Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Options Fees and Charges and the NYSE Arca Equities Fees and Charges Related to Co-location Services, 34697-34700 [2020-12161]
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<![CDATA[
Federal Register / Vol. 85, No. 109 / Friday, June 5, 2020 / Notices
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
to make available publicly. All
submissions should refer to File
Number SR–CboeBZX–2020–043 and
should be submitted on or before June
26, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–12164 Filed 6–4–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88980; File No. SR–
NYSEARCA–2020–49]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the NYSE Arca
Options Fees and Charges and the
NYSE Arca Equities Fees and Charges
Related to Co-location Services
lotter on DSK9F5VC42PROD with NOTICES
June 1, 2020.
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 May 18,
2020, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
24 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
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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 the
NYSE Arca Options Fees and Charges
and the NYSE Arca Equities Fees and
Charges (together, the ‘‘Fee Schedules’’)
related to co-location services with
respect to connectivity to the ICE Data
Global Index and to waive any change
fees that a User would otherwise incur
as a result of the proposed change. 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
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
Fee Schedules related to co-location 4
services offered by the Exchange with
respect to connectivity to the ICE Data
Global Index (‘‘GIF’’) and to waive any
change fees that a User would otherwise
incur as a result of the proposed change.
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. 63275 (November 8, 2010), 75 FR
70048 (November 16, 2010) (SR–NYSEArca–2010–
100). The Exchange is an indirect subsidiary of
Intercontinental Exchange, Inc. (‘‘ICE’’). Through its
ICE Data Services (‘‘IDS’’) business, ICE operates a
data center in Mahwah, New Jersey (the ‘‘data
center’’), from which the Exchange provides colocation services to Users.
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34697
Proposed Change
The Exchange offers Users 5
connectivity to data feeds from third
party markets and other content service
providers (‘‘Third Party Data Feeds’’).6
The list of Third Party Data Feeds is set
forth in the Fee Schedules, and includes
connectivity to the GIF for a monthly
connectivity fee of $100.7
ICE, which publishes the GIF,
announced to its customers that connect
to the GIF that it will no longer offer the
GIF as a stand-alone product.
Accordingly, the Exchange proposes to
cease offering connectivity to the GIF
once it is no longer available. The
Exchange has been informed by ICE that
cessation is currently expected to occur
before the end of 2020. The Exchange
will announce the operative date
through a customer notice.
Users are subject to a change fee if
they request a change to one or more
existing co-location services.8 The
Exchange proposes to waive any change
fees that a User would otherwise incur
as a result of the proposed change.
In order to implement the proposed
change, the Exchange proposes to make
5 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. 76010 (September 29, 2015), 80 FR
60197 (October 5, 2015) (SR–NYSEArca–2015–82).
As specified in the Fee Schedules, a User that
incurs co-location fees for a particular co-location
service pursuant thereto would not be subject to colocation fees for the same co-location service
charged by the Exchange’s affiliates the New York
Stock Exchange LLC, NYSE American LLC, NYSE
Chicago, Inc., and NYSE National, Inc. (collectively,
the ‘‘Affiliate SROs’’). Each Affiliate SRO has
submitted substantially the same proposed rule
change to propose the changes described herein.
See SR–NYSE–2020–46, SR–NYSEAmer–2020–40,
SR–NYSECHX–2020–17, and SR–NYSENAT–2020–
19.
6 See Securities Exchange Act Release No. 80310
(March 24, 2017), 82 FR 15763 (March 30, 2017)
(SR–NYSEArca–2016–89) (notice of filing of Partial
Amendment No. 4 and order granting accelerated
approval of a proposed rule change, as modified by
Amendment Nos. 1 through 4, to amend the colocation services offered by the Exchange to add
certain access and connectivity fees).
7 The Exchange has an indirect interest in the GIF
because ICE is the Exchange’s ultimate parent. See
id., at 15771, and Securities Exchange Act Release
No. 79673 (December 22, 2016), 81 FR 96107
(December 29, 2016) (SR–NYSEArca–2016–89)
(notice of filing of Amendments Nos. 2 and 3 to
proposed rule change to amend the co-location
services offered by the Exchange to add certain
access and connectivity fees).
