82 FR 10944 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Data Fees at Rule 7026

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 31 (February 16, 2017)

Page Range		10944-10947
FR Document		2017-03105

Federal Register, Volume 82 Issue 31 (Thursday, February 16, 2017)

[Federal Register Volume 82, Number 31 (Thursday, February 16, 2017)]
[Notices]
[Pages 10944-10947]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2017-03105]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80015; File No. SR-NASDAQ-2017-007]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Exchange's Data Fees at Rule 7026

February 10, 2017.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on January 30, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange proposes to amend the Exchange's data fees at Rule
7026 to raise the monthly Enterprise License fee for distribution of an
Enhanced Display Solution from $30,000 to $33,500, as described further
below.
While these amendments are effective upon filing, the Exchange has
designated the proposed amendments to be operative on February 1, 2017.
The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaq.cchwallstreet.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 Exchange 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 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 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 purpose of the proposed rule change is to raise the monthly
Enterprise License fee for distribution of an Enhanced Display Solution
from $30,000 to $33,500, and to correct a cross reference to Rule 7023.
EDS Enterprise License
An Enhanced Display Solution (``EDS'') provides a display of Nasdaq
depth-of-book data--data feeds with price quotations at more than one
price level, such as TotalView, OpenView and Level 2--with the
capability of connecting to an Application Programming Interface
(``API''). The API allows Subscribers to export the depth-of-book data
to a display application of their choosing, provided that the
Distributor controls access to the application, monitors its use, and
prevents redistribution of the data, either externally or internally.
The Enterprise License fee allows Distributors to purchase an EDS
for professional subscribers at a fixed monthly per-subscriber rate.
The current fee of $30,000 per month permits the distribution of Nasdaq
depth-of-book data to an unlimited number of professional subscribers
at a monthly per-subscriber rate of $70 for TotalView and Level 2, and
a monthly per-subscriber rate of $6 for OpenView. The monthly per-
subscriber fees for Distributors that elect not to purchase an EDS
Enterprise License fee are $74 for TotalView and Level 2 and $6 for
OpenView, as provided in Rule 7026(a)(1)(B). All Distributors who
purchase an EDS, whether or not an Enterprise License is purchased,
must pay the distributor fees set forth in Rule 7026(a)(1)(A). The
Enterprise License is designed to provide a lower fee to the largest
Distributors of depth-of-book data to encourage distribution of such
data.
Proposed Changes
The Exchange proposes to raise the monthly EDS Enterprise License
fee from $30,000 to $33,500, and to correct a cross reference to Rule
7023.
EDS Enterprise License
The proposed increase in the monthly EDS Enterprise License fee is
reasonable in light of the value of EDS to Distributors and
Subscribers, which has increased significantly due to technological
advances that have occurred since EDS was introduced in January of
2012, particularly for those Distributors with sufficient volume to
purchase an Enterprise License.
The key feature of EDS--the capability of connecting to an API--
allows the Subscriber to transfer Nasdaq data to any number of
applications. When EDS was first introduced, data was transferred to
relatively simple applications, such as spreadsheets. Since 2012, EDS
has become more valuable as the use of the API has moved from
spreadsheets to complex analytic tools, enhancing the value of EDS to
both Subscribers and Distributors.
Distributors that purchase EDS through the Enterprise License are
among the greatest beneficiaries of EDS because they have the largest
number of Subscribers. They are also in the best position to bear the
cost of an increase in the price of EDS because of that larger
subscriber base.
In summary, the price increase is justified by the increasing value
of EDS to Distributors that purchase an Enterprise License.
Technical Correction
Nasdaq also proposes to correct a cross reference to Rule 7023
(Nasdaq Depth-of-Book Data).
On January 5, 2012, the Exchange filed with the Commission a
proposal to amend Rule 7026 to offer an optional

