80 FR 66944 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Establishing Procedures and Credits in Connection With the Re-Location of Equipment in the Exchange's Data Center
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 210 (October 30, 2015)
Federal Register Volume 80, Issue 210 (October 30, 2015)
| Page Range | 66944-66947 | |
| FR Document | 2015-27655 |
[Federal Register Volume 80, Number 210 (Friday, October 30, 2015)] [Notices] [Pages 66944-66947] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-27655] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76268; File No. SR-NYSEMKT-2015-70] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Establishing Procedures and Credits in Connection With the Re-Location of Equipment in the Exchange's Data Center October 26, 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 October 22, 2015, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'') 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 establish procedures and credits in connection with the re-location of equipment in the Exchange's Data Center. 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. [[Page 66945]] 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 operates a data center in Mahwah, New Jersey, from which it provides co-location services to Users.\4\ The Exchange's co- location services allow Users to rent space in the Data Center so they may locate their electronic servers in close physical proximity to the Exchange's trading and execution system.\5\ The Exchange proposes to establish procedures and waive certain fees in connection with the Exchange's re-location of Users' equipment in the Exchange's Data Center, operative beginning November 1, 2015.\6\ --------------------------------------------------------------------------- \4\ The Exchange initially filed rule changes relating to its co-location services with the Securities and Exchange Commission (``Commission'') in 2010. See Securities Exchange Act Release No. 62961 (September 21, 2010), 75 FR 59299 (September 27, 2010) (SR- NYSEAmex-2010-80) (``2010 Release''). \5\ See id. at 59299. \6\ As specified in the NYSE MKT Equities Price List and the NYSE Amex Options Fee Schedule, a User that incurs co-location fees for a particular co-location service pursuant thereto would not be subject to co-location fees for the same co-location service charged by the Exchange's affiliates New York Stock Exchange LLC and NYSE Arca, Inc. See Securities Exchange Act Release No. 70176 (August 13, 2013), 78 FR 50471 (August 19, 2013) (SR-NYSEMKT-2013-67). The Exchange's affiliates have also submitted substantially the same proposed rule change to propose the changes described herein. See SR-NYSE-2015-42 and SR-NYSEArca-2015-85. --------------------------------------------------------------------------- The Data Center opened in 2010, and at that time, the Exchange represented that it offers co-location space based on availability and that it had sufficient space in the Data Center to accommodate demand on an equitable basis for the foreseeable future.\7\ The Exchange continues to believe that there is sufficient space in the Data Center to accommodate demand. However, much of the space available now is available in smaller segments, resulting from an increasing number of Users, multiple moves within the Data Center, and changes to Users' space requirements--both increases and decreases--since 2010. At this time, the Exchange has determined that, in order to continue to be able to meet its obligation to accommodate demand, and in particular to make available more contiguous, larger spaces for new and existing Users, the Exchange must exercise its right to move some Users' equipment within the Data Center (the ``Migration''). --------------------------------------------------------------------------- \7\ See supra note 4 at 59299. --------------------------------------------------------------------------- The Exchange proposes to put the following procedures in place to manage the process for the Migration. First, the Exchange would identify Users that would be required to move in the Migration based on (a) the current location of the User and its current equipment and power requirements and (b) the availability of another location in the Data Center that would accommodate the equipment and power requirements for which such User currently subscribes. No User would be required to move more than once within any 12-month period. Second, the Exchange would notify a User in writing (the ``Notice'') that the User's equipment and network connections in the Data Center are to be moved as part of the Migration. The Notice would identify the 90-day period during which the User must move its equipment, which period would commence at least 60 days from the date of the Notice. The exact date or dates for the move for each User would be agreed upon between the User and the Exchange. If a move date or dates cannot be agreed on, the Exchange would schedule the move for a date or dates no later than 180 days after the date of the Notice. Third, each User's move would be facilitated by the Exchange in cooperation with the User, including the un-racking and re-racking of all of the User's equipment, and the re-installation of the User's networking connections, and the Exchange would make reasonable efforts to ensure that the moves take place outside of the Exchange's hours for business.