82_FR_1770 82 FR 1766 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, Amending NYSE Arca Equities Rule 7.35 To Provide for Widened Auction Collars for the Core Open Auction on Volatile Trading Days

82 FR 1766 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, Amending NYSE Arca Equities Rule 7.35 To Provide for Widened Auction Collars for the Core Open Auction on Volatile Trading Days

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 4 (January 6, 2017)

Page Range1766-1767
FR Document2016-32037

Federal Register, Volume 82 Issue 4 (Friday, January 6, 2017)
[Federal Register Volume 82, Number 4 (Friday, January 6, 2017)]
[Notices]
[Pages 1766-1767]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-32037]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79714; File No. SR-NYSEArca-2016-136]


Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a 
Proposed Rule Change, as Modified by Amendment No. 1, Amending NYSE 
Arca Equities Rule 7.35 To Provide for Widened Auction Collars for the 
Core Open Auction on Volatile Trading Days

December 30, 2016.

I. Introduction

    On September 28, 2016, NYSE Arca, Inc. (``Exchange'' or ``NYSE 
Arca'') 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 widen Auction Collars for the Core Open Auction 
on volatile trading days. The proposed rule change was published for 
comment in the Federal Register on October 14, 2016.\3\ On November 23, 
2016, the Commission designated a longer period within which to approve 
the proposed rule change, disapprove the proposed rule change, or 
institute proceedings to determine whether to disapprove the proposed 
rule change.\4\ On December 12, 2016, the Exchange filed Amendment No. 
1 to its proposed rule change.\5\ The Commission received no comment 
letters on the proposed rule change. This order approves the proposed 
rule change, as modified by Amendment No. 1.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 79068 (October 7, 
2016), 81 FR 71127 (``Notice'').
    \4\ See Securities Exchange Act Release No. 79388, 81 FR 86368 
(November 30, 2016). The Commission designated January 12, 2017, as 
the date by which it shall approve, disapprove, or institute 
proceedings to determine whether to disapprove the proposed rule 
change.
    \5\ In Amendment No. 1, the Exchange replaced all references in 
the filing to Rule 7.35P with Rule 7.35, as the Exchange recently 
amended its rules to eliminate the ``P'' modifier. See Securities 
Exchange Act Release No. 79078 (October 11, 2016), 81 FR 71559 
(October 17, 2016) (SR-NYSEArca-2016-135). The Exchange also 
corrected a typographical error in the proposed text in Rule 
7.35(a)(10)(A). Finally, the Exchange provided additional details 
regarding its authority under the proposal to widen Auction Collars 
when it determines that it is necessary or appropriate for the 
maintenance of a fair and orderly market, and represented that if it 
were to widen Auction Collars under this authority, it would 
announce by Trader Update such widened collars before the Core Open 
Auction. Because Amendment No. 1 does not materially alter the 
substance of the proposed rule change or raise unique or novel 
regulatory issues, Amendment No. 1 is not subject to notice and 
comment (Amendment No. 1 is available at: https://www.sec.gov/comments/sr-nysearca-2016-136/nysearca2016136-1.pdf).
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II. Description of the Proposed Rule Change

    The Exchange proposes to amend NYSE Arca Equities Rule 7.35 to 
widen Auction Collars \6\ for the Core Open Auction on volatile trading 
days. Currently, Rule 7.35(a)(10)(A) provides that the price collar 
threshold for the Core Open Auction is 10% for securities with an 
Auction Reference Price \7\ of $25.00 or less, 5% for securities with 
an Auction Reference Price greater than $25.00 but less than or equal 
to $50.00, and 3% for securities with an Auction Reference Price 
greater than $50.00.
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    \6\ See NYSE Arca Equities Rule 7.35(a)(10) (defining ``Auction 
Collar'' to mean the price collar thresholds for the Indicative 
Match Price for the Core Open Auction, Trading Halt Auction, or 
Closing Auction).
    \7\ See NYSE Arca Equities Rule 7.35(a)(8)(A) (defining 
``Auction Reference Price'' for the Core Open Auction to mean the 
midpoint of the Auction NBBO or, if the Auction NBBO is locked, the 
locked price, and if there is no Auction NBBO, the prior trading 
day's Official Closing Price).
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    Under the proposal, if as of 9:00 a.m. Eastern Time, the E-mini S&P 
500 Futures are +/- 2% from the prior day's closing price of the E-mini 
S&P 500 Futures, or if the Exchange determines that it is necessary or 
appropriate for the maintenance of a fair and orderly market, the 
Auction Collar for the Core Open Auction would be 10%, regardless of 
the Auction Reference Price. If the Exchange determines to widen 
Auction Collars under the ``fair and orderly'' provision, the Exchange 
would announce by Trader Update the widened collars before the Core 
Open Auction.\8\
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    \8\ See Amendment No. 1, supra note 5.
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III. Discussion and Commission Findings