8 See Securities Exchange Act Release Nos. 67667
(August 15, 2012), 77 FR 50743 (August 22, 2012)
(SR–NYSEArca–2012–63) (order approving a
proposed rule change amending the NYSE Arca
Options Fee Schedule to provide for additional colocation services and establish related fees), and
67669 (August 15, 2012), 77 FR 50746 (August 22,
2012) (SR–NYSEArca–2012–62) (order approving a
proposed rule change amending the NYSE Arca
Equites Schedule of Fees and Charges for Exchange
Services to provide for additional co-location
services and establish related fees).
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Federal Register / Vol. 85, No. 109 / Friday, June 5, 2020 / Notices
the following changes to the section
entitled ‘‘Connectivity to Third Party
Data Feeds’’:
• In the first paragraph and in the
table of Third Party Data Feeds, add an
asterisk after ‘‘ICE Data Global Index.’’
• Following the table of Third Party
Data Feeds, add the following text:
* ICE will cease to offer the GIF as a
stand-alone product, which the
Exchange has been informed by ICE is
currently expected to occur before the
end of 2020. The Exchange will
announce the operative date through a
customer notice. Any change fees that a
User would otherwise incur as a result
of the proposed change will be waived.
The GIF includes the values of
various indices and exchange traded
product data.9 Based on information
published by ICE Data Services, all the
data in the GIF was already available on
the ICE Data Services Consolidated Feed
(‘‘Consolidated Feed’’).10 The Exchange
offers connectivity to the Consolidated
Feed, and does not propose to change
the price for such connectivity. In
addition, the Exchange’s connectivity to
the GIF and the Consolidated Feed
should have approximately the same
latency.
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Application and Impact of the Proposed
Change
The proposed change would not
apply differently to distinct types or
sizes of market participants. Rather, it
would apply to all Users equally. As is
currently the case, the purchase of any
colocation service is completely
voluntary and the Fee Schedules are
applied uniformly to all Users.
Currently, there are seven Users that
have connectivity to the GIF, and so
would be affected by the change. If any
of them wish to continue having
connectivity to the information in the
GIF, they could connect to the
Consolidated Feed, which none of them
do presently. The monthly cost for
connectivity to the Consolidated Feed
depends on the size of the bandwidth
utilized. If a User opts to connect to the
Consolidated Feed to connect to the
information in the GIF, the monthly
connectivity cost charged by the
Exchange would be $200.
ICE has informed the Exchange that
currently there are various third parties
that offer Users connectivity to the
9 The Exchange understands that some of the
indices may include Exchange or Affiliate SRO data
as underlying components, but the GIF does not
include those underlying components or other
information directly from the Exchange and
Affiliate SROs.
10 See ‘‘Consolidated Data Feed Coverage List—
Indices and Indicators’’ at https://www.theice.com/
market-data/connectivity-and-feeds/consolidatedfeed/coverage-list.
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18:21 Jun 04, 2020
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Consolidated Feed. To use such third
party connectivity to the Consolidated
Feed, a User may utilize the IDS
network, a third party
telecommunication network, a cross
connect, or a combination thereof to
access the Consolidated Feed through a
connection to an access center outside
the data center (which could be an IDS
access center, a third-party access
center, or both), another User, or a third
party vendor.
Competitive Environment
The Exchange operates in a highly
competitive market in which exchanges
and other vendors (e.g., Hosting Users)
offer co-location services as a means to
facilitate the trading and other market
activities of those market participants
who believe that co-location enhances
the efficiency of their operations. The
Commission has repeatedly expressed
its preference for competition over
regulatory intervention in determining
prices, products, and services in the
securities markets. Specifically, in
Regulation NMS, the Commission
highlighted the importance of market
forces in determining prices and SRO
revenues and, also, recognized that
current regulation of the market system
‘‘has been remarkably successful in
promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 11
The proposed change is not otherwise
intended to address any other issues
relating to co-location services and/or
related fees, and the Exchange is not
aware of any problems that Users would
have in complying with the proposed
change.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,12 in general, and
furthers the objectives of Sections
6(b)(4) and (5) of the Act,13 in particular,
because it provides for the equitable
allocation of reasonable dues, fees, and
other charges among its members,
issuers and other persons using its
facilities and does not unfairly
discriminate between customers,
issuers, brokers or dealers. In addition,
it is designed to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to, and perfect the
mechanisms of, a free and open market
11 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).
