Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend FINRA Rule 6730 (Transaction Reporting) To Reduce the 15-Minute TRACE Reporting Timeframe to One Minute, 59948-59949 [2024-16224]

Download as PDF 59948 Federal Register / Vol. 89, No. 142 / Wednesday, July 24, 2024 / Notices A proposed rule change filed under Rule 19b–4(f)(6) 12 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b–4(f)(6)(iii),13 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay so that the proposal may become operative immediately upon filing. According to the Exchange, the proposed rule change is a competitive response to a filing submitted by ISE that recently was approved by the Commission.14 The Exchange has stated that waiver of the 30-day operative delay would allow the Exchange to implement the proposal at the same time as its competitor exchanges, thus creating competition among GLD options. The Commission believes that the proposed rule change presents no novel issues and that waiver of the 30day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change as operative upon filing.15 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 shall institute proceedings to determine whether the proposed rule 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: ddrumheller on DSK120RN23PROD with NOTICES1 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– BOX–2024–18 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–BOX–2024–18. 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–BOX–2024–18 and should be submitted on or before August 14, 2024. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 J. Matthew DeLesDernier, Deputy Secretary. [FR Doc. 2024–16219 Filed 7–23–24; 8:45 am] BILLING CODE 8011–01–P 12 17 CFR 240.19b–4(f)(6). CFR 240.19b–4(f)(6)(iii). 14 See supra note 6. 15 For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 13 17 VerDate Sep<11>2014 17:57 Jul 23, 2024 Jkt 262001 PO 00000 16 17 CFR 200.30–3(a)(12), (59). Frm 00059 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–100555; File No. SR– FINRA–2024–004] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend FINRA Rule 6730 (Transaction Reporting) To Reduce the 15-Minute TRACE Reporting Timeframe to One Minute July 18, 2024. On January 11, 2024, the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) 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 FINRA Rule 6730 to reduce the 15-minute reporting timeframe for transactions reported to FINRA’s Trade Reporting and Compliance Engine (‘‘TRACE’’) system to one minute, with exceptions for FINRA member firms with de minimis reporting activity and for manual trades. The proposed rule change was published for comment in the Federal Register on January 25, 2024.3 On February 29, 2024, 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 April 22, 2024, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act 6 to determine whether to approve or disapprove the proposed rule change.7 Section 19(b)(2) of the Act 8 provides that, after initiating proceedings, the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 99825 (March 21, 2024), 89 FR 22294. Comments received on the proposed rule change are available at: https://www.sec.gov/comments/sr-finra-2024-004/ srfinra2024004.htm. 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 99640 (Feb. 29, 2024), 89 FR 16042 (March 6, 2024). The Commission designated April 24, 2024, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change. 6 15 U.S.C. 78s(b)(2)(B). 7 See Securities Exchange Act Release No. 100006 (Apr. 22, 2024), 89 FR 32475 (Apr. 26, 2024). 8 15 U.S.C. 78s(b)(2). 2 17 E:\FR\FM\24JYN1.SGM 24JYN1 Federal Register / Vol. 89, No. 142 / Wednesday, July 24, 2024 / Notices Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for comment in the Federal Register on January 25, 2024.9 The 180th day after publication of the notice for this proposed rule change is July 23, 2024. The Commission is extending the time period for approving or disapproving the proposed rule change for an additional 60 days. The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,10 designates September 20, 2024, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR– FINRA–2024–004). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 J. Matthew DeLesDernier, Deputy Secretary. [FR Doc. 2024–16224 Filed 7–23–24; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–100558; File No. SR–BX– 2024–024] Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Expand Its CoLocation Services ddrumheller on DSK120RN23PROD with NOTICES1 July 18, 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 July 5, 2024, Nasdaq BX, Inc. (‘‘BX’’ or ‘‘Exchange’’) filed with the Securities supra note 3 and accompanying text. U.S.C. 78s(b)(2). 11 17 CFR 200.30–3(a)(57). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 10 15 VerDate Sep<11>2014 17:57 Jul 23, 2024 Jkt 262001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to expand its co-location services. The text of the proposed rule change is available on the Exchange’s website at https://listingcenter.nasdaq.com/ rulebook/nasdaq/rules, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose BILLING CODE 8011–01–P 9 See and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. The Exchange proposes to expand its co-location services by offering new cabinet, power, and power distribution unit options in the Exchange’s expanded data center. The Exchange’s current data center (‘‘NY11’’) in Carteret, NJ is undergoing an expansion (‘‘NY11–4’’) in response to demand for power and cabinets. NY11– 4 is not a new or distinct co-location facility. Instead, NY11–4 is simply an expansion of the existing NY11 data center,3 and the Exchange intends to operate it generally in the same manner as existing aspects of NY11.4 Client 3 NY11–4 is not a standalone facility. Equinix considers the site as NY11 with three expansions: NY11–2, NY11–3, and NY11–4. 4 One aspect of the data center that will be treated differently in NY11–4 as compared to NY11 at its outset is telecommunications access and inter-client connectivity. In NY11–4, connections between colocated client cabinets and the carrier cage will be of equal length. Inter-client connectivity will also be equalized in NY11–4. The Exchange believes that equalizing telecommunications access PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 59949 connections to the matching engine will be equal across the board, within and among NY11 and NY11–4. In 2010, the Exchange undertook a similar expansion to its data center, where connectivity to the Exchange remained equalized, as is the case with the NY11–4 expansion. The Exchange submits this filing to propose offering new services in NY11– 4, as described below, and to the extent the Exchange offers additional new services, whether in the existing NY11 data halls or in the new NY11–4 data hall, the Exchange will submit additional filings with the Commission. NY11–4 Expanded Cabinet Optionality: Ultra High Density Cabinet Currently, co-location customers have the option of obtaining cabinets of various sizes and power densities. Colocation customers may obtain a Half Cabinet,5 a Low Density Cabinet with power density less than or equal to 2.88 kilowatts (‘‘kW’’), a Medium Density Cabinet with power density greater than 2.88 kW and less than or equal to 5 kW, a Medium-High Density Cabinet with power density greater than 5 kW and less than or equal to 7 kW, a High Density Cabinet with power density greater than 7 kW and less than 10 kW, and a Super High Density Cabinet with power density greater than 10 kW and less than or equal to 17.3 kW. The Exchange proposes to introduce a new cabinet choice in NY11–4, an ‘‘Ultra High Density Cabinet,’’ with power density greater than 10 kW and less than or equal to 15 kW. Based on demand, the Exchange wishes to introduce the Ultra High Density Cabinet as an option for customers between the High Density Cabinet and the Super High Density Cabinet. The Ultra High Density Cabinet option would only be offered in NY11–4 because of the power configuration necessary for such cabinets, which is not possible or available in other portions of the data center due to different power distribution. Because of the addition of the Ultra High Density Cabinet option in NY11–4, the Super High Density Cabinet in NY11–4 would have power density greater than 15 kW and less than or equal to 17.3 kW. In addition to the Ultra High Density Cabinet, the Exchange would offer the other, existing cabinet options in NY11– and inter-client connectivity in NY11–4 will provide a fair solution and avoid market disruption by avoiding both a race for real estate adjacent to NY11–4 and for particular space in NY11–4. The Exchange believes that these actions would facilitate a fair and orderly market and protect investors and the public interest, consistent with its obligations under the Act. 5 Half cabinets are not available to new subscribers. See General 8, Section 1(a). E:\FR\FM\24JYN1.SGM 24JYN1

