80 FR 71853 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Discontinue the NYSE Realtime Reference Price Market Data Product Offering

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 221 (November 17, 2015)

Page Range		71853-71855
FR Document		2015-29219

Federal Register, Volume 80 Issue 221 (Tuesday, November 17, 2015)

[Federal Register Volume 80, Number 221 (Tuesday, November 17, 2015)]
[Notices]
[Pages 71853-71855]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-29219]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76406; File No. SR-NYSE-2015-55]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Discontinue the NYSE Realtime Reference Price Market Data Product
Offering

November 10, 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 30, 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 Realtime Reference
Price (``NYSE RRP'') market data product offering. 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,

[[Page 71854]]

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
In 2009, the Securities and Exchange Commission (``Commission'')
approved the NYSE RRP market data product and certain fees for it.\4\
The NYSE RRP market data product provides, on a real-time basis, last
sale prices in all securities that trade on the Exchange. Currently,
there are no subscribers to the NYSE RRP market data product.
Therefore, the Exchange has determined to discontinue the NYSE RRP
market data product. The Exchange also proposes to update the Fee
Schedule to remove reference to the NYSE RRP in connection with this
change.
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\4\ See Securities Exchange Act Release No. 60004 (May 29,
2009), 74 FR 26905 (June 4, 2009) (SR-NYSE-2009-42).
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The Exchange will announce the date that the NYSE RRP will be
decommissioned via an NYSE Market Data Notice.
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.
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\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that discontinuing NYSE RRP and removing it
from the Fee Schedule would remove impediments to and perfect a free
and open market by streamlining the Exchange's market data product
offerings to include those for which there has been more demand and
would provide vendors and subscribers with a simpler and more
standardized suite of market data products. The proposal to discontinue
NYSE RRP is applicable to all members, issuers and other persons and
does not unfairly discriminate between customers, issuers, brokers or
dealers.
In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data 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--by lessening regulation of
the market in proprietary data--would itself further the Act's goals of
facilitating efficiency and competition:

[E]fficiency 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\
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\7\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005) (File No. S7-10-04).

The Exchange believes that the discontinuation of a market data
product for which there is little or no demand, as is the case with
NYSE RRP, is a direct example of efficiency because it acknowledges
that investors and the public have indicated that they 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.

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.
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\8\ 15 U.S.C. 78f(b)(8).
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The Exchange notes that it operates in a highly competitive market
in which other exchanges are free to offer similar products.
Additionally, since there has been little or no demand for the NYSE RRP
product 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).
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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.
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\12\ 15 U.S.C. 78s(b)(2)(B).
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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 19b-4(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 because it believes that
immediate operation of this filing would not impact any users of NYSE
RRP. The Commission, noting that there are currently no subscribers to
these data

[[Page 71855]]

services, finds that it is consistent with the protection of investors
and the public interest to waive the 30-day operative date and to
permit the proposal to take effect upon filing.\15\
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ 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
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 rule-comments@sec.gov. Please include
File Number SR-NYSE-2015-55 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-2015-55. 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-2015-55 and should be submitted on or before
December 8, 2015.
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\16\ 17 CFR 200.30-3(a)(12).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-29219 Filed 11-16-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / Notices 71853

