82 FR 39469 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services To Modify the Fees and Credits for Routing Certain Orders to NYSE American LLC
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 159 (August 18, 2017)
Federal Register Volume 82, Issue 159 (August 18, 2017)
| Page Range | 39469-39471 | |
| FR Document | 2017-17434 |
[Federal Register Volume 82, Number 159 (Friday, August 18, 2017)] [Notices] [Pages 39469-39471] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-17434] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81392; File No. SR-NYSEARCA-2017-89] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services To Modify the Fees and Credits for Routing Certain Orders to NYSE American LLC August 14, 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 August 4, 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, II, and III 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 amend the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services (``Fee Schedule'') to modify the fees and credits for routing certain orders to NYSE American LLC (``NYSE American'').\4\ The Exchange also proposes to make non- substantive changes to the Fee Schedule in connection with the name change of its affiliate NYSE MKT LLC to NYSE American LLC. The Exchange proposes to implement the changes effective August 4, 2017.\5\ 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. --------------------------------------------------------------------------- \4\ On July 24, 2017, the Exchange's affiliate, NYSE MKT LLC, transitioned to the Pillar trading platform and has been renamed NYSE American LLC. See Securities Exchange Act Release Nos. 79242 (November 4, 2016), 81 FR 79081 (November 10, 2016) (SR-NYSEMKT- 2016-97); 79400 (November 25, 2016), 81 FR 86750 (December 1, 2016) (SR-NYSEMKT-2016-103); 80283 (March 21, 2017), 82 FR 15244 (March 27, 2017) (SR-NYSEMKT-2017-14); and 80748 (May 23, 2017), 82 FR 24764 (May 30, 2017) (SR-NYSEMKT-2017-20). \5\ The Exchange originally filed to amend the Fee Schedule on July 24, 2017 (SR-NYSEArca-2017-81) and withdrew such filing on August 4, 2017. --------------------------------------------------------------------------- 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 the Fee Schedule to modify the fees and credits for routing certain orders to the NYSE American. The Exchange also proposes to make non-substantive changes to the Fee Schedule in connection with the name change of its affiliate NYSE MKT LLC to NYSE American LLC. In a recent rule filing, NYSE American proposed to modify its fee schedule for equities transactions, including changes to the rates for providing liquidity and for executions that occur in the opening and closing auction.\6\ The Exchange's current credits for routing orders to NYSE American are closely related to the NYSE American's rates, including the rates for providing liquidity, and the Exchange is proposing an adjustment to its rates to remain competitive with the rates of NYSE American. Specifically, for Tier 1 and Tier 2 PO \7\ and PO+ \8\ Orders, the Exchange currently provides a credit of $0.0016 per share for orders that are routed to NYSE American that provide liquidity to the NYSE American order book, which is equal to the NYSE American rebate for execution of customer orders that add liquidity to NYSE American. --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 81228 (July 27, 2017), 82 FR 36012 (August 2, 2017) (SR-NYSEMKT-2017-43) (the ``NYSE American Fee Filing''). \7\ A PO order is a Market or Limit Order that on arrival is routed directly to the primary listing market without being assigned a working time or interacting with interest on the NYSE Arca Book. See Rule 7.31(f)(1). \8\ The Exchange transitioned to the Pillar trading platform in 2016 and on Pillar, the PO+ modifier in the Exchange's rules was replaced with the Primary Only Day/IOC Order, which is a Primary Only Order designated Day or IOC, as provided in current Rule 7.31(f)(1(B). See Securities Exchange Act Release No. 76267 (October 26, 2015), 80 FR 66951 (October 30, 2015) (SR-NYSEArca-2015-56). A Primary Only Order designated Day functions similar to what was a PO+ Order. Therefore, to promote clarity to the Fee Schedule and avoid any confusion, the Exchange proposes to remove reference to PO+ Orders from the Fee Schedule. --------------------------------------------------------------------------- A PO Order is designed to route to the primary listing market of the security underlying the order (i.e., NYSE, NASDAQ, etc.) immediately upon arrival and the order therefore does not rest on the Exchange's order book. Because such orders do not rest on the Exchange's book, the Exchange charges fees or provides credits for those orders based on the fees or credits of the destination primary listing market, which are the fees and credits that the Exchange is charged by the primary listing market that receives the order. In the NYSE American Fee Filing, NYSE American proposed to not charge a fee or provide a credit for executions of displayed orders that provide liquidity on that exchange.