81 FR 52730 - Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.330 To Combine the TOPS and LAST Data Products and Make Minor Correcting and Conforming Changes to the Description of TOPS Viewer
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 153 (August 9, 2016)
Federal Register Volume 81, Issue 153 (August 9, 2016)
| Page Range | 52730-52733 | |
| FR Document | 2016-18795 |
[Federal Register Volume 81, Number 153 (Tuesday, August 9, 2016)] [Notices] [Pages 52730-52733] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-18795] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78475; File No. SR-IEX-2016-05] Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.330 To Combine the TOPS and LAST Data Products and Make Minor Correcting and Conforming Changes to the Description of TOPS Viewer August 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 July 28, 2016, the Investors Exchange LLC (``IEX'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II 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 Pursuant to the provisions of Section 19(b)(1) under the Securities Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\ Investors Exchange LLC [[Page 52731]] (``IEX'' or ``Exchange'') is filing with the Securities and Exchange Commission (``Commission'') a proposed rule change to amend Rule 11.330 (Data Products) to (i) combine the TOPS and LAST data products to eliminate the LAST data product and add execution information to the TOPS data product, and (2) make minor correcting and conforming changes to the description of TOPS Viewer. The Exchange has designated this proposal as non-controversial and provided the Commission with the notice required by Rule 19b-4(f)(6)(iii) under the Act.\6\ --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(1). \5\ 17 CFR 240.19b-4. \6\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's Web site at www.iextrading.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 these statement [sic] may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 11.330 (Data Products) to combine the TOPS and LAST data products, to eliminate the LAST data product, and to add execution information to the TOPS data product. Currently, Rule 11.330(a)(1) specifies that the TOPS data product is an uncompressed data feed that offers aggregated top of book quotations for all displayed orders resting on the Order Book, while paragraph (a)(3) specifies that the LAST data product is an uncompressed data feed that offers only execution information based on equities orders entered into the System (i.e. last sale information). IEX has determined to add the information contemplated to be provided in LAST into TOPS. Accordingly, the Exchange proposes to amend Rule 11.330(a)(1) to provide that TOPS is an uncompressed data feed that offers aggregated top of book quotations for all displayed orders resting on the Order Book and execution information for executions on the Exchange (i.e., last sale information). As proposed, TOPS will disseminate, on a real- time basis,\7\ (1) the aggregate best bid and offer (``BBO'') of all displayed orders for securities traded on IEX; and (2) the price, size, and time of execution for each transaction executed on IEX. For the sake of clarity, the Exchange also proposes to make certain non- substantive changes to the existing description of LAST as it is incorporated into the TOPS description. Specifically, rather than describe execution information as ``based on equity orders entered into the System,'' which technically could include executions on away exchanges of orders routed to such exchanges, the proposed text would clarify IEX includes execution information for orders executed on the Exchange. All information that will be provided in TOPS will also be reported under the Consolidated Tape Association (``CTA'') Plan or the Nasdaq/UTP Plan. The Exchange will release information to TOPS and TOPS Viewer in compliance with Rule 603(a) of Regulation NMS, which requires that exchanges distribute market data on terms that are ``fair and reasonable'' and ``not unreasonably discriminatory,'' and prohibits an exchange from releasing data relating to quotes and trades to its customers through proprietary feeds before it sends its quotes and trade reports for inclusion in the consolidated feeds.\8\ --------------------------------------------------------------------------- \7\ Rule 11.510(b)(2) describes the application of the POP to outbound communications from the Exchange, which impacts TOPS. As specified therein, the POP ``is designed to provide all Participants with an equivalent 350 microseconds of latency from the System at the primary data center to the Exchange-provided network interface at the IEX POP.'' \8\ See Regulation NMS, 70 FR 37,496, 37,567 (June 29, 2005) (adopting release); see also Concept Release, 75 FR at 3601 (January 21, 2010). --------------------------------------------------------------------------- The Exchange also proposes to make minor correcting and conforming changes to Rule 11.330(a)(2), which describes TOPS Viewer. Currently, as specified therein, TOPS Viewer is described as a data feed, currently available through the Exchange's public Web site, that offers two-sided quotations for all displayed orders resting on the Order Book as well as the aggregate volume traded execution information based on orders entered into the System. TOPS and TOPS Viewer contain the same information, delivered in different manners. TOPS provides the specified information only through an application