82_FR_26660 82 FR 26552 - Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove the Ten (10) Price Level Limitation on Aggregated Depth of Book Quotations Disseminated on the IEX Data Platform, and To Add Rule 11.330(a)(5) To Offer Historical Data

82 FR 26552 - Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove the Ten (10) Price Level Limitation on Aggregated Depth of Book Quotations Disseminated on the IEX Data Platform, and To Add Rule 11.330(a)(5) To Offer Historical Data

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 108 (June 7, 2017)

Page Range26552-26554
FR Document2017-11754

Federal Register, Volume 82 Issue 108 (Wednesday, June 7, 2017)
[Federal Register Volume 82, Number 108 (Wednesday, June 7, 2017)]
[Notices]
[Pages 26552-26554]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-11754]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80845; File No. SR-IEX-2017-19]


Self-Regulatory Organizations; Investors Exchange LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Remove 
the Ten (10) Price Level Limitation on Aggregated Depth of Book 
Quotations Disseminated on the IEX Data Platform, and To Add Rule 
11.330(a)(5) To Offer Historical Data

June 1, 2017.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on May 23, 2017, the Investors Exchange LLC (``IEX'' or the 
``Exchange'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 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

    Pursuant to the provisions of Section 19(b)(1) under the Securities 
Exchange Act of 1934 (``Act''), and Rule 19b-4 thereunder, Investors 
Exchange LLC (``IEX'' or the ``Exchange'') is filing with the 
Securities and Exchange Commission (``Commission'') a proposed rule 
change to amend Rule 11.330(a)(2) to remove the ten (10) price level 
limitation on aggregated depth of book quotations for all displayed 
orders resting on the Order Book disseminated on the IEX Data Platform; 
and to add Rule 11.330(a)(5) to offer Historical Data (``HIST''), an 
additional data product that offers historical data. The Exchange has 
designated this proposal as non-controversial and provided the 
Commission with the notice required by Rule 19b-4(f)(6)(iii) under the 
Act.
    The text of the proposed rule change is available at the Exchange's 
Web site at www.iextrading.com, at the principal office of the 
Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of and basis for the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of these statements may be examined at 
the places specified in Item IV below. The self-regulatory organization 
has prepared summaries, set forth in Sections A, B, and C below, of the 
most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Rule 11.330(a)(2) to remove the ten 
(10) price level limitation on aggregated depth of book quotations for 
all displayed orders resting on the Order Book disseminated on the IEX 
Data Platform; and to add Rule 11.330(a)(5) to offer Historical Data 
(``HIST''), an additional data product that offers historical data. 
Currently, Rule 11.330(a)(2) states that the IEX Data Platform is a 
data feed, available through the Exchange's public Web site, that 
offers aggregated top of book quotations for all displayed orders 
resting on the Order Book, aggregated depth of book quotations for all 
displayed orders resting on the Order Book for up to ten (10) price 
levels, and execution information (i.e., last sale information) for 
executions on the Exchange. The Exchange believes that market 
participants that make use of the IEX Data Platform would benefit from 
receiving all aggregated depth of book quotations for all orders 
resting on the Order Book at every price level, in the same manner that 
such information is disseminated over IEX DEEP.\4\ Accordingly, the 
Exchange proposes to amend Rule 11.330(a)(2) to offer aggregated depth 
of book quotations on the IEX Data Platform for all displayed orders 
resting on the Order Book at each price level, rather than providing 
only ten (10) price levels. The IEX Data Platform will continue to 
offer aggregated top of book quotations for all displayed orders 
resting on the Order Book, and execution information (i.e., last sale 
information) for executions on the Exchange. Furthermore, the IEX Data 
Platform will continue to be provided free of charge. In addition, 
after informal discussions with market participants and other users, 
the Exchange has determined that there is demand for historical market 
data related to quotations and transaction information on the Exchange. 
Accordingly, the Exchange is proposing to offer HIST, a data product 
that offers historical data for download from the Exchange's public Web 
site. HIST will include the same substantive data that is provided in 
real time via TOPS and DEEP on a T+1 basis via the Exchange's public 
Web site, free of charge.
---------------------------------------------------------------------------

    \4\ See IEX Rule 11.330(a)(3), describing IEX DEEP.
---------------------------------------------------------------------------

    As is the case currently with respect to TOPS, DEEP and the IEX 
Data Platform, the aggregated best bid and offer (``BBO'') and last 
sale information disseminated through the proposed IEX Data Platform 
will be reported under the Consolidated Tape Association (``CTA'') Plan 
or the Nasdaq/UTP Plan. The Exchange will release such information to 
the IEX Data Platform in compliance with Rule 603(a) of Regulation NMS, 
which requires that exchanges distribute market data on terms that are 
``fair and reasonable'' and ``not unreasonably discriminatory,'' and 
prohibits an exchange from releasing data relating to quotes and trades 
to its customers through proprietary feeds before it sends its quotes 
and trade reports for inclusion in the consolidated feeds.\5\
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    \5\ See Regulation NMS, 70 FR 37,496, 37,567 (June 29, 2005) 
(adopting release); see also Concept Release, 75 FR at 3601 (January 
21, 2010).
---------------------------------------------------------------------------

