Self-Regulatory Organizations; New York Stock Exchange LLC; Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS In Connection With the Exchange's Retail Liquidity Program Until June 30, 2018, 58458-58459 [2017-26727]
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58458
Federal Register / Vol. 82, No. 237 / Tuesday, December 12, 2017 / Notices
Filing Authority: 39 U.S.C. 3642 and 39
CFR 3020.30 et seq.; Public
Representative: Timothy J. Schwuchow;
Comments Due: December 14, 2017.
This notice will be published in the
Federal Register.
Stacy L. Ruble,
Secretary.
[FR Doc. 2017–26720 Filed 12–11–17; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82228; File No. SR–NYSE–
2011–55]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Granting an Extension to Limited
Exemption From Rule 612(c) of
Regulation NMS In Connection With
the Exchange’s Retail Liquidity
Program Until June 30, 2018
December 7, 2017.
RAILROAD RETIREMENT BOARD
Actuarial Advisory Committee With
Respect to the Railroad Retirement
Account; Notice of Public Meeting
Notice is hereby given in accordance
with Public Law 92–463 that the
Actuarial Advisory Committee will hold
a meeting on December 20, 2017 at
10:00 a.m. at the office of the Chief
Actuary of the U. S. Railroad Retirement
Board, 844 North Rush Street, Chicago,
Illinois, on the conduct of the 27th
Actuarial Valuation of the Railroad
Retirement System. The agenda for this
meeting will include a discussion of the
assumptions to be used in the 27th
Actuarial Valuation. A report containing
recommended assumptions and the
experience on which the
recommendations are based will have
been sent by the Chief Actuary to the
Committee before the meeting.
The meeting will be open to the
public. Persons wishing to submit
written statements or make oral
presentations should address their
communications or notices to the
Actuarial Advisory Committee, c/o
Chief Actuary, U.S. Railroad Retirement
Board, 844 North Rush Street, Chicago,
Illinois 60611–1275.
For the Board.
Dated: December 6, 2017.
Martha P. Rico,
Secretary to the Board.
[FR Doc. 2017–26683 Filed 12–11–17; 8:45 am]
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On July 3, 2012, the Securities and
Exchange Commission (‘‘Commission’’)
issued an order pursuant to its authority
under Rule 612(c) of Regulation NMS
(‘‘Sub-Penny Rule’’) 1 that granted the
New York Stock Exchange LLC
(‘‘NYSE’’ or ‘‘Exchange’’) a limited
exemption from the Sub-Penny Rule in
connection with the operation of the
Exchange’s Retail Liquidity Program
(‘‘Program’’).2 The limited exemption
was granted concurrently with the
Commission’s approval of the
Exchange’s proposal to adopt the
Program for a one-year pilot term.3 The
1 17
CFR 242.612(c)
Securities Exchange Act Release No. 67347
(July 3, 2012), 77 FR 40673 (July 10, 2012) (SR–
NYSE–2011–55) (‘‘RLP Approval Order’’).
3 See id. The Sub-Penny Exemption was
originally granted by the Commission concurrently
with the approval of the Program. See id. On July
30, 2013, the Exchange requested an extension of
the exemption for the Program. See Letter from
Janet McGinness, SVP and Corporate Secretary,
NYSE Euronext, to Elizabeth M. Murphy, Secretary,
Commission, dated July 30, 2013. The pilot period
for the Program was extended until July 31, 2014.
See Securities Exchange Act Release No. 70096
(August 2, 2013), 78 FR 48520 (August 8, 2013)
(NYSE–2013–48). On July 30, 2014, the Exchange
requested a second extension of the exemption for
the Program. See Letter from Martha Redding, Chief
Counsel, NYSE, to Kevin M. O’Neill, Deputy
Secretary, Commission, dated July 30, 2014. The
pilot period for the Program was extended until
March 31, 2015. See Securities Exchange Act
Release No. 72629 (July 16, 2014), 79 FR 42564
(July 22, 2014) (NYSE–2014–35). On February 27,
2015, the Exchange requested a third extension of
the exemption for the Program. See Letter from
Martha Redding, Senior Counsel, NYSE, to Brent J.
