Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Content of the NYSE Best Quote & Trades Data Feed, 14915-14918 [2024-04167]
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Federal Register / Vol. 89, No. 41 / Thursday, February 29, 2024 / Notices
B. Self-Regulatory Organization’s
Statement on Burden on Competition
prices and bitcoin related products and
positions.
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
Intramarket Competition: The
Exchange does not believe that the
proposed rule change will impose any
burden on intramarket competition that
is not necessary or appropriate in
furtherance of the purposes of the Act
as options on Bitcoin ETPs will be
subject to initial listing standards and
continued listing standards the same as
other options on ETFs listed on the
Exchange. Further, options on Bitcoin
ETPs will be subject to Exchange rules
that currently govern the listing and
trading of options on ETFs, including
permissible expirations, strike prices,
minimum increments, position and
exercise limits, and margin
requirements. Moreover, options on
Bitcoin ETPs will be equally available to
all market participants who wish to
trade such options. Finally, and as
stated above, the Exchange already lists
options on other commodity ETFs
structured as a trust.
Intermarket Competition: The
Exchange does not believe the proposal
will impose any burden on intermarket
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act. To the extent that
permitting options on Bitcoin ETPs to
trade on the Exchange may make the
Exchange a more attractive marketplace
to market participants, such market
participants are free to elect to become
market participants on the Exchange.
Additionally, other options exchanges
are free to amend their listing rules, as
applicable, to permit them to list and
trade options on Bitcoin ETPs. The
Exchange believes that the proposed
rule change may relieve any burden on,
or otherwise promote, competition as it
is designed to increase competition for
order flow on the Exchange in a manner
that is beneficial to investors by
providing them with a lower-cost option
to hedge their investment portfolios.
The Exchange notes that it operates in
a highly competitive market in which
market participants can readily direct
order flow to competing venues that
offer similar products. Ultimately, the
Exchange believes that offering options
on Bitcoin ETPs for trading on the
Exchange will promote competition by
providing investors with an additional,
relatively low-cost means to hedge their
portfolios and meet their investment
needs in connection with spot bitcoin
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.
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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
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–
NYSEAMER–2024–10 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–NYSEAMER–2024–10. 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
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14915
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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–NYSEAMER–2024–10 and should
be submitted on or before March 21,
2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.33
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–04169 Filed 2–28–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99591; File No. SR–NYSE–
2024–08]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend the
Content of the NYSE Best Quote &
Trades Data Feed
February 23, 2024.
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 February
14, 2024, New York Stock Exchange
LLC (‘‘NYSE’’ 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.
33 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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Federal Register / Vol. 89, No. 41 / Thursday, February 29, 2024 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
content of the NYSE Best Quote &
Trades (‘‘NYSE BQT’’) data feed to
identify the current day consolidated
first price and last price of a security
published by the securities information
processors for all listed equity
securities. 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
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The Exchange proposes to enhance
the content of NYSE BQT to identify the
current day consolidated first price and
last price of a security published by the
securities information processors
(‘‘SIPs’’) for all listed equity securities.
The NYSE BQT 4 data feed provides a
unified view of best bid and offer
(‘‘BBO’’) and last sale information
(‘‘Trades’’) for the Exchange and its
affiliates, NYSE Arca, Inc. (‘‘NYSE
Arca’’), NYSE American LLC (‘‘NYSE
American’’), NYSE National, Inc.
(‘‘NYSE National’’) and NYSE Chicago,
Inc. (‘‘NYSE Chicago’’) and consists of
data elements from ten existing market
data feeds: NYSE Trades,5 NYSE BBO,6
4 See Securities Exchange Act Release No. 73553
(November 6, 2014), 79 FR 67491 (November 13,
2014) (Notice of Amendment No. 1 and Order
Granting Accelerated Approval to a Proposed Rule
Change, as Modified by Amendment No. 1, To
Establish the NYSE Best Quote and Trades Data
Feed).
