80_FR_68580 80 FR 68367 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Discontinuing the NYSE Retail Trading Product and the NYSE Program Trading Product Market Data Product Offerings

80 FR 68367 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Discontinuing the NYSE Retail Trading Product and the NYSE Program Trading Product Market Data Product Offerings

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 213 (November 4, 2015)

Page Range68367-68369
FR Document2015-28033

Federal Register, Volume 80 Issue 213 (Wednesday, November 4, 2015)
[Federal Register Volume 80, Number 213 (Wednesday, November 4, 2015)]
[Notices]
[Pages 68367-68369]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-28033]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76296; File No. SR-NYSE-2015-47]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Discontinuing the NYSE Retail Trading Product and the NYSE Program 
Trading Product Market Data Product Offerings

October 29, 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 15, 2015, New York Stock Exchange LLC (``NYSE'' 
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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to discontinue the NYSE Retail Trading 
Product (``NYSE ReTrac'') and the NYSE Program Trading Product (``NYSE 
ProTrac'') market data product offerings. 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 proposes to discontinue the NYSE ReTrac and NYSE 
ProTrac market data offerings (together the ``NYSE ReTrac and ProTrac 
Products''). The NYSE ReTrac and ProTrac Products supply subscribers 
with information on certain executions dependent on the account type 
indicator associated with a trade. NYSE ReTrac is a real-time datafeed 
of certain execution report information that has been recorded as 
trades for accounts of ``individual investors'' as well as an end-of-
day summary. NYSE ProTrac is a real-time data feed of certain execution 
report information that has been recorded as program trades, and an 
end-of-day summary.
    In 2006, the Securities and Exchange Commission (``Commission'') 
approved the NYSE ReTrac and ProTrac Products and associated fees.\4\ 
Over the several

[[Page 68368]]

years since the introduction of the products, subscription has been de 
minimis. As such, the Exchange believes that the NYSE ReTrac and 
ProTrac Products did not achieve the intended objective of supplying 
useful information.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 53835 (May 18, 
2006), 71 FR 30456 (SR-NYSE-2006-31); Securities Exchange Act 
Release No. 53834 (May 18, 2006), 71 FR 30011 (SR-NYSE-2006-32).
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    The Exchange will provide subscribers with advance notice of the 
discontinuation of the NYSE ReTrac and ProTrac Products.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \5\ of the 
Act, in general, and furthers the objectives of Section 6(b)(5) \6\ of 
the Act, in particular, in that 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 facilitating transactions in securities, to remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system and, in general, to protect investors and the 
public interest, and it is not designed to permit unfair discrimination 
among customers, brokers, or dealers.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that discontinuing the NYSE ReTrac and 
ProTrac Products will remove impediments to and help perfect a free and 
open market by streamlining the Exchange's suite of market data 
products and discontinuing products for which there is no or limited 
demand.
    In adopting Regulation NMS, the Commission granted self-regulatory 
organizations (``SROs'') and broker dealers increased authority and 
flexibility to offer new market data products to consumers of such 
data. It was believed that this authority would expand the amount of 
data available to users and consumers of such data and also spur 
innovation and competition for the provision of market data. The 
Commission concluded that Regulation NMS would itself further the Act's 
goals of facilitating efficiency and competition:

    Efficiency is promoted when broker-dealers who do not need the 
data beyond the prices, sizes, market center identifications of the 
NBBO and consolidated last sale information are not required to 
receive (and pay for) such data. The Commission also believes that 
efficiency is promoted when broker-dealers may choose to receive 
(and pay for) additional market data based on their own internal 
analysis of the need for such data.\7\
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496 (June 29, 2005) (``Regulation NMS Adopting 
Release'').

    The Exchange believes the discontinuation of market data products 
for which there is an overall lack of demand, such as the NYSE ReTrac 
and ProTrac Products, promotes efficiency because it acknowledges that 
investors and the public have little or no use for certain information 
and allows the Exchange to dedicate resources to developing products 
(including through innovations of existing products and entirely new 
products) that provide information for which there is more of an 
expressed need. In addition, the proposal would not permit unfair 
discrimination because the discontinuation is applicable to all 
members, issuers and other persons and does not unfairly discriminate 
between customers, issuers, brokers or dealers.

