort were documented
in a seven-volume report, NUREG–1824
(EPRI 1011999), Verification &
Validation of Selected Fire Models for
Nuclear Power Plant Applications.
Technical review of fire models is
necessary to ensure that analysts can
judge the adequacy of the scientific and
technical basis for the models, select
models appropriate for a desired use,
and understand the levels of confidence
that can be placed in the results
predicted by the models. The work was
performed using state of the art fire
dynamics calculation methods/models
and the most applicable fire test data.
The NUREG–1824 (EPRI 3002002182),
Verification & Validation of Selected
Fire Models for Nuclear Power Plant
Applications, Supplement 1, expands
on the previous verification and
validation effort and evaluates the latest
versions of the five fire models
including additional test data for
validation of the models. As with the
previous effort, the results are reported
in the form of ranges of accuracies for
the fire model predictions and, the
project was performed in accordance
with the guidelines that the American
Society for Testing and Materials
(ASTM) set forth in ASTM E 1355–12,
Standard Guide for Evaluating the
Predictive Capability of Deterministic
Fire Models (2012).
Dated at Rockville, Maryland, this 15th day
of January, 2015.
PO 00000
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For the Nuclear Regulatory Commission.
Mark H. Salley,
Chief, Fire Research Branch Division of Risk
Analysis, Office of Nuclear Regulatory
Research.
[FR Doc. 2015–01708 Filed 1–28–15; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74128; File No. SR–NYSE–
2015–03]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Establishing
the NYSE Integrated Feed Data Feed
January 23, 2015.
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 January
21, 2015, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to establish
the NYSE Integrated Feed (‘‘NYSE
Integrated Feed’’) 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.
1 15
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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Federal Register / Vol. 80, No. 19 / Thursday, January 29, 2015 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
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1. Purpose
The Exchange proposes to establish
the NYSE Integrated Feed. The NYSE
Integrated Feed would provide real-time
market data in a unified view of events,
in sequence, as they appear on the
NYSE matching engines. The NYSE
Integrated Feed would include depth of
book order data, last sale data, and
opening and closing imbalance data.
The NYSE Integrated Feed would also
include security status updates (e.g.,
trade corrections and trading halts) and
stock summary messages. The stock
summary message updates every minute
and includes NYSE’s opening price,
high price, low price, closing price, and
cumulative volume for the security. The
NYSE Integrated Feed would include
information currently available from
three existing NYSE real-time market
data feeds: NYSE OpenBook,4 which
provides a compilation of all limit
orders resident in the NYSE limit order
book; NYSE Trades,5 which provides
NYSE last sale information on a realtime basis; and NYSE Order
Imbalances,6 which publishes order
imbalance information prior to the
opening and closing of trading.7
The Exchange proposes to offer the
NYSE Integrated Feed through the
Exchange’s Liquidity Center Network
(‘‘LCN’’), a local area network in the
Exchange’s Mahwah, New Jersey data
center that is available to users of the
Exchange’s co-location services. The
Exchange also would offer the NYSE
Integrated Feed through the Exchange’s
Secure Financial Transaction
Infrastructure (‘‘SFTI’’) network,
through which all other users and
member organizations access the
Exchange’s trading and execution
systems and other proprietary market
data products.
Offering an integrated product
addresses requests received from
vendors and subscribers that would like
4 See Securities Exchange Act Release Nos. 44962
(Oct. 15, 2001), 66 FR 554562 (Oct. 29, 2001) (SR–
NYSE–2001–42); 54594 (Oct. 6, 2006), 71 FR 61819
(Oct. 19, 2006) (SR–NYSE–2006–81); 56384 (Aug.
30, 2007), 72 FR 53271 (SR–NYSE–2007–80).
5 See Securities Exchange Act Release Nos. 59290
(Jan. 23, 2009), 74 FR 5707 (Jan. 30, 2009) (SR–
NYSE–2009–05); 59606 (Mar. 19, 2009), 74 FR
13293 (Mar. 26, 2009) (SR–NYSE–2009–04).
6 See Securities Exchange Act Release Nos. 59543
(March 9, 2009), 74 FR 11159 (March 16, 2009) (SR–
NYSE–2008–132); 60153 (June 19, 2009), 74 FR
30656 (June 26, 2009) (SR–NYSE–2009–49).
7 Neither this filing nor the later filing
establishing fees for the NYSE Integrated Feed will
have any effect on the filings for NYSE Openbook,
NYSE Trades, or NYSE Order Imbalances.
