81 FR 24915 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, To Establish Procedures for the Allocation of Cages to Co-Located Users, Including the Waiver of Certain Fees, and To Amend the Visitor Security Escort Fee

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 81 (April 27, 2016)

Page Range		24915-24916
FR Document		2016-09724
Federal Register, Volume 81 Issue 81 (Wednesday, April 27, 2016)
[Federal Register Volume 81, Number 81 (Wednesday, April 27, 2016)]
[Notices]
[Pages 24915-24916]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-09724]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77681; File No. SR-NYSE-2016-13]


Self-Regulatory Organizations; New York Stock Exchange LLC; Order 
Approving a Proposed Rule Change, as Modified by Amendment No. 1, To 
Establish Procedures for the Allocation of Cages to Co-Located Users, 
Including the Waiver of Certain Fees, and To Amend the Visitor Security 
Escort Fee

April 21, 2016.

I. Introduction

    On February 23, 2016 New York Stock Exchange LLC (``the Exchange'') 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to 
establish procedures for the allocation of cages to co-located Users, 
including the waiver of certain fees, and to amend the visitor security 
escort fee. On March 1, 2016, the Exchange filed Amendment No. 1 to the 
proposed rule change. The proposed rule change, as modified by 
Amendment No. 1, was published for comment in the Federal Register on 
March 11, 2016.\3\ There were no comments on the proposed rule change. 
This order approves the proposed rule change, as modified by Amendment 
No. 1.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 34-77302 (March 7, 
2016), 81 FR 12998 (``Notice''). Amendment No.1 was included in the 
Notice and provided certain clarifications, including that the 
proposed waiver of fees for two bundles of 24 cross connects, 
applicable while a User is on the waitlist, would only apply to 
cross-connects used to connect an individual User's non-contiguous 
cabinets.
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II. Background and Description of the Proposal, as Modified by 
Amendment No. 1

    The Exchange proposes to establish procedures for the allocation of 
cages to its co-located Users,\4\ including the waiver of certain fees 
subject to specified conditions, and to amend the visitor security 
escort fee.\5\ The Exchange proposes to amend its Price List (``Price 
List'') to reflect the changes.\6\
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    \4\ For purposes of the Exchange's co-location services, a 
``User'' means any market participant that requests to receive co-
location services directly from the Exchange. The Exchange provides 
co-location services to Users from its data center (``Data Center'') 
in Mahwah, New Jersey.
    \5\ See Notice, 81 FR at 12999.
    \6\ See id.
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    As more fully set forth in the Notice, the Exchange offers Users 
the ability to rent cages to house their cabinets in the Data 
Center,\7\ and historically has offered these cages on a first come/
first serve basis.\8\ The Exchange states that a cage typically is 
purchased by a User that has several cabinets within the Data Center 
and wishes to arrange its cabinets contiguously while also enhancing 
privacy around its cabinets.\9\ The Exchange offers three cage sizes, 
corresponding to the number of cabinets housed therein, and charges 
fees for the cages based on the size.\10\ The physical footprint of 
each cage is greater than that of the cabinets that it houses, as each 
cage is constructed so as to include aisles around the purchasing 
User's cabinets, for accessibility and to comply with safety 
regulations.\11\ In order to offer the cages, the Exchange must have 
sufficient contiguous open space available for the cage.\12\
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    \7\ See id. A User must have at least two cabinets in the Data 
Center to purchase a cage. See id.
    \8\ See id.
    \9\ See id.
    \10\ See id.
    \11\ See id.
    \12\ See id.
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    In 2015, the Exchange determined that to continue to be able to 
meet its obligation to accommodate demand, and in particular to make 
available more contiguous, larger spaces for new and existing Users, it 
would exercise its right to move some Users' equipment within the Data 
Center (the ``Migration'').\13\ The Exchange established procedures to 
manage the Migration process, and continues to implement them.\14\ The 
Exchange states that, notwithstanding the Migration, contiguous open 
space will still be limited, and may become more limited over time.\15\
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    \13\ See id.; see also Securities Exchange Act Release No. 76269 
(October 26, 2015), 80 FR 66947 (October 30, 2015) (SR-NYSE-2015-
42); Securities Exchange Act Release No. 76268 (October 26, 2015), 
80 FR 66944 (October 30, 2015) (SR-NYSEMKT-2015-70); Securities 
Exchange Act Release No. 76270 (October 26, 2015), 80 FR 66944 
(October 30, 2015) (SR-NYSEArca-2015-85) (collectively ``Migration 
Filing'').
    \14\ See Notice, 81 FR at 12999; see also Migration Filing supra 
note 13.
    \15\ See Notice, 81 FR at 12999.
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Proposed Cage Allocation Procedure

