82_FR_31771 82 FR 31642 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Specify in Exchange Rules the Exchange's Primary and Secondary Sources of Data Feeds From NYSE MKT LLC

82 FR 31642 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Specify in Exchange Rules the Exchange's Primary and Secondary Sources of Data Feeds From NYSE MKT LLC

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 129 (July 7, 2017)

Page Range31642-31644
FR Document2017-14241

Federal Register, Volume 82 Issue 129 (Friday, July 7, 2017)
[Federal Register Volume 82, Number 129 (Friday, July 7, 2017)]
[Notices]
[Pages 31642-31644]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-14241]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81061; File No. SR-NYSEArca-2017-70]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Specify in 
Exchange Rules the Exchange's Primary and Secondary Sources of Data 
Feeds From NYSE MKT LLC

June 30, 2017.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the

[[Page 31643]]

``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, 
on June 21, 2017, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') 
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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to specify in Exchange rules the Exchange's 
primary and secondary sources of data feeds from NYSE MKT LLC for order 
handling and execution, order routing, and regulatory compliance. 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend NYSE Arca Equities Rule 7.37 (``Rule 
7.37'') to specify in Exchange rules the primary and secondary sources 
of data feeds from NYSE MKT LLC (``NYSE MKT'') that the Exchange would 
use for order handling and execution, order routing, and regulatory 
compliance.
    On July 18, 2014, the Exchange filed a proposed rule change that 
clarified the Exchange's use of certain data feeds for order handling 
and execution, order routing, and regulatory compliance.\4\ As noted in 
that filing, the data feeds available for the purposes of order 
handling and execution, order routing, and regulatory compliance at the 
Exchange include the exclusive securities information processor 
(``SIP'') data feeds \5\ or proprietary data feeds from individual 
market centers (``Direct Feed''). On February 24, 2015, the Exchange 
adopted Commentary .01 to Rule 7.37 to specify which data feeds that 
the Exchange uses for the handling, execution, and routing of orders, 
as well as for regulatory compliance.\6\ After implementation of 
Pillar, the Exchange's new trading technology system, Commentary .01 
was replaced by Rule 7.37(d).\7\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 72708 (July 29, 
2014), 79 FR 45572 (Aug. 5, 2014) (SR-NYSEArca-2014-82).
    \5\ The SIP feeds are disseminated pursuant to effective joint-
industry plans as required by Rule 603(b) of Regulation NMS. 17 CFR 
242.603(b). The three joint-industry plans are: (1) The CTA Plan, 
which is operated by the Consolidated Tape Association and 
disseminates transaction information for securities with the primary 
listing market on exchanges other than NASDAQ Stock Market LLC 
(``Nasdaq''); (2) the CQ Plan, which disseminates consolidated 
quotation information for securities with their primary listing on 
exchanges other than Nasdaq; and (3) the Nasdaq UTP Plan, which 
disseminates consolidated transaction and quotation information for 
securities with their primary listing on Nasdaq.
    \6\ See Securities Exchange Act Release No. 74409 (March 2, 
2015), 80 FR 12221 (March 6, 2015) (SR-NYSEArca-2015-11).
    \7\ See Securities Exchange Act Release No. 79078 (October 11, 
2016), 81 FR 71559 (October 17, 2016) (SR-NYSEArca-2016-135).
---------------------------------------------------------------------------

    NYSE MKT has amended its rules to provide for an intentional access 
delay to certain inbound and outbound order messages on that exchange 
(the ``Delay Mechanism'').\8\ NYSE MKT will be implementing the Delay 
Mechanism when it transitions to the Pillar trading platform.\9\ The 
Delay Mechanism adds 350 microseconds of one-way latency to inbound and 
outbound communications, including all outbound communications to NYSE 
MKT's Direct Feeds.\10\ NYSE MKT will not apply the Delay Mechanism to 
outbound communications to the SIP.\11\ To use the lowest-latency 
source of information regarding NYSE MKT quotes and trades in Tape A 
and B securities, the Exchange proposes to amend Rule 7.37(d) to 
specify that the Exchange would use the SIP Data Feed as the primary 
source of data for all securities, including Tape C, from that market 
center, and would use the Direct Feed from NYSE MKT as the secondary 
source.
---------------------------------------------------------------------------