12 15 U.S.C. 78f(b).
13 15 U.S.C. 78f(b)(4) and (5).
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Fmt 4703
Sfmt 4703
and a national market system and, in
general, to protect investors and the
public interest and because it is not
designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers.
The Proposed Rule Change Is
Reasonable and Equitable
The Exchange believes that the
proposed rule change is reasonable and
equitable for the following reasons.
The Exchange believes that it is
reasonable and an equitable allocation
of its fees and credits to add a note to
its Fee Schedules stating that ICE will
cease to offer the GIF as a stand-alone
product, as the Exchange will no longer
be able to offer the service once that
occurs.
If a User wishes connectivity to the
information in the GIF, the Users could
connect to the Consolidated Feed
through IDS or from a third party
provider. A User may utilize the IDS
network, a third party
telecommunication network, a cross
connect, or a combination thereof to
access the Consolidated Feed, through a
connection to an access center outside
the data center (which could be an IDS
access center, a third-party access
center, or both), another User, or a third
party vendor.
The Exchange believes that it is
reasonable and equitable that it waive
any change fees that a User would
otherwise incur as a result of the
proposed change, as Users would have
no choice but to terminate connectivity
to the GIF. The fee waiver would help
to alleviate any burden related to the
change.
The Proposed Rule Change Would
Protect Investors and the Public Interest
The Exchange believes that the
proposed rule change would perfect the
mechanisms of a free and open market
and a national market system and, in
general, protect investors and the public
interest for the following reasons.
It would be against the protection of
investors and the public interest if the
Exchange were to continue to offer
something that it cannot provide
because the relevant feed has been
discontinued. Adding the proposed note
to its Fee Schedules would reduce any
potential ambiguity and provide
clarification concerning the availability
and the costs of connectivity to Third
Party Data Feeds available to Users,
because it would highlight that the GIF
will become obsolete, provide a timeline
for the change, and state that any change
fees that a User would otherwise incur
as a result of the proposed change
would be waived.
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Federal Register / Vol. 85, No. 109 / Friday, June 5, 2020 / Notices
The Proposed Change Is Not Unfairly
Discriminatory
The Exchange believes that the
proposed change is not unfairly
discriminatory for the following
reasons.
The proposed change would not
apply differently to distinct types or
sizes of market participants. Rather, it
would apply to all Users equally. As a
consequence of ICE’s ceasing to offer the
GIF as a stand-alone product, the
Exchange will not be able to provide
any Users with connectivity to the GIF.
If a User wishes connectivity to the
information in the GIF, the Users could
connect to the Consolidated Feed
through the Exchange. If any of the
seven Users that have connectivity to
the GIF opt to connect to the
Consolidated Feed, the monthly
connectivity cost charged by the
Exchange would be $200.
ICE has informed the Exchange that
currently there are various third parties
that offer Users connectivity to the
Consolidated Feed. To use such third
party connectivity to the Consolidated
Feed, a User may utilize the IDS
network, a third party
telecommunication network, a cross
connect, or a combination thereof to
access the Consolidated Feed, through a
connection to an access center outside
the data center (which could be an IDS
access center, a third-party access
center, or both), another User, or a third
party vendor.
For the reasons above, the proposed
changes do not unfairly discriminate
between or among market participants
that are otherwise capable of satisfying
any applicable co-location fees,
requirements, terms and conditions
established from time to time by the
Exchange.
For these reasons, the Exchange
believes that the proposal is consistent
with the Act.
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B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,14 the Exchange believes that the
proposed rule change will not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
Intramarket Competition
The Exchange does not believe that
the proposed change would place any
burden on intramarket competition that
is not necessary or appropriate. The
proposed change would not apply
differently to distinct types or sizes of
market participants. Rather, it would
14 15
U.S.C. 78f(b)(8).