\9\ Accordingly, the Exchange is proposing to amend the rates for routing Tier 1 and Tier 2 PO Orders to NYSE American to reflect the rates proposed by NYSE American. As proposed, there will be no credit for such orders routed to NYSE American that provide liquidity to the NYSE American book. --------------------------------------------------------------------------- \9\ The Exchange notes that orders that are routed to NYSE American will be displayed on that exchange. PO Orders do not provide ETP Holders the ability to add non-displayed liquidity to away markets. --------------------------------------------------------------------------- The Exchange proposes to make corresponding changes to the Basic Rate pricing section of the Fee Schedule. Additionally, in the NYSE American Fee Filing, NYSE American proposed to charge a fee of $0.0005 per share for executions at the open or close. [[Page 39470]] Accordingly, the Exchange proposes to amend the Fee Schedule to lower the Tier 1, Tier 2 and Basic Rate fee for PO Orders in Tape B securities that are routed to NYSE American that execute in the opening or closing auction, from $0.00085 per share to $0.0005 per share. As noted above, the Exchange's affiliate, NYSE MKT LLC, has been renamed NYSE American LLC. Accordingly, in the Fee Schedule, under ``NYSE Arca Marketplace: Trade Related Fees and Credits,'' under ``Round Lots and Odd Lots (Per Share Price $1.00 or Above), and ``Co- location Fees,'' in General Notes 1 and 4, the Exchange proposes to change references to ``NYSE MKT Book'' to ``NYSE American Book''; ``NYSE MKT'' to ``NYSE American''; ``NYSE MKT LLC'' to ``NYSE American LLC''; and ``NYSE Amex Options'' to ``NYSE American Options.'' None of the foregoing changes are substantive. The proposed changes are not otherwise intended to address any other issues, and the Exchange is not aware of any problems that ETP Holders would have in complying with the proposed changes. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\10\ in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act,\11\ 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. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that the proposed changes to routing credits for PO Orders that provide liquidity to NYSE American and routing fees for such orders that execute in the opening or closing auction on NYSE American are reasonable because the Exchange's rates for routing such orders are closely related to NYSE American's rates for its members, and the proposed change is consistent with the change proposed by NYSE American to not provide a rebate for providing liquidity and to charge a lower fee for executions in the opening or closing auction. While the proposed rule change would result in a decrease in the per share credit for PO Orders routed to NYSE American that provide liquidity to NYSE American, and a decrease in the per share fee for such routed orders that execute in the opening or closing auction, the Exchange would remain competitive with NYSE American as that exchange also no longer provides a credit to its members for providing liquidity and charges a lower fee for executions in the opening or closing auction. Further, the proposed change is equitable and not unfairly discriminatory because the proposed elimination of routing credits for PO Orders that provide liquidity to NYSE American and the proposed decrease of routing fees for such orders that execute in the opening or closing auction on NYSE American would apply uniformly across pricing tiers and all similarly situated ETP Holders. The Exchange believes that the proposed rule change regarding the name change from NYSE MKT LLC to NYSE American LLC is consistent with Section 6(b) of the Act,\12\ in general, and with Section 6(b)(1) \13\ in particular, in that it enables the Exchange to be so organized as to have the capacity to be able to carry out the purposes of the Act and to comply, and to enforce compliance by its exchange members and persons associated with its exchange members, with the provisions of the Act, the rules and regulations thereunder, and the rules of the Exchange. The proposed rule change would ensure that the Fee Schedule accurately reflects the name change of the Exchange's affiliate from NYSE MKT to NYSE American and the rebranding of NYSE Amex Options to NYSE American Options and would contribute to the orderly operation of the Exchange by adding clarity and transparency to the Fee Schedule. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(1). --------------------------------------------------------------------------- Finally, the Exchange believes that it is subject to significant competitive forces, as described below in the Exchange's statement regarding the burden on competition. 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,\14\ the Exchange believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. In particular, the proposed routing credit and fee changes would not place a burden on competition because the Exchange is lowering the credit it provides and fees it charges to ETP Holders to match the credits and fees provided by NYSE American.\15\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b)(8). \15\ See supra note 6. --------------------------------------------------------------------------- The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees and credits to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed rule change promotes a 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 The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \16\ of the Act and subparagraph (f)(2) of Rule 19b-4 \17\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A). \17\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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) \18\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \18\ 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-NYSEARCA-2017-89 on the subject line. [[Page 39471]] 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-2017-89. 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-2017-89 and should be submitted on or before September 8, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-17434 Filed 8-17-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 159 / Friday, August 18, 2017 / Notices 39469
