Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment Nos. 1-4, To Amend the Co-Location Services Offered by the Exchange To Add Certain Access and Connectivity Fees, 10827-10828 [2017-02996]

Download as PDF Federal Register / Vol. 82, No. 30 / Wednesday, February 15, 2017 / Notices based on existing provisions of current Rule 440H—Equities relating to Activity Assessment Fees without any substantive differences. The Exchange proposes to move the rule text to Rule 2.17E to use rule numbering for Pillar that is consistent with the Framework Filing, with non-substantive differences to use Pillar terminology, and not move obsolete rule text. 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 proposed change is designed to propose rules to support the Exchange’s new Pillar trading platform, which would be a fully automated cash equities trading market that trades all NMS Stocks and is based on the rules of NYSE Arca Equities. The Exchange operates in a highly competitive environment in which its unaffiliated exchange competitors operate multiple affiliated exchanges that operate under common rules. By moving the Exchange to a fully automated trading model that trades all NMS Stocks, the Exchange believes that it will be able to compete on a more level playing field with its exchange competitors that similarly trade all NMS Stocks on fully automated trading models. In addition, by basing its rules on those of NYSE Arca Equities, the Exchange will provide its members with consistency across affiliated exchanges, thereby enabling the Exchange to compete with unaffiliated exchange competitors that similarly operate multiple exchanges on the same trading platforms. 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. mstockstill on DSK3G9T082PROD with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change, or VerDate Sep<11>2014 18:44 Feb 14, 2017 Jkt 241001 (B) institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– NYSEMKT–2017–01 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–NYSEMKT–2017–01. 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 (http://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–2017–01 and should be submitted on or before March 8, 2017. 42 17 PO 00000 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.42 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–02990 Filed 2–14–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–80002; File No. SR–NYSE– 2016–45] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment Nos. 1–4, To Amend the Co-Location Services Offered by the Exchange To Add Certain Access and Connectivity Fees February 9, 2017. On July 29, 2016, the New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘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 (1) provide additional information regarding access to various NYSE trading and execution services and establish fees for connectivity to certain NYSE market data feeds; and (2) provide and establish fees for connectivity to data feeds from third party markets and other content service providers; access to the trading and execution services of Third Party markets and other content service providers; connectivity to Depository Trust & Clearing Corporation services; connectivity to third party testing and certification feeds; and the use of virtual control circuits by Users in the Data Center. The Commission published the proposed rule change for comment in the Federal Register on August 17, 2016.3 The Exchange filed Amendment No. 1 to the proposed rule change on August 16, 2016.4 The Commission 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 34– 78556 (August 11, 2016), 81 FR 54877. 4 Amendment No. 1 (i) amended the third party data feed MSCI from 20 Gigabits (‘‘Gb’’) to 25 Gb and amended the price from $2000 to $1200; (ii) clarified the costs associated with providing a greater amount of bandwidth for Premium NYSE Data Products for a particular market as compared to the bandwidth requirements for the Included Data Products for that same market; (iii) provided further details on Premium NYSE Data Products, 2 17 CFR 200.30–3(a)(12). Frm 00094 Fmt 4703 Sfmt 4703 10827 Continued E:\FR\FM\15FEN1.SGM 15FEN1 10828 Federal Register / Vol. 82, No. 30 / Wednesday, February 15, 2017 / Notices mstockstill on DSK3G9T082PROD with NOTICES published Amendment No. 1 for comment in the Federal Register on September 26, 2016.5 The Commission received one comment in response to the proposed rule change, as modified by Amendment No. 1, to which the Exchange responded.6 On October 4, 2016, the Commission extended the time period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to approve or disapprove the proposed rule change to November 15, 2016.7 On November 2, 2016, the Exchange filed Amendment No. 2 to the proposed rule change.8 On November 21, 2016, the Commission instituted proceedings to determine whether to approve or disapprove the proposed rule change, as modified by Amendment Nos. 1 and 2.9 Following the Order Instituting Proceedings, the Commission received several additional comment letters.10 On December 9, 2016, the Exchange filed Amendment No. 3 to the proposed including their composition, product release dates, and further detail on the reasonableness of their applicable fees; (iv) added an explanation for the varying fee differences for the same Gb usage for third party data feeds, DTCC, and Virtual Control Circuit. 