Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Withdrawal of a Proposed Rule Change, as Modified by Partial Amendment No. 1, To Amend Equity 4, Rules 3301A and 3301B To Establish New “Contra Midpoint Only” and “Contra Midpoint Only With Post-Only” Order Types and To Make Other Corresponding Changes to the Rulebook, 18465-18466 [2024-05252]

Download as PDF Federal Register / Vol. 89, No. 50 / Wednesday, March 13, 2024 / Notices additional class of equity security for listing. The Exchange also notes that other exchanges have similarly adopted separate fees applicable to an additional class of equity security, which are higher than the Exchange’s proposed fee.29 The Exchange believes its proposal that Additional Listings be charged no application or annual fee is reasonable and equitable because it will result in lower costs to all companies seeking to list Additional Listings on the Exchange.30 The Exchange believes that the proposed amendments do not encumber competition for listings with other listing venues, which are similarly free to set their fees. Rather, it reflects competition among listing venues and will further enhance competition. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to section 19(b)(3)(A) of the Act 31 and paragraph (f) of Rule 19b–4 32 thereunder. At any time within 60 days of the filing of the 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 will institute proceedings to determine whether the proposed rule change should be approved or disapproved. IV. Solicitation of Comments lotter on DSK11XQN23PROD with NOTICES1 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: 29 See e.g., Nasdaq Global Market Rule 5910(a)(1)(A)(ii). 30 The fees applicable to listings as set forth in Rule 14.13(b) are applicable based on security listed on the exchange rather than the Company itself. 31 15 U.S.C. 78s(b)(3)(A). 32 17 CFR 240.19b–4(f). VerDate Sep<11>2014 17:33 Mar 12, 2024 Jkt 262001 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– CboeBZX–2024–019 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–CboeBZX–2024–019. 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–CboeBZX–2024–019 and should be submitted on or before April 3, 2024. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.33 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–05256 Filed 3–12–24; 8:45 am] BILLING CODE 8011–01–P 33 17 PO 00000 CFR 200.30–3(a)(12). Frm 00095 Fmt 4703 Sfmt 4703 18465 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–99687; File No. SR–PHLX– 2023–40] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Withdrawal of a Proposed Rule Change, as Modified by Partial Amendment No. 1, To Amend Equity 4, Rules 3301A and 3301B To Establish New ‘‘Contra Midpoint Only’’ and ‘‘Contra Midpoint Only With PostOnly’’ Order Types and To Make Other Corresponding Changes to the Rulebook March 7, 2024. On August 28, 2023, Nasdaq PHLX LLC (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend Equity 4, Rules 3301A and 3301B to establish new ‘‘Contra Midpoint Only’’ and ‘‘Contra Midpoint Only with Post-Only’’ order types and to make other corresponding changes to the rulebook. The proposed rule change was published for comment in the Federal Register on September 8, 2023.3 On September 26, 2023, pursuant to section 19(b)(2) of the Act,4 the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.5 On November 2, 2023, the Exchange filed Partial Amendment No. 1 to the proposed rule change.6 On December 5, 2023, the Commission published Partial Amendment No. 1 for notice and comment and instituted proceedings under section 19(b)(2)(B) of the Act 7 to determine whether to approve or 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 98280 (Sept. 1, 2023), 88 FR 62129. Comments received by the Commission on the proposed rule change are available on the Commission’s website at: https:// www.sec.gov/comments/sr-phlx-2023-40/ srphlx202340.htm. 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 98528, 88 FR 67846 (Oct. 2, 2023). The Commission designated December 7, 2023, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to approve or disapprove, the proposed rule change. 6 Amendment No. 1 is available at https:// www.sec.gov/comments/sr-phlx-2023-40/ srphlx202340-293100-713082.pdf. 7 15 U.S.C. 78s(b)(2)(B). 2 17 E:\FR\FM\13MRN1.SGM 13MRN1 18466 Federal Register / Vol. 89, No. 50 / Wednesday, March 13, 2024 / Notices disapprove the proposed rule change, as modified by Partial Amendment No. 1.8 On March 4, 2024, the Exchange withdrew the proposed rule change, as modified by Partial Amendment No. 1 (File No. SR–PHLX–2023–40). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–05252 Filed 3–12–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–99689; File No. SR–NYSE– 2024–12] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish the NYSE Aggregated Lite Market Data Feed March 7, 2024. Pursuant to section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on February 27, 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, II, and III below, which Items have been prepared by the selfregulatory 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 establish the NYSE Aggregated Lite (‘‘NYSE Agg Lite’’) market data feed. 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. lotter on DSK11XQN23PROD with NOTICES1 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 8 See Securities Exchange Act Release No. 99083, 88 FR 85964 (Dec. 11, 2023). 9 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. VerDate Sep<11>2014 17:33 Mar 12, 2024 Jkt 262001 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 establish the NYSE Agg Lite market data feed. The NYSE Agg Lite is a NYSE-only frequency-based depth of book market data feed of the NYSE’s limit order book for up to ten (10) price levels on both the bid and offer sides of the order book for securities traded on the Exchange and for which the Exchange reports quotes and trades under the Consolidated Tape Association (‘‘CTA’’) Plan or the Nasdaq/UTP Plan. NYSE Agg Lite would be a compilation of limit order data that the Exchange would provide to vendors and subscribers. As proposed, the NYSE Agg Lite data feed would be updated no less frequently than once per second. The NYSE Agg Lite would include depth of book order data as well as security status messages. The security status message would inform subscribers of changes in the status of a specific security, such as trading halts, short sale restriction, etc. In addition, the NYSE Agg Lite would also include order imbalance information prior to the opening and closing of trading. The Exchange proposes to offer NYSE Agg Lite after receiving requests from vendors and subscribers that would like to receive the data described above in an integrated fashion at a pre-defined publication interval, in this case updates no less than once per second. An aggregated data feed may provide greater efficiencies and reduce errors for vendors and subscribers that currently choose to integrate the above data into a single offering after receiving it from the Exchange through existing products and adjust the publication frequency based on a subscriber’s needs. The Exchange believes that providing vendors and subscribers with the option to subscribe to a market data product that integrates a subset of data from existing products and where such aggregated data is published at a predefined interval, thus lowering bandwidth, infrastructure and operational requirements, would allow PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 vendors and subscribers to choose the best solution for their specific business needs. The Exchange notes that publishing only the top ten price levels on both the bid and offer sides of the order book where such data is communicated to subscribers at a predefined interval would reduce the overall volume of messages required to be consumed by subscribers when compared to a full order-by-order data feed or a full depth of book data feed. Providing data in this format and publication frequency would make NYSE Agg Lite more easily consumable by vendors and subscribers, especially for display purposes. The Exchange proposes to offer NYSE Agg Lite through the Exchange’s Liquidity Center Network (‘‘LCN’’), a local area network in the Exchange’s Mahwah, New Jersey data center that is available to users of the Exchange’s colocation services. The Exchange would also offer NYSE Agg Lite through the ICE Global Network (‘‘IGN’’), through which all other users and members access the Exchange’s trading and execution systems and other proprietary market data products. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) 4 of the Act (‘‘Act’’), in general, and furthers the objectives of section 6(b)(5) 5 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 NYSE Agg Lite to those interested in receiving it. 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 market data as requested by market data vendors and subscribers. The proposed rule change would benefit investors by facilitating their prompt access to the frequency4 15 5 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). E:\FR\FM\13MRN1.SGM 13MRN1

