81 FR 12150 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of a Proposed Change Amending the Fees for NYSE MKT Proprietary Market Data as They Apply to Federal Agency Customers
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 45 (March 8, 2016)
Federal Register Volume 81, Issue 45 (March 8, 2016)
| Page Range | 12150-12151 | |
| FR Document | 2016-05119 |
[Federal Register Volume 81, Number 45 (Tuesday, March 8, 2016)] [Notices] [Pages 12150-12151] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-05119] [[Page 12150]] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77279; File No. SR-NYSEMKT-2016-32] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of a Proposed Change Amending the Fees for NYSE MKT Proprietary Market Data as They Apply to Federal Agency Customers March 3, 2016. 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 February 26, 2016, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C.78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the fees for NYSE MKT proprietary market data as they apply to Federal agency customers. The proposed 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 amend the NYSE MKT Equities Proprietary Market Data Fee Schedule (``Fee Schedule''), to provide that market data fees do not apply to any Federal agency for their use of NYSE MKT real-time proprietary market data products. The term ``Federal agency'' as used in the Fee Schedule would include all Federal agencies subject to the Federal Acquisition Regulation (FAR),\4\ as well as any Federal agency not subject to FAR that has promulgated its own procurement rules.\5\ --------------------------------------------------------------------------- \4\ FAR is the principal set of rules governing the process by which the U.S. federal government purchases goods and services. \5\ See 48 CFR 2.101. FAR defines ``Federal agency'' as ``any executive agency or any independent establishment in the legislative or judicial branch of the Government (except the Senate, the House of Representatives, the Architect of the Capitol, and any activities under the Architect's direction).'' ``Executive agency'' is defined as ``an executive department, a military department, or any independent establishment within the meaning of 5 U.S.C. 101, 102, and 104(1), respectively, and any wholly owned Government corporation within the meaning of 31 U.S.C. 9101.'' --------------------------------------------------------------------------- The Exchange is proposing to specify that access fees, professional user fees and non-display fees do not apply to Federal agencies for those products to which those fees apply.\6\ The proposal is designed to allow the Exchange to provide Federal agencies with NYSE MKT real- time proprietary market data products at no cost in support of Federal agencies' regulatory responsibilities. With the adoption of the proposed fee waiver, the Exchange is not waiving any of its contractual rights and all Federal agencies that subscribe to NYSE MKT real-time proprietary market data products will be required to execute the appropriate subscriber agreement, which include [sic], among other things, provisions against the redistribution of data. --------------------------------------------------------------------------- \6\ These products are currently NYSE MKT Integrated Feed, NYSE MKT OpenBook, NYSE MKT BBO, NYSE MKT Trades and NYSE MKT Order Imbalances. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\7\ in general, and Sections 6(b)(4) and 6(b)(5) of the Act,\8\ in particular, in that it provides an equitable allocation of reasonable fees among users and recipients of the data and is not designed to permit unfair discrimination among customers, issuers, and brokers. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4), (5). --------------------------------------------------------------------------- The Exchange believes the proposal to eliminate the access fees, display fees for professional users, and non-display fees associated with its proprietary market data products for customers that are Federal agencies is reasonable, equitable and not unfairly discriminatory because it is designed to facilitate federal government regulation without giving an undue advantage to one set of commercial users over another. The Exchange believes that it is reasonable to assess no fees to Federal agencies that subscribe to the Exchange's proprietary market data products because Federal agencies do not use the Exchange's proprietary market data for commercial gain, but only for regulatory purposes. B. Self-Regulatory Organization's Statement on Burden on Competition 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. In setting the proposed fees, the Exchange considered the competitiveness of the market for proprietary data and all of the implications of that competition. The Federal agencies that will benefit from the proposed rule change, however, do not use the Exchange's proprietary market data products for commercial purposes and do not compete with commercial users of the data. The Exchange believes that it has considered all relevant factors and has not considered irrelevant factors in order to establish fair, reasonable, and not unreasonably discriminatory fees and an equitable allocation of fees among all users. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b- 4 \10\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of [[Page 12151]] the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \11\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSEMKT-2016-32 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEMKT-2016-32. 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 also will be available for inspection and copying at the principal office of the Exchange. 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-2016-32 and should be submitted on or before March 29, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-05119 Filed 3-7-16; 8:45 am] BILLING CODE 8011-01-P
![12150 Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices
SECURITIES AND EXCHANGE Data Fee Schedule (‘‘Fee Schedule’’), to are Federal agencies is reasonable,
COMMISSION provide that market data fees do not equitable and not unfairly
apply to any Federal agency for their discriminatory because it is designed to
[Release No. 34–77279; File No. SR–
NYSEMKT–2016–32]
use of NYSE MKT real-time proprietary facilitate federal government regulation
market data products. The term without giving an undue advantage to
Self-Regulatory Organizations; NYSE ‘‘Federal agency’’ as used in the Fee one set of commercial users over
MKT LLC; Notice of Filing and Schedule would include all Federal another. The Exchange believes that it is
Immediate Effectiveness of a Proposed agencies subject to the Federal reasonable to assess no fees to Federal
Change Amending the Fees for NYSE Acquisition Regulation (FAR),4 as well agencies that subscribe to the
MKT Proprietary Market Data as They as any Federal agency not subject to Exchange’s proprietary market data
Apply to Federal Agency Customers FAR that has promulgated its own products because Federal agencies do
procurement rules.5 not use the Exchange’s proprietary
March 3, 2016. The Exchange is proposing to specify market data for commercial gain, but
Pursuant to Section 19(b)(1) 1 of the that access fees, professional user fees only for regulatory purposes.
Securities Exchange Act of 1934 (the and non-display fees do not apply to
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Federal agencies for those products to B. Self-Regulatory Organization’s
notice is hereby given that, on February which those fees apply.6 The proposal Statement on Burden on Competition
26, 2016, NYSE MKT LLC (the is designed to allow the Exchange to The Exchange does not believe that
‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with provide Federal agencies with NYSE the proposed rule change will impose
the Securities and Exchange MKT real-time proprietary market data any burden on competition that is not
Commission (the ‘‘Commission’’) the products at no cost in support of Federal necessary or appropriate in furtherance
proposed rule change as described in agencies’ regulatory responsibilities. of the purposes of the Act. In setting the
Items I, II, and III below, which Items With the adoption of the proposed fee proposed fees, the Exchange considered
have been prepared by the self- waiver, the Exchange is not waiving any the competitiveness of the market for
regulatory organization. The of its contractual rights and all Federal proprietary data and all of the
Commission is publishing this notice to agencies that subscribe to NYSE MKT implications of that competition. The
solicit comments on the proposed rule real-time proprietary market data Federal agencies that will benefit from
change from interested persons. products will be required to execute the the proposed rule change, however, do
I. Self-Regulatory Organization’s appropriate subscriber agreement, not use the Exchange’s proprietary
Statement of the Terms of Substance of which include [sic], among other things, market data products for commercial
the Proposed Rule Change provisions against the redistribution of purposes and do not compete with
data. commercial users of the data. The
The Exchange proposes to amend the Exchange believes that it has considered
fees for NYSE MKT proprietary market 2. Statutory Basis
all relevant factors and has not
data as they apply to Federal agency The Exchange believes that the considered irrelevant factors in order to
customers. The proposed change is proposed rule change is consistent with establish fair, reasonable, and not
available on the Exchange’s Web site at the provisions of Section 6 of the Act,7 unreasonably discriminatory fees and an
www.nyse.com, at the principal office of in general, and Sections 6(b)(4) and equitable allocation of fees among all
the Exchange, and at the Commission’s 6(b)(5) of the Act,8 in particular, in that users.