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to receive the data described above in an
integrated fashion. An integrated data
feed would provide greater efficiencies
and reduce errors for vendors and
subscribers that currently choose to
integrate the data after receiving it from
the Exchange. The Exchange believes
that providing vendors and subscribers
with the option of a market data product
that both integrates existing products
and includes additional market data
would allow vendors and subscribers to
choose the best solution for their
specific businesses.
The Exchange will file a separate rule
filing to establish the fees for the NYSE
Integrated Feed and will announce the
date that the NYSE Integrated Feed will
be available through an NYSE Market
Data Notice.
2. Statutory Basis
The Exchange believes that 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. This
proposal is in keeping with those
principles in that it promotes increased
transparency through the dissemination
of the NYSE Integrated Feed to those
interested in receiving it.
The Exchange also believes this
proposal is consistent with Section
6(b)(5) of the Act because it protects
investors and the public interest and
promotes just and equitable principles
of trade by providing investors with
new options for receiving market data as
requested by market data vendors and
purchasers. The proposed rule change
would benefit investors by facilitating
their prompt access to the real-time
information contained in the NYSE
Integrated Feed.
In adopting Regulation NMS, the
Commission granted self-regulatory
organizations (‘‘SROs’’) and broker
dealers increased authority and
flexibility to offer new and unique
market data to consumers of such data.
It was believed that this authority would
expand the amount of data available to
8 15
9 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00100
Fmt 4703
Sfmt 4703
users and consumers of such data and
also spur innovation and competition
for the provision of market data. The
Exchange believes that the NYSE
Integrated Feed is precisely the sort of
market data product that the
Commission envisioned when it
adopted Regulation NMS. The
Commission concluded that Regulation
NMS would itself further the Act’s goals
of facilitating efficiency and
competition:
Efficiency is promoted when brokerdealers who do not need the data beyond the
prices, sizes, market center identifications of
the NBBO and consolidated last sale
information are not required to receive (and
pay for) such data. The Commission also
believes that efficiency is promoted when
broker-dealers may choose to receive (and
pay for) additional market data based on their
own internal analysis of the need for such
data.10
The Exchange further notes that the
existence of alternatives to the
Exchange’s product, including real-time
consolidated data, free delayed
consolidated data, and proprietary data
from other sources, as well as the
continued availability of the Exchange’s
separate data feeds, ensures that the
Exchange is not unreasonably
discriminatory because vendors and
subscribers can elect these alternatives
as their individual business cases
warrant.
The NYSE Integrated Feed will help
to protect a free and open market by
providing additional data to the
marketplace and by giving investors
greater choices. In addition, the
proposal would not permit unfair
discrimination because the product will
be available to all of the Exchange’s
customers and broker-dealers through
both the LCN and SFTI.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,11 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 other exchanges already offer
similar products, the Exchange’s
proposed NYSE Integrated Feed will
enhance competition. The NYSE
Integrated Feed will foster competition
by providing an alternative to similar
products offered by other exchanges,
including the NYSE Arca Integrated
10 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496 (June 29, 2005)
(‘‘Regulation NMS Adopting Release’’).
11 15 U.S.C. 78f(b)(8).
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Federal Register / Vol. 80, No. 19 / Thursday, January 29, 2015 / Notices
Feed,12 offered by the Exchange’s
affiliate, NYSE Arca, Inc. (‘‘NYSE
Arca’’), Nasdaq TotalView–Itch,13
offered by The Nasdaq Stock Market,
Inc., and BATS Multicast Pitch,14
offered by BATS Global Markets. This
proposed new data feed provides
investors with new options for receiving
market data, which was a primary goal
of the market data amendments adopted
by Regulation NMS.15
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
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The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 16 and Rule
19b–4(f)(6) thereunder.17 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 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,18 the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act and Rule
19b–4(f)(6)(iii) thereunder.
12 See NYSE Arca Integrated Feed, https://
www.nyxdata.com/page/1084 (last visited January
5, 2015)(data feed that provides a unified view of
events, in sequence as they appear on the NYSE
Arca matching engine, including depth of book,
trades, order imbalance data, and security status
messages).
13 See Nasdaq TotalView–ITCH, https://
www.nasdaqtrader.com/Trader.aspx?id=Totalview2
(last visited January 5, 2015)(displays the full order
book depth for Nasdaq market participants and also
disseminates the Net Order Imbalance Indicator
(NOII) for the Nasdaq Opening and Closing Crosses
and Nasdaq IPO/Halt Cross).
14 See BATS Multicast PITCH, https://
www.batstrading.com/market_data/products/ (last
visited January 5, 2015)(real-time depth of book
quotations and execution information).
15 See Regulation NMS Adopting Release, supra,
at 37503.
