82 FR 50186 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Provide Users With Access to Five Additional Third Party Systems and Connectivity to Two Additional Third Party Data Feeds
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 208 (October 30, 2017)
Federal Register Volume 82, Issue 208 (October 30, 2017)
| Page Range | 50186-50190 | |
| FR Document | 2017-23481 |
[Federal Register Volume 82, Number 208 (Monday, October 30, 2017)] [Notices] [Pages 50186-50190] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-23481] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81926; File No. SR-NYSE-2017-52] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Provide Users With Access to Five Additional Third Party Systems and Connectivity to Two Additional Third Party Data Feeds October 24, 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 October 11, 2017, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange Commission (``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 provide Users with access to five additional third party systems and connectivity to two additional third party data feeds. In addition, the Exchange proposes to change its Price List related to these co-location services. The proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the co-location \4\ services offered by the Exchange to provide Users \5\ with access to five additional third party systems and connectivity to two additional third party data feeds. In addition the Exchange proposes to make the corresponding changes to the Exchange's Price List related to these co-location services. --------------------------------------------------------------------------- \4\ The Exchange initially filed rule changes relating to its co-location services with the Commission in 2010. See Securities Exchange Act Release No. 62960 (September 21, 2010), 75 FR 59310 (September 27, 2010) (SR-NYSE-2010-56) (the ``Original Co-location Filing''). The Exchange operates a data center in Mahwah, New Jersey (the ``data center'') from which it provides co-location services to Users. \5\ For purposes of the Exchange's co-location services, a ``User'' means any market participant that requests to receive co- location services directly from the Exchange. See Securities Exchange Act Release No. 76008 (September 29, 2015), 80 FR 60190 (October 5, 2015) (SR-NYSE-2015-40). As specified in the Price List, a User that incurs co-location fees for a particular co-location service pursuant thereto would not be subject to co-location fees for the same co-location service charged by the Exchange's affiliates NYSE American LLC (``NYSE American'') and NYSE Arca, Inc. (``NYSE Arca'' and, together with NYSE American, the ``Affiliate SROs''). See Securities Exchange Act Release No. 70206 (August 15, 2013), 78 FR 51765 (August 21, 2013) (SR-NYSE-2013-59). --------------------------------------------------------------------------- As set forth in the Price List, the Exchange charges fees for connectivity to the execution systems of third party markets and other content service providers (``Third Party Systems''), and data feeds from third party markets and [[Page 50187]] other content service providers (``Third Party Data Feeds'').\6\ The lists of Third Party Systems and Third Party Data Feeds are set forth in the Price List. --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 80311 (March 24, 2017), 82 FR 15741 (March 30, 2017) (SR-NYSE-2016-45). --------------------------------------------------------------------------- The Exchange now proposes to make the following changes:Add five content service providers to the list of Third Party Systems: Chicago Mercantile Exchange (CME Group), Chicago Stock Exchange (CHX), Investors Exchange (IEX), OneChicago and TMX Group (together, the ``Additional Third Party Systems'' or ``ATPS''); and add two feeds to the list of Third Party Data Feeds: Investors Exchange and OneChicago (together the ``Additional Third Part Data Feeds'' or ``ATPD''). The Exchange would provide access to the Additional Third Party Systems (``Access'') and connectivity to the Additional Third Party Data Feeds (``Connectivity'') as conveniences to Users. Use of Access or Connectivity would be completely voluntary. The Exchange is not aware of any impediment to third parties offering Access or Connectivity. The Exchange does not have visibility into whether third parties currently offer, or intend to offer, Users access to the Additional Third Party Systems and connectivity to the Additional Third Party Data Feeds, as such third parties are not required to make that information public. However, if one or more third parties presently offer, or in the future opt to offer, such Access and Connectivity to Users, a User may utilize the Secure Financial Transaction Infrastructure (``SFTI'') network, a third party telecommunication network, third party wireless network, a cross connect, or a combination thereof to access such services and products through a connection to an access center outside the data center (which could be a SFTI access center, a third-party access center, or both), another User, or a third party vendor. The Exchange will announce the dates that each Product is available through customer notices disseminated to all Users simultaneously. Connectivity to Additional Third Party Systems The Exchange proposes to revise the Price List to provide that Users may obtain connectivity to the five Additional Third Party Systems for a fee. As with the current Third Party Systems, Users would connect to the Additional Third Party Systems over the internet protocol (``IP'') network, a local area network available in the data center.\7\ --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 74222 (February 6, 2015), 80 FR 7888 (February 12, 2015) (SR-NYSE-2015-05) (notice of filing and immediate effectiveness of proposed rule change to include IP network connections). --------------------------------------------------------------------------- As with the current Third Party Systems, in order to obtain access to an Additional Third Party System, the User would enter into an agreement with the relevant third party content service provider, pursuant to which the third party content service provider would charge the User for access to the Additional Third Party System. The Exchange would then establish a unicast connection between the User and the relevant third party content service provider over the IP network.