\8\ --------------------------------------------------------------------------- \8\ See NYSE MKT Equities Rule 51 and NYSE Amex Options Rule 900.2NY(15). --------------------------------------------------------------------------- Fourth, in connection with facilitating each User's move, the Exchange proposes to waive certain fees. Specifically, the Exchange proposes to waive the monthly recurring fees incurred in connection with the User's new space for the month during which the User's move commences. This waiver of the monthly recurring fees would mean that the User would not incur these fees for the period of overlapping use of the equipment and services in the old and the new locations, as long as the move is completed within one month. In addition, the Exchange proposes to waive all service-related charges that the User would incur if such a move were to take place at a User's request with respect to the User's existing services and equipment. The service-related charges to be waived would be: (a) The Change Fee, Initial Install Services and Hot Hands Services; (b) the External Cabinet Cable Tray fee and the Custom External Cabinet Cable Tray fee, if the User has such equipment installed in its current location; (c) Shipping and Receiving fees relating to duplicate equipment for the User's new space; and (d) the Badge Request Fee and Visitor Security Escort fee with respect to User representative visits during the User's Migration Period (together, the ``Service-Related Fees''). Finally, in consideration for the Migration, the Exchange proposes to waive, for the month following the completion of a User's move, the monthly recurring charges for that User, based on the rate of the monthly recurring fees that the User is paying as of the date of the Notice. The Exchange proposes to modify the NYSE MKT Equities Price List and the NYSE Amex Options Fee Schedule to reflect the fee waivers in connection with the Migration. The proposed change is not otherwise intended to address any other issues relating to co-location services and/or related fees, and the Exchange is not aware of any problems that Users would have in complying with the proposed change. The representations that the Exchange made in the 2010 Release to the effect that any difference among the positions of a User's equipment within the Data Center does not create any material difference to Users in terms of access to the Exchange continue to apply.\9\ --------------------------------------------------------------------------- \9\ See supra note 4 at 59299. --------------------------------------------------------------------------- 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 Sections 6(b)(5) of the Act,\11\ in particular, because it provides for the equitable allocation of reasonable dues, fees and other charges among members and other persons using any facility or system which the Exchange operates or controls and is designed to prevent fraudulent [[Page 66946]] 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. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Additionally, the proposed changes would be applied uniformly by the Exchange to comparable Users and would not unfairly discriminate between similarly situated Users of co-location services. The Exchange believes that the proposal to establish procedures and waive certain fees in connection with the movement of equipment at the Exchange's Data Center would remove impediments to, and perfect the mechanisms of, a free and open market and a national market system and, in general, protect investors and the public interest because it would allow the Exchange to have sufficient space in the Data Center to accommodate demand on an equitable basis for the foreseeable future. The Exchange believes that the waiver of overlapping monthly recurring charges, the waiver of the Service-Related Fees, and the waiver of one month of monthly recurring charges is reasonable because Users would be moving at the Exchange's request and the waivers would help to alleviate the burden on the Users that are required to move. The Exchange also believes that the proposed rule change is consistent with 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. Pursuant to the proposed procedures for selecting which Users would be required to move within the Data Center, a User would be required to move only if the Exchange would be able to accommodate such User's current space and power requirements at the new location, so as to minimize the disruption to the User. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- For the reasons above, the proposed change would not unfairly discriminate between or among market participants that are otherwise capable of satisfying any applicable co-location fees, requirements, terms and conditions established from time to time by the Exchange. Finally, the Exchange believes that it is subject to significant competitive forces, as described below in the Exchange's statement regarding the burden on competition. For these reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\13\ the Exchange believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that the proposed procedures for identifying the Users that would be moved and the proposed fee waivers are pro-competitive because they facilitate the Migration, which would in turn facilitate use of the Exchange's Data Center, and provide access to the Data Center to current and additional market participants. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- Finally, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if, for example, they deem fee levels at a particular venue to be excessive or if they determine that another venue's products and services are more competitive than on the Exchange. In such an environment, the Exchange must continually review, and consider adjusting, the services it offers as well as any corresponding fees and credits to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment. 