    The Exchange plans to implement the proposed changes on May 15, 
2017, which is the scheduled launch date of IEX DEEP, and the IEX Data 
Platform.\6\
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    \6\ See IEX Trading Alert #2017-011, April 19, 2017 (https://www.iextrading.com/trading/alerts/2017/011/). The Commission notes 
that the Exchange originally filed the proposed rule change on May 
12, 2017 (SR-IEX-2017-17) but withdrew that filing and replaced it 
with the current filing on May 23, 2017.
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2. Statutory Basis
    IEX believes that the proposed rule change is consistent with the 
provisions

[[Page 26553]]

of Section 6 of the Act \7\ in general, and with Section 6(b)(5) of the 
Act,\8\ in particular. The IEX Data Platform as well as HIST will be 
provided consistent with the purposes of Section 6(b)(5) of the Act.\9\ 
Moreover, the proposed rule change is not designed to permit unfair 
discrimination among customers, issuers, and brokers; and is designed 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system and, 
in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4), (5).
    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The proposed rule change is designed to promote just and equitable 
principles of trade and remove impediments to and perfect the mechanism 
of a free and open market and a national market system by providing 
quotation and transaction information to market participants via the 
IEX Data Platform, available via the Exchange's public Web site, 
thereby promoting broad price discovery and market efficiency. 
Furthermore, HIST will provide market participants, academics, and 
other users, the ability to analyze and make use of the Exchange's 
historical quotations and transaction information, thereby promoting 
transparency and accessibility to Exchange data products for a variety 
of purposes. For instance, data recipients that wish to back-test 
certain trading strategies can use HIST for such a purpose. As another 
example, data recipients that provide market information through public 
Web sites or develop dynamic stock tickers, portfolio trackers, price/
time graphs and other visual systems can also use HIST for such 
purposes. The Exchange notes that similar historical data products are 
offered by other market centers.\10\ The Exchange also believes this 
proposal is consistent with Section 6(b)(5) of the Act because it is 
designed to protect investors and the public interest and promote just 
and equitable principles of trade by providing greater transparency 
regarding displayed orders in the IEX System on a historical basis 
through HIST and in real-time through the IEX Data Platform. Further, 
the proposal would not permit unfair discrimination because the 
information will be available to all market participants and market 
data vendors on an equivalent basis, and without charge.
---------------------------------------------------------------------------

    \10\ See e.g., Bats Rule 11.22(h); NASDAQ Rule 7022; see also 
www.nyxdata.com for information regarding NYSE OpenBook History and 
ArcaBook FTP, historical data products offered by the NYSE and NYSE 
Arca, respectively.
---------------------------------------------------------------------------

    The Exchange also believes that the proposed rule change is 
consistent with Section 11(A) of the Act \11\ in that it supports (1) 
fair competition among brokers and dealers, among exchange markets, and 
between exchange markets and markets other than exchange markets and 
(2) the availability to brokers, dealers, and investors of information 
with respect to quotations for and transactions in securities. 
Furthermore, the proposed rule change is consistent with Rule 603 of 
Regulation NMS,\12\ which provides that any national securities 
exchange which distributes information with respect to quotations for 
or transactions in an NMS stock do so on terms that are fair and 
reasonable and not unreasonably discriminatory. Moreover, as noted 
above, the Exchange will provide the IEX Data Platform as well as HIST 
to Members and other recipients of Exchange data on terms that are fair 
and reasonable and not unreasonably discriminatory in that both HIST 
and the IEX Data Platform will be provided free of charge. Furthermore, 
HIST and the IEX Data Platform would be accessible on a voluntary 
basis, in that market data distributors are not required by any rule or 
regulation to make this data available. Accordingly, distributors and 
subscribers can discontinue their use at any time and for any reason.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78k-1.
    \12\ See 17 CFR 242.603.
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    IEX does not believe that the proposed rule change will result in 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange is not proposing 
to charge a fee for HIST or the IEX Data Platform, and will make them 
both available to market participants on a fair and impartial basis, 
and on terms that are not unreasonably discriminatory. In addition, the 
Exchange believes that providing both historical TOPS and DEEP data 
through HIST, as well as aggregated depth of book quotations for each 
price level on the IEX Data Platform, as described above, is designed 
to remove impediments to and perfect the mechanism of a free and open 
market and a national market system by providing investors with 
alternative market data, as well as to compete with other exchanges 
that offer similar market data products, such as those currently 
offered by the New York Stock Exchange, Inc. (``NYSE''), the Nasdaq 
Stock Market LLC (``Nasdaq''), and BZX Exchange, Inc. (``Bats'').\13\
---------------------------------------------------------------------------