    \8\ See NYSE MKT Rule 7.29E(b).
    \9\ Securities Exchange Act Release No. 80700 (May 16, 2017), 82 
FR 23381 (May 22, 2017) (SR-NYSEMKT-2017-05) (Approval Order).
    \10\ See NYSE MKT Rule 7.29E(b)(1)(E).
    \11\ See NYSE MKT Rule 7.29E(b)(2)(C).
---------------------------------------------------------------------------

    The Exchange proposes to implement these changes coincident with 
the transition of NYSE MKT to the Pillar technology and with the 
implementation of the Delay Mechanism, which are expected to be on July 
24, 2017.\12\
---------------------------------------------------------------------------

    \12\ See NYSE Group Pillar Migration Trader Update available at 
https://www.nyse.com/publicdocs/nyse/notifications/trader-update/Pillar%20Migration%20Update.pdf.
---------------------------------------------------------------------------

    The Exchange also proposes non-substantive amendments to Rule 
7.37(d) to update the names of the market centers and to eliminate an 
inoperative market center.\13\
---------------------------------------------------------------------------

    \13\ Specifically the Exchange proposes to update the names of 
Bats BYX Exchange, Inc. (formerly BATS Y-Exchange, Inc.), Bats BZX 
Exchange, Inc. (formerly BATS Exchange, Inc.), Bats EDGA Exchange, 
Inc. (formerly EDGA Exchange, Inc.), Bats EDGX Exchange, Inc. 
(formerly EDGX Exchange, Inc.), NASDAQ BX, Inc. (formerly NASDAQ OMX 
BX, Inc.) and NASDAQ PHLX LLC (formerly NASDAQ OMX PHLX, LLC). The 
Exchange also proposes to remove National Stock Exchange LLC, which 
is currently not operating and therefore the Exchange is not 
receiving any data feeds from that market center. See Securities 
Exchange Act Release No. 80018 (February 10, 2017), 82 FR 10947 
(February 16, 2017) (SR-NSX-2017-04).
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\14\ in general, and furthers the objectives of Section 
6(b)(5),\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 facilitating transactions in securities, to 
remove impediments to, and perfect the mechanism of, a free and open 
market and a national market system and, in general, to protect 
investors and the public interest. The Exchange believes that the 
proposed rule change removes impediments to and perfects the mechanism 
of a free and open market because it would provide notice of which data 
feeds the Exchange uses for execution and routing decisions and for 
order handling and regulatory compliance, thus enhancing transparency.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The proposed change is not 
designed to address any competitive issue but rather would provide the 
public and investors with information about which data feeds the 
Exchange uses for execution

[[Page 31644]]

and routing decisions and for order handling and regulatory compliance.

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) \16\ of the Act and Rule 19b-
4(f)(6) thereunder.\17\
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 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, along 
with a brief description and the text of the proposed rule change, 
at least five business days prior to the date of filing of the 
proposed rule change, or such shorter time as designated by the 
Commission. The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NYSEArca-2017-70 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2017-70. 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 the 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 Number SR-NYSEArca-2017-70, and should 
be submitted on or before July 28, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2017-14241 Filed 7-6-17; 8:45 am]
 BILLING CODE 8011-01-P