5 See Securities Exchange Act Release Nos. 59290
(January 23, 2009), 74 FR 5707 (January 30, 2009)
(SR–NYSE–2009–05); and 59606 (March 19, 2009),
74 FR 13293 (March 26, 2009) (SR–NYSE–2009–04).
6 See Securities Exchange Act Release No. 62181
(May 26, 2010), 75 FR 31488 (June 3, 2010) (SR–
NYSE–2010–30).
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NYSE Arca Trades,7 NYSE Arca BBO,8
NYSE American Trades,9 NYSE
American BBO,10 NYSE National
Trades,11 NYSE National BBO,12 NYSE
Chicago Trades,13 and NYSE Chicago
BBO.14
NYSE BBO, NYSE Arca BBO, NYSE
American BBO, NYSE National BBO
and NYSE Chicago BBO are existing
data feeds that distribute on a real-time
basis the same BBO information that
NYSE, NYSE Arca, NYSE American,
NYSE National and NYSE Chicago,
respectively, report under the
Consolidated Quotation (‘‘CQ’’) Plan for
inclusion in the CQ Plan’s consolidated
quotation information data stream.
NYSE Trades, NYSE Arca Trades, NYSE
American Trades, NYSE National
Trades and NYSE Chicago Trades are
existing data feeds that distribute on a
real-time basis the same last sale
information that NYSE, NYSE Arca,
NYSE American, NYSE National and
NYSE Chicago, respectively, report
under the Consolidated Tape
Association (‘‘CTA’’) Plan for inclusion
in the CTA Plan’s consolidated data
streams. Among other things, NYSE
BQT also includes consolidated volume
for all listed equity securities regardless
of where a transaction is executed.
The Exchange also previously
amended NYSE BQT to include the
consolidated high and consolidated low
price for all equity securities as obtained
directly from the SIPs.15 The
consolidated high and consolidated low
price for all equity securities is
disseminated via NYSE BQT after the
CTA Plan and Unlisted Trading
7 See Securities Exchange Act Release Nos. 59289
(January 23, 2009), 74 FR 5711 (January 30, 2009)
(SR–NYSEArca–2009–06); and 59598 (March 18,
2009), 74 FR 12919 (March 25, 2009) (SR–
NYSEArca–2009–05).
8 See Securities Exchange Act Release No. 62188
(May 27, 2010), 75 FR 31484 (June 3, 2010) (SR–
NYSEArca–2010–23).
9 See Securities Exchange Act Release No. 62187
(May 27, 2010), 75 FR 31500 (June 3, 2010) (SR–
NYSEAmex–2010–35).
10 See Securities Exchange Act Release No. 62187
(May 27, 2010), 75 FR 31500 (June 3, 2010) (SR–
NYSEAmex–2010–35).
11 See Securities Exchange Act Release No. 83350
(May 31, 2018), 83 FR 26332 (June 6, 2018) (SR–
NYSENAT–2018–09).
12 See Securities Exchange Act Release No. 83350
(May 31, 2018), 83 FR 26332 (June 6, 2018) (SR–
NYSENAT–2018–09).
13 See Securities Exchange Act Release No. 87389
(October 23, 2019), 84 FR 57904 (October 29, 2019)
(SR–NYSECHX–2019–15).
14 See Securities Exchange Act Release No. 87389
(October 23, 2019), 84 FR 57904 (October 29, 2019)
(SR–NYSECHX–2019–15).
15 See Securities Exchange Act No. 93000
(September 15, 2021), 86 FR 52505 (September 21,
2021) (SR–NYSE–2021–51) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change
To Amend the Content of the NYSE Best Quote &
Trades).