[[Page 10945]]

tiered fee for enhanced displays.\3\ At the time of its inception, the
EDS fee exemption made reference to the previous iteration of Rule 7023
(then, Nasdaq Total View), which established, under section (a)(1)(C),
the Enterprise License fees available to a Distributor. Following the
January 2012 rule change, on March 28 of that year, Nasdaq filed with
the Commission a proposal to fully amend Rule 7023,\4\ renaming the
rule, and providing an expanded description of the Enterprise License
fees under section (c) of that rule.
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\3\ See Securities Exchange Act Release No. 66165 (January 17,
2012), 77 FR 3313 (January 23, 2012) (SR-NASDAQ-2012-005); see also
Securities Exchange Act Release No. 73807 (December 10, 2014), 79 FR
78784 [sic] (December 16, 2014) (SR-NASDAQ-2014-117) (clarifying,
among other changes, that the EDS Fee exemption applies to
Distributors and not Customers).
\4\ See Securities Exchange Act Release No. 66740 (April 5,
2012), 77 FR 21609 (April 10, 2012) (SR-NASDAQ-2012-042).
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Although the Exchange has changed Rule 7026 since then, it has not
yet updated the reference to the Enterprise License fees. The cross
reference provided under Rule 7026(a)(1)(A), establishing that
Distributors subscribing to certain enterprise depth capped fees will
be exempt from paying the EDS Distributor Fee, currently points to a
section under Rule 7023 which provides a definition for the TotalView
data feed, and not to the Enterprise License fees that would allow a
Distributor to be exempt from paying the EDS distributor fee. The
Exchange therefore proposes to correct that cross reference to Rule
7023(c) (Enterprise License Fees), and to modify the language to make
the reference clearer, without changing its application.
The EDS Enterprise License--and the entire EDS program--is entirely
optional in that Nasdaq is not required to offer it and Distributors
are not required to pay for it. Distributors and Subscribers can
discontinue its use at any time and for any reason, including an
assessment of the fees charged.
The proposed change does not raise the cost of any other Nasdaq
product, except to the extent that it increases the total cost of
purchasing depth-of-book data for those who obtain such data through an
EDS Enterprise License.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\5\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\6\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility, and is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
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\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4) and (5).
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The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \7\
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\7\ Securities Exchange Act Release No. 51808 (June 9, 2005), 70
FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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Likewise, in NetCoalition v. Securities and Exchange Commission \8\
(``NetCoalition''), the D.C. Circuit upheld the Commission's use of a
market-based approach in evaluating the fairness of market data fees
against a challenge claiming that Congress mandated a cost-based
approach.\9\ As the court emphasized, the Commission ``intended in
Regulation NMS that `market forces, rather than regulatory
requirements' play a role in determining the market data . . . to be
made available to investors and at what cost.'' \10\
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\8\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
\9\ See NetCoalition, at 534-535.
\10\ Id. at 537.
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Further, ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing agents, have a wide range of choices of
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers. . . .'' \11\
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\11\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008)
(SR-NYSEArca-2006-21)).
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The Exchange believes that the proposal to raise the monthly EDS
Enterprise License fee from $30,000 to $33,500 is fair and equitable in
accordance with Section 6(b)(4) of the Act, and not unreasonably
discriminatory in accordance with Section 6(b)(5) of the Act. As
described above, the proposed fee increase reflects the increasing
value of EDS to Distributors and Subscribers, particularly those
Distributors with sufficient volume to purchase an Enterprise License.
Moreover, Enterprise License fees are constrained by the Exchange's
need to compete for order flow, and are subject to competition from
other exchanges and among broker-dealers for customers. If Nasdaq is
incorrect in its assessment, there is no barrier to block a competitor
from entering the market with a substantially similar product.
The Exchange believes that the proposed fee changes are an
equitable allocation and not unfairly discriminatory because the
Exchange will apply the same fee to all similarly-situated Subscribers.

