82 FR 29602 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of a Proposed Rule Change To Amend FINRA Rule 7730 To Make Available a New TRACE Security Activity Report
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 124 (June 29, 2017)
Federal Register Volume 82, Issue 124 (June 29, 2017)
| Page Range | 29602-29604 | |
| FR Document | 2017-13582 |
[Federal Register Volume 82, Number 124 (Thursday, June 29, 2017)] [Notices] [Pages 29602-29604] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-13582] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81007; File No. SR-FINRA-2017-021] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of a Proposed Rule Change To Amend FINRA Rule 7730 To Make Available a New TRACE Security Activity Report June 23, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on June 19, 2017, Financial Industry Regulatory Authority, Inc. (``FINRA'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by FINRA. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend FINRA Rule 7730 to make available a new TRACE Security Activity Report. The text of the proposed rule change is available on FINRA's Web site at http://www.finra.org, at the principal office of FINRA and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, FINRA 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. FINRA has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Rule 7730 (Trade Reporting and Compliance Engine (TRACE)), among other things, sets forth the TRACE data products offered by FINRA in connection with TRACE-Eligible Securities.\3\ FINRA is proposing to amend Rule 7730 to make available a new TRACE Security Activity Report, which would provide aggregated statistics by security for TRACE- Eligible Securities that are corporate or agency bonds (collectively ``CA Bonds'').\4\ --------------------------------------------------------------------------- \3\ Rule 6710 (Definitions) provides that a ``TRACE-Eligible Security'' is a debt security that is United States (``U.S.'') dollar-denominated and issued by a U.S. or foreign private issuer, and, if a ``restricted security'' as defined in Securities Act Rule 144(a)(3), sold pursuant to Securities Act Rule 144A; or is a debt security that is U.S. dollar-denominated and issued or guaranteed by an Agency as defined in paragraph (k) or a Government-Sponsored Enterprise as defined in paragraph (n); or a U.S. Treasury Security as defined in paragraph (p). ``TRACE-Eligible Security'' does not include a debt security that is issued by a foreign sovereign or a Money Market Instrument as defined in paragraph (o). \4\ FINRA intends to establish a fee for the TRACE Security Activity Report prior to the effective date of the instant proposed rule change. The fee will be established pursuant to a separate rule filing. --------------------------------------------------------------------------- The proposed TRACE Security Activity Report would contain basic descriptive security elements for each CA Bond (such as the issuer's name and the security's coupon and maturity date). In addition, the proposed report would provide subscribers with transaction totals, a measure of market concentration to indicate the extent to which activity in the security is concentrated within a few market participant identifiers (MPIDs),\5\ and more detailed aggregate par value volume information in a particular CA Bond than would be available in Real-Time TRACE transaction data. Today, the actual par value traded is available in the short-term only for transactions with sizes up to the applicable dissemination cap.\6\ Transactions with sizes over the capped amount become available only after 18 months as part of the Historic TRACE Data product. --------------------------------------------------------------------------- \5\ One member may use multiple MPIDs. \6\ Due to transaction confidentiality concerns, FINRA has applied ``dissemination caps'' for purposes of dissemination. Specifically, for transactions in investment grade corporate bonds and in agency bonds over a 5 million dollar par value, TRACE disseminates the size as ``5MM+.'' For transactions in non- investment grade corporate bonds over a 1 million dollar par value, TRACE disseminates the size as ``1MM+.'' --------------------------------------------------------------------------- The proposed TRACE Security Activity Report would provide insight into the level of activity in CA Bonds during a given month. Specifically, in addition to overall aggregate par value volume, the proposed TRACE Security Activity Report would provide information on the par value volume of customer buys, the par value volume of customer sells and the par value volume of inter-dealer transactions. The proposed TRACE Security Activity Report would reflect par value volume information using either capped amounts or actual par value volume, as follows. For uncapped transactions, the proposed TRACE Security Activity Report would reflect the actual trade size of each transaction (i.e., the transaction size disseminated in Real-Time TRACE transaction data). If there are six or more capped transactions disseminated during the calendar month, the aggregate par value volume would reflect the actual trade size of each transaction, as well as the par value traded that falls within specified size categories (e.g., the aggregate par value traded for transactions with a size greater than the dissemination cap up to $10 million and the aggregate par value traded for transactions with a size greater than $10 million).