82_FR_29734 82 FR 29610 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to the NYSE MKT Equities Price List and the NYSE Amex Options Fee Schedule To Add Access for Users to Two Third Party Systems and Connectivity to Six Additional Third Party Data Feeds

82 FR 29610 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to the NYSE MKT Equities Price List and the NYSE Amex Options Fee Schedule To Add Access for Users to Two Third Party Systems and Connectivity to Six Additional Third Party Data Feeds

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 124 (June 29, 2017)

Page Range29610-29615
FR Document2017-13589

Federal Register, Volume 82 Issue 124 (Thursday, June 29, 2017)
[Federal Register Volume 82, Number 124 (Thursday, June 29, 2017)]
[Notices]
[Pages 29610-29615]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-13589]



[[Page 29610]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81015; File No. SR-NYSEMKT-2017-32]


Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and 
Immediate Effectiveness of Proposed Rule Change to the NYSE MKT 
Equities Price List and the NYSE Amex Options Fee Schedule To Add 
Access for Users to Two Third Party Systems and Connectivity to Six 
Additional Third Party Data Feeds

June 23, 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 June 16, 2017, NYSE MKT LLC (the ``Exchange'' or ``NYSE 
MKT'') 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 the 
Substance of the Proposed Rule Change

    The Exchange proposes to (a) provide Users with access to two 
additional third party systems, connectivity to six additional third 
party data feeds, and connectivity to two additional third party 
testing feeds, and (b) remove a duplicative third party data feed. In 
addition, the Exchange proposes to change its NYSE MKT Equities Price 
List (``Price List'') and the NYSE Amex Options Fee Schedule (``Fee 
Schedule'') related to these co-location services. The proposed rule 
change is available on the Exchange's Web site at www.nyse.com, at the 
principal office of the Exchange, and at the Commission's Public 
Reference Room.

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

    In its filing with the Commission, the 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 those statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

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

1. Purpose
    The Exchange proposes to amend the co-location \4\ services offered 
by the Exchange to (a) provide Users \5\ with access to two additional 
third party systems, connectivity to six additional third party data 
feeds, and connectivity to two additional third party testing feeds, 
and (b) remove a duplicative third party data feed. In addition the 
Exchange proposes to make the corresponding changes to the Exchange's 
Price List and Fee Schedule related to these co-location services.
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    \4\ The Exchange initially filed rule changes relating to its 
co-location services with the Commission in 2010. See Securities 
Exchange Act Release No. 62961 (September 21, 2010), 75 FR 59299 
(September 27, 2010) (SR-NYSEAmex-2010-80) (the ``Original Co-
location Filing''). The Exchange operates a data center in Mahwah, 
New Jersey (the ``data center'') from which it provides co-location 
services to Users.
    \5\ For purposes of the Exchange's co-location services, a 
``User'' means any market participant that requests to receive co-
location services directly from the Exchange. See Securities 
Exchange Act Release No. 76009 (September 29, 2015), 80 FR 60213 
(October 5, 2015) (SR-NYSEMKT-2015-67). As specified in the Price 
List and Fee Schedule, a User that incurs co-location fees for a 
particular co-location service pursuant thereto would not be subject 
to co-location fees for the same co-location service charged by the 
Exchange's affiliates New York Stock Exchange LLC (``NYSE LLC'') and 
NYSE Arca, Inc. (``NYSE Arca'' and, together with NYSE LLC, the 
``Affiliate SROs''). See Securities Exchange Act Release No. 70176 
(August 13, 2013), 78 FR 50471 (August 19, 2013) (SR-NYSEMKT-2013-
67).
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    As set forth in the Price List and Fee Schedule, the Exchange 
charges fees for connectivity to the execution systems of third party 
markets and other content service providers (``Third Party Systems''), 
data feeds from third party markets and other content service providers 
(``Third Party Data Feeds''), and third party testing feeds.\6\ The 
lists of Third Party Systems and Third Party Data Feeds are set forth 
in the Price List and Fee Schedule.
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    \6\ See Securities Exchange Act Release No. 80309 (March 24, 
2017), 82 FR 15725 (March 30, 2017) (SR-NYSEMKT-2016-63).
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    The Exchange now proposes to make the following changes:
     Add two content service providers to the list of Third 
Party Systems: Euronext Optiq Cash and Derivatives Unicast (EUA), and 
Euronext Optiq Cash and Derivatives Unicast (Production) (together, the 
``Additional Third Party Systems'' or ``ATPS'');
     add six feeds to the list of Third Party Data Feeds:
    [cir] Euronext Optiq Compressed Cash, Euronext Optiq Compressed 
Derivatives, Euronext Optiq Shaped Cash and Euronext Optiq Shaped 
Derivatives (together, the ``Additional Euronext Third Party Data 
Feeds''); and
    [cir] CME Group (``CME'') and International Securities Exchange 
(``ISE'') (together, with the Additional Euronext Third Party Data 
Feeds, the ``Additional Third Party Data Feeds'' or ``ATPD''); and
     add two new testing feeds, Euronext Optiq Cash EUA and the 
Euronext Optiq Derivatives EUA; and
     remove the Euronext Third Party Data Feed (the ``Current 
Euronext Feed'') from the list of Third Party Data Feeds, because the 
Current Euronext Feed is similar to the Euronext Optiq Compressed 
Derivatives feed that the Exchange now proposes to add as a Third Party 
Data Feed.\7\
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    \7\ As discussed infra, the proposed Euronext Optiq Compressed 
Derivatives third party data feed will be offered in place of the 
Current Euronext Feed at the same price.
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    The proposed Additional Third Party Systems, Additional Euronext 
Third Party Data Feeds and new testing feeds are new services and 
products from the third party content service provider, Euronext N.V. 
(collectively, the ``Euronext Products''). Euronext N.V. (``Euronext'') 
is expected to make the Euronext Products available no later than 
September 30, 2017.
    The Exchange would provide access to the Additional Third Party 
Systems (``Access'') and connectivity to the Additional Third Party 
Data Feeds and new testing feeds (``Connectivity'') as conveniences to 
Users. Use of Access or Connectivity would be completely voluntary. The 
Exchange is not aware of any impediment to third parties offering 
Access or Connectivity.
    Because the Euronext Products are not yet available, the Exchange 
does not know whether third parties will offer Users access and 
connectivity options to connect to the Euronext Products. Similarly, 
the Exchange does not have visibility into whether third parties 
currently offer, or intend to offer, Users connectivity to the CME and 
ISE Additional Third Party Data Feeds, as such third parties are not 
required to make that information public. However, if one or more third 
parties opt to offer (or, in the case of the CME and ISE Additional 
Third Party Data Feeds, presently offer) such access and connectivity 
to Users, a User may opt to access or connect to such services and 
products through a connection to an Exchange access center outside the 
data center, through another User, a third

[[Page 29611]]

party access center or a third party vendor. In such a case, depending 
on the service offered by the third party, the User would be able to 
make such connection through the Exchange's Secure Financial 
Transaction Infrastructure (``SFTI'') network, through a third party 
telecommunication provider, third party wireless network, or a 
combination thereof.
    The proposed rule change relating to the CME and ISE Additional 
Third Party Data Feeds would become operative upon the effectiveness of 
the present rule filing. The proposed rule change relating to each 
Euronext Product would become operative when such Euronext Product 
became available from Euronext, which is expected to be no later than 
September 30, 2017 but may not be at the same time for each Euronext 
Product.\8\ The Exchange will announce the dates that each Euronext 
Product will be available through customer notices disseminated to all 
Users simultaneously.
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    \8\ As discussed infra, the Current Euronext Feed will not be 
removed until the proposed Euronext Optiq Compressed Derivatives 
third party data feed is available.
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Connectivity to Additional Third Party Systems
    The Exchange proposes to revise the Price List and Fee Schedule to 
provide that Users may obtain connectivity to the two Additional Third 
Party Systems for a fee. As with the current Third Party Systems, Users 
would connect to the Additional Third Party Systems over the internet 
protocol (``IP'') network, a local area network available in the data 
center.\9\
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    \9\ See Securities Exchange Act Release No. 74220 (February 6, 
2015), 80 FR 7894 (February 12, 2015) (SR-NYSEMKT-2015-08) (notice 
of filing and immediate effectiveness of proposed rule change to 
include IP network connections).
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    As with the current Third Party Systems, in order to obtain access 
to an Additional Third Party System, the User would enter into an 
agreement with the relevant third party content service provider, 
pursuant to which the third party content service provider would charge 
the User for access to the Additional Third Party System. The Exchange 
would then establish a unicast connection between the User and the 
relevant third party content service provider over the IP network.\10\ 
The Exchange would charge the User for the connectivity to the 
Additional Third Party System. A User would only receive, and only be 
charged for, access to Additional Third Party Systems for which it 
enters into agreements with the third party content service provider.
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    \10\ Information flows over existing network connections in two 
formats: ``unicast'' format, which is a format that allows one-to-
one communication, similar to a phone line, in which information is 
sent to and from the Exchange; and ``multicast'' format, which is a 
format in which information is sent one-way from the Exchange to 
multiple recipients at once, like a radio broadcast.
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    The Exchange has no ownership interest in the Additional Third 
Party Systems. Establishing a User's access to an Additional Third 
Party System would not give the Exchange any right to use the 
Additional Third Party Systems. Connectivity to an Additional Third 
Party System would not provide access or order entry to the Exchange's 
execution system, and a User's connection to an Additional Third Party 
System would not be through the Exchange's execution system.
    The Exchange proposes to charge a monthly recurring fee for 
connectivity to an Additional Third Party System. Specifically, when a 
User requests access to an Additional Third Party System, it would 
identify the applicable content service provider and what bandwidth 
connection it required.
    The Exchange proposes to modify its Price List and Fee Schedule to 
add the Additional Third Party Systems to its existing list of Third 
Party Systems. The revised table would be as follows:

------------------------------------------------------------------------
                           Third Party Systems
-------------------------------------------------------------------------
Americas Trading Group (ATG).
BATS.
Boston Options Exchange (BOX).
Chicago Board Options Exchange (CBOE).
Credit Suisse.
Euronext Optiq Cash and Derivatives.
Unicast (EUA).
Euronext Optiq Cash and Derivatives.
Unicast (Production).
International Securities Exchange (ISE).
Nasdaq.
NYFIX Marketplace.
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    The Exchange does not propose to change the monthly recurring fee 
the Exchange charges Users for unicast connectivity to each Third Party 
System, including the Additional Third Party Systems.
Connectivity to Additional Third Party Data Feeds
    The Exchange proposes to revise the Price List and Fee Schedule to 
provide that Users may obtain connectivity to each of the six 
Additional Third Party Data Feeds for a fee. The Exchange would receive 
the Additional Third Party Data Feeds from the content service 
provider, at its data center. It would then provide connectivity to 
that data to Users for a fee. Users would connect to the Additional 
Third Party Data Feeds over the IP network.\11\
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    \11\ See supra note 9, at 7894 (``The IP network also provides 
Users with access to away market data products'').
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    With respect to the Additional Euronext Third Party Data Feeds, the 
Exchange proposes to offer connectivity to both ``compressed'' and 
``shaped'' data feeds. The Exchange expects that Euronext's shaped 
feeds will include more data than the compressed feeds.
    In order to connect to an Additional Third Party Data Feed, a User 
would enter into a contract with the content service provider, pursuant 
to which the content service provider would charge the User for the 
Third Party Data Feed. The Exchange would receive the Third Party Data 
Feed over its fiber optic network and, after the content service 
provider and User entered into the contract and the Exchange received 
authorization from the content service provider, the Exchange would re-
transmit the data to the User over the User's port. The Exchange would 
charge the User for the connectivity to the Additional Third Party Data 
Feed. A User would only receive, and would only be charged for, 
connectivity to the Additional Third Party Data Feeds for which it 
entered into contracts.
    The Exchange has no affiliation with the sellers of the Additional 
Third Party Data Feeds. It would have no right to use the Additional 
Third Party Data Feeds other than as a redistributor of the data. The 
Additional Third Party Data Feeds would not provide access or order 
entry to the Exchange's execution system. The Additional Third Party 
Data Feeds would not provide access or order entry to the execution 
systems of the third parties generating the feed. The Exchange would 
receive the Additional Third Party Data Feeds via arms-length 
agreements and it would have no inherent advantage over any other 
distributor of such data.
    As it does with the existing Third Party Data Feeds, the Exchange 
proposes to charge a monthly recurring fee for connectivity to each 
Additional Third Party Data Feed. The monthly recurring fee would be 
per Additional Third Party Data Feed. Depending on its needs and 
bandwidth, a User may opt to receive all or some of the feeds or 
services included in an Additional Third Party Data Feed.
    The Exchange proposes to add the connectivity fees for the 
Additional Third Party Data to its existing list in the Price List and 
Fee Schedule. The additional items would be as follows:

[[Page 29612]]



------------------------------------------------------------------------
                                                              Monthly
                                                             recurring
                                                           connectivity
                  Third party data feed                    fee per third
                                                            party data
                                                               feed
------------------------------------------------------------------------
CME Group...............................................          $3,000
Euronext Optiq Compressed Cash..........................             900
Euronext Optiq Compressed Derivatives...................             600
Euronext Optiq Shaped Cash..............................           1,200
Euronext Optiq Shaped Derivatives.......................             900
International Securities Exchange (ISE).................           1,000
------------------------------------------------------------------------

    In addition, the Exchange proposes to remove the Current Euronext 
Feed from the list of Third Party Data Feeds when the proposed Euronext 
Optiq Compressed Derivatives third party data feed is available. The 
Exchange understands that the proposed Euronext Optiq Compressed 
Derivatives third party data feed is a similar platform to the Current 
Euronext Feed. The proposed Euronext Optiq Compressed Derivatives data 
feed will be offered at the same price as the Current Euronext Feed. A 
User of the Current Euronext Feed that wishes to continue to receive 
such data would enter into a contract with the content service provider 
to purchase the proposed Euronext Optiq Compressed Derivatives data 
feed, when available. The Exchange will not cease to offer connectivity 
to the Current Euronext Feed until the Euronext Optiq Compressed 
Derivatives data feed is available.
Connectivity to Third Party Testing and Certification Feeds
    The Exchange offers Users connectivity to third party certification 
and testing feeds. Certification feeds are used to certify that a User 
conforms to any of the relevant content service provider's requirements 
for accessing Third Party Systems or receiving Third Party Data, while 
testing feeds provide Users an environment in which to conduct tests 
with non-live data. Such feeds, which are solely used for certification 
and testing and do not carry live production data, are available over 
the IP network.
    The Exchange charges a connectivity fee of $100 per month per third 
party certification and testing feed. The Exchange proposes to offer 
Users connectivity to the Euronext Optiq Cash EUA and the Euronext 
Optiq Derivatives EUA testing data feeds for the same connectivity fee 
of $100 per month per feed.
General
    As is the case with all Exchange co-location arrangements, (i) 
neither a User nor any of the User's customers would be permitted to 
submit orders directly to the Exchange unless such User or customer is 
a member organization, a Sponsored Participant or an agent thereof 
(e.g., a service bureau providing order entry services); (ii) use of 
the co-location services proposed herein would be completely voluntary 
and available to all Users on a non-discriminatory basis; \12\ and 
(iii) a User would only incur one charge for the particular co-location 
service described herein, regardless of whether the User connects only 
to the Exchange or to the Exchange and one or both the Affiliate 
SROs.\13\
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    \12\ As is currently the case, Users that receive co-location 
services from the Exchange will not receive any means of access to 
the Exchange's trading and execution systems that is separate from, 
or superior to, that of other Users. In this regard, all orders sent 
to the Exchange enter the Exchange's trading and execution systems 
through the same order gateway, regardless of whether the sender is 
co-located in the data center or not. In addition, co-located Users 
do not receive any market data or data service product that is not 
available to all Users, although Users that receive co-location 
services normally would expect reduced latencies in sending orders 
to, and receiving market data from, the Exchange.
    \13\ See SR-NYSEMKT-2013-67, supra note 5 at 50471. The 
Affiliate SROs have also submitted substantially the same proposed 
rule change to propose the changes described herein. See SR-NYSE-
2017-25 and SR-NYSEArca-2017-62.
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    The proposed change is not otherwise intended to address any other 
issues relating to co-location services and/or related fees, and the 
Exchange is not aware of any problems that Users would have in 
complying with the proposed change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\14\ in general, and furthers the 
objectives of Sections 6(b)(5) of the Act,\15\ in particular, because 
it is designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in regulating, 
clearing, settling, processing information with respect to, and 
facilitating transactions in securities, to remove impediments to, and 
perfect the mechanisms of, a free and open market and a national market 
system and, in general, to protect investors and the public interest 
and because it is not designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed changes would remove 
impediments to, and perfect the mechanisms of, a free and open market 
and a national market system and, in general, protect investors and the 
public interest because, by offering additional services, the Exchange 
would give each User additional options for addressing its access and 
connectivity needs, responding to User demand for access and 
connectivity options. Providing additional services would help each 
User tailor its data center operations to the requirements of its 
business operations by allowing it to select the form and latency of 
access and connectivity that best suits its needs.
    The Exchange would provide Access and Connectivity as conveniences 
to Users. Use of Access or Connectivity would be completely voluntary. 
The Exchange is not aware of any impediment to third parties offering 
Access or Connectivity. Because the Euronext Products are not yet 
available, the Exchange does not know whether third parties will offer 
Users access and connectivity options to connect to the Euronext 
Products. Similarly, the Exchange does not have visibility into whether 
third parties currently offer, or intend to offer, Users connectivity 
to the CME and ISE Additional Third Party Data Feeds. However, if one 
or more third parties opt to offer (or, in the case of the CME and ISE 
Additional Third Party Data Feeds, presently offer) such access and 
connectivity to Users, a User may opt to access or connect to such 
services and products through a connection to an Exchange access center 
outside the data center, through another User, a third party access 
center or a third party vendor. In such a case, the User potentially 
would be able to make such connection through the Exchange's SFTI 
network, through a third party telecommunication provider, third party 
wireless network, or a combination thereof.
    The Exchange believes that the proposed changes would remove 
impediments to, and perfect the mechanisms of, a free and open market 
and a national market system and, in general, protect investors and the 
public interest because, by offering connectivity to each of the 
Euronext Products as they come into production by Euronext, and 
offering connectivity to the CME and ISE data feeds to Users upon the 
effective date of this filing, the Exchange would give Users additional 
options for connectivity and access to new services as soon as they are 
available, responding to User demand for access and connectivity 
options.