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Privileges (‘‘UTP’’) Plan SIP delay
period.16
Now, in addition to the information
currently provided in NYSE BQT, the
Exchange proposes to include the
current day consolidated first price 17
and current day consolidated last price
of a security published by the SIPs for
all listed equity securities as obtained
directly from the SIPs. The consolidated
first price and consolidated last price for
all equity securities would be
disseminated via NYSE BQT after the
CTA and UTP Plan delay period. The
delay period for CTA equity securities is
currently 15 minutes after publication
and the delay period for UTP equity
securities is 15 minutes after the end of
the current day. Such information
would provide NYSE BQT users with a
static benchmark against which to
compare price movements shown on
NYSE BQT using first and last prices in
the consolidated market. The
Exchange’s proposal is in response to
requests by subscribers using NYSE
BQT, and also to achieve feature parity
with a competitor exchange’s data
product.18
The NYSE BQT data feed is offered in
a capacity similar to that of a vendor.
The Exchange, NYSE Arca, NYSE
American, NYSE National and NYSE
Chicago are the exclusive distributors of
the 10 BBO and Trades feeds 19 from
which certain data elements are taken to
create NYSE BQT. By contrast, the
Exchange would not be the exclusive
distributor of the aggregated and
consolidated information that composes
the NYSE BQT data feed. Other vendors
would be able, if they chose, to create
a data feed with the same information
included in NYSE BQT, and to
distribute it to clients with no greater
latency than the Exchange would be
able to distribute NYSE BQT.
The Exchange will announce the
implementation date of this proposed
rule change by Trader Update, which,
subject to the effectiveness of this
proposed rule change, will be no later
than the second quarter of 2024. The
Exchange is not proposing any change
to the fees for NYSE BQT as a result of
this modification.
16 Id.
17 Consolidated first price is the first last-sale
eligible trade published by the SIP.
18 See Securities Exchange Act No. 91241 (March
2, 2021), 86 FR 13427 (March 8, 2021) (SR–
NASDAQ–2021–010) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change
To Enhance the End of Day Summary Message on
Nasdaq Last Sale Plus).
19 These data feeds are offered pursuant to preexisting and already effective rules filed with the
Commission; those rules will not be altered by this
filing.
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Federal Register / Vol. 89, No. 41 / Thursday, February 29, 2024 / Notices
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) 20 of the Act (‘‘Act’’), in
general, and furthers the objectives of
Section 6(b)(5) 21 of the Act, in
particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, to protect investors and the
public interest, and it is not designed to
permit unfair discrimination among
customers, brokers, or dealers. This
proposal is in keeping with those
principles in that it promotes increased
transparency through the dissemination
of the NYSE BQT market data feed to
those interested in receiving it. The
NYSE BQT data feed is a product that
relies on the Exchange’s receipt of
underlying data, which is available to
all market participants, before it can
aggregate and consolidate information to
create the NYSE BQT; this is a process
that a vendor could also perform.
Accordingly, the Exchange is not the
only distributor of the NYSE BQT data
feed.
The Exchange also believes that the
proposed rule change is consistent with
Section 11(A) of the Act 22 in that it
supports (1) fair competition among
brokers and dealers, among exchange
markets, and between exchange markets
and markets other than exchange
markets and (2) the availability to
brokers, dealers, and investors of
information with respect to quotations
for and transactions in securities.
Furthermore, the Exchange believes
that the proposed rule change is
consistent with Rule 603 of Regulation
NMS,23 which provides that any
national securities exchange that
distributes information with respect to
quotations for or transactions in an NMS
stock do so on terms that are not
unreasonably discriminatory. In
adopting Regulation NMS, the
Commission granted self-regulatory
organizations and broker dealers
increased authority and flexibility to
offer new and unique market data to
consumers of such data. It was believed
that this authority would expand the
amount of data available to users and
consumers of such data and also spur
20 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
22 15 U.S.C. 78k–1.
23 17 CFR 242.603.
innovation and competition for the
provision of market data.