16 15 U.S.C. 78s(b)(3)(A)(iii).
17 17 CFR 240.19b–4(f)(6).
18 The Exchange has satisfied this requirement.
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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) 19 of the Act to
determine whether the proposed rule
change should be approved or
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 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–2015–03 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–2015–03. 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 Section, 100 F Street NE.,
Washington, DC 20549–1090, 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
19 15
PO 00000
U.S.C. 78s(b)(2)(B).
Frm 00101
Fmt 4703
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4953
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–
2015–03 and should be submitted on or
before February 19, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Brent J. Fields,
Secretary.
[FR Doc. 2015–01647 Filed 1–28–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74126; File No. SR–ISE–
2014–24]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Designation of Longer
Period for Commission Action on
Proposed Rule Change To Modify the
Opening Process
January 23, 2015.
On November 19, 2014, International
Securities Exchange, LLC (‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to modify the manner in which
the Exchange’s trading system opens
trading at the beginning of the day and
after trading halts and to codify certain
existing functionality within the trading
system regarding opening and reopening
of options classes traded on the
Exchange. The proposed rule change
was published for comment in the
Federal Register on December 10,
2014.3 The Commission has received no
comment letters on the proposal.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
20 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 73736
(December 4, 2014), 79 FR 73354.
4 15 U.S.C. 78s(b)(2).
1 15
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]]>Agencies
[Federal Register Volume 80, Number 19 (Thursday, January 29, 2015)]
[Notices]
[Pages 4951-4953]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-01647]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74128; File No. SR-NYSE-2015-03]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Establishing the NYSE Integrated Feed Data Feed
January 23, 2015.
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 January 21, 2015, 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 to establish the NYSE Integrated Feed (``NYSE
Integrated Feed'') 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.
[[Page 4952]]
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 establish the NYSE Integrated Feed. The
NYSE Integrated Feed would provide real-time market data in a unified
view of events, in sequence, as they appear on the NYSE matching
engines. The NYSE Integrated Feed would include depth of book order
data, last sale data, and opening and closing imbalance data. The NYSE
Integrated Feed would also include security status updates (e.g., trade
corrections and trading halts) and stock summary messages. The stock
summary message updates every minute and includes NYSE's opening price,
high price, low price, closing price, and cumulative volume for the
security. The NYSE Integrated Feed would include information currently
available from three existing NYSE real-time market data feeds: NYSE
OpenBook,\4\ which provides a compilation of all limit orders resident
in the NYSE limit order book; NYSE Trades,\5\ which provides NYSE last
sale information on a real-time basis; and NYSE Order Imbalances,\6\
which publishes order imbalance information prior to the opening and
closing of trading.\7\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release Nos. 44962 (Oct. 15,
2001), 66 FR 554562 (Oct. 29, 2001) (SR-NYSE-2001-42); 54594 (Oct.
6, 2006), 71 FR 61819 (Oct. 19, 2006) (SR-NYSE-2006-81); 56384 (Aug.
30, 2007), 72 FR 53271 (SR-NYSE-2007-80).
\5\ See Securities Exchange Act Release Nos. 59290 (Jan. 23,
2009), 74 FR 5707 (Jan. 30, 2009) (SR-NYSE-2009-05); 59606 (Mar. 19,
2009), 74 FR 13293 (Mar. 26, 2009) (SR-NYSE-2009-04).
\6\ See Securities Exchange Act Release Nos. 59543 (March 9,
2009), 74 FR 11159 (March 16, 2009) (SR-NYSE-2008-132); 60153 (June
19, 2009), 74 FR 30656 (June 26, 2009) (SR-NYSE-2009-49).
\7\ Neither this filing nor the later filing establishing fees
for the NYSE Integrated Feed will have any effect on the filings for
NYSE Openbook, NYSE Trades, or NYSE Order Imbalances.
---------------------------------------------------------------------------
The Exchange proposes to offer the NYSE Integrated Feed through the
Exchange's Liquidity Center Network (``LCN''), a local area network in
the Exchange's Mahwah, New Jersey data center that is available to
users of the Exchange's co-location services. The Exchange also would
offer the NYSE Integrated Feed through the Exchange's Secure Financial
Transaction Infrastructure (``SFTI'') network, through which all other
users and member organizations access the Exchange's trading and
execution systems and other proprietary market data products.
Offering an integrated product addresses requests received from
vendors and subscribers that would like to receive the data described
above in an integrated fashion. An integrated data feed would provide
greater efficiencies and reduce errors for vendors and subscribers that
currently choose to integrate the data after receiving it from the
Exchange. The Exchange believes that providing vendors and subscribers
with the option of a market data product that both integrates existing
products and includes additional market data would allow vendors and
subscribers to choose the best solution for their specific businesses.
