80 FR 48583 - Self-Regulatory Organizations; New York Stock Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the Manner in Which It Calculates Certain Volume, Liquidity and Quoting Thresholds Applicable to Billing on the Exchange in Relation to a Suspension of Trading on the Exchange on July 8, 2015
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 156 (August 13, 2015)
Federal Register Volume 80, Issue 156 (August 13, 2015)
| Page Range | 48583-48586 | |
| FR Document | 2015-19876 |
[Federal Register Volume 80, Number 156 (Thursday, August 13, 2015)] [Notices] [Pages 48583-48586] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-19876] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75648; File No. SR-NYSE-2015-34] Self-Regulatory Organizations; New York Stock Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the Manner in Which It Calculates Certain Volume, Liquidity and Quoting Thresholds Applicable to Billing on the Exchange in Relation to a Suspension of Trading on the Exchange on July 8, 2015 August 7, 2015. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on July 30, 2015, New York Stock Exchange LLC (``NYSE'' or ``Exchange'') filed with the Securities and Exchange Commission (``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 modify the manner in which it calculates certain volume, liquidity and quoting thresholds applicable to billing on the Exchange in relation to a suspension of trading on the Exchange on July 8, 2015. The text of the proposed rule change is available on the Exchange's Web site 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 is proposing to modify the manner in which it calculates certain volume, liquidity and quoting thresholds applicable to billing on the Exchange in relation to a suspension of trading on the Exchange on July 8, 2015 (``trading suspension'').\4\ --------------------------------------------------------------------------- \4\ See NYSE Informational Message, ``NYSE/NYSE MKT--Outage Description'' July 9, 2015, available at https://www.nyse.com/market-status/history. Trading at the Exchange's market affiliate, NYSE MKT LLC, was also suspended. --------------------------------------------------------------------------- The trading suspension resulted in a more than 40% decrease in trading volume on the Exchange on July 8, 2015 for that day as compared to average daily volume (``ADV'') on the Exchange for the prior trading days in July 2015. The Exchange believes that the trading suspension prevented member organizations on the Exchange, including Designated Market Makers (``DMMs''), Supplemental Liquidity Providers (``SLPs'') and Retail Liquidity Providers (``RLPs''), from engaging in normal trading, quoting and liquidity in their assigned securities, leading to decreased quoting and trading volume compared to ADV. As provided in the Exchange's Price List, many of the Exchange's transaction fees and credits are based on trading, quoting and liquidity thresholds that member organizations must satisfy in order to qualify for the particular rates. The Exchange believes that the trading suspension may affect the ability of member organizations to meet certain of these thresholds during July 2015.\5\ Accordingly, the Exchange proposes to exclude July 8, 2015 from such calculations, in order to reasonably ensure that a member organization that would otherwise qualify for a particular threshold during July 2015, and the corresponding transaction rate, would not be negatively impacted by the trading suspension. --------------------------------------------------------------------------- \5\ The Exchange notes that it does not perform the calculations necessary to determine whether these thresholds have been met until after the particular billing month has ended. --------------------------------------------------------------------------- First, the Exchange proposes to exclude July 8, 2015 for purposes of determining transaction fees and credits that are based on ADV executed by the member organization during the billing month, either directly or as a percentage of consolidated average daily volume in NYSE-listed securities (``NYSE CADV''). If the Exchange did not exclude July 8, 2015 when calculating ADV for July, the numerator for the calculation (e.g., [[Page 48584]] trading volume) would be lower as a result of the decreased trading volume on July 8, 2015, but the denominator for the threshold calculations (e.g., the number of trading days) would not be smaller. Excluding July 8, 2015 from the calculation of ADV for the month of July would reasonably ensure that a member organization that would otherwise qualify for a particular threshold during July 2015, and the corresponding transaction rate, would not be negatively impacted by the trading suspension on July 8, 2015. Second, the Exchange proposes to exclude July 8, 2015 for purposes of determining transaction fees and credits that are based on quoting and/or liquidity levels of DMMs, SLPs and RLPs. The calculations of such quoting and liquidity levels include the amount of time that the relevant DMM, SLP or RLP quoted at the National Best Bid or Offer (``NBBO'').\6\ This proposed change would exclude July 8, 2015 for purposes of the DMM thresholds in the Price List that are based on NYSE Quoted Size or the DMM Quoted Size.