[[Page 29613]]

    The Exchange believes that the proposed changes would remove 
impediments to, and perfect the mechanisms of, a free and open market 
and a national market system and, in general, protect investors and the 
public interest because, the Exchange proposes not to remove the 
Current Euronext Feed from the list of Third Party Data Feeds until the 
proposed Euronext Optiq Compressed Derivatives third party data feed is 
available. The proposed Euronext Optiq Compressed Derivatives data feed 
will be offered to Users at the same price at the Current Euronext Feed 
and the Exchange understands that the proposed Euronext Optiq 
Compressed Derivatives data feed is a similar platform to the Current 
Euronext Feed. All Users, whether or not they currently subscribe to 
the Current Euronext Feed, will have the opportunity to enter into a 
contract with Euronext to purchase the proposed Euronext Optiq 
Compressed Derivatives data feed, when available.
    The Exchange also believes that the proposed rule change is 
consistent with Section 6(b)(4) of the Act,\16\ in particular, because 
it provides for the equitable allocation of reasonable dues, fees, and 
other charges among its members, issuers and other persons using its 
facilities and does not unfairly discriminate between customers, 
issuers, brokers or dealers.
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    \16\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that the proposed fee changes are consistent 
with Section 6(b)(4) of the Act for multiple reasons. The Exchange 
operates in a highly competitive market in which exchanges offer co-
location services as a means to facilitate the trading and other market 
activities of those market participants who believe that co-location 
enhances the efficiency of their operations. Accordingly, fees charged 
for co-location services are constrained by the active competition for 
the order flow of, and other business from, such market participants. 
If a particular exchange charges excessive fees for co-location 
services, affected market participants will opt to terminate their co-
location arrangements with that exchange, and adopt a possible range of 
alternative strategies, including placing their servers in a physically 
proximate location outside the exchange's data center (which could be a 
competing exchange), or pursuing strategies less dependent upon the 
lower exchange-to-participant latency associated with co-location. 
Accordingly, the exchange charging excessive fees would stand to lose 
not only co-location revenues but also the liquidity of the formerly 
co-located trading firms, which could have additional follow-on effects 
on the market share and revenue of the affected exchange.
    The Exchange believes that the additional services and fees 
proposed herein would be equitably allocated and not unfairly 
discriminatory because, in addition to the services being completely 
voluntary, they would be available to all Users on an equal basis 
(i.e., the same products and services would be available to all Users). 
All Users that voluntarily selected to receive Access or Connectivity 
would be charged the same amount for the same services. Users that 
opted to use Access or Connectivity would not receive access or 
connectivity that is not available to all Users, as all market 
participants that contracted with the relevant market or content 
provider would receive access or connectivity.
    The Exchange believes that the proposed charges would be 
reasonable, equitably allocated and not unfairly discriminatory because 
the Exchange would offer the Access and Connectivity as conveniences to 
Users, but in order to do so must provide, maintain and operate the 
data center facility hardware and technology infrastructure. The 
Exchange must handle the installation, administration, monitoring, 
support and maintenance of such services, including by responding to 
any production issues. Since the inception of co-location, the Exchange 
has made numerous improvements to the network hardware and technology 
infrastructure and has established additional administrative controls. 
The Exchange has expanded the network infrastructure to keep pace with 
the increased number of services available to Users, including 
resilient and redundant feeds. In addition, in order to provide Access 
and Connectivity, the Exchange would maintain multiple connections to 
each ATPD and ATPS, allowing the Exchange to provide resilient and 
redundant connections; adapt to any changes made by the relevant third 
party; and cover any applicable fees charged by the relevant third 
party, such as port fees. In addition, Users would not be required to 
use any of their bandwidth for Access and Connectivity unless they wish 
to do so.
    The Exchange believes the proposed fees for connectivity to the 
ATPD would be reasonable because they would allow the Exchange to 
defray or cover the costs associated with offering Users connectivity 
to ATPD while providing Users the convenience of receiving such ATPD 
within co-location, helping them tailor their data center operations to 
the requirements of their business operations. In regards to the 
Additional Euronext Third Party Data Feeds, the Exchange expects that 
the shaped feeds will include more data than the compressed feeds. The 
Exchange accordingly believes that the proposed fees for the compressed 
and shaped data feeds for both the new Euronext cash and new Euronext 
derivatives services are reasonable because they would allow the 
Exchange to defray or cover the costs associated with offering such 
connectivity, including the maintenance and operating costs associated 
with the transatlantic Euronext data feeds, while providing Users the 
benefit of receiving such Additional Euronext Third Party Data Feeds 
within co-location, helping them tailor their data center operations to 
the requirements of their business operations by allowing them to 
select the form and latency of connectivity that best suits their 
needs, including by selecting between shaped and compressed formats.
    The Exchange believes that the addition of the two new Euronext 
testing feeds for the same price as the monthly connectivity fees 
currently charged for other third party testing and certification feeds 
offered by the Exchange would be reasonable, equitably allocated and 
not unfairly discriminatory because it would provide Users with the 
benefit of having an environment in which to conduct tests with non-
live data, including testing for upcoming releases and product 
enhancements or the User's own software development.
    For the reasons above, the proposed changes would not unfairly 
discriminate between or among market participants that are otherwise 
capable of satisfying any applicable co-location fees, requirements, 
terms and conditions established from time to time by the Exchange.
    For these reasons, the Exchange believes that the proposal is 
consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\17\ the Exchange 
believes that the proposed rule change will not impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act because, in addition to the proposed services being 
completely voluntary, they are available to all Users on an equal basis 
(i.e. the same products and services are available to all Users).
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    \17\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

    The Exchange believes that providing Users with additional options 
for

[[Page 29614]]

connectivity and access to new services when available would not impose 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act because such proposed Access and 
Connectivity would satisfy User demand for access and connectivity 
options. The Exchange would provide Access and Connectivity as 
conveniences equally to all Users. Because the Euronext Products are 
not yet available, the Exchange does not know whether third parties 
will offer Users access and connectivity options to connect to the 
Euronext Products. Similarly, the Exchange does not have visibility 
into whether third parties currently offer, or intend to offer, Users 
connectivity to the CME and ISE Additional Third Party Data Feeds, as 
such third parties are not required to make that information public. 
However, if one or more third parties opt to offer (or, in the case of 
the CME and ISE Additional Third Party Data Feeds, presently offer) 
such access and connectivity to Users, a User may opt to access or 
connect to such services and products through a connection to an 
Exchange access center outside the data center, through another User, a 
third party access center or a third party vendor. In such a case, 
depending on the service offered by the third party, the User would be 
able to make such connection through the SFTI network, through a third 
party telecommunication provider, third party wireless network, or a 
combination thereof. Users that opt to use the proposed Access or 
Connectivity would not receive access or connectivity that is not 
available to all Users, as all market participants that contract with 
the content provider may receive access or connectivity. In this way, 
the proposed changes would enhance competition by helping Users tailor 
their Access and Connectivity to the needs of their business operations 
by allowing them to select the form and latency of access and 
connectivity that best suits their needs.
    In addition, the Exchange believes that providing Users with 
connectivity to each of the Euronext Products as they become available 
would not impose any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act because such 
proposed Access and Connectivity would satisfy User demand for 
additional options for connectivity and access to new services by 
providing them as soon as Euronext makes them available, responding to 
User demand for access and connectivity options.
    The Exchange operates in a highly competitive market in which 
exchanges offer co-location services as a means to facilitate the 
trading and other market activities of those market participants who 
believe that co-location enhances the efficiency of their operations. 
Accordingly, fees charged for co-location services are constrained by 
the active competition for the order flow of, and other business from, 
such market participants. If a particular exchange charges excessive 
fees for co-location services, affected market participants will opt to 
terminate their co-location arrangements with that exchange, and adopt 
a possible range of alternative strategies, including placing their 
servers in a physically proximate location outside the exchange's data 
center (which could be a competing exchange), or pursuing strategies 
less dependent upon the lower exchange-to-participant latency 
associated with co-location. Accordingly, the exchange charging 
excessive fees would stand to lose not only co-location revenues but 
also the liquidity of the formerly co-located trading firms, which 
could have additional follow-on effects on the market share and revenue 
of the affected exchange. For the reasons described above, the Exchange 
believes that the proposed rule change reflects this competitive 
environment.

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

    No written comments were solicited or received with respect to the 
proposed rule change.

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 \18\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\19\ A proposed rule 
change filed under Rule 19b-4(f)(6) normally does not become operative 
prior to 30 days after the date of filing.\20\ Rule 19b-4(f)(6)(iii), 
however, permits the Commission to designate a shorter time if such 
action is consistent with the protection of investors and the public 
interest.\21\
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(3)(a)(iii).
    \19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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.
    \20\ 17 CFR 240.19b-4(f)(6)(iii).
    \21\ Id.
---------------------------------------------------------------------------

    The Exchange has asked the Commission to waive the 30-day operative 
delay so that the proposal may become operative immediately upon 
filing. The Exchange states that waiver of the operative delay will 
permit Users to obtain the benefits of the proposed new access and 
connectivity services and help Users tailor their data center 
operations to the requirements of their business operations without 
delay. The Commission believes that waiving the 30-day operative delay 
is consistent with the protection of investors and the public interest. 
Therefore, the Commission hereby waives the operative delay and 
designates the proposed rule change operative upon filing.\22\
---------------------------------------------------------------------------

    \22\ For purposes only of waiving the 30-day operative delay, 
the Commission 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 such 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 shall institute proceedings under 
Section 19(b)(2)(B) \23\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \23\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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 No. SR-NYSEMKT-2017-32 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.


