Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Connectivity Fee Schedule, 48007-48009 [2024-12149]
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Federal Register / Vol. 89, No. 108 / Tuesday, June 4, 2024 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100244; File No. SR–
NYSEARCA–2024–42]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the
Connectivity Fee Schedule
May 29, 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 May 24,
2024, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Connectivity Fee Schedule (‘‘Fee
Schedule’’) to make clarifying changes
with respect to the wireless connections
to third party data in co-location. 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.
ddrumheller on DSK120RN23PROD 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
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 Schedule to make clarifying changes
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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17:15 Jun 03, 2024
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with respect to the wireless connections
to third party data in co-location.
The Exchange currently provides
Users 4 with wireless connections to ten
market data feeds or combinations of
feeds from third-party markets (the
‘‘Existing Third Party Data’’).5
The Exchange recently filed to
provide wireless connection to MEMX
Memoir Depth market data feed
(‘‘MEMX Data’’), noting that the wireless
connection to MEMX Data would lead
to the data center pole.6 For all the
Existing Third Party Data that leads to
that pole,7 the monthly charge for
wireless connections is subject to a 30day testing period, during which the
monthly charge per connection would
be waived. Consistent with that fact, the
Exchange proposes to amend the Fee
Schedule to clarify that this provision is
applicable to wireless connections to
MEMX Data.
In addition, the Exchange proposes to
make the following non-substantive
changes to the Fee Schedule:
• Move the existing service for a
wireless connection of NASDAQ BXTotalview-ITCH data to place the
wireless connections in alphabetical
order.
• To conform to the corporate
branding of Nasdaq, amend ‘‘NASDAQ’’
to ‘‘Nasdaq’’ and delete ‘‘OMX’’ and
‘‘Ultra’’ throughout the Fee Schedule.8
• To conform to Nasdaq’s usage of the
term, amend ‘‘Totalview’’ to
‘‘TotalView’’ in the Existing Third Party
Services.9
These changes are typographical in
nature and are not intended to change
4 For purposes of the Exchange’s colocation
services, a ‘‘User’’ means any market participant
that requests to receive colocation 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 Schedule, a User that incurs
colocation fees for a particular colocation service
pursuant thereto would not be subject to colocation
fees for the same colocation service charged by the
Exchange’s affiliates the New York Stock Exchange
LLC, NYSE American LLC, NYSE Chicago, Inc., and
NYSE National, Inc. (together, the ‘‘Affiliate
SROs’’). Each Affiliate SRO has submitted
substantially the same proposed rule change to
propose the changes described herein. See SR–
NYSE–2024–31, SR–NYSEAMER–2024–33, SR–
NYSECHX–2024–19, and SR–NYSENAT–2024–16.
5 See Securities Exchange Act Release No. 99808
(March 20, 2024), 89 FR 21151 (March 26, 2024) (SR
NYSEArca–2024–26).
6 See id.
7 See Securities Exchange Act Release No. 76749
(December 23, 2015), 80 FR 81640 (December 30,
2015) (SR–NYSEArca–2015–99).
8 See Securities Exchange Act Release No. 801917
(October 23, 2017), 82 FR 49879 (October 27, 2017)
(SR–NASDAQ–2017–111). See also https://
www.nasdaq.com/solutions/nasdaq-canada, and
https://www.nasdaq.com/solutions/nasdaq-ise.
9 See https://www.nasdaqtrader.com/
Trader.aspx?id=DPUSdata.
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48007
the substance or meaning of the Fee
Schedule.
The proposed changes would not
apply differently to distinct types or
sizes of market participants. Rather,
they would apply to all Users equally.
As is currently the case, the purchase of
any colocation service is completely
voluntary and the Fee Schedule is
applied uniformly to all Users.
The Exchange does not believe that it
would obtain any new customers due to
the proposed change.
The proposed change is not otherwise
intended to address any other issues
relating to colocation services or related
fees, and the Exchange is not aware of
any problems that Users would have in
complying with the proposed change.