Fields, Secretary, Commission, dated February 27,
2015. The pilot period for the Program was
extended until September 30, 2015. See Securities
Exchange Act Release No. 74454 (March 6, 2015),
80 FR 13054 (March 12, 2015) (SR–NYSE–2015–10).
On September 17, 2015, the Exchange requested a
fourth extension of the exemption for the Program.
See Letter from Martha Redding, Senior Counsel,
NYSE, to Brent J. Fields, Secretary, Commission,
dated September 17, 2015. The pilot period for the
Program was extended until March 31, 2016. See
Securities Exchange Act Release No. 75993
(September 28, 2015), 80 FR 59844 (October 2,
2015) (SR–NYSE–2015–41). On March 17, 2016, the
Exchange requested a fifth extension of the
exemption for the Program. See Letter from Martha
Redding, Senior Counsel, NYSE, to Brent J. Fields,
Secretary, Commission, dated March 17, 2016. The
pilot period for the Program was extended until
August 31, 2016. See Securities Exchange Act
Release No. 77426 (March 23, 2016), 81 FR 17533
2 See
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Sfmt 4703
exemption was granted coterminous
with the effectiveness of the pilot
Program; both the pilot Program and
exemption, as previously extended, are
scheduled to expire on December 31,
2017.4
The Exchange now seeks to further
extend the exemption until June 30,
2018.5 The Exchange’s request was
made in conjunction with an
immediately effective filing that extends
the operation of the Program through
the same date.6 In its request to extend
the exemption, the Exchange notes that
participation in the program has
increased recently.7 Accordingly, the
Exchange has asked for additional time
to allow the Exchange and the
Commission to analyze more data
concerning the Program, which the
Exchange committed to provide to the
Commission.8 For this reason and the
reasons stated in the Order originally
granting the limited exemption, the
Commission finds, pursuant to its
authority under Rule 612(c) of
Regulation NMS, that extending the
exemption is appropriate in the public
interest and consistent with the
protection of investors.
Therefore, it is hereby ordered that,
pursuant to Rule 612(c) of Regulation
NMS, the Exchange is granted a limited
exemption from Rule 612 of Regulation
NMS that allows it to accept and rank
orders priced equal to or greater than
$1.00 per share in increments of $0.001,
(March 29, 2016) (SR–NYSE–2016–25). On August
8, 2016, the Exchange requested a sixth extension
of the exemption for the Program. See Letter from
Martha Redding, Associate General Counsel, NYSE,
to Brent J. Fields, Secretary, Commission, dated
August 8, 2016. The pilot period for the Program
was extended until December 31, 2016. See
Securities Exchange Act Release No. 78600 (August
17, 2016), 81 FR 57642 (August 23, 2016) (SR–
NYSE–2016–54). On November 28, 2016, the
Exchange requested a seventh extension of the
exemption for the Program. See Letter from Martha
Redding, Associate General Counsel, NYSE, to
Brent J. Fields, Secretary, Commission, dated
November 28, 2016. The pilot period for the
Program was extended until June 30, 2017. See
Securities Exchange Act Release No. 79493
(December 7, 2016), 81 FR 90019 (December 13,
2016) (SR–NYSE–2016–82). On May 23, 2017, the
Exchange requested an eighth extension of the
exemption for the Program. See Letter from Martha
Redding, Associate General Counsel, NYSE, to
Brent J. Fields, Secretary, Commission, dated May
23, 2017. The pilot period for the Program was
extended until December 31, 2017. See Securities
Exchange Act Release No. 80844 (June 1, 2017), 82
FR 26562 (June 7, 2017) (SR–NYSE–2017–26).
4 See Securities Exchange Act Release No. 80844
(June 1, 2017), 82 FR 26562 (June 7, 2017) (SR–
NYSE–2017–26).
5 See Letter from Martha Redding, Assistant
Secretary, NYSE, to Brent J. Fields, Secretary,
Commission, dated November 30, 2017 (‘‘NYSE
Letter’’).
6 See SR–NYSE–2017–64.
7 See NYSE Letter, supra note 5 at 3.
8 See RLP Approval Order, supra note 2, 77 FR
at 40681.