[[Page 29615]]


All submissions should refer to File No. SR-NYSEMKT-2017-32. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549 on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File No. SR-NYSEMKT-2017-32, and should be 
submitted on or before July 20, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
---------------------------------------------------------------------------

    \24\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-13589 Filed 6-28-17; 8:45 am]
BILLING CODE 8011-01-P



                                                29610                          Federal Register / Vol. 82, No. 124 / Thursday, June 29, 2017 / Notices

                                                SECURITIES AND EXCHANGE                                  set forth in sections A, B, and C below,                    Æ Euronext Optiq Compressed Cash,
                                                COMMISSION                                               of the most significant parts of such                    Euronext Optiq Compressed Derivatives,
                                                                                                         statements.                                              Euronext Optiq Shaped Cash and
                                                [Release No. 34–81015; File No. SR–
                                                                                                                                                                  Euronext Optiq Shaped Derivatives
                                                NYSEMKT–2017–32]                                         A. Self-Regulatory Organization’s
                                                                                                         Statement of the Purpose of, and                         (together, the ‘‘Additional Euronext
                                                Self-Regulatory Organizations; NYSE                      Statutory Basis for, the Proposed Rule                   Third Party Data Feeds’’); and
                                                MKT LLC; Notice of Filing and                                                                                        Æ CME Group (‘‘CME’’) and
                                                                                                         Change
                                                Immediate Effectiveness of Proposed                                                                               International Securities Exchange
                                                Rule Change to the NYSE MKT                              1. Purpose                                               (‘‘ISE’’) (together, with the Additional
                                                Equities Price List and the NYSE Amex                       The Exchange proposes to amend the                    Euronext Third Party Data Feeds, the
                                                Options Fee Schedule To Add Access                       co-location 4 services offered by the                    ‘‘Additional Third Party Data Feeds’’ or
                                                for Users to Two Third Party Systems                     Exchange to (a) provide Users 5 with                     ‘‘ATPD’’); and
                                                and Connectivity to Six Additional                       access to two additional third party                        • add two new testing feeds, Euronext
                                                Third Party Data Feeds                                   systems, connectivity to six additional                  Optiq Cash EUA and the Euronext Optiq
                                                                                                         third party data feeds, and connectivity                 Derivatives EUA; and
                                                June 23, 2017.                                           to two additional third party testing                       • remove the Euronext Third Party
                                                   Pursuant to Section 19(b)(1) 1 of the                 feeds, and (b) remove a duplicative third                Data Feed (the ‘‘Current Euronext
                                                Securities Exchange Act of 1934 (the                     party data feed. In addition the                         Feed’’) from the list of Third Party Data
                                                ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                   Exchange proposes to make the                            Feeds, because the Current Euronext
                                                notice is hereby given that on June 16,                  corresponding changes to the                             Feed is similar to the Euronext Optiq
                                                2017, NYSE MKT LLC (the ‘‘Exchange’’                     Exchange’s Price List and Fee Schedule                   Compressed Derivatives feed that the
                                                or ‘‘NYSE MKT’’) filed with the                          related to these co-location services.                   Exchange now proposes to add as a
                                                Securities and Exchange Commission                          As set forth in the Price List and Fee                Third Party Data Feed.7
                                                (the ‘‘Commission’’) the proposed rule                   Schedule, the Exchange charges fees for                     The proposed Additional Third Party
                                                change as described in Items I and II                    connectivity to the execution systems of                 Systems, Additional Euronext Third
                                                below, which Items have been prepared                    third party markets and other content                    Party Data Feeds and new testing feeds
                                                by the self-regulatory organization. The                 service providers (‘‘Third Party                         are new services and products from the
                                                Commission is publishing this notice to                  Systems’’), data feeds from third party                  third party content service provider,
                                                solicit comments on the proposed rule                    markets and other content service                        Euronext N.V. (collectively, the
                                                change from interested persons.                          providers (‘‘Third Party Data Feeds’’),                  ‘‘Euronext Products’’). Euronext N.V.
                                                I. Self-Regulatory Organization’s                        and third party testing feeds.6 The lists                (‘‘Euronext’’) is expected to make the
                                                Statement of the Terms of the Substance                  of Third Party Systems and Third Party                   Euronext Products available no later
                                                of the Proposed Rule Change                              Data Feeds are set forth in the Price List               than September 30, 2017.
                                                                                                         and Fee Schedule.                                           The Exchange would provide access
                                                   The Exchange proposes to (a) provide                     The Exchange now proposes to make                     to the Additional Third Party Systems
                                                Users with access to two additional                      the following changes:                                   (‘‘Access’’) and connectivity to the
                                                third party systems, connectivity to six                    • Add two content service providers                   Additional Third Party Data Feeds and
                                                additional third party data feeds, and                   to the list of Third Party Systems:                      new testing feeds (‘‘Connectivity’’) as
                                                connectivity to two additional third                     Euronext Optiq Cash and Derivatives                      conveniences to Users. Use of Access or
                                                party testing feeds, and (b) remove a                    Unicast (EUA), and Euronext Optiq                        Connectivity would be completely
                                                duplicative third party data feed. In                    Cash and Derivatives Unicast                             voluntary. The Exchange is not aware of
                                                addition, the Exchange proposes to                       (Production) (together, the ‘‘Additional                 any impediment to third parties offering
                                                change its NYSE MKT Equities Price                       Third Party Systems’’ or ‘‘ATPS’’);                      Access or Connectivity.
                                                List (‘‘Price List’’) and the NYSE Amex                     • add six feeds to the list of Third                     Because the Euronext Products are not
                                                Options Fee Schedule (‘‘Fee Schedule’’)                  Party Data Feeds:                                        yet available, the Exchange does not
                                                related to these co-location services. The                                                                        know whether third parties will offer
                                                proposed rule change is available on the                   4 The Exchange initially filed rule changes
                                                                                                                                                                  Users access and connectivity options to
                                                Exchange’s Web site at www.nyse.com,                     relating to its co-location services with the
                                                                                                         Commission in 2010. See Securities Exchange Act          connect to the Euronext Products.
                                                at the principal office of the Exchange,                 Release No. 62961 (September 21, 2010), 75 FR            Similarly, the Exchange does not have
                                                and at the Commission’s Public                           59299 (September 27, 2010) (SR–NYSEAmex–2010–            visibility into whether third parties
                                                Reference Room.                                          80) (the ‘‘Original Co-location Filing’’). The
                                                                                                                                                                  currently offer, or intend to offer, Users
                                                                                                         Exchange operates a data center in Mahwah, New
                                                II. Self-Regulatory Organization’s                       Jersey (the ‘‘data center’’) from which it provides      connectivity to the CME and ISE
                                                Statement of the Purpose of, and                         co-location services to Users.                           Additional Third Party Data Feeds, as
                                                Statutory Basis for, the Proposed Rule
                                                                                                           5 For purposes of the Exchange’s co-location
                                                                                                                                                                  such third parties are not required to
                                                                                                         services, a ‘‘User’’ means any market participant        make that information public. However,
                                                Change                                                   that requests to receive co-location services directly
                                                                                                         from the Exchange. See Securities Exchange Act           if one or more third parties opt to offer
                                                   In its filing with the Commission, the                                                                         (or, in the case of the CME and ISE
                                                                                                         Release No. 76009 (September 29, 2015), 80 FR
                                                self-regulatory organization included                    60213 (October 5, 2015) (SR–NYSEMKT–2015–67).            Additional Third Party Data Feeds,
                                                statements concerning the purpose of,                    As specified in the Price List and Fee Schedule, a
                                                                                                                                                                  presently offer) such access and
                                                and basis for, the proposed rule change                  User that incurs co-location fees for a particular co-
                                                                                                         location service pursuant thereto would not be           connectivity to Users, a User may opt to
                                                and discussed any comments it received                   subject to co-location fees for the same co-location     access or connect to such services and
sradovich on DSK3GMQ082PROD with NOTICES




                                                on the proposed rule change. The text                    service charged by the Exchange’s affiliates New         products through a connection to an
                                                of those statements may be examined at                   York Stock Exchange LLC (‘‘NYSE LLC’’) and NYSE
                                                                                                                                                                  Exchange access center outside the data
                                                the places specified in Item IV below.                   Arca, Inc. (‘‘NYSE Arca’’ and, together with NYSE
                                                                                                         LLC, the ‘‘Affiliate SROs’’). See Securities Exchange    center, through another User, a third
                                                The Exchange has prepared summaries,                     Act Release No. 70176 (August 13, 2013), 78 FR
                                                                                                         50471 (August 19, 2013) (SR–NYSEMKT–2013–67).              7 As discussed infra, the proposed Euronext Optiq
                                                  1 15 U.S.C. 78s(b)(1).                                   6 See Securities Exchange Act Release No. 80309        Compressed Derivatives third party data feed will
                                                  2 15 U.S.C. 78a.
                                                                                                         (March 24, 2017), 82 FR 15725 (March 30, 2017)           be offered in place of the Current Euronext Feed at
                                                  3 17 CFR 240.19b–4.                                    (SR–NYSEMKT–2016–63).                                    the same price.