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apply to all Users equally: As a
consequence of ICE’s ceasing to offer the
GIF as a stand-alone product, the
Exchange will not be able to provide
any Users with connectivity to the GIF.
The Exchange proposes to waive any
change fees that a User would otherwise
incur as a result of the proposed change.
Adding the proposed note to the Fee
Schedules would reduce any potential
ambiguity and provide clarification
concerning the availability and the costs
of connectivity to Third Party Data
Feeds available to Users, because it
would highlight that the GIF will
become obsolete, provide a timeline for
the change, and state that any change
fees that a User would otherwise incur
as a result of the proposed change
would be waived.
If a User wishes connectivity to the
information in the GIF, the Users could
connect to the Consolidated Feed
through the Exchange. If any of the
seven Users that have connectivity to
the GIF opt to connect to the
Consolidated Feed, the monthly
connectivity cost charged by the
Exchange would be $200.
ICE has informed the Exchange that
currently there are various third parties
that offer Users connectivity to the
Consolidated Feed. To use such third
party connectivity to the Consolidated
Feed, a User may utilize the IDS
network, a third party
telecommunication network, a cross
connect, or a combination thereof to
access the Consolidated Feed, through a
connection to an access center outside
the data center (which could be an IDS
access center, a third-party access
center, or both), another User, or a third
party vendor.
Use of any co-location service is
completely voluntary, and each market
participant is able to determine whether
to use co-location services based on the
requirements of its business operations.
Intermarket Competition
The Exchange does not believe that
the proposed fee would impose any
burden on intermarket competition that
is not necessary or appropriate.
The Exchange operates in a highly
competitive market in which exchanges
and other vendors (i.e., Hosting Users)
offer co-location services as a means to
facilitate the trading and other market
activities of those market participants
who believe that co-location enhances
the efficiency of their operations.
Accordingly, fees charged for colocation services are constrained by the
active competition for the order flow of,
and other business from, such market
participants.
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34699
The Commission has repeatedly
expressed its preference for competition
over regulatory intervention in
determining prices, products, and
services in the securities markets.
Specifically, in Regulation NMS, the
Commission highlighted the importance
of market forces in determining prices
and SRO revenues and, also, recognized
that current regulation of the market
system ‘‘has been remarkably successful
in promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 15
The Exchange believes that the
proposed change is necessary and
appropriate. Adding the proposed note
to the Fee Schedules would reduce any
potential ambiguity and provide
clarification concerning the availability
and the costs of connectivity to Third
Party Data Feeds available to Users,
because it would highlight that the GIF
will become obsolete and provide a
timeline for the change.
For the reasons described above, the
Exchange believes that the proposed
rule change reflects this competitive
environment.
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 Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 16 and Rule
19b–4(f)(6) thereunder.17 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 18 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
15 See
70 FR 37496, supra note 11.
U.S.C. 78s(b)(3)(A)(iii).
17 17 CFR 240.19b–4(f)(6).
18 17 CFR 240.19b–4(f)(6).
16 15
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Federal Register / Vol. 85, No. 109 / Friday, June 5, 2020 / Notices
to Rule 19b–4(f)(6)(iii),19 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange believes that such
waiver would be consistent with the
protection of investors and the public
interest because it would allow the
Exchange to waive the change fee
sooner. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because it would permit the Exchange,
without undue delay, to cease offering
the GIF when it becomes unavailable,
provide notice to customers and waive
the change fee. Accordingly, the
Commission waives the 30-day
operative delay and designates the
proposed rule change operative upon
filing.20
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
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 21 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:
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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–
NYSEARCA–2020–49 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
19 17
CFR 240.19b–4(f)(6)(iii).
20 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
21 15 U.S.C. 78s(b)(2)(B).
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18:21 Jun 04, 2020
Jkt 250001
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEARCA–2020–49. 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
to make available publicly. All
submissions should refer to File
Number SR–NYSEARCA–2020–49 and
should be submitted on or before June
26, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–12161 Filed 6–4–20; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration # 16480 and # 16481;
Kentucky Disaster Number KY–00079]
Administrative Declaration of a
Disaster for the Commonwealth of
Kentucky
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a notice of an
Administrative declaration of a disaster
SUMMARY:
22 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00112
Fmt 4703
Sfmt 4703
for the Commonwealth of Kentucky
dated 06/01/2020.