programming interface (``API'') via the POP (an API is by definition not human readable). TOPS Viewer provides the specified information in both a human readable format on the Exchange's Web site as well as through an API from the Exchange's Web site. IEX proposes to make three minor changes to the description of TOPS Viewer in subparagraph (a)(2) of Rule 11.330. First, IEX proposes a ministerial change to conform the description of the quotation information available through TOPS Viewer, in subparagraph (a)(2) of the Rule, to the description set forth in the description of TOPS in subparagraph (a)(1). Second, IEX proposes a correcting change to delete the word ``aggregate'' in the description because information will be provided for each execution, rather than on an aggregated basis. Third, IEX proposes to include the clarifying language proposed to be added to subparagraph (a)(1) of the rule to make clear that the execution information provided is for transactions executed on the Exchange (i.e., last sale information). 2. Statutory Basis IEX believes that the proposed rule change is consistent with the provisions of Section 6 of the Act \9\ in general, and with Section 6(b)(5) of the Act,\10\ in particular. TOPS and TOPS Viewer will be provided consistent with the purposes of Section 6(b)(5) of the Act.\11\ Moreover, the proposed rule change is not designed to permit unfair discrimination among customers, issuers, and brokers; and is designed 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(4) [sic], (5). \11\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The proposed rule change is designed to promote just and equitable principles of trade and remove impediments to and perfect the mechanism of a free and open market and a national market system by providing quotation and transaction information to market participants. The Exchange also believes this proposal is consistent with Section 6(b)(5) of the Act because it protects investors and the public interest and promotes just and equitable principles of trade by providing market participants with the option to receive such information otherwise than under the CTA and Nasdaq/UTP Plans. [[Page 52732]] Further, the proposal would not permit unfair discrimination because the information will be available to all market participants and market data vendors on an equivalent basis and without charge. In addition, any market participant that wishes to receive such information via the CTA and Nasdaq/UTP Plans will be able to do so. As noted above, the Exchange is simply proposing to include data elements contemplated to be included in LAST data product in TOPS, as well as to make minor correcting and conforming changes to the description of TOPS Viewer. The Exchange also believes that the proposed rule change is consistent with Section 11(A) of the Act \12\ in that it supports (1) fair competition among brokers and dealers, among exchange markets, and between exchange markets and markets other than exchange markets and (2) the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities. Furthermore, the proposed rule change is consistent with Rule 603 of Regulation NMS,\13\ which provides that any national securities exchange which distributes information with respect to quotations for or transactions in an NMS stock do so on terms that are fair and reasonable and not unreasonably discriminatory. As noted above, the Exchange will provide TOPS and TOPS Viewer to Members and other recipients of Exchange data on terms that are fair and reasonable and not unreasonably discriminatory in that TOPS and TOPS Viewer will be provided free of charge and TOPS Viewer is available to the public via the Exchange's Web site. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78k-1. \13\ See 17 CFR 242.603. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition IEX does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange is not proposing to charge a fee for the TOPS feed, and will make the feed available to market participants on a fair and impartial basis, and on terms that are not unreasonably discriminatory. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has designated this rule filing as non-controversial under Section 19(b)(3)(A) \14\ of the Act and Rule 19b-4(f)(6) \15\ thereunder. Because the proposed rule change 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6) thereunder.\16\ The Exchange has asked the Commission to waive the 30-day operative delay, making this proposal operative upon filing. The Exhange argues that the proposed rule filing merely combines the data elements from the LAST data product into TOPS and TOPS Viewer, and makes minor conforming and correcting changes to Rule 11.330. According to the Exchange, waiver of the operative delay is, therefore, consistent with the protection of investors and the public interest, because it will allow the Exchange to implement the proposed rule change to coincide with IEX's launch of exchange operations during a security-by-security phase-in period beginning August 19, 2016, and thus provide operational simplification to Members and other recipients of Exchange data as well as a source of Exchange data free of charge otherwise than under the CTA and Nasdaq/UTP Plans, consistent with the protection of investors and the public interest. The Exchange further adds that waiver of the operative delay period will also enable the Exchange to make the minor correcting and clarifying changes described herein to coincide with IEX's launch of exchange operations. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f)(6). \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give 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. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- The Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest. The Commission notes that the proposal would merely consolidate existing data products and make minor, clarifying changes to the descriptions of TOPS and TOPS Viewer. In the absence of a waiver of the operative delay, customers would have to subscribe to two data products to receive both top-of-book and last sale information when the Exchange begins operating on August 19, 2016, until the proposal becomes effective shortly thereafter. Waiving the operative delay would provide customers with the opportunity to receive a single, streamlined product with top-of-book and last sale information and would also provide customers with greater clarity about the content of the available products from the outset of the Exchange's launch of operations. Therefore, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.\17\ --------------------------------------------------------------------------- \17\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the 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)\18\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \18\ 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-IEX-2016-05 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-IEX-2016-05. This file number should be included on the subject line if email is used. To help the Commission process and review your [[Page 52733]] 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-IEX-2016-05 and should be submitted on or before August 30, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-18795 Filed 8-8-16; 8:45 am] BILLING CODE 8011-01-P
![52730 Federal Register / Vol. 81, No. 153 / Tuesday, August 9, 2016 / Notices
5. Pending Reviews. In addition to the not edit personal identifying VI. Conclusion
above reports, the Chief Regulatory information from submissions. You This order gives effect to the amended
Officer (CRO) (or his or her designee) of should submit only information that Plan submitted to the Commission that
any Participating Organization that is you wish to make available publicly. All is contained in File No. 4–566.
also a Listing Market [(including CHX)] submissions should refer to File It is therefore ordered, pursuant to
may inquire about pending reviews Number 4–566 and should be submitted Section 17(d) of the Act,17 that the Plan,
involving stocks listed on that on or before August 30, 2016. as amended, filed with the Commission
Participating Organization’s market. pursuant to Rule 17d–2 on July 21,
FINRA will respond to such inquiries V. Discussion
2016, is hereby approved and declared
from a CRO; provided, however, that (a) The Commission finds that the Plan, effective.
the CRO must hold any information as proposed to be amended, is It is further ordered that the
provided by FINRA in confidence and consistent with the factors set forth in Participating Organizations are relieved
(b) FINRA will not be compelled to Section 17(d) of the Act 14 and Rule of those regulatory responsibilities
provide information in contradiction of 17d–2 thereunder 15 in that it is allocated to FINRA under the amended
any mandate, directive or order from the necessary or appropriate in the public Plan to the extent of such allocation.
SEC, US Attorney’s Office, the Office of interest and for the protection of For the Commission, by the Division of
any State Attorney General or court of investors, fosters cooperation and Trading and Markets, pursuant to delegated
competent jurisdiction. coordination among SROs, and removes authority.18
IV. Solicitation of Comments impediments to and fosters the Robert W. Errett,
development of the national market Deputy Secretary.
Interested persons are invited to
system. The Commission continues to [FR Doc. 2016–18793 Filed 8–8–16; 8:45 am]
submit written data, views, and
believe that the Plan, as amended,
arguments concerning the foregoing. BILLING CODE 8011–01–P
should reduce unnecessary regulatory
Comments may be submitted by any of
duplication by allocating regulatory
the following methods:
responsibility for the surveillance, SECURITIES AND EXCHANGE
Electronic Comments investigation, and enforcement of COMMISSION
• Use the Commission’s Internet Common Rules to FINRA. Accordingly,
the proposed amendment to the Plan [Release No. 34–78475; File No. SR–IEX–
comment form (http://www.sec.gov/ 2016–05]
rules/sro.shtml); or promotes efficiency by consolidating
• Send an email to rule-comments@ these regulatory functions in a single Self-Regulatory Organizations;
sec.gov. Please include File Number 4– SRO. Investors Exchange LLC; Notice of
566 on the subject line. Under paragraph (c) of Rule 17d–2, Filing and Immediate Effectiveness of
the Commission may, after appropriate Proposed Rule Change To Amend Rule
Paper Comments
notice and comment, declare a plan, or 11.330 To Combine the TOPS and
• Send paper comments in triplicate any part of a plan, effective. In this LAST Data Products and Make Minor
to Secretary, Securities and Exchange instance, the Commission believes that Correcting and Conforming Changes
Commission, 100 F Street NE., appropriate notice and comment can to the Description of TOPS Viewer
Washington, DC 20549–1090. take place after the proposed
All submissions should refer to File amendment is effective. In particular, August 3, 2016.