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 not necessary or appropriate in
furtherance of the purposes of the Act. In terms of inter-market
competition, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive. In such an environment, the Exchange must continually adjust
its fees to remain competitive with other exchanges and with
alternative trading systems that have been exempted from compliance
with the statutory standards applicable to exchanges. Because
competitors are free to modify their own fees in response, and because
market participants may readily adjust their order routing practices,
the Exchange believes that the degree to which fee changes in this
market may impose any burden on competition is extremely limited.
The proposed fee will raise the monthly EDS Enterprise License fee
from $30,000 to $33,500. The EDS Enterprise License is used to
distribute TotalView, Level 2, and OpenView, Nasdaq's depth-of-book
products. The question of whether the prices of depth-of-view products
are constrained by competitive forces was examined in 2016 by an
Administrative Law Judge in a petition filed by the Securities Industry
and Financial Markets Association for a review of certain actions by
Self-Regulatory

[[Page 10946]]

Organizations.\12\ After a four-day hearing, the Administrative Law
Judge found that ``competition plays a significant role in restraining
exchange pricing of depth-of-book products'' \13\ because ``depth-of-
book products from different exchanges function as substitutes for each
other,'' \14\ and therefore ``the threat of substitution from depth-of-
book customers constrains their depth-of-book prices.'' \15\ As such,
Nasdaq's depth-of-book fees--including those fees for the distribution
of TotalView, Level 2 and OpenView--are ``constrained by significant
competitive forces.'' \16\ If the changes proposed herein are
unattractive to market participants, it is likely that the Exchange
will lose market share as a result. Accordingly, the Exchange does not
believe that the proposed changes will impair the ability of members or
competing order execution venues to maintain their competitive standing
in the financial markets.
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\12\ Sec. Indus. Fin. Mkts. Ass'n (SIFMA), Initial Decision
Release No. 1015, 2016 SEC LEXIS 2278 (ALJ June 1, 2016).
\13\ Id. at 33.
\14\ Id.
\15\ Id.
\16\ Id. at 43.
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Market forces specifically constrain the EDS Enterprise License fee
in three respects. First, the EDS Enterprise License is one element of
the total cost of purchasing depth-of-book data. Firms make purchasing
decisions based on the total cost of interacting with the Exchange and,
if the price of the EDS Enterprise License were set above competitive
levels, competition for order flow would be harmed. Second,
Distributors may elect to purchase EDS through per-subscriber fees in
lieu of an Enterprise License, or may reduce their purchases of Nasdaq
proprietary data. Third, the competition among Distributors for
Subscribers provides another constraint on the cost of the EDS
Enterprise License.
Competition for Order Flow
Depth-of-book data fees are constrained by competition among
exchanges and other entities seeking to attract order flow. Order flow
is the ``life blood'' of the exchanges. Broker-dealers currently have
numerous alternative venues for their order flow, including self-
regulatory organization (``SRO'') markets, as well as internalizing
broker-dealers (``BDs'') and various forms of alternative trading
systems (``ATSs''), including dark pools and electronic communication
networks (``ECNs''). Each SRO market competes to produce transaction
reports via trade executions, and two FINRA-regulated Trade Reporting
Facilities (``TRFs'') compete to attract internalized transaction
reports. The existence of fierce competition for order flow implies a
high degree of price sensitivity on the part of BDs, which may readily
reduce costs by directing orders toward the lowest-cost trading venues.
The level of competition and contestability in the market for order