\7\ The Exchange also proposes to adjust the calculation of the NYSE total intraday adding liquidity to exclude July 8, 2015. NYSE total intraday adding liquidity includes all NYSE adding liquidity, excluding NYSE open and NYSE Close volume, by all NYSE participants, including SLPs, customers, Floor brokers and DMMs. If the Exchange did not exclude July 8, 2015 when calculating these quoting and liquidity levels for July, the numerator for the calculation (e.g., time during which the DMM, SLP or RLP quoted at the NBBO) would be lower as a result of the decreased trading volume on July 8, 2015, but the denominator (e.g., total time that the U.S. equity markets quote during regular trading hours) would not be decreased. Excluding July 8, 2015 from the calculation of these quoting and liquidity levels for the month of July would reasonably ensure that a member organization that would otherwise qualify for a particular threshold during July 2015, and the corresponding transaction rate, would not be negatively impacted by the trading suspension on July 8, 2015. --------------------------------------------------------------------------- \6\ See Rules 107B(g) and 107C(f). \7\ The NYSE Quoted Size is calculated by multiplying the average number of shares quoted on the NYSE at the NBBO by the percentage of time the NYSE had a quote posted at the NBBO. The DMM Quoted Size is calculated by multiplying the average number of shares of the applicable security quoted at the NBBO by the DMM by the percentage of time during which the DMM quoted at the NBBO. --------------------------------------------------------------------------- The Exchange notes that the proposed exclusions would be similar to the current provision in the Price List whereby, for purposes of transaction fees and SLP credits, ADV calculations exclude early closing days.\8\ Generally, this applies to certain days before or after a holiday observed by the Exchange.\9\ --------------------------------------------------------------------------- \8\ See footnote 4 in the Price List. \9\ For example, the Exchange is closed on Thanksgiving Day and closes early on the Friday immediately following Thanksgiving Day (e.g., Friday, November 28, 2014). --------------------------------------------------------------------------- Finally, the Exchange does not propose to exclude July 8, 2015 for purposes of the DMM thresholds in the Price List that are based solely on U.S. consolidated average daily volume (``CADV''),\10\ including CADV as used in the definition of More Active Securities and Less Active Securities. The thresholds that are based solely on CADV consider volume across all markets, not only the Exchange's, and, unlike the transaction fees and credits discussed above that are based on ADV during the billing month as a percentage of NYSE CADV, the DMM thresholds based solely on CADV and do not take CADV as a percentage of another metric. Therefore the trading suspension would not be expected to significantly impact CADV. --------------------------------------------------------------------------- \10\ CADV includes all volume reported to the Consolidated Tape Association Plan for Tapes A, B and C securities. --------------------------------------------------------------------------- The Exchange notes that the proposed change is not otherwise intended to address any other issues surrounding billing for activity on the Exchange and the Exchange is not aware of any negative impact on member organizations that would result from the proposed change. 2. Statutory Basis The Exchange believes that the proposed change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\11\ in general, and furthers the objectives of Section 6(b)(4) of the Act,\12\ in particular, because it 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. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- Specifically, the Exchange believes that excluding July 8, 2015 for purposes of determining transaction fees and credits that are based on ADV during the billing month, either directly or as a percentage of NYSE CADV, is reasonable because trading suspension resulted in a significant decrease in trading volume on the Exchange. This proposed change is reasonable because, without this exclusion, the numerator for the calculations of ADV (e.g., trading volume) would be lower as a result of the decreased trading volume on July 8, 2015, but the denominator for the calculations (e.g., the number of trading days) would not be smaller. The Exchange believes that excluding activity on July 8, 2015 for purposes of determining transaction fees and credits that are based on ADV during the billing month is equitable and not unfairly discriminatory because it would apply equally to all market participants on the Exchange. In this regard, excluding July 8, 2015 from such ADV calculations is equitable and not unfairly discriminatory because the exclusion would reasonably ensure that a member organization that would otherwise qualify for a particular threshold for July 2015, and the corresponding transaction rate, would not be negatively impacted by the trading suspension. The Exchange also believes that excluding July 8, 2015 for purposes of determining transaction fees and credits that are based on quoting and/or liquidity levels of DMMs, SLPs and RLPs is reasonable because the calculations of such quoting and liquidity levels include