Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Options Proprietary Market Data Fee Schedule, 78948-78949 [2024-22020]
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78948
Federal Register / Vol. 89, No. 187 / Thursday, September 26, 2024 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101127; File No. SR–
NYSEARCA–2024–80]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the NYSE Arca
Options Proprietary Market Data Fee
Schedule
September 20, 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
September 16, 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, 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 amend the
NYSE Arca Options Proprietary Market
Data Fee Schedule (‘‘Fee Schedule’’)
applicable to various market data
products. The proposed rule change is
available on the Exchange’s website at
www.nyse.com, at the principal office of
the Exchange.
khammond on DSKJM1Z7X2PROD with NOTICES
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 applicable to various
1 15
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
VerDate Sep<11>2014
17:11 Sep 25, 2024
Jkt 262001
market data products. More specifically,
the Exchange proposes to adopt a free
trial program for NYSE Arca options
market data products, effective
September 16, 2024.4
The Exchange proposes a one-month
free trial for any firm that subscribes to
a particular NYSE Arca options market
data product for the first time. As
proposed, a first-time subscriber would
be any firm that has not previously
subscribed to a particular NYSE Arca
options market data product listed on
the Fee Schedule. As proposed, a firsttime subscriber of a particular NYSE
Arca options market data product would
not be charged the Access Fee, NonDisplay Fee, any applicable Professional
and Non-Professional User Fee, and
Redistribution Fee for that product for
one calendar month. For example, a
firm that currently subscribes to the
Arca Options Complex would be
eligible to receive a free one-month trial
of the Arca Options Product, whether in
a display-only format or for non-display
use. On the other hand, a firm that
currently pays an Access Fee and
receives the Arca Options Product for
non-display use would not be eligible to
receive a free one-month trial of the
Arca Options Product in a display-only
format. The proposed free trial would be
for the first full calendar month
following the date a subscriber is
approved to receive trial access to the
particular NYSE Arca options market
data product. The Exchange would
provide the one-month free trial for each
particular product to each subscriber
once.
The Exchange believes that providing
a one-month free trial to Exchange realtime market data products listed on the
Fee Schedule would enable potential
subscribers to determine whether a
particular NYSE Arca options market
data product provides any benefit to
their business models before fully
committing to expend development and
implementation costs related to the
receipt of that product, and is intended
to encourage increased use of the
Exchange’s market data products by
defraying some of the development and
implementation costs subscribers would
ordinarily have to expend before using
a product. The Exchange notes that
other exchanges have similar free trial
programs.5
4 The Exchange originally filed to amend the Fee
Schedule on September 3, 2024 (SR–NYSEARCA–
2024–73). SR–NYSEARCA–2024–73 was
subsequently withdrawn and replaced by this filing.
5 See The Nasdaq Stock Market LLC (‘‘Nasdaq’’)
Equity 7 Pricing Schedule, Section 112(b)(1) and
Cboe Exchange, Inc. Fees Schedule.
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 of the Act,6
in general, and furthers the objectives of
Section 6(b)(4),7 in particular, as it is
designed to provide for the equitable
allocation of reasonable dues, fees and
other charges among its members and
other recipients of Exchange data. In
addition, the Exchange believes that the
proposed rule change is consistent with
Section 11(A) of the Act as it supports
(i) fair competition among brokers and
dealers, among exchange markets, and
between exchange markets and markets
other than exchange markets, and (ii)
the availability to brokers, dealers, and
investors of information with respect to
quotations for and transactions in
securities.8
The Exchange believes that the
proposed rule change to provide
Exchange real-time market data
products listed on the Fee Schedule to
new customers free-of-charge for their
first subscription month is reasonable
because it would allow vendors and
subscribers to become familiar with the
feeds and determine whether they suit
their needs without incurring fees. It is
also intended to incentivize
Redistributors to enlist more subscribers
to subscribe to Exchange market data
products to broaden the products’
distribution. Making a new market data
product available for free for a trial
period is consistent with offerings of
other exchanges. As noted above, other
exchanges offer new subscribers a
similar waiver of market data fees.9
The Exchange believes the proposal to
provide Exchange real-time market data
products listed on the Fee Schedule to
new customers free-of-charge for their
first subscription month is equitable
because the free trial would apply to
any first-time subscriber, regardless of
the use they plan to make of the feed.
As proposed, any first-time subscriber
would not be charged the Access Fee,
Non-Display Fee, any applicable
Professional and Non-Professional User
Fee, or Redistribution Fee for any of the
real-time market data products listed on
the Fee Schedule for one calendar
month. The Exchange believes it is
equitable to restrict the availability of
this one-month free trial to customers
that have not previously subscribed to
any Exchange real-time market data
product, since customers who are
current or previous subscribers are
6 15
U.S.C. 78f.
U.S.C. 78f(b)(4).
8 15 U.S.C. 78k–1.