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 is effective upon filing pursuant to Section 19(b)(3)(A) \14\ of the Act and subparagraph (f)(2) of Rule 19b-4 \15\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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) \16\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSEMKT-2015-70 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEMKT-2015-70. 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 Section, 100 F Street NE., Washington, DC 20549-1090. Copies of the filing will also be available for inspection and copying at the NYSE's [[Page 66947]] principal office and on its Internet Web site at www.nyse.com. 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-NYSEMKT-2015-70 and should be submitted on or before November 20, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-27655 Filed 10-29-15; 8:45 am] BILLING CODE 8011-01-P
![66944 Federal Register / Vol. 80, No. 210 / Friday, October 30, 2015 / Notices
established from time to time by the fee, or other charge imposed by the office and on its Internet Web site at
Exchange. Exchange. www.nyse.com. All comments received
Finally, the Exchange believes that it At any time within 60 days of the will be posted without change; the
is subject to significant competitive filing of such proposed rule change, the Commission does not edit personal
forces, as described below in the Commission summarily may identifying information from
Exchange’s statement regarding the temporarily suspend such rule change if submissions. You should submit only
burden on competition. it appears to the Commission that such information that you wish to make
action is necessary or appropriate in the available publicly. All submissions
For these reasons, the Exchange public interest, for the protection of should refer to File Number SR–NYSE–
believes that the proposal is consistent investors, or otherwise in furtherance of 2015–42 and should be submitted on or
with the Act. the purposes of the Act. If the before November 20, 2015.
B. Self-Regulatory Organization’s Commission takes such action, the
For the Commission, by the Division of
Statement on Burden on Competition Commission shall institute proceedings Trading and Markets, pursuant to delegated
under Section 19(b)(2)(B) 16 of the Act to authority.17
In accordance with Section 6(b)(8) of determine whether the proposed rule Robert W. Errett,
the Act,13 the Exchange believes that the change should be approved or
Deputy Secretary.
proposed rule change would not impose disapproved.
any burden on competition that is not [FR Doc. 2015–27654 Filed 10–29–15; 8:45 am]
necessary or appropriate in furtherance IV. Solicitation of Comments BILLING CODE 8011–01–P
of the purposes of the Act. The Interested persons are invited to
Exchange believes that the proposed submit written data, views, and
procedures for identifying the Users that arguments concerning the foregoing, SECURITIES AND EXCHANGE
would be moved and the proposed fee including whether the proposed rule COMMISSION
waivers are pro-competitive because change is consistent with the Act.
they facilitate the Migration, which Comments may be submitted by any of [Release No. 34–76268; File No. SR–
would in turn facilitate use of the the following methods: NYSEMKT–2015–70]
Exchange’s Data Center, and provide Electronic Comments
access to the Data Center to current and Self-Regulatory Organizations; NYSE
additional market participants. • Use the Commission’s Internet MKT LLC; Notice of Filing and
comment form (http://www.sec.gov/ Immediate Effectiveness of Proposed
Finally, the Exchange notes that it rules/sro.shtml); or Rule Change Establishing Procedures
operates in a highly competitive market • Send an email to rule-comments@ and Credits in Connection With the Re-
in which market participants can sec.gov. Please include File Number SR– Location of Equipment in the
readily favor competing venues if, for NYSE–2015–42 on the subject line. Exchange’s Data Center
example, they deem fee levels at a
particular venue to be excessive or if Paper Comments October 26, 2015.
they determine that another venue’s • Send paper comments in triplicate Pursuant to Section 19(b)(1) 1 of the
products and services are more to Brent J. Fields, Secretary, Securities Securities Exchange Act of 1934 (the
competitive than on the Exchange. In and Exchange Commission, 100 F Street ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
such an environment, the Exchange NE., Washington, DC 20549–1090. notice is hereby given that, on October
must continually review, and consider All submissions should refer to File 22, 2015, NYSE MKT LLC (the
adjusting, the services it offers as well Number SR–NYSE–2015–42. This file ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with
as any corresponding fees and credits to number should be included on the the Securities and Exchange
remain competitive with other subject line if email is used. To help the Commission (the ‘‘Commission’’) the
exchanges. For the reasons described Commission process and review your proposed rule change as described in
above, the Exchange believes that the comments more efficiently, please use Items I, II, and III below, which Items
proposed rule change reflects this only one method. The Commission will have been prepared by the self-
competitive environment. post all comments on the Commission’s regulatory organization. The
C. Self-Regulatory Organization’s Internet Web site (http://www.sec.gov/ Commission is publishing this notice to
Statement on Comments on the rules/sro.shtml). Copies of the solicit comments on the proposed rule
Proposed Rule Change Received From submission, all subsequent change from interested persons.