workplace safety, and the security of the change should be approved or For the Commission, by the Division of
Exchange’s operations. The use of an disapproved. Trading and Markets, pursuant to delegated
FBI-approved Channel Partner in some authority.16
IV. Solicitation of Comments Robert W. Errett,
or all phases of this process is consistent
with Rule 28 and applicable state and Interested persons are invited to Deputy Secretary.
federal law, and in furtherance of the submit written data, views, and [FR Doc. 2015–29290 Filed 11–16–15; 8:45 am]
important objectives described herein. arguments concerning the foregoing, BILLING CODE 8011–01–P
Additionally, the use of a Channel including whether the proposed rule
Partner is consistent with the change is consistent with the Act.
fingerprinting method currently Comments may be submitted by any of SECURITIES AND EXCHANGE
employed by other SROs.12 For all these the following methods: COMMISSION
reasons, the proposal is also designed to [Release No. 34–76406; File No. SR–NYSE–
protect investors as well as the public Electronic Comments
2015–55]
interest. • Use the Commission’s Internet
B. Self-Regulatory Organization’s comment form (http://www.sec.gov/ Self-Regulatory Organizations; New
Statement on Burden on Competition rules/sro.shtml); or York Stock Exchange LLC; Notice of
• Send an email to rule-comments@ Filing and Immediate Effectiveness of
The Exchange does not believe that sec.gov. Please include File Number SR– Proposed Rule Change To Discontinue
the proposed rule change would impose NYSEMKT–2015–76 on the subject line. the NYSE Realtime Reference Price
any burden on competition that is not Market Data Product Offering
necessary or appropriate in furtherance Paper Comments
November 10, 2015.
of the purposes of the Act. The
proposed rule change would enhance • Send paper comments in triplicate Pursuant to Section 19(b)(1)1 of the
the security of the Exchange’s facilities to Brent J. Fields, Secretary, Securities Securities Exchange Act of 1934 (the
and records without adding any burden and Exchange Commission, 100 F Street ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
on market participants and allow the NE., Washington, DC 20549–1090. notice is hereby given that on October
Exchange continued compliance with All submissions should refer to File 30, 2015, New York Stock Exchange
its fingerprinting rules and with Section Number SR–NYSEMKT–2015–76. This LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
17(f)(2) of the Act as amended by the file number should be included on the with the Securities and Exchange
Dodd-Frank Act.13 subject line if email is used. To help the Commission (the ‘‘Commission’’) the
Commission process and review your proposed rule change as described in
C. Self-Regulatory Organization’s Items I, II, and III below, which Items
comments more efficiently, please use
Statement on Comments on the have been prepared by the self-
only one method. The Commission will
Proposed Rule Change Received From regulatory organization. The
post all comments on the Commission’s
Members, Participants, or Others Commission is publishing this notice to
Internet Web site (http://www.sec.gov/
No written comments were solicited rules/sro.shtml). Copies of the solicit comments on the proposed rule
or received with respect to the proposed submission, all subsequent change from interested persons.
rule change. amendments, all written statements I. Self-Regulatory Organization’s
with respect to the proposed rule Statement of the Terms of Substance of
III. Date of Effectiveness of the change that are filed with the
Proposed Rule Change and Timing for the Proposed Rule Change
Commission, and all written
Commission Action The Exchange proposes to
communications relating to the
discontinue the NYSE Realtime
The foregoing rule change has become proposed rule change between the
Reference Price (‘‘NYSE RRP’’) market
effective pursuant to Section Commission and any person, other than
data product offering. The text of the
19(b)(3)(A) 14 of the Act and Rule 19b– those that may be withheld from the
proposed rule change is available on the
4(f)(1) 15 thereunder. The proposed rule public in accordance with the
Exchange’s Web site at www.nyse.com,
change effects a change that constitutes provisions of 5 U.S.C. 552, will be
at the principal office of the Exchange,
a stated policy, practice or available for Web site viewing and
and at the Commission’s Public
interpretation with respect to the printing in the Commission’s Public
Reference Room.
meaning, administration, or Reference Room, 100 F Street NE.,
enforcement of an existing rule. Washington, DC 20549 on official II. Self-Regulatory Organization’s
At any time within 60 days of the business days between 10 a.m. and 3 Statement of the Purpose of, and
filing of the proposed rule change, the p.m. Copies of the filing will also be Statutory Basis for, the Proposed Rule
Commission summarily may available for inspection and copying at Change
temporarily suspend such rule change if the NYSE’s principal office and on its In its filing with the Commission, the
it appears to the Commission that such Internet Web site at www.nyse.com. All self-regulatory organization included
action is necessary or appropriate in the comments received will be posted statements concerning the purpose of,
public interest, for the protection of without change; the Commission does and basis for, the proposed rule change
investors, or otherwise in furtherance of not edit personal identifying and discussed any comments it received
the purposes of the Act. If the information from submissions. You on the proposed rule change. The text
should submit only information that
mstockstill on DSK4VPTVN1PROD with NOTICES

Commission takes such action, the of those statements may be examined at
Commission will institute proceedings you wish to make available publicly. All the places specified in Item IV below.
to determine whether the proposed rule submissions should refer to File The Exchange has prepared summaries,
Number SR–NYSEMKT–2015–76 and set forth in sections A, B, and C below,
12 See note 8, supra.
should be submitted on or before
13 See Section 929S of the Dodd-Frank Act. December 8, 2015. 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)(6). 16 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.

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Document Created: 2015-12-14 14:01:22
Document Modified: 2015-12-14 14:01:22

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 71853