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                                                                              Federal Register / Vol. 82, No. 124 / Thursday, June 29, 2017 / Notices                                                      29611

                                                party access center or a third party                    connectivity to the Additional Third                    connect to the Additional Third Party
                                                vendor. In such a case, depending on                    Party System. A User would only                         Data Feeds over the IP network.11
                                                the service offered by the third party,                 receive, and only be charged for, access                   With respect to the Additional
                                                the User would be able to make such                     to Additional Third Party Systems for                   Euronext Third Party Data Feeds, the
                                                connection through the Exchange’s                       which it enters into agreements with the                Exchange proposes to offer connectivity
                                                Secure Financial Transaction                            third party content service provider.                   to both ‘‘compressed’’ and ‘‘shaped’’
                                                Infrastructure (‘‘SFTI’’) network,                        The Exchange has no ownership                         data feeds. The Exchange expects that
                                                through a third party                                   interest in the Additional Third Party                  Euronext’s shaped feeds will include
                                                telecommunication provider, third party                 Systems. Establishing a User’s access to                more data than the compressed feeds.
                                                wireless network, or a combination                      an Additional Third Party System
                                                thereof.                                                                                                           In order to connect to an Additional
                                                                                                        would not give the Exchange any right                   Third Party Data Feed, a User would
                                                   The proposed rule change relating to
                                                                                                        to use the Additional Third Party                       enter into a contract with the content
                                                the CME and ISE Additional Third Party
                                                                                                        Systems. Connectivity to an Additional                  service provider, pursuant to which the
                                                Data Feeds would become operative
                                                                                                        Third Party System would not provide                    content service provider would charge
                                                upon the effectiveness of the present
                                                                                                        access or order entry to the Exchange’s                 the User for the Third Party Data Feed.
                                                rule filing. The proposed rule change
                                                                                                        execution system, and a User’s                          The Exchange would receive the Third
                                                relating to each Euronext Product would
                                                become operative when such Euronext                     connection to an Additional Third Party                 Party Data Feed over its fiber optic
                                                Product became available from                           System would not be through the                         network and, after the content service
                                                Euronext, which is expected to be no                    Exchange’s execution system.                            provider and User entered into the
                                                later than September 30, 2017 but may                     The Exchange proposes to charge a                     contract and the Exchange received
                                                not be at the same time for each                        monthly recurring fee for connectivity                  authorization from the content service
                                                Euronext Product.8 The Exchange will                    to an Additional Third Party System.                    provider, the Exchange would re-
                                                announce the dates that each Euronext                   Specifically, when a User requests                      transmit the data to the User over the
                                                Product will be available through                       access to an Additional Third Party                     User’s port. The Exchange would charge
                                                customer notices disseminated to all                    System, it would identify the applicable                the User for the connectivity to the
                                                Users simultaneously.                                   content service provider and what                       Additional Third Party Data Feed. A
                                                                                                        bandwidth connection it required.                       User would only receive, and would
                                                Connectivity to Additional Third Party                                                                          only be charged for, connectivity to the
                                                Systems                                                   The Exchange proposes to modify its
                                                                                                        Price List and Fee Schedule to add the                  Additional Third Party Data Feeds for
                                                  The Exchange proposes to revise the                                                                           which it entered into contracts.
                                                                                                        Additional Third Party Systems to its
                                                Price List and Fee Schedule to provide                                                                             The Exchange has no affiliation with
                                                                                                        existing list of Third Party Systems. The
                                                that Users may obtain connectivity to
                                                                                                        revised table would be as follows:                      the sellers of the Additional Third Party
                                                the two Additional Third Party Systems
                                                                                                                                                                Data Feeds. It would have no right to
                                                for a fee. As with the current Third
                                                                                                                          Third Party Systems                   use the Additional Third Party Data
                                                Party Systems, Users would connect to
                                                                                                                                                                Feeds other than as a redistributor of the
                                                the Additional Third Party Systems over                 Americas Trading Group (ATG).                           data. The Additional Third Party Data
                                                the internet protocol (‘‘IP’’) network, a               BATS.                                                   Feeds would not provide access or order
                                                local area network available in the data                Boston Options Exchange (BOX).                          entry to the Exchange’s execution
                                                center.9                                                Chicago Board Options Exchange (CBOE).
                                                  As with the current Third Party                                                                               system. The Additional Third Party Data
                                                                                                        Credit Suisse.                                          Feeds would not provide access or order
                                                Systems, in order to obtain access to an                Euronext Optiq Cash and Derivatives.
                                                Additional Third Party System, the User                                                                         entry to the execution systems of the
                                                                                                        Unicast (EUA).                                          third parties generating the feed. The
                                                would enter into an agreement with the                  Euronext Optiq Cash and Derivatives.
                                                relevant third party content service                                                                            Exchange would receive the Additional
                                                                                                        Unicast (Production).
                                                provider, pursuant to which the third                                                                           Third Party Data Feeds via arms-length
                                                                                                        International Securities Exchange (ISE).
                                                party content service provider would                                                                            agreements and it would have no
                                                                                                        Nasdaq.
                                                charge the User for access to the                                                                               inherent advantage over any other
                                                                                                        NYFIX Marketplace.
                                                Additional Third Party System. The                                                                              distributor of such data.
                                                Exchange would then establish a unicast                                                                            As it does with the existing Third
                                                                                                          The Exchange does not propose to
                                                connection between the User and the                                                                             Party Data Feeds, the Exchange
                                                                                                        change the monthly recurring fee the
                                                relevant third party content service                                                                            proposes to charge a monthly recurring
                                                                                                        Exchange charges Users for unicast
                                                provider over the IP network.10 The                                                                             fee for connectivity to each Additional
                                                                                                        connectivity to each Third Party
                                                Exchange would charge the User for the                                                                          Third Party Data Feed. The monthly
                                                                                                        System, including the Additional Third
                                                                                                                                                                recurring fee would be per Additional
                                                                                                        Party Systems.
                                                   8 As discussed infra, the Current Euronext Feed                                                              Third Party Data Feed. Depending on its
                                                will not be removed until the proposed Euronext         Connectivity to Additional Third Party                  needs and bandwidth, a User may opt
                                                Optiq Compressed Derivatives third party data feed
                                                is available.
                                                                                                        Data Feeds                                              to receive all or some of the feeds or
                                                   9 See Securities Exchange Act Release No. 74220                                                              services included in an Additional
                                                (February 6, 2015), 80 FR 7894 (February 12, 2015)        The Exchange proposes to revise the                   Third Party Data Feed.
                                                (SR–NYSEMKT–2015–08) (notice of filing and              Price List and Fee Schedule to provide
                                                                                                                                                                   The Exchange proposes to add the
                                                immediate effectiveness of proposed rule change to      that Users may obtain connectivity to
sradovich on DSK3GMQ082PROD with NOTICES




                                                include IP network connections).                                                                                connectivity fees for the Additional
                                                                                                        each of the six Additional Third Party
                                                   10 Information flows over existing network                                                                   Third Party Data to its existing list in
                                                                                                        Data Feeds for a fee. The Exchange
                                                connections in two formats: ‘‘unicast’’ format,                                                                 the Price List and Fee Schedule. The
                                                which is a format that allows one-to-one                would receive the Additional Third
                                                                                                                                                                additional items would be as follows:
                                                communication, similar to a phone line, in which        Party Data Feeds from the content
                                                information is sent to and from the Exchange; and       service provider, at its data center. It
                                                ‘‘multicast’’ format, which is a format in which                                                                  11 See supra note 9, at 7894 (‘‘The IP network also

                                                information is sent one-way from the Exchange to
                                                                                                        would then provide connectivity to that                 provides Users with access to away market data
                                                multiple recipients at once, like a radio broadcast.    data to Users for a fee. Users would                    products’’).



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                                                29612                                 Federal Register / Vol. 82, No. 124 / Thursday, June 29, 2017 / Notices