Members, Participants, or Others amendments, all written statements
I. Self-Regulatory Organization’s
with respect to the proposed rule
No written comments were solicited Statement of the Terms of Substance of
change that are filed with the
or received with respect to the proposed the Proposed Rule Change
Commission, and all written
rule change. communications relating to the The Exchange proposes to establish
III. Date of Effectiveness of the proposed rule change between the procedures and credits in connection
Proposed Rule Change and Timing for Commission and any person, other than with the re-location of equipment in the
Commission Action those that may be withheld from the Exchange’s Data Center. The text of the
public in accordance with the proposed rule change is available on the
The foregoing rule change is effective provisions of 5 U.S.C. 552, will be Exchange’s Web site at www.nyse.com,
upon filing pursuant to Section available for inspection and copying in at the principal office of the Exchange,
tkelley on DSK3SPTVN1PROD with NOTICES
19(b)(3)(A) 14 of the Act and the Commission’s Public Reference and at the Commission’s Public
subparagraph (f)(2) of Rule 19b–4 15 Section, 100 F Street NE., Washington, Reference Room.
thereunder, because it establishes a due, DC 20549–1090. Copies of the filing will
also be available for Web site viewing 17 17 CFR 200.30–3(a)(12).
13 15 U.S.C. 78f(b)(8). and printing at the NYSE’s principal 1 15 U.S.C. 78s(b)(1).
14 15 U.S.C. 78s(b)(3)(A). 2 15 U.S.C. 78a.
15 17 CFR 240.19b–4(f)(2). 16 15 U.S.C. 78s(b)(2)(B). 3 17 CFR 240.19b–4.
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![Federal Register / Vol. 80, No. 210 / Friday, October 30, 2015 / Notices 66947
principal office and on its Internet Web at http://nasdaq.cchwallstreet.com, at effort to improve the utility of the NTF,
site at www.nyse.com. All comments the principal office of the Exchange, and Nasdaq is developing a test environment
received will be posted without change; at the Commission’s Public Reference located in Carteret that will provide the
the Commission does not edit personal Room. same functionality as the testing
identifying information from functionality of Ashburn, yet more
II. Self-Regulatory Organization’s
submissions. You should submit only closely approximate the live trading
Statement of the Purpose of, and
information that you wish to make environment due to its proximity to the
Statutory Basis for, the Proposed Rule
available publicly. All submissions System and upgraded hardware. In
Change
should refer to File Number SR– particular, the Carteret test environment
NYSEMKT–2015–70 and should be In its filing with the Commission, the will take advantage of technology
submitted on or before November 20, Exchange included statements upgrades Nasdaq is making to its
2015. concerning the purpose of and basis for trading-related systems. Unlike the
the proposed rule change and discussed Ashburn test environment, the Carteret
For the Commission, by the Division of
Trading and Markets, pursuant to delegated any comments it received on the test environment will provide dedicated
authority.17 proposed rule change. The text of these connectivity to the facility via a cross-
Robert W. Errett, statements may be examined at the connection to either a member firm’s
places specified in Item IV below. The direct connection router in Carteret or
Deputy Secretary.
Exchange has prepared summaries, set its co-location cabinet.