flow is demonstrated by the numerous examples of entrants that swiftly
grew into some of the largest electronic trading platforms and
proprietary data producers: Archipelago, Bloomberg Tradebook, Island,
RediBook, Attain, TracECN, BATS Trading and BATS/Direct Edge. A
proliferation of dark pools and other ATSs operate profitably with
fragmentary shares of consolidated market volume. For a variety of
reasons, competition from new entrants, especially for order execution,
has increased dramatically over the last decade.
Each SRO, TRF, ATS, and BD that competes for order flow is
permitted to produce proprietary data products. Many currently do or
have announced plans to do so, including NYSE, NYSE Amex, NYSE Arca,
BATS, and IEX. This is because Regulation NMS deregulated the market
for proprietary data. While BDs had previously published their
proprietary data individually, Regulation NMS encourages market data
vendors and BDs to produce proprietary products cooperatively in a
manner never before possible. Order routers and market data vendors can
facilitate production of proprietary data products for single or
multiple BDs. The potential sources of proprietary products are
virtually limitless.
The markets for order flow and proprietary data are inextricably
linked: A trading platform cannot generate market information unless it
receives trade orders. As a result, the competition for order flow
constrains the prices that platforms can charge for proprietary data
products. Firms make decisions on how much and what types of data to
consume based on the total cost of interacting with Nasdaq and other
exchanges. The cost of EDS is one factor in this total platform
analysis. A supracompetitive price for the EDS Enterprise License has
the potential to impair competition for order flow, and the need to
compete effectively for order flow will constrain its price.
Competition for Distributors
An Enterprise License is one among several methods of purchase
available to EDS Distributors. If the price of the EDS Enterprise
License were to become too high, Distributors would use another
purchase option, such as per-subscriber fees.
The total cost of Nasdaq depth-of-book data relative to other
options also functions as an effective constraint. If the total price
of depth-of-book data, including the EDS Enterprise License, were to
become too high, Distributors would be able to purchase similar data
from a competitor such as NYSE or BATS, or curtail their purchases of
other Nasdaq products.
The availability of alternative payment methods to purchase EDS, as
well as the availability of depth-of-book data from other sources, will
act as effective constraints on the price of the EDS Enterprise
License.
Competition for Subscribers
Distributors who purchase the EDS Enterprise License are in
competition for Subscribers. If the price of the Enterprise License
were set above competitive levels, the Distributors that purchase that
license would be at a disadvantage relative to their competitors. As
such, they may lower costs by paying per-subscriber fees, curtailing
their purchases of Nasdaq products, or purchasing depth-of-book data
from one of Nasdaq's competitors. The competition among Distributors
for Subscribers therefore provides another constraint on the cost of
the EDS Enterprise License.
In summary, market forces constrain the price of the EDS Enterprise
License through competition for order flow, the availability of other
methods of delivery for depth-of-book data, and in the competition
among Distributors for Subscribers. For these reasons, the Exchange has
provided a substantial basis demonstrating that the fee is equitable,
fair, reasonable, and not unreasonably discriminatory, and therefore
consistent with and in furtherance of the purposes of the Exchange Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\17\
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\17\ 15 U.S.C. 78s(b)(3)(A)(ii).
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At any time within 60 days of the filing of the proposed rule
change, the