Timing and Implementation
The proposed change to the Fee
Schedule to clarify the provisions
regarding the MEMX Memoir Depth
market feed would become operative
when the wireless connection to MEMX
Memoir Depth market data feed
becomes operative. The Exchange
expects that to be no later than the third
quarter of 2024.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,10 in general, and
furthers the objectives of section 6(b)(5)
of the Act,11 in particular, because 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
regulating, clearing, settling, processing
information with respect to, and
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 because it is not
designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers. The
Exchange further believes that the
proposed rule change is consistent with
section 6(b)(4) of the Act,12 because it
provides for the equitable allocation of
reasonable dues, fees, and other charges
among its members and issuers and
other persons using its facilities and
does not unfairly discriminate between
customers, issuers, brokers, or dealers.
The Exchange believes that the
proposed changes would remove
impediments to and perfect the
10 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
12 15 U.S.C. 78f(b)(4).
11 15
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Federal Register / Vol. 89, No. 108 / Tuesday, June 4, 2024 / Notices
mechanism of a free and open market
and a national market system, and, in
general, protect investors and the public
interest. With respect to the wireless
connection to MEMX Memoir Depth
data, the proposed change simply would
clarify that the terms on which it is
offered are the same as those of the
Existing Third Party Data feeds that also
connect to the data center pole. With
respect to the other changes, putting the
existing services in alphabetical order
and conforming the descriptions to
Nasdaq’s usage would make the Fee
Schedule easier to read, understand,
and administer, alleviating any possible
market participant confusion.
The Exchange believes that its
proposed rule change 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. The
proposed rule change would clarify that
the terms under which the wireless
connection to the MEMX Memoir Depth
data is offered are the same as those of
the Existing Third Party Data feeds that
also connect to the data center pole.
With respect to the other changes,
putting the existing services in
alphabetical order and conforming the
descriptions to Nasdaq’s usage would
make the Fee Schedule easier to read,
understand, and administer, alleviating
any possible market participant
confusion. The proposed changes would
not alter any of the fees charged.
ddrumheller on DSK120RN23PROD with NOTICES1
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposal will not impose any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of section 6(b)(8) of the Act.13
The proposed change would not affect
competition among national securities
exchanges or among members of the
Exchange. The proposed rule change is
not designed to address any competitive
issues but rather to enhance the clarity
and transparency of the Fee Schedule
and alleviate possible customer
confusion that may arise. The proposed
rule change would have no impact on
pricing or existing services. Rather, the
changes would clarify the Fee Schedule,
making it easier to understand and
alleviating any possible market
participant confusion.
13 15
U.S.C. 78f(b)(8).
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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 14 and Rule
19b–4(f)(6) thereunder.15 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.16
A proposed rule change filed under
Rule 19b–4(f)(6) 17 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),18 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing.
The Commission agrees with the
Exchange that waiver of the 30-day
operative delay would be consistent
with the protection of investors and the
public interest because it would allow
the Exchange to implement this
proposed change immediately, ensuring
that Users could benefit from the 30-day
testing period for the existing service for
a wireless connection of MEMX Memoir
Depth data. Investors and the public
interest would also benefit from the
increased clarity and transparency the
other amendments would provide to the
Fee Schedule. The Commission
14 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
16 17 CFR 240.19b–4(f)(6)(iii). 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 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.
17 17 CFR 240.19b–4(f)(6).
18 17 CFR 240.19b–4(f)(6)(iii).
15 17
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therefore believes that waiver of the 30day operative delay is appropriate.
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) 19 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–
NYSEARCA–2024–42 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–2024–42. 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
19 15
E:\FR\FM\04JNN1.SGM
U.S.C. 78s(b)(2)(B).