    The Exchange has proposed to establish procedures governing the 
allocation of cages should the currently available open contiguous 
space in the Data Center be insufficient to house a new cage or if the 
open contiguous space available is sufficiently limited such that the 
Exchange cannot both provide new cages and satisfy all User demand for 
other co-location services.\16\ Specifically, the Exchange proposes 
that it will place Users seeking new cages on a waitlist: (1) The order 
of Users on the list will be based on the date the Exchange receives 
signed orders for the cages from each User; (2) once the list is 
established, Users, on a rolling basis, will be allocated a cage each 
time one becomes available; (3) if a cage becomes available and the 
User that is at the top of the waitlist turns it down because it 
requested a different size, that User will remain on the waitlist and 
the cage will be offered to the next User on the list, in order, until 
a User accepts it; (4) a User that turns down a cage that is the size 
that it requested will be removed from the waitlist; and (5) if a User 
requests two cages, that User will be moved to the bottom of the 
waitlist upon the receipt of its first cage.\17\
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    \16\ See id.
    \17\ See id.
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    In connection with the proposed waitlist procedures, the Exchange 
further proposes to add General Note 3 to the Price List,\18\ to 
provide that the Exchange would, subject to specified conditions, waive 
the initial and monthly fee for two bundles of 24 cross connects 
between a User's non-contiguous cabinets while it is on the

[[Page 24916]]

waitlist.\19\ Specifically, the initial and monthly charge for two 
bundles of 24 cross connects will be waived for a User that is 
waitlisted for a cage for the duration of the waitlist period, provided 
that the cross connects may only be used to connect the User's non-
contiguous cabinets.\20\ The charge will no longer be waived once a 
User is removed from the waitlist.\21\ In addition, a User that is 
removed from the waitlist but subsequently requests a cage will be 
added back to the bottom of the waitlist, provided that, if the User 
was removed from the waitlist because it turned down a cage that is the 
size that it requested, it will not receive a second waiver of the 
charge.\22\
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    \18\ See Notice, 81 FR at 13000.
    \19\ See id.
    \20\ See id.
    \21\ As noted above, a User that turns down a cage because it is 
not the correct size will remain on the waitlist. A User that 
requests to be removed or that turns down a cage that is the size 
that it requested will be removed from the waitlist. See supra note 
17 and accompanying text.
    \22\ See Notice, 81 FR at 13000.
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Visitor Security Escorts

    The Exchange also proposes to amend its visitor security escort 
fee. Currently, a User visiting its cabinet(s) in the Data Center is 
required to pay a $75/hour fee for a security escort.\23\ The Exchange 
proposes to eliminate this fee for Users visiting their own cage in the 
Data Center,\24\ and change the fee for those not visiting their own 
cage from $75/hour to $75/visit.\25\ The Exchange states that a 
security escort is not needed when a User visits its own cage because 
that User would have access only to its own cabinets locked within its 
own cage,\26\ and that User will not have access to the cabinets of 
other Users or Exchange equipment, which are locked as well.\27\
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    \23\ See id.
    \24\ See id. The Exchange is also making a technical change to 
the Price List visitor fee to add clarity. See id.
    \25\ See id. The Exchange stated that many of the escorted 
visits lasted an hour or less. See id.
    \26\ See id.
    \27\ See id.
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III. Discussion and Commission Findings