The proposed rule change is designed
to promote just and equitable principles
of trade and remove impediments to and
perfect the mechanism of a free and
open market and a national market
system by identifying the consolidated
first price and consolidated last price of
a security published by the SIPs for all
listed equity securities as obtained
directly from the SIPs. Such information
would provide NYSE BQT users with a
static benchmark against which to
compare price movements shown on
NYSE BQT using first and last prices in
the consolidated market. Therefore, the
consolidated first and consolidated last
price for listed equity securities would
provide meaningful information to
investors.
The Exchange also believes this
proposal is consistent with Section
6(b)(5) of the Act because it protects
investors and the public interest and
promotes just and equitable principles
of trade by providing investors with
new options for receiving such
information. As noted above, another
exchange currently provides similar
price information in its market data
product.24 Therefore, the Exchange
believes the proposed rule change
removes impediments to and perfects
the mechanism of a free and open
market and a national market system,
and, in general, protects investors and
the public interest as it would provide
an additional avenue for investors to
receive this information from a
competing product.
In addition, this proposal would not
permit unfair discrimination because
NYSE BQT will continue to be available
to all of the Exchange’s customers
through SFTI and market data vendors
on an equivalent basis. In addition, any
customer that wished to continue to be
able to purchase one or more of the
individual underlying data feeds would
be able to do so.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,25 the Exchange does not believe
that the proposed rule change will
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange believes that the
proposed rule change will enhance
competition because it would enable the
Exchange to include the consolidated
first price and consolidated last price of
a security published by the SIPs for all
21 15
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24 See,
25 15
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note 18, supra.
U.S.C. 78f(b)(8).
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14917
listed equity securities as part of NYSE
BQT, thereby enabling it to better
compete with similar market data
products offered by another exchange
that includes such information.26 As
noted above, the Exchange already
offers NYSE BQT and this proposed rule
change simply amends the content of
the current market data product to
include the consolidated first and
consolidated last price for all listed
equity securities. The Exchange is not
the exclusive distributor of the
consolidated first and consolidated last
price information that would compose
the amended NYSE BQT data feed.
Vendors would be able, if they chose, to
create a data feed with the same
information as NYSE BQT and
distribute it to their clients on a levelplaying field with respect to latency and
cost as compared to the Exchange’s
product. Specifically, a competing
vendor could receive the consolidated
first and consolidated last price from the
SIPs and include that information as
part of their market data products to be
disseminated to customers pursuant to
the same terms and policies as the
Exchange.27
The Exchange believes the proposal
will have no impact on intramarket
competition as the proposal is not
targeted at, or expected to be limited in
its applicability to, any particular
segment of market participants and no
segment of retail investors, the general
investing public, or any other market
participant is expected to benefit more
than any other. Therefore, the Exchange
believes the inclusion of the
consolidated first and consolidated last
price in NYSE BQT would not impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
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 28 and Rule
26 See,
note 18, supra.
CTA Consolidated Volume Display Policy
with FAQ at https://www.ctaplan.com/publicdocs/
ctaplan/Policy_CTA_Consolidated_Volume_
Display_with_FAQ.pdf.
28 15 U.S.C. 78s(b)(3)(A)(iii).
27 See
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Federal Register / Vol. 89, No. 41 / Thursday, February 29, 2024 / Notices
19b–4(f)(6) thereunder.29 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 30 and Rule 19b–4(f)(6)(iii)
thereunder.31
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) 32 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:
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–
NYSE–2024–08 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–NYSE–2024–08. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
29 17
CFR 240.19b–4(f)(6).
U.S.C. 78s(b)(3)(A).
31 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
32 15 U.S.C. 78s(b)(2)(B).
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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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–NYSE–2024–08 and should be
submitted on or before March 21, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.33
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–04167 Filed 2–28–24; 8:45 am]
SELECTIVE SERVICE SYSTEM
Forms Submitted to the Office of
Management and Budget for Extension
of Clearance
Selective Service System.
Notice.