    The Commission finds that the proposed rule change, as modified by 
Amendment No. 1, is consistent with the requirements of the Act and the 
rules and regulations thereunder applicable to a national securities 
exchange.\9\ In particular, the Commission finds that the proposed rule 
change, as modified by Amendment No. 1, is consistent with Section 
6(b)(5) of the Act,\10\ which requires, among other things, that the 
rules of a national securities exchange be designed to prevent 
fraudulent and manipulative acts and practices, 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.
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    \9\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \10\ 15 U.S.C. 78f(b)(5).
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    The Commission notes that, according to the Exchange, the proposed 
Auction Collars would allow for additional price movement during 
periods of market-wide volatility, and at the same time continue to 
prevent auctions from occurring at prices significantly away from the 
Auction Reference Price.\11\ The Exchange also states its belief that 
widening the Auction Collars could reduce the possibility of securities 
triggering multiple trading pauses under

[[Page 1767]]

the Regulation NMS Plan to Address Extraordinary Market Volatility.\12\
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    \11\ See Notice, supra note 3, at 71127.
    \12\ See id. at 71128.
---------------------------------------------------------------------------

    Moreover, according to the Exchange, the proposal would permit it 
to widen Auction Collars under the ``fair and orderly'' provision when 
the E-Mini S&P 500 Futures are not +/-2% from the prior day's closing 
price as of 9:00 a.m. Eastern Time, but widening the Auction Collars 
would otherwise be warranted.\13\ The Exchange also states that the 
``fair and orderly'' provision would be invoked for unusual 
circumstances.\14\ According to the Exchange, using 2016 as an example, 
if the proposed rule had been in place, the Exchange would have widened 
Auction Collars on only two days (i.e., June 24, 2016, the day after 
the ``Brexit'' vote, and November 9, 2016, the day after the U.S. 
Presidential election).\15\ Of these two days, the Exchange would have 
invoked the ``fair and orderly'' provision only for November 9 because, 
by 9:00 a.m., the futures markets had returned to within 2% of the 
prior day's closing price.\16\ However, because of the overall volume 
of trading and uncertainty in the market that day, the Exchange 
believed it was appropriate to widen the Auction Collars.\17\
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    \13\ See Amendment No. 1, supra note 5.
    \14\ See id.
    \15\ See id. The Exchange filed proposed rule changes to 
temporarily widen Auction Collars for the Core Open Auction on these 
two days. See Securities Exchange Act Release Nos. 78152 (June 24, 
2016), 81 FR 42781 (June 30, 2016) (SR-NYSEArca-2016-90) and 79275 
(November 9, 2016), 81 FR 80703 (November 16, 2016) (SR-NYSEArca-
2016-146).
    \16\ See Amendment No. 1, supra note 5.
    \17\ See id.
---------------------------------------------------------------------------

    Based on the Exchange's representations, the Commission believes 
that the proposed rule change, as modified by Amendment No. 1, would 
help to promote orderly and efficient Core Open Auctions on volatile 
days and would provide transparency on such days regarding the Core 
Open Auction parameters. Based on the foregoing, the Commission finds 
that the proposed rule change, as modified by Amendment No. 1, is 
consistent with Section 6(b)(5) of the Act \18\ and the rules and 
regulations thereunder applicable to a national securities exchange.
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    \18\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Conclusion

    It Is Therefore Ordered, pursuant to Section 19(b)(2) of the 
Act,\19\ that the proposed rule change (SR-NYSEArca-2016-136), as 
modified by Amendment No. 1, be, and hereby is, approved.
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    \19\ 15 U.S.C. 78s(b)(2).
    \20\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2016-32037 Filed 1-5-17; 8:45 am]
 BILLING CODE 8011-01-P