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Federal Register / Vol. 82, No. 237 / Tuesday, December 12, 2017 / Notices
in connection with the operation of its
Retail Liquidity Program, until June 30,
2018.
The limited and temporary exemption
extended by this Order are subject to
modification or revocation if at any time
the Commission determines that such
action is necessary or appropriate in
furtherance of the purposes of the
Securities Exchange Act of 1934.
Responsibility for compliance with
any applicable provisions of the Federal
securities laws must rest with the
persons relying on the exemptions that
are the subject of this Order.
Exchange LLC (‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
58459
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
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.
The Exchange proposes to amend the
Exchange’s Price List to modify the fees
related to Partial Cabinet Solution
bundles in connection with the
Exchange’s co-location services.4
The Exchange offers the four Partial
Cabinet Solution bundles in order to
attract smaller Users, including those
with minimal power or cabinet space
demands or those for which the costs
attendant with having a dedicated
cabinet or greater network connection
bandwidth are too burdensome.5
Currently, the Exchange offers Users 6
that purchase a Partial Cabinet Solution
bundle on or before December 31, 2017,
a 50% reduction in the monthly
recurring charges (‘‘MRC’’) for the first
12 months.7 The Exchange now
proposes to:
• Extend the 50% reduction to those
Users that purchase a Partial Cabinet
Solution bundle on or before December
31, 2018; and
• increase the duration of the
reduction from 12 months to 24 months.
The Exchange also proposes that
Users that already purchased a Partial
Cabinet Solution bundle have the
duration of their 50% reduction
increased from 12 months to 24 months
as well.8
The Exchange proposes to implement
the fee changes effective January 1,
2018.
Specifically, the Exchange proposes to
modify its Price List so that it reads as
follows:
Type of service
Description
Amount of charge
Partial Cabinet Solution bundles .......................
Note: A User and its Affiliates are limited to
one Partial Cabinet Solution bundle at a
time. A User and its Affiliates must have an
Aggregate Cabinet Footprint of 2 kW or less
to qualify for a Partial Cabinet Solution bundle. See Note 2 under ‘‘General Notes.’’.
Option A: ..........................................................
1 kW partial cabinet, 1 LCN connection (1
Gb), 1 IP network connection (1 Gb), 2 fiber
cross connections and either the Network
Time Protocol Feed or Precision Timing
Protocol.
$7,500 initial charge per bundle plus monthly
charge per bundle as follows:
• For Users that order on or before December
31, 2018: $3,000 monthly for first 24 months
of service, and $6,000 monthly thereafter
• For Users that order after December 31,
2018: $6,000 monthly.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–26727 Filed 12–11–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82223; File No. SR–NYSE–
2017–62]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend the
Exchange’s Price List To Modify the
Fees Related to Four Bundles of CoLocation Services in Connection With
the Exchange’s Co-Location Services
December 6, 2017.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on
November 22, 2017, New York Stock
9 17
CFR 200.30–3(a)(83).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
4 The Exchange initially filed rule changes
relating to its co-location services with the
Securities and Exchange Commission
(‘‘Commission’’) in 2010. See Securities Exchange
Act Release No. 62960 (Sept. 21, 2010), 75 FR 59310
(Sept. 27, 2010) (SR–NYSE–2010–56) (the ‘‘Original
Co-location Filing’’). The Exchange operates a data
center in Mahwah, New Jersey (the ‘‘data center’’)
from which it provides co-location services to
Users.
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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Exchange’s Price List to modify the fees
related to four bundles of co-location
services (‘‘Partial Cabinet Solution
bundles’’) in connection with the
Exchange’s co-location services. The
Exchange proposes to implement the fee
changes effective January 1, 2018. The
proposed rule change is available on the
Exchange’s website 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
5 See Securities Exchange Act Release No. 77072
(Feb. 5, 2016), 81 FR 7394 (Feb. 11, 2016) (SR–
NYSE–2015–53).
