82 FR 11959 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment Nos. 1-4, To Amend the Co-location Services Offered by the Exchange To Add Certain Access and Connectivity Fees

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 37 (February 27, 2017)

Page Range		11959-11959
FR Document		2017-03797

Federal Register, Volume 82 Issue 37 (Monday, February 27, 2017)

[Federal Register Volume 82, Number 37 (Monday, February 27, 2017)]
[Notices]
[Page 11959]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2017-03797]

[[Page 11959]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80077; File No. SR-NYSEMKT-2016-63]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of
Designation of Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change, as
Modified by Amendment Nos. 1-4, To Amend the Co-location Services
Offered by the Exchange To Add Certain Access and Connectivity Fees

February 22, 2017.
On August 16, 2016, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'')
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
(1) provide additional information regarding access to various NYSE
trading and execution services and establish fees for connectivity to
certain NYSE market data feeds; and (2) provide and establish fees for
connectivity to data feeds from third party markets and other content
service providers; access to the trading and execution services of
Third Party markets and other content service providers; connectivity
to Depository Trust & Clearing Corporation services; connectivity to
third party testing and certification feeds; and the use of virtual
control circuits by Users in the Data Center.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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The Commission published the proposed rule change for comment in
the Federal Register on August 26, 2016.\3\ The Commission received no
comments in response to the proposed rule change.\4\ On October 4,
2016, the Commission extended the time period within which to approve
the proposed rule change, disapprove the proposed rule change, or
institute proceedings to determine whether to approve or disapprove the
proposed rule change to November 24, 2016.\5\
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\3\ See Securities Exchange Act Release No. 34-78629 (August 22,
2016), 81 FR 58992 (``Notice'').
\4\ The Commission notes that it did receive one comment letter
on a related filing, NYSE-2016-45 (the ``NYSE Companion Filing''),
which is equally relevant to this filing. See letter to Brent J.
Fields, Secretary, Commission, from John Ramsay, Chief Market Policy
Officer, Investors Exchange LLC (IEX), dated September 9, 2016
(``IEX Letter I'').
On September 23, 2016, the NYSE submitted a response
(``Response Letter I'').
\5\ See Securities Exchange Act Release No. 34-78968 (September
28, 2016), 81 FR 68493.
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On November 2, 2016, the Exchange filed Amendment No. 1 to the
proposed rule change.\6\ On November 29, 2016, the Commission
instituted proceedings to determine whether to approve or disapprove
the proposed rule change, as modified by Amendment No. 1.\7\ Following
the Order Instituting Proceedings, the Commission received several
additional comment letters regarding the proposed rule change.\8\
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\6\ Amendment No. 1 is available on the Commission's Web site at
https://www.sec.gov/comments/sr-nysemkt-2016-63/nysemkt201663-1.pdf.
\7\ See Securities Exchange Act Release 34-79378 (November 22,
2016), 81 FR 86050.
\8\ See letter to Brent J. Fields, Commission, from Melissa
MacGregor, Managing Director and Associate General Counsel, SIFMA,
dated December 12, 2016 (``SIFMA Letter I''); letter to Brent J.
Fields, Commission, from Joe Wald, Chief Executive Officer,
Clearpool Group, dated December 16, 2016 (``Clearpool Letter'');
letter to Brent J. Fields, Secretary, Commission, from John Ramsay,
Chief Market Policy Officer, Investors Exchange LLC (IEX), dated
December 21, 2016 (``IEX Letter II''); letter to Brent J. Fields,
Commission, from Melissa MacGregor, Managing Director and Associate
General Counsel, SIFMA, dated February 6, 2017 (``SIFMA Letter