                                                    31642                             Federal Register / Vol. 82, No. 129 / Friday, July 7, 2017 / Notices

                                                    class of shareholders. Applicants submit                 by open-end investment companies                      financing the distribution of its shares
                                                    that the proposed arrangements would                     under rule 6c–10 under the Act. Rule                  through asset-based distribution fees.
                                                    permit a Fund to facilitate the                          6c–10 permits open-end investment                        For the reasons stated above,
                                                    distribution of its shares and provide                   companies to impose contingent                        applicants submit that the exemptions
                                                    investors with a broader choice of                       deferred sales loads, subject to certain              requested under section 6(c) are
                                                    shareholder services. Applicants assert                  conditions. Applicants note that rule                 necessary and appropriate in the public
                                                    that the proposed closed-end                             6c–10 is grounded in policy                           interest and are consistent with the
                                                    investment company multiple class                        considerations supporting the                         protection of investors and the purposes
                                                    structure does not raise the concerns                    employment of contingent deferred                     fairly intended by the policy and
                                                    underlying section 18 of the Act to any                  sales loads where there are adequate                  provisions of the Act. Applicants further
                                                    greater degree than open-end                             safeguards for the investor and state that            submit that the relief requested
                                                    investment companies’ multiple class                     the same policy considerations support                pursuant to section 23(c)(3) will be
                                                    structures that are permitted by rule                    imposition of early withdrawal charges                consistent with the protection of
                                                    18f–3 under the Act. Applicants state                    in the interval fund context. In addition,            investors and will insure that applicants
                                                    that each Fund will comply with the                      applicants state that early withdrawal                do not unfairly discriminate against any
                                                    provisions of rule 18f–3 as if it were an                charges may be necessary for the                      holders of the class of securities to be
                                                    open-end investment company.                             distributor to recover distribution costs.            purchased. Finally, applicants state that
                                                    Early Withdrawal Charges                                 Applicants represent that any early                   the Funds’ imposition of asset-based
                                                                                                             withdrawal charge imposed by the                      distribution and shareholder service
                                                       1. Section 23(c) of the Act provides,                 Funds will comply with rule 6c–10                     fees is consistent with the provisions,
                                                    in relevant part, that no registered                     under the Act as if the rule were                     policies and purposes of the Act and
                                                    closed-end investment company shall                      applicable to closed-end investment                   does not involve participation on a basis
                                                    purchase securities of which it is the                   companies. The Funds will disclose                    different from or less advantageous than
                                                    issuer, except: (a) On a securities                      early withdrawal charges in accordance                that of other participants.
                                                    exchange or other open market; (b)                       with the requirements of Form N–1A
                                                    pursuant to tenders, after reasonable                                                                          Applicants’ Condition
                                                                                                             concerning contingent deferred sales
                                                    opportunity to submit tenders given to                   loads.                                                  Applicants agree that any order
                                                    all holders of securities of the class to                                                                      granting the requested relief will be
                                                    be purchased; or (c) under other                         Asset-Based Distribution and                          subject to the following condition:
                                                    circumstances as the Commission may                      Shareholder Service Fees                                Each Fund relying on the order will
                                                    permit by rules and regulations or                                                                             comply with the provisions of rules 6c–
                                                                                                                1. Section 17(d) of the Act and rule
                                                    orders for the protection of investors.                                                                        10, 12b–1, 17d–3, 18f–3, 22d–1, and,
                                                       2. Rule 23c–3 under the Act permits                   17d–1 under the Act prohibit an
                                                                                                             affiliated person of a registered                     where applicable, 11a–3 under the Act,
                                                    a registered closed-end investment                                                                             as amended from time to time, as if
                                                    company (an ‘‘interval fund’’) to make                   investment company, or an affiliated
                                                                                                             person of such person, acting as                      those rules applied to closed-end
                                                    repurchase offers of between five and                                                                          management investment companies,
                                                    twenty-five percent of its outstanding                   principal, from participating in or
                                                                                                             effecting any transaction in connection               and will comply with the FINRA Sales
                                                    shares at net asset value at periodic                                                                          Charge Rule, as amended from time to
                                                    intervals pursuant to a fundamental                      with any joint enterprise or joint
                                                                                                             arrangement in which the investment                   time, as if that rule applied to all closed-
                                                    policy of the interval fund. Rule 23c–                                                                         end management investment
                                                    3(b)(1) under the Act permits an interval                company participates unless the
                                                                                                             Commission issues an order permitting                 companies.
                                                    fund to deduct from repurchase
                                                    proceeds only a repurchase fee, not to                   the transaction. In reviewing                           For the Commission, by the Division of
                                                    exceed two percent of the proceeds, that                 applications submitted under section                  Investment Management, under delegated
                                                    is paid to the interval fund and is                      17(d) and rule 17d–1, the Commission                  authority.
                                                    reasonably intended to compensate the                    considers whether the participation of                Eduardo Aleman,
                                                    fund for expenses directly related to the                the investment company in a joint                     Assistant Secretary.
                                                    repurchase.                                              enterprise or joint arrangement is                    [FR Doc. 2017–14314 Filed 7–6–17; 8:45 am]
                                                       3. Section 23(c)(3) provides that the                 consistent with the provisions, policies              BILLING CODE 8011–01–P
                                                    Commission may issue an order that                       and purposes of the Act, and the extent
                                                    would permit a closed-end investment                     to which the participation is on a basis
                                                    company to repurchase its shares in                      different from or less advantageous than              SECURITIES AND EXCHANGE
                                                    circumstances in which the repurchase                    that of other participants.                           COMMISSION
                                                    is made in a manner or on a basis that                      2. Rule 17d–3 under the Act provides
                                                                                                             an exemption from section 17(d) and                   [Release No. 34–81061; File No. SR–
                                                    does not unfairly discriminate against                                                                         NYSEArca-2017–70]
                                                    any holders of the class or classes of                   rule 17d–1 to permit open-end
                                                    securities to be purchased.                              investment companies to enter into                    Self-Regulatory Organizations; NYSE
                                                       4. Applicants request relief under                    distribution arrangements pursuant to                 Arca, Inc.; Notice of Filing and
                                                    section 6(c), discussed above, and                       rule 12b–1 under the Act. Applicants                  Immediate Effectiveness of Proposed
                                                    section 23(c)(3) from rule 23c–3 to the                  request an order under section 17(d) and              Rule Change To Specify in Exchange
asabaliauskas on DSKBBXCHB2PROD with NOTICES