business days between the hours of American’’).4 The Exchange also closely related to the NYSE American’s
10:00 a.m. and 3:00 p.m. Copies of such proposes to make non-substantive rates, including the rates for providing
filing also will be available for changes to the Fee Schedule in liquidity, and the Exchange is proposing
inspection and copying at the principal connection with the name change of its an adjustment to its rates to remain
office of the Exchange. All comments affiliate NYSE MKT LLC to NYSE competitive with the rates of NYSE
received will be posted without change; American LLC. The Exchange proposes American. Specifically, for Tier 1 and
the Commission does not edit personal to implement the changes effective Tier 2 PO 7 and PO+ 8 Orders, the
identifying information from August 4, 2017.5 The proposed rule Exchange currently provides a credit of
submissions. You should submit only change is available on the Exchange’s $0.0016 per share for orders that are
information that you wish to make Web site at www.nyse.com, at the routed to NYSE American that provide
available publicly. All submissions principal office of the Exchange, and at liquidity to the NYSE American order
should refer to File Number SR–BOX– the Commission’s Public Reference book, which is equal to the NYSE
2017–27 and should be submitted on or Room. American rebate for execution of
before September 8, 2017. customer orders that add liquidity to
II. Self-Regulatory Organization’s
For the Commission, by the Division of NYSE American.
Statement of the Purpose of, and A PO Order is designed to route to the
Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule
authority.20 primary listing market of the security
Change underlying the order (i.e., NYSE,
Eduardo A. Aleman,
Assistant Secretary.
In its filing with the Commission, the NASDAQ, etc.) immediately upon
self-regulatory organization included arrival and the order therefore does not
[FR Doc. 2017–17436 Filed 8–17–17; 8:45 am]
statements concerning the purpose of, rest on the Exchange’s order book.
BILLING CODE 8011–01–P
and basis for, the proposed rule change Because such orders do not rest on the
and discussed any comments it received Exchange’s book, the Exchange charges
on the proposed rule change. The text fees or provides credits for those orders
SECURITIES AND EXCHANGE
of those statements may be examined at based on the fees or credits of the
COMMISSION
the places specified in Item IV below. destination primary listing market,
[Release No. 34–81392; File No. SR– The Exchange has prepared summaries, which are the fees and credits that the
NYSEARCA–2017–89] set forth in sections A, B, and C below, Exchange is charged by the primary
of the most significant parts of such listing market that receives the order. In
Self-Regulatory Organizations; NYSE statements. the NYSE American Fee Filing, NYSE
Arca, Inc.; Notice of Filing and
A. Self-Regulatory Organization’s American proposed to not charge a fee
Immediate Effectiveness of Proposed
Statement of the Purpose of, and the or provide a credit for executions of
Rule Change To Amend the NYSE Arca
Statutory Basis for, the Proposed Rule displayed orders that provide liquidity
Equities Schedule of Fees and
Change on that exchange.9 Accordingly, the
Charges for Exchange Services To
Exchange is proposing to amend the
Modify the Fees and Credits for 1. Purpose rates for routing Tier 1 and Tier 2 PO
Routing Certain Orders to NYSE
The Exchange proposes to amend the Orders to NYSE American to reflect the
American LLC
Fee Schedule to modify the fees and rates proposed by NYSE American. As
August 14, 2017. credits for routing certain orders to the proposed, there will be no credit for
Pursuant to Section 19(b)(1) 1 of the NYSE American. The Exchange also such orders routed to NYSE American
Securities Exchange Act of 1934 (the proposes to make non-substantive that provide liquidity to the NYSE
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 changes to the Fee Schedule in American book.
notice is hereby given that, on August connection with the name change of its The Exchange proposes to make
4, 2017, NYSE Arca, Inc. (the affiliate NYSE MKT LLC to NYSE corresponding changes to the Basic Rate
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with American LLC. pricing section of the Fee Schedule.
the Securities and Exchange In a recent rule filing, NYSE Additionally, in the NYSE American
Commission (the ‘‘Commission’’) the American proposed to modify its fee Fee Filing, NYSE American proposed to
proposed rule change as described in schedule for equities transactions, charge a fee of $0.0005 per share for
Items I, II, and III below, which Items including changes to the rates for executions at the open or close.
have been prepared by the self- providing liquidity and for executions
7 A PO order is a Market or Limit Order that on
regulatory organization. The that occur in the opening and closing
arrival is routed directly to the primary listing
Commission is publishing this notice to auction.6 The Exchange’s current credits market without being assigned a working time or
solicit comments on the proposed rule for routing orders to NYSE American are interacting with interest on the NYSE Arca Book.
change from interested persons. See Rule 7.31(f)(1).