    After careful review and consideration of the Exchange's proposal, 
the Commission finds that the proposed rule change, as modified by 
Amendment No. 1, is consistent with the requirements of the Act and the 
rules and regulations thereunder applicable to a national securities 
exchange.\28\ In particular, the Commission finds that the proposed 
rule change, as modified by Amendment No. 1, is consistent with Section 
6(b)(4) of the Act,\29\ which requires that the rules of a national 
securities exchange provide for the equitable allocation of reasonable 
dues, fees and other charges among its members and issuers and other 
persons using its facilities, and with Section 6(b)(5) of the Act,\30\ 
which requires, among other things, that the rules of a national 
securities exchange be designed to promote just and equitable 
principles of trade, 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 not be designed to 
permit unfair discrimination between customers, issuers, brokers, or 
dealers.
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    \28\ In approving this proposed rule change, as modified by 
Amendment No. 1, the Commission has considered the proposed rule's 
impact on efficiency, competition, and capital formation. See 15 
U.S.C. 78c(f).
    \29\ 15 U.S.C. 78f(b)(4).
    \30\ 15 U.S.C. 78f(b)(5).
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    The Commission believes that the proposed procedures for the 
allocation of cages to its co-located Users and associated waiver of 
fees subject to specified conditions are consistent with Sections 
6(b)(4) and 6(b)(5) of the Act. In particular, the Commission believes 
that the proposed cage allocation and waitlist procedures are 
reasonably designed to assist the Exchange in offering cages to current 
and future Users in the Data Center on terms that are equitable and not 
unfairly discriminatory in the event that available open contiguous 
space in the Data Center is not sufficient to house a newly requested 
cage or sufficiently limited that the Exchange cannot both provide new 
cages and satisfy all User demand for other co-location services. The 
Commission further believes that the proposal to waive the initial and 
monthly fee for two bundles of 24 cross connects between a User's non-
contiguous cabinets while a User is on the waitlist is consistent with 
the Act. Users can qualify for the fee waiver by requesting a cage and 
being placed on the waitlist until a cage becomes available to them. 
Once the Exchange offers the requested size cage to a User through the 
allocation procedure or when a User is removed from the waitlist, the 
fee would no longer be waived. In addition, if a User was removed from 
the waitlist because it turned down a cage that was the size that it 
requested, it would not receive a second waiver of the charge. The 
Commission believes that the proposed fee waiver and associated 
conditions are reasonably designed to alleviate the inconvenience for 
waitlisted Users of having cabinets in non-contiguous spaces by 
removing the cost that those Users would otherwise avoid if a cage were 
available.
    The Commission also finds the proposed amendments to the visitor 
security escort fee consistent with Sections 6(b)(4) and 6(b)(5) of the 
Act. The Exchange represents that a security escort is not needed when 
a User visits its own cage because that User would have access only to 
its own cabinets locked within its own cage,\31\ and will not have 
access to the cabinets of other Users or Exchange equipment, which are 
locked as well.\32\ In addition, the proposed rate of $75/visit for the 
visitor security escort would be a fee reduction for any visit that 
lasted more than an hour, and so it would reduce the burden placed on 
Users that remain subject to the fee. Therefore, the Commission finds 
the proposed amendments to the visitor security escort fee to be 
reasonable, equitable, and not unfairly discriminatory.
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    \31\ See supra notes 26-27 and accompanying text.
    \32\ See id.
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    For the foregoing reasons, the Commission finds that the proposed 
rule change, as modified by Amendment No. 1, is consistent with the 
Act.

VII. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\33\ that the proposed rule change, as modified by Amendment No.1, 
(File No. SR-NYSE-2016-13) be, and hereby is, approved.
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    \33\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\34\
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    \34\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-09724 Filed 4-26-16; 8:45 am]
BILLING CODE 8011-01-P
Federal Register / Vol. 81, No. 81 / Wednesday, April 27, 2016 / Notices 24915