6 For purposes of the Exchange’s co-location
services, a ‘‘User’’ means any market participant
that requests to receive co-location services directly
from the Exchange. See Securities Exchange Act
Release No. 76008 (Sept. 29, 2015), 80 FR 60190
(Oct. 5, 2015) (SR–NYSE–2015–40). As specified in
the Price List, a User that incurs co-location fees for
a particular co-location service pursuant thereto
would not be subject to co-location fees for the
same co-location service charged by the Exchange’s
affiliates NYSE MKT LLC and NYSE Arca, Inc. See
PO 00000
Frm 00082
Fmt 4703
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Securities Exchange Act Release No. 70206 (Aug.
15, 2013), 78 FR 51765 (Aug. 21, 2013) (SR–NYSE–
2013–59).
7 See Securities Exchange Act Release No. 79715
(Dec. 30, 2016), 82 FR 1777 (Jan. 6, 2017) (SR–
NYSE–2016–91).
8 For each User that is currently benefitting from
the 50% reduction, the additional 12 month period
with the reduced price would begin when its
current 12-month period ended. For each User
whose 12-month period with the reduced price has
ended, the additional 12-month period would begin
upon the implementation of the proposed fee
changes.
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Agencies
[Federal Register Volume 82, Number 237 (Tuesday, December 12, 2017)]
[Notices]
[Pages 58458-58459]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-26727]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82228; File No. SR-NYSE-2011-55]
Self-Regulatory Organizations; New York Stock Exchange LLC; Order
Granting an Extension to Limited Exemption From Rule 612(c) of
Regulation NMS In Connection With the Exchange's Retail Liquidity
Program Until June 30, 2018
December 7, 2017.
On July 3, 2012, the Securities and Exchange Commission
(``Commission'') issued an order pursuant to its authority under Rule
612(c) of Regulation NMS (``Sub-Penny Rule'') \1\ that granted the New
York Stock Exchange LLC (``NYSE'' or ``Exchange'') a limited exemption
from the Sub-Penny Rule in connection with the operation of the
Exchange's Retail Liquidity Program (``Program'').\2\ The limited
exemption was granted concurrently with the Commission's approval of
the Exchange's proposal to adopt the Program for a one-year pilot
term.\3\ The exemption was granted coterminous with the effectiveness
of the pilot Program; both the pilot Program and exemption, as
previously extended, are scheduled to expire on December 31, 2017.\4\
---------------------------------------------------------------------------
\1\ 17 CFR 242.612(c)
\2\ See Securities Exchange Act Release No. 67347 (July 3,
2012), 77 FR 40673 (July 10, 2012) (SR-NYSE-2011-55) (``RLP Approval
Order'').
\3\ See id. The Sub-Penny Exemption was originally granted by
the Commission concurrently with the approval of the Program. See
id. On July 30, 2013, the Exchange requested an extension of the
exemption for the Program. See Letter from Janet McGinness, SVP and
Corporate Secretary, NYSE Euronext, to Elizabeth M. Murphy,
Secretary, Commission, dated July 30, 2013. The pilot period for the
Program was extended until July 31, 2014. See Securities Exchange
Act Release No. 70096 (August 2, 2013), 78 FR 48520 (August 8, 2013)
(NYSE-2013-48). On July 30, 2014, the Exchange requested a second
extension of the exemption for the Program. See Letter from Martha
Redding, Chief Counsel, NYSE, to Kevin M. O'Neill, Deputy Secretary,
Commission, dated July 30, 2014. The pilot period for the Program
was extended until March 31, 2015. See Securities Exchange Act
Release No. 72629 (July 16, 2014), 79 FR 42564 (July 22, 2014)
(NYSE-2014-35). On February 27, 2015, the Exchange requested a third
extension of the exemption for the Program. See Letter from Martha
Redding, Senior Counsel, NYSE, to Brent J. Fields, Secretary,
Commission, dated February 27, 2015. The pilot period for the
Program was extended until September 30, 2015. See Securities
Exchange Act Release No. 74454 (March 6, 2015), 80 FR 13054 (March
12, 2015) (SR-NYSE-2015-10). On September 17, 2015, the Exchange
requested a fourth extension of the exemption for the Program. See
Letter from Martha Redding, Senior Counsel, NYSE, to Brent J.