AGENCY:
The following forms have been
submitted to the Office of Management
and Budget (OMB) for extension of
clearance in compliance with the
Paperwork Reduction Act (44 U.S.C.
chapter 35):
SSS Forms 2, 3A, 3B, and 3C
Title: Selective Service System
Change of Information, Correction/
Change Form, and Registration Status
Forms.
33 17
PO 00000
CFR 200.30–3(a)(12), (59).
Frm 00119
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Daniel A. Lauretano, Sr.,
General Counsel.
[FR Doc. 2024–04190 Filed 2–28–24; 8:45 am]
BILLING CODE 8015–01–P
DEPARTMENT OF STATE
[Public Notice: 12347]
BILLING CODE 8011–01–P
ACTION:
Purpose: To ensure the accuracy and
completeness of the Selective Service
System registration data.
Respondents: Registrants are required
to report changes or corrections in data
submitted on the SSS Form 1.
Frequency: When changes in a
registrant’s name or address occur.
Burden: A burden of two minutes or
less on the individual respondent.
Change: None.
Copies of the above-identified forms
can be obtained upon written request to
the Selective Service System, Public &
Intergovernmental Affairs Directorate,
1501 Wilson Boulevard, Arlington,
Virginia 22209.
Written comments and
recommendations for the proposed
extension of clearance of the forms
should be sent within 60 days of the
publication of this notice to: Selective
Service System, Public &
Intergovernmental Affairs Directorate,
1501 Wilson Boulevard, Arlington,
Virginia 22209.
A copy of the comments should be
sent to the Office of Information and
Regulatory Affairs, Attention: Desk
Officer, Selective Service System, Office
of Management and Budget, New
Executive Office Building, Room 3235,
Washington, DC 20503.
Sfmt 4703
Advisory Committee on Historical
Diplomatic Documentation—Notice of
Closed and Open Meetings for June
2024
The Advisory Committee on
Historical Diplomatic Documentation
will meet in person in open and closed
sessions to discuss matters concerning
declassification and transfer of
Department of State records to the
National Archives and Records
Administration and the status of the
Foreign Relations series.
DATES: June 10–11, 2024. RSVP and
requests for reasonable accommodation
for the meeting should be sent not later
than June 3, 2024.
ADDRESSES: Open session for the
meeting will take place from 10 a.m.
until noon in SA–4D Conference Room
109, Department of State, 2300 E Street
NW, Washington, DC 20372 (Potomac
Navy Hill Annex), with a virtual option
on June 10, 2024.
SUMMARY:
E:\FR\FM\29FEN1.SGM
29FEN1
]]>Agencies
[Federal Register Volume 89, Number 41 (Thursday, February 29, 2024)]
[Notices]
[Pages 14915-14918]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-04167]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99591; File No. SR-NYSE-2024-08]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Content of the NYSE Best Quote & Trades Data Feed
February 23, 2024.
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 February 14, 2024, New York Stock Exchange LLC (``NYSE''
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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[[Page 14916]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the content of the NYSE Best Quote &
Trades (``NYSE BQT'') data feed to identify the current day
consolidated first price and last price of a security published by the
securities information processors for all listed equity securities. 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 enhance the content of NYSE BQT to
identify the current day consolidated first price and last price of a
security published by the securities information processors (``SIPs'')
for all listed equity securities.
The NYSE BQT \4\ data feed provides a unified view of best bid and
offer (``BBO'') and last sale information (``Trades'') for the Exchange
and its affiliates, NYSE Arca, Inc. (``NYSE Arca''), NYSE American LLC
(``NYSE American''), NYSE National, Inc. (``NYSE National'') and NYSE
Chicago, Inc. (``NYSE Chicago'') and consists of data elements from ten
existing market data feeds: NYSE Trades,\5\ NYSE BBO,\6\ NYSE Arca
Trades,\7\ NYSE Arca BBO,\8\ NYSE American Trades,\9\ NYSE American
BBO,\10\ NYSE National Trades,\11\ NYSE National BBO,\12\ NYSE Chicago
Trades,\13\ and NYSE Chicago BBO.\14\
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\4\ See Securities Exchange Act Release No. 73553 (November 6,
2014), 79 FR 67491 (November 13, 2014) (Notice of Amendment No. 1
and Order Granting Accelerated Approval to a Proposed Rule Change,
as Modified by Amendment No. 1, To Establish the NYSE Best Quote and
Trades Data Feed).