II''). All comments received by the Commission on the proposed rule
change are available on the Commission's Web site at: https://www.sec.gov/comments/sr-nysemkt-2016-63/nysemkt201663.shtml.
The Commission notes that it did receive additional comment
letters on the NYSE Companion Filing which are equally relevant to
this filing. See letter to Brent J. Fields, Commission, from Adam C.
Cooper, Senior Managing Director and Chief Legal Officer, Citadel
Securities, dated December 12, 2016 (``Citadel Letter''); letter to
Brent J. Fields, Commission, from David L. Cavicke, Chief Legal
Officer, Wolverine LLC (``Wolverine Letter''); letter to Bent J.
Fields, Secretary, Commission, from Stefano Durdic, Managing
Director, R2G Services, LLC, dated January 21, 2017 (``R2G
Letter''). All comments received by the Commission on the NYSE
Companion Filing are available on the Commission's Web site at:
https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645.shtml.
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On December 9, 2016, the Exchange filed Amendment No. 2 to the
proposed rule change and on December 13, 2016 also filed Amendment No.
3 to the proposed rule change.\9\ Amendment Nos. 2 and 3, which,
together supersede and replace the proposed rule change, as modified by
Amendment No. 1, in its entirety, were published for comment in the
Federal Register on December 29, 2016.\10\ On January 17, 2017, the
Exchange responded to the comment letters submitted after the OIP and
prior to January 17, 2017.\11\ On February 7, 2017, the Exchange filed
Amendment No. 4 to the proposed rule change.\12\ On February 13, 2017,
the Exchange responded to a comment letter submitted after January 17,
2017.\13\
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\9\ The Commission notes that the Exhibit 5 filed with Amendment
No. 2 contained erroneous rule text and therefore was corrected in
Amendment No. 3. Amendment Nos. 2 and 3 are available at https://www.sec.gov/comments/sr-nysemkt-2016-63/nysemkt201663.shtml.
\10\ See Securities Exchange Act Release No. 34-79672 (December
22, 2016), 81 FR 96080 (``Notice of Current Proposal'').
\11\ See NYSE Response Letter II (``Response Letter II''),
available at https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-1502013-130586.pdf. The R2G and SIFMA II Letters, supra
note 8, were submitted after the Response Letter II. The Commission
notes that in footnote 4 of Response Letter II the Exchange notes
that its response to commenters on the NYSE Companion Filing applies
equally to this filing.
\12\ Amendment No. 4, as filed by the Exchange, is available at
https://www.sec.gov/comments/sr-nysemkt-2016-63/nysemkt201663-1570727-131699.pdf.
\13\ See NYSE Response Letter III (``Response Letter III''),
available at https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-1580192-131885.pdf.
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Section 19(b)(2) of the Act \14\ provides that, after initiating
proceedings, the Commission shall issue an order approving or
disapproving the proposed rule change not later than 180 days after the
date of publication of notice of the filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The
proposed rule change was published for notice and comment in the
Federal Register on August 26, 2016.\15\ February 22, 2017 is 180 days
from that date, and April 23, 2017 is an additional 60 days from that
date.
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\14\ 15 U.S.C. 78s(b)(2).
\15\ See supra note 3.
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The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change, as modified by Amendment Nos. 1-4, the issues raised in
the comment letters that have been submitted in connection therewith,
and the Exchange's response to the comments.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\16\ designates April 23, 2017 as the date by which the Commission
should either approve or disapprove the proposed rule change, as
modified by Amendments Nos. 1-4.
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\16\ 15 U.S.C. 78s(b)(2).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03797 Filed 2-24-17; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 37 / Monday, February 27, 2017 / Notices 11959