                                                1766                             Federal Register / Vol. 82, No. 4 / Friday, January 6, 2017 / Notices

                                                   Comment deadlines. Comments by                       to Section 19(b)(1) of the Securities                    $25.00 or less, 5% for securities with an
                                                interested persons are due on or before                 Exchange Act of 1934 (‘‘Act’’) 1 and Rule                Auction Reference Price greater than
                                                February 2, 2017. Reply comments are                    19b–4 thereunder,2 a proposed rule                       $25.00 but less than or equal to $50.00,
                                                due on or before February 13, 2017. The                 change to widen Auction Collars for the                  and 3% for securities with an Auction
                                                Commission, upon completion of its                      Core Open Auction on volatile trading                    Reference Price greater than $50.00.
                                                review of the FY 2016 ACR, comments,                    days. The proposed rule change was                         Under the proposal, if as of 9:00 a.m.
                                                and other data and information                          published for comment in the Federal                     Eastern Time, the E-mini S&P 500
                                                submitted in this proceeding, will issue                Register on October 14, 2016.3 On                        Futures are +/¥ 2% from the prior day’s
                                                its ACD.                                                November 23, 2016, the Commission                        closing price of the E-mini S&P 500
                                                   Public Representative. James                         designated a longer period within which                  Futures, or if the Exchange determines
                                                Waclawski is designated to serve as the                 to approve the proposed rule change,                     that it is necessary or appropriate for the
                                                Public Representative to represent the                  disapprove the proposed rule change, or                  maintenance of a fair and orderly
                                                interests of the general public in this                 institute proceedings to determine                       market, the Auction Collar for the Core
                                                proceeding. Neither the Public                          whether to disapprove the proposed                       Open Auction would be 10%, regardless
                                                Representative nor any additional                       rule change.4 On December 12, 2016,                      of the Auction Reference Price. If the
                                                persons assigned to assist him shall                    the Exchange filed Amendment No. 1 to                    Exchange determines to widen Auction
                                                participate in or advise as to any                      its proposed rule change.5 The                           Collars under the ‘‘fair and orderly’’
                                                Commission decision in this proceeding                  Commission received no comment                           provision, the Exchange would
                                                other than in their designated capacity.                letters on the proposed rule change.                     announce by Trader Update the
                                                                                                        This order approves the proposed rule                    widened collars before the Core Open
                                                IV. Ordering Paragraphs                                                                                          Auction.8
                                                                                                        change, as modified by Amendment No.
                                                  It is ordered:                                        1.                                                       III. Discussion and Commission
                                                  1. The Commission establishes Docket                                                                           Findings
                                                No. ACR2016 to consider matters raised                  II. Description of the Proposed Rule
                                                by the United States Postal Service’s FY                Change                                                      The Commission finds that the
                                                2016 Annual Compliance Report.                            The Exchange proposes to amend                         proposed rule change, as modified by
                                                  2. Pursuant to 39 U.S.C. 505, the                     NYSE Arca Equities Rule 7.35 to widen                    Amendment No. 1, is consistent with
                                                Commission appoints James Waclawski                     Auction Collars 6 for the Core Open                      the requirements of the Act and the
                                                as an officer of the Commission (Public                 Auction on volatile trading days.                        rules and regulations thereunder
                                                Representative) in this proceeding to                   Currently, Rule 7.35(a)(10)(A) provides                  applicable to a national securities
                                                represent the interests of the general                  that the price collar threshold for the                  exchange.9 In particular, the
                                                public.                                                 Core Open Auction is 10% for securities                  Commission finds that the proposed
                                                  3. Comments on the United States                      with an Auction Reference Price 7 of                     rule change, as modified by Amendment
                                                Postal Service’s FY 2016 Annual                                                                                  No. 1, is consistent with Section 6(b)(5)
                                                Compliance Report to the Commission                       1 15  U.S.C. 78s(b)(1).                                of the Act,10 which requires, among
                                                are due on or before February 2, 2017.                    2 17  CFR 240.19b–4.                                   other things, that the rules of a national
                                                  4. Reply comments are due on or                          3 See Securities Exchange Act Release No. 79068       securities exchange be designed to
                                                before February 13, 2017.                               (October 7, 2016), 81 FR 71127 (‘‘Notice’’).             prevent fraudulent and manipulative
                                                                                                           4 See Securities Exchange Act Release No. 79388,
                                                  5. The Secretary shall arrange for                                                                             acts and practices, to promote just and
                                                                                                        81 FR 86368 (November 30, 2016). The Commission
                                                publication of this order in the Federal                designated January 12, 2017, as the date by which
                                                                                                                                                                 equitable principles of trade, to foster
                                                Register.                                               it shall approve, disapprove, or institute               cooperation and coordination with
                                                                                                        proceedings to determine whether to disapprove the       persons engaged in facilitating
                                                  By the Commission.                                    proposed rule change.                                    transactions in securities, to remove
                                                Stacy L. Ruble,                                            5 In Amendment No. 1, the Exchange replaced all
                                                                                                                                                                 impediments to and perfect the
                                                Secretary.                                              references in the filing to Rule 7.35P with Rule 7.35,
                                                                                                        as the Exchange recently amended its rules to            mechanism of a free and open market
                                                [FR Doc. 2016–32053 Filed 1–5–17; 8:45 am]              eliminate the ‘‘P’’ modifier. See Securities Exchange    and a national market system, and, in
                                                BILLING CODE 7710–FW–P                                  Act Release No. 79078 (October 11, 2016), 81 FR          general, to protect investors and the
                                                                                                        71559 (October 17, 2016) (SR–NYSEArca–2016–              public interest.
                                                                                                        135). The Exchange also corrected a typographical
                                                                                                        error in the proposed text in Rule 7.35(a)(10)(A).          The Commission notes that, according
                                                SECURITIES AND EXCHANGE                                 Finally, the Exchange provided additional details        to the Exchange, the proposed Auction
                                                COMMISSION                                              regarding its authority under the proposal to widen      Collars would allow for additional price
                                                                                                        Auction Collars when it determines that it is            movement during periods of market-
                                                [Release No. 34–79714; File No. SR–                     necessary or appropriate for the maintenance of a
                                                                                                        fair and orderly market, and represented that if it      wide volatility, and at the same time
                                                NYSEArca–2016–136]
                                                                                                        were to widen Auction Collars under this authority,      continue to prevent auctions from
                                                Self-Regulatory Organizations; NYSE                     it would announce by Trader Update such widened          occurring at prices significantly away
                                                                                                        collars before the Core Open Auction. Because            from the Auction Reference Price.11 The
                                                Arca, Inc.; Order Approving a                           Amendment No. 1 does not materially alter the
                                                Proposed Rule Change, as Modified by                    substance of the proposed rule change or raise           Exchange also states its belief that
                                                Amendment No. 1, Amending NYSE                          unique or novel regulatory issues, Amendment No.         widening the Auction Collars could
                                                Arca Equities Rule 7.35 To Provide for                  1 is not subject to notice and comment                   reduce the possibility of securities
                                                                                                        (Amendment No. 1 is available at: https://               triggering multiple trading pauses under
                                                Widened Auction Collars for the Core                    www.sec.gov/comments/sr-nysearca-2016-136/
                                                Open Auction on Volatile Trading Days                   nysearca2016136-1.pdf).
sradovich on DSK3GMQ082PROD with NOTICES