Public Reference Room. it provides an equitable allocation of
reasonable fees among users and C. Self-Regulatory Organization’s
II. Self-Regulatory Organization’s Statement on Comments on the
recipients of the data and is not
Statement of the Purpose of, and Proposed Rule Change Received From
designed to permit unfair
Statutory Basis for, the Proposed Rule Members, Participants, or Others
discrimination among customers,
Change
issuers, and brokers. No written comments were solicited
In its filing with the Commission, the The Exchange believes the proposal to or received with respect to the proposed
self-regulatory organization included eliminate the access fees, display fees rule change.
statements concerning the purpose of, for professional users, and non-display
and basis for, the proposed rule change fees associated with its proprietary III. Date of Effectiveness of the
and discussed any comments it received market data products for customers that Proposed Rule Change and Timing for
on the proposed rule change. The text Commission Action
of those statements may be examined at 4 FAR is the principal set of rules governing the
The foregoing rule change is effective
the places specified in Item IV below. process by which the U.S. federal government
purchases goods and services. upon filing pursuant to Section
The Exchange has prepared summaries, 5 See 48 CFR 2.101. FAR defines ‘‘Federal 19(b)(3)(A) 9 of the Act and
set forth in sections A, B, and C below, agency’’ as ‘‘any executive agency or any subparagraph (f)(2) of Rule 19b–4 10
of the most significant parts of such independent establishment in the legislative or thereunder, because it establishes a due,
statements. judicial branch of the Government (except the
Senate, the House of Representatives, the Architect fee, or other charge imposed by the
A. Self-Regulatory Organization’s of the Capitol, and any activities under the Exchange.
Statement of the Purpose of, and the Architect’s direction).’’ ‘‘Executive agency’’ is At any time within 60 days of the
defined as ‘‘an executive department, a military filing of such proposed rule change, the
Statutory Basis for, the Proposed Rule department, or any independent establishment
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Change within the meaning of 5 U.S.C. 101, 102, and
Commission summarily may
104(1), respectively, and any wholly owned temporarily suspend such rule change if
1. Purpose Government corporation within the meaning of 31 it appears to the Commission that such
U.S.C. 9101.’’ action is necessary or appropriate in the
The Exchange proposes to amend the 6 These products are currently NYSE MKT
NYSE MKT Equities Proprietary Market Integrated Feed, NYSE MKT OpenBook, NYSE MKT
public interest, for the protection of
BBO, NYSE MKT Trades and NYSE MKT Order investors, or otherwise in furtherance of
1 15 U.S.C.78s(b)(1). Imbalances.
2 15 U.S.C. 78a. 7 15 U.S.C. 78f(b). 9 15 U.S.C. 78s(b)(3)(A).
3 17 CFR 240.19b–4. 8 15 U.S.C. 78f(b)(4), (5). 10 17 CFR 240.19b–4(f)(2).
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![Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices 12151
the purposes of the Act. If the should refer to File Number SR– the proposed rule change and discussed
Commission takes such action, the NYSEMKT–2016–32 and should be any comments it received on the
Commission shall institute proceedings submitted on or before March 29, 2016. proposed rule change. The text of these
under Section 19(b)(2)(B) 11 of the Act to For the Commission, by the Division of statements may be examined at the
determine whether the proposed rule Trading and Markets, pursuant to delegated places specified in Item IV below. The
change should be approved or authority.12 Exchange has prepared summaries, set
disapproved. Robert W. Errett, forth in sections A, B, and C below, of
Deputy Secretary. the most significant aspects of such
IV. Solicitation of Comments
[FR Doc. 2016–05119 Filed 3–7–16; 8:45 am] statements.
Interested persons are invited to
submit written data, views, and BILLING CODE 8011–01–P A. Self-Regulatory Organization’s
arguments concerning the foregoing, Statement of the Purpose of, and
including whether the proposed rule Statutory Basis for, the Proposed Rule
SECURITIES AND EXCHANGE Change
change is consistent with the Act. COMMISSION
Comments may be submitted by any of 1. Purpose
the following methods: [Release No. 34–77285; File No. SR–
NASDAQ–2016–029] The purpose of the proposed rule
Electronic Comments change to Rule 7015 is to amend the
• Use the Commission’s Internet Self-Regulatory Organizations; The Exchange’s Access Services fees under
comment form (http://www.sec.gov/ NASDAQ Stock Market LLC; Notice of Rule 7015 to: (i) Assess a $25/port/
rules/sro.shtml); or Filing and Immediate Effectiveness of month Disaster Recovery Port fee
• Send an email to rule- Proposed Rule Change To Amend applied to FIX Trading Port [sic],
comments@sec.gov. Please include File Access Services Fees Under Rule 7015 OUCH, RASH, and DROP protocol
Number SR–NYSEMKT–2016–32 on the disaster recovery ports; and (ii) assess a
March 3, 2016.
subject line. $100/port/month fee for Trading Ports
Pursuant to Section 19(b)(1) of the
used in Test Mode.