4 On July 24, 2017, the Exchange’s affiliate, NYSE 8 The Exchange transitioned to the Pillar trading
I. Self-Regulatory Organization’s MKT LLC, transitioned to the Pillar trading platform in 2016 and on Pillar, the PO+ modifier
Statement of the Terms of Substance of platform and has been renamed NYSE American in the Exchange’s rules was replaced with the
LLC. See Securities Exchange Act Release Nos. Primary Only Day/IOC Order, which is a Primary
the Proposed Rule Change 79242 (November 4, 2016), 81 FR 79081 (November Only Order designated Day or IOC, as provided in
The Exchange proposes to amend the 10, 2016) (SR–NYSEMKT–2016–97); 79400 current Rule 7.31(f)(1(B). See Securities Exchange
NYSE Arca Equities Schedule of Fees (November 25, 2016), 81 FR 86750 (December 1, Act Release No. 76267 (October 26, 2015), 80 FR
2016) (SR–NYSEMKT–2016–103); 80283 (March 21, 66951 (October 30, 2015) (SR–NYSEArca-2015–56).
and Charges for Exchange Services 2017), 82 FR 15244 (March 27, 2017) (SR– A Primary Only Order designated Day functions
mstockstill on DSK30JT082PROD with NOTICES
(‘‘Fee Schedule’’) to modify the fees and NYSEMKT–2017–14); and 80748 (May 23, 2017), 82 similar to what was a PO+ Order. Therefore, to
credits for routing certain orders to FR 24764 (May 30, 2017) (SR–NYSEMKT–2017–20). promote clarity to the Fee Schedule and avoid any
5 The Exchange originally filed to amend the Fee confusion, the Exchange proposes to remove
NYSE American LLC (‘‘NYSE
Schedule on July 24, 2017 (SR–NYSEArca-2017–81) reference to PO+ Orders from the Fee Schedule.
and withdrew such filing on August 4, 2017. 9 The Exchange notes that orders that are routed
20 17 CFR 200.30–3(a)(12). 6 See Securities Exchange Act Release No. 81228 to NYSE American will be displayed on that
1 15 U.S.C. 78s(b)(1). (July 27, 2017), 82 FR 36012 (August 2, 2017) (SR– exchange. PO Orders do not provide ETP Holders
2 15 U.S.C. 78a.
NYSEMKT–2017–43) (the ‘‘NYSE American Fee the ability to add non-displayed liquidity to away
3 17 CFR 240.19b–4. Filing’’). markets.
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![Federal Register / Vol. 82, No. 159 / Friday, August 18, 2017 / Notices 39471
Paper Comments SECURITIES AND EXCHANGE utilize the Secondary Source of data
COMMISSION pursuant to Rule 4759. Rule 4759 lists
• Send paper comments in triplicate the proprietary and network processor
to Secretary, Securities and Exchange [Release No. 34–81390; File No. SR–
NASDAQ–2017–082]
feeds that are utilized for the handling,
Commission, 100 F Street NE., routing, and execution of orders, as well
Washington, DC 20549–1090. Self-Regulatory Organizations; The as for the regulatory compliance
All submissions should refer to File NASDAQ Stock Market LLC; Notice of processes related to those functions.