The Exchange will file a separate rule filing to establish the fees
for the NYSE Integrated Feed and will announce the date that the NYSE
Integrated Feed will be available through an NYSE Market Data Notice.
2. Statutory Basis
The Exchange believes that 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. This proposal is in keeping with those principles in that it
promotes increased transparency through the dissemination of the NYSE
Integrated Feed to those interested in receiving it.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange also believes this proposal is consistent with Section
6(b)(5) of the Act because it protects investors and the public
interest and promotes just and equitable principles of trade by
providing investors with new options for receiving market data as
requested by market data vendors and purchasers. The proposed rule
change would benefit investors by facilitating their prompt access to
the real-time information contained in the NYSE Integrated Feed.
In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker dealers increased authority and
flexibility to offer new and unique market data to consumers of such
data. It was believed that this authority would expand the amount of
data available to users and consumers of such data and also spur
innovation and competition for the provision of market data. The
Exchange believes that the NYSE Integrated Feed is precisely the sort
of market data product that the Commission envisioned when it adopted
Regulation NMS. The Commission concluded that Regulation NMS would
itself further the Act's goals of facilitating efficiency and
competition:
Efficiency is promoted when broker-dealers who do not need the
data beyond the prices, sizes, market center identifications of the
NBBO and consolidated last sale information are not required to
receive (and pay for) such data. The Commission also believes that
efficiency is promoted when broker-dealers may choose to receive
(and pay for) additional market data based on their own internal
analysis of the need for such data.\10\
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\10\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005) (``Regulation NMS Adopting
Release'').
The Exchange further notes that the existence of alternatives to
the Exchange's product, including real-time consolidated data, free
delayed consolidated data, and proprietary data from other sources, as
well as the continued availability of the Exchange's separate data
feeds, ensures that the Exchange is not unreasonably discriminatory
because vendors and subscribers can elect these alternatives as their
individual business cases warrant.
The NYSE Integrated Feed will help to protect a free and open
market by providing additional data to the marketplace and by giving
investors greater choices. In addition, the proposal would not permit
unfair discrimination because the product will be available to all of
the Exchange's customers and broker-dealers through both the LCN and
SFTI.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\11\ 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 other exchanges already offer similar
products, the Exchange's proposed NYSE Integrated Feed will enhance
competition. The NYSE Integrated Feed will foster competition by
providing an alternative to similar products offered by other
exchanges, including the NYSE Arca Integrated
[[Page 4953]]
Feed,\12\ offered by the Exchange's affiliate, NYSE Arca, Inc. (``NYSE
Arca''), Nasdaq TotalView-Itch,\13\ offered by The Nasdaq Stock Market,
Inc., and BATS Multicast Pitch,\14\ offered by BATS Global Markets.
This proposed new data feed provides investors with new options for
receiving market data, which was a primary goal of the market data
amendments adopted by Regulation NMS.\15\
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\11\ 15 U.S.C. 78f(b)(8).
\12\ See NYSE Arca Integrated Feed, https://www.nyxdata.com/page/1084 (last visited January 5, 2015)(data feed that provides a
unified view of events, in sequence as they appear on the NYSE Arca
matching engine, including depth of book, trades, order imbalance
data, and security status messages).
\13\ See Nasdaq TotalView-ITCH, https://www.nasdaqtrader.com/Trader.aspx?id=Totalview2 (last visited January 5, 2015)(displays
the full order book depth for Nasdaq market participants and also
disseminates the Net Order Imbalance Indicator (NOII) for the Nasdaq
Opening and Closing Crosses and Nasdaq IPO/Halt Cross).
\14\ See BATS Multicast PITCH, https://www.batstrading.com/market_data/products/ (last visited January 5, 2015)(real-time depth
of book quotations and execution information).
\15\ See Regulation NMS Adopting Release, supra, at 37503.
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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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
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,\18\ the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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\16\ 15 U.S.C. 78s(b)(3)(A)(iii).
\17\ 17 CFR 240.19b-4(f)(6).
\18\ The Exchange has satisfied this requirement.
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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) \19\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\19\ 15 U.S.C. 78s(b)(2)(B).
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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-2015-03 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-2015-03. 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 Section, 100 F Street
NE., Washington, DC 20549-1090, 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-2015-03 and should be
submitted on or before February 19, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-01647 Filed 1-28-15; 8:45 am]
BILLING CODE 8011-01-P