Number 4–566. This file number should the purpose of the amendment is to add Pursuant to Section 19(b)(1) 1 of the
be included on the subject line if email IEX as a Participating Organization and Securities Exchange Act of 1934 (the
is used. To help the Commission reflect that IEX will be a Listing Market ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
process and review your comments (which will expand the Plan’s coverage notice is hereby given that, on July 28,
more efficiently, please use only one of NMS Stocks to include equity 2016, the Investors Exchange LLC
method. The Commission will post all securities listed on IEX), remove CBOE (‘‘IEX’’ or the ‘‘Exchange’’) filed with the
comments on the Commission’s Internet as a Participating Organization and Securities and Exchange Commission
Web site (http://www.sec.gov/rules/ update the names of certain other (the ‘‘Commission’’) the proposed rule
sro.shtml). Copies of the submission, all Participating Organizations, update change as described in Items I and II
subsequent amendments, all written defined terms, and reflect updates to the below, which Items have been prepared
statements with respect to the proposed list of Common Rules. The Commission by the self-regulatory organization. The
plan that are filed with the Commission, notes that the most recent prior Commission is publishing this notice to
and all written communications relating amendment to the Plan, which, among solicit comments on the proposed rule
to the proposed plan between the other things, reflected the addition of change from interested persons.
Commission and any person, other than BATS as a Listing Market, was I. Self-Regulatory Organization’s
those that may be withheld from the published for comment and the Statement of the Terms of Substance of
public in accordance with the Commission did not receive any the Proposed Rule Change
provisions of 5 U.S.C. 552, will be comments thereon.16 The Commission
available for Web site viewing and Pursuant to the provisions of Section
believes that the current amendment to
printing in the Commission’s Public 19(b)(1) under the Securities Exchange
the Plan does not raise any new
Reference Room, 100 F Street NE., Act of 1934 (‘‘Act’’),4 and Rule 19b–4
asabaliauskas on DSK3SPTVN1PROD with NOTICES
regulatory issues that the Commission
Washington, DC 20549, on official has not previously considered, and thereunder,5 Investors Exchange LLC
business days between the hours of therefore believes that the amended 17 15 U.S.C. 78q(d).
10:00 a.m. and 3:00 p.m. Copies of the Plan should become effective without 18 17 CFR 200.30–3(a)(34).
plan also will be available for inspection any undue delay. 1 15 U.S.C. 78s(b)(1).
and copying at the principal offices of 2 15 U.S.C. 78a.
the Participating Organizations. All 14 15 U.S.C. 78q(d). 3 17 CFR 240.19b–4.
comments received will be posted 15 17 CFR 240.17d–2. 4 15 U.S.C. 78s(b)(1).
without change; the Commission does 16 See supra note 11. 5 17 CFR 240.19b–4.
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(‘‘IEX’’ or ‘‘Exchange’’) is filing with the that offers aggregated top of book by definition not human readable).
Securities and Exchange Commission quotations for all displayed orders TOPS Viewer provides the specified
(‘‘Commission’’) a proposed rule change resting on the Order Book and execution information in both a human readable
to amend Rule 11.330 (Data Products) to information for executions on the format on the Exchange’s Web site as
(i) combine the TOPS and LAST data Exchange (i.e., last sale information). As well as through an API from the
products to eliminate the LAST data proposed, TOPS will disseminate, on a Exchange’s Web site.