Incident: Severe Storms, Flooding,
Flash Flooding, Landslides and
Mudslides.
Incident Period: 02/03/2020 through
02/29/2020.
Issued on 06/01/2020.
Physical Loan Application Deadline
Date: 07/31/2020.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/01/2021.
DATES:
Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
ADDRESSES:
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW, Suite 6050,
Washington, DC 20416, (202) 205–6734.
FOR FURTHER INFORMATION CONTACT:
Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
SUPPLEMENTARY INFORMATION:
Primary Counties: Bell, Harlan, Whitley.
Contiguous Counties:
Kentucky: Clay, Knox, Laurel, Leslie,
Letcher, McCreary, Perry.
Tennessee: Campbell, Claiborne.
Virginia: Lee, Wise.
The Interest Rates are:
Percent
Homeowners With Credit Available Elsewhere .........................
Homeowners
Without
Credit
Available Elsewhere ..................
Businesses With Credit Available
Elsewhere .................................
Businesses Without Credit Available Elsewhere .........................
Non-Profit Organizations With
Credit Available Elsewhere .......
Non-Profit Organizations Without
Credit Available Elsewhere .......
For Economic Injury:
Businesses & Small Agricultural
Cooperatives Without Credit
Available Elsewhere ..................
Non-Profit Organizations Without
Credit Available Elsewhere .......
3.125
1.563
7.500
3.750
2.750
2.750
3.750
2.750
The number assigned to this disaster
for physical damage is 16480 6 and for
economic injury is 16481 0.
The States which received an EIDL
Declaration # are Kentucky, Tennessee,
Virginia.
E:\FR\FM\05JNN1.SGM
05JNN1
]]>Agencies
[Federal Register Volume 85, Number 109 (Friday, June 5, 2020)]
[Notices]
[Pages 34697-34700]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-12161]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88980; File No. SR-NYSEARCA-2020-49]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE
Arca Options Fees and Charges and the NYSE Arca Equities Fees and
Charges Related to Co-location Services
June 1, 2020.
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 May 18, 2020, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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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 NYSE Arca Options Fees and
Charges and the NYSE Arca Equities Fees and Charges (together, the
``Fee Schedules'') related to co-location services with respect to
connectivity to the ICE Data Global Index and to waive any change fees
that a User would otherwise incur as a result of the proposed change.
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
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 Fee Schedules related to co-
location \4\ services offered by the Exchange with respect to
connectivity to the ICE Data Global Index (``GIF'') and to waive any
change fees that a User would otherwise incur as a result of the
proposed change.
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\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.
63275 (November 8, 2010), 75 FR 70048 (November 16, 2010) (SR-
NYSEArca-2010-100). The Exchange is an indirect subsidiary of
Intercontinental Exchange, Inc. (``ICE''). Through its ICE Data
Services (``IDS'') business, ICE operates a data center in Mahwah,
New Jersey (the ``data center''), from which the Exchange provides
co-location services to Users.
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Proposed Change
The Exchange offers Users \5\ connectivity to data feeds from third
party markets and other content service providers (``Third Party Data
Feeds'').\6\ The list of Third Party Data Feeds is set forth in the Fee
Schedules, and includes connectivity to the GIF for a monthly
connectivity fee of $100.\7\
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\5\ 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. 76010 (September 29, 2015), 80 FR 60197
(October 5, 2015) (SR-NYSEArca-2015-82). As specified in the Fee
Schedules, 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 the New York Stock Exchange LLC, NYSE American
LLC, NYSE Chicago, Inc., and NYSE National, Inc. (collectively, the
``Affiliate SROs''). Each Affiliate SRO has submitted substantially
the same proposed rule change to propose the changes described
herein. See SR-NYSE-2020-46, SR-NYSEAmer-2020-40, SR-NYSECHX-2020-
17, and SR-NYSENAT-2020-19.