                                                    extent necessary for the Funds to                        rule 17d–1 under the Act to the extent                Rules the Exchange’s Primary and
                                                    impose early withdrawal charges on                       necessary to permit the Fund to impose                Secondary Sources of Data Feeds
                                                    shares of the Funds submitted for                        asset-based distribution and shareholder              From NYSE MKT LLC
                                                    repurchase that have been held for less                  service fees. Applicants have agreed to
                                                    than a specified period.                                 comply with rules 12b–1 and 17d–3 as                  June 30, 2017.
                                                       5. Applicants state that the early                    if those rules applied to closed-end                    Pursuant to Section 19(b)(1) 1 of the
                                                    withdrawal charges they intend to                        investment companies, which they                      Securities Exchange Act of 1934 (the
                                                    impose are functionally similar to                       believe will resolve any concerns that
                                                    contingent deferred sales loads imposed                  might arise in connection with a Fund                   1 15   U.S.C. 78s(b)(1).



                                               VerDate Sep<11>2014   20:56 Jul 06, 2017   Jkt 241001   PO 00000   Frm 00095   Fmt 4703   Sfmt 4703   E:\FR\FM\07JYN1.SGM    07JYN1


                                                                                      Federal Register / Vol. 82, No. 129 / Friday, July 7, 2017 / Notices                                                   31643

