Justia Agencies And Commissions Securities And Exchange Commission Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE National, Inc.; NYSE Arca, Inc.; NYSE American 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 No. 1, To Amend the Exchanges' Co-Location Services To Offer Co-Location Users Access to the NMS Network, 13961-13962 [2020-04787]

Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE National, Inc.; NYSE Arca, Inc.; NYSE American 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 No. 1, To Amend the Exchanges' Co-Location Services To Offer Co-Location Users Access to the NMS Network, 13961-13962 [2020-04787]

Download as PDF Federal Register / Vol. 85, No. 47 / Tuesday, March 10, 2020 / Notices displayed or non-displayed ranked price. Thus, the QDP instruction may provide additional comfort to Users entering MDOs that would allow them to utilize discretion, and thereby provide potential price improvement opportunities to incoming orders, while at the same time limiting the exercise of discretion in circumstances where an execution within the order’s discretionary range may be undesirable. The Exchange therefore believes that the introduction of the QDP instruction would remove impediments to and perfect the mechanism of a free and open market and a national market system. Further, while the QDP instruction would be available to all Users, use of this instruction would be voluntary, meaning that Users could choose to use this instruction, or not, based on their specific needs. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, the proposal is a competitive response to similar features available on other markets, such as IEX, and would therefore facilitate increased competition between exchange markets. As with other national securities exchanges, the Exchange must continually assess and improve its offerings to compete with other exchanges and off-exchange venues. The proposed rule change is indicative of this competition. Further, the Exchange does not believe that the proposed rule change would implicate any competitive concerns with respect to its Users. Both instructions proposed to be introduced for MDOs with this filing would be available to all Users on an equal and non-discriminatory basis. Rather than impede competition, the proposed rule change would provide additional tools for members and investors to facilitate their trading goals. khammond on DSKJM1Z7X2PROD with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No comments were solicited or received on the proposed rule change. 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 within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period VerDate Sep<11>2014 17:20 Mar 09, 2020 Jkt 250001 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 (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 (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– CboeEDGA–2020–005 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–CboeEDGA–2020–005. 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 website (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 website 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 13961 to make available publicly. All submissions should refer to File Number SR–CboeEDGA–2020–005, and should be submitted on or before March 31,2020. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.19 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–04901 Filed 3–9–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–88319; File Nos. SR–NYSE– 2019–46, SR–NYSENAT–2019–19, SR– NYSEArca–2019–61, SR–NYSEAMER–2019– 34] Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE National, Inc.; NYSE Arca, Inc.; NYSE American 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 No. 1, To Amend the Exchanges’ Co-Location Services To Offer Co-Location Users Access to the NMS Network March 4, 2020. On August 22, 2019, New York Stock Exchange LLC, NYSE National, Inc., and NYSE Arca, Inc. each 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 amend their co-location fee schedules to offer co-location Users access to the ‘‘NMS Network’’—an alternate, dedicated network providing connectivity to data feeds for the National Market System Plans for which Securities Industry Automation Corporation (‘‘SIAC’’) is engaged as the exclusive securities information processor (‘‘SIP’’)—and establish associated fees. NYSE American LLC filed with the Commission a substantively identical filing on August 23, 2019.3 The proposed rule changes were published for comment in the Federal Register on September 10, 19 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 The New York Stock Exchange LLC, NYSE National, Inc., NYSE Arca, Inc., and NYSE American, LLC are collectively referred to herein as ‘‘NYSE’’ or the ‘‘Exchanges.’’ 1 15 E:\FR\FM\10MRN1.SGM 10MRN1 13962 Federal Register / Vol. 85, No. 47 / Tuesday, March 10, 2020 / Notices khammond on DSKJM1Z7X2PROD with NOTICES 2019.4 On October 24, 2019, the Commission extended the time period within which to approve the proposed rule changes, disapprove the proposed rule changes, or institute proceedings to determine whether to approve or disapprove the proposed rule changes, to December 9, 2019.5 The Commission received one comment letter on the Original Proposal, a response from the Exchanges, and a second letter from the original commenter.6 On December 9, 2019, the Commission instituted proceedings to determine whether to approve or disapprove the Original Proposal.7 On December 23, 2019, the Exchange filed Amendment No. 1 to the Original Proposal. Amendment No. 1, which superseded and replaced the Original Proposal in its entirety, was published for comment in the Federal Register on January 15, 2020.8 The Commission received another comment letter on the proposal, as modified by Amendment No. 1, and a response from the Exchanges.9 4 See Securities Exchange Act Release Nos. 86865 (September 4, 2019), 84 FR 47592 (SR–NYSE–2019– 46); 86869 (September 4, 2019), 84 FR 47600 (SR– NYSENAT–2019–19); 86868 (September 4, 2019), 84 FR 47610 (SR–NYSEArca–2019–61); 86867 (September 4, 2019), 84 FR 47563 (SR– NYSEAMER–2019–34). The proposed rule change as set forth in these Notices is referred to as the ‘‘Original Proposal.’’ 