80 FR 72124 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Discontinue the NYSE MKT Realtime Reference Price Market Data Product Offering

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 222 (November 18, 2015)

Page Range		72124-72125
FR Document		2015-29392

Federal Register, Volume 80 Issue 222 (Wednesday, November 18, 2015)

[Federal Register Volume 80, Number 222 (Wednesday, November 18, 2015)]
[Notices]
[Pages 72124-72125]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-29392]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76428; File No. SR-NYSEMKT-2015-93]

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

November 12, 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, 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.
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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 MKT Realtime
Reference Price (``NYSE MKT 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, 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 MKT RRP market data product and certain fees for
it.\4\ The NYSE MKT 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 MKT RRP market data
product. Therefore, the Exchange has determined to discontinue the NYSE
MKT RRP market data product. The Exchange also proposes to update the
Fee Schedule to remove reference to the NYSE MKT RRP in connection with
this change.
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\4\ See Securities Exchange Act Release No. 61144 (December 10,
2009), 74 FR 67275 (December 18, 2009) (SR-NYSEMKT-2009-85).
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The Exchange will announce the date that the NYSE MKT 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 MKT 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 MKT 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).

[[Page 72125]]

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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 MKT 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 MKT
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 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 because it believes that
immediate operation of this filing would not impact any users of NYSE
MKT RRP. The Commission, noting that there are currently no subscribers
to these data 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 be operative 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-NYSEMKT-2015-93 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-2015-93. 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-NYSEMKT-2015-93 and should be submitted on or before
December 9, 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. 2015-29392 Filed 11-17-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 222 / Wednesday, November 18, 2015 / Notices 72125

The Exchange believes that the Section 19(b)(3)(A) of the Act 10 and All submissions should refer to File
discontinuation of a market data Rule 19b–4(f)(6) thereunder.11 Number SR–NYSEMKT–2015–93. This
product for which there is little or no At any time within 60 days of the file number should be included on the
demand, as is the case with NYSE MKT filing of such proposed rule change, the subject line if email is used. To help the
RRP, is a direct example of efficiency Commission summarily may Commission process and review your
because it acknowledges that investors temporarily suspend such rule change if comments more efficiently, please use
and the public have indicated that they it appears to the Commission that such only one method. The Commission will
have little or no use for certain action is necessary or appropriate in the post all comments on the Commission’s
information and allows the Exchange to public interest, for the protection of Internet Web site (http://www.sec.gov/
dedicate resources to developing investors, or otherwise in furtherance of rules/sro.shtml). Copies of the
products (including through the purposes of the Act. If the submission, all subsequent
innovations of existing products and Commission takes such action, the amendments, all written statements
entirely new products) that provide Commission shall institute proceedings with respect to the proposed rule
under Section 19(b)(2)(B) 12 of the Act to change that are filed with the
information for which there is more of
determine whether the proposed rule Commission, and all written
an expressed need.
change should be approved or communications relating to the
B. Self-Regulatory Organization’s disapproved. proposed rule change between the
Statement on Burden on Competition A proposed rule change filed under Commission and any person, other than
Rule 19b–4(f)(6) 13 normally does not those that may be withheld from the
In accordance with Section 6(b)(8) of become operative prior to 30 days after public in accordance with the
the Act,8 the Exchange does not believe the date of the filing. However, pursuant provisions of 5 U.S.C. 552, will be
that the proposed rule change will to Rule 19b4(f)(6)(iii),14 the Commission available for Web site viewing and
impose any burden on competition that may designate a shorter time if such printing in the Commission’s Public
is not necessary or appropriate in action is consistent with the protection Reference Room, 100 F Street NE.,
furtherance of the purposes of the Act. of investors and the public interest. The Washington, DC 20549, on official
The Exchange notes that it operates in Exchange has asked the Commission to business days between the hours of
a highly competitive market in which waive the 30-day operative because it 10:00 a.m. and 3:00 p.m. Copies of the
believes that immediate operation of filing will also be available for
other exchanges are free to offer similar
this filing would not impact any users inspection and copying at the NYSE’s
products. Additionally, since there has
of NYSE MKT RRP. The Commission, principal office and on its Internet Web
been little or no demand for the NYSE
noting that there are currently no site at www.nyse.com. All comments
MKT RRP product the Exchange’s subscribers to these data services, finds
proposed discontinuance will not harm received will be posted without change;
that it is consistent with the protection the Commission does not edit personal
competition. of investors and the public interest to identifying information from
C. Self-Regulatory Organization’s waive the 30-day operative date and to submissions. You should submit only
Statement on Comments on the permit the proposal to be operative information that you wish to make
Proposed Rule Change Received From upon filing.15 available publicly. All submissions
Members, Participants, or Others IV. Solicitation of Comments should refer to File Number SR–
NYSEMKT–2015–93 and should be
No written comments were solicited Interested persons are invited to
submitted on or before December 9,
or received with respect to the proposed submit written data, views, and
2015.
rule change. arguments concerning the foregoing,
including whether the proposed rule For the Commission, by the Division of
III. Date of Effectiveness of the change is consistent with the Act. Trading and Markets, pursuant to delegated
Proposed Rule Change and Timing for authority.16
Comments may be submitted by any of
Commission Action the following methods: Robert W. Errett,
Deputy Secretary.
Because the foregoing proposed rule Electronic Comments [FR Doc. 2015–29392 Filed 11–17–15; 8:45 am]
does not (i) significantly affect the • Use the Commission’s Internet BILLING CODE 8011–01–P
protection of investors or the public comment form (http://www.sec.gov/
interest; (ii) impose any significant rules/sro.shtml); or
burden on competition; and (iii) become • Send an email to rule-comments@ SECURITIES AND EXCHANGE
operative for 30 days from the date on sec.gov. Please include File Number SR– COMMISSION
which it was filed, or such shorter time NYSEMKT–2015–93 on the subject line.
as the Commission may designate if Sunshine Act Meeting
Paper Comments
consistent with the protection of Notice is hereby given, pursuant to
investors and the public interest, • Send paper comments in triplicate
the provisions of the Government in the
provided that the self-regulatory to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street Sunshine Act, Public Law 94–409, that
organization has given the Commission the Commission will host the SEC
written notice of its intent to file the NE., Washington, DC 20549–1090.
Government-Business Forum on Small
proposed rule change at least five Business Capital Formation on
asabaliauskas on DSK5VPTVN1PROD with NOTICES

10 15 U.S.C. 78s(b)(3)(A).
business days prior to the date of filing 11 17 CFR 240.19b–4(f)(6). Thursday, November 19, 2015,
of the proposed rule change or such 12 15 U.S.C. 78s(b)(2)(B). beginning at 9:00 a.m., in the
shorter time as designated by the 13 17 CFR 240.19b–4(f)(6). auditorium of the Commission’s
Commission,9 the proposed rule change 14 17 CFR 240.19b–4(f)(6)(iii).
headquarters at 100 F Street NE.,
15 For purposes only of accelerating the operative
has become effective pursuant to Washington, DC. The forum will be
date of this proposal, the Commission has
considered the proposed rule’s impact on
open to the public and webcast on the
8 15 U.S.C. 78f(b)(8). efficiency, competition, and capital formation. 15
9 The Exchange has fulfilled this requirement. U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12).

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Document Created: 2018-03-01 11:19:46
Document Modified: 2018-03-01 11:19:46

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 72124