SECURITIES AND EXCHANGE On November 2, 2016, the Exchange 2017, the Exchange filed Amendment
COMMISSION filed Amendment No. 1 to the proposed No. 4 to the proposed rule change.12 On
rule change.6 On November 29, 2016, February 13, 2017, the Exchange
[Release No. 34–80077; File No. SR– the Commission instituted proceedings responded to a comment letter
NYSEMKT–2016–63] to determine whether to approve or submitted after January 17, 2017.13
disapprove the proposed rule change, as Section 19(b)(2) of the Act 14 provides
Self-Regulatory Organizations; NYSE modified by Amendment No. 1.7
MKT LLC; Notice of Designation of that, after initiating proceedings, the
Following the Order Instituting Commission shall issue an order
Longer Period for Commission Action Proceedings, the Commission received
on Proceedings To Determine Whether approving or disapproving the proposed
several additional comment letters rule change not later than 180 days after
To Approve or Disapprove a Proposed regarding the proposed rule change.8
Rule Change, as Modified by the date of publication of notice of the
On December 9, 2016, the Exchange filing of the proposed rule change. The
Amendment Nos. 1–4, To Amend the filed Amendment No. 2 to the proposed
Co-location Services Offered by the Commission may extend the period for
rule change and on December 13, 2016 issuing an order approving or
Exchange To Add Certain Access and also filed Amendment No. 3 to the
Connectivity Fees disapproving the proposed rule change,
proposed rule change.9 Amendment however, by not more than 60 days if
February 22, 2017.
Nos. 2 and 3, which, together supersede the Commission determines that a
and replace the proposed rule change, longer period is appropriate and
On August 16, 2016, NYSE MKT LLC
as modified by Amendment No. 1, in its publishes the reasons for such
(the ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed
entirety, were published for comment in determination. The proposed rule
with the Securities and Exchange
the Federal Register on December 29, change was published for notice and
Commission (‘‘Commission’’), pursuant
2016.10 On January 17, 2017, the comment in the Federal Register on
to Section 19(b)(1) of the Securities
Exchange responded to the comment August 26, 2016.15 February 22, 2017 is
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
letters submitted after the OIP and prior 180 days from that date, and April 23,
19b–4 thereunder,2 a proposed rule
to January 17, 2017.11 On February 7, 2017 is an additional 60 days from that
change to (1) provide additional
information regarding access to various 6 Amendment No. 1 is available on the
date.
NYSE trading and execution services Commission’s Web site at https://www.sec.gov/ The Commission finds it appropriate
and establish fees for connectivity to comments/sr-nysemkt-2016-63/nysemkt201663- to designate a longer period within
certain NYSE market data feeds; and (2) 1.pdf.
7 See Securities Exchange Act Release 34–79378
which to issue an order approving or
provide and establish fees for disapproving the proposed rule change
(November 22, 2016), 81 FR 86050.
connectivity to data feeds from third 8 See letter to Brent J. Fields, Commission, from so that it has sufficient time to consider
party markets and other content service Melissa MacGregor, Managing Director and the proposed rule change, as modified
providers; access to the trading and Associate General Counsel, SIFMA, dated December by Amendment Nos. 1–4, the issues
execution services of Third Party 12, 2016 (‘‘SIFMA Letter I’’); letter to Brent J. Fields,
Commission, from Joe Wald, Chief Executive
raised in the comment letters that have
markets and other content service Officer, Clearpool Group, dated December 16, 2016 been submitted in connection therewith,
providers; connectivity to Depository (‘‘Clearpool Letter’’); letter to Brent J. Fields, and the Exchange’s response to the
Trust & Clearing Corporation services; Secretary, Commission, from John Ramsay, Chief comments.
connectivity to third party testing and Market Policy Officer, Investors Exchange LLC
certification feeds; and the use of virtual (IEX), dated December 21, 2016 (‘‘IEX Letter II’’); Accordingly, the Commission,
letter to Brent J. Fields, Commission, from Melissa pursuant to Section 19(b)(2) of the
control circuits by Users in the Data MacGregor, Managing Director and Associate
Center. General Counsel, SIFMA, dated February 6, 2017
Act,16 designates April 23, 2017 as the
The Commission published the (‘‘SIFMA Letter II’’). All comments received by the date by which the Commission should
proposed rule change for comment in Commission on the proposed rule change are either approve or disapprove the
available on the Commission’s Web site at: https:// proposed rule change, as modified by
the Federal Register on August 26, www.sec.gov/comments/sr-nysemkt-2016-63/
2016.3 The Commission received no nysemkt201663.shtml.
Amendments Nos. 1–4.
comments in response to the proposed The Commission notes that it did receive For the Commission, by the Division of
rule change.4 On October 4, 2016, the additional comment letters on the NYSE Trading and Markets, pursuant to delegated
Companion Filing which are equally relevant to this authority.17
Commission extended the time period filing. See letter to Brent J. Fields, Commission,
within which to approve the proposed from Adam C. Cooper, Senior Managing Director Eduardo A. Aleman,
rule change, disapprove the proposed and Chief Legal Officer, Citadel Securities, dated Assistant Secretary.
rule change, or institute proceedings to December 12, 2016 (‘‘Citadel Letter’’); letter to Brent
J. Fields, Commission, from David L. Cavicke, Chief [FR Doc. 2017–03797 Filed 2–24–17; 8:45 am]
determine whether to approve or Legal Officer, Wolverine LLC (‘‘Wolverine Letter’’); BILLING CODE 8011–01–P
disapprove the proposed rule change to letter to Bent J. Fields, Secretary, Commission, from
November 24, 2016.5 Stefano Durdic, Managing Director, R2G Services,
R2G and SIFMA II Letters, supra note 8, were
LLC, dated January 21, 2017 (‘‘R2G Letter’’). All
comments received by the Commission on the submitted after the Response Letter II. The
1 15 U.S.C. 78s(b)(1). NYSE Companion Filing are available on the Commission notes that in footnote 4 of Response
2 17 CFR 240.19b–4. Commission’s Web site at: https://www.sec.gov/ Letter II the Exchange notes that its response to
3 See Securities Exchange Act Release No. 34– comments/sr-nyse-2016-45/nyse201645.shtml. commenters on the NYSE Companion Filing applies
78629 (August 22, 2016), 81 FR 58992 (‘‘Notice’’). 9 The Commission notes that the Exhibit 5 filed equally to this filing.
12 Amendment No. 4, as filed by the Exchange, is
4 The Commission notes that it did receive one with Amendment No. 2 contained erroneous rule
comment letter on a related filing, NYSE–2016–45 text and therefore was corrected in Amendment No. available at https://www.sec.gov/comments/sr-
mstockstill on DSK3G9T082PROD with NOTICES