                                                                                                           6 See NYSE Arca Equities Rule 7.35(a)(10)             price, and if there is no Auction NBBO, the prior
                                                December 30, 2016.                                      (defining ‘‘Auction Collar’’ to mean the price collar    trading day’s Official Closing Price).
                                                                                                                                                                    8 See Amendment No. 1, supra note 5.
                                                                                                        thresholds for the Indicative Match Price for the
                                                I. Introduction                                         Core Open Auction, Trading Halt Auction, or                 9 In approving this proposed rule change, the

                                                                                                        Closing Auction).                                        Commission has considered the proposed rule’s
                                                  On September 28, 2016, NYSE Arca,                        7 See NYSE Arca Equities Rule 7.35(a)(8)(A)           impact on efficiency, competition, and capital
                                                Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed              (defining ‘‘Auction Reference Price’’ for the Core       formation. See 15 U.S.C. 78c(f).
                                                with the Securities and Exchange                        Open Auction to mean the midpoint of the Auction            10 15 U.S.C. 78f(b)(5).

                                                Commission (‘‘Commission’’), pursuant                   NBBO or, if the Auction NBBO is locked, the locked          11 See Notice, supra note 3, at 71127.




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                                                                                 Federal Register / Vol. 82, No. 4 / Friday, January 6, 2017 / Notices                                                       1767

                                                the Regulation NMS Plan to Address                        For the Commission, by the Division of               II. Self-Regulatory Organization’s
                                                Extraordinary Market Volatility.12                      Trading and Markets, pursuant to delegated             Statement of the Purpose of, and
                                                   Moreover, according to the Exchange,                 authority.20                                           Statutory Basis for, the Proposed Rule
                                                the proposal would permit it to widen                   Eduardo A. Aleman,                                     Change
                                                Auction Collars under the ‘‘fair and                    Assistant Secretary.                                      In its filing with the Commission, the
                                                orderly’’ provision when the E-Mini                     [FR Doc. 2016–32037 Filed 1–5–17; 8:45 am]             self-regulatory organization included
                                                S&P 500 Futures are not +/-2% from the
                                                                                                        BILLING CODE 8011–01–P                                 statements concerning the purpose of,
                                                prior day’s closing price as of 9:00 a.m.
                                                                                                                                                               and basis for, the proposed rule change
                                                Eastern Time, but widening the Auction
                                                                                                                                                               and discussed any comments it received
                                                Collars would otherwise be warranted.13
                                                                                                        SECURITIES AND EXCHANGE                                on the proposed rule change. The text
                                                The Exchange also states that the ‘‘fair
                                                                                                        COMMISSION                                             of those statements may be examined at
                                                and orderly’’ provision would be
                                                invoked for unusual circumstances.14                                                                           the places specified in Item IV below.
                                                According to the Exchange, using 2016                   [Release No. 34–79717; File No. SR–                    The Exchange has prepared summaries,
                                                as an example, if the proposed rule had                 NYSEMKT–2016–123]                                      set forth in sections A, B, and C below,
                                                been in place, the Exchange would have                                                                         of the most significant parts of such
                                                widened Auction Collars on only two                     Self-Regulatory Organizations; NYSE                    statements.
                                                days (i.e., June 24, 2016, the day after                MKT LLC; Notice of Filing and                          A. Self-Regulatory Organization’s
                                                the ‘‘Brexit’’ vote, and November 9,                    Immediate Effectiveness of Proposed                    Statement of the Purpose of, and
                                                2016, the day after the U.S. Presidential               Rule Change To Amend the NYSE MKT                      Statutory Basis for, the Proposed Rule
                                                election).15 Of these two days, the                     Equities Price List and the NYSE Amex                  Change
                                                Exchange would have invoked the ‘‘fair                  Options Fee Schedule To Modify the
                                                and orderly’’ provision only for                        Fees Related to Four Bundles of Co-                    1. Purpose
                                                November 9 because, by 9:00 a.m., the                   Location Services in Connection With                      The Exchange proposes to amend the
                                                futures markets had returned to within                  the Exchange’s Co-Location Services                    Exchange’s Price List and Fee Schedule
                                                2% of the prior day’s closing price.16                                                                         to modify the fees related to Partial
                                                However, because of the overall volume                  December 30, 2016.                                     Cabinet Solution bundles in connection
                                                of trading and uncertainty in the market                   Pursuant to Section 19(b)(1) 1 of the               with the Exchange’s co-location
                                                that day, the Exchange believed it was                  Securities Exchange Act of 1934 (the                   services.4 Currently, the Exchange offers
                                                appropriate to widen the Auction                        ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                 Users 5 that purchase a Partial Cabinet