    \13\ See, e.g., Nasdaq Rule 7023(a)(1)(C), which describes the 
Nasdaq TotalView as a depth-of-book data feed that includes all 
orders and quotes from all Nasdaq members displayed in the Nasdaq 
Market Center as well as the aggregate size of such orders and 
quotes at each price level in the execution functionality of the 
Nasdaq Market Center; See also NYSE OpenBook Aggregated, available 
at http://www.nyxdata.com/nysedata/Default.aspx?tabid=1421, which 
provides a real-time view of the NYSE limit order book including the 
aggregated size at each price level; See Bats Rule 11.22(a) and 
11.22(c), which describe the Bats TCP Depth and Multicast Depth 
feeds as an uncompressed data feed that offers depth of book 
quotations and execution information based on equity orders entered 
into the System. As noted above, see also Bats Rule 11.22(h); NASDAQ 
Rule 7022; see also www.nyxdata.com for information regarding NYSE 
OpenBook History and ArcaBook FTP, historical data products offered 
by the NYSE and NYSE Arca, respectively.
---------------------------------------------------------------------------

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

    Written comments were neither solicited nor received.

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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \14\ and 
subparagraph (f)(6) Rule 19b-4 thereunder.\15\
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally 
does not become operative for 30 days after the date of filing. 
However, Rule 19b-4(f)(6)(iii) \17\ permits the Commission to designate 
a shorter time if such action is consistent with the protection of 
investors and the public interest. The Exchange requests that the 
Commission waive the 30-day operative delay period after which a 
proposed rule change under Rule 19b-4(f)(6) becomes effective. The 
Exchange states that the proposed rule change will provide market 
participants and other users

[[Page 26554]]

greater transparency regarding displayed orders in the IEX System 
through HIST and the IEX Data Platform thereby promoting broad price 
discovery and market efficiency, and will not remove or eliminate any 
data that is currently available to market participants, consistent 
with the protection of investors and the public interest. The 
Commission believes that waiver of the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because it will provide to investors, without undue delay, public 
access to, and thus greater transparency regarding, displayed orders, 
including historical data, free of charge. Therefore, the Commission 
hereby waives the 30-day operative delay and designates the proposed 
rule change operative upon filing.\18\
---------------------------------------------------------------------------

    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6)(iii).
    \18\ For purposes only of waiving the 30-day operative delay, 
the Commission also has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission will institute proceedings to 
determine whether the proposed rule change 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 [email protected]. Please include 
File Number SR-IEX-2017-19 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-IEX-2017-19. This file 
number should be included in 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 the filing will also be available 
for inspection and copying at the IEX's principal office and on its 
Internet Web site at www.iextrading.com. All comments received will be 
posted without change; the Commission does not edit personal 
identifying information from submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-IEX-2017-19 and should be submitted on 
or before June 28, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-11754 Filed 6-6-17; 8:45 am]
BILLING CODE 8011-01-P