\6\ See Securities Exchange Act Release No. 80310 (March 24,
2017), 82 FR 15763 (March 30, 2017) (SR-NYSEArca-2016-89) (notice of
filing of Partial Amendment No. 4 and order granting accelerated
approval of a proposed rule change, as modified by Amendment Nos. 1
through 4, to amend the co-location services offered by the Exchange
to add certain access and connectivity fees).
\7\ The Exchange has an indirect interest in the GIF because ICE
is the Exchange's ultimate parent. See id., at 15771, and Securities
Exchange Act Release No. 79673 (December 22, 2016), 81 FR 96107
(December 29, 2016) (SR-NYSEArca-2016-89) (notice of filing of
Amendments Nos. 2 and 3 to proposed rule change to amend the co-
location services offered by the Exchange to add certain access and
connectivity fees).
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ICE, which publishes the GIF, announced to its customers that
connect to the GIF that it will no longer offer the GIF as a stand-
alone product. Accordingly, the Exchange proposes to cease offering
connectivity to the GIF once it is no longer available. The Exchange
has been informed by ICE that cessation is currently expected to occur
before the end of 2020. The Exchange will announce the operative date
through a customer notice.
Users are subject to a change fee if they request a change to one
or more existing co-location services.\8\ The Exchange proposes to
waive any change fees that a User would otherwise incur as a result of
the proposed change.
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\8\ See Securities Exchange Act Release Nos. 67667 (August 15,
2012), 77 FR 50743 (August 22, 2012) (SR-NYSEArca-2012-63) (order
approving a proposed rule change amending the NYSE Arca Options Fee
Schedule to provide for additional co-location services and
establish related fees), and 67669 (August 15, 2012), 77 FR 50746
(August 22, 2012) (SR-NYSEArca-2012-62) (order approving a proposed
rule change amending the NYSE Arca Equites Schedule of Fees and
Charges for Exchange Services to provide for additional co-location
services and establish related fees).
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In order to implement the proposed change, the Exchange proposes to
make
[[Page 34698]]
the following changes to the section entitled ``Connectivity to Third
Party Data Feeds'':
In the first paragraph and in the table of Third Party
Data Feeds, add an asterisk after ``ICE Data Global Index.''
Following the table of Third Party Data Feeds, add the
following text:
* ICE will cease to offer the GIF as a stand-alone product, which
the Exchange has been informed by ICE is currently expected to occur
before the end of 2020. The Exchange will announce the operative date
through a customer notice. Any change fees that a User would otherwise
incur as a result of the proposed change will be waived.
The GIF includes the values of various indices and exchange traded
product data.\9\ Based on information published by ICE Data Services,
all the data in the GIF was already available on the ICE Data Services
Consolidated Feed (``Consolidated Feed'').\10\ The Exchange offers
connectivity to the Consolidated Feed, and does not propose to change
the price for such connectivity. In addition, the Exchange's
connectivity to the GIF and the Consolidated Feed should have
approximately the same latency.
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\9\ The Exchange understands that some of the indices may
include Exchange or Affiliate SRO data as underlying components, but
the GIF does not include those underlying components or other
information directly from the Exchange and Affiliate SROs.
\10\ See ``Consolidated Data Feed Coverage List--Indices and
Indicators'' at https://www.theice.com/market-data/connectivity-and-feeds/consolidated-feed/coverage-list.
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Application and Impact of the Proposed Change
The proposed change would not apply differently to distinct types
or sizes of market participants. Rather, it would apply to all Users
equally. As is currently the case, the purchase of any colocation
service is completely voluntary and the Fee Schedules are applied
uniformly to all Users.
Currently, there are seven Users that have connectivity to the GIF,
and so would be affected by the change. If any of them wish to continue
having connectivity to the information in the GIF, they could connect
to the Consolidated Feed, which none of them do presently. The monthly
cost for connectivity to the Consolidated Feed depends on the size of
the bandwidth utilized. If a User opts to connect to the Consolidated
Feed to connect to the information in the GIF, the monthly connectivity
cost charged by the Exchange would be $200.
ICE has informed the Exchange that currently there are various
third parties that offer Users connectivity to the Consolidated Feed.