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\8\ the Exchange does 
not believe that the proposed rule change will impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

    The Exchange notes that it operates in a highly competitive market 
in which other exchanges are free to offer similar products. 
Additionally, since the demand for the product was de minimis the 
Exchange's proposed discontinuance will not harm competition.

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

    Because the foregoing proposed rule does not (i) significantly 
affect the protection of investors or the public interest; (ii) impose 
any significant burden on competition; and (iii) 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, provided that the self-regulatory 
organization has given the Commission written notice of its intent to 
file the proposed rule change at least five business days prior to the 
date of filing of the proposed rule change or such shorter time as 
designated by the Commission,\9\ the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6) thereunder.\11\
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    \9\ The Exchange has fulfilled this requirement.
    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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) \12\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b4(f)(6)(iii),\14\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that it may 
dedicate resources, without undue delay,\15\ to creating and supporting 
products that supply investors and the public with information for 
which there is more demand. The Commission, noting that the 
subscription to these data services has been de minimis and that the 
Exchange has represented that it will provide advance notice of 
discontinuation to all subscribers, finds that it is consistent with 
the protection of investors and the public interest to waive the 30-day 
operative delay.\16\ Accordingly, the Commission designates the 
proposed rule change as operative upon filing with the Commission.
---------------------------------------------------------------------------

    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
    \15\ The Commission notes that the Exchange has represented that 
it will provide subscribers with advance notice of the 
discontinuation of the NYSE ReTrac and ProTrac Products.
    \16\ For purposes only of accelerating the operative date of 
this proposal, the Commission has considered the proposed rule's 
impact on efficiency, competition, and capital formation. 15 U.S.C. 
78c(f).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and

[[Page 68369]]

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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NYSE-2015-47 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-NYSE-2015-47. 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 the filing will also be available 
for inspection and copying at the NYSE's 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-NYSE-2015-47 and should be submitted on or before 
November 25, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-28033 Filed 11-3-15; 8:45 am]
 BILLING CODE 8011-01-P



                                                                             Federal Register / Vol. 80, No. 213 / Wednesday, November 4, 2015 / Notices                                                   68367