5 See Securities Exchange Act Release Nos. 87399, 84 FR 58189 (October 30, 2019) (SR–NYSE–2019– 46); 87402, 84 FR 58187 (October 30, 2019) (SR– NYSENAT–2019–19); 87400, 84 FR 58189 (October 30, 2019) (SR–NYSEArca–2019–61); 87401, 84 FR 58188 (October 30, 2019) (SR–NYSEAMER–2019– 34). 6 See, respectively, letter dated October 24, 2019 from John M. Yetter, Vice President and Senior Deputy General Counsel, Nasdaq Stock Market LLC (‘‘Nasdaq’’), to Vanessa Countryman, Secretary, Commission (‘‘Nasdaq Letter’’); letter dated November 8, 2019 from Elizabeth K. King, Chief Regulatory Officer, ICE, General Counsel and Corporate Secretary, NYSE to Ms. Vanessa Countryman, Secretary, Commission (‘‘NYSE Response Letter’’); and letter dated November 25, 2019 from Joan C. Conley, Senior Vice President and Corporate Secretary, Nasdaq, to Vanessa Countryman, Secretary, Commission (‘‘Nasdaq Letter II’’). All comments received by the Commission on the proposed rule change are available on the Commission’s website at: https:// www.sec.gov/comments/sr-nyse-2019-46/ srnyse201946.htm. NYSE filed comment letters on behalf of all of the Exchanges. 7 See Securities Exchange Act Release No. 87699 (December 9, 2019), 84 FR 68239 (December 13, 2019) (SR–NYSE–2019–46; SR–NYSENAT–2019– 19; SR–NYSEArca–2019–61; SR–NYSEAMER– 2019–34) (‘‘OIP’’). 8 See Securities Exchange Act Releases No. 87927 (January 9, 2020), 85 FR 2468 (SR–NYSE–2019–46); 87930 (January 9, 2020), 85 FR 2459 (SR– NYSENAT–2019–19); 87929 (January 9, 2020), 85 FR 2453 (SR–NYSEAMER–2019–34); and 87928 (January 9, 2020), 85 FR 2447 (SR–NYSEArca– 2019–61) (‘‘Notice of Amendment No. 1’’). Amendment No. 1 also is available at https:// www.sec.gov/comments/sr-nyse-2019-46/ srnyse201946-6584636-201247.pdf. 9 See, respectively, letter dated February 5, 2020 from Joan C. Conley, Senior Vice President and VerDate Sep<11>2014 17:20 Mar 09, 2020 Jkt 250001 Section 19(b)(2) of the Act 10 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 changes were published for comment in the Federal Register on September 10, 2019.11 The 180th day after publication of the Notice is March 8, 2020. The Commission is extending the time period for approving or disapproving the proposal for an additional 60 days. The Commission finds that it is 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 No. 1, along with the comment received on Amendment No. 1 and the Exchange’s response. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,12 designates May 7, 2020, as the date by which the Commission should either approve or disapprove the proposed rule change (File Nos. SR– NYSE–2019–46, SR–NYSENAT–2019– 19, SR–NYSEArca–2019–61, SR– NYSEAMER–2019–34), as modified by Amendment No. 1. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–04787 Filed 3–9–20; 8:45 am] BILLING CODE 8011–01–P Corporate Secretary, Nasdaq, to Vanessa Countryman, Secretary, Commission (‘‘Nasdaq Letter III’’) and letter dated February 25, 2020 from Elizabeth K. King, Chief Regulatory Officer, ICE, General Counsel and Corporate Secretary, NYSE to Ms. Vanessa Countryman, Secretary, Commission (‘‘NYSE Response Letter II’’). All comments received by the Commission on the proposed rule change are available on the Commission’s website at: https://www.sec.gov/comments/sr-nyse-2019-46/ srnyse201946.htm. NYSE filed comment letters on behalf of all of the Exchanges. 10 15 U.S.C. 78s(b)(2). 11 See supra note 4. 12 15 U.S.C. 78s(b)(2). 13 17 CFR 200.30–3(a)(12). PO 00000 Frm 00106 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–88320; File No. SR– NASDAQ–2020–011] Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change To Amend Rules 4702(b)(14) and (b)(15) To Shorten the Holding Period Requirements for Midpoint Extended Life Orders and Midpoint Extended Life Orders Plus Continuous Book March 4, 2020. 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 26, 2020, The Nasdaq Stock Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II 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 amend Rules 4702(b)(14) and (b)(15) of the Exchange’s Rulebook to shorten the holding period requirements for Midpoint Extended Life Orders and Midpoint Extended Life Orders Plus Continuous Book. The text of the proposed rule change is available on the Exchange’s website 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 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. 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. E:\FR\FM\10MRN1.SGM 10MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 85, Number 47 (Tuesday, March 10, 2020)]
[Notices]
[Pages 13961-13962]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-04787]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88319; File Nos. SR-NYSE-2019-46, SR-NYSENAT-2019-19, 
SR-NYSEArca-2019-61, SR-NYSEAMER-2019-34]


Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE 
National, Inc.; NYSE Arca, Inc.; NYSE American 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 No. 1, To Amend the Exchanges' Co-Location 
Services To Offer Co-Location Users Access to the NMS Network

March 4, 2020.
    On August 22, 2019, New York Stock Exchange LLC, NYSE National, 
Inc., and NYSE Arca, Inc. each 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 amend their co-location fee 
schedules to offer co-location Users access to the ``NMS Network''--an 
alternate, dedicated network providing connectivity to data feeds for 
the National Market System Plans for which Securities Industry 
Automation Corporation (``SIAC'') is engaged as the exclusive 
securities information processor (``SIP'')--and establish associated 
fees. NYSE American LLC filed with the Commission a substantively 
identical filing on August 23, 2019.\3\ The proposed rule changes were 
published for comment in the Federal Register on September 10,

[[Page 13962]]

2019.\4\ On October 24, 2019, the Commission extended the time period 
within which to approve the proposed rule changes, disapprove the 
proposed rule changes, or institute proceedings to determine whether to 
approve or disapprove the proposed rule changes, to December 9, 
2019.\5\ The Commission received one comment letter on the Original 
Proposal, a response from the Exchanges, and a second letter from the 
original commenter.\6\ On December 9, 2019, the Commission instituted 
proceedings to determine whether to approve or disapprove the Original 
Proposal.\7\ On December 23, 2019, the Exchange filed Amendment No. 1 
to the Original Proposal. Amendment No. 1, which superseded and 
replaced the Original Proposal in its entirety, was published for 
comment in the Federal Register on January 15, 2020.\8\ The Commission 
received another comment letter on the proposal, as modified by 
Amendment No. 1, and a response from the Exchanges.\9\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The New York Stock Exchange LLC, NYSE National, Inc., NYSE 
Arca, Inc., and NYSE American, LLC are collectively referred to 
herein as ``NYSE'' or the ``Exchanges.''
    \4\ See Securities Exchange Act Release Nos. 86865 (September 4, 
2019), 84 FR 47592 (SR-NYSE-2019-46); 86869 (September 4, 2019), 84 
FR 47600 (SR-NYSENAT-2019-19); 86868 (September 4, 2019), 84 FR 
47610 (SR-NYSEArca-2019-61); 86867 (September 4, 2019), 84 FR 47563 
(SR-NYSEAMER-2019-34). The proposed rule change as set forth in 
these Notices is referred to as the ``Original Proposal.''
    \5\ See Securities Exchange Act Release Nos. 87399, 84 FR 58189 
(October 30, 2019) (SR-NYSE-2019-46); 87402, 84 FR 58187 (October 
30, 2019) (SR-NYSENAT-2019-19); 87400, 84 FR 58189 (October 30, 
2019) (SR-NYSEArca-2019-61); 87401, 84 FR 58188 (October 30, 2019) 
(SR-NYSEAMER-2019-34).
    \6\ See, respectively, letter dated October 24, 2019 from John 
M. Yetter, Vice President and Senior Deputy General Counsel, Nasdaq 
Stock Market LLC (``Nasdaq''), to Vanessa Countryman, Secretary, 
Commission (``Nasdaq Letter''); letter dated November 8, 2019 from 