[[Page 10947]]

Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is: (i) Necessary or
appropriate in the public interest; (ii) for the protection of
investors; or (iii) otherwise in furtherance of the purposes of the
Act. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2017-007 on the subject line.

Paper Comments

Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2017-007. 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 such 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-NASDAQ-2017-007, and should
be submitted on or before March 9, 2017.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03105 Filed 2-15-17; 8:45 am]
BILLING CODE 8011-01-P

10944 Federal Register / Vol. 82, No. 31 / Thursday, February 16, 2017 / Notices

Commission and any person, other than for distribution of an Enhanced Display and Level 2, and a monthly per-
those that may be withheld from the Solution from $30,000 to $33,500, as subscriber rate of $6 for OpenView. The
public in accordance with the described further below. monthly per-subscriber fees for
provisions of 5 U.S.C. 552, will be While these amendments are effective Distributors that elect not to purchase
available for Web site viewing and upon filing, the Exchange has an EDS Enterprise License fee are $74
printing in the Commission’s Public designated the proposed amendments to for TotalView and Level 2 and $6 for
Reference Room, 100 F Street NE., be operative on February 1, 2017. OpenView, as provided in Rule
Washington, DC 20549 on official The text of the proposed rule change 7026(a)(1)(B). All Distributors who
business days between the hours of is available on the Exchange’s Web site purchase an EDS, whether or not an
10:00 a.m. and 3:00 p.m. Copies of the at http://nasdaq.cchwallstreet.com, at Enterprise License is purchased, must
filing also will be available for the principal office of the Exchange, and pay the distributor fees set forth in Rule
inspection and copying at the principal at the Commission’s Public Reference 7026(a)(1)(A). The Enterprise License is
office of the Exchange. All comments Room. designed to provide a lower fee to the
received will be posted without change; largest Distributors of depth-of-book
the Commission does not edit personal II. Self-Regulatory Organization’s
data to encourage distribution of such
identifying information from Statement of the Purpose of, and
data.
submissions. You should submit only Statutory Basis for, the Proposed Rule
information that you wish to make Change Proposed Changes
available publicly. All submissions In its filing with the Commission, the The Exchange proposes to raise the
should refer to File Number SR–NYSE– Exchange included statements monthly EDS Enterprise License fee
2017–03 and should be submitted on or concerning the purpose of and basis for from $30,000 to $33,500, and to correct
before March 9, 2017. the proposed rule change and discussed a cross reference to Rule 7023.
For the Commission, by the Division of any comments it received on the
Trading and Markets, pursuant to delegated proposed rule change. The text of these EDS Enterprise License
authority.12 statements may be examined at the The proposed increase in the monthly
Eduardo A. Aleman, places specified in Item IV below. The EDS Enterprise License fee is reasonable
Assistant Secretary. Exchange has prepared summaries, set in light of the value of EDS to
[FR Doc. 2017–03108 Filed 2–15–17; 8:45 am] forth in sections A, B, and C below, of Distributors and Subscribers, which has
BILLING CODE 8011–01–P the most significant aspects of such increased significantly due to
statements. technological advances that have
A. Self-Regulatory Organization’s occurred since EDS was introduced in
SECURITIES AND EXCHANGE Statement of the Purpose of, and January of 2012, particularly for those
COMMISSION Statutory Basis for, the Proposed Rule Distributors with sufficient volume to
[Release No. 34–80015; File No. SR– Change purchase an Enterprise License.
NASDAQ–2017–007] The key feature of EDS—the
1. Purpose
capability of connecting to an API—
Self-Regulatory Organizations; The The purpose of the proposed rule allows the Subscriber to transfer Nasdaq
NASDAQ Stock Market LLC; Notice of change is to raise the monthly data to any number of applications.
Filing and Immediate Effectiveness of Enterprise License fee for distribution of When EDS was first introduced, data
Proposed Rule Change To Amend the an Enhanced Display Solution from was transferred to relatively simple
Exchange’s Data Fees at Rule 7026 $30,000 to $33,500, and to correct a applications, such as spreadsheets.
February 10, 2017. cross reference to Rule 7023. Since 2012, EDS has become more
Pursuant to Section 19(b)(1) of the EDS Enterprise License valuable as the use of the API has
Securities Exchange Act of 1934 moved from spreadsheets to complex
An Enhanced Display Solution analytic tools, enhancing the value of
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
(‘‘EDS’’) provides a display of Nasdaq EDS to both Subscribers and
notice is hereby given that, on January
depth-of-book data—data feeds with Distributors.
30, 2017, The NASDAQ Stock Market
price quotations at more than one price Distributors that purchase EDS
LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed
level, such as TotalView, OpenView and through the Enterprise License are
with the Securities and Exchange
Level 2—with the capability of among the greatest beneficiaries of EDS
Commission (‘‘SEC’’ or ‘‘Commission’’)
connecting to an Application because they have the largest number of
the proposed rule change as described
Programming Interface (‘‘API’’). The API Subscribers. They are also in the best
in Items I, II, and III below, which Items
allows Subscribers to export the depth- position to bear the cost of an increase
have been prepared by the Exchange.
of-book data to a display application of in the price of EDS because of that larger
The Commission is publishing this
their choosing, provided that the subscriber base.
notice to solicit comments on the
Distributor controls access to the
proposed rule change from interested In summary, the price increase is
application, monitors its use, and
persons. justified by the increasing value of EDS
prevents redistribution of the data,
I. Self-Regulatory Organization’s to Distributors that purchase an
either externally or internally.
Statement of the Terms of Substance of Enterprise License.
The Enterprise License fee allows
asabaliauskas on DSK3SPTVN1PROD with NOTICES