5 See Securities Exchange Act Release No. 34– 78887 (September 20, 2016), 81 FR 66095. 6 See letter to Brent J. Fields, Secretary, Commission, from John Ramsay, Chief Market Policy Officer, Investors Exchange LLC (‘‘IEX Letter I’’), dated September 9, 2016. On September 23, 2016, the NYSE submitted a response to the IEX letter (‘‘Response Letter I’’) which is available at https://www.sec.gov/ comments/sr-nyse-2016-45/nyse201645-3.pdf. 7 See Securities Exchange Act Release No. 34– 78966 (September 28, 2016), 81 FR 68475. 8 Amendment No. 2 is available on the Commission’s Web site at https://www.sec.gov/ comments/sr-nyse-2016-45/nyse201645-4.pdf. 9 See Securities Exchange Act Release 34–79316 (November 15, 2016), 81 FR 83303. 10 See letter to Brent J. Fields, Commission, from Adam C. Cooper, Senior Managing Director and Chief Legal Officer, Citadel Securities, dated December 12, 2016 (‘‘Citadel Letter’’); letter to Brent J. Fields, Commission, from Melissa MacGregor, Managing Director and Associate General Counsel, SIFMA, dated December 12, 2016 (‘‘SIFMA Letter I’’); letter to Brent J. Fields, Commission, from Joe Wald, Chief Executive Officer, Clearpool Group, dated December 16, 2016 (‘‘Clearpool Letter’’); letter to Brent J. Fields, Secretary, Commission, from John Ramsay, Chief Market Policy Officer, Investors Exchange LLC (IEX), dated December 21, 2016 (‘‘IEX Letter II’’); letter to Brent J. Fields, Commission, from David L. Cavicke, Chief Legal Officer, Wolverine LLC (‘‘Wolverine Letter’’); letter to Bent J. Fields, Secretary, Commission, from Stefano Durdic, Managing Director, R2G Services, LLC, dated January 21, 2017 (‘‘R2G Letter’’); letter to Brent J. Fields, Commission, from Melissa MacGregor, Managing Director and Associate General Counsel, SIFMA, dated February 6, 2017 (‘‘SIFMA Letter II’’). All comments received by the Commission on the proposed rule change are available on the Commission’s Web site at: https:// www.sec.gov/comments/sr-nyse-2016-45/ nyse201645.shtml. VerDate Sep<11>2014 18:44 Feb 14, 2017 Jkt 241001 rule change.11 Amendment No. 3, which supersedes and replaces the proposed rule change, as modified by Amendment Nos. 1 and 2, in its entirety, was published for comment in the Federal Register on December 29, 2016.12 On January 17, 2017, the Exchange responded to the comment letters submitted after the OIP and prior to January 17, 2017.13 On February 7, 2017, the Exchange filed Amendment No. 4 to the proposed rule change.14 Section 19(b)(2) of the Act15 provides that, after initiating proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of the filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for notice and comment in the Federal Register on August 17, 2016.16 February 13, 2017 is 180 days from that date, and April 14, 2017 is an additional 60 days from that date. The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment Nos. 1–4, the issues raised in the comment letters that have been submitted in connection therewith, and the Exchange’s response to the comments. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,17 designates April 14, 2017 as the date by which the Commission should either approve or disapprove the proposed rule change, as modified by Amendments Nos. 1–4. 11 Amendment No. 3, as filed by the Exchange, is available at https://www.sec.gov/comments/sr-nyse2016-45/nyse201645-5.pdf. 12 See Securities Exchange Act Release No. 34– 79674 (December 22, 2016), 81 FR 96053 (‘‘Notice of Current Proposal’’). 13 See NYSE Response Letter II (‘‘Response Letter II’’), available at https://www.sec.gov/comments/srnyse-2016-45/nyse201645-1502013-130586.pdf. The R2G and SIFMA II Letters, supra note 10, were submitted after the Response Letter II. 14 Amendment No. 4, as filed by the Exchange, is available at https://www.sec.gov/comments/sr-nyse2016-45/nyse201645-1570711-131690.pdf. 15 15 U.S.C. 78s(b)(2). 16 See supra note 3. 17 15 U.S.C. 78s(b)(2). PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–02996 Filed 2–14–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–79998; File No. SR– NYSEMKT–2017–05] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing of Proposed Rule Change Amending Rules 7.29E and 1.1E To Provide for a Delay Mechanism February 9, 2017. 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 27, 2017, 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 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 amend Rules 7.29E and 1.1E to provide for a Delay Mechanism. 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. 18 17 CFR 200.30–3(a)(57). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 1 15 E:\FR\FM\15FEN1.SGM 15FEN1