product and add execution information real-time basis,7 (1) the aggregate best IEX proposes to make three minor
to the TOPS data product, and (2) make bid and offer (‘‘BBO’’) of all displayed changes to the description of TOPS
minor correcting and conforming orders for securities traded on IEX; and Viewer in subparagraph (a)(2) of Rule
changes to the description of TOPS (2) the price, size, and time of execution 11.330. First, IEX proposes a ministerial
Viewer. The Exchange has designated for each transaction executed on IEX. change to conform the description of the
this proposal as non-controversial and For the sake of clarity, the Exchange quotation information available through
provided the Commission with the also proposes to make certain non- TOPS Viewer, in subparagraph (a)(2) of
notice required by Rule 19b–4(f)(6)(iii) substantive changes to the existing the Rule, to the description set forth in
under the Act.6 description of LAST as it is the description of TOPS in
The text of the proposed rule change incorporated into the TOPS description. subparagraph (a)(1). Second, IEX
is available at the Exchange’s Web site Specifically, rather than describe proposes a correcting change to delete
at www.iextrading.com, at the principal execution information as ‘‘based on the word ‘‘aggregate’’ in the description
office of the Exchange, and at the equity orders entered into the System,’’ because information will be provided
Commission’s Public Reference Room. which technically could include for each execution, rather than on an
executions on away exchanges of orders aggregated basis. Third, IEX proposes to
II. Self-Regulatory Organization’s routed to such exchanges, the proposed include the clarifying language
Statement of the Purpose of, and text would clarify IEX includes proposed to be added to subparagraph
Statutory Basis for, the Proposed Rule execution information for orders (a)(1) of the rule to make clear that the
Change executed on the Exchange. All execution information provided is for
In its filing with the Commission, the information that will be provided in transactions executed on the Exchange
self-regulatory organization included TOPS will also be reported under the (i.e., last sale information).
statements concerning the purpose of Consolidated Tape Association (‘‘CTA’’)
2. Statutory Basis
and basis for the proposed rule change Plan or the Nasdaq/UTP Plan. The
and discussed any comments it received Exchange will release information to IEX believes that the proposed rule
on the proposed rule change. The text TOPS and TOPS Viewer in compliance change is consistent with the provisions
of these statement [sic] may be with Rule 603(a) of Regulation NMS, of Section 6 of the Act 9 in general, and
examined at the places specified in Item which requires that exchanges distribute with Section 6(b)(5) of the Act,10 in
IV below. The self-regulatory market data on terms that are ‘‘fair and particular. TOPS and TOPS Viewer will
organization has prepared summaries, reasonable’’ and ‘‘not unreasonably be provided consistent with the
set forth in Sections A, B, and C below, discriminatory,’’ and prohibits an purposes of Section 6(b)(5) of the Act.11
of the most significant aspects of such exchange from releasing data relating to Moreover, the proposed rule change is
statements. quotes and trades to its customers not designed to permit unfair
through proprietary feeds before it sends discrimination among customers,
A. Self-Regulatory Organization’s its quotes and trade reports for inclusion issuers, and brokers; and is designed to
Statement of the Purpose of, and in the consolidated feeds.8 promote just and equitable principles of
Statutory Basis for, the Proposed Rule The Exchange also proposes to make trade, to foster cooperation and
Change minor correcting and conforming coordination with persons engaged in
1. Purpose changes to Rule 11.330(a)(2), which facilitating transactions in securities, to
describes TOPS Viewer. Currently, as remove impediments to and perfect the
The Exchange proposes to amend specified therein, TOPS Viewer is mechanism of a free and open market
Rule 11.330 (Data Products) to combine described as a data feed, currently and a national market system and, in
the TOPS and LAST data products, to available through the Exchange’s public general, to protect investors and the
eliminate the LAST data product, and to Web site, that offers two-sided public interest.