are locked as well.33 In addition, the change. The proposed rule change, as in particular to make available more
proposed rate of $75/visit for the visitor modified by Amendment No. 1, was contiguous, larger spaces for new and
security escort would be a fee reduction published for comment in the Federal existing Users, it would exercise its
for any visit that lasted more than an Register on March 11, 2016.3 There right to move some Users’ equipment
hour, and so it would reduce the burden were no comments on the proposed rule within the Data Center (the
placed on Users that remain subject to change. This order approves the ‘‘Migration’’).13 The Exchange
the fee. Therefore, the Commission finds proposed rule change, as modified by established procedures to manage the
the proposed amendments to the visitor Amendment No. 1. Migration process, and continues to
security escort fee to be reasonable, implement them.14 The Exchange states
II. Background and Description of the that, notwithstanding the Migration,
equitable, and not unfairly
Proposal, as Modified by Amendment contiguous open space will still be
discriminatory.
For the foregoing reasons, the No. 1 limited, and may become more limited
Commission finds that the proposed The Exchange proposes to establish over time.15
rule change, as modified by Amendment procedures for the allocation of cages to
Proposed Cage Allocation Procedure
No. 1, is consistent with the Act. its co-located Users,4 including the
waiver of certain fees subject to The Exchange has proposed to
VII. Conclusion specified conditions, and to amend the establish procedures governing the
It is therefore ordered, pursuant to visitor security escort fee.5 The allocation of cages should the currently
Section 19(b)(2) of the Act,34 that the Exchange proposes to amend its Price available open contiguous space in the
proposed rule change, as modified by List (‘‘Price List’’) to reflect the Data Center be insufficient to house a
Amendment No.1, (File No. SR– changes.6 new cage or if the open contiguous
NYSEARCA–2016–21) be, and hereby As more fully set forth in the Notice, space available is sufficiently limited
is, approved. the Exchange offers Users the ability to such that the Exchange cannot both
For the Commission, by the Division of rent cages to house their cabinets in the provide new cages and satisfy all User
Trading and Markets, pursuant to delegated Data Center,7 and historically has demand for other co-location services.16
authority.35 offered these cages on a first come/first Specifically, the Exchange proposes that
Brent J. Fields, serve basis.8 The Exchange states that a it will place Users seeking new cages on
Secretary. cage typically is purchased by a User a waitlist: (1) The order of Users on the
that has several cabinets within the Data list will be based on the date the
[FR Doc. 2016–09725 Filed 4–26–16; 8:45 am]
Center and wishes to arrange its Exchange receives signed orders for the
BILLING CODE 8011–01–P
cabinets contiguously while also cages from each User; (2) once the list
enhancing privacy around its cabinets.9 is established, Users, on a rolling basis,
The Exchange offers three cage sizes, will be allocated a cage each time one
SECURITIES AND EXCHANGE
corresponding to the number of cabinets becomes available; (3) if a cage becomes
COMMISSION
housed therein, and charges fees for the available and the User that is at the top
[Release No. 34–77681; File No. SR–NYSE– cages based on the size.10 The physical of the waitlist turns it down because it
2016–13] footprint of each cage is greater than requested a different size, that User will
that of the cabinets that it houses, as remain on the waitlist and the cage will
Self-Regulatory Organizations; New be offered to the next User on the list,
York Stock Exchange LLC; Order each cage is constructed so as to include
aisles around the purchasing User’s in order, until a User accepts it; (4) a
Approving a Proposed Rule Change, User that turns down a cage that is the
as Modified by Amendment No. 1, To cabinets, for accessibility and to comply
with safety regulations.11 In order to size that it requested will be removed
Establish Procedures for the from the waitlist; and (5) if a User
Allocation of Cages to Co-Located offer the cages, the Exchange must have
sufficient contiguous open space requests two cages, that User will be
Users, Including the Waiver of Certain moved to the bottom of the waitlist
Fees, and To Amend the Visitor available for the cage.12
In 2015, the Exchange determined upon the receipt of its first cage.17
Security Escort Fee In connection with the proposed
that to continue to be able to meet its
April 21, 2016. obligation to accommodate demand, and waitlist procedures, the Exchange
further proposes to add General Note 3
I. Introduction 3 See Securities Exchange Act Release No. 34– to the Price List,18 to provide that the
On February 23, 2016 New York Stock 77302 (March 7, 2016), 81 FR 12998 (‘‘Notice’’). Exchange would, subject to specified
Amendment No.1 was included in the Notice and conditions, waive the initial and
Exchange LLC (‘‘the Exchange’’) filed provided certain clarifications, including that the
with the Securities and Exchange proposed waiver of fees for two bundles of 24 cross monthly fee for two bundles of 24 cross
Commission (‘‘Commission’’), pursuant connects, applicable while a User is on the waitlist, connects between a User’s non-
to Section 19(b)(1) of the Securities would only apply to cross-connects used to connect contiguous cabinets while it is on the
an individual User’s non-contiguous cabinets.
Exchange Act of 1934 (‘‘Act’’) 1 and Rule 4 For purposes of the Exchange’s co-location
13 See id.; see also Securities Exchange Act
19b–4 thereunder,2 a proposed rule services, a ‘‘User’’ means any market participant Release No. 76269 (October 26, 2015), 80 FR 66947
change to establish procedures for the that requests to receive co-location services directly (October 30, 2015) (SR–NYSE–2015–42); Securities
allocation of cages to co-located Users, from the Exchange. The Exchange provides co- Exchange Act Release No. 76268 (October 26, 2015),
including the waiver of certain fees, and location services to Users from its data center 80 FR 66944 (October 30, 2015) (SR–NYSEMKT–
asabaliauskas on DSK3SPTVN1PROD with NOTICES