the amount of time that the relevant DMM, SLP or RLP quoted at the NBBO. In this regard, excluding July 8, 2015 from these quoting and liquidity calculations is reasonable because, without this exclusion, the numerator for the calculations (e.g., time during which the DMM, SLP or RLP quoted at the NBBO) would be lower as a result of the decreased trading volume on July 8, 2015, but the denominator for the threshold calculations (e.g., total time that the U.S. equity markets quote during regular trading hours) would not be decreased. As a result, without this exclusion, a member organization that would otherwise qualify for a particular threshold for July 2015, and the corresponding transaction rate may be negatively impacted by the trading suspension. This is equitable and not unfairly discriminatory because DMMs, SLPs and RLPs have specific performance metrics that must be satisfied for assigned securities in order to qualify for the particular rates in the Price List. Finally, the Exchange believes that not excluding activity on July 8, 2015 for purposes of determining transaction fees and credits related to the DMM thresholds in the Price List that are based solely on CADV is reasonable. This is because the thresholds that are based solely on CADV consider volume across all markets, not only the [[Page 48585]] Exchange's, and, unlike the transaction fees and credits discussed above that are based on ADV during the billing month as a percentage of NYSE CADV, the DMM thresholds based solely on CADV do not take CADV as a percentage of another metric. Therefore the trading suspension would not be expected to significantly impact CADV. This is equitable and not unfairly discriminatory because, in addition to applying to all DMMs on the Exchange, the Exchange believes that the trading suspension did not have a significant impact on these thresholds and, therefore, including activity on July 8, 2015 will have an equal impact for all DMMs. The Exchange also believes that the proposed rule change furthers the objectives of Section 6(b)(5) of the Act,\13\ 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 mechanisms 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. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed exclusions would remove impediments to and perfect the mechanism of a free and open market and a national market system because they would reasonably ensure that a member organization that would otherwise qualify for a particular threshold during the month, and the corresponding transaction rate, would not be negatively impacted by the trading suspension. In particular, the Exchange believes that the proposed exclusions promote just and equitable principles of trade because they account for the impact on trading volume, liquidity and quoting that resulted from the trading suspension for all securities traded on the Exchange. The Exchange further believes that the proposed exclusions remove impediments to and perfect the mechanism of a free and open market and a national market system because they provide transparency for member organizations and the public regarding the manner in which the Exchange will calculate certain volume, liquidity and quoting thresholds related to billing for activity on the Exchange on July 8, 2015 and for the month of July 2015. In this regard, the Exchange believes that the proposed exclusions are consistent with the Act because they address inquiries from member organizations regarding how the Exchange will treat July 8, 2015 for purposes of billing. Also, the proposed exclusions are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers, but are instead designed to provide transparency for all member organizations and the public regarding the manner in which the Exchange will calculate certain volume, liquidity and quoting thresholds in relation to the trading suspension. The Exchange is not aware of any negative impact on member organizations that would result from the proposed change. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\14\ the Exchange believes that the proposed rule change will not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change would treat all market participants on the Exchange equally by excluding July 8, 2015 from NYSE CADV, ADV, quoting level and liquidity level calculations described in the Price List. Moreover, the Exchange believes that the proposed change would enhance competition between competing marketplaces by enabling the Exchange to exclude July 8, 2015 for the purposes of determining transaction fees and credits based on volume, quoting and/or liquidity levels as set forth in the Price List. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- 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 pursuant to Section 19(b)(3)(A) of the Act \15\ and Rule 19b-4(f)(6) \16\ thereunder because the proposal does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) by its terms, become operative for 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.