add execution information to the TOPS quotations for all displayed orders The proposed rule change is designed
data product. Currently, Rule resting on the Order Book as well as the to promote just and equitable principles
11.330(a)(1) specifies that the TOPS data aggregate volume traded execution of trade and remove impediments to and
product is an uncompressed data feed information based on orders entered perfect the mechanism of a free and
that offers aggregated top of book into the System. TOPS and TOPS open market and a national market
quotations for all displayed orders Viewer contain the same information, system by providing quotation and
resting on the Order Book, while delivered in different manners. TOPS transaction information to market
paragraph (a)(3) specifies that the LAST provides the specified information only participants. The Exchange also believes
data product is an uncompressed data through an application programming this proposal is consistent with Section
feed that offers only execution interface (‘‘API’’) via the POP (an API is 6(b)(5) of the Act because it protects
information based on equities orders investors and the public interest and
asabaliauskas on DSK3SPTVN1PROD with NOTICES
entered into the System (i.e. last sale 7 Rule 11.510(b)(2) describes the application of
promotes just and equitable principles
information). IEX has determined to add the POP to outbound communications from the
Exchange, which impacts TOPS. As specified
of trade by providing market
the information contemplated to be therein, the POP ‘‘is designed to provide all participants with the option to receive
provided in LAST into TOPS. Participants with an equivalent 350 microseconds such information otherwise than under
Accordingly, the Exchange proposes of latency from the System at the primary data the CTA and Nasdaq/UTP Plans.
to amend Rule 11.330(a)(1) to provide center to the Exchange-provided network interface
at the IEX POP.’’
that TOPS is an uncompressed data feed 8 See Regulation NMS, 70 FR 37,496, 37,567 (June
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(4) [sic], (5).
29, 2005) (adopting release); see also Concept
6 17 CFR 240.19b–4(f)(6)(iii). Release, 75 FR at 3601 (January 21, 2010). 11 15 U.S.C. 78f(b)(5).
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![Federal Register / Vol. 81, No. 153 / Tuesday, August 9, 2016 / Notices 52733
comments more efficiently, please use the ISAB is to provide the Department abandonment shall be protected under
only one method. The Commission will with a continuing source of Oregon Short Line Railroad—
post all comments on the Commission’s independent advice on all aspects of Abandonment Portion Goshen Branch
Internet Web site (http://www.sec.gov/ arms control, disarmament, Between Firth & Ammon, in Bingham &
rules/sro.shtml). Copies of the nonproliferation, political-military Bonneville Counties, Idaho, 360 I.C.C.
submission, all subsequent affairs, international security, and 91 (1979). To address whether this
amendments, all written statements related aspects of public diplomacy. The condition adequately protects affected
with respect to the proposed rule agenda for this meeting will include employees, a petition for partial
change that are filed with the classified discussions related to the revocation under 49 U.S.C. 10502(d)
Commission, and all written Board’s studies on current U.S. policy must be filed.
communications relating to the and issues regarding arms control, Provided no formal expression of
proposed rule change between the international security, nuclear intent to file an offer of financial
Commission and any person, other than proliferation, and diplomacy. assistance (OFA) has been received, this
those that may be withheld from the For more information, contact exemption will be effective on
public in accordance with the Christopher Herrick, Executive Director September 8, 2016, unless stayed
provisions of 5 U.S.C. 552, will be of the International Security Advisory pending reconsideration. Petitions to
available for Web site viewing and Board, U.S. Department of State, stay that do not involve environmental
printing in the Commission’s Public Washington, DC 20520, telephone: (202) issues,1 formal expressions of intent to
Reference Room, 100 F Street NE., 647–9683. file an OFA under 49 CFR
Washington, DC 20549, on official Dated: July 19, 2016. 1152.27(c)(2),2 and trail use/rail banking
business days between the hours of requests under 49 CFR 1152.29 must be
Christopher Herrick,
10:00 a.m. and 3:00 p.m. Copies of the filed by August 19, 2016. Petitions to
filing also will be available for Executive Director, International Security
Advisory Board, U.S. Department of State. reopen or requests for public use
inspection and copying at the principal conditions under 49 CFR 1152.28 must
[FR Doc. 2016–18855 Filed 8–8–16; 8:45 am]
office of the Exchange. All comments be filed by August 29, 2016, with the
received will be posted without change; BILLING CODE 4710–27–P
Surface Transportation Board, 395 E
the Commission does not edit personal Street SW., Washington, DC 20423–
identifying information from 0001.
submissions. You should submit only SURFACE TRANSPORTATION BOARD
A copy of any petition filed with the
information that you wish to make [Docket No. AB 290 (Sub–No. 386X)] Board should be sent to NSR’s
available publicly. All submissions
representative: William A. Mullins,
should refer to File Number SR–IEX– Norfolk Southern Railway Company— Baker & Miller PLLC, 2401 Pennsylvania
2016–05 and should be submitted on or Abandonment Exemption—in Ave. NW., Suite 300, Washington, DC
before August 30, 2016. Charleston, S.C. 20037.