Agencies

[Federal Register Volume 89, Number 142 (Wednesday, July 24, 2024)]
[Notices]
[Pages 59948-59949]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-16224]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100555; File No. SR-FINRA-2024-004]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of Longer Period for Commission 
Action on Proceedings To Determine Whether To Approve or Disapprove a 
Proposed Rule Change To Amend FINRA Rule 6730 (Transaction Reporting) 
To Reduce the 15-Minute TRACE Reporting Timeframe to One Minute

July 18, 2024.
    On January 11, 2024, the Financial Industry Regulatory Authority, 
Inc. (``FINRA'') 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 FINRA Rule 6730 to reduce the 15-minute 
reporting timeframe for transactions reported to FINRA's Trade 
Reporting and Compliance Engine (``TRACE'') system to one minute, with 
exceptions for FINRA member firms with de minimis reporting activity 
and for manual trades. The proposed rule change was published for 
comment in the Federal Register on January 25, 2024.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 99825 (March 21, 
2024), 89 FR 22294. Comments received on the proposed rule change 
are available at: https://www.sec.gov/comments/sr-finra-2024-004/srfinra2024004.htm.
---------------------------------------------------------------------------

    On February 29, 2024, 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 April 22, 2024, the Commission instituted proceedings 
under Section 19(b)(2)(B) of the Act \6\ to determine whether to 
approve or disapprove the proposed rule change.\7\
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 99640 (Feb. 29, 
2024), 89 FR 16042 (March 6, 2024). The Commission designated April 
24, 2024, as the date by which the Commission shall approve or 
disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 100006 (Apr. 22, 
2024), 89 FR 32475 (Apr. 26, 2024).
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \8\ provides that, after initiating 
proceedings, the

[[Page 59949]]

Commission shall issue an order approving or disapproving the proposed 
rule change not later than 180 days after the date of publication of 
notice of filing of the proposed rule change. The Commission may extend 
the period for issuing an order approving or disapproving the proposed 
rule change, however, by not more than 60 days if the Commission 
determines that a longer period is appropriate and publishes the 
reasons for such determination. The proposed rule change was published 
for comment in the Federal Register on January 25, 2024.\9\ The 180th 
day after publication of the notice for this proposed rule change is 
July 23, 2024. The Commission is extending the time period for 
approving or disapproving the proposed rule change for an additional 60 
days.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See supra note 3 and accompanying text.
---------------------------------------------------------------------------

    The Commission finds that it is appropriate to designate a longer 
period within which to issue an order approving or disapproving the 
proposed rule change so that it has sufficient time to consider the 
proposed rule change and the issues raised therein. Accordingly, the 
Commission, pursuant to Section 19(b)(2) of the Act,\10\ designates 
September 20, 2024, as the date by which the Commission shall either 
approve or disapprove the proposed rule change (File No. SR-FINRA-2024-
004).
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-16224 Filed 7-23-24; 8:45 am]
BILLING CODE 8011-01-P
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