Product Change-First-Class Package Service Negotiated Service Agreement, 96527 [2016-31674]
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Federal Register / Vol. 81, No. 251 / Friday, December 30, 2016 / Notices
POSTAL SERVICE
Product Change—First-Class Package
Service Negotiated Service Agreement
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective date: December 30,
2016.
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on December 22,
2016, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add First-Class
Package Service Contract 72 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2017–70, CP2017–98.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Exchange’s transaction fees at Rule 7019
(Market Data Distributor Fees) to (i)
increase the Monthly Internal
Distributor Fee from $500 to $750 for
BX TotalView, and (ii) increase the
Monthly External Distributor Fee from
$1,250 to $1,500 for BX TotalView, as
described further below.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://nasdaqbx.cchwallstreet.com/,
at the principal office of the Exchange,
and at the Commission’s Public
Reference Room.
BILLING CODE 7710–12–P
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
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.
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SUPPLEMENTARY INFORMATION:
Stanley F. Mires,
Attorney, Federal Compliance.
[FR Doc. 2016–31674 Filed 12–29–16; 8:45 am]
[Release No. 34–79690; File No. SR–BX–
2016–073]
Self-Regulatory Organizations;
NASDAQ BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Amend the Exchange’s
Transaction Fees at Rule 7019 (Market
Data Distributor Fees)
srobinson on DSK5SPTVN1PROD with NOTICES
December 23, 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 December
20, 2016, NASDAQ BX, Inc. (‘‘BX’’ or
‘‘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.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Sep<11>2014
19:18 Dec 29, 2016
Jkt 241001
1. Purpose
The purpose of the proposed rule
change is to increase the Monthly
Internal Distributor Fee from $500 to
$750 for BX TotalView, and to increase
the Monthly External Distributor Fee
from $1,250 to $1,500 for BX TotalView.
TotalView is a proprietary feed that
provides subscribers with full depth-ofbook data on BX for Nasdaq-listed
securities and securities not listed on
Nasdaq. TotalView allows customers to
view all displayed quotes and orders
attributed to specific market
participants at every price level on BX,
access total displayed anonymous
interest at every price level on BX, and
to see the total size of all displayed
quotes and orders on BX. TotalView
also offers trade data for BX executions
that occur on BX.
Customers may access TotalView as
either a Distributor, or through Direct
Access. Rule 7019(b) defines a
‘‘distributor’’ of Exchange data as ‘‘any
entity that receives a feed or data file of
Exchange data directly from the
Exchange or indirectly through another
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96527
entity and then distributes it either
internally (within that entity) or
externally (outside that entity).’’ 3 Rule
7019(c) defines ‘‘Direct Access’’ as ‘‘a
telecommunications interface with the
Exchange for receiving Exchange data,
or receiving an Exchange data feed
within the Exchange co-location facility,
or receiving Exchange data via an
Extranet access provider or other such
provider that is fee-liable under 7025.’’ 4
The Exchange proposed the
TotalView fees, among others, in 2009,
following its acquisition by Nasdaq, Inc.
and the resumption of its cash equities
trading business.5 The Exchange
proposed that Distributors of TotalView
would pay a $500 monthly fee to
distribute the data feed internally (i.e.,
to employees) and a $1,250 monthly fee
to distribute to external customers.6
In support of these fees, the Exchange
noted that the TotalView fee structure is
similar to the structure for the
TotalView data product offered by The
NASDAQ Stock Market LLC (‘‘Nasdaq’’),
but that the overall level of fees is lower
than for Nasdaq TotalView. The lower
fee levels for BX TotalView reflected the
start-up nature of the Exchange’s new
equities trading platform, and was
designed help to attract order flow to
the Exchange, since, at its inception, the
Exchange had zero market share and
therefore set its fees, including data fees,
with a view to attracting order flow.
Finally, the Exchange noted that the
alternatives that exist for market
participants to determine market
depth—such as other depth of book
products that may be associated with
markets with more liquidity, or order
routing strategies designed to ascertain
market depth—provided incentives for
the Exchange to ensure that its fees for
BX TotalView were set reasonably.7
With this proposal, BX proposes to
increase the Monthly Internal
Distributor Fee from $500 to $750 for
BX TotalView, and increase the
Monthly External Distributor Fee from
3 See Rule 7019(b). The Rule also provides that all
distributors shall execute an Exchange distributor
agreement, and states that the Exchange itself is a
vendor of its data feed(s) and has executed an
Exchange distributor agreement and pays the
distributor charge. Id.
4 See Rule 7019(c).
5 See Securities Exchange Act Release No. 59307
(January 28, 2009), 74 FR 6069 (February 4, 2009)
(Notice of filing of SR–BX–2009–005). BX proposed,
for the first year of BX’s operation, to make
TotalView available free of charge. Id.
6 Id. The Exchange also proposed that Distributors
pay a $1,000 monthly fee to receive the data
directly from the Exchange, since the Exchange
incurs costs to support the connection to each
direct Distributor; indirect Distributors (i.e., those
receiving data from a direct Distributor) would not
pay this charge.
7 Id.
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]]>Agencies
[Federal Register Volume 81, Number 251 (Friday, December 30, 2016)]
[Notices]
[Page 96527]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-31674]
[[Page 96527]]
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POSTAL SERVICE
Product Change--First-Class Package Service Negotiated Service
Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Effective date: December 30, 2016.
FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202-268-3179.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
December 22, 2016, it filed with the Postal Regulatory Commission a
Request of the United States Postal Service to Add First-Class Package
Service Contract 72 to Competitive Product List. Documents are
available at www.prc.gov, Docket Nos. MC2017-70, CP2017-98.
Stanley F. Mires,
Attorney, Federal Compliance.
[FR Doc. 2016-31674 Filed 12-29-16; 8:45 am]
BILLING CODE 7710-12-P