                                                    ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                   noted in that filing, the data feeds                   transition of NYSE MKT to the Pillar
                                                    notice is hereby given that, on June 21,                 available for the purposes of order                    technology and with the
                                                    2017, NYSE Arca, Inc. (the ‘‘Exchange’’                  handling and execution, order routing,                 implementation of the Delay
                                                    or ‘‘NYSE Arca’’) filed with the                         and regulatory compliance at the                       Mechanism, which are expected to be
                                                    Securities and Exchange Commission                       Exchange include the exclusive                         on July 24, 2017.12
                                                    (the ‘‘Commission’’) the proposed rule                   securities information processor (‘‘SIP’’)                The Exchange also proposes non-
                                                    change as described in Items I and II                    data feeds 5 or proprietary data feeds                 substantive amendments to Rule 7.37(d)
                                                    below, which Items have been prepared                    from individual market centers (‘‘Direct               to update the names of the market
                                                    by the self-regulatory organization. The                 Feed’’). On February 24, 2015, the                     centers and to eliminate an inoperative
                                                    Commission is publishing this notice to                  Exchange adopted Commentary .01 to                     market center.13
                                                    solicit comments on the proposed rule                    Rule 7.37 to specify which data feeds                  2. Statutory Basis
                                                    change from interested persons.                          that the Exchange uses for the handling,
                                                                                                             execution, and routing of orders, as well                 The proposed rule change is
                                                    I. Self-Regulatory Organization’s                        as for regulatory compliance.6 After                   consistent with Section 6(b) of the
                                                    Statement of the Terms of Substance of                   implementation of Pillar, the Exchange’s               Act,14 in general, and furthers the
                                                    the Proposed Rule Change                                 new trading technology system,                         objectives of Section 6(b)(5),15 in
                                                       The Exchange proposes to specify in                   Commentary .01 was replaced by Rule                    particular, because it is designed to
                                                    Exchange rules the Exchange’s primary                    7.37(d).7                                              prevent fraudulent and manipulative
                                                    and secondary sources of data feeds                        NYSE MKT has amended its rules to                    acts and practices, to promote just and
                                                    from NYSE MKT LLC for order handling                     provide for an intentional access delay                equitable principles of trade, to foster
                                                    and execution, order routing, and                        to certain inbound and outbound order                  cooperation and coordination with
                                                    regulatory compliance. The proposed                      messages on that exchange (the ‘‘Delay                 persons engaged in facilitating
                                                    rule change is available on the                          Mechanism’’).8 NYSE MKT will be                        transactions in securities, to remove
                                                    Exchange’s Web site at www.nyse.com,                     implementing the Delay Mechanism                       impediments to, and perfect the
                                                    at the principal office of the Exchange,                 when it transitions to the Pillar trading              mechanism of, a free and open market
                                                    and at the Commission’s Public                           platform.9 The Delay Mechanism adds                    and a national market system and, in
                                                    Reference Room.                                          350 microseconds of one-way latency to                 general, to protect investors and the
                                                                                                             inbound and outbound                                   public interest. The Exchange believes
                                                    II. Self-Regulatory Organization’s                       communications, including all                          that the proposed rule change removes
                                                    Statement of the Purpose of, and                         outbound communications to NYSE                        impediments to and perfects the
                                                    Statutory Basis for, the Proposed Rule                   MKT’s Direct Feeds.10 NYSE MKT will                    mechanism of a free and open market
                                                    Change                                                   not apply the Delay Mechanism to                       because it would provide notice of
                                                       In its filing with the Commission, the                outbound communications to the SIP.11                  which data feeds the Exchange uses for
                                                    self-regulatory organization included                    To use the lowest-latency source of                    execution and routing decisions and for
                                                    statements concerning the purpose of,                    information regarding NYSE MKT                         order handling and regulatory
                                                    and basis for, the proposed rule change                  quotes and trades in Tape A and B                      compliance, thus enhancing
                                                    and discussed any comments it received                   securities, the Exchange proposes to                   transparency.
                                                    on the proposed rule change. The text                    amend Rule 7.37(d) to specify that the                 B. Self-Regulatory Organization’s
                                                    of those statements may be examined at                   Exchange would use the SIP Data Feed                   Statement on Burden on Competition
                                                    the places specified in Item IV below.                   as the primary source of data for all
                                                    The Exchange has prepared summaries,                     securities, including Tape C, from that                  The Exchange does not believe that
                                                    set forth in sections A, B, and C below,                 market center, and would use the Direct                the proposed rule change will impose
                                                    of the most significant parts of such                    Feed from NYSE MKT as the secondary                    any burden on competition that is not
                                                                                                             source.                                                necessary or appropriate in furtherance
                                                    statements.
                                                                                                                The Exchange proposes to implement                  of the purposes of the Act. The
                                                    A. Self-Regulatory Organization’s                        these changes coincident with the                      proposed change is not designed to
                                                    Statement of the Purpose of, and the                                                                            address any competitive issue but rather
                                                    Statutory Basis for, the Proposed Rule                      5 The SIP feeds are disseminated pursuant to        would provide the public and investors
                                                    Change                                                   effective joint-industry plans as required by Rule     with information about which data
                                                                                                             603(b) of Regulation NMS. 17 CFR 242.603(b). The       feeds the Exchange uses for execution
                                                    1. Purpose                                               three joint-industry plans are: (1) The CTA Plan,
                                                                                                             which is operated by the Consolidated Tape
                                                       The Exchange proposes to amend                        Association and disseminates transaction                  12 See NYSE Group Pillar Migration Trader