Agencies

[Federal Register Volume 82, Number 30 (Wednesday, February 15, 2017)]
[Notices]
[Pages 10827-10828]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-02996]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80002; File No. SR-NYSE-2016-45]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change, as Modified by Amendment Nos. 1-4, To Amend the Co-
Location Services Offered by the Exchange To Add Certain Access and 
Connectivity Fees

February 9, 2017.
    On July 29, 2016, the New York Stock Exchange LLC (``NYSE'' or the 
``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 (1) provide additional information regarding 
access to various NYSE trading and execution services and establish 
fees for connectivity to certain NYSE market data feeds; and (2) 
provide and establish fees for connectivity to data feeds from third 
party markets and other content service providers; access to the 
trading and execution services of Third Party markets and other content 
service providers; connectivity to Depository Trust & Clearing 
Corporation services; connectivity to third party testing and 
certification feeds; and the use of virtual control circuits by Users 
in the Data Center.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

    The Commission published the proposed rule change for comment in 
the Federal Register on August 17, 2016.\3\ The Exchange filed 
Amendment No. 1 to the proposed rule change on August 16, 2016.\4\ The 
Commission

[[Page 10828]]

published Amendment No. 1 for comment in the Federal Register on 
September 26, 2016.\5\ The Commission received one comment in response 
to the proposed rule change, as modified by Amendment No. 1, to which 
the Exchange responded.\6\ On October 4, 2016, the Commission extended 
the time period within which to approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether to approve or disapprove the proposed rule change to 
November 15, 2016.\7\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 34-78556 (August 11, 
2016), 81 FR 54877.
    \4\ Amendment No. 1 (i) amended the third party data feed MSCI 
from 20 Gigabits (``Gb'') to 25 Gb and amended the price from $2000 
to $1200; (ii) clarified the costs associated with providing a 
greater amount of bandwidth for Premium NYSE Data Products for a 
particular market as compared to the bandwidth requirements for the 
Included Data Products for that same market; (iii) provided further 
details on Premium NYSE Data Products, including their composition, 
product release dates, and further detail on the reasonableness of 
their applicable fees; (iv) added an explanation for the varying fee 
differences for the same Gb usage for third party data feeds, DTCC, 
and Virtual Control Circuit.
    \5\ See Securities Exchange Act Release No. 34-78887 (September 
20, 2016), 81 FR 66095.
    \6\ See letter to Brent J. Fields, Secretary, Commission, from 
John Ramsay, Chief Market Policy Officer, Investors Exchange LLC 
(``IEX Letter I''), dated September 9, 2016.
     On September 23, 2016, the NYSE submitted a response to the IEX 
letter (``Response Letter I'') which is available at https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-3.pdf.
    \7\ See Securities Exchange Act Release No. 34-78966 (September 
28, 2016), 81 FR 68475.
---------------------------------------------------------------------------