[FR Doc. 2015–27655 Filed 10–29–15; 8:45 am]
forth in sections A, B, and C below, of
BILLING CODE 8011–01–P
the most significant aspects of such Nasdaq notes that, because the
statements. Carteret facility also houses the System,
subscribers to the Carteret test
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s environment will no longer need to pay
COMMISSION Statement of the Purpose of, and for third party connectivity to Ashburn,4
Statutory Basis for, the Proposed Rule provided the sole purpose for
[Release No. 34–76259; File No. SR–
NASDAQ–2015–117] Change connecting to Ashburn is for testing and
1. Purpose not also for co-location or disaster
Self-Regulatory Organizations; The recovery. Such member firms may use
NASDAQ Stock Market LLC; Notice of Nasdaq proposes to amend its Options an existing connection to Carteret to
Filing and Immediate Effectiveness of Pricing at Chapter XV to adopt a new access the NTF through the use of a
Proposed Rule Change to Options Section 13, entitled ‘‘Testing Facilities’’ dedicated switch port and cross connect
Testing Facility to establish fees to subscribe for testing. within the facility. Similar to the
Currently, Options Participants may test equities test facility,5 the Exchange will
October 26, 2015. in a virtual trading environment for assess a fee for the connection to this
Pursuant to Section 19(b)(1) of the purposes of testing in Ashburn, Virginia
virtual trading environment for testing.
Securities Exchange Act of 1934 (‘‘Ashburn’’), at no cost. The NTF
Specifically, Nasdaq proposes a $1,000
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 provides subscribers a virtual System
per hand-off, per month fee for
notice is hereby given that, on October environment for testing upcoming
connection to the Testing Facility. The
16, 2015, The NASDAQ Stock Market Nasdaq releases and product
hand-off fee includes either a 1Gb or
LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed enhancements, as well as testing firm
10Gb switch port and a cross connect to
with the Securities and Exchange software prior to implementation. The
the Testing Facility. Subscribers shall
Commission (‘‘Commission’’) the test environment closely approximates
also pay a one-time installation fee of
proposed rule change as described in the production environment to enable
$1,000 per hand-off.
Items I, II, and III below, which Items subscribers to test their automated
have been prepared by the Exchange. systems that integrate with the The connectivity provided under this
The Commission is publishing this Exchange. rule also provides connectivity to the
notice to solicit comments on the The Exchange is moving the options other test environments of NASDAQ
proposed rule change from interested test environment from the Ashburn OMX PHLX LLC and NASDAQ OMX
persons. location to Carteret, NJ (‘‘Carteret’’), BX, Inc. Additionally, the connectivity
which is also the location of Nasdaq’s may be utilized for either equities or
I. Self-Regulatory Organization’s primary trading System. While Options options testing. If for example a Phlx
Statement of the Terms of the Substance Participants will be able to continue to [sic] member has already paid the
of the Proposed Rule Change utilize the Ashburn facility at no cost $1,000 per hand-off, per month for
The Exchange proposes to amend its until that facility is no longer in use, connection to the Testing Facility in
Options Pricing at Chapter XV to adopt Options Participants will be able to Carteret, there would be no need to pay
a new Section 13, entitled ‘‘Testing subscribe to the Carteret test facility for this fee for options testing.
Facilities’’ which describes fees in future testing.3 Notwithstanding the foregoing,
connection with the use of the Testing The relatively large distance between Nasdaq will also continue to offer
Facility (‘‘NTF’’) test environment the Ashburn Testing Facility and the certain limited testing capabilities free
located in Carteret, New Jersey. majority of Nasdaq firms results in of charge at Carteret. Options
While the changes proposed herein expensive connectivity costs for Participants that connect to Cartert’s
are effective upon filing, the Exchange customers that connect via [sic] NTF through a virtual private
has designated that the amendments be telecommunication providers. As a network (‘‘VPN’’) through the internet
tkelley on DSK3SPTVN1PROD with NOTICES
operative on October 26, 2015. consequence, a large majority of for site-to-site limited order routing
The text of the proposed rule change member firms do not connect to
is available on the Exchange’s Web site Ashburn for NTF connectivity. In an 4 Today, member firms pay fees to third party
connectivity providers to provide connection from
17 17 CFR 200.30–3(a)(12). 3 The Exchange anticipates that it will sunset the the member firm to Ashburn.
1 15 U.S.C. 78s(b)(1). Ashburn trading testing functionality on January 29, 5 See Nasdaq Rule 7030, concerning equities
2 17 CFR 240.19b–4. 2016. pricing.
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Document Created: 2015-12-14 15:29:46
Document Modified: 2015-12-14 15:29:46
| 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 66944 |
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