9 See note 5, supra.
7 15
E:\FR\FM\26SEN1.SGM
26SEN1
Federal Register / Vol. 89, No. 187 / Thursday, September 26, 2024 / Notices
already familiar with the products and
whether they would suit their needs.
The Exchange believes that the
proposed rule change to provide for a
one-month free trial period to test is not
unfairly discriminatory because the
financial benefit of the fee waiver would
be available to all firms subscribing to
the Exchange’s real-time market data
products for the first time on a free-trial
basis. The Exchange believes there is a
meaningful distinction between
customers that are subscribing to a
market data product for the first time,
who may benefit from a period within
which to set up and test use of the
product before it becomes fee liable, and
users that are already receiving the
Exchange’s market data products. The
Exchange believes that the limited
period of the free trial would not be
unfairly discriminatory to other users of
the Exchange’s market data products
because it is designed to provide a
reasonable period of time to set up and
test a new market data product. The
Exchange further believes that providing
a free trial for one calendar month
would ease administrative burdens for
data recipients to subscribe to a new
data product and eliminate fees for a
period before such users are able to
derive any benefit from the data.
khammond on DSKJM1Z7X2PROD with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change would result
in any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange operates in a highly
competitive environment, and its ability
to price these data products is
constrained by competition among
exchanges that offer similar data
products to their customers. The
Exchange believes that the proposed
free trial program does not put any
market participants at a relative
disadvantage compared to other market
participants. As discussed, the proposed
trial would apply to first time
subscribers on an equal and nondiscriminatory basis. Further, the
Exchange believes that the proposed
program does not impose a burden on
competition on other SROs that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange does not believe that the
proposal would cause any unnecessary
or inappropriate burden on intermarket
competition as other exchanges are free
to lower their prices or provide a free
trial to better compete with the
Exchange’s offering. Indeed, other
national securities exchanges already
VerDate Sep<11>2014
17:11 Sep 25, 2024
Jkt 262001
offer similar free trial programs today.10
The proposed rule change is also
designed to enhance competition by
providing an incentive to Redistributors
to enlist new subscribers to subscribe to
Exchange’s real-time market data
products.
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 foregoing rule change has become
effective upon filing pursuant to Section
19(b)(3)(A) 11 of the Act and paragraph
(f) [sic] 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.
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–2024–80 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–2024–80. 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–NYSEARCA–2024–80 and should be
submitted on or before October 17,
2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–22020 Filed 9–25–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101126; File No. SR–NYSE–
2024–18]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Withdrawal of a Proposed Rule Change
To Amend Section 102.06 of the NYSE
Listed Company Manual To Provide
That a Special Purpose Acquisition
Company Can Remain Listed Until
Forty-Two Months From Its Original
Listing Date if it Has Entered Into a
Definitive Agreement With Respect to
a Business Combination Within Three
Years of Listing
September 20, 2024.
On March 27, 2024, the New York
Stock Exchange LLC (‘‘Exchange’’ or
‘‘NYSE’’) filed with the Securities and
Exchange Commission (‘‘Commission’’),
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 19b–4
10 See
12 17
11 15
1 15
PO 00000
note 5, supra.
U.S.C. 78s(b)(3)(A).
Frm 00109
Fmt 4703
Sfmt 4703
78949
E:\FR\FM\26SEN1.SGM
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
26SEN1
]]>Agencies
[Federal Register Volume 89, Number 187 (Thursday, September 26, 2024)]
[Notices]
[Pages 78948-78949]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-22020]
[[Page 78948]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101127; File No. SR-NYSEARCA-2024-80]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE
Arca Options Proprietary Market Data Fee Schedule
September 20, 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 September 16, 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, II,
and III 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 NYSE Arca Options Proprietary
Market Data Fee Schedule (``Fee Schedule'') applicable to various
market data products. The proposed rule change is available on the
Exchange's website at www.nyse.com, at the principal office of the
Exchange.
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 applicable to
various market data products. More specifically, the Exchange proposes
to adopt a free trial program for NYSE Arca options market data
products, effective September 16, 2024.\4\
---------------------------------------------------------------------------
\4\ The Exchange originally filed to amend the Fee Schedule on
September 3, 2024 (SR-NYSEARCA-2024-73). SR-NYSEARCA-2024-73 was
subsequently withdrawn and replaced by this filing.
---------------------------------------------------------------------------
The Exchange proposes a one-month free trial for any firm that
subscribes to a particular NYSE Arca options market data product for
the first time. As proposed, a first-time subscriber would be any firm
that has not previously subscribed to a particular NYSE Arca options
market data product listed on the Fee Schedule. As proposed, a first-
time subscriber of a particular NYSE Arca options market data product
would not be charged the Access Fee, Non-Display Fee, any applicable
Professional and Non-Professional User Fee, and Redistribution Fee for
that product for one calendar month. For example, a firm that currently
subscribes to the Arca Options Complex would be eligible to receive a
free one-month trial of the Arca Options Product, whether in a display-
only format or for non-display use. On the other hand, a firm that
currently pays an Access Fee and receives the Arca Options Product for
non-display use would not be eligible to receive a free one-month trial
of the Arca Options Product in a display-only format. The proposed free
trial would be for the first full calendar month following the date a
subscriber is approved to receive trial access to the particular NYSE
Arca options market data product. The Exchange would provide the one-
month free trial for each particular product to each subscriber once.