\8\ The Exchange would charge the User for the connectivity to the Additional Third Party System. A User would only receive, and only be charged for, access to Additional Third Party Systems for which it enters into agreements with the third party content service provider. --------------------------------------------------------------------------- \8\ Information flows over existing network connections in two formats: ``unicast'' format, which is a format that allows one-to- one communication, similar to a phone line, in which information is sent to and from the Exchange; and ``multicast'' format, which is a format in which information is sent one-way from the Exchange to multiple recipients at once, like a radio broadcast. --------------------------------------------------------------------------- The Exchange has no ownership interest in the Additional Third Party Systems. Establishing a User's access to an Additional Third Party System would not give the Exchange any right to use the Additional Third Party Systems. Connectivity to an Additional Third Party System would not provide access or order entry to the Exchange's execution system, and a User's connection to an Additional Third Party System would not be through the Exchange's execution system. As with the existing connections to Third Party Systems, the Exchange proposes to charge a monthly recurring fee for connectivity to an Additional Third Party System. Specifically, when a User requests access to an Additional Third Party System, it would identify the applicable content service provider and what bandwidth connection it required. The Exchange proposes to modify its Price List to add the Additional Third Party Systems to its existing list of Third Party Systems. The additional items would be as follows: Third Party Systems Chicago Mercantile Exchange (CME Group) Chicago Stock Exchange (CHX) Investors Exchange (IEX) OneChicago TMX Group The Exchange does not propose to change the monthly recurring fee the Exchange charges Users for unicast connectivity to each Third Party System, including the Additional Third Party Systems. Connectivity to Additional Third Party Data Feeds The Exchange proposes to revise the Price List to provide that Users may obtain connectivity to each of the two Additional Third Party Data Feeds for a fee. The Exchange would receive the Additional Third Party Data Feeds from the content service provider, at its data center. It would then provide connectivity to that data to Users for a fee. Users would connect to the Additional Third Party Data Feeds over the IP network.\9\ --------------------------------------------------------------------------- \9\ See supra note 7, at 7889 (``The IP network also provides Users with access to away market data products''). --------------------------------------------------------------------------- In order to connect to an Additional Third Party Data Feed, a User would enter into a contract with the content service provider, pursuant to which the content service provider would charge the User for the Third Party Data Feed. The Exchange would receive the Third Party Data Feed over its fiber optic network and, after the content service provider and User entered into the contract and the Exchange received authorization from the content service provider, the Exchange would re- transmit the data to the User over the User's port. The Exchange would charge the User for the connectivity to the Additional Third Party Data Feed. A User would only receive, and would only be charged for, connectivity to the Additional Third Party Data Feeds for which it entered into contracts. The Exchange has no affiliation with the sellers of the Additional Third Party Data Feeds. It would have no right to use the Additional Third Party Data Feeds other than as a redistributor of the data. The Additional Third Party Data Feeds would not provide access or order entry to the Exchange's execution system. The Additional Third Party Data Feeds would not provide access or order entry to the execution systems of the third parties generating the feed. The Exchange would receive the Additional Third Party Data Feeds via arms-length agreements and it would have no inherent advantage over any other distributor of such data. As it does with the existing Third Party Data Feeds, the Exchange proposes to charge a monthly recurring fee for connectivity to each Additional Third Party Data Feed. The monthly [[Page 50188]] recurring fee would be per Additional Third Party Data Feed. Depending on its needs and bandwidth, a User may opt to receive all or some of the feeds or services included in an Additional Third Party Data Feed. The Exchange proposes to add the connectivity fees for the Additional Third Party Data to its existing list in the Price List. The additional items would be as follows: ------------------------------------------------------------------------ Monthly recurring connectivity Third party data feed fee per third party data feed ------------------------------------------------------------------------ Investors Exchange (IEX)................................ $1,000 OneChicago.............................................. 1,000 ------------------------------------------------------------------------ General As is the case with all Exchange co-location arrangements, (i) neither a User nor any of the User's customers would be permitted to submit orders directly to the Exchange unless such User or customer is a member organization, a Sponsored Participant or an agent thereof (e.g., a service bureau providing order entry services); (ii) use of the co-location services proposed herein would be completely voluntary and available to all Users on a non-discriminatory basis; \10\ and (iii) a User would only incur one charge for the particular co-location service described herein, regardless of whether the User connects only to the Exchange or to the Exchange and one or both the Affiliate SROs.