                                                    NYSE Arca Equities Rule 7.37 (‘‘Rule                     information for securities with the primary listing    Update available at https://www.nyse.com/
                                                    7.37’’) to specify in Exchange rules the                 market on exchanges other than NASDAQ Stock            publicdocs/nyse/notifications/trader-update/
                                                                                                             Market LLC (‘‘Nasdaq’’); (2) the CQ Plan, which        Pillar%20Migration%20Update.pdf.
                                                    primary and secondary sources of data                    disseminates consolidated quotation information           13 Specifically the Exchange proposes to update
                                                    feeds from NYSE MKT LLC (‘‘NYSE                          for securities with their primary listing on           the names of Bats BYX Exchange, Inc. (formerly
                                                    MKT’’) that the Exchange would use for                   exchanges other than Nasdaq; and (3) the Nasdaq        BATS Y-Exchange, Inc.), Bats BZX Exchange, Inc.
                                                    order handling and execution, order                      UTP Plan, which disseminates consolidated              (formerly BATS Exchange, Inc.), Bats EDGA
                                                                                                             transaction and quotation information for securities   Exchange, Inc. (formerly EDGA Exchange, Inc.),
                                                    routing, and regulatory compliance.                      with their primary listing on Nasdaq.                  Bats EDGX Exchange, Inc. (formerly EDGX
                                                       On July 18, 2014, the Exchange filed                     6 See Securities Exchange Act Release No. 74409
                                                                                                                                                                    Exchange, Inc.), NASDAQ BX, Inc. (formerly
                                                    a proposed rule change that clarified the                (March 2, 2015), 80 FR 12221 (March 6, 2015) (SR–      NASDAQ OMX BX, Inc.) and NASDAQ PHLX LLC
asabaliauskas on DSKBBXCHB2PROD with NOTICES




                                                    Exchange’s use of certain data feeds for                 NYSEArca–2015–11).                                     (formerly NASDAQ OMX PHLX, LLC). The
                                                                                                                7 See Securities Exchange Act Release No. 79078     Exchange also proposes to remove National Stock
                                                    order handling and execution, order
                                                                                                             (October 11, 2016), 81 FR 71559 (October 17, 2016)     Exchange LLC, which is currently not operating and
                                                    routing, and regulatory compliance.4 As                  (SR–NYSEArca–2016–135).                                therefore the Exchange is not receiving any data
                                                                                                                8 See NYSE MKT Rule 7.29E(b).                       feeds from that market center. See Securities
                                                      2 15  U.S.C. 78a.                                         9 Securities Exchange Act Release No. 80700 (May    Exchange Act Release No. 80018 (February 10,
                                                      3 17  CFR 240.19b–4.                                   16, 2017), 82 FR 23381 (May 22, 2017) (SR–             2017), 82 FR 10947 (February 16, 2017) (SR–NSX–
                                                       4 See Securities Exchange Act Release No. 72708       NYSEMKT–2017–05) (Approval Order).                     2017–04).
                                                                                                                10 See NYSE MKT Rule 7.29E(b)(1)(E).                   14 15 U.S.C. 78f(b).
                                                    (July 29, 2014), 79 FR 45572 (Aug. 5, 2014) (SR–
                                                    NYSEArca-2014–82).                                          11 See NYSE MKT Rule 7.29E(b)(2)(C).                   15 15 U.S.C. 78f(b)(5).




                                               VerDate Sep<11>2014   20:56 Jul 06, 2017   Jkt 241001   PO 00000   Frm 00096   Fmt 4703   Sfmt 4703   E:\FR\FM\07JYN1.SGM   07JYN1


