Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of a Proposed Change Amending the Fees for NYSE MKT Proprietary Market Data as They Apply to Federal Agency Customers, 12150-12151 [2016-05119]
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Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77279; File No. SR–
NYSEMKT–2016–32]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Change Amending the Fees for NYSE
MKT Proprietary Market Data as They
Apply to Federal Agency Customers
March 3, 2016.
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 February
26, 2016, NYSE MKT LLC (the
‘‘Exchange’’ or ‘‘NYSE MKT’’) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
fees for NYSE MKT proprietary market
data as they apply to Federal agency
customers. The proposed 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.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend the
NYSE MKT Equities Proprietary Market
1 15
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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17:02 Mar 07, 2016
Jkt 238001
Data Fee Schedule (‘‘Fee Schedule’’), to
provide that market data fees do not
apply to any Federal agency for their
use of NYSE MKT real-time proprietary
market data products. The term
‘‘Federal agency’’ as used in the Fee
Schedule would include all Federal
agencies subject to the Federal
Acquisition Regulation (FAR),4 as well
as any Federal agency not subject to
FAR that has promulgated its own
procurement rules.5
The Exchange is proposing to specify
that access fees, professional user fees
and non-display fees do not apply to
Federal agencies for those products to
which those fees apply.6 The proposal
is designed to allow the Exchange to
provide Federal agencies with NYSE
MKT real-time proprietary market data
products at no cost in support of Federal
agencies’ regulatory responsibilities.
With the adoption of the proposed fee
waiver, the Exchange is not waiving any
of its contractual rights and all Federal
agencies that subscribe to NYSE MKT
real-time proprietary market data
products will be required to execute the
appropriate subscriber agreement,
which include [sic], among other things,
provisions against the redistribution of
data.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,7
in general, and Sections 6(b)(4) and
6(b)(5) of the Act,8 in particular, in that
it provides an equitable allocation of
reasonable fees among users and
recipients of the data and is not
designed to permit unfair
discrimination among customers,
issuers, and brokers.
The Exchange believes the proposal to
eliminate the access fees, display fees
for professional users, and non-display
fees associated with its proprietary
market data products for customers that
4 FAR is the principal set of rules governing the
process by which the U.S. federal government
purchases goods and services.
5 See 48 CFR 2.101. FAR defines ‘‘Federal
agency’’ as ‘‘any executive agency or any
independent establishment in the legislative or
judicial branch of the Government (except the
Senate, the House of Representatives, the Architect
of the Capitol, and any activities under the
Architect’s direction).’’ ‘‘Executive agency’’ is
defined as ‘‘an executive department, a military
department, or any independent establishment
within the meaning of 5 U.S.C. 101, 102, and
104(1), respectively, and any wholly owned
Government corporation within the meaning of 31
U.S.C. 9101.’’
6 These products are currently NYSE MKT
Integrated Feed, NYSE MKT OpenBook, NYSE MKT
BBO, NYSE MKT Trades and NYSE MKT Order
Imbalances.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4), (5).
PO 00000
Frm 00086
Fmt 4703
Sfmt 4703
are Federal agencies is reasonable,
equitable and not unfairly
discriminatory because it is designed to
facilitate federal government regulation
without giving an undue advantage to
one set of commercial users over
another. The Exchange believes that it is
reasonable to assess no fees to Federal
agencies that subscribe to the
Exchange’s proprietary market data
products because Federal agencies do
not use the Exchange’s proprietary
market data for commercial gain, but
only for regulatory purposes.
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. In setting the
proposed fees, the Exchange considered
the competitiveness of the market for
proprietary data and all of the
implications of that competition. The
Federal agencies that will benefit from
the proposed rule change, however, do
not use the Exchange’s proprietary
market data products for commercial
purposes and do not compete with
commercial users of the data. The
Exchange believes that it has considered
all relevant factors and has not
considered irrelevant factors in order to
establish fair, reasonable, and not
unreasonably discriminatory fees and an
equitable allocation of fees among all
users.
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 is effective
upon filing pursuant to Section
19(b)(3)(A) 9 of the Act and
subparagraph (f)(2) of Rule 19b–4 10
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
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
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
10 17
E:\FR\FM\08MRN1.SGM
08MRN1
Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 11 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:
asabaliauskas 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 rulecomments@sec.gov. Please include File
Number SR–NYSEMKT–2016–32 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–NYSEMKT–2016–32. 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 the
filing also will be available for
inspection and copying at the principal
office 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–
NYSEMKT–2016–32 and should be
submitted on or before March 29, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–05119 Filed 3–7–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77285; File No. SR–
NASDAQ–2016–029]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Access Services Fees Under Rule 7015
March 3, 2016.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
23, 2016, The NASDAQ Stock Market
LLC (‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III, below, which Items have been
prepared by the Exchange. 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 a proposal
to [sic] amend the Exchange’s Access
Services fees under Rule 7015 to: (i)
Assess a $25/port/month Disaster
Recovery Port fee applied to FIX
Trading Port [sic], OUCH, RASH, and
DROP protocol disaster recovery ports;
and (ii) assess a $100/port/month fee for
Trading Ports used in Test Mode.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://nasdaq.cchwallstreet.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
Exchange included statements
concerning the purpose of and basis for
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
11 15
U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
17:02 Mar 07, 2016
Jkt 238001
PO 00000
Frm 00087
Fmt 4703
Sfmt 4703
12151
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
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 aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change to Rule 7015 is to amend the
Exchange’s Access Services fees under
Rule 7015 to: (i) Assess a $25/port/
month Disaster Recovery Port fee
applied to FIX Trading Port [sic],
OUCH, RASH, and DROP protocol
disaster recovery ports; and (ii) assess a
$100/port/month fee for Trading Ports
used in Test Mode.