Filing and Immediate Effectiveness of Rule 4759 also lists Secondary Sources
Number SR–NYSEARCA–2017–89. This
Proposed Rule Change To Clarify of data that are utilized in emergency
file number should be included on the
When Nasdaq Will Utilize the market conditions, and only until those
subject line if email is used. To help the emergency conditions are resolved. The
Commission process and review your Secondary Source of Data
Exchange proposes to amend this rule to
comments more efficiently, please use August 14, 2017. describe how the Nasdaq trading system
only one method. The Commission will Pursuant to Section 19(b)(1) of the decides when to use the Primary or
post all comments on the Commission’s Securities Exchange Act of 1934 Secondary Source of data. Specifically,
Internet Web site (http://www.sec.gov/ (‘‘Act’’),1 and Rule 19b–4 thereunder,2 the Exchange proposes to amend Rule
rules/sro.shtml). Copies of the notice is hereby given that on August 2, 4759 to clarify that the Primary Source
submission, all subsequent 2017, The NASDAQ Stock Market LLC of data is used unless it is delayed by
amendments, all written statements (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the a configurable amount compared to the
with respect to the proposed rule Securities and Exchange Commission Secondary Source of data.3 The
change that are filed with the (‘‘Commission’’) the proposed rule Exchange will revert to the Primary
Commission, and all written change as described in Items I and II Source of data once the delay has been
communications relating to the below, which Items have been prepared resolved. The configurable amount
proposed rule change between the by the Exchange. The Commission is described in this rule will be made
Commission and any person, other than publishing this notice to solicit available to members via Equity Trader
comments on the proposed rule change Alert.
those that may be withheld from the
from interested persons. The Exchange believes that this
public in accordance with the
I. Self-Regulatory Organization’s clarification is necessary in light of the
provisions of 5 U.S.C. 552, will be
Statement of the Terms of Substance of re-launch of NYSE MKT as NYSE
available for Web site viewing and American, which is scheduled for July
printing in the Commission’s Public the Proposed Rule Change
24, 2017.4 NYSE American rules
Reference Room, 100 F Street NE., The Exchange proposes to further provide for an intentional 350
Washington, DC 20549 on official clarify when Nasdaq will utilize the microsecond access delay to certain
business days between the hours of Secondary Source of data pursuant to inbound and outbound order messages
10:00 a.m. and 3:00 p.m. Copies of the Rule 4759. on that exchange, including all
filing also will be available for The text of the proposed rule change outbound communications to
inspection and copying at the principal is available on the Exchange’s Web site proprietary market data feeds. NYSE
office of the Exchange. All comments at http://nasdaq.cchwallstreet.com, at American will not apply a similar delay
received will be posted without change; the principal office of the Exchange, and to outbound communications to the
the Commission does not edit personal at the Commission’s Public Reference securities information processor (‘‘SIP’’).
identifying information from Room. Due to the intentional delay of
submissions. You should submit only II. Self-Regulatory Organization’s proprietary market data to be
information that you wish to make Statement of the Purpose of, and disseminated by NYSE American, the
available publicly. All submissions Statutory Basis for, the Proposed Rule Exchange believes that fail over to the
should refer to File Number SR– Change Secondary Source of Data may
NYSEARCA–2017–89 and should be sometimes be necessary even during
In its filing with the Commission, the otherwise normal operation to ensure
submitted on or before September 8, Exchange included statements that the fastest and most reliable data is
2017. concerning the purpose of and basis for used for the handling, routing, and
For the Commission, by the Division of the proposed rule change and discussed execution of orders, and for regulatory
Trading and Markets, pursuant to delegated any comments it received on the compliance purposes.
authority.19 proposed rule change. The text of these Currently, the Nasdaq trading system
Eduardo A. Aleman, statements may be examined at the utilizes proprietary market data as the
places specified in Item IV below. The Primary Source for the following
Assistant Secretary.
Exchange has prepared summaries, set markets that provide a reliable
[FR Doc. 2017–17434 Filed 8–17–17; 8:45 am] forth in sections A, B, and C below, of proprietary data feed: NYSE MKT,
BILLING CODE 8011–01–P the most significant aspects of such NASDAQ OMX BX, DirectEdge A,
statements. DirectEdge X, CHX, NYSE, NYSE Arca,
A. Self-Regulatory Organization’s
3 As a conforming change, the Exchange proposes
Statement of the Purpose of, and
to remove the current rule text that indicates that
Statutory Basis for, the Proposed Rule the Secondary Source of data is, where applicable,
mstockstill on DSK30JT082PROD with NOTICES
Change utilized only in emergency market conditions and
only until those emergency conditions are resolved.
1. Purpose The Exchange does not believe that this language
The purpose of the proposed rule is needed as the amended rule would now indicate
with more specificity when the Exchange fails over
change is to clarify when Nasdaq will to the Secondary Source of data.
4 See Securities Exchange Act Release No 80700
1 15 U.S.C. 78s(b)(1). (May 16, 2017), 82 FR 23381 (May 22, 2017) (SR–
19 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. NYSEMKT–2017–05) (Approval Order).
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Document Created: 2017-08-18 07:40:38
Document Modified: 2017-08-18 07:40:38
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 39469 |
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