\17\ --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 17 CFR 240.19b-4(f)(6). \17\ In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally may not become operative prior to 30 days after the date of filing. However, Rule 19b-4(f)(6)(iii) \18\ permits the Commission to 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 period. The Commission believes that waiver of the 30-day operative delay period is consistent with the protection of investors and the public interest. Specifically, the Commission believes that the proposal would allow the Exchange to immediately implement the calculation related to the trading suspension, thereby reducing the potential for confusion among member organizations regarding the volume, liquidity, and quoting thresholds applicable to billing in July 2015. The Commission believes that the waiver would also assist the Exchange in determining transaction fees and credits for member organizations in a timely manner after the end of the billing month of July 2015. For these reasons, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, and designates the proposed rule change to be operative upon filing with the Commission.\19\ --------------------------------------------------------------------------- \18\ 17 CFR 240.19b-4(f)(6)(iii). \19\ For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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.\20\ --------------------------------------------------------------------------- \20\ 15 U.S.C. 78s(b)(3)(C). --------------------------------------------------------------------------- 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. [[Page 48586]] Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-NYSE-2015-34 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSE-2015-34. 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 Web site (http://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 Web site 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 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSE-2015-34 and should be submitted on or before September 3, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\21\ --------------------------------------------------------------------------- \21\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-19876 Filed 8-12-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices 48583
• Send an email to rule-comments@ SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
sec.gov. Please include File Number SR– COMMISSION Statement of the Purpose of, and the
NYSEArca–2015–65 on the subject line. Statutory Basis for, the Proposed Rule
[Release No. 34–75648; File No. SR–NYSE– Change
Paper comments
2015–34] 1. Purpose
• Send paper comments in triplicate
Self-Regulatory Organizations; New The Exchange is proposing to modify
to Brent J. Fields, Secretary, Securities the manner in which it calculates
and Exchange Commission, 100 F Street York Stock Exchange, LLC; Notice of
Filing and Immediate Effectiveness of certain volume, liquidity and quoting
NE., Washington, DC 20549–1090. thresholds applicable to billing on the
Proposed Rule Change Modifying the
All submissions should refer to File Manner in Which It Calculates Certain Exchange in relation to a suspension of
Number SR–NYSEArca–2015–65. This Volume, Liquidity and Quoting trading on the Exchange on July 8, 2015
file number should be included on the Thresholds Applicable to Billing on the (‘‘trading suspension’’).4
subject line if email is used. To help the Exchange in Relation to a Suspension The trading suspension resulted in a
Commission process and review your of Trading on the Exchange on July 8, more than 40% decrease in trading
comments more efficiently, please use 2015 volume on the Exchange on July 8, 2015
only one method. The Commission will for that day as compared to average
August 7, 2015. daily volume (‘‘ADV’’) on the Exchange
post all comments on the Commission’s
Pursuant to Section 19(b)(1) 1 of the for the prior trading days in July 2015.
Internet Web site (http://www.sec.gov/
Securities Exchange Act of 1934 (the The Exchange believes that the trading
rules/sro.shtml). Copies of the suspension prevented member
submission, all subsequent ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on July 30, organizations on the Exchange,
amendments, all written statements including Designated Market Makers
2015, New York Stock Exchange LLC
with respect to the proposed rule (‘‘DMMs’’), Supplemental Liquidity
(‘‘NYSE’’ or ‘‘Exchange’’) filed with the
change that are filed with the Providers (‘‘SLPs’’) and Retail Liquidity
Securities and Exchange Commission
Commission, and all written (‘‘Commission’’) the proposed rule Providers (‘‘RLPs’’), from engaging in
communications relating to the change as described in Items I and II normal trading, quoting and liquidity in
proposed rule change between the below, which Items have been prepared their assigned securities, leading to
Commission and any person, other than by the self-regulatory organization. The decreased quoting and trading volume
those that may be withheld from the Commission is publishing this notice to compared to ADV.
public in accordance with the solicit comments on the proposed rule As provided in the Exchange’s Price
provisions of 5 U.S.C. 552, will be change from interested persons. List, many of the Exchange’s transaction
available for Web site viewing and fees and credits are based on trading,
printing in the Commission’s Public I. Self-Regulatory Organization’s quoting and liquidity thresholds that
Reference Room, 100 F Street NE., Statement of the Terms of Substance of member organizations must satisfy in
the Proposed Rule Change order to qualify for the particular rates.