                                                                                                Monthly         General                                                       The Exchange believes that the
                                                                                               recurring                                                                   proposed changes would remove
                                                                                             connectivity         As is the case with all Exchange co-                     impediments to, and perfect the
                                                     Third party data feed                                      location arrangements, (i) neither a User
                                                                                             fee per third
                                                                                              party data                                                                   mechanisms of, a free and open market
                                                                                                                nor any of the User’s customers would                      and a national market system and, in
                                                                                                 feed           be permitted to submit orders directly to                  general, protect investors and the public
                                                CME Group ...........................                $3,000
                                                                                                                the Exchange unless such User or                           interest because, by offering additional
                                                Euronext Optiq Compressed
                                                                                                                customer is a member organization, a                       services, the Exchange would give each
                                                   Cash ..................................                900   Sponsored Participant or an agent                          User additional options for addressing
                                                Euronext Optiq Compressed                                       thereof (e.g., a service bureau providing                  its access and connectivity needs,
                                                   Derivatives ........................                 600     order entry services); (ii) use of the co-                 responding to User demand for access
                                                Euronext Optiq Shaped Cash                            1,200     location services proposed herein would                    and connectivity options. Providing
                                                Euronext Optiq Shaped De-                                       be completely voluntary and available                      additional services would help each
                                                   rivatives .............................                900   to all Users on a non-discriminatory                       User tailor its data center operations to
                                                International Securities Ex-                                    basis; 12 and (iii) a User would only                      the requirements of its business
                                                   change (ISE) .....................                 1,000     incur one charge for the particular co-                    operations by allowing it to select the
                                                                                                                location service described herein,                         form and latency of access and
                                                  In addition, the Exchange proposes to                         regardless of whether the User connects                    connectivity that best suits its needs.
                                                remove the Current Euronext Feed from                           only to the Exchange or to the Exchange
                                                                                                                                                                              The Exchange would provide Access
                                                the list of Third Party Data Feeds when                         and one or both the Affiliate SROs.13
                                                                                                                                                                           and Connectivity as conveniences to
                                                the proposed Euronext Optiq                                       The proposed change is not otherwise                     Users. Use of Access or Connectivity
                                                Compressed Derivatives third party data                         intended to address any other issues                       would be completely voluntary. The
                                                feed is available. The Exchange                                 relating to co-location services and/or                    Exchange is not aware of any
                                                understands that the proposed Euronext                          related fees, and the Exchange is not                      impediment to third parties offering
                                                Optiq Compressed Derivatives third                              aware of any problems that Users would                     Access or Connectivity. Because the
                                                party data feed is a similar platform to                        have in complying with the proposed                        Euronext Products are not yet available,
                                                the Current Euronext Feed. The                                  change.                                                    the Exchange does not know whether
                                                proposed Euronext Optiq Compressed                              2. Statutory Basis                                         third parties will offer Users access and
                                                Derivatives data feed will be offered at                                                                                   connectivity options to connect to the
                                                the same price as the Current Euronext                             The Exchange believes that the                          Euronext Products. Similarly, the
                                                Feed. A User of the Current Euronext                            proposed rule change is consistent with                    Exchange does not have visibility into
                                                Feed that wishes to continue to receive                         Section 6(b) of the Act,14 in general, and                 whether third parties currently offer, or
                                                such data would enter into a contract                           furthers the objectives of Sections                        intend to offer, Users connectivity to the
                                                with the content service provider to                            6(b)(5) of the Act,15 in particular,                       CME and ISE Additional Third Party
                                                purchase the proposed Euronext Optiq                            because it is designed to prevent                          Data Feeds. However, if one or more
                                                Compressed Derivatives data feed, when                          fraudulent and manipulative acts and                       third parties opt to offer (or, in the case
                                                available. The Exchange will not cease                          practices, to promote just and equitable                   of the CME and ISE Additional Third
                                                to offer connectivity to the Current                            principles of trade, to foster cooperation                 Party Data Feeds, presently offer) such
                                                Euronext Feed until the Euronext Optiq                          and coordination with persons engaged                      access and connectivity to Users, a User
                                                Compressed Derivatives data feed is                             in regulating, clearing, settling,                         may opt to access or connect to such
                                                available.                                                      processing information with respect to,                    services and products through a
                                                                                                                and facilitating transactions in                           connection to an Exchange access center
                                                Connectivity to Third Party Testing and                         securities, to remove impediments to,                      outside the data center, through another
                                                Certification Feeds                                             and perfect the mechanisms of, a free                      User, a third party access center or a
                                                                                                                and open market and a national market                      third party vendor. In such a case, the
                                                  The Exchange offers Users                                     system and, in general, to protect                         User potentially would be able to make
                                                connectivity to third party certification                       investors and the public interest and                      such connection through the Exchange’s
                                                and testing feeds. Certification feeds are                      because it is not designed to permit                       SFTI network, through a third party
                                                used to certify that a User conforms to                         unfair discrimination between                              telecommunication provider, third party
                                                any of the relevant content service                             customers, issuers, brokers, or dealers.                   wireless network, or a combination
                                                provider’s requirements for accessing                                                                                      thereof.
                                                Third Party Systems or receiving Third                            12 As is currently the case, Users that receive co-
                                                                                                                                                                              The Exchange believes that the
                                                Party Data, while testing feeds provide                         location services from the Exchange will not receive
                                                                                                                any means of access to the Exchange’s trading and          proposed changes would remove
                                                Users an environment in which to
                                                                                                                execution systems that is separate from, or superior       impediments to, and perfect the
                                                conduct tests with non-live data. Such                          to, that of other Users. In this regard, all orders sent   mechanisms of, a free and open market
                                                feeds, which are solely used for                                to the Exchange enter the Exchange’s trading and           and a national market system and, in
                                                certification and testing and do not                            execution systems through the same order gateway,
                                                                                                                regardless of whether the sender is co-located in the      general, protect investors and the public
                                                carry live production data, are available
                                                                                                                data center or not. In addition, co-located Users do       interest because, by offering
                                                over the IP network.                                            not receive any market data or data service product        connectivity to each of the Euronext
                                                  The Exchange charges a connectivity                           that is not available to all Users, although Users that    Products as they come into production
                                                                                                                receive co-location services normally would expect
                                                fee of $100 per month per third party                                                                                      by Euronext, and offering connectivity
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                                                                                                                reduced latencies in sending orders to, and
                                                certification and testing feed. The                             receiving market data from, the Exchange.                  to the CME and ISE data feeds to Users
                                                Exchange proposes to offer Users                                  13 See SR–NYSEMKT–2013–67, supra note 5 at               upon the effective date of this filing, the
                                                connectivity to the Euronext Optiq Cash                         50471. The Affiliate SROs have also submitted              Exchange would give Users additional
                                                EUA and the Euronext Optiq Derivatives                          substantially the same proposed rule change to
                                                                                                                propose the changes described herein. See SR–
                                                                                                                                                                           options for connectivity and access to
                                                EUA testing data feeds for the same                             NYSE–2017–25 and SR–NYSEArca–2017–62.                      new services as soon as they are
                                                connectivity fee of $100 per month per                            14 15 U.S.C. 78f(b).                                     available, responding to User demand
                                                feed.                                                             15 15 U.S.C. 78f(b)(5).                                  for access and connectivity options.


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                                                                                 Federal Register / Vol. 82, No. 124 / Thursday, June 29, 2017 / Notices                                           29613

                                                   The Exchange believes that the                          located trading firms, which could have                operations. In regards to the Additional
                                                proposed changes would remove                              additional follow-on effects on the                    Euronext Third Party Data Feeds, the
                                                impediments to, and perfect the                            market share and revenue of the affected               Exchange expects that the shaped feeds
                                                mechanisms of, a free and open market                      exchange.                                              will include more data than the
                                                and a national market system and, in                          The Exchange believes that the                      compressed feeds. The Exchange
                                                general, protect investors and the public                  additional services and fees proposed                  accordingly believes that the proposed
                                                interest because, the Exchange proposes                    herein would be equitably allocated and                fees for the compressed and shaped data
                                                not to remove the Current Euronext                         not unfairly discriminatory because, in                feeds for both the new Euronext cash
                                                Feed from the list of Third Party Data                     addition to the services being                         and new Euronext derivatives services
                                                Feeds until the proposed Euronext                          completely voluntary, they would be                    are reasonable because they would
                                                Optiq Compressed Derivatives third                         available to all Users on an equal basis               allow the Exchange to defray or cover
                                                party data feed is available. The                          (i.e., the same products and services                  the costs associated with offering such
                                                proposed Euronext Optiq Compressed                         would be available to all Users). All                  connectivity, including the maintenance
                                                Derivatives data feed will be offered to                   Users that voluntarily selected to                     and operating costs associated with the
                                                Users at the same price at the Current                     receive Access or Connectivity would be                transatlantic Euronext data feeds, while
                                                Euronext Feed and the Exchange                             charged the same amount for the same                   providing Users the benefit of receiving
                                                understands that the proposed Euronext                     services. Users that opted to use Access               such Additional Euronext Third Party
                                                Optiq Compressed Derivatives data feed                     or Connectivity would not receive                      Data Feeds within co-location, helping
                                                is a similar platform to the Current                       access or connectivity that is not                     them tailor their data center operations
                                                Euronext Feed. All Users, whether or                       available to all Users, as all market                  to the requirements of their business
                                                not they currently subscribe to the                        participants that contracted with the                  operations by allowing them to select
                                                Current Euronext Feed, will have the                       relevant market or content provider                    the form and latency of connectivity
                                                opportunity to enter into a contract with                  would receive access or connectivity.                  that best suits their needs, including by
                                                Euronext to purchase the proposed                             The Exchange believes that the                      selecting between shaped and
                                                Euronext Optiq Compressed Derivatives                      proposed charges would be reasonable,                  compressed formats.
                                                data feed, when available.                                 equitably allocated and not unfairly                      The Exchange believes that the
                                                   The Exchange also believes that the                     discriminatory because the Exchange                    addition of the two new Euronext
                                                proposed rule change is consistent with                    would offer the Access and Connectivity                testing feeds for the same price as the
                                                Section 6(b)(4) of the Act,16 in                           as conveniences to Users, but in order                 monthly connectivity fees currently
                                                particular, because it provides for the                    to do so must provide, maintain and                    charged for other third party testing and
                                                equitable allocation of reasonable dues,                   operate the data center facility hardware              certification feeds offered by the
                                                fees, and other charges among its                          and technology infrastructure. The                     Exchange would be reasonable,
                                                members, issuers and other persons                         Exchange must handle the installation,                 equitably allocated and not unfairly
                                                using its facilities and does not unfairly                 administration, monitoring, support and                discriminatory because it would provide
                                                discriminate between customers,                            maintenance of such services, including                Users with the benefit of having an
                                                issuers, brokers or dealers.                               by responding to any production issues.                environment in which to conduct tests
                                                   The Exchange believes that the                          Since the inception of co-location, the                with non-live data, including testing for
                                                proposed fee changes are consistent                        Exchange has made numerous                             upcoming releases and product
                                                with Section 6(b)(4) of the Act for                        improvements to the network hardware                   enhancements or the User’s own
                                                multiple reasons. The Exchange                             and technology infrastructure and has                  software development.
                                                operates in a highly competitive market                    established additional administrative                     For the reasons above, the proposed
                                                in which exchanges offer co-location                       controls. The Exchange has expanded                    changes would not unfairly discriminate
                                                services as a means to facilitate the                      the network infrastructure to keep pace                between or among market participants
                                                trading and other market activities of                     with the increased number of services                  that are otherwise capable of satisfying
                                                those market participants who believe                      available to Users, including resilient                any applicable co-location fees,
                                                that co-location enhances the efficiency                   and redundant feeds. In addition, in                   requirements, terms and conditions
                                                of their operations. Accordingly, fees                     order to provide Access and                            established from time to time by the
                                                charged for co-location services are                       Connectivity, the Exchange would                       Exchange.
                                                constrained by the active competition                      maintain multiple connections to each                     For these reasons, the Exchange
                                                for the order flow of, and other business                  ATPD and ATPS, allowing the Exchange                   believes that the proposal is consistent
                                                from, such market participants. If a                       to provide resilient and redundant                     with the Act.
                                                particular exchange charges excessive                      connections; adapt to any changes made
                                                fees for co-location services, affected                    by the relevant third party; and cover                 B. Self-Regulatory Organization’s
                                                market participants will opt to terminate                  any applicable fees charged by the                     Statement on Burden on Competition
                                                their co-location arrangements with that                   relevant third party, such as port fees.                 In accordance with Section 6(b)(8) of
                                                exchange, and adopt a possible range of                    In addition, Users would not be                        the Act,17 the Exchange believes that the
                                                alternative strategies, including placing                  required to use any of their bandwidth                 proposed rule change will not impose
                                                their servers in a physically proximate                    for Access and Connectivity unless they                any burden on competition that is not
                                                location outside the exchange’s data                       wish to do so.                                         necessary or appropriate in furtherance
                                                center (which could be a competing                            The Exchange believes the proposed                  of the purposes of the Act because, in
                                                exchange), or pursuing strategies less                     fees for connectivity to the ATPD would                addition to the proposed services being
                                                                                                           be reasonable because they would allow
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                                                dependent upon the lower exchange-to-                                                                             completely voluntary, they are available
                                                participant latency associated with co-                    the Exchange to defray or cover the                    to all Users on an equal basis (i.e. the
                                                location. Accordingly, the exchange                        costs associated with offering Users                   same products and services are available
                                                charging excessive fees would stand to                     connectivity to ATPD while providing                   to all Users).
                                                lose not only co-location revenues but                     Users the convenience of receiving such                  The Exchange believes that providing
                                                also the liquidity of the formerly co-                     ATPD within co-location, helping them                  Users with additional options for
                                                                                                           tailor their data center operations to the
                                                  16 15   U.S.C. 78f(b)(4).                                requirements of their business                          17 15   U.S.C. 78f(b)(8).