                                                26552                          Federal Register / Vol. 82, No. 108 / Wednesday, June 7, 2017 / Notices

                                                inspection and copying at the principal                 book quotations for all displayed orders               disseminated over IEX DEEP.4
                                                office of the Exchange. All comments                    resting on the Order Book disseminated                 Accordingly, the Exchange proposes to
                                                received will be posted without change;                 on the IEX Data Platform; and to add                   amend Rule 11.330(a)(2) to offer
                                                the Commission does not edit personal                   Rule 11.330(a)(5) to offer Historical Data             aggregated depth of book quotations on
                                                identifying information from                            (‘‘HIST’’), an additional data product                 the IEX Data Platform for all displayed
                                                submissions. You should submit only                     that offers historical data. The Exchange              orders resting on the Order Book at each
                                                information that you wish to make                       has designated this proposal as non-                   price level, rather than providing only
                                                available publicly. All submissions                     controversial and provided the                         ten (10) price levels. The IEX Data
                                                should refer to File Number SR–                         Commission with the notice required by                 Platform will continue to offer
                                                BatsEDGA–2017–14, and should be                         Rule 19b–4(f)(6)(iii) under the Act.                   aggregated top of book quotations for all
                                                submitted on or before June 28, 2017.                                                                          displayed orders resting on the Order
                                                                                                           The text of the proposed rule change
                                                  For the Commission, by the Division of                is available at the Exchange’s Web site                Book, and execution information (i.e.,
                                                Trading and Markets, pursuant to delegated              at www.iextrading.com, at the principal                last sale information) for executions on
                                                authority.21
                                                                                                        office of the Exchange, and at the                     the Exchange. Furthermore, the IEX
                                                Eduardo A. Aleman,
                                                                                                        Commission’s Public Reference Room.                    Data Platform will continue to be
                                                Assistant Secretary.                                                                                           provided free of charge. In addition,
                                                [FR Doc. 2017–11746 Filed 6–6–17; 8:45 am]              II. Self-Regulatory Organization’s                     after informal discussions with market
                                                BILLING CODE 8011–01–P                                  Statement of the Purpose of, and the                   participants and other users, the
                                                                                                        Statutory Basis for, the Proposed Rule                 Exchange has determined that there is
                                                                                                        Change                                                 demand for historical market data
                                                SECURITIES AND EXCHANGE                                                                                        related to quotations and transaction
                                                COMMISSION                                                In its filing with the Commission, the               information on the Exchange.
                                                                                                        self-regulatory organization included                  Accordingly, the Exchange is proposing
                                                [Release No. 34–80845; File No. SR–IEX–                 statements concerning the purpose of
                                                2017–19]
                                                                                                                                                               to offer HIST, a data product that offers
                                                                                                        and basis for the proposed rule change                 historical data for download from the
                                                Self-Regulatory Organizations;                          and discussed any comments it received                 Exchange’s public Web site. HIST will
                                                Investors Exchange LLC; Notice of                       on the proposed rule change. The text                  include the same substantive data that
                                                Filing and Immediate Effectiveness of                   of these statements may be examined at                 is provided in real time via TOPS and
                                                Proposed Rule Change To Remove the                      the places specified in Item IV below.                 DEEP on a T+1 basis via the Exchange’s
                                                Ten (10) Price Level Limitation on                      The self-regulatory organization has                   public Web site, free of charge.
                                                Aggregated Depth of Book Quotations                     prepared summaries, set forth in                          As is the case currently with respect
                                                Disseminated on the IEX Data                            Sections A, B, and C below, of the most                to TOPS, DEEP and the IEX Data
                                                Platform, and To Add Rule 11.330(a)(5)                  significant aspects of such statements.                Platform, the aggregated best bid and
                                                To Offer Historical Data                                                                                       offer (‘‘BBO’’) and last sale information
                                                                                                        A. Self-Regulatory Organization’s
                                                                                                                                                               disseminated through the proposed IEX
                                                June 1, 2017.                                           Statement of the Purpose of, and the
                                                                                                                                                               Data Platform will be reported under the
                                                   Pursuant to Section 19(b)(1) 1 of the                Statutory Basis for, the Proposed Rule
                                                                                                                                                               Consolidated Tape Association (‘‘CTA’’)
                                                Securities Exchange Act of 1934 (the                    Change
                                                                                                                                                               Plan or the Nasdaq/UTP Plan. The
                                                ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                  1. Purpose                                             Exchange will release such information
                                                notice is hereby given that, on May 23,                                                                        to the IEX Data Platform in compliance
                                                2017, the Investors Exchange LLC                          The Exchange proposes to amend                       with Rule 603(a) of Regulation NMS,
                                                (‘‘IEX’’ or the ‘‘Exchange’’) filed with the            Rule 11.330(a)(2) to remove the ten (10)               which requires that exchanges distribute
                                                Securities and Exchange Commission                      price level limitation on aggregated                   market data on terms that are ‘‘fair and
                                                (the ‘‘Commission’’) the proposed rule                  depth of book quotations for all                       reasonable’’ and ‘‘not unreasonably
                                                change as described in Items I and II                   displayed orders resting on the Order                  discriminatory,’’ and prohibits an
                                                below, which Items have been prepared                   Book disseminated on the IEX Data                      exchange from releasing data relating to
                                                by the self-regulatory organization. The                Platform; and to add Rule 11.330(a)(5) to              quotes and trades to its customers
                                                Commission is publishing this notice to                 offer Historical Data (‘‘HIST’’), an                   through proprietary feeds before it sends
                                                solicit comments on the proposed rule                   additional data product that offers                    its quotes and trade reports for inclusion
                                                change from interested persons.                         historical data. Currently, Rule                       in the consolidated feeds.5
                                                I. Self-Regulatory Organization’s                       11.330(a)(2) states that the IEX Data                     The Exchange plans to implement the
                                                Statement of the Terms of Substance of                  Platform is a data feed, available                     proposed changes on May 15, 2017,
                                                the Proposed Rule Change                                through the Exchange’s public Web site,                which is the scheduled launch date of
                                                                                                        that offers aggregated top of book                     IEX DEEP, and the IEX Data Platform.6
                                                   Pursuant to the provisions of Section                quotations for all displayed orders
                                                19(b)(1) under the Securities Exchange                  resting on the Order Book, aggregated                  2. Statutory Basis
                                                Act of 1934 (‘‘Act’’), and Rule 19b–4                   depth of book quotations for all                         IEX believes that the proposed rule
                                                thereunder, Investors Exchange LLC                      displayed orders resting on the Order                  change is consistent with the provisions
                                                (‘‘IEX’’ or the ‘‘Exchange’’) is filing with            Book for up to ten (10) price levels, and
                                                the Securities and Exchange                             execution information (i.e., last sale                   4 See  IEX Rule 11.330(a)(3), describing IEX DEEP.
                                                Commission (‘‘Commission’’) a                           information) for executions on the                       5 See  Regulation NMS, 70 FR 37,496, 37,567 (June
sradovich on DSK3GMQ082PROD with NOTICES