\7\ --------------------------------------------------------------------------- \7\ If the SEC approves this proposal, the size categories will be announced in the Regulatory Notice announcing the effective date of the new TRACE Security Activity Report. The size category thresholds will be based on a multiple of the dissemination cap, e.g., up to or over $10 million, which would be two times the investment grade dissemination cap. The number of size categories also may be adjusted (e.g., up to $10 million; over $10 million up to $20 million; over $20 million) based on FINRA's experience with the data product. --------------------------------------------------------------------------- However, if there are fewer than six disseminated capped transactions during the calendar month, the TRACE Security Activity Report would reflect the capped volumes disseminated in Real-Time TRACE transaction data. Accordingly, the report would only reflect the actual par value traded (i.e., the amount reported by the member to TRACE) where there have been at least [[Page 29603]] six capped transactions during the calendar month. As a measure to further address possible confidentiality concerns, FINRA proposes that the TRACE Security Activity Report be provided on a 90-day delay. The proposed TRACE Security Activity Report also would provide the total number of transactions disseminated for each CA Bond as well as the number of customer buy transactions, the number of customer sell transactions and the number of inter-dealer transactions. In addition, the proposed TRACE Security Activity Report would provide incremental ranges (e.g., fewer than or equal to 5, between 6 and 10, etc.) for the number of transactions with a par value volume within specified size categories (e.g., the number of trades with a size greater than the dissemination cap up to $10 million, and the number of trades with a size of $10 million or greater). The proposed TRACE Security Activity Report also would provide information regarding the number of unique reporting MPIDs and statistics for the aggregate activity of the five most active MPIDs in each CA Bond. Specifically, the proposed TRACE Security Activity Report would provide the number of unique reporting MPIDs for disseminated uncapped and capped transactions. The number of unique reporting MPIDs would be provided by displaying the actual number of unique MPIDs where there are six or more unique MPIDs, or ``1 to 5,'' as applicable, where there are five or fewer reporting MPIDs. For capped transactions, the number of unique reporting MPIDs would be provided by displaying the actual number of unique MPIDs where there are six or more unique MPIDs, or ``0'' or ``1 to 5,'' as applicable, where there are five or fewer reporting MPIDs. The market participants that engaged in the transactions will not be identified in the proposed TRACE Security Activity Report. The TRACE Security Activity Report also would provide the percentage of the total number of transactions traded by the top five MPIDs for each CUSIP and the percentage of total par value traded by the top five MPIDs for each CUSIP. The percentage of the total number of transactions and total par value traded for the top 5 MPIDs will be provided irrespective of the number of capped transactions (e.g., where there is only one MPID, the number of unique MPIDs will be displayed as ``1 to 5'' and both the number of transactions and par value percentages will be displayed as 100%). FINRA believes that the proposed TRACE Security Activity Report may be useful to interested parties for business as well as regulatory purposes. For example, members may use the information provided in the TRACE Security Activity Report to better ascertain their relative level of trading activity in particular CA Bonds. Interested parties also may use the information in the proposed report in connection with regulatory obligations--e.g., in assessing, classifying and reviewing the liquidity risk of individual securities pursuant to Rule 22e-4 under the Investment Company Act.\8\ --------------------------------------------------------------------------- \8\ See SEC Press Release 2016-215 (October 13, 2016) (SEC Adopts Rules to Modernize Information Reported by Funds, Require Liquidity Risk Management Programs, and Permit Swing Pricing). See also 17 CFR 270.22e-4. --------------------------------------------------------------------------- If the Commission approves the proposed rule change, FINRA will announce the effective date of the proposed rule change in a Regulatory Notice. The effective date will be no later than 365 days following SEC approval. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,\9\ which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78o-3(b)(6). --------------------------------------------------------------------------- Pursuant to the proposal, FINRA would make available to subscribers an optional data product to provide aggregated statistics by security for CA Bonds. FINRA believes that the TRACE Security Activity Report could benefit market participants and others interested in corporate and agency bond transaction data, including information on actual transaction volume that currently would not be ascertainable for 18 months after the date of the transaction (as part of the Historic TRACE Data product). FINRA believes that the measures proposed to mitigate any potential confidentiality concerns--e.g., aggregate volume would reflect actual