Agencies

[Federal Register Volume 89, Number 50 (Wednesday, March 13, 2024)]
[Notices]
[Pages 18465-18466]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-05252]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99687; File No. SR-PHLX-2023-40]


Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of 
Withdrawal of a Proposed Rule Change, as Modified by Partial Amendment 
No. 1, To Amend Equity 4, Rules 3301A and 3301B To Establish New 
``Contra Midpoint Only'' and ``Contra Midpoint Only With Post-Only'' 
Order Types and To Make Other Corresponding Changes to the Rulebook

March 7, 2024.
    On August 28, 2023, Nasdaq PHLX LLC (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to amend Equity 4, 
Rules 3301A and 3301B to establish new ``Contra Midpoint Only'' and 
``Contra Midpoint Only with Post-Only'' order types and to make other 
corresponding changes to the rulebook. The proposed rule change was 
published for comment in the Federal Register on September 8, 2023.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 98280 (Sept. 1, 
2023), 88 FR 62129. Comments received by the Commission on the 
proposed rule change are available on the Commission's website at: 
https://www.sec.gov/comments/sr-phlx-2023-40/srphlx202340.htm.
---------------------------------------------------------------------------

    On September 26, 2023, pursuant to section 19(b)(2) of the Act,\4\ 
the Commission designated a longer period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to disapprove the proposed rule 
change.\5\ On November 2, 2023, the Exchange filed Partial Amendment 
No. 1 to the proposed rule change.\6\ On December 5, 2023, the 
Commission published Partial Amendment No. 1 for notice and comment and 
instituted proceedings under section 19(b)(2)(B) of the Act \7\ to 
determine whether to approve or

[[Page 18466]]

disapprove the proposed rule change, as modified by Partial Amendment 
No. 1.\8\
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 98528, 88 FR 67846 
(Oct. 2, 2023). The Commission designated December 7, 2023, as the 
date by which the Commission shall approve or disapprove, or 
institute proceedings to determine whether to approve or disapprove, 
the proposed rule change.
    \6\ Amendment No. 1 is available at https://www.sec.gov/comments/sr-phlx-2023-40/srphlx202340-293100-713082.pdf.
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 99083, 88 FR 85964 
(Dec. 11, 2023).
---------------------------------------------------------------------------

    On March 4, 2024, the Exchange withdrew the proposed rule change, 
as modified by Partial Amendment No. 1 (File No. SR-PHLX-2023-40).
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-05252 Filed 3-12-24; 8:45 am]
BILLING CODE 8011-01-P
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