To use such third party connectivity to the Consolidated Feed, a User
may utilize the IDS network, a third party telecommunication network, a
cross connect, or a combination thereof to access the Consolidated Feed
through a connection to an access center outside the data center (which
could be an IDS access center, a third-party access center, or both),
another User, or a third party vendor.
Competitive Environment
The Exchange operates in a highly competitive market in which
exchanges and other vendors (e.g., Hosting Users) offer co-location
services as a means to facilitate the trading and other market
activities of those market participants who believe that co-location
enhances the efficiency of their operations. The Commission has
repeatedly expressed its preference for competition over regulatory
intervention in determining prices, products, and services in the
securities markets. Specifically, in Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues and, also, recognized that current regulation of the
market system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \11\
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\11\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
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The proposed change is not otherwise intended to address any other
issues relating to co-location services and/or related fees, and the
Exchange is not aware of any problems that Users would have in
complying with the proposed change.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\12\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\13\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers. In addition, it is designed to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to, and
perfect the mechanisms of, a free and open market and a national market
system and, in general, to protect investors and the public interest
and because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposed Rule Change Is Reasonable and Equitable
The Exchange believes that the proposed rule change is reasonable
and equitable for the following reasons.
The Exchange believes that it is reasonable and an equitable
allocation of its fees and credits to add a note to its Fee Schedules
stating that ICE will cease to offer the GIF as a stand-alone product,
as the Exchange will no longer be able to offer the service once that
occurs.
If a User wishes connectivity to the information in the GIF, the
Users could connect to the Consolidated Feed through IDS or from a
third party provider. A User may utilize the IDS network, a third party
telecommunication network, a cross connect, or a combination thereof to
access the Consolidated Feed, through a connection to an access center
outside the data center (which could be an IDS access center, a third-
party access center, or both), another User, or a third party vendor.
The Exchange believes that it is reasonable and equitable that it
waive any change fees that a User would otherwise incur as a result of
the proposed change, as Users would have no choice but to terminate
connectivity to the GIF. The fee waiver would help to alleviate any
burden related to the change.
The Proposed Rule Change Would Protect Investors and the Public
Interest
The Exchange believes that the proposed rule change would perfect
the mechanisms of a free and open market and a national market system
and, in general, protect investors and the public interest for the
following reasons.
It would be against the protection of investors and the public
interest if the Exchange were to continue to offer something that it
cannot provide because the relevant feed has been discontinued. Adding
the proposed note to its Fee Schedules would reduce any potential
ambiguity and provide clarification concerning the availability and the
costs of connectivity to Third Party Data Feeds available to Users,
because it would highlight that the GIF will become obsolete, provide a
timeline for the change, and state that any change fees that a User
would otherwise incur as a result of the proposed change would be
waived.
[[Page 34699]]
The Proposed Change Is Not Unfairly Discriminatory
The Exchange believes that the proposed change is not unfairly
discriminatory for the following reasons.
The proposed change would not apply differently to distinct types
or sizes of market participants. Rather, it would apply to all Users
equally. As a consequence of ICE's ceasing to offer the GIF as a stand-
alone product, the Exchange will not be able to provide any Users with
connectivity to the GIF.
If a User wishes connectivity to the information in the GIF, the
Users could connect to the Consolidated Feed through the Exchange. If
any of the seven Users that have connectivity to the GIF opt to connect
to the Consolidated Feed, the monthly connectivity cost charged by the
Exchange would be $200.
ICE has informed the Exchange that currently there are various
third parties that offer Users connectivity to the Consolidated Feed.
To use such third party connectivity to the Consolidated Feed, a User
may utilize the IDS network, a third party telecommunication network, a
cross connect, or a combination thereof to access the Consolidated
Feed, through a connection to an access center outside the data center
(which could be an IDS access center, a third-party access center, or
both), another User, or a third party vendor.
For the reasons above, the proposed changes do not unfairly
discriminate between or among market participants that are otherwise
capable of satisfying any applicable co-location fees, requirements,
terms and conditions established from time to time by the Exchange.