Washington, DC 20549, on official
business days between the hours of The Exchange proposes to modify the The Exchange believes that the trading
10:00 a.m. and 3:00 p.m. Copies of such manner in which it calculates certain suspension may affect the ability of
filing will also be available for volume, liquidity and quoting member organizations to meet certain of
inspection and copying at the principal thresholds applicable to billing on the these thresholds during July 2015.5
office of the Exchange. All comments Exchange in relation to a suspension of Accordingly, the Exchange proposes to
received will be posted without change; trading on the Exchange on July 8, 2015. exclude July 8, 2015 from such
The text of the proposed rule change is calculations, in order to reasonably
the Commission does not edit personal
available on the Exchange’s Web site at ensure that a member organization that
identifying information from
www.nyse.com, at the principal office of would otherwise qualify for a particular
submissions. You should submit only threshold during July 2015, and the
information that you wish to make the Exchange, and at the Commission’s
Public Reference Room. corresponding transaction rate, would
available publicly. All submissions not be negatively impacted by the
should refer to File Number SR– II. Self-Regulatory Organization’s trading suspension.
NYSEArca–2015–65 and should be Statement of the Purpose of, and First, the Exchange proposes to
submitted on or before September 3, Statutory Basis for, the Proposed Rule exclude July 8, 2015 for purposes of
2015. Change determining transaction fees and credits
For the Commission, by the Division of that are based on ADV executed by the
In its filing with the Commission, the
Trading and Markets, pursuant to delegated member organization during the billing
self-regulatory organization included
authority.34 month, either directly or as a percentage
statements concerning the purpose of,
Jill M. Peterson, of consolidated average daily volume in
and basis for, the proposed rule change
NYSE-listed securities (‘‘NYSE CADV’’).
Assistant Secretary. and discussed any comments it received
If the Exchange did not exclude July 8,
[FR Doc. 2015–19871 Filed 8–12–15; 8:45 am] on the proposed rule change. The text
2015 when calculating ADV for July, the
of those statements may be examined at
BILLING CODE 8011–01–P numerator for the calculation (e.g.,
the places specified in Item IV below.
The Exchange has prepared summaries, 4 See NYSE Informational Message, ‘‘NYSE/NYSE
tkelley on DSK3SPTVN1PROD with NOTICES
set forth in sections A, B, and C below, MKT—Outage Description’’ July 9, 2015, available
of the most significant parts of such at https://www.nyse.com/market-status/history.
statements. Trading at the Exchange’s market affiliate, NYSE
MKT LLC, was also suspended.
5 The Exchange notes that it does not perform the
1 15 U.S.C. 78s(b)(1). calculations necessary to determine whether these
2 15 U.S.C. 78a. thresholds have been met until after the particular
34 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. billing month has ended.
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![48586 Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices
Comments may be submitted by any of Washington, DC 20549, on official notice is hereby given that on August 5,
the following methods: business days between the hours of 2015, The NASDAQ Stock Market LLC
10:00 a.m. and 3:00 p.m. Copies of such (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Electronic Comments
filing also will be available for Securities and Exchange Commission
• Use the Commission’s Internet inspection and copying at the principal (‘‘SEC’’ or ‘‘Commission’’) the proposed
comment form (http://www.sec.gov/ office of the Exchange. All comments rule change as described in Items I, II,
rules/sro.shtml); or received will be posted without change; and III, below, which Items have been
• Send an email to rule-comments@ the Commission does not edit personal prepared by the Exchange. The
sec.gov. Please include File Number SR– identifying information from Commission is publishing this notice to
NYSE–2015–34 on the subject line. submissions. You should submit only solicit comments on the proposed rule
Paper Comments information that you wish to make change from interested persons.
available publicly. All submissions
• Send paper comments in triplicate I. Self-Regulatory Organization’s
should refer to File Number SR–NYSE–
to Secretary, Securities and Exchange Statement of the Terms of Substance of
2015–34 and should be submitted on or
Commission, 100 F Street NE., the Proposed Rule Change
before September 3, 2015.