(‘‘Data Center’’) in Mahwah, New Jersey. 2015–70); Securities Exchange Act Release No.
to amend the visitor security escort fee. 5 See Notice, 81 FR at 12999.
76270 (October 26, 2015), 80 FR 66944 (October 30,
On March 1, 2016, the Exchange filed 6 See id.
2015) (SR–NYSEArca–2015–85) (collectively
Amendment No. 1 to the proposed rule 7 See id. A User must have at least two cabinets ‘‘Migration Filing’’).
in the Data Center to purchase a cage. See id. 14 See Notice, 81 FR at 12999; see also Migration
33 See id. 8 See id. Filing supra note 13.
34 15 U.S.C. 78s(b)(2). 9 See id. 15 See Notice, 81 FR at 12999.
35 17 CFR 200.30–3(a)(12). 10 See id. 16 See id.
1 15 U.S.C. 78s(b)(1). 11 See id. 17 See id.
2 17 CFR 240.19b–4. 12 See id. 18 See Notice, 81 FR at 13000.

VerDate Sep<11>2014 17:29 Apr 26, 2016 Jkt 238001 PO 00000 Frm 00133 Fmt 4703 Sfmt 4703 E:\FR\FM\27APN1.SGM 27APN1
24916 Federal Register / Vol. 81, No. 81 / Wednesday, April 27, 2016 / Notices