For the Commission, by the Division of Norfolk Southern Railway Company If the verified notice contains false or
Trading and Markets, pursuant to delegated misleading information, the exemption
authority.19
(NSR) has filed a verified notice of
exemption under 49 CFR pt. 1152 is void ab initio.
Robert W. Errett,
subpart F–Exempt Abandonments to NSR has filed a combined
Deputy Secretary.
abandon approximately 1.97 miles of environmental and historic report that
[FR Doc. 2016–18795 Filed 8–8–16; 8:45 am] rail line between milepost SC 0.33 and addresses the effects, if any, of the
BILLING CODE 8011–01–P milepost SC 2.3 in Charleston, S.C. (the abandonment on the environment and
Line). The Line traverses United States historic resources. OEA will issue an
Postal Service Zip Codes 29403 and environmental assessment (EA) by
DEPARTMENT OF STATE 29405. August 12, 2016. Interested persons may
[Public Notice: 9666] NSR has certified that: (1) No local obtain a copy of the EA by writing to
traffic has moved over the Line for at OEA (Room 1100, Surface
International Security Advisory Board least two years; (2) no overhead traffic Transportation Board, Washington, DC
(ISAB); Meeting Notice Closed Meeting has moved over the Line for at least two 20423–0001) or by calling OEA at (202)
years and that overhead traffic, if there 245–0305. Assistance for the hearing
In accordance with section 10(a)(2) of were any, could be rerouted over other impaired is available through the
the Federal Advisory Committee Act, 5 lines; (3) no formal complaint filed by Federal Information Relay Service at
U.S.C. App 10(a)(2), the Department of a user of rail service on the Line (or by (800) 877–8339. Comments on
State announces a meeting of the a state or local government entity acting environmental and historic preservation
International Security Advisory Board on behalf of such user) regarding matters must be filed within 15 days
(ISAB) to take place on September 16, cessation of service over the Line either after the EA becomes available to the
2016, at the Department of State, is pending with the Surface public.
Washington, DC. Transportation Board (Board) or with
Pursuant to section 10(d) of the any U.S. District Court or has been 1 The Board will grant a stay if an informed
Federal Advisory Committee Act, 5 decided in favor of complainant within decision on environmental issues (whether raised
U.S.C. App 10(d), and 5 U.S.C. the two-year period; and (4) the by a party or by the Board’s Office of Environmental
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Analysis (OEA) in its independent investigation)
552b(c)(1), it has been determined that requirements at 49 CFR 1105.7(c) cannot be made before the exemption’s effective
this Board meeting will be closed to the (environmental report), 49 CFR 1105.11 date. See Exemption of Out-of-Serv. Rail Lines, 5
public because the Board will be (transmittal letter), 49 CFR 1105.12 I.C.C. 2d 377 (1989). Any request for a stay should
reviewing and discussing matters (newspaper publication), and 49 CFR be filed as soon as possible so that the Board may
take appropriate action before the exemption’s
properly classified in accordance with 1152.50(d)(1) (notice to governmental effective date.
Executive Order 13526. The purpose of agencies) have been met. 2 Each OFA must be accompanied by the filing
As a condition to this exemption, any fee, which is currently set at $1,600. See 49 CFR
19 17 CFR 200.30–3(a)(12). employee adversely affected by the 1002.2(f)(25).
VerDate Sep<11>2014 20:00 Aug 08, 2016 Jkt 238001 PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 E:\FR\FM\09AUN1.SGM 09AUN1](https://thefederalregister.org/doc/81_FR_52883/page/4.svg)
Document Created: 2016-08-09 01:10:02
Document Modified: 2016-08-09 01:10:02
| 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 52730 |
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