Washington, DC 20549–1090. For the Commission, by the Division of The Exchange proposes to update
All submissions should refer to File Trading and Markets, pursuant to delegated Exchange Rule 4759 and to amend the
Number SR–NYSE–2015–34. This file authority.21 public disclosure of the sources of data
number should be included on the Jill M. Peterson, that the Exchange utilizes when
subject line if email is used. To help the Assistant Secretary. performing (1) order handling and
Commission process and review your execution; (2) order routing; and (3)
[FR Doc. 2015–19876 Filed 8–12–15; 8:45 am]
comments more efficiently, please use related compliance processes.
BILLING CODE 8011–01–P
only one method. The Commission will The text of the proposed rule change
post all comments on the Commission’s is below. Proposed new language is
Internet Web site (http://www.sec.gov/ SECURITIES AND EXCHANGE italicized; proposed deletions are
rules/sro.shtml). Copies of the COMMISSION bracketed.
submission, all subsequent * * * * *
amendments, all written statements [Release No. 34–75637; File No. SR–
with respect to the proposed rule NASDAQ–2015–093] 4759. Data Feeds Utilized
change that are filed with the Self-Regulatory Organizations; The The NASDAQ System utilizes the
Commission, and all written NASDAQ Stock Market LLC; Notice of below proprietary and network
communications relating to the Filing and Immediate Effectiveness of processor feeds [utilized by the System]
proposed rule change between the Proposed Rule Change To Update for the handling, routing, and execution
Commission and any person, other than Public Disclosure of Exchange Usage of orders, as well as for the regulatory
those that may be withheld from the of Market Data compliance processes related to those
public in accordance with the functions. The Secondary Source of data
provisions of 5 U.S.C. 552, will be August 7, 2015. is, where applicable, utilized only in
available for Web site viewing and Pursuant to Section 19(b)(1) of the emergency market conditions and only
printing in the Commission’s Public Securities Exchange Act of 1934 until those emergency conditions are
Reference Room, 100 F Street NE., (‘‘Act’’),1 and Rule 19b–4 thereunder,2 resolved.
Market center Primary source Secondary source
A—NYSE MKT (AMEX) .......................................................... [CQS/UQDF] NYSE MKT OpenBook Ultra ............................ [n/a] CQS/UQDF
B—NASDAQ OMX BX ............................................................ BX ITCH [4.1] 5.0 ................................................................... CQS/UQDF
C—NSX ................................................................................... CQS/UQDF ............................................................................. n/a
D—FINRA ADF ....................................................................... CQS/UQDF ............................................................................. n/a
J—DirectEdge A ...................................................................... [EdgeBook] BATS PITCH ...................................................... CQS/UQDF
K—DirectEdge X ..................................................................... [EdgeBook] BATS PITCH ...................................................... CQS/UQDF
M—CSX .................................................................................. CQS/UQDF ............................................................................. n/a
N—NYSE ................................................................................ NYSE OpenBook Ultra ........................................................... CQS/UQDF
P—NYSE Arca ........................................................................ [ArcaBook Binary uncompacted] NYSE ARCA XDP ............. CQS/UQDF
T/Q—NASDAQ ........................................................................ ITCH [4.1] 5.0 ......................................................................... CQS/UQDF
X—NASDAQ OMX PSX ......................................................... PSX ITCH [4.1] 5.0 ................................................................ CQS/UQDF
Y—BATS Y-Exchange ............................................................ BATS PITCH .......................................................................... CQS/UQDF
Z—BATS Exchange ................................................................ BATS PITCH .......................................................................... CQS/UQDF
* * * * * II. Self-Regulatory Organization’s proposed rule change. The text of these
(b) Not applicable. Statement of the Purpose of, and statements may be examined at the
Statutory Basis for, the Proposed Rule places specified in Item IV below. The
(c) Not applicable. Change Exchange has prepared summaries, set
forth in sections A, B, and C below, of
tkelley on DSK3SPTVN1PROD with NOTICES
In its filing with the Commission, the
Exchange included statements the most significant aspects of such
concerning the purpose of and basis for statements.
the proposed rule change and discussed
any comments it received on the
21 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4.
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Document Created: 2018-02-23 10:57:08
Document Modified: 2018-02-23 10:57:08
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 48583 |
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