the Proposed Rule Change Distributors to purchase an EDS for Technical Correction
The Exchange proposes to amend the professional subscribers at a fixed
monthly per-subscriber rate. The current Nasdaq also proposes to correct a
Exchange’s data fees at Rule 7026 to cross reference to Rule 7023 (Nasdaq
raise the monthly Enterprise License fee fee of $30,000 per month permits the
distribution of Nasdaq depth-of-book Depth-of-Book Data).
12 17 CFR 200.30–3(a)(12). data to an unlimited number of On January 5, 2012, the Exchange
1 15 U.S.C. 78s(b)(1). professional subscribers at a monthly filed with the Commission a proposal to
2 17 CFR 240.19b–4. per-subscriber rate of $70 for TotalView amend Rule 7026 to offer an optional

VerDate Sep<11>2014 19:05 Feb 15, 2017 Jkt 241001 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 E:\FR\FM\16FEN1.SGM 16FEN1

Federal Register / Vol. 82, No. 31 / Thursday, February 16, 2017 / Notices 10947

Commission summarily may available publicly. All submissions disapproved. The 45th day after
temporarily suspend such rule change if should refer to File Number SR– publication of the notice for this
it appears to the Commission that such NASDAQ–2017–007, and should be proposed rule change is February 12,
action is: (i) Necessary or appropriate in submitted on or before March 9, 2017. 2017. The Commission is extending this
the public interest; (ii) for the protection For the Commission, by the Division of 45-day time period.
of investors; or (iii) otherwise in Trading and Markets, pursuant to delegated The Commission finds it appropriate
furtherance of the purposes of the Act. authority.18 to designate a longer period within
If the Commission takes such action, the Eduardo A. Aleman,
Commission shall institute proceedings which to take action on the proposed
Assistant Secretary. rule change so that it has sufficient time
to determine whether the proposed rule
[FR Doc. 2017–03105 Filed 2–15–17; 8:45 am] to consider the proposal. Accordingly,
should be approved or disapproved.
BILLING CODE 8011–01–P the Commission, pursuant to Section
IV. Solicitation of Comments 19(b)(2) of the Act,5 designates March
Interested persons are invited to 29, 2017, as the date by which the
submit written data, views, and SECURITIES AND EXCHANGE Commission shall either approve or
arguments concerning the foregoing, COMMISSION disapprove, or institute proceedings to
including whether the proposed rule [Release No. 34–80022; File No. SR–NYSE– determine whether to disapprove, the
change is consistent with the Act. 2016–72] proposed rule change (File No. SR–
Comments may be submitted by any of NYSE–2016–72).
the following methods: Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of For the Commission, by the Division of
Electronic Comments Designation of a Longer Period for Trading and Markets, pursuant to delegated
• Use the Commission’s Internet Commission Action on Proposed Rule authority.6
comment form (http://www.sec.gov/ Change Amending Its Listing Eduardo A. Aleman,
rules/sro.shtml); or Standards for Special Purpose Assistant Secretary.
• Send an email to rule-comments@ Acquisition Companies [FR Doc. 2017–03111 Filed 2–15–17; 8:45 am]
sec.gov. Please include File Number SR–
February 10, 2017. BILLING CODE 8011–01–P
NASDAQ–2017–007 on the subject line.
On December 8, 2016, the New York
Paper Comments Stock Exchange LLC (‘‘NYSE’’ or
• Send paper comments in triplicate ‘‘Exchange’’) filed with the Securities SECURITIES AND EXCHANGE
to Brent J. Fields, Secretary, Securities and Exchange Commission COMMISSION
and Exchange Commission, 100 F Street (‘‘Commission’’), pursuant to Section
NE., Washington, DC 20549–1090. 19(b)(1) of the Securities Exchange Act [Release No. 34–80018; File No. SR–NSX–