\11\ --------------------------------------------------------------------------- \10\ As is currently the case, Users that receive co-location services from the Exchange will not receive any means of access to the Exchange's trading and execution systems that is separate from, or superior to, that of other Users. In this regard, all orders sent to the Exchange enter the Exchange's trading and execution systems through the same order gateway, regardless of whether the sender is co-located in the data center or not. In addition, co-located Users do not receive any market data or data service product that is not available to all Users, although Users that receive co-location services normally would expect reduced latencies in sending orders to, and receiving market data from, the Exchange. \11\ See SR-NYSE-2013-59, supra note 5 at 51766. The Affiliate SROs have also submitted substantially the same proposed rule change to propose the changes described herein. See SR-NYSEAMER-2017-24 and SR-NYSEArca-2017-122. --------------------------------------------------------------------------- The proposed change is not otherwise intended to address any other issues relating to co-location services and/or related fees, and the Exchange is not aware of any problems that Users would have in complying with the proposed change. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\12\ in general, and furthers the objectives of Sections 6(b)(5) of the Act,\13\ in particular, because it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to, and perfect the mechanisms of, a free and open market and a national market system and, in general, to protect investors and the public interest and because it is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed changes would remove impediments to, and perfect the mechanisms of, a free and open market and a national market system and, in general, protect investors and the public interest because, by offering additional services, the Exchange would give each User additional options for addressing its access and connectivity needs, responding to User demand for access and connectivity options. Providing additional services would help each User tailor its data center operations to the requirements of its business operations by allowing it to select the form and latency of access and connectivity that best suits its needs. The Exchange would provide Access and Connectivity as conveniences to Users. Use of Access or Connectivity would be completely voluntary. The Exchange is not aware of any impediment to third parties offering Access or Connectivity. The Exchange does not have visibility into whether third parties currently offer, or intend to offer, Users access to the Additional Third Party Systems and connectivity to the Additional Third Party Data Feeds. However, if one or more third parties presently offer, or in the future opt to offer, such Access and Connectivity to Users, a User may utilize the SFTI network, a third party telecommunication network, third party wireless network, a cross connect, or a combination thereof to access such services and products through a connection to an access center outside the data center (which could be a SFTI access center, a third-party access center, or both), another User, or a third party vendor. The Exchange believes that the proposed changes would remove impediments to, and perfect the mechanisms of, a free and open market and a national market system and, in general, protect investors and the public interest because, by offering access to the Additional Third Party Systems and connectivity to the Additional Third Party Data Feeds to Users upon the effective date of this filing, the Exchange would give Users additional options for connectivity and access to new services as soon as they are available, responding to User demand for access and connectivity options. The Exchange also believes that the proposed rule change is consistent with Section 6(b)(4) of the Act,\14\ 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the proposed fee changes are consistent with Section 6(b)(4) of the Act for multiple reasons. The Exchange operates in a highly competitive market in which exchanges offer co- location services as a means to facilitate the trading and other market activities of those market participants who believe that co-location enhances the efficiency of their operations. Accordingly, fees charged for co-location services are constrained by the active competition for the order flow of, and other business from, such market participants. If a particular exchange charges excessive fees for co-location services, affected market participants will opt to terminate their co- location arrangements with that exchange, and adopt a possible range of alternative strategies, including placing their servers in a physically proximate location outside the exchange's data center (which could be a competing exchange), or pursuing strategies less dependent upon the lower exchange-to-participant latency associated with co-location. Accordingly, the exchange charging excessive fees would stand to lose not only co-location revenues but also the liquidity of the formerly co-located trading firms, which could have additional follow-on effects on the market share and revenue of the affected exchange. The Exchange believes that the additional services and fees proposed herein would be equitably allocated and not unfairly discriminatory because, in addition to the services being completely voluntary, they would be available to all Users on an equal basis (i.e., the same products and services would be available to all Users). All [[Page 50189]] Users that voluntarily selected to receive Access or Connectivity would be charged the same amount for the same services. Users that opted to use Access or Connectivity would not receive access or connectivity that is not available