                                                proposed rule change to amend Rule                      Exchange. The Exchange believes that                   29, 2005) (adopting release); see also Concept
                                                11.330(a)(2) to remove the ten (10) price               market participants that make use of the
                                                                                                                                                               Release, 75 FR at 3601 (January 21, 2010).
                                                                                                                                                                 6 See IEX Trading Alert #2017–011, April 19,
                                                level limitation on aggregated depth of                 IEX Data Platform would benefit from                   2017 (https://www.iextrading.com/trading/alerts/
                                                  21 17
                                                                                                        receiving all aggregated depth of book                 2017/011/). The Commission notes that the
                                                        CFR 200.30–3(a)(12).                                                                                   Exchange originally filed the proposed rule change
                                                  1 15 U.S.C. 78s(b)(1).
                                                                                                        quotations for all orders resting on the
                                                                                                                                                               on May 12, 2017 (SR–IEX–2017–17) but withdrew
                                                  2 15 U.S.C. 78a.                                      Order Book at every price level, in the                that filing and replaced it with the current filing on
                                                  3 17 CFR 240.19b–4.                                   same manner that such information is                   May 23, 2017.



                                           VerDate Sep<11>2014   16:37 Jun 06, 2017   Jkt 241001   PO 00000   Frm 00130   Fmt 4703   Sfmt 4703   E:\FR\FM\07JNN1.SGM     07JNN1


                                                                              Federal Register / Vol. 82, No. 108 / Wednesday, June 7, 2017 / Notices                                                       26553

                                                of Section 6 of the Act 7 in general, and               market data vendors on an equivalent                   Nasdaq Stock Market LLC (‘‘Nasdaq’’),
                                                with Section 6(b)(5) of the Act,8 in                    basis, and without charge.                             and BZX Exchange, Inc. (‘‘Bats’’).13
                                                particular. The IEX Data Platform as                       The Exchange also believes that the
                                                                                                        proposed rule change is consistent with                C. Self-Regulatory Organization’s
                                                well as HIST will be provided
                                                                                                        Section 11(A) of the Act 11 in that it                 Statement on Comments on the
                                                consistent with the purposes of Section
                                                                                                        supports (1) fair competition among                    Proposed Rule Change Received From
                                                6(b)(5) of the Act.9 Moreover, the
                                                                                                        brokers and dealers, among exchange                    Members, Participants, or Others
                                                proposed rule change is not designed to
                                                permit unfair discrimination among                      markets, and between exchange markets                    Written comments were neither
                                                customers, issuers, and brokers; and is                 and markets other than exchange                        solicited nor received.
                                                designed to promote just and equitable                  markets and (2) the availability to                    III. Date of Effectiveness of the
                                                principles of trade, to foster cooperation              brokers, dealers, and investors of                     Proposed Rule Change and Timing for
                                                and coordination with persons engaged                   information with respect to quotations                 Commission Action
                                                in facilitating transactions in securities,             for and transactions in securities.
                                                to remove impediments to and perfect                    Furthermore, the proposed rule change                     Because the foregoing proposed rule
                                                the mechanism of a free and open                        is consistent with Rule 603 of                         change does not: (i) Significantly affect
                                                market and a national market system                     Regulation NMS,12 which provides that                  the protection of investors or the public
                                                and, in general, to protect investors and               any national securities exchange which                 interest; (ii) impose any significant
                                                the public interest.                                    distributes information with respect to                burden on competition; and (iii) become
                                                   The proposed rule change is designed                 quotations for or transactions in an NMS               operative for 30 days from the date on
                                                to promote just and equitable principles                stock do so on terms that are fair and                 which it was filed, or such shorter time
                                                of trade and remove impediments to and                  reasonable and not unreasonably                        as the Commission may designate, it has
                                                perfect the mechanism of a free and                     discriminatory. Moreover, as noted                     become effective pursuant to Section
                                                open market and a national market                       above, the Exchange will provide the                   19(b)(3)(A)(iii) of the Act 14 and
                                                system by providing quotation and                       IEX Data Platform as well as HIST to                   subparagraph (f)(6) Rule 19b–4
                                                transaction information to market                       Members and other recipients of                        thereunder.15
                                                participants via the IEX Data Platform,                 Exchange data on terms that are fair and                  A proposed rule change filed under
                                                available via the Exchange’s public Web                 reasonable and not unreasonably                        Rule 19b–4(f)(6) 16 normally does not
                                                site, thereby promoting broad price                     discriminatory in that both HIST and                   become operative for 30 days after the
                                                discovery and market efficiency.                        the IEX Data Platform will be provided                 date of filing. However, Rule 19b–
                                                Furthermore, HIST will provide market                   free of charge. Furthermore, HIST and                  4(f)(6)(iii) 17 permits the Commission to
                                                participants, academics, and other                      the IEX Data Platform would be                         designate a shorter time if such action
                                                users, the ability to analyze and make                  accessible on a voluntary basis, in that               is consistent with the protection of
                                                use of the Exchange’s historical                        market data distributors are not required              investors and the public interest. The
                                                quotations and transaction information,                 by any rule or regulation to make this                 Exchange requests that the Commission
                                                thereby promoting transparency and                      data available. Accordingly, distributors              waive the 30-day operative delay period
                                                accessibility to Exchange data products                 and subscribers can discontinue their                  after which a proposed rule change
                                                for a variety of purposes. For instance,                use at any time and for any reason.                    under Rule 19b–4(f)(6) becomes
                                                data recipients that wish to back-test                                                                         effective. The Exchange states that the
                                                                                                        B. Self-Regulatory Organization’s                      proposed rule change will provide
                                                certain trading strategies can use HIST
                                                                                                        Statement on Burden on Competition                     market participants and other users
                                                for such a purpose. As another example,
                                                data recipients that provide market                        IEX does not believe that the
                                                information through public Web sites or                 proposed rule change will result in any                   13 See, e.g., Nasdaq Rule 7023(a)(1)(C), which