                                                    Internet Web site (http://www.sec.gov/                  Commission notes that the prior version               Items I, II, and III below, which Items
                                                    rules/sro.shtml). Copies of the                         of this plan immediately prior to this                have been prepared by the self-
                                                    submission, all subsequent                              proposed amendment was published for                  regulatory organization. The
                                                    amendments, all written statements                      comment and the Commission did not                    Commission is publishing this notice to
                                                    with respect to the proposed plan that                  receive any comments thereon.22                       solicit comments on the proposed rule
                                                    are filed with the Commission, and all                  Furthermore, the Commission does not                  change from interested persons.
                                                    written communications relating to the                  believe that the amendment to the plan                I. Self-Regulatory Organization’s
                                                    proposed plan between the Commission                    raises any new regulatory issues that the             Statement of the Terms of Substance of
                                                    and any person, other than those that                   Commission has not previously                         the Proposed Rule Change
                                                    may be withheld from the public in                      considered.
                                                    accordance with the provisions of 5                                                                              The Exchange proposes to
                                                                                                            VI. Conclusion                                        discontinue the NYSE Retail Trading
                                                    U.S.C. 552, will be available for Web
                                                    site viewing and printing in the                           This order gives effect to the amended             Product (‘‘NYSE ReTrac’’) and the NYSE
                                                    Commission’s Public Reference Room,                     Plan submitted to the Commission that                 Program Trading Product (‘‘NYSE
                                                    100 F Street NE., Washington, DC                        is contained in File No. S7–966.                      ProTrac’’) market data product offerings.
                                                    20549, on official business days                           It is therefore ordered, pursuant to               The text of the proposed rule change is
                                                    between the hours of 10:00 a.m. and                     Section 17(d) of the Act, that the Plan,              available on the Exchange’s Web site at
                                                    3:00 p.m. Copies of the plan also will be               as amended, filed with the Commission                 www.nyse.com, at the principal office of
                                                    available for inspection and copying at                 pursuant to Rule 17d–2 on June 21,                    the Exchange, and at the Commission’s
                                                    the principal offices of FINRA and                      2013 is hereby approved and declared                  Public Reference Room.
                                                    EDGX. All comments received will be                     effective.                                            II. Self-Regulatory Organization’s
                                                    posted without change; the Commission                      It is further ordered that those SRO               Statement of the Purpose of, and
                                                    does not edit personal identifying                      participants that are not the DOEA as to              Statutory Basis for, the Proposed Rule
                                                    information from submissions. You                       a particular common member are                        Change
                                                    should submit only information that                     relieved of those regulatory
                                                                                                            responsibilities allocated to the common                 In its filing with the Commission, the
                                                    you wish to make available publicly. All
                                                                                                            member’s DOEA under the amended                       self-regulatory organization included
                                                    submissions should refer to File
                                                                                                            Plan to the extent of such allocation.                statements concerning the purpose of,
                                                    Number S7–966 and should be
                                                                                                                                                                  and basis for, the proposed rule change
                                                    submitted on or before November 25,                        For the Commission, by the Division of             and discussed any comments it received
                                                    2015.                                                   Trading and Markets, pursuant to delegated            on the proposed rule change. The text
                                                                                                            authority.23
                                                    V. Discussion                                                                                                 of those statements may be examined at
                                                                                                            Jill M. Peterson,                                     the places specified in Item IV below.
                                                       The Commission continues to believe                  Assistant Secretary.                                  The Exchange has prepared summaries,
                                                    that the proposed plan is an                            [FR Doc. 2015–28066 Filed 11–3–15; 8:45 am]           set forth in sections A, B, and C below,
                                                    achievement in cooperation among the                    BILLING CODE 8011–01–P                                of the most significant parts of such
                                                    SRO participants. The Plan, as                                                                                statements.
                                                    amended, will reduce unnecessary
                                                    regulatory duplication by allocating to                 SECURITIES AND EXCHANGE                               A. Self-Regulatory Organization’s
                                                    the designated SRO the responsibility                   COMMISSION                                            Statement of the Purpose of, and the
                                                    for certain options-related sales practice                                                                    Statutory Basis for, the Proposed Rule
                                                                                                            [Release No. 34–76296; File No. SR–NYSE–              Change
                                                    matters that would otherwise be
                                                                                                            2015–47]
                                                    performed by multiple SROs. The plan                                                                          1. Purpose
                                                    promotes efficiency by reducing costs to                Self-Regulatory Organizations; New
                                                    firms that are members of more than one                                                                          The Exchange proposes to
                                                                                                            York Stock Exchange LLC; Notice of                    discontinue the NYSE ReTrac and NYSE
                                                    of the SRO participants. In addition,                   Filing and Immediate Effectiveness of
                                                    because the SRO participants coordinate                                                                       ProTrac market data offerings (together
                                                                                                            Proposed Rule Change Discontinuing                    the ‘‘NYSE ReTrac and ProTrac
                                                    their regulatory functions in accordance                the NYSE Retail Trading Product and
                                                    with the plan, the plan promotes, and                                                                         Products’’). The NYSE ReTrac and
                                                                                                            the NYSE Program Trading Product                      ProTrac Products supply subscribers
                                                    will continue to promote, investor                      Market Data Product Offerings
                                                    protection.                                                                                                   with information on certain executions
                                                                                                            October 29, 2015.                                     dependent on the account type indicator
                                                       Under paragraph (c) of Rule 17d–2,                                                                         associated with a trade. NYSE ReTrac is
                                                    the Commission may, after appropriate                      Pursuant to Section 19(b)(1) 1 of the
                                                                                                            Securities Exchange Act of 1934 (the                  a real-time datafeed of certain execution
                                                    notice and comment, declare a plan, or                                                                        report information that has been
                                                    any part of a plan, effective. In this                  ‘‘Act’’) 2 and Rule 19b-4 thereunder,3
                                                                                                            notice is hereby given that on October                recorded as trades for accounts of
                                                    instance, the Commission believes that                                                                        ‘‘individual investors’’ as well as an
                                                    appropriate notice and comment can                      15, 2015, New York Stock Exchange
                                                                                                            LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed              end-of-day summary. NYSE ProTrac is a
                                                    take place after the proposed                                                                                 real-time data feed of certain execution
                                                    amendment is effective. The primary                     with the Securities and Exchange
                                                                                                            Commission (the ‘‘Commission’’) the                   report information that has been
                                                    purpose of the amendment is to add                                                                            recorded as program trades, and an end-
                                                                                                            proposed rule change as described in
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                    EDGX as a Participant to the Plan and                                                                         of-day summary.
                                                    to change the name of Topaz Exchange,                                                                            In 2006, the Securities and Exchange
                                                                                                            EDGX Options Market. See Securities Exchange Act
                                                    LLC to ISE Gemini, LLC. By declaring it                 Release No. 75650, 80 FR 48600 (August 13, 2015).     Commission (‘‘Commission’’) approved
                                                    effective today, the amended Plan can                     22 See supra note 20 (citing to Securities          the NYSE ReTrac and ProTrac Products
                                                    become effective and be implemented                     Exchange Act Release No. 70051).                      and associated fees.4 Over the several
                                                    without undue delay.21 The                                23 17 CFR 200.30–3(a)(34).
                                                                                                              1 15 U.S.C. 78s(b)(1).                                4 See Securities Exchange Act Release No. 53835
                                                      21 On                                                   2 15 U.S.C. 78a.
                                                           August 7, 2015, the Commission approved                                                                (May 18, 2006), 71 FR 30456 (SR–NYSE–2006–31);
                                                    EDGX’s rules governing options trading on the             3 17 CFR 240.19b–4.                                                                          Continued