volume only where there were six or more total disseminated capped transactions during the calendar month--strikes an appropriate balance in providing additional transparency on the overall trading activity in a particular CA Bond, while remaining sensitive to confidentiality concerns. Thus, FINRA believes that the proposed rule change is in the public interest and consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition FINRA does not believe that the proposed rule change would result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Economic Impact Analysis FINRA's existing Real-Time TRACE data product provides transaction data for the following Data Sets: Corporate Bond Data, Agency Data Set, SP Data Set, and Rule 144A Data Set. As detailed above, FINRA is proposing to create a TRACE Security Activity Report to provide additional aggregated statistics by security for CA Bonds, as an alternative or in addition to the transaction data contained in the Real-Time TRACE product. The TRACE Security Activity Report would be available on an optional basis to subscribers. The proposed rule change would expand the benefits of FINRA's TRACE initiatives by providing additional transparency on CA Bonds, as the product would provide subscribers with more detailed volume information on the overall trading activity in a particular CA Bond. The proposal to create a new TRACE Security Activity Report would not impose any additional reporting requirements or costs on firms, and the purchase of TRACE data products would continue to be optional for market participants and others and, as a result, would have no direct impact on firms. However, FINRA also considered the potential for indirect costs regarding possible information leakage due to the inclusion of the number of unique reporting MPIDs. FINRA believes that information contained in the TRACE Security Activity Report alone is not sufficient to discover the true identity of other MPIDs by market participants, where the only information used in the analysis is the information to be contained in this product. However, there may exist other publicly available datasets that can be used in conjunction with the proposed TRACE Security Activity Report.\10\ FINRA acknowledges [[Page 29604]] the potential for reverse engineering of the information contained in the TRACE Security Activity Report, in particular for bonds that are traded by a few market participants in a given month, to determine the true identities of other market participants, and FINRA has taken a number of measures, such as displaying information in buckets as discussed above, to reduce this risk and mitigate any potential impacts. --------------------------------------------------------------------------- \10\ One such dataset is sold by the National Association of Insurance Commissioners (NAIC) and contains detailed information about insurance company bond transactions, including the CUSIP of the bond traded along with identities of insurance companies and the dealers with whom each trade is completed, the date of the transaction, the amount traded and the price of the transaction. See Maureen O'Hara, Yihui Wang, and Xing (Alex) Zhou, The Execution Quality of Corporate Bonds (June 1, 2016), http://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2680480. --------------------------------------------------------------------------- The proposed TRACE Security Activity Report would include a ``top 5'' snapshot for each CA Bond showing the percentage of the total number of transactions that is represented by the activity of the top five MPIDs, and the percentage of the total par value traded by the top five MPIDs. To the extent that market participants extract non-reported information from this report about concentration and competition in a specific bond, they may alter their demand, supply and pricing accordingly. Customers may potentially find it easier or harder to trade some bonds, and may see a change in the costs of trading, including search costs. Such changes may eventually express themselves as an indirect impact on the liquidity of these bonds. 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 Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove such proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-FINRA-2017-021 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-FINRA-2017-021. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of FINRA. 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-FINRA-2017-021 and should be submitted on or before July 20, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-13582 Filed 6-28-17; 8:45 am] BILLING CODE 8011-01-P
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Reference Room, 100 F Street NE., office of FINRA and at the Time TRACE transaction data. Today,
Washington, DC 20549, on official Commission’s Public Reference Room. the actual par value traded is available
business days between the hours of in the short-term only for transactions
II. Self-Regulatory Organization’s
10:00 a.m. and 3:00 p.m. Copies of such with sizes up to the applicable
Statement of the Purpose of, and
filing also will be available for Statutory Basis for, the Proposed Rule dissemination cap.6 Transactions with
inspection and copying at the principal Change sizes over the capped amount become
office of OCC and on OCC’s Web site at available only after 18 months as part of
http://www.theocc.com/components/ In its filing with the Commission, the Historic TRACE Data product.