For these reasons, the Exchange believes that the proposal is
consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\14\ the Exchange
believes that the proposed rule change will not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
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\14\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
Intramarket Competition
The Exchange does not believe that the proposed change would place
any burden on intramarket competition that is not necessary or
appropriate. The proposed change would not apply differently to
distinct types or sizes of market participants. Rather, it would apply
to all Users equally: As a consequence of ICE's ceasing to offer the
GIF as a stand-alone product, the Exchange will not be able to provide
any Users with connectivity to the GIF. The Exchange proposes to waive
any change fees that a User would otherwise incur as a result of the
proposed change.
Adding the proposed note to the Fee Schedules would reduce any
potential ambiguity and provide clarification concerning the
availability and the costs of connectivity to Third Party Data Feeds
available to Users, because it would highlight that the GIF will become
obsolete, provide a timeline for the change, and state that any change
fees that a User would otherwise incur as a result of the proposed
change would be waived.
If a User wishes connectivity to the information in the GIF, the
Users could connect to the Consolidated Feed through the Exchange. If
any of the seven Users that have connectivity to the GIF opt to connect
to the Consolidated Feed, the monthly connectivity cost charged by the
Exchange would be $200.
ICE has informed the Exchange that currently there are various
third parties that offer Users connectivity to the Consolidated Feed.
To use such third party connectivity to the Consolidated Feed, a User
may utilize the IDS network, a third party telecommunication network, a
cross connect, or a combination thereof to access the Consolidated
Feed, through a connection to an access center outside the data center
(which could be an IDS access center, a third-party access center, or
both), another User, or a third party vendor.
Use of any co-location service is completely voluntary, and each
market participant is able to determine whether to use co-location
services based on the requirements of its business operations.
Intermarket Competition
The Exchange does not believe that the proposed fee would impose
any burden on intermarket competition that is not necessary or
appropriate.
The Exchange operates in a highly competitive market in which
exchanges and other vendors (i.e., Hosting Users) offer co-location
services as a means to facilitate the trading and other market
activities of those market participants who believe that co-location
enhances the efficiency of their operations. Accordingly, fees charged
for co-location services are constrained by the active competition for
the order flow of, and other business from, such market participants.
The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. Specifically, in
Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \15\
---------------------------------------------------------------------------
\15\ See 70 FR 37496, supra note 11.
---------------------------------------------------------------------------
The Exchange believes that the proposed change is necessary and
appropriate. Adding the proposed note to the Fee Schedules would reduce
any potential ambiguity and provide clarification concerning the
availability and the costs of connectivity to Third Party Data Feeds
available to Users, because it would highlight that the GIF will become
obsolete and provide a timeline for the change.
For the reasons described above, the Exchange believes that the
proposed rule change reflects this competitive environment.
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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\16\ 15 U.S.C. 78s(b)(3)(A)(iii).
\17\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) \18\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant
[[Page 34700]]
to Rule 19b-4(f)(6)(iii),\19\ the Commission may designate a shorter
time if such action is consistent with the protection of investors and
the public interest. The Exchange has requested that the Commission
waive the 30-day operative delay so that the proposal may become
operative immediately upon filing. The Exchange believes that such
waiver would be consistent with the protection of investors and the
public interest because it would allow the Exchange to waive the change
fee sooner. The Commission believes that waiving the 30-day operative
delay is consistent with the protection of investors and the public
interest because it would permit the Exchange, without undue delay, to
cease offering the GIF when it becomes unavailable, provide notice to
customers and waive the change fee. Accordingly, the Commission waives
the 30-day operative delay and designates the proposed rule change
operative upon filing.\20\
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\18\ 17 CFR 240.19b-4(f)(6).
\19\ 17 CFR 240.19b-4(f)(6)(iii).
\20\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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 the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \21\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\21\ 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 [email protected]. Please include
File Number SR-NYSEARCA-2020-49 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-NYSEARCA-2020-49. 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 to make available publicly. All submissions
should refer to File Number SR-NYSEARCA-2020-49 and should be submitted
on or before June 26, 2020.
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\22\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-12161 Filed 6-4-20; 8:45 am]
BILLING CODE 8011-01-P