                                               VerDate Sep<11>2014   17:00 Nov 03, 2015   Jkt 238001   PO 00000   Frm 00076   Fmt 4703   Sfmt 4703   E:\FR\FM\04NON1.SGM   04NON1


                                                    68368                    Federal Register / Vol. 80, No. 213 / Wednesday, November 4, 2015 / Notices

                                                    years since the introduction of the                     own internal analysis of the need for such            proposed rule change at least five
                                                    products, subscription has been de                      data.7                                                business days prior to the date of filing
                                                    minimis. As such, the Exchange                            The Exchange believes the                           of the proposed rule change or such
                                                    believes that the NYSE ReTrac and                       discontinuation of market data products               shorter time as designated by the
                                                    ProTrac Products did not achieve the                    for which there is an overall lack of                 Commission,9 the proposed rule change
                                                    intended objective of supplying useful                  demand, such as the NYSE ReTrac and                   has become effective pursuant to
                                                    information.                                            ProTrac Products, promotes efficiency                 Section 19(b)(3)(A) of the Act 10 and
                                                      The Exchange will provide                             because it acknowledges that investors                Rule 19b-4(f)(6) thereunder.11
                                                    subscribers with advance notice of the                  and the public have little or no use for                 At any time within 60 days of the
                                                    discontinuation of the NYSE ReTrac and                  certain information and allows the                    filing of such proposed rule change, the
                                                    ProTrac Products.                                       Exchange to dedicate resources to                     Commission summarily may
                                                                                                            developing products (including through                temporarily suspend such rule change if
                                                    2. Statutory Basis                                      innovations of existing products and                  it appears to the Commission that such
                                                                                                            entirely new products) that provide                   action is necessary or appropriate in the
                                                       The proposed rule change is                                                                                public interest, for the protection of
                                                    consistent with Section 6(b) 5 of the Act,              information for which there is more of
                                                                                                            an expressed need. In addition, the                   investors, or otherwise in furtherance of
                                                    in general, and furthers the objectives of                                                                    the purposes of the Act. If the
                                                    Section 6(b)(5) 6 of the Act, in particular,            proposal would not permit unfair
                                                                                                            discrimination because the                            Commission takes such action, the
                                                    in that it is designed to prevent                                                                             Commission shall institute proceedings
                                                    fraudulent and manipulative acts and                    discontinuation is applicable to all
                                                                                                            members, issuers and other persons and                under Section 19(b)(2)(B) 12 of the Act to
                                                    practices, to promote just and equitable                                                                      determine whether the proposed rule
                                                    principles of trade, to foster cooperation              does not unfairly discriminate between
                                                                                                            customers, issuers, brokers or dealers.               change should be approved or
                                                    and coordination with persons engaged                                                                         disapproved.
                                                    in facilitating transactions in securities,             B. Self-Regulatory Organization’s                        A proposed rule change filed under
                                                    to remove impediments to and perfect                    Statement on Burden on Competition                    Rule 19b–4(f)(6) 13 normally does not
                                                    the mechanism of a free and open                                                                              become operative prior to 30 days after
                                                    market and a national market system                        In accordance with Section 6(b)(8) of
                                                                                                            the Act,8 the Exchange does not believe               the date of the filing. However, pursuant
                                                    and, in general, to protect investors and                                                                     to Rule 19b4(f)(6)(iii),14 the Commission
                                                    the public interest, and it is not                      that the proposed rule change will
                                                                                                                                                                  may designate a shorter time if such
                                                    designed to permit unfair                               impose any burden on competition that
                                                                                                                                                                  action is consistent with the protection
                                                    discrimination among customers,                         is not necessary or appropriate in
                                                                                                                                                                  of investors and the public interest. The
                                                    brokers, or dealers.                                    furtherance of the purposes of the Act.
                                                                                                                                                                  Exchange has asked the Commission to
                                                                                                               The Exchange notes that it operates in
                                                       The Exchange believes that                                                                                 waive the 30-day operative delay so that
                                                                                                            a highly competitive market in which
                                                    discontinuing the NYSE ReTrac and                                                                             it may dedicate resources, without
                                                                                                            other exchanges are free to offer similar