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                                                29614                         Federal Register / Vol. 82, No. 124 / Thursday, June 29, 2017 / Notices

                                                connectivity and access to new services                 offer co-location services as a means to                  4(f)(6)(iii), however, permits the
                                                when available would not impose any                     facilitate the trading and other market                   Commission to designate a shorter time
                                                burden on competition that is not                       activities of those market participants                   if such action is consistent with the
                                                necessary or appropriate in furtherance                 who believe that co-location enhances                     protection of investors and the public
                                                of the purposes of the Act because such                 the efficiency of their operations.                       interest.21
                                                proposed Access and Connectivity                        Accordingly, fees charged for co-                            The Exchange has asked the
                                                would satisfy User demand for access                    location services are constrained by the                  Commission to waive the 30-day
                                                and connectivity options. The Exchange                  active competition for the order flow of,                 operative delay so that the proposal may
                                                would provide Access and Connectivity                   and other business from, such market                      become operative immediately upon
                                                as conveniences equally to all Users.                   participants. If a particular exchange                    filing. The Exchange states that waiver
                                                Because the Euronext Products are not                   charges excessive fees for co-location                    of the operative delay will permit Users
                                                yet available, the Exchange does not                    services, affected market participants                    to obtain the benefits of the proposed
                                                know whether third parties will offer                   will opt to terminate their co-location                   new access and connectivity services
                                                Users access and connectivity options to                arrangements with that exchange, and                      and help Users tailor their data center
                                                connect to the Euronext Products.                       adopt a possible range of alternative                     operations to the requirements of their
                                                Similarly, the Exchange does not have                   strategies, including placing their                       business operations without delay. The
                                                visibility into whether third parties                   servers in a physically proximate                         Commission believes that waiving the
                                                currently offer, or intend to offer, Users              location outside the exchange’s data                      30-day operative delay is consistent
                                                connectivity to the CME and ISE                         center (which could be a competing                        with the protection of investors and the
                                                Additional Third Party Data Feeds, as                   exchange), or pursuing strategies less                    public interest. Therefore, the
                                                such third parties are not required to                  dependent upon the lower exchange-to-                     Commission hereby waives the
                                                make that information public. However,                  participant latency associated with co-                   operative delay and designates the
                                                if one or more third parties opt to offer               location. Accordingly, the exchange                       proposed rule change operative upon
                                                (or, in the case of the CME and ISE                     charging excessive fees would stand to                    filing.22
                                                Additional Third Party Data Feeds,                      lose not only co-location revenues but                       At any time within 60 days of the
                                                presently offer) such access and                        also the liquidity of the formerly co-                    filing of such proposed rule change, the
                                                connectivity to Users, a User may opt to                located trading firms, which could have                   Commission summarily may
                                                access or connect to such services and                  additional follow-on effects on the                       temporarily suspend such rule change if
                                                products through a connection to an                     market share and revenue of the affected                  it appears to the Commission that such
                                                Exchange access center outside the data                 exchange. For the reasons described                       action is necessary or appropriate in the
                                                center, through another User, a third                   above, the Exchange believes that the                     public interest, for the protection of
                                                party access center or a third party                    proposed rule change reflects this                        investors, or otherwise in furtherance of
                                                vendor. In such a case, depending on                    competitive environment.                                  the purposes of the Act. If the
                                                the service offered by the third party,                                                                           Commission takes such action, the
                                                                                                        C. Self-Regulatory Organization’s
                                                the User would be able to make such                                                                               Commission shall institute proceedings
                                                                                                        Statement on Comments on the
                                                connection through the SFTI network,                                                                              under Section 19(b)(2)(B) 23 of the Act to
                                                                                                        Proposed Rule Change Received From
                                                through a third party                                                                                             determine whether the proposed rule
                                                                                                        Members, Participants, or Others
                                                telecommunication provider, third party                                                                           change should be approved or
                                                wireless network, or a combination                        No written comments were solicited
                                                                                                        or received with respect to the proposed                  disapproved.
                                                thereof. Users that opt to use the
                                                proposed Access or Connectivity would                   rule change.                                              IV. Solicitation of Comments
                                                not receive access or connectivity that is              III. Date of Effectiveness of the                           Interested persons are invited to
                                                not available to all Users, as all market               Proposed Rule Change and Timing for                       submit written data, views, and
                                                participants that contract with the                     Commission Action                                         arguments concerning the foregoing,
                                                content provider may receive access or                                                                            including whether the proposed rule
                                                connectivity. In this way, the proposed                    Because the foregoing proposed rule
                                                                                                        change does not: (i) Significantly affect                 change is consistent with the Act.
                                                changes would enhance competition by
                                                                                                        the protection of investors or the public                 Comments may be submitted by any of
                                                helping Users tailor their Access and
                                                                                                        interest; (ii) impose any significant                     the following methods:
                                                Connectivity to the needs of their
                                                business operations by allowing them to                 burden on competition; and (iii) become                   Electronic Comments
                                                select the form and latency of access                   operative for 30 days from the date on
                                                                                                        which it was filed, or such shorter time                    • Use the Commission’s Internet
                                                and connectivity that best suits their                                                                            comment form (http://www.sec.gov/
                                                needs.                                                  as the Commission may designate, it has
                                                                                                        become effective pursuant to Section                      rules/sro.shtml); or
                                                   In addition, the Exchange believes
                                                that providing Users with connectivity                  19(b)(3)(A)(iii) of the Act 18 and                          • Send an email to rule-comments@
                                                to each of the Euronext Products as they                subparagraph (f)(6) of Rule 19b–4                         sec.gov. Please include File No. SR–
                                                become available would not impose any                   thereunder.19 A proposed rule change                      NYSEMKT–2017–32 on the subject line.
                                                burden on competition that is not                       filed under Rule 19b–4(f)(6) normally                     Paper Comments
                                                necessary or appropriate in furtherance                 does not become operative prior to 30
                                                of the purposes of the Act because such                 days after the date of filing.20 Rule 19b–                  • Send paper comments in triplicate
                                                proposed Access and Connectivity                                                                                  to Secretary, Securities and Exchange
                                                                                                          18 15  U.S.C. 78s(b)(3)(a)(iii).                        Commission, 100 F Street NE.,
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                                                would satisfy User demand for
                                                additional options for connectivity and
                                                                                                          19 17  CFR 240.19b–4(f)(6). In addition, Rule 19b–      Washington, DC 20549–1090.
                                                                                                        4(f)(6) requires a self-regulatory organization to give
                                                access to new services by providing                     the Commission written notice of its intent to file
                                                                                                                                                                    21 Id.
                                                them as soon as Euronext makes them                     the proposed rule change at least five business days
                                                                                                                                                                    22 For purposes only of waiving the 30-day
                                                available, responding to User demand                    prior to the date of filing of the proposed rule
                                                                                                        change, or such shorter time as designated by the         operative delay, the Commission has considered the
                                                for access and connectivity options.                    Commission. The Exchange has satisfied this               proposed rule’s impact on efficiency, competition,
                                                   The Exchange operates in a highly                    requirement.                                              and capital formation. See 15 U.S.C. 78c(f).
                                                competitive market in which exchanges                     20 17 CFR 240.19b–4(f)(6)(iii).                           23 15 U.S.C. 78s(b)(2)(B).