waitlist.19 Specifically, the initial and Commission finds that the proposed having cabinets in non-contiguous
monthly charge for two bundles of 24 rule change, as modified by Amendment spaces by removing the cost that those
cross connects will be waived for a User No. 1, is consistent with Section 6(b)(4) Users would otherwise avoid if a cage
that is waitlisted for a cage for the of the Act,29 which requires that the were available.
duration of the waitlist period, provided rules of a national securities exchange The Commission also finds the
that the cross connects may only be provide for the equitable allocation of proposed amendments to the visitor
used to connect the User’s non- reasonable dues, fees and other charges security escort fee consistent with
contiguous cabinets.20 The charge will among its members and issuers and Sections 6(b)(4) and 6(b)(5) of the Act.
no longer be waived once a User is other persons using its facilities, and The Exchange represents that a security
removed from the waitlist.21 In addition, with Section 6(b)(5) of the Act,30 which escort is not needed when a User visits
a User that is removed from the waitlist requires, among other things, that the its own cage because that User would
but subsequently requests a cage will be rules of a national securities exchange have access only to its own cabinets
added back to the bottom of the waitlist, be designed to promote just and locked within its own cage,31 and will
provided that, if the User was removed equitable principles of trade, to remove not have access to the cabinets of other
from the waitlist because it turned down impediments to and perfect the Users or Exchange equipment, which
a cage that is the size that it requested, mechanism of a free and open market are locked as well.32 In addition, the
it will not receive a second waiver of the and a national market system and, in proposed rate of $75/visit for the visitor
charge.22 general, to protect investors and the security escort would be a fee reduction
public interest, and not be designed to for any visit that lasted more than an
Visitor Security Escorts permit unfair discrimination between hour, and so it would reduce the burden
The Exchange also proposes to amend customers, issuers, brokers, or dealers. placed on Users that remain subject to
its visitor security escort fee. Currently, The Commission believes that the the fee. Therefore, the Commission finds
a User visiting its cabinet(s) in the Data proposed procedures for the allocation the proposed amendments to the visitor
Center is required to pay a $75/hour fee of cages to its co-located Users and security escort fee to be reasonable,
for a security escort.23 The Exchange associated waiver of fees subject to equitable, and not unfairly
proposes to eliminate this fee for Users specified conditions are consistent with discriminatory.
visiting their own cage in the Data Sections 6(b)(4) and 6(b)(5) of the Act. For the foregoing reasons, the
Center,24 and change the fee for those In particular, the Commission believes Commission finds that the proposed
that the proposed cage allocation and rule change, as modified by Amendment
not visiting their own cage from $75/
waitlist procedures are reasonably No. 1, is consistent with the Act.
hour to $75/visit.25 The Exchange states
designed to assist the Exchange in
that a security escort is not needed VII. Conclusion
offering cages to current and future
when a User visits its own cage because It is therefore ordered, pursuant to
Users in the Data Center on terms that
that User would have access only to its Section 19(b)(2) of the Act,33 that the
are equitable and not unfairly
own cabinets locked within its own proposed rule change, as modified by
discriminatory in the event that
cage,26 and that User will not have Amendment No.1, (File No. SR–NYSE–
available open contiguous space in the
access to the cabinets of other Users or 2016–13) be, and hereby is, approved.
Data Center is not sufficient to house a
Exchange equipment, which are locked
newly requested cage or sufficiently For the Commission, by the Division of
as well.27
limited that the Exchange cannot both Trading and Markets, pursuant to delegated
III. Discussion and Commission provide new cages and satisfy all User authority.34
Findings demand for other co-location services. Brent J. Fields,
The Commission further believes that Secretary.
After careful review and the proposal to waive the initial and [FR Doc. 2016–09724 Filed 4–26–16; 8:45 am]
consideration of the Exchange’s monthly fee for two bundles of 24 cross
proposal, the Commission finds that the BILLING CODE 8011–01–P
connects between a User’s non-
proposed rule change, as modified by contiguous cabinets while a User is on
Amendment No. 1, is consistent with the waitlist is consistent with the Act. SECURITIES AND EXCHANGE
the requirements of the Act and the Users can qualify for the fee waiver by COMMISSION
rules and regulations thereunder requesting a cage and being placed on
applicable to a national securities the waitlist until a cage becomes
[Investment Company Act Release No.
exchange.28 In particular, the 32090; File No. 812–14587]
available to them. Once the Exchange
19 See id.
offers the requested size cage to a User ABS Long/Short Strategies Fund and
20 See id. through the allocation procedure or ABS Investment Management LLC;
21 As noted above, a User that turns down a cage when a User is removed from the Notice of Application
because it is not the correct size will remain on the waitlist, the fee would no longer be
waitlist. A User that requests to be removed or that waived. In addition, if a User was April 21, 2016.
turns down a cage that is the size that it requested
removed from the waitlist because it AGENCY: Securities and Exchange
will be removed from the waitlist. See supra note Commission (‘‘Commission’’).
17 and accompanying text. turned down a cage that was the size
22 See Notice, 81 FR at 13000. that it requested, it would not receive a ACTION: Notice of an application under
23 See id. second waiver of the charge. The section 6(c) of the Investment Company
asabaliauskas on DSK3SPTVN1PROD with NOTICES

24 See id. The Exchange is also making a technical
Commission believes that the proposed Act of 1940 (the ‘‘Act’’) for an
change to the Price List visitor fee to add clarity. fee waiver and associated conditions are exemption from sections 18(c) and 18(i)
See id.
25 See id. The Exchange stated that many of the
reasonably designed to alleviate the of the Act, under sections 6(c) and
escorted visits lasted an hour or less. See id. inconvenience for waitlisted Users of 23(c)(3) of the Act for an exemption
26 See id.
31 See supra notes 26–27 and accompanying text.
27 See id. efficiency, competition, and capital formation. See
28 In approving this proposed rule change, as 15 U.S.C. 78c(f). 32 See id.
29 15 U.S.C. 78f(b)(4). 33 15 U.S.C. 78s(b)(2).
modified by Amendment No. 1, the Commission
has considered the proposed rule’s impact on 30 15 U.S.C. 78f(b)(5). 34 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 17:29 Apr 26, 2016 Jkt 238001 PO 00000 Frm 00134 Fmt 4703 Sfmt 4703 E:\FR\FM\27APN1.SGM 27APN1
Document Created: 2018-02-07 13:55:35
Document Modified: 2018-02-07 13:55:35
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 24915