Fields, Secretary, Commission, dated September 17, 2015. The pilot
period for the Program was extended until March 31, 2016. See
Securities Exchange Act Release No. 75993 (September 28, 2015), 80
FR 59844 (October 2, 2015) (SR-NYSE-2015-41). On March 17, 2016, the
Exchange requested a fifth extension of the exemption for the
Program. See Letter from Martha Redding, Senior Counsel, NYSE, to
Brent J. Fields, Secretary, Commission, dated March 17, 2016. The
pilot period for the Program was extended until August 31, 2016. See
Securities Exchange Act Release No. 77426 (March 23, 2016), 81 FR
17533 (March 29, 2016) (SR-NYSE-2016-25). On August 8, 2016, the
Exchange requested a sixth extension of the exemption for the
Program. See Letter from Martha Redding, Associate General Counsel,
NYSE, to Brent J. Fields, Secretary, Commission, dated August 8,
2016. The pilot period for the Program was extended until December
31, 2016. See Securities Exchange Act Release No. 78600 (August 17,
2016), 81 FR 57642 (August 23, 2016) (SR-NYSE-2016-54). On November
28, 2016, the Exchange requested a seventh extension of the
exemption for the Program. See Letter from Martha Redding, Associate
General Counsel, NYSE, to Brent J. Fields, Secretary, Commission,
dated November 28, 2016. The pilot period for the Program was
extended until June 30, 2017. See Securities Exchange Act Release
No. 79493 (December 7, 2016), 81 FR 90019 (December 13, 2016) (SR-
NYSE-2016-82). On May 23, 2017, the Exchange requested an eighth
extension of the exemption for the Program. See Letter from Martha
Redding, Associate General Counsel, NYSE, to Brent J. Fields,
Secretary, Commission, dated May 23, 2017. The pilot period for the
Program was extended until December 31, 2017. See Securities
Exchange Act Release No. 80844 (June 1, 2017), 82 FR 26562 (June 7,
2017) (SR-NYSE-2017-26).
\4\ See Securities Exchange Act Release No. 80844 (June 1,
2017), 82 FR 26562 (June 7, 2017) (SR-NYSE-2017-26).
---------------------------------------------------------------------------
The Exchange now seeks to further extend the exemption until June
30, 2018.\5\ The Exchange's request was made in conjunction with an
immediately effective filing that extends the operation of the Program
through the same date.\6\ In its request to extend the exemption, the
Exchange notes that participation in the program has increased
recently.\7\ Accordingly, the Exchange has asked for additional time to
allow the Exchange and the Commission to analyze more data concerning
the Program, which the Exchange committed to provide to the
Commission.\8\ For this reason and the reasons stated in the Order
originally granting the limited exemption, the Commission finds,
pursuant to its authority under Rule 612(c) of Regulation NMS, that
extending the exemption is appropriate in the public interest and
consistent with the protection of investors.
---------------------------------------------------------------------------
\5\ See Letter from Martha Redding, Assistant Secretary, NYSE,
to Brent J. Fields, Secretary, Commission, dated November 30, 2017
(``NYSE Letter'').
\6\ See SR-NYSE-2017-64.
\7\ See NYSE Letter, supra note 5 at 3.
\8\ See RLP Approval Order, supra note 2, 77 FR at 40681.
---------------------------------------------------------------------------
Therefore, it is hereby ordered that, pursuant to Rule 612(c) of
Regulation NMS, the Exchange is granted a limited exemption from Rule
612 of Regulation NMS that allows it to accept and rank orders priced
equal to or greater than $1.00 per share in increments of $0.001,
[[Page 58459]]
in connection with the operation of its Retail Liquidity Program, until
June 30, 2018.
The limited and temporary exemption extended by this Order are
subject to modification or revocation if at any time the Commission
determines that such action is necessary or appropriate in furtherance
of the purposes of the Securities Exchange Act of 1934.
Responsibility for compliance with any applicable provisions of the
Federal securities laws must rest with the persons relying on the
exemptions that are the subject of this Order.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(83).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-26727 Filed 12-11-17; 8:45 am]
BILLING CODE 8011-01-P