\5\ See Securities Exchange Act Release Nos. 59290 (January 23,
2009), 74 FR 5707 (January 30, 2009) (SR-NYSE-2009-05); and 59606
(March 19, 2009), 74 FR 13293 (March 26, 2009) (SR-NYSE-2009-04).
\6\ See Securities Exchange Act Release No. 62181 (May 26,
2010), 75 FR 31488 (June 3, 2010) (SR-NYSE-2010-30).
\7\ See Securities Exchange Act Release Nos. 59289 (January 23,
2009), 74 FR 5711 (January 30, 2009) (SR-NYSEArca-2009-06); and
59598 (March 18, 2009), 74 FR 12919 (March 25, 2009) (SR-NYSEArca-
2009-05).
\8\ See Securities Exchange Act Release No. 62188 (May 27,
2010), 75 FR 31484 (June 3, 2010) (SR-NYSEArca-2010-23).
\9\ See Securities Exchange Act Release No. 62187 (May 27,
2010), 75 FR 31500 (June 3, 2010) (SR-NYSEAmex-2010-35).
\10\ See Securities Exchange Act Release No. 62187 (May 27,
2010), 75 FR 31500 (June 3, 2010) (SR-NYSEAmex-2010-35).
\11\ See Securities Exchange Act Release No. 83350 (May 31,
2018), 83 FR 26332 (June 6, 2018) (SR-NYSENAT-2018-09).
\12\ See Securities Exchange Act Release No. 83350 (May 31,
2018), 83 FR 26332 (June 6, 2018) (SR-NYSENAT-2018-09).
\13\ See Securities Exchange Act Release No. 87389 (October 23,
2019), 84 FR 57904 (October 29, 2019) (SR-NYSECHX-2019-15).
\14\ See Securities Exchange Act Release No. 87389 (October 23,
2019), 84 FR 57904 (October 29, 2019) (SR-NYSECHX-2019-15).
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NYSE BBO, NYSE Arca BBO, NYSE American BBO, NYSE National BBO and
NYSE Chicago BBO are existing data feeds that distribute on a real-time
basis the same BBO information that NYSE, NYSE Arca, NYSE American,
NYSE National and NYSE Chicago, respectively, report under the
Consolidated Quotation (``CQ'') Plan for inclusion in the CQ Plan's
consolidated quotation information data stream. NYSE Trades, NYSE Arca
Trades, NYSE American Trades, NYSE National Trades and NYSE Chicago
Trades are existing data feeds that distribute on a real-time basis the
same last sale information that NYSE, NYSE Arca, NYSE American, NYSE
National and NYSE Chicago, respectively, report under the Consolidated
Tape Association (``CTA'') Plan for inclusion in the CTA Plan's
consolidated data streams. Among other things, NYSE BQT also includes
consolidated volume for all listed equity securities regardless of
where a transaction is executed.
The Exchange also previously amended NYSE BQT to include the
consolidated high and consolidated low price for all equity securities
as obtained directly from the SIPs.\15\ The consolidated high and
consolidated low price for all equity securities is disseminated via
NYSE BQT after the CTA Plan and Unlisted Trading Privileges (``UTP'')
Plan SIP delay period.\16\
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\15\ See Securities Exchange Act No. 93000 (September 15, 2021),
86 FR 52505 (September 21, 2021) (SR-NYSE-2021-51) (Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the
Content of the NYSE Best Quote & Trades).