                                                Collars.17                                              notice is hereby given that, on December               Solution bundle on or before December
                                                   Based on the Exchange’s                                                                                     31, 2016 a 50% reduction in the
                                                                                                        19, 2016, NYSE MKT LLC (the
                                                representations, the Commission                                                                                monthly recurring charges (‘‘MRC’’) for
                                                                                                        ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with
                                                believes that the proposed rule change,                                                                        the first 12 months.6 The Exchange now
                                                as modified by Amendment No. 1,                         the Securities and Exchange
                                                                                                                                                               proposes to extend that 50% reduction
                                                would help to promote orderly and                       Commission (the ‘‘Commission’’) the                    until December 31, 2017. The Exchange
                                                efficient Core Open Auctions on volatile                proposed rule change as described in                   proposes to implement the fee changes
                                                days and would provide transparency                     Items I, II, and III below, which Items                effective January 1, 2017.
                                                on such days regarding the Core Open                    have been prepared by the self-                           The Exchange offers the four Partial
                                                Auction parameters. Based on the                        regulatory organization. The                           Cabinet Solution bundles in order to
                                                foregoing, the Commission finds that the                Commission is publishing this notice to                attract smaller Users, including those
                                                proposed rule change, as modified by                    solicit comments on the proposed rule                  with minimal power or cabinet space
                                                Amendment No. 1, is consistent with                     change from interested persons.                        demands or those for which the costs
                                                Section 6(b)(5) of the Act 18 and the                                                                          attendant with having a dedicated
                                                                                                        I. Self-Regulatory Organization’s
                                                rules and regulations thereunder
                                                                                                        Statement of the Terms of the Substance
                                                applicable to a national securities                                                                               4 The Exchange initially filed rule changes
                                                                                                        of the Proposed Rule Change                            relating to its co-location services with the
                                                exchange.
                                                                                                                                                               Securities and Exchange Commission
                                                IV. Conclusion                                             The Exchange proposes to amend the                  (‘‘Commission’’) in 2010. See Securities Exchange
                                                                                                        NYSE MKT Equities Price List (‘‘Price                  Act Release No. 62961 (September 21, 2010), 75 FR
                                                  It Is Therefore Ordered, pursuant to                                                                         59299 (September 27, 2010) (SR–NYSEAmex–2010–
                                                                                                        List’’) and the NYSE Amex Options Fee
                                                Section 19(b)(2) of the Act,19 that the                                                                        80) (the ‘‘Original Co-location Filing’’). The
                                                proposed rule change (SR–NYSEArca–                      Schedule (‘‘Fee Schedule’’) to modify                  Exchange operates a data center in Mahwah, New
                                                2016–136), as modified by Amendment                     the fees related to four bundles of co-                Jersey (the ‘‘data center’’) from which it provides
                                                                                                        location services (‘‘Partial Cabinet                   co-location services to Users.
                                                No. 1, be, and hereby is, approved.                                                                               5 For purposes of the Exchange’s co-location
                                                                                                        Solution bundles’’) in connection with                 services, a ‘‘User’’ means any market participant
                                                  12 See id. at 71128.                                  the Exchange’s co-location services. The               that requests to receive co-location services directly
                                                  13 See Amendment No. 1, supra note 5.                 Exchange proposes to implement the fee                 from the Exchange. See Securities Exchange Act
                                                                                                                                                               Release No. 76009 (September 29, 2015), 80 FR
                                                  14 See id.
                                                                                                        changes effective January 1, 2017. The                 60213 (October 5, 2015) (SR–NYSEMKT–2015–67).
                                                  15 See id. The Exchange filed proposed rule
                                                                                                        proposed change is available on the                    As specified in the Price List and Fee Schedule, a
                                                changes to temporarily widen Auction Collars for
                                                the Core Open Auction on these two days. See            Exchange’s Web site at www.nyse.com,                   User that incurs co-location fees for a particular co-
                                                                                                        at the principal office of the Exchange,               location service pursuant thereto would not be
                                                Securities Exchange Act Release Nos. 78152 (June
                                                                                                                                                               subject to co-location fees for the same co-location
sradovich on DSK3GMQ082PROD with NOTICES