(the ‘‘NYSE Companion Filing’’), which is equally 3. Amendment Nos. 2 and 3 are available at https:// nysemkt-2016-63/nysemkt201663-1570727-
relevant to this filing. See letter to Brent J. Fields, www.sec.gov/comments/sr-nysemkt-2016-63/ 131699.pdf.
13 See NYSE Response Letter III (‘‘Response Letter
Secretary, Commission, from John Ramsay, Chief nysemkt201663.shtml.
Market Policy Officer, Investors Exchange LLC 10 See Securities Exchange Act Release No. 34– III’’), available at https://www.sec.gov/comments/sr-
(IEX), dated September 9, 2016 (‘‘IEX Letter I’’). 79672 (December 22, 2016), 81 FR 96080 (‘‘Notice nyse-2016-45/nyse201645-1580192-131885.pdf.
14 15 U.S.C. 78s(b)(2).
On September 23, 2016, the NYSE submitted a of Current Proposal’’).
15 See supra note 3.
response (‘‘Response Letter I’’). 11 See NYSE Response Letter II (‘‘Response Letter
5 See Securities Exchange Act Release No. 34– 16 15 U.S.C. 78s(b)(2).
II’’), available at https://www.sec.gov/comments/sr-
78968 (September 28, 2016), 81 FR 68493. nyse-2016-45/nyse201645-1502013-130586.pdf. The 17 17 CFR 200.30–3(a)(57).

VerDate Sep<11>2014 20:23 Feb 24, 2017 Jkt 241001 PO 00000 Frm 00069 Fmt 4703 Sfmt 9990 E:\FR\FM\27FEN1.SGM 27FEN1

Document Created: 2017-02-25 01:05:37
Document Modified: 2017-02-25 01:05:37

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 11959