docs/legal/rules_and_bylaws/sr_occ_17_ FINRA included statements concerning The proposed TRACE Security
015.pdf. the purpose of and basis for the Activity Report would provide insight
All comments received will be posted proposed rule change and discussed any into the level of activity in CA Bonds
without change; the Commission does comments it received on the proposed during a given month. Specifically, in
not edit personal identifying rule change. The text of these statements addition to overall aggregate par value
information from submissions. You may be examined at the places specified volume, the proposed TRACE Security
should submit only information that in Item IV below. FINRA has prepared Activity Report would provide
you wish to make available publicly. summaries, set forth in sections A, B, information on the par value volume of
All submissions should refer to File and C below, of the most significant customer buys, the par value volume of
Number SR–OCC–2017–015 and should aspects of such statements. customer sells and the par value volume
be submitted on or before July 20,2017. A. Self-Regulatory Organization’s of inter-dealer transactions. The
For the Commission, by the Division of Statement of the Purpose of, and proposed TRACE Security Activity
Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule Report would reflect par value volume
authority.30 Change information using either capped
Eduardo A. Aleman, amounts or actual par value volume, as
Assistant Secretary.
1. Purpose follows. For uncapped transactions, the
[FR Doc. 2017–13583 Filed 6–28–17; 8:45 am] Rule 7730 (Trade Reporting and proposed TRACE Security Activity
BILLING CODE 8011–01–P Compliance Engine (TRACE)), among Report would reflect the actual trade
other things, sets forth the TRACE data size of each transaction (i.e., the
products offered by FINRA in transaction size disseminated in Real-
SECURITIES AND EXCHANGE connection with TRACE-Eligible Time TRACE transaction data). If there
COMMISSION Securities.3 FINRA is proposing to are six or more capped transactions
amend Rule 7730 to make available a disseminated during the calendar
[Release No. 34–81007; File No. SR–FINRA–
2017–021]
new TRACE Security Activity Report, month, the aggregate par value volume
which would provide aggregated would reflect the actual trade size of
Self-Regulatory Organizations; statistics by security for TRACE-Eligible each transaction, as well as the par
Financial Industry Regulatory Securities that are corporate or agency value traded that falls within specified
Authority, Inc.; Notice of Filing of a bonds (collectively ‘‘CA Bonds’’).4 size categories (e.g., the aggregate par
Proposed Rule Change To Amend The proposed TRACE Security value traded for transactions with a size
FINRA Rule 7730 To Make Available a Activity Report would contain basic greater than the dissemination cap up to
New TRACE Security Activity Report descriptive security elements for each $10 million and the aggregate par value
CA Bond (such as the issuer’s name and traded for transactions with a size
June 23, 2017. the security’s coupon and maturity greater than $10 million).7
Pursuant to Section 19(b)(1) of the date). In addition, the proposed report However, if there are fewer than six
Securities Exchange Act of 1934 would provide subscribers with disseminated capped transactions
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 transaction totals, a measure of market during the calendar month, the TRACE
notice is hereby given that on June 19, concentration to indicate the extent to Security Activity Report would reflect
2017, Financial Industry Regulatory which activity in the security is the capped volumes disseminated in
Authority, Inc. (‘‘FINRA’’) filed with the concentrated within a few market Real-Time TRACE transaction data.