All submissions should refer to File of 1934 (‘‘Act’’) 1 and Rule 19b–4 2017–04]
Number SR–NASDAQ–2017–007. This thereunder,2 a proposed rule change to
file number should be included on the amend its listing standards for Special Self-Regulatory Organizations; NYSE
subject line if email is used. To help the Purpose Acquisition Companies National, Inc., Formerly National Stock
Commission process and review your (‘‘SPAC’’) to: (1) No longer require a Exchange, Inc.; Notice of Filing and
comments more efficiently, please use shareholder vote and to refine existing Immediate Effectiveness of Proposed
only one method. The Commission will procedures to affect business Rule Change Amending Rule 11.1,
post all comments on the Commission’s combination; and (2) adjust the Hours of Trading, Interpretations and
Internet Web site (http://www.sec.gov/ quantitative requirements for initial and Policies .01, To Cease Trading on the
rules/sro.shtml). Copies of the continued listing. The proposed rule Exchange’s System as of February 1,
submission, all subsequent change was published for comment in 2017
amendments, all written statements the Federal Register on December 29,
2016.3 The Commission received no February 10, 2017.
with respect to the proposed rule
change that are filed with the comments on the proposal. Pursuant to Section 19(b)(1) 1 of the
Commission, and all written Section 19(b)(2) of the Act 4 provides Securities Exchange Act of 1934 (the
communications relating to the that within 45 days of the publication of ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
proposed rule change between the notice of the filing of a proposed rule notice is hereby given that on February
Commission and any person, other than change, or within such longer period up 1, 2017, NYSE National, Inc., formerly
those that may be withheld from the to 90 days as the Commission may National Stock Exchange, Inc. (‘‘NYSE
public in accordance with the designate if it finds such longer period National’’ or the ‘‘Exchange’’), filed with
provisions of 5 U.S.C. 552, will be to be appropriate and publishes its the Securities and Exchange
available for Web site viewing and reasons for so finding, or as to which the Commission (‘‘Commission’’) the
printing in the Commission’s Public self-regulatory organization consents, proposed rule change as described in
Reference Room, 100 F Street NE., the Commission shall either approve the Items I and II below, which Items have
Washington, DC 20549 on official proposed rule change, disapprove the been prepared by the self-regulatory
business days between the hours of proposed rule change, or institute organization. The Commission is
10:00 a.m. and 3:00 p.m. Copies of such proceedings to determine whether the
asabaliauskas on DSK3SPTVN1PROD with NOTICES

publishing this notice to solicit
filing also will be available for proposed rule change should be comments on the proposed rule change
inspection and copying at the principal from interested persons.
18 17 CFR 200.30–3(a)(12).
office of the Exchange. All comments
1 15 U.S.C. 78s(b)(1).
received will be posted without change; 2 17 CFR 240.19b–4. 5 Id.
the Commission does not edit personal 3 See Securities Exchange Act Release No. 79676 6 17 CFR 200.30–3(a)(31).
identifying information from (December 22, 2016), 81 FR 96150 (December 29, 1 15 U.S.C. 78s(b)(1).
submissions. You should submit only 2016) (‘‘Notice’’). 2 15 U.S.C. 78a.

information that you wish to make 4 15 U.S.C. 78s(b)(2). 3 17 CFR 240.19b–4.

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Document Created: 2018-02-01 15:02:19
Document Modified: 2018-02-01 15:02:19

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		82 FR 10944