04JNN1
Federal Register / Vol. 89, No. 108 / Tuesday, June 4, 2024 / Notices
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–NYSEARCA–2024–42 and should be
submitted on or before June 25, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–12149 Filed 6–3–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100239; File No. SR–
MEMX–2024–19]
Self-Regulatory Organizations; MEMX
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend the Short Term
Options Series Program in Rule 19.5,
Interpretation and Policy .05
May 29, 2024.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 16,
2024, MEMX, LLC (‘‘MEMX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) a proposed rule change
as described in Items I and II below,
which Items have been prepared by the
Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
ddrumheller on DSK120RN23PROD with NOTICES1
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing with the
Commission a proposed rule change to
amend the Short Term Options Series
Program in Rule 19.5, Interpretation and
20 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
17:15 Jun 03, 2024
Jkt 262001
Policy .05. The text of the proposed rule
change is provided in Exhibit 5.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend the
Short Term Option Series Program in
Rule 19.5, Interpretation and Policy .05
(Series of Options Contracts Open for
Trading). Specifically, the Exchange
proposes to expand the Short Term
Option Series Program to permit the
listing and trading of options series with
Tuesday and Thursday expirations for
options on iShares Russell 2000 ETF
(‘‘IWM’’), specifically permitting two
expiration dates for the proposed
Tuesday and Thursday expirations in
IWM. This is a competitive filing that is
based on a proposal submitted from
Nasdaq ISE, LLC (‘‘Nasdaq ISE’’) and
recently approved by the Commission.5
Currently, Table 1 in Rule 19.5,
Interpretation and Policy .05(h),
specifies each symbol that qualifies as a
Short Term Option Daily Expiration.6
Today, Table 1 permits the listing and
trading of Monday Short Term Option
Daily Expirations and Wednesday Short
5 See Securities Exchange Act Release No. 99946
(April 11, 2024) 89 FR 27471 (April 17, 2024)
(Order Approving SR–ISE–2024–06).
6 The Exchange may open for trading on any
Thursday or Friday that is a business day series of
options on that class that expire at the close of
business on each of the next five Fridays that are
business days and are not Fridays in which
standard expiration options series, Monthly
Options Series, or Quarterly Options Series. Of
these series of options, the Exchange may have no
more than a total of five Short Term Option
Expiration Dates. In addition, the Exchange may
open for trading series of options on certain
symbols that expire at the close of business on each
of the next two Mondays, Tuesdays, Wednesdays,
and Thursdays, respectively, that are business days
beyond the current week and are not business days
in which standard expiration options series,
Monthly Options Series, or Quarterly Options
Series expire (‘‘Short Term Option Daily
Expirations’’). See Rule 19.5, Interpretation and
Policy .05.
PO 00000
Frm 00118
Fmt 4703
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48009
Term Option Daily Expirations for IWM.
At this time, the Exchange proposes to
expand the Short Term Option Series
Program to permit the listing and
trading of no more than a total of two
IWM Short Term Option Daily
Expirations beyond the current week for
each of Monday, Tuesday, Wednesday,
and Thursday expirations at one time.7
The listing and trading of Tuesday and
Thursday Short Term Option Daily
Expirations would be subject to Rule
19.5, Interpretation and Policy .05.
Today, Tuesday Short Term Option
Daily Expirations in SPDR S&P 500 ETF
Trust (‘‘SPY’’) and the INVESCO QQQ
Trust, Series 1 (‘‘QQQ’’) may open for
trading on any Monday or Tuesday that
is a business day series of options on the
symbols provided in Table 1 that expire
at the close of business on each of the
next two Tuesdays that are business
days and are not business days in which
standard expiration options series,
Monthly Options Series, or Quarterly
Options Series expire (‘‘Tuesday Short
Term Option Expiration Date’’).8 Also,
today, Thursday Short Term Option
Daily Expirations in SPY and QQQ may
open for trading on any Tuesday or
Wednesday that is a business day series
of options on the symbols provided in
Table 1 that expire at the close of
business on each of the next two
Wednesdays that are business days and
are not business days in which standard
expiration options series, Monthly
Options Series, or Quarterly Options
Series expire (‘‘Wednesday Short Term
Option Expiration Date’’).9
In the event that options on IWM
expire on a Tuesday or Thursday and
that Tuesday or Thursday is a business
day in which standard expiration
options series, Monthly Options Series,
or Quarterly Options Series expire, the
Exchange would skip that week’s listing
and instead list the following week; the
two weeks would therefore not be
consecutive. With this proposal, the
Exchange would be able to open for
trading series of options on IWM that
expire at the close of business on each
of the next two Mondays, Tuesdays,
Wednesdays, and Thursdays,
respectively, that are business days
beyond the current week and are not
business days in which standard
expiration options series, Monthly
7 The Exchange would amend the Tuesday and
Thursday expirations for IWM in Table 1 Rule 19.5,
Interpretation and Policy .05(h) from ‘‘0’’ to ‘‘2’’ to
permit Tuesday and Thursday expirations for
options on IWM listed pursuant to the Short Term
Option Series.