Securities and Exchange Commission participant identifiers (MPIDs),5 and Accordingly, the report would only
(‘‘SEC’’ or ‘‘Commission’’) the proposed more detailed aggregate par value reflect the actual par value traded (i.e.,
rule change as described in Items I, II, volume information in a particular CA the amount reported by the member to
and III below, which Items have been Bond than would be available in Real- TRACE) where there have been at least
prepared by FINRA. The Commission is
publishing this notice to solicit 3 Rule 6710 (Definitions) provides that a ‘‘TRACE- 6 Due to transaction confidentiality concerns,
comments on the proposed rule change Eligible Security’’ is a debt security that is United FINRA has applied ‘‘dissemination caps’’ for
from interested persons. States (‘‘U.S.’’) dollar-denominated and issued by a purposes of dissemination. Specifically, for
U.S. or foreign private issuer, and, if a ‘‘restricted transactions in investment grade corporate bonds
I. Self-Regulatory Organization’s security’’ as defined in Securities Act Rule and in agency bonds over a 5 million dollar par
144(a)(3), sold pursuant to Securities Act Rule value, TRACE disseminates the size as ‘‘5MM+.’’
Statement of the Terms of Substance of 144A; or is a debt security that is U.S. dollar- For transactions in non-investment grade corporate
the Proposed Rule Change denominated and issued or guaranteed by an bonds over a 1 million dollar par value, TRACE
FINRA is proposing to amend FINRA Agency as defined in paragraph (k) or a disseminates the size as ‘‘1MM+.’’
Government-Sponsored Enterprise as defined in 7 If the SEC approves this proposal, the size
Rule 7730 to make available a new paragraph (n); or a U.S. Treasury Security as categories will be announced in the Regulatory
sradovich on DSK3GMQ082PROD with NOTICES
TRACE Security Activity Report. defined in paragraph (p). ‘‘TRACE-Eligible Notice announcing the effective date of the new
The text of the proposed rule change Security’’ does not include a debt security that is TRACE Security Activity Report. The size category
is available on FINRA’s Web site at issued by a foreign sovereign or a Money Market thresholds will be based on a multiple of the
Instrument as defined in paragraph (o). dissemination cap, e.g., up to or over $10 million,
http://www.finra.org, at the principal 4 FINRA intends to establish a fee for the TRACE
which would be two times the investment grade
Security Activity Report prior to the effective date dissemination cap. The number of size categories
30 17 CFR 200.30–3(a)(12). of the instant proposed rule change. The fee will be also may be adjusted (e.g., up to $10 million; over
1 15 U.S.C. 78s(b)(1). established pursuant to a separate rule filing. $10 million up to $20 million; over $20 million)
2 17 CFR 240.19b–4. 5 One member may use multiple MPIDs. based on FINRA’s experience with the data product.
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the potential for reverse engineering of Electronic Comments SECURITIES AND EXCHANGE
the information contained in the TRACE COMMISSION
Security Activity Report, in particular • Use the Commission’s Internet
comment form (http://www.sec.gov/ [Release No. 34–81013; File No. SR–
for bonds that are traded by a few NYSEArca–2017–62]
market participants in a given month, to rules/sro.shtml); or
determine the true identities of other • Send an email to rule-comments@ Self-Regulatory Organizations; NYSE
market participants, and FINRA has sec.gov. Please include File Number SR– Arca, Inc.; Notice of Filing and
taken a number of measures, such as FINRA–2017–021 on the subject line. Immediate Effectiveness of Proposed
displaying information in buckets as Rule Change to its NYSE Arca Options
discussed above, to reduce this risk and Paper Comments Fee Schedule and the NYSE Arca
mitigate any potential impacts. Equities Schedule of Fees and
• Send paper comments in triplicate
The proposed TRACE Security Charges for Exchange Services To
Activity Report would include a ‘‘top 5’’ to Secretary, Securities and Exchange
Commission, 100 F Street NE., Add Access for Users to Two Third
snapshot for each CA Bond showing the Party Systems and Connectivity to Six
percentage of the total number of Washington, DC 20549–1090.