First Change
The Exchange is in the process of
transitioning its Disaster Recovery
(‘‘DR’’) functionality for the U.S.
equities and options markets from
Ashburn, VA to its new Chicago, IL data
center. The Exchange has invested and
installed new equipment in the Chicago
data center for client connectivity and
for the infrastructure of Exchange
systems. The Exchange chose Chicago as
the location of its new DR data center
as many other exchanges are using this
same location for a disaster recovery or
a primary location and, as a result,
many of our market participants have a
presence or connection at this location,
thus making it easier and less expensive
for many market participants to connect
to the Exchange for DR.
Under Rule 7015, member firms may
subscribe to DR ports, which provide
backup connectivity in the event of a
failure or disaster rendering their
primary connectivity at Carteret, NJ
subscribed to under Rule 7015
unavailable. To date, the Exchange has
transitioned its FIX Trading Ports,
OUCH, RASH, and DROP Ports to the
Chicago center from Ashburn.
Currently, the Exchange does not assess
a fee for any DR ports.
The Exchange has incurred an initial
cost associated with moving DR ports to
the Chicago center, including the
purchase of upgraded hardware and
physical space to house the DR ports,
which is more expensive than the
Ashburn location. The Exchange also
incurs ongoing costs in maintaining the
DR ports, including costs incurred
maintaining servers and their physical
E:\FR\FM\08MRN1.SGM
08MRN1
]]>Agencies
[Federal Register Volume 81, Number 45 (Tuesday, March 8, 2016)]
[Notices]
[Pages 12150-12151]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-05119]
[[Page 12150]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-77279; File No. SR-NYSEMKT-2016-32]
Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Change Amending the Fees for NYSE
MKT Proprietary Market Data as They Apply to Federal Agency Customers
March 3, 2016.
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 February 26, 2016, NYSE MKT LLC (the ``Exchange'' or
``NYSE MKT'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C.78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the fees for NYSE MKT proprietary
market data as they apply to Federal agency customers. The proposed
change is available on the Exchange's Web site at www.nyse.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the NYSE MKT Equities Proprietary
Market Data Fee Schedule (``Fee Schedule''), to provide that market
data fees do not apply to any Federal agency for their use of NYSE MKT
real-time proprietary market data products. The term ``Federal agency''
as used in the Fee Schedule would include all Federal agencies subject
to the Federal Acquisition Regulation (FAR),\4\ as well as any Federal
agency not subject to FAR that has promulgated its own procurement
rules.\5\
---------------------------------------------------------------------------
\4\ FAR is the principal set of rules governing the process by
which the U.S. federal government purchases goods and services.
\5\ See 48 CFR 2.101. FAR defines ``Federal agency'' as ``any
executive agency or any independent establishment in the legislative
or judicial branch of the Government (except the Senate, the House
of Representatives, the Architect of the Capitol, and any activities
under the Architect's direction).'' ``Executive agency'' is defined
as ``an executive department, a military department, or any
independent establishment within the meaning of 5 U.S.C. 101, 102,
and 104(1), respectively, and any wholly owned Government
corporation within the meaning of 31 U.S.C. 9101.''
---------------------------------------------------------------------------
The Exchange is proposing to specify that access fees, professional
user fees and non-display fees do not apply to Federal agencies for
those products to which those fees apply.\6\ The proposal is designed
to allow the Exchange to provide Federal agencies with NYSE MKT real-
time proprietary market data products at no cost in support of Federal
agencies' regulatory responsibilities. With the adoption of the
proposed fee waiver, the Exchange is not waiving any of its contractual
rights and all Federal agencies that subscribe to NYSE MKT real-time
proprietary market data products will be required to execute the
appropriate subscriber agreement, which include [sic], among other
things, provisions against the redistribution of data.
---------------------------------------------------------------------------
\6\ These products are currently NYSE MKT Integrated Feed, NYSE
MKT OpenBook, NYSE MKT BBO, NYSE MKT Trades and NYSE MKT Order
Imbalances.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\7\ in general, and
Sections 6(b)(4) and 6(b)(5) of the Act,\8\ in particular, in that it
provides an equitable allocation of reasonable fees among users and
recipients of the data and is not designed to permit unfair
discrimination among customers, issuers, and brokers.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4), (5).
---------------------------------------------------------------------------
The Exchange believes the proposal to eliminate the access fees,
display fees for professional users, and non-display fees associated
with its proprietary market data products for customers that are
Federal agencies is reasonable, equitable and not unfairly
discriminatory because it is designed to facilitate federal government
regulation without giving an undue advantage to one set of commercial
users over another. The Exchange believes that it is reasonable to
assess no fees to Federal agencies that subscribe to the Exchange's
proprietary market data products because Federal agencies do not use
the Exchange's proprietary market data for commercial gain, but only
for regulatory purposes.
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. In setting the proposed
fees, the Exchange considered the competitiveness of the market for
proprietary data and all of the implications of that competition. The
Federal agencies that will benefit from the proposed rule change,
however, do not use the Exchange's proprietary market data products for
commercial purposes and do not compete with commercial users of the
data. The Exchange believes that it has considered all relevant factors
and has not considered irrelevant factors in order to establish fair,
reasonable, and not unreasonably discriminatory fees and an equitable
allocation of fees among all users.
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 is effective upon filing pursuant to
Section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \10\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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
[[Page 12151]]
the purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings under Section 19(b)(2)(B) \11\
of the Act to determine whether the proposed rule change should be
approved or disapproved.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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-NYSEMKT-2016-32 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-NYSEMKT-2016-32.
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 the filing also will be
available for inspection and copying at the principal office 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-
NYSEMKT-2016-32 and should be submitted on or before March 29, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05119 Filed 3-7-16; 8:45 am]
BILLING CODE 8011-01-P