8 See Rule 19.5, Interpretation and Policy .05(h).
9 Id.
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]]>Agencies
[Federal Register Volume 89, Number 108 (Tuesday, June 4, 2024)]
[Notices]
[Pages 48007-48009]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-12149]
[[Page 48007]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100244; File No. SR-NYSEARCA-2024-42]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the
Connectivity Fee Schedule
May 29, 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 May 24, 2024, 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Connectivity Fee Schedule (``Fee
Schedule'') to make clarifying changes with respect to the wireless
connections to third party data in co-location. 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 Schedule to make clarifying
changes with respect to the wireless connections to third party data in
co-location.
The Exchange currently provides Users \4\ with wireless connections
to ten market data feeds or combinations of feeds from third-party
markets (the ``Existing Third Party Data'').\5\
---------------------------------------------------------------------------
\4\ For purposes of the Exchange's colocation services, a
``User'' means any market participant that requests to receive
colocation 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
Schedule, a User that incurs colocation fees for a particular
colocation service pursuant thereto would not be subject to
colocation fees for the same colocation service charged by the
Exchange's affiliates the New York Stock Exchange LLC, NYSE American
LLC, NYSE Chicago, Inc., and NYSE National, Inc. (together, the
``Affiliate SROs''). Each Affiliate SRO has submitted substantially
the same proposed rule change to propose the changes described
herein. See SR-NYSE-2024-31, SR-NYSEAMER-2024-33, SR-NYSECHX-2024-
19, and SR-NYSENAT-2024-16.
\5\ See Securities Exchange Act Release No. 99808 (March 20,
2024), 89 FR 21151 (March 26, 2024) (SR NYSEArca-2024-26).
---------------------------------------------------------------------------
The Exchange recently filed to provide wireless connection to MEMX
Memoir Depth market data feed (``MEMX Data''), noting that the wireless
connection to MEMX Data would lead to the data center pole.\6\ For all
the Existing Third Party Data that leads to that pole,\7\ the monthly
charge for wireless connections is subject to a 30-day testing period,
during which the monthly charge per connection would be waived.
Consistent with that fact, the Exchange proposes to amend the Fee
Schedule to clarify that this provision is applicable to wireless
connections to MEMX Data.
---------------------------------------------------------------------------
\6\ See id.
\7\ See Securities Exchange Act Release No. 76749 (December 23,
2015), 80 FR 81640 (December 30, 2015) (SR-NYSEArca-2015-99).
---------------------------------------------------------------------------
In addition, the Exchange proposes to make the following non-
substantive changes to the Fee Schedule:
Move the existing service for a wireless connection of
NASDAQ BX-Totalview-ITCH data to place the wireless connections in
alphabetical order.
To conform to the corporate branding of Nasdaq, amend
``NASDAQ'' to ``Nasdaq'' and delete ``OMX'' and ``Ultra'' throughout
the Fee Schedule.\8\
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\8\ See Securities Exchange Act Release No. 801917 (October 23,
2017), 82 FR 49879 (October 27, 2017) (SR-NASDAQ-2017-111). See also
https://www.nasdaq.com/solutions/nasdaq-canada, and https://www.nasdaq.com/solutions/nasdaq-ise.
---------------------------------------------------------------------------
To conform to Nasdaq's usage of the term, amend
``Totalview'' to ``TotalView'' in the Existing Third Party Services.\9\
---------------------------------------------------------------------------
\9\ See https://www.nasdaqtrader.com/Trader.aspx?id=DPUSdata.
---------------------------------------------------------------------------
These changes are typographical in nature and are not intended to
change the substance or meaning of the Fee Schedule.