\16\ Id.
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Now, in addition to the information currently provided in NYSE BQT,
the Exchange proposes to include the current day consolidated first
price \17\ and current day consolidated last price of a security
published by the SIPs for all listed equity securities as obtained
directly from the SIPs. The consolidated first price and consolidated
last price for all equity securities would be disseminated via NYSE BQT
after the CTA and UTP Plan delay period. The delay period for CTA
equity securities is currently 15 minutes after publication and the
delay period for UTP equity securities is 15 minutes after the end of
the current day. Such information would provide NYSE BQT users with a
static benchmark against which to compare price movements shown on NYSE
BQT using first and last prices in the consolidated market. The
Exchange's proposal is in response to requests by subscribers using
NYSE BQT, and also to achieve feature parity with a competitor
exchange's data product.\18\
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\17\ Consolidated first price is the first last-sale eligible
trade published by the SIP.
\18\ See Securities Exchange Act No. 91241 (March 2, 2021), 86
FR 13427 (March 8, 2021) (SR-NASDAQ-2021-010) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change To Enhance the End
of Day Summary Message on Nasdaq Last Sale Plus).
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The NYSE BQT data feed is offered in a capacity similar to that of
a vendor. The Exchange, NYSE Arca, NYSE American, NYSE National and
NYSE Chicago are the exclusive distributors of the 10 BBO and Trades
feeds \19\ from which certain data elements are taken to create NYSE
BQT. By contrast, the Exchange would not be the exclusive distributor
of the aggregated and consolidated information that composes the NYSE
BQT data feed. Other vendors would be able, if they chose, to create a
data feed with the same information included in NYSE BQT, and to
distribute it to clients with no greater latency than the Exchange
would be able to distribute NYSE BQT.
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\19\ These data feeds are offered pursuant to pre-existing and
already effective rules filed with the Commission; those rules will
not be altered by this filing.
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The Exchange will announce the implementation date of this proposed
rule change by Trader Update, which, subject to the effectiveness of
this proposed rule change, will be no later than the second quarter of
2024. The Exchange is not proposing any change to the fees for NYSE BQT
as a result of this modification.
[[Page 14917]]
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) \20\ of the Act (``Act''), in general, and furthers
the objectives of Section 6(b)(5) \21\ of the Act, in particular, in
that it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, to protect investors and the public interest, and it is not
designed to permit unfair discrimination among customers, brokers, or
dealers. This proposal is in keeping with those principles in that it
promotes increased transparency through the dissemination of the NYSE
BQT market data feed to those interested in receiving it. The NYSE BQT
data feed is a product that relies on the Exchange's receipt of
underlying data, which is available to all market participants, before
it can aggregate and consolidate information to create the NYSE BQT;
this is a process that a vendor could also perform. Accordingly, the
Exchange is not the only distributor of the NYSE BQT data feed.
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\20\ 15 U.S.C. 78f(b).
\21\ 15 U.S.C. 78f(b)(5).
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The Exchange also believes that the proposed rule change is
consistent with Section 11(A) of the Act \22\ in that it supports (1)
fair competition among brokers and dealers, among exchange markets, and
between exchange markets and markets other than exchange markets and
(2) the availability to brokers, dealers, and investors of information
with respect to quotations for and transactions in securities.
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\22\ 15 U.S.C. 78k-1.
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Furthermore, the Exchange believes that the proposed rule change is
consistent with Rule 603 of Regulation NMS,\23\ which provides that any
national securities exchange that distributes information with respect
to quotations for or transactions in an NMS stock do so on terms that
are not unreasonably discriminatory. In adopting Regulation NMS, the
Commission granted self-regulatory organizations and broker dealers
increased authority and flexibility to offer new and unique market data
to consumers of such data. It was believed that this authority would
expand the amount of data available to users and consumers of such data
and also spur innovation and competition for the provision of market
data.