                                                    ProTrac Products will remove                                                                                  undue delay,15 to creating and
                                                                                                            products. Additionally, since the
                                                    impediments to and help perfect a free                                                                        supporting products that supply
                                                                                                            demand for the product was de minimis
                                                    and open market by streamlining the                                                                           investors and the public with
                                                                                                            the Exchange’s proposed
                                                    Exchange’s suite of market data                                                                               information for which there is more
                                                                                                            discontinuance will not harm
                                                    products and discontinuing products for                                                                       demand. The Commission, noting that
                                                                                                            competition.
                                                    which there is no or limited demand.                                                                          the subscription to these data services
                                                                                                            C. Self-Regulatory Organization’s                     has been de minimis and that the
                                                       In adopting Regulation NMS, the
                                                                                                            Statement on Comments on the                          Exchange has represented that it will
                                                    Commission granted self-regulatory
                                                                                                            Proposed Rule Change Received From                    provide advance notice of
                                                    organizations (‘‘SROs’’) and broker
                                                                                                            Members, Participants, or Others                      discontinuation to all subscribers, finds
                                                    dealers increased authority and
                                                    flexibility to offer new market data                      No written comments were solicited                  that it is consistent with the protection
                                                    products to consumers of such data. It                  or received with respect to the proposed              of investors and the public interest to
                                                    was believed that this authority would                  rule change.                                          waive the 30-day operative delay.16
                                                    expand the amount of data available to                                                                        Accordingly, the Commission
                                                                                                            III. Date of Effectiveness of the                     designates the proposed rule change as
                                                    users and consumers of such data and                    Proposed Rule Change and Timing for
                                                    also spur innovation and competition                                                                          operative upon filing with the
                                                                                                            Commission Action                                     Commission.
                                                    for the provision of market data. The
                                                    Commission concluded that Regulation                      Because the foregoing proposed rule                 IV. Solicitation of Comments
                                                    NMS would itself further the Act’s goals                does not (i) significantly affect the
                                                                                                            protection of investors or the public                   Interested persons are invited to
                                                    of facilitating efficiency and                                                                                submit written data, views, and
                                                    competition:                                            interest; (ii) impose any significant
                                                                                                            burden on competition; and (iii) become
                                                      Efficiency is promoted when broker-                                                                           9 The  Exchange has fulfilled this requirement.
                                                                                                            operative for 30 days from the date on
                                                    dealers who do not need the data beyond the                                                                     10 15  U.S.C. 78s(b)(3)(A).
                                                    prices, sizes, market center identifications of         which it was filed, or such shorter time                 11 17 CFR 240.19b–4(f)(6).

                                                    the NBBO and consolidated last sale                     as the Commission may designate if                       12 15 U.S.C. 78s(b)(2)(B).

                                                    information are not required to receive (and            consistent with the protection of                        13 17 CFR 240.19b–4(f)(6).
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                    pay for) such data. The Commission also                 investors and the public interest,                       14 17 CFR 240.19b–4(f)(6)(iii).

                                                    believes that efficiency is promoted when               provided that the self-regulatory                        15 The Commission notes that the Exchange has

                                                    broker-dealers may choose to receive (and               organization has given the Commission                 represented that it will provide subscribers with
                                                    pay for) additional market data based on their                                                                advance notice of the discontinuation of the NYSE
                                                                                                            written notice of its intent to file the              ReTrac and ProTrac Products.
                                                                                                                                                                     16 For purposes only of accelerating the operative
                                                    Securities Exchange Act Release No. 53834 (May             7 See Securities Exchange Act Release No. 51808
                                                                                                                                                                  date of this proposal, the Commission has
                                                    18, 2006), 71 FR 30011 (SR–NYSE–2006–32).               (June 9, 2005), 70 FR 37496 (June 29, 2005)           considered the proposed rule’s impact on
                                                      5 15 U.S.C. 78f(b).                                   (‘‘Regulation NMS Adopting Release’’).                efficiency, competition, and capital formation. 15
                                                      6 15 U.S.C. 78f(b)(5).                                   8 15 U.S.C. 78f(b)(8).                             U.S.C. 78c(f).