The proposed changes would not apply differently to distinct types
or sizes of market participants. Rather, they would apply to all Users
equally. As is currently the case, the purchase of any colocation
service is completely voluntary and the Fee Schedule is applied
uniformly to all Users.
The Exchange does not believe that it would obtain any new
customers due to the proposed change.
The proposed change is not otherwise intended to address any other
issues relating to colocation services or related fees, and the
Exchange is not aware of any problems that Users would have in
complying with the proposed change.
Timing and Implementation
The proposed change to the Fee Schedule to clarify the provisions
regarding the MEMX Memoir Depth market feed would become operative when
the wireless connection to MEMX Memoir Depth market data feed becomes
operative. The Exchange expects that to be no later than the third
quarter of 2024.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\10\ in general, and furthers the
objectives of section 6(b)(5) of the Act,\11\ in particular, because 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 regulating,
clearing, settling, processing information with respect to, and
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 because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange further believes
that the proposed rule change is consistent with section 6(b)(4) of the
Act,\12\ because it provides for the equitable allocation of reasonable
dues, fees, and other charges among its members and issuers and other
persons using its facilities and does not unfairly discriminate between
customers, issuers, brokers, or dealers.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
\12\ 15 U.S.C. 78f(b)(4).
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The Exchange believes that the proposed changes would remove
impediments to and perfect the
[[Page 48008]]
mechanism of a free and open market and a national market system, and,
in general, protect investors and the public interest. With respect to
the wireless connection to MEMX Memoir Depth data, the proposed change
simply would clarify that the terms on which it is offered are the same
as those of the Existing Third Party Data feeds that also connect to
the data center pole. With respect to the other changes, putting the
existing services in alphabetical order and conforming the descriptions
to Nasdaq's usage would make the Fee Schedule easier to read,
understand, and administer, alleviating any possible market participant
confusion.
The Exchange believes that its proposed rule change 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. The proposed rule change would clarify that the terms under
which the wireless connection to the MEMX Memoir Depth data is offered
are the same as those of the Existing Third Party Data feeds that also
connect to the data center pole. With respect to the other changes,
putting the existing services in alphabetical order and conforming the
descriptions to Nasdaq's usage would make the Fee Schedule easier to
read, understand, and administer, alleviating any possible market
participant confusion. The proposed changes would not alter any of the
fees charged.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposal will not impose any burden
on competition that is not necessary or appropriate in furtherance of
the purposes of section 6(b)(8) of the Act.\13\
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\13\ 15 U.S.C. 78f(b)(8).
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The proposed change would not affect competition among national
securities exchanges or among members of the Exchange. The proposed
rule change is not designed to address any competitive issues but
rather to enhance the clarity and transparency of the Fee Schedule and
alleviate possible customer confusion that may arise. The proposed rule
change would have no impact on pricing or existing services. Rather,
the changes would clarify the Fee Schedule, making it easier to
understand and alleviating any possible market participant confusion.
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 \14\ and Rule 19b-4(f)(6) thereunder.\15\
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.\16\
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\14\ 15 U.S.C. 78s(b)(3)(A)(iii).
\15\ 17 CFR 240.19b-4(f)(6).
\16\ 17 CFR 240.19b-4(f)(6)(iii). 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 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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A proposed rule change filed under Rule 19b-4(f)(6) \17\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\18\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing.
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\17\ 17 CFR 240.19b-4(f)(6).
\18\ 17 CFR 240.19b-4(f)(6)(iii).
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The Commission agrees with the Exchange that waiver of the 30-day
operative delay would be consistent with the protection of investors
and the public interest because it would allow the Exchange to
implement this proposed change immediately, ensuring that Users could
benefit from the 30-day testing period for the existing service for a
wireless connection of MEMX Memoir Depth data. Investors and the public
interest would also benefit from the increased clarity and transparency
the other amendments would provide to the Fee Schedule. The Commission
therefore believes that waiver of the 30-day operative delay is
appropriate.
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) \19\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\19\ 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-NYSEARCA-2024-42 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-2024-42. 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
[[Page 48009]]
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-NYSEARCA-2024-42 and should
be submitted on or before June 25, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-12149 Filed 6-3-24; 8:45 am]
BILLING CODE 8011-01-P