                                                    31644                              Federal Register / Vol. 82, No. 129 / Friday, July 7, 2017 / Notices

                                                    and routing decisions and for order                       Commission, 100 F Street NE.,                             (‘‘Exchange’’ or ‘‘CBOE’’) filed with the
                                                    handling and regulatory compliance.                       Washington, DC 20549–1090.                                Securities and Exchange Commission
                                                                                                              All submissions should refer to File                      (‘‘Commission’’), pursuant to Section
                                                    C. Self-Regulatory Organization’s
                                                                                                              Number SR–NYSEArca–2017–70. This                          19(b)(1) of the Securities Exchange Act
                                                    Statement on Comments on the
                                                                                                              file number should be included on the                     of 1934 (‘‘Exchange Act’’) 1 and Rule
                                                    Proposed Rule Change Received From
                                                                                                              subject line if email is used. To help the                19b–4 thereunder,2 a proposed rule
                                                    Members, Participants, or Others                                                                                    change to amend its rules regarding the
                                                                                                              Commission process and review your
                                                      No written comments were solicited                      comments more efficiently, please use                     circumstances in which CBOE Floor
                                                    or received with respect to the proposed                  only one method. The Commission will                      Officials may declare a ‘‘fast’’ market
                                                    rule change.                                              post all comments on the Commission’s                     and the actions those Floor Officials
                                                                                                              Internet Web site (http://www.sec.gov/                    may take when a fast market is declared,
                                                    III. Date of Effectiveness of the                                                                                   including the ability to suspend the
                                                    Proposed Rule Change and Timing for                       rules/sro.shtml). Copies of the
                                                                                                              submission, all subsequent                                duty to systemize a non-electronic order
                                                    Commission Action                                                                                                   prior to representing it in open outcry
                                                                                                              amendments, all written statements
                                                       Because the foregoing proposed rule                    with respect to the proposed rule                         trading. The proposed rule change was
                                                    change does not: (i) Significantly affect                 change that are filed with the                            published for comment in the Federal
                                                    the protection of investors or the public                 Commission, and all written                               Register on March 6, 2017.3 On April
                                                    interest; (ii) impose any significant                     communications relating to the                            18, 2017, pursuant to Section 19(b)(2) of
                                                    burden on competition; and (iii) become                   proposed rule change between the                          the Exchange Act,4 the Commission
                                                    operative for 30 days from the date on                    Commission and any person, other than                     designated a longer period within which
                                                    which it was filed, or such shorter time                  those that may be withheld from the                       to approve the proposed rule change,
                                                    as the Commission may designate, it has                   public in accordance with the                             disapprove the proposed rule change, or
                                                    become effective pursuant to Section                      provisions of 5 U.S.C. 552, will be                       institute proceedings to determine
                                                    19(b)(3)(A) 16 of the Act and Rule 19b–                   available for Web site viewing and                        whether to disapprove the proposed
                                                    4(f)(6) thereunder.17                                     printing in the Commission’s Public                       rule change.5 On June 2, 2017, the
                                                       At any time within 60 days of the                      Reference Room, 100 F Street NE.,                         Commission instituted proceedings to
                                                    filing of the proposed rule change, the                   Washington, DC 20549, on official                         determine whether to approve or
                                                    Commission summarily may                                  business days between the hours of                        disapprove the proposed rule change.6
                                                    temporarily suspend such rule change if                   10:00 a.m. and 3:00 p.m. Copies of the                    The Commission received no comments
                                                    it appears to the Commission that such                    filing also will be available for                         on the proposed rule change. On June
                                                    action is: (i) Necessary or appropriate in                inspection and copying at the principal                   26, 2017, CBOE withdrew the proposed
                                                    the public interest; (ii) for the protection              office of the Exchange. All comments                      rule change (SR–CBOE–2017–010).
                                                    of investors; or (iii) otherwise in                       received will be posted without change;                     For the Commission, by the Division of
                                                    furtherance of the purposes of the Act.                   the Commission does not edit personal                     Trading and Markets, pursuant to delegated
                                                    If the Commission takes such action, the                                                                            authority.7
                                                                                                              identifying information from
                                                    Commission shall institute proceedings                    submissions. You should submit only                       Brent J. Fields,
                                                    to determine whether the proposed rule                    information that you wish to make                         Secretary.
                                                    should be approved or disapproved.                        available publicly. All submissions                       [FR Doc. 2017–14244 Filed 7–6–17; 8:45 am]