Paper Comments Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 First Change
• Send paper comments in triplicate
to Secretary, Securities and Exchange notice is hereby given that on February The Exchange is in the process of
Commission, 100 F Street NE., 23, 2016, The NASDAQ Stock Market transitioning its Disaster Recovery
Washington, DC 20549–1090. LLC (‘‘Exchange’’) filed with the (‘‘DR’’) functionality for the U.S.
All submissions should refer to File Securities and Exchange Commission equities and options markets from
Number SR–NYSEMKT–2016–32. This (‘‘SEC’’ or ‘‘Commission’’) the proposed Ashburn, VA to its new Chicago, IL data
file number should be included on the rule change as described in Items I, II, center. The Exchange has invested and
subject line if email is used. To help the and III, below, which Items have been installed new equipment in the Chicago
Commission process and review your prepared by the Exchange. The data center for client connectivity and
comments more efficiently, please use Commission is publishing this notice to for the infrastructure of Exchange
only one method. The Commission will solicit comments on the proposed rule systems. The Exchange chose Chicago as
post all comments on the Commission’s change from interested persons. the location of its new DR data center
Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s as many other exchanges are using this
rules/sro.shtml). Copies of the Statement of the Terms of Substance of same location for a disaster recovery or
submission, all subsequent the Proposed Rule Change a primary location and, as a result,
amendments, all written statements many of our market participants have a
The Exchange proposes to a proposal
with respect to the proposed rule presence or connection at this location,
to [sic] amend the Exchange’s Access
change that are filed with the thus making it easier and less expensive
Services fees under Rule 7015 to: (i)
Commission, and all written for many market participants to connect
Assess a $25/port/month Disaster
communications relating to the to the Exchange for DR.
Recovery Port fee applied to FIX
proposed rule change between the Under Rule 7015, member firms may
Trading Port [sic], OUCH, RASH, and
Commission and any person, other than subscribe to DR ports, which provide
DROP protocol disaster recovery ports;
those that may be withheld from the backup connectivity in the event of a
and (ii) assess a $100/port/month fee for
public in accordance with the failure or disaster rendering their
Trading Ports used in Test Mode.
provisions of 5 U.S.C. 552, will be The text of the proposed rule change primary connectivity at Carteret, NJ
available for Web site viewing and is available on the Exchange’s Web site subscribed to under Rule 7015
printing in the Commission’s Public at http://nasdaq.cchwallstreet.com, at unavailable. To date, the Exchange has
Reference Room, 100 F Street NE., the principal office of the Exchange, and transitioned its FIX Trading Ports,
Washington, DC 20549 on official at the Commission’s Public Reference OUCH, RASH, and DROP Ports to the
business days between the hours of Room. Chicago center from Ashburn.
10:00 a.m. and 3:00 p.m. Copies of the Currently, the Exchange does not assess
filing also will be available for II. Self-Regulatory Organization’s a fee for any DR ports.
inspection and copying at the principal Statement of the Purpose of, and The Exchange has incurred an initial
office of the Exchange. All comments Statutory Basis for, the Proposed Rule cost associated with moving DR ports to
asabaliauskas on DSK3SPTVN1PROD with NOTICES
received will be posted without change; Change the Chicago center, including the
the Commission does not edit personal In its filing with the Commission, the purchase of upgraded hardware and
identifying information from Exchange included statements physical space to house the DR ports,
submissions. You should submit only concerning the purpose of and basis for which is more expensive than the
information that you wish to make Ashburn location. The Exchange also
available publicly. All submissions 12 17 CFR 200.30–3(a)(12). incurs ongoing costs in maintaining the
1 15 U.S.C. 78s(b)(1). DR ports, including costs incurred
11 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4. maintaining servers and their physical
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Document Created: 2018-02-02 15:09:48
Document Modified: 2018-02-02 15:09:48
| 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 | 81 FR 12150 |
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