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                                                                               Federal Register / Vol. 80, No. 213 / Wednesday, November 4, 2015 / Notices                                            68369

                                                    arguments concerning the foregoing,                       SECURITIES AND EXCHANGE                               SUPPLEMENTARY INFORMATION:    The
                                                    including whether the proposed rule                       COMMISSION                                  following is a summary of the
                                                    change is consistent with the Act.                                                                    application. The complete application
                                                                                                              [Investment Company Act Release No.
                                                    Comments may be submitted by any of                                                                   may be obtained via the Commission’s
                                                                                                              31886; File No. 812–14404]
                                                    the following methods:                                                                                Web site by searching for the file
                                                    Electronic Comments                                       U.S. Bank National Association; Notice number, or for an applicant using the
                                                                                                              of Application                              Company name box, at http://
                                                      • Use the Commission’s Internet                                                                     www.sec.gov/search/search.htm or by
                                                    comment form (http://www.sec.gov/                         October 29, 2015.                           calling (202) 551–8090.
                                                    rules/sro.shtml); or                                      AGENCY: Securities and Exchange                Applicant’s Representations:
                                                      • Send an email to rule-comments@                       Commission (‘‘Commission’’).                   1. The applicant is a subsidiary of
                                                    sec.gov. Please include File Number SR–                   ACTION: Notice of an application under      U.S. Bancorp.1 The applicant is
                                                    NYSE–2015–47 on the subject line.                         Section 6(c) of the Investment Company frequently selected to act as trustee in
                                                                                                              Act of 1940 (‘‘Act’’) for an exemption      connection with ABS issued by Issuers.
                                                    Paper Comments                                                                                           2. An ABS transaction typically
                                                                                                              from certain requirements of Rule 3a–
                                                       • Send paper comments in triplicate                                                                involves the transfer of assets by a
                                                                                                              7(a)(4)(i) under the Act.
                                                    to Brent J. Fields, Secretary, Securities                                                             seller, usually by a ‘‘sponsor,’’ to a
                                                    and Exchange Commission, 100 F Street                        Summary of Application: Applicant        bankruptcy remote special purpose
                                                    NE., Washington, DC 20549–1090.                           requests an order that would permit an      corporate or trust entity that is
                                                    All submissions should refer to File                      issuer of asset-backed securities           established for the sole purpose of
                                                    Number SR–NYSE–2015–47. This file                         (‘‘ABS’’) that is not registered as an      holding the assets and issuing ABS to
                                                    number should be included on the                          investment company under the Act in         investors (an ‘‘ABS Transaction’’).
                                                    subject line if email is used. To help the                reliance on Rule 3a–7 under the Act (an Payments of interest and principal on
                                                    Commission process and review your                        ‘‘Issuer’’) to appoint the applicant as a   the ABS depend primarily on the cash
                                                    comments more efficiently, please use                     trustee in connection with the Issuer’s     flow generated by the pool of assets
                                                    only one method. The Commission will                      ABS when the applicant is affiliated        owned by the Issuer.
                                                    post all comments on the Commission’s                     with an underwriter for the Issuer’s           3. The parties to an ABS Transaction
                                                    Internet Web site (http://www.sec.gov/                    ABS.                                        enter into several transaction
                                                    rules/sro.shtml). Copies of the                              Applicant: U.S. Bank National            agreements that provide for the holding
                                                    submission, all subsequent                                Association.                                of the assets by the Issuer and define the
                                                    amendments, all written statements                           Filing Dates: The application was        rights and responsibilities of the parties
                                                    with respect to the proposed rule                         filed on December 19, 2014 and              to the transaction (‘‘Transaction
                                                    change that are filed with the                            amended on June 4, 2015, and                Documents’’). The operative Transaction
                                                    Commission, and all written                               September 29, 2015.                         Document governing the trustee is
                                                    communications relating to the                               Hearing or Notification of Hearing: An referred to herein as the ‘‘Agreement.’’
                                                    proposed rule change between the                                                                         4. The sponsor of an ABS Transaction
                                                                                                              order granting the application will be
                                                    Commission and any person, other than                                                                 assembles the pool of assets by
                                                                                                              issued unless the Commission orders a