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\23\ 17 CFR 242.603.
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The proposed rule change is designed to promote just and equitable
principles of trade and remove impediments to and perfect the mechanism
of a free and open market and a national market system by identifying
the consolidated first price and consolidated last price of a security
published by the SIPs for all listed equity securities as obtained
directly from the SIPs. Such information would provide NYSE BQT users
with a static benchmark against which to compare price movements shown
on NYSE BQT using first and last prices in the consolidated market.
Therefore, the consolidated first and consolidated last price for
listed equity securities would provide meaningful information to
investors.
The Exchange also believes this proposal is consistent with Section
6(b)(5) of the Act because it protects investors and the public
interest and promotes just and equitable principles of trade by
providing investors with new options for receiving such information. As
noted above, another exchange currently provides similar price
information in its market data product.\24\ Therefore, the Exchange
believes the proposed rule change removes impediments to and perfects
the mechanism of a free and open market and a national market system,
and, in general, protects investors and the public interest as it would
provide an additional avenue for investors to receive this information
from a competing product.
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\24\ See, note 18, supra.
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In addition, this proposal would not permit unfair discrimination
because NYSE BQT will continue to be available to all of the Exchange's
customers through SFTI and market data vendors on an equivalent basis.
In addition, any customer that wished to continue to be able to
purchase one or more of the individual underlying data feeds would be
able to do so.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\25\ the Exchange
does not believe that the proposed rule change will impose any burden
on competition that is not necessary or appropriate in furtherance of
the purposes of the Act. The Exchange believes that the proposed rule
change will enhance competition because it would enable the Exchange to
include the consolidated first price and consolidated last price of a
security published by the SIPs for all listed equity securities as part
of NYSE BQT, thereby enabling it to better compete with similar market
data products offered by another exchange that includes such
information.\26\ As noted above, the Exchange already offers NYSE BQT
and this proposed rule change simply amends the content of the current
market data product to include the consolidated first and consolidated
last price for all listed equity securities. The Exchange is not the
exclusive distributor of the consolidated first and consolidated last
price information that would compose the amended NYSE BQT data feed.
Vendors would be able, if they chose, to create a data feed with the
same information as NYSE BQT and distribute it to their clients on a
level-playing field with respect to latency and cost as compared to the
Exchange's product. Specifically, a competing vendor could receive the
consolidated first and consolidated last price from the SIPs and
include that information as part of their market data products to be
disseminated to customers pursuant to the same terms and policies as
the Exchange.\27\
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\25\ 15 U.S.C. 78f(b)(8).
\26\ See, note 18, supra.
\27\ See CTA Consolidated Volume Display Policy with FAQ at
https://www.ctaplan.com/publicdocs/ctaplan/Policy_CTA_Consolidated_Volume_Display_with_FAQ.pdf.
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The Exchange believes the proposal will have no impact on
intramarket competition as the proposal is not targeted at, or expected
to be limited in its applicability to, any particular segment of market
participants and no segment of retail investors, the general investing
public, or any other market participant is expected to benefit more
than any other. Therefore, the Exchange believes the inclusion of the
consolidated first and consolidated last price in NYSE BQT would not
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
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 \28\ and Rule
[[Page 14918]]
19b-4(f)(6) thereunder.\29\ 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 \30\ and Rule 19b-4(f)(6)(iii) thereunder.\31\
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\28\ 15 U.S.C. 78s(b)(3)(A)(iii).
\29\ 17 CFR 240.19b-4(f)(6).
\30\ 15 U.S.C. 78s(b)(3)(A).
\31\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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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) \32\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\32\ 15 U.S.C. 78s(b)(2)(B).
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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-NYSE-2024-08 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-NYSE-2024-08. 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-NYSE-2024-08 and should be
submitted on or before March 21, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
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\33\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-04167 Filed 2-28-24; 8:45 am]
BILLING CODE 8011-01-P