                                                24, 2016), 81 FR 42781 (June 30, 2016) (SR–             and at the Commission’s Public                         service charged by the Exchange’s affiliates New
                                                NYSEArca–2016–90) and 79275 (November 9,
                                                2016), 81 FR 80703 (November 16, 2016) (SR–
                                                                                                        Reference Room.                                        York Stock Exchange LLC (‘‘NYSE LLC’’) and NYSE
                                                                                                                                                               Arca, Inc. (‘‘NYSE Arca’’ and, together with NYSE
                                                NYSEArca–2016–146).
                                                  16 See Amendment No. 1, supra note 5.
                                                                                                                                                               LLC, the ‘‘Affiliate SROs’’). See Securities Exchange
                                                                                                                                                               Act Release No. 70176 (August 13, 2013), 78 FR
                                                  17 See id.
                                                                                                                                                               50471 (August 19, 2013) (SR–NYSEMKT–2013–67).
                                                  18 15 U.S.C. 78f(b)(5).                                 1 15 U.S.C. 78s(b)(1).                                  6 See Securities Exchange Act Release No. 77071
                                                  19 15 U.S.C. 78s(b)(2).                                 2 15 U.S.C. 78a.                                     (Feb. 5, 2016), 81 FR 7382 (Feb. 11, 2016) (SR–
                                                  20 17 CFR 200.30–3(a)(12).                              3 17 CFR 240.19b–4.                                  NYSEMKT–2015–89).



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Document Created: 2017-01-06 01:30:43
Document Modified: 2017-01-06 01:30:43
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 1766 

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