The Exchange believes that providing a one-month free trial to
Exchange real-time market data products listed on the Fee Schedule
would enable potential subscribers to determine whether a particular
NYSE Arca options market data product provides any benefit to their
business models before fully committing to expend development and
implementation costs related to the receipt of that product, and is
intended to encourage increased use of the Exchange's market data
products by defraying some of the development and implementation costs
subscribers would ordinarily have to expend before using a product. The
Exchange notes that other exchanges have similar free trial
programs.\5\
---------------------------------------------------------------------------
\5\ See The Nasdaq Stock Market LLC (``Nasdaq'') Equity 7
Pricing Schedule, Section 112(b)(1) and Cboe Exchange, Inc. Fees
Schedule.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\6\ in general, and
furthers the objectives of Section 6(b)(4),\7\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its members and other recipients of
Exchange data. In addition, the Exchange believes that the proposed
rule change is consistent with Section 11(A) of the Act as it supports
(i) fair competition among brokers and dealers, among exchange markets,
and between exchange markets and markets other than exchange markets,
and (ii) the availability to brokers, dealers, and investors of
information with respect to quotations for and transactions in
securities.\8\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(4).
\8\ 15 U.S.C. 78k-1.
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change to provide
Exchange real-time market data products listed on the Fee Schedule to
new customers free-of-charge for their first subscription month is
reasonable because it would allow vendors and subscribers to become
familiar with the feeds and determine whether they suit their needs
without incurring fees. It is also intended to incentivize
Redistributors to enlist more subscribers to subscribe to Exchange
market data products to broaden the products' distribution. Making a
new market data product available for free for a trial period is
consistent with offerings of other exchanges. As noted above, other
exchanges offer new subscribers a similar waiver of market data
fees.\9\
---------------------------------------------------------------------------
\9\ See note 5, supra.
---------------------------------------------------------------------------
The Exchange believes the proposal to provide Exchange real-time
market data products listed on the Fee Schedule to new customers free-
of-charge for their first subscription month is equitable because the
free trial would apply to any first-time subscriber, regardless of the
use they plan to make of the feed. As proposed, any first-time
subscriber would not be charged the Access Fee, Non-Display Fee, any
applicable Professional and Non-Professional User Fee, or
Redistribution Fee for any of the real-time market data products listed
on the Fee Schedule for one calendar month. The Exchange believes it is
equitable to restrict the availability of this one-month free trial to
customers that have not previously subscribed to any Exchange real-time
market data product, since customers who are current or previous
subscribers are
[[Page 78949]]
already familiar with the products and whether they would suit their
needs.
The Exchange believes that the proposed rule change to provide for
a one-month free trial period to test is not unfairly discriminatory
because the financial benefit of the fee waiver would be available to
all firms subscribing to the Exchange's real-time market data products
for the first time on a free-trial basis. The Exchange believes there
is a meaningful distinction between customers that are subscribing to a
market data product for the first time, who may benefit from a period
within which to set up and test use of the product before it becomes
fee liable, and users that are already receiving the Exchange's market
data products. The Exchange believes that the limited period of the
free trial would not be unfairly discriminatory to other users of the
Exchange's market data products because it is designed to provide a
reasonable period of time to set up and test a new market data product.
The Exchange further believes that providing a free trial for one
calendar month would ease administrative burdens for data recipients to
subscribe to a new data product and eliminate fees for a period before
such users are able to derive any benefit from the data.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
operates in a highly competitive environment, and its ability to price
these data products is constrained by competition among exchanges that
offer similar data products to their customers. The Exchange believes
that the proposed free trial program does not put any market
participants at a relative disadvantage compared to other market
participants. As discussed, the proposed trial would apply to first
time subscribers on an equal and non-discriminatory basis. Further, the
Exchange believes that the proposed program does not impose a burden on
competition on other SROs that is not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
that the proposal would cause any unnecessary or inappropriate burden
on intermarket competition as other exchanges are free to lower their
prices or provide a free trial to better compete with the Exchange's
offering. Indeed, other national securities exchanges already offer
similar free trial programs today.\10\ The proposed rule change is also
designed to enhance competition by providing an incentive to
Redistributors to enlist new subscribers to subscribe to Exchange's
real-time market data products.
---------------------------------------------------------------------------
\10\ See note 5, supra.
---------------------------------------------------------------------------
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 foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A) \11\ of the Act and paragraph (f) [sic]
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.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
---------------------------------------------------------------------------
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-2024-80 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-2024-80. 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-NYSEARCA-2024-80 and should
be submitted on or before October 17, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-22020 Filed 9-25-24; 8:45 am]
BILLING CODE 8011-01-P