Elizabeth K. King, Chief Regulatory Officer, ICE, General Counsel 
and Corporate Secretary, NYSE to Ms. Vanessa Countryman, Secretary, 
Commission (``NYSE Response Letter''); and letter dated November 25, 
2019 from Joan C. Conley, Senior Vice President and Corporate 
Secretary, Nasdaq, to Vanessa Countryman, Secretary, Commission 
(``Nasdaq Letter II''). All comments received by the Commission on 
the proposed rule change are available on the Commission's website 
at: https://www.sec.gov/comments/sr-nyse-2019-46/srnyse201946.htm. 
NYSE filed comment letters on behalf of all of the Exchanges.
    \7\ See Securities Exchange Act Release No. 87699 (December 9, 
2019), 84 FR 68239 (December 13, 2019) (SR-NYSE-2019-46; SR-NYSENAT-
2019-19; SR-NYSEArca-2019-61; SR-NYSEAMER-2019-34) (``OIP'').
    \8\ See Securities Exchange Act Releases No. 87927 (January 9, 
2020), 85 FR 2468 (SR-NYSE-2019-46); 87930 (January 9, 2020), 85 FR 
2459 (SR-NYSENAT-2019-19); 87929 (January 9, 2020), 85 FR 2453 (SR-
NYSEAMER-2019-34); and 87928 (January 9, 2020), 85 FR 2447 (SR-
NYSEArca-2019-61) (``Notice of Amendment No. 1''). Amendment No. 1 
also is available at https://www.sec.gov/comments/sr-nyse-2019-46/srnyse201946-6584636-201247.pdf.
    \9\ See, respectively, letter dated February 5, 2020 from Joan 
C. Conley, Senior Vice President and Corporate Secretary, Nasdaq, to 
Vanessa Countryman, Secretary, Commission (``Nasdaq Letter III'') 
and letter dated February 25, 2020 from Elizabeth K. King, Chief 
Regulatory Officer, ICE, General Counsel and Corporate Secretary, 
NYSE to Ms. Vanessa Countryman, Secretary, Commission (``NYSE 
Response Letter II''). All comments received by the Commission on 
the proposed rule change are available on the Commission's website 
at: https://www.sec.gov/comments/sr-nyse-2019-46/srnyse201946.htm. 
NYSE filed comment letters on behalf of all of the Exchanges.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \10\ 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 changes were published for comment in the Federal 
Register on September 10, 2019.\11\ The 180th day after publication of 
the Notice is March 8, 2020. The Commission is extending the time 
period for approving or disapproving the proposal for an additional 60 
days.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).
    \11\ See supra note 4.
---------------------------------------------------------------------------

    The Commission finds that it is 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 No. 1, along with the 
comment received on Amendment No. 1 and the Exchange's response. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\12\ designates May 7, 2020, as the date by which the Commission 
should either approve or disapprove the proposed rule change (File Nos. 
SR-NYSE-2019-46, SR-NYSENAT-2019-19, SR-NYSEArca-2019-61, SR-NYSEAMER-
2019-34), as modified by Amendment No. 1.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------


J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-04787 Filed 3-9-20; 8:45 am]
 BILLING CODE 8011-01-P

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