                                                    IV. Solicitation of Comments                              should refer to File Number SR–                           BILLING CODE 8011–01–P
                                                                                                              NYSEArca–2017–70, and should be
                                                      Interested persons are invited to                       submitted on or before July 28, 2017.
                                                    submit written data, views, and                                                                                     SECURITIES AND EXCHANGE
                                                                                                                For the Commission, by the Division of
                                                    arguments concerning the foregoing,                                                                                 COMMISSION
                                                                                                              Trading and Markets, pursuant to delegated
                                                    including whether the proposed rule                       authority.18                                              [Release No. 34–81060; File No. SR–MSRB–
                                                    change is consistent with the Act.                                                                                  2017–04]
                                                                                                              Brent J. Fields,
                                                    Comments may be submitted by any of
                                                                                                              Secretary.
                                                    the following methods:                                                                                              Self-Regulatory Organizations;
                                                                                                              [FR Doc. 2017–14241 Filed 7–6–17; 8:45 am]
                                                    Electronic Comments                                                                                                 Municipal Securities Rulemaking
                                                                                                              BILLING CODE 8011–01–P
                                                                                                                                                                        Board; Notice of Filing of a Proposed
                                                      • Use the Commission’s Internet                                                                                   Rule Change To Amend MSRB Rule G–
                                                    comment form (http://www.sec.gov/                                                                                   21(e), on Municipal Fund Security
                                                    rules/sro.shtml); or                                      SECURITIES AND EXCHANGE
                                                                                                                                                                        Product Advertisements
                                                      • Send an email to rule-comments@                       COMMISSION
                                                    sec.gov. Please include File Number SR–                                                                             June 30, 2017.
                                                                                                              [Release No. 34–81065; File No. SR–CBOE–
                                                    NYSEArca–2017–70 on the subject line.                     2017–010]                                                   Pursuant to Section 19(b)(1) of the
                                                                                                                                                                        Securities Exchange Act of 1934 (the
                                                    Paper Comments                                            Self-Regulatory Organizations;
                                                      • Send paper comments in triplicate
                                                                                                                                                                          1 15 U.S.C. 78s(b)(1).
                                                                                                              Chicago Board Options Exchange,
                                                                                                                                                                          2 17 CFR 240.19b–4.
                                                    to Secretary, Securities and Exchange                     Incorporated; Notice of Withdrawal of                       3 See Securities Exchange Act Release No. 80123
                                                                                                              a Proposed Rule Change Related to                         (February 28, 2017), 82 FR 12667 (‘‘Notice’’).
asabaliauskas on DSKBBXCHB2PROD with NOTICES




                                                      16 15  U.S.C. 78s(b)(3)(A).                             Unusual Market Conditions and the                           4 15 U.S.C. 78s(b)(2).

                                                      17 17  CFR 240.19b–4(f)(6). In addition, Rule 19b–      Duty To Systemize Non-Electronic                            5 See Securities Exchange Act Release No. 80481,

                                                    4(f)(6) requires a self-regulatory organization to give   Orders Prior to Representation                            82 FR 18941 (April 24, 2017). The Commission
                                                    the Commission written notice of its intent to file                                                                 designated June 4, 2017, as the date by which the
                                                    the proposed rule change, along with a brief              June 30, 2017.                                            Commission shall either approve or disapprove, or
                                                    description and the text of the proposed rule                                                                       institute proceedings to determine whether to
                                                                                                                On February 15, 2017, the Chicago                       disapprove, the proposed rule change.
                                                    change, at least five business days prior to the date
                                                    of filing of the proposed rule change, or such            Board Options Exchange, Incorporated                        6 See Securities Exchange Act Release No. 80854,

                                                    shorter time as designated by the Commission. The                                                                   82 FR 26724 (June 8, 2017).
                                                    Exchange has satisfied this requirement.                       18 17   CFR 200.30–3(a)(12).                           7 17 CFR 200.30–3(a)(12).




                                               VerDate Sep<11>2014    20:56 Jul 06, 2017   Jkt 241001   PO 00000     Frm 00097     Fmt 4703   Sfmt 4703   E:\FR\FM\07JYN1.SGM    07JYN1



Document Created: 2017-07-07 02:19:54
Document Modified: 2017-07-07 02:19:54
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 31642 

2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR