80 FR 72129 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Discontinue the NYSE Arca Realtime Reference Price Market Data Product Offering

SECURITIES AND EXCHANGE COMMISSION

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

Page Range		72129-72130
FR Document		2015-29393
Federal Register, Volume 80 Issue 222 (Wednesday, November 18, 2015)
[Federal Register Volume 80, Number 222 (Wednesday, November 18, 2015)]
[Notices]
[Pages 72129-72130]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-29393]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76429; File No. SR-NYSEARCA-2015-109]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change to Discontinue the 
NYSE Arca 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 Arca, Inc. (the ``Exchange'' or 
``NYSE Arca'') 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 Arca Realtime 
Reference Price (``NYSE Arca 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 2008, the Securities and Exchange Commission (``Commission'') 
approved the NYSE Arca RRP market data product and certain fees for 
it.\4\ The NYSE Arca 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 Arca RRP market data 
product. Therefore, the Exchange has determined to discontinue the NYSE 
Arca RRP market data product. The Exchange also proposes to update the 
Fee Schedule to remove reference to the NYSE Arca RRP in connection 
with this change.
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    \4\ See Securities Exchange Act Release No. 58444 (August 29, 
2008), 73 FR 51872 (September 5, 2008) (SR-NYSEArca-2008-96).
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    The Exchange will announce the date that the NYSE Arca 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 Arca 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 Arca 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\

    \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 Arca RRP, is a direct example of efficiency because it 
acknowledges that investors

[[Page 72130]]

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 
Arca 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 
Arca 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 [email protected]. Please include 
File Number SR-NYSEARCA-2015-109 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-NYSEARCA-2015-109. 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-NYSEARCA-2015-109 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. 2015-29393 Filed 11-17-15; 8:45 am]
 BILLING CODE 8011-01-P
72130 Federal Register / Vol. 80, No. 222 / Wednesday, November 18, 2015 / Notices

and the public have indicated that they action is necessary or appropriate in the will post all comments on the
have little or no use for certain public interest, for the protection of Commission’s Internet Web site (http://
information and allows the Exchange to investors, or otherwise in furtherance of www.sec.gov/rules/sro.shtml). Copies of
dedicate resources to developing the purposes of the Act. If the the submission, all subsequent
products (including through Commission takes such action, the amendments, all written statements
innovations of existing products and Commission shall institute proceedings with respect to the proposed rule
entirely new products) that provide 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
disapproved. proposed rule change between the
B. Self-Regulatory Organization’s A proposed rule change filed under Commission and any person, other than
Statement on Burden on Competition 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
other exchanges are free to offer similar believes that immediate operation of filing will also be available for
products. Additionally, since there has this filing would not impact any users inspection and copying at the NYSE’s
been little or no demand for the NYSE of NYSE Arca RRP. The Commission, principal office and on its Internet Web
Arca RRP product the Exchange’s noting that there are currently no site at www.nyse.com. All comments
proposed discontinuance will not harm subscribers to these data services, finds received will be posted without change;
competition. that it is consistent with the protection the Commission does not edit personal
C. Self-Regulatory Organization’s of investors and the public interest to identifying information from
Statement on Comments on the waive the 30-day operative date and to submissions. You should submit only
Proposed Rule Change Received From permit the proposal to be operative information that you wish to make
Members, Participants, or Others upon filing.15 available publicly. All submissions
IV. Solicitation of Comments should refer to File Number SR–
No written comments were solicited NYSEARCA–2015–109 and should be
or received with respect to the proposed Interested persons are invited to submitted on or before December
rule change. submit written data, views, and 9,2015.
arguments concerning the foregoing,
III. Date of Effectiveness of the For the Commission, by the Division of
including whether the proposed rule
Proposed Rule Change and Timing for Trading and Markets, pursuant to delegated
change is consistent with the Act. authority.16
Commission Action
Comments may be submitted by any of Robert W. Errett,
Because the foregoing proposed rule the following methods:
does not (i) significantly affect the Deputy Secretary.
protection of investors or the public Electronic Comments [FR Doc. 2015–29393 Filed 11–17–15; 8:45 am]
interest; (ii) impose any significant • Use the Commission’s Internet BILLING CODE 8011–01–P
burden on competition; and (iii) become comment form (http://www.sec.gov/
operative for 30 days from the date on rules/sro.shtml); or
which it was filed, or such shorter time • Send an email to rule-comments@ DEPARTMENT OF STATE
as the Commission may designate if sec.gov. Please include File Number SR–
[Public Notice: 9348]
consistent with the protection of NYSEARCA–2015–109 on the subject
investors and the public interest, line. In the Matter of the Designation of
provided that the self-regulatory Paper Comments Maghomed Maghomedzakirovich
organization has given the Commission Abdurakhmanov, Also Known as Abu
written notice of its intent to file the • Send paper comments in triplicate
Banat, Also Known as Abu al Banat, as
proposed rule change at least five to Brent J. Fields, Secretary, Securities
a Specially Designated Global Terrorist
business days prior to the date of filing and Exchange Commission, 100 F Street
Pursuant to Section 1(b) of Executive
of the proposed rule change or such NE., Washington, DC 20549–1090.
Order 13224, as Amended
shorter time as designated by the All submissions should refer to File
Commission,9 the proposed rule change Number SR–NYSEARCA–2015–109. Acting under the authority of and in
has become effective pursuant to This file number should be included on accordance with section 1(b) of
Section 19(b)(3)(A) of the Act 10 and the subject line if email is used. To help Executive Order 13224 of September 23,
Rule 19b–4(f)(6) thereunder.11 the Commission process and review 2001, as amended by Executive Order
At any time within 60 days of the your comments more efficiently, please 13268 of July 2, 2002, and Executive
Order 13284 of January 23, 2003, I
asabaliauskas on DSK5VPTVN1PROD with NOTICES

filing of such proposed rule change, the use only one method. The Commission
Commission summarily may hereby determine that the individual
temporarily suspend such rule change if 12 15 U.S.C. 78s(b)(2)(B). known as Maghomed
it appears to the Commission that such
13 17 CFR 240.19b–4(f)(6). Maghomedzakirovich Abdurakhmanov
14 17 CFR 240.19b–4(f)(6)(iii).
also known as Abu Banat also known as
15 For purposes only of accelerating the operative
8 15 U.S.C. 78f(b)(8). Abu al Banat, committed, or poses a
date of this proposal, the Commission has
9 The Exchange has fulfilled this requirement. considered the proposed rule’s impact on significant risk of committing, acts of
10 15 U.S.C. 78s(b)(3)(A).
efficiency, competition, and capital formation. 15
11 17 CFR 240.19b–4(f)(6). U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 18:50 Nov 17, 2015 Jkt 238001 PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 E:\FR\FM\18NON1.SGM 18NON1
Document Created: 2018-03-01 11:20:04
Document Modified: 2018-03-01 11:20:04
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 72129