                                                develop dynamic stock tickers, portfolio                burden on competition that is not                      describes the Nasdaq TotalView as a depth-of-book
                                                                                                                                                               data feed that includes all orders and quotes from
                                                trackers, price/time graphs and other                   necessary or appropriate in furtherance                all Nasdaq members displayed in the Nasdaq
                                                visual systems can also use HIST for                    of the purposes of the Act. The                        Market Center as well as the aggregate size of such
                                                such purposes. The Exchange notes that                  Exchange is not proposing to charge a                  orders and quotes at each price level in the
                                                similar historical data products are                    fee for HIST or the IEX Data Platform,                 execution functionality of the Nasdaq Market
                                                                                                                                                               Center; See also NYSE OpenBook Aggregated,
                                                offered by other market centers.10 The                  and will make them both available to                   available at http://www.nyxdata.com/nysedata/
                                                Exchange also believes this proposal is                 market participants on a fair and                      Default.aspx?tabid=1421, which provides a real-
                                                consistent with Section 6(b)(5) of the                  impartial basis, and on terms that are                 time view of the NYSE limit order book including
                                                Act because it is designed to protect                   not unreasonably discriminatory. In                    the aggregated size at each price level; See Bats Rule
                                                                                                                                                               11.22(a) and 11.22(c), which describe the Bats TCP
                                                investors and the public interest and                   addition, the Exchange believes that                   Depth and Multicast Depth feeds as an
                                                promote just and equitable principles of                providing both historical TOPS and                     uncompressed data feed that offers depth of book
                                                trade by providing greater transparency                 DEEP data through HIST, as well as                     quotations and execution information based on
                                                regarding displayed orders in the IEX                   aggregated depth of book quotations for                equity orders entered into the System. As noted
                                                                                                                                                               above, see also Bats Rule 11.22(h); NASDAQ Rule
                                                System on a historical basis through                    each price level on the IEX Data                       7022; see also www.nyxdata.com for information
                                                HIST and in real-time through the IEX                   Platform, as described above, is                       regarding NYSE OpenBook History and ArcaBook
                                                Data Platform. Further, the proposal                    designed to remove impediments to and                  FTP, historical data products offered by the NYSE
                                                would not permit unfair discrimination                  perfect the mechanism of a free and                    and NYSE Arca, respectively.
                                                                                                                                                                  14 15 U.S.C. 78s(b)(3)(A).
                                                because the information will be                         open market and a national market
                                                                                                                                                                  15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                                available to all market participants and                system by providing investors with                     4(f)(6)(iii) requires the Exchange to give the
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                                                                                                        alternative market data, as well as to                 Commission written notice of the Exchange’s intent
                                                  7 15 U.S.C. 78f(b).                                   compete with other exchanges that offer                to file the proposed rule change, along with a brief
                                                  8 15 U.S.C. 78f(b)(4), (5).                                                                                  description and text of the proposed rule change,
                                                                                                        similar market data products, such as
                                                  9 15 U.S.C. 78f(b)(5).                                                                                       at least five business days prior to the date of filing
                                                                                                        those currently offered by the New York                of the proposed rule change, or such shorter time
                                                  10 See e.g., Bats Rule 11.22(h); NASDAQ Rule