    On November 2, 2016, the Exchange filed Amendment No. 2 to the 
proposed rule change.\8\ On November 21, 2016, the Commission 
instituted proceedings to determine whether to approve or disapprove 
the proposed rule change, as modified by Amendment Nos. 1 and 2.\9\ 
Following the Order Instituting Proceedings, the Commission received 
several additional comment letters.\10\ On December 9, 2016, the 
Exchange filed Amendment No. 3 to the proposed rule change.\11\ 
Amendment No. 3, which supersedes and replaces the proposed rule 
change, as modified by Amendment Nos. 1 and 2, in its entirety, was 
published for comment in the Federal Register on December 29, 2016.\12\ 
On January 17, 2017, the Exchange responded to the comment letters 
submitted after the OIP and prior to January 17, 2017.\13\ On February 
7, 2017, the Exchange filed Amendment No. 4 to the proposed rule 
change.\14\
---------------------------------------------------------------------------

    \8\ Amendment No. 2 is available on the Commission's Web site at 
https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-4.pdf.
    \9\ See Securities Exchange Act Release 34-79316 (November 15, 
2016), 81 FR 83303.
    \10\ See letter to Brent J. Fields, Commission, from Adam C. 
Cooper, Senior Managing Director and Chief Legal Officer, Citadel 
Securities, dated December 12, 2016 (``Citadel Letter''); letter to 
Brent J. Fields, Commission, from Melissa MacGregor, Managing 
Director and Associate General Counsel, SIFMA, dated December 12, 
2016 (``SIFMA Letter I''); letter to Brent J. Fields, Commission, 
from Joe Wald, Chief Executive Officer, Clearpool Group, dated 
December 16, 2016 (``Clearpool Letter''); letter to Brent J. Fields, 
Secretary, Commission, from John Ramsay, Chief Market Policy 
Officer, Investors Exchange LLC (IEX), dated December 21, 2016 
(``IEX Letter II''); letter to Brent J. Fields, Commission, from 
David L. Cavicke, Chief Legal Officer, Wolverine LLC (``Wolverine 
Letter''); letter to Bent J. Fields, Secretary, Commission, from 
Stefano Durdic, Managing Director, R2G Services, LLC, dated January 
21, 2017 (``R2G Letter''); letter to Brent J. Fields, Commission, 
from Melissa MacGregor, Managing Director and Associate General 
Counsel, SIFMA, dated February 6, 2017 (``SIFMA Letter II''). All 
comments received by the Commission on the proposed rule change are 
available on the Commission's Web site at: https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645.shtml.
    \11\ Amendment No. 3, as filed by the Exchange, is available at 
https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-5.pdf.
    \12\ See Securities Exchange Act Release No. 34-79674 (December 
22, 2016), 81 FR 96053 (``Notice of Current Proposal'').
    \13\ See NYSE Response Letter II (``Response Letter II''), 
available at https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-1502013-130586.pdf. The R2G and SIFMA II Letters, supra 
note 10, were submitted after the Response Letter II.
    \14\ Amendment No. 4, as filed by the Exchange, is available at 
https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-1570711-131690.pdf.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act\15\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of the filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on August 17, 2016.\16\ February 13, 2017 is 180 days 
from that date, and April 14, 2017 is an additional 60 days from that 
date.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(2).
    \16\ See supra note 3.
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider the proposed 
rule change, as modified by Amendment Nos. 1-4, the issues raised in 
the comment letters that have been submitted in connection therewith, 
and the Exchange's response to the comments.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\17\ designates April 14, 2017 as the date by which the Commission 
should either approve or disapprove the proposed rule change, as 
modified by Amendments Nos. 1-4.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-02996 Filed 2-14-17; 8:45 am]
 BILLING CODE 8011-01-P