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                                                                                 Federal Register / Vol. 82, No. 124 / Thursday, June 29, 2017 / Notices                                                     29615

                                                All submissions should refer to File No.                  ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                 Exchange to (a) provide Users 5 with
                                                SR–NYSEMKT–2017–32. This file                             notice is hereby given that on June 16,                access to two additional third party
                                                number should be included on the                          2017, New York Stock Exchange LLC                      systems, connectivity to six additional
                                                subject line if email is used. To help the                (‘‘NYSE’’ or the ‘‘Exchange’’) filed with              third party data feeds, and connectivity
                                                Commission process and review your                        the Securities and Exchange                            to two additional third party testing
                                                comments more efficiently, please use                     Commission (the ‘‘Commission’’) the                    feeds, and (b) remove a duplicative third
                                                only one method. The Commission will                      proposed rule change as described in                   party data feed. In addition the
                                                post all comments on the Commission’s                     Items I and II below, which Items have                 Exchange proposes to make the
                                                Internet Web site (http://www.sec.gov/                    been prepared by the self-regulatory                   corresponding changes to the
                                                rules/sro.shtml). Copies of the                           organization. The Commission is                        Exchange’s Price List related to these co-
                                                submission, all subsequent                                publishing this notice to solicit                      location services.
                                                amendments, all written statements                        comments on the proposed rule change                      As set forth in the Price List, the
                                                with respect to the proposed rule                         from interested persons.                               Exchange charges fees for connectivity
                                                change that are filed with the                                                                                   to the execution systems of third party
                                                                                                          I. Self-Regulatory Organization’s
                                                Commission, and all written                                                                                      markets and other content service
                                                                                                          Statement of the Terms of the Substance
                                                communications relating to the                                                                                   providers (‘‘Third Party Systems’’), data
                                                                                                          of the Proposed Rule Change
                                                proposed rule change between the                                                                                 feeds from third party markets and other
                                                Commission and any person, other than                       The Exchange proposes to (a) provide                 content service providers (‘‘Third Party
                                                those that may be withheld from the                       Users with access to two additional                    Data Feeds’’), and third party testing
                                                public in accordance with the                             third party systems, connectivity to six               feeds.6 The lists of Third Party Systems
                                                provisions of 5 U.S.C. 552, will be                       additional third party data feeds, and                 and Third Party Data Feeds are set forth
                                                available for Web site viewing and                        connectivity to two additional third                   in the Price List.
                                                printing in the Commission’s Public                       party testing feeds, and (b) remove a                     The Exchange now proposes to make
                                                Reference Room, 100 F Street NE.,                         duplicative third party data feed. In                  the following changes:
                                                Washington, DC 20549 on official                          addition, the Exchange proposes to                        • Add two content service providers
                                                business days between the hours of                        change its Price List related to these co-             to the list of Third Party Systems:
                                                10:00 a.m. and 3:00 p.m. Copies of such                   location services. The proposed rule                   Euronext Optiq Cash and Derivatives
                                                filing also will be available for                         change is available on the Exchange’s                  Unicast (EUA), and Euronext Optiq
                                                inspection and copying at the principal                   Web site at www.nyse.com, at the                       Cash and Derivatives Unicast
                                                office of the Exchange. All comments                      principal office of the Exchange, and at               (Production) (together, the ‘‘Additional
                                                received will be posted without change;                   the Commission’s Public Reference                      Third Party Systems’’ or ‘‘ATPS’’);
                                                the Commission does not edit personal                     Room.                                                     • add six feeds to the list of Third
                                                identifying information from                                                                                     Party Data Feeds:
                                                submissions. You should submit only                       II. Self-Regulatory Organization’s                        Æ Euronext Optiq Compressed Cash,
                                                information that you wish to make                         Statement of the Purpose of, and                       Euronext Optiq Compressed Derivatives,
                                                available publicly. All submissions                       Statutory Basis for, the Proposed Rule                 Euronext Optiq Shaped Cash and
                                                should refer to File No. SR–NYSEMKT–                      Change                                                 Euronext Optiq Shaped Derivatives
                                                2017–32, and should be submitted on or                      In its filing with the Commission, the               (together, the ‘‘Additional Euronext
                                                before July 20, 2017.                                     self-regulatory organization included                  Third Party Data Feeds’’); and
                                                                                                                                                                    Æ CME Group (‘‘CME’’) and
                                                  For the Commission, by the Division of                  statements concerning the purpose of,
                                                                                                                                                                 International Securities Exchange
                                                Trading and Markets, pursuant to delegated                and basis for, the proposed rule change
                                                authority.24                                                                                                     (‘‘ISE’’) (together, with the Additional
                                                                                                          and discussed any comments it received
                                                                                                                                                                 Euronext Third Party Data Feeds, the
                                                Eduardo A. Aleman,                                        on the proposed rule change. The text
                                                                                                                                                                 ‘‘Additional Third Party Data Feeds’’ or
                                                Assistant Secretary.                                      of those statements may be examined at
                                                                                                                                                                 ‘‘ATPD’’); and
                                                                                                          the places specified in Item IV below.
                                                [FR Doc. 2017–13589 Filed 6–28–17; 8:45 am]
                                                                                                                                                                    • add two new testing feeds, Euronext
                                                BILLING CODE 8011–01–P                                    The Exchange has prepared summaries,
                                                                                                                                                                 Optiq Cash EUA and the Euronext Optiq
                                                                                                          set forth in sections A, B, and C below,
                                                                                                                                                                 Derivatives EUA; and
                                                                                                          of the most significant parts of such
                                                                                                                                                                    • remove the Euronext Third Party
                                                SECURITIES AND EXCHANGE                                   statements.
                                                                                                                                                                 Data Feed (the ‘‘Current Euronext
                                                COMMISSION                                                A. Self-Regulatory Organization’s                      Feed’’) from the list of Third Party Data
                                                                                                          Statement of the Purpose of, and                       Feeds, because the Current Euronext
                                                [Release No. 34–81014; File No. SR–NYSE–                  Statutory Basis for, the Proposed Rule
                                                2017–25]                                                  Change                                                   5 For purposes of the Exchange’s co-location

                                                                                                                                                                 services, a ‘‘User’’ means any market participant
                                                Self-Regulatory Organizations; New                        1. Purpose                                             that requests to receive co-location services directly
                                                York Stock Exchange LLC; Notice of                                                                               from the Exchange. See Securities Exchange Act
                                                Filing and Immediate Effectiveness of                       The Exchange proposes to amend the                   Release No. 76008 (September 29, 2015), 80 FR
                                                                                                          co-location 4 services offered by the                  60190 (October 5, 2015) (SR–NYSE–2015–40). As
                                                Proposed Rule Change To Add Access                                                                               specified in the Price List, a User that incurs co-
                                                for Users to Two Third Party Systems                                                                             location fees for a particular co-location service
                                                                                                            2 15 U.S.C. 78a.
                                                and Connectivity to Six Additional                                                                               pursuant thereto would not be subject to co-location
                                                                                                            3 17 CFR 240.19b–4.                                  fees for the same co-location service charged by the
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                                                Third Party Data Feeds                                       4 The Exchange initially filed rule changes         Exchange’s affiliates NYSE MKT LLC (‘‘NYSE
                                                                                                          relating to its co-location services with the          MKT’’) and NYSE Arca, Inc. (‘‘NYSE Arca’’ and,
                                                June 23, 2017.
                                                                                                          Commission in 2010. See Securities Exchange Act        together with NYSE MKT, the ‘‘Affiliate SROs’’).
                                                  Pursuant to Section 19(b)(1) 1 of the                   Release No. 62960 (September 21, 2010), 75 FR          See Securities Exchange Act Release No. 70206
                                                Securities Exchange Act of 1934 (the                      59310 (September 27, 2010) (SR–NYSE–2010–56)           (August 15, 2013), 78 FR 51765 (August 21, 2013)
                                                                                                          (the ‘‘Original Co-location Filing’’). The Exchange    (SR–NYSE–2013–59).
                                                                                                          operates a data center in Mahwah, New Jersey (the        6 See Securities Exchange Act Release No. 80311
                                                  24 17   CFR 200.30–3(a)(12).                            ‘‘data center’’) from which it provides co-location    (March 24, 2017), 82 FR 15741 (March 30, 2017)
                                                  1 15   U.S.C. 78s(b)(1).                                services to Users.                                     (SR–NYSE–2016–45).



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Document Created: 2018-11-14 10:16:48
Document Modified: 2018-11-14 10:16:48
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 29610 

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