                                                    those that may be withheld from the                                                                   purchasing or funding them, describes
                                                                                                              hearing. Interested persons may request
                                                    public in accordance with the                                                                         them in the offering materials, and
                                                                                                              a hearing by writing to the
                                                    provisions of 5 U.S.C. 552, will be                                                                   retains the underwriter to sell interests
                                                                                                              Commission’s Secretary and serving
                                                    available for Web site viewing and                                                                    in the assets to investors. The sponsor
                                                                                                              applicant with a copy of the request,
                                                    printing in the Commission’s Public                                                                   determines the structure of the ABS
                                                                                                              personally or by mail. Hearing requests
                                                    Reference Room, 100 F Street NE.,                                                                     Transaction and drafts the Transaction
                                                                                                              should be received by the Commission
                                                    Washington, DC 20549, on official                                                                     Documents. The sponsor selects the
                                                                                                              by 5:30 p.m. on November 23, 2015 and
                                                    business days between the hours of                                                                    other parties to the ABS Transaction,
                                                                                                              should be accompanied by proof of
                                                    10:00 a.m. and 3:00 p.m. Copies of the                                                                including the underwriter, the servicer,
                                                                                                              service on the applicant, in the form of
                                                    filing will also be available for                                                                     and the trustee.
                                                                                                              an affidavit or, for lawyers, a certificate    5. The servicer, either directly or
                                                    inspection and copying at the NYSE’s                      of service. Pursuant to Rule 0–5 under      through subservicers, manages the
                                                    principal office and on its Internet Web                  the Act, hearing requests should state      assets held by the Issuer. The servicer
                                                    site at www.nyse.com. All comments                        the nature of the writer’s interest, any    typically collects the income from the
                                                    received will be posted without change;                   facts bearing upon the desirability of a    assets and remits the income to the
                                                    the Commission does not edit personal                     hearing on the matter, the reason for the trustee. The trustee uses the income, as
                                                    identifying information from                              request, and the issues contested.          instructed by the servicer and as
                                                    submissions. You should submit only                       Persons who wish to be notified of a        provided by the Agreement, to pay
                                                    information that you wish to make                         hearing may request notification by         interest and principal on the ABS, to
                                                    available publicly. All submissions                       writing to the Commission’s Secretary.      fund reserve accounts and purchases of
                                                    should refer to File Number SR–NYSE–                      ADDRESSES: The Commission: Brent J.         additional assets, and to make other
                                                    2015–47 and should be submitted on or                     Fields, Secretary, U.S. Securities and      payments including fees owed to the
                                                    before November 25, 2015.                                 Exchange Commission, 100 F Street NE.,
                                                      For the Commission, by the Division of                  Washington, DC 20549–1090.
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                                                                                                                            1 The applicant also requests that the order apply

                                                    Trading and Markets, pursuant to delegated                Applicant: U.S. Bank National               to an Issuer’s future appointment of any other entity
                                                    authority.17                                              Association, 101 East 5th Street, Saint     controlling, controlled by, or under common
                                                                                                                                                          control (as defined in Section 2(a)(9) of the Act)
                                                    Robert W. Errett,                                         Paul, MN 55101.                             with the applicant as a trustee in connection with
                                                    Deputy Secretary.                                         FOR FURTHER INFORMATION CONTACT: Jean an Issuer’s ABS. The applicant represents that any
                                                    [FR Doc. 2015–28033 Filed 11–3–15; 8:45 am]               E. Minarick, Senior Counsel, at (202)       other entity intending to rely on this relief will
                                                                                                                                                          comply with the terms and conditions of the
                                                    BILLING CODE 8011–01–P                                    551–6811, or Daniele Marchesani at          application. Any existing entity currently intending
                                                                                                              (202) 551–6821 (Division of Investment      to rely on the requested order has been named as
                                                      17 17   CFR 200.30–3(a)(12).                            Management, Chief Counsel’s Office).        an applicant.



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Document Created: 2018-03-01 11:27:44
Document Modified: 2018-03-01 11:27:44
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 68367 

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