                                                7022; see also www.nyxdata.com for information
                                                                                                        Stock Exchange, Inc. (‘‘NYSE’’), the                   as designated by the Commission. The Exchange
                                                regarding NYSE OpenBook History and ArcaBook                                                                   has satisfied this requirement.
                                                                                                          11 15   U.S.C. 78k–1.                                   16 17 CFR 240.19b–4(f)(6).
                                                FTP, historical data products offered by the NYSE
                                                and NYSE Arca, respectively.                              12 See   17 CFR 242.603.                                17 17 CFR 240.19b–4(f)(6)(iii).




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                                                26554                         Federal Register / Vol. 82, No. 108 / Wednesday, June 7, 2017 / Notices

                                                greater transparency regarding                          comments more efficiently, please use                   companies to co-invest in portfolio
                                                displayed orders in the IEX System                      only one method. The Commission will                    companies with each other and with
                                                through HIST and the IEX Data Platform                  post all comments on the Commission’s                   affiliated investment funds.
                                                thereby promoting broad price                           Internet Web site (http://www.sec.gov/                  APPLICANTS: Partners Group Private
                                                discovery and market efficiency, and                    rules/sro.shtml). Copies of the                         Equity (Master Fund), LLC (the
                                                will not remove or eliminate any data                   submission, all subsequent                              ‘‘Fund’’); Partners Group Private Income
                                                that is currently available to market                   amendments, all written statements                      Opportunities, LLC (‘‘Partners Group
                                                participants, consistent with the                       with respect to the proposed rule                       Private Income Opportunities’’);
                                                protection of investors and the public                  change that are filed with the                          Partners Group (USA) Inc. (‘‘Partners
                                                interest. The Commission believes that                  Commission, and all written                             Group’’); Partners Group AG (‘‘Partners
                                                waiver of the 30-day operative delay is                 communications relating to the                          Group AG’’); Partners Group (UK)
                                                consistent with the protection of                       proposed rule change between the                        Limited (‘‘Partners Group UK’’);
                                                investors and the public interest                       Commission and any person, other than                   Partners Group (Luxembourg) S.A.
                                                because it will provide to investors,                   those that may be withheld from the                     (‘‘Partners Group Lux’’); Partners Group
                                                without undue delay, public access to,                  public in accordance with the                           (Guernsey) Limited (‘‘Partners Group
                                                and thus greater transparency regarding,                provisions of 5 U.S.C. 552, will be                     Guernsey’’); Partners Group Cayman
                                                displayed orders, including historical                  available for Web site viewing and                      Management I Limited (‘‘PGCM I’’);
                                                data, free of charge. Therefore, the                    printing in the Commission’s Public                     Partners Group Cayman Management III
                                                Commission hereby waives the 30-day                     Reference Room, 100 F Street NE.,                       Limited (‘‘PGCM III’’); Partners Group
                                                operative delay and designates the                      Washington, DC 20549 on official                        Management Limited (‘‘PGML’’);
                                                proposed rule change operative upon                     business days between the hours of                      Partners Group Management I S.à r.l.
                                                filing.18                                               10:00 a.m. and 3:00 p.m. Copies of the                  (‘‘PGMS I’’); Partners Group
                                                   At any time within 60 days of the                    filing will also be available for                       Management II Limited (‘‘PGML II’’);
                                                filing of the proposed rule change, the                 inspection and copying at the IEX’s                     Partners Group Management III S.à r.l.
                                                Commission summarily may                                principal office and on its Internet Web                (‘‘PGMS III’’); Partners Group
                                                temporarily suspend such rule change if                 site at www.iextrading.com. All                         Management IX Limited (‘‘PGML IX’’);
                                                it appears to the Commission that such                  comments received will be posted                        Partners Group Management V Limited
                                                action is necessary or appropriate in the               without change; the Commission does                     (‘‘PGML V’’); Partners Group
                                                public interest, for the protection of                  not edit personal identifying
                                                investors, or otherwise in furtherance of                                                                       Management VII Limited (‘‘PGML VII’’);
                                                                                                        information from submissions. You                       Partners Group Management VIII
                                                the purposes of the Act. If the                         should submit only information that
                                                Commission takes such action, the                                                                               Limited (‘‘PGML VIII’’); Partners Group
                                                                                                        you wish to make available publicly. All                Management XI Limited (‘‘PGML XI’’);
                                                Commission will institute proceedings                   submissions should refer to File
                                                to determine whether the proposed rule                                                                          Partners Group Management XIII