Additional Third Party Data Feeds
transactions that is represented by the All submissions should refer to File
activity of the top five MPIDs, and the Number SR–FINRA–2017–021. This file June 23, 2017.
percentage of the total par value traded number should be included on the Pursuant to Section 19(b)(1) 1 of the
by the top five MPIDs. To the extent that subject line if email is used. To help the Securities Exchange Act of 1934 (the
market participants extract non-reported ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Commission process and review your
information from this report about notice is hereby given that, on June 16,
comments more efficiently, please use
concentration and competition in a 2017, NYSE Arca, Inc. (the ‘‘Exchange’’
only one method. The Commission will or ‘‘NYSE Arca’’) filed with the
specific bond, they may alter their
post all comments on the Commission’s Securities and Exchange Commission
demand, supply and pricing
Internet Web site (http://www.sec.gov/ (the ‘‘Commission’’) the proposed rule
accordingly. Customers may potentially
find it easier or harder to trade some rules/sro.shtml). Copies of the change as described in Items I and II
bonds, and may see a change in the submission, all subsequent below, which Items have been prepared
costs of trading, including search costs. amendments, all written statements by the self-regulatory organization. The
Such changes may eventually express with respect to the proposed rule Commission is publishing this notice to
themselves as an indirect impact on the change that are filed with the solicit comments on the proposed rule
liquidity of these bonds. Commission, and all written change from interested persons.
communications relating to the
C. Self-Regulatory Organization’s I. Self-Regulatory Organization’s
proposed rule change between the
Statement on Comments on the Statement of the Terms of the Substance
Commission and any person, other than
Proposed Rule Change Received From of the Proposed Rule Change
those that may be withheld from the
Members, Participants, or Others The Exchange proposes to (a) provide
public in accordance with the
Written comments were neither provisions of 5 U.S.C. 552, will be Users with access to two additional
solicited nor received. available for Web site viewing and third party systems, connectivity to six
printing in the Commission’s Public additional third party data feeds, and
III. Date of Effectiveness of the connectivity to two additional third
Proposed Rule Change and Timing for Reference Room, 100 F Street NE.,
party testing feeds, and (b) remove a
Commission Action Washington, DC 20549, on official
duplicative third party data feed. In
business days between the hours of 10
Within 45 days of the date of addition, the Exchange proposes to
a.m. and 3 p.m. Copies of such filing
publication of this notice in the Federal change its NYSE Arca Options Fee
Register or within such longer period (i) also will be available for inspection and Schedule (the ‘‘Options Fee Schedule’’)
as the Commission may designate up to copying at the principal office of and the NYSE Arca Equities Schedule of
90 days of such date if it finds such FINRA. All comments received will be Fees and Charges for Exchange Services
longer period to be appropriate and posted without change; the Commission (the ‘‘Equities Fee Schedule’’ and,
publishes its reasons for so finding or does not edit personal identifying together with the Options Fee Schedule,
(ii) as to which the self-regulatory information from submissions. You the ‘‘Fee Schedules’’) related to these
organization consents, the Commission should submit only information that co-location services. The proposed rule
will: you wish to make available publicly. All change is available on the Exchange’s
(A) By order approve or disapprove submissions should refer to File Web site at www.nyse.com, at the
such proposed rule change, or Number SR–FINRA–2017–021 and principal office of the Exchange, and at
(B) institute proceedings to determine should be submitted on or before July the Commission’s Public Reference
whether the proposed rule change 20, 2017. Room.
should be disapproved.
For the Commission, by the Division of II. Self-Regulatory Organization’s
IV. Solicitation of Comments Trading and Markets, pursuant to delegated Statement of the Purpose of, and
authority.11 Statutory Basis for, the Proposed Rule
Interested persons are invited to
submit written data, views and Eduardo A. Aleman, Change
sradovich on DSK3GMQ082PROD with NOTICES
arguments concerning the foregoing, Assistant Secretary. In its filing with the Commission, the
including whether the proposed rule [FR Doc. 2017–13582 Filed 6–28–17; 8:45 am] self-regulatory organization included
change is consistent with the Act. BILLING CODE 8011–01–P statements concerning the purpose of,
Comments may be submitted by any of and basis for, the proposed rule change
the following methods:
1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
(June 1, 2016), http://papers.ssrn.com/sol3/
Papers.cfm?abstract_id=2680480. 11 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
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Document Created: 2018-11-14 10:17:39
Document Modified: 2018-11-14 10:17:39
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 82 FR 29602 |
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