                                                                                                        Number SR–IEX–2017–19 and should                        Limited (‘‘PGML XIII’’); Princess
                                                change should be approved or                            be submitted on or before June 28, 2017.
                                                disapproved.                                                                                                    Management Limited (‘‘Princess’’ and
                                                                                                          For the Commission, by the Division of                collectively with Partners Group
                                                IV. Solicitation of Comments                            Trading and Markets, pursuant to delegated              Guernsey, Partners Group UK, PGCM I,
                                                  Interested persons are invited to                     authority.19                                            PGCM III, PGML, PGMS I, PGML II,
                                                submit written data, views and                          Eduardo A. Aleman,                                      PGMS III, PGML IX, PGML V, PGML
                                                arguments concerning the foregoing,                     Assistant Secretary.                                    VII, PGML VIII, PGML XI and PGML
                                                including whether the proposed rule                     [FR Doc. 2017–11754 Filed 6–6–17; 8:45 am]              XIII, the ‘‘General Partner Advisers’’);
                                                change is consistent with the Act.                      BILLING CODE 8011–01–P
                                                                                                                                                                and Partners Group (Italy) Global Value
                                                Comments may be submitted by any of                                                                             2014; Partners Group Direct Equity 2016
                                                the following methods:                                                                                          (EUR) G, L.P. Inc.; Partners Group Direct
                                                                                                        SECURITIES AND EXCHANGE                                 Equity 2016 (EUR) S.C.A., SICAV–SIF;
                                                Electronic Comments                                     COMMISSION                                              Partners Group Direct Equity 2016
                                                  • Use the Commission’s Internet                                                                               (EUR), L.P. Inc.; Partners Group Direct
                                                                                                        [Investment Company Release Act No.
                                                comment form (http://www.sec.gov/                                                                               Equity 2016 (USD) A, L.P.; Partners
                                                                                                        32667; 812–14193–01]
                                                rules/sro.shtml); or                                                                                            Group Direct Equity 2016 (USD) C, L.P.;
                                                  • Send an email to rule-comments@                     Partners Group (USA) Inc., et al.                       Partners Group Direct Equity 2016
                                                sec.gov. Please include File Number SR–                                                                         (USD) C–G, L.P.; Partners Group Direct
                                                IEX–2017–19 on the subject line.                        DATE: June 1, 2017.                                     Equity 2016 (USD) C–I, L.P.; Partners
                                                Paper Comments                                          AGENCY: Securities and
                                                                                                                            Exchange                            Group Direct Infrastructure 2015 (EUR)
                                                                                                        Commission (‘‘Commission’’).                            S.C.A., SICAV–SIF; Partners Group
                                                  • Send paper comments in triplicate                                                                           Direct Infrastructure 2015 (USD), L.P.
                                                                                                        ACTION: Notice.
                                                to Brent J. Fields, Secretary, Securities                                                                       Inc.; Partners Group Direct
                                                and Exchange Commission, 100 F Street                     Notice of application for an order                    Infrastructure 2016 (USD) A, L.P.;
                                                NE., Washington, DC 20549–1090.                         under section 17(d) of the Investment                   Partners Group Emerging Markets 2015,
                                                All submissions should refer to File                    Company Act of 1940 (the ‘‘Act’’) and                   L.P. Inc.; Partners Group Generations
                                                Number SR–IEX–2017–19. This file                        rule 17d–1 under the Act to permit                      Fund I; Partners Group Global Growth
                                                number should be included in the                        certain joint transactions otherwise                    2014, L.P. Inc.; Partners Group Global
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                                                subject line if email is used. To help the              prohibited by section 17(d) of the Act                  Infrastructure 2012, L.P. Inc.; Partners
                                                Commission process and review your                      and rule 17d–1 under the Act.                           Group Global Infrastructure 2015 (EUR)
                                                                                                        SUMMARY OF APPLICATION: Applicants                      S.C.A., SICAV–SIF; Partners Group
                                                   18 For purposes only of waiving the 30-day
                                                                                                        request an order to permit certain                      Global Infrastructure 2015 (EUR), L.P.
                                                operative delay, the Commission also has
                                                considered the proposed rule’s impact on                closed-end management investment                        Inc.; Partners Group Global
                                                efficiency, competition, and capital formation. See                                                             Infrastructure SICAV; Partners Group
                                                15 U.S.C. 78c(f).                                         19 17   CFR 200.30–3(a)(12).                          Global Multi-Asset Fund; Partners


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Document Created: 2017-06-07 02:00:51
Document Modified: 2017-06-07 02:00:51
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 26552 

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