to all Users, as all market participants that contracted with the relevant market or content provider would receive access or connectivity. The Exchange believes that the proposed charges would be reasonable, equitably allocated and not unfairly discriminatory because the Exchange would offer the Access and Connectivity as conveniences to Users, but in order to do so must provide, maintain and operate the data center facility hardware and technology infrastructure. The Exchange must handle the installation, administration, monitoring, support and maintenance of such services, including by responding to any production issues. Since the inception of co-location, the Exchange has made numerous improvements to the network hardware and technology infrastructure and has established additional administrative controls. The Exchange has expanded the network infrastructure to keep pace with the increased number of services available to Users, including resilient and redundant feeds. In addition, in order to provide Access and Connectivity, the Exchange would maintain multiple connections to each ATPD and ATPS, allowing the Exchange to provide resilient and redundant connections; adapt to any changes made by the relevant third party; and cover any applicable fees charged by the relevant third party, such as port fees. In addition, Users would not be required to use any of their bandwidth for Access and Connectivity unless they wish to do so. The Exchange believes the proposed fees for Access and Connectivity would be reasonable because they would allow the Exchange to defray or cover the costs associated with offering Users access to Additional Third Party Systems and connectivity to Additional Third Party Data Feeds while providing Users the convenience of receiving such Access and Connectivity within co-location, helping them tailor their data center operations to the requirements of their business operations. For the reasons above, the proposed changes would not unfairly discriminate between or among market participants that are otherwise capable of satisfying any applicable co-location fees, requirements, terms and conditions established from time to time by the Exchange. For these reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\15\ the Exchange believes that the proposed rule change will not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act because all of the proposed services are completely voluntary. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The Exchange believes that providing Users with additional options for connectivity and access to new services would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act because such proposed Access and Connectivity would satisfy User demand for access and connectivity options. The Exchange would provide Access and Connectivity as conveniences equally to all Users. The Exchange does not have visibility into whether third parties currently offer, or intend to offer, Users access to the Additional Third Party Systems and connectivity to the Additional Third Party Data Feeds, as such third parties are not required to make that information public. However, if one or more third parties presently offer, or in the future opt to offer, such Access and Connectivity to Users, a User may utilize the SFTI network, a third party telecommunication network, third party wireless network, a cross connect, or a combination thereof to access such services and products through a connection to an access center outside the data center (which could be a SFTI access center, a third-party access center, or both), another User, or a third party vendor. Users that opt to use the proposed Access or Connectivity would not receive access or connectivity that is not available to all Users, as all market participants that contract with the content provider may receive access or connectivity. In this way, the proposed changes would enhance competition by helping Users tailor their Access and Connectivity to the needs of their business operations by allowing them to select the form and latency of access and connectivity that best suits their needs. The Exchange operates in a highly competitive market in which exchanges offer co-location services as a means to facilitate the trading and other market activities of those market participants who believe that co-location enhances the efficiency of their operations. Accordingly, fees charged for co-location services are constrained by the active competition for the order flow of, and other business from, such market participants. If a particular exchange charges excessive fees for co-location services, affected market participants will opt to terminate their co-location arrangements with that exchange, and adopt a possible range of alternative strategies, including placing their servers in a physically proximate location outside the exchange's data center (which could be a competing exchange), or pursuing strategies less dependent upon the lower exchange-to-participant latency associated with co-location. Accordingly, the exchange charging excessive fees would stand to lose not only co-location revenues but also the liquidity of the formerly co-located trading firms, which could have additional follow-on effects on the market share and revenue of the affected exchange. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\ Because the 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 prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder.\18\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A)(iii). \17\ 17 CFR 240.19b-4(f)(6). \18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- [[Page 50190]] A proposed rule change filed under Rule 19b-4(f)(6) \19\ normally does not become operative for 30 days after the date of the filing. However, Rule 19b-4(f)(6)(iii) \20\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange represents that the proposed rule changes present no new or novel issues. According to the Exchange, waiver of the operative delay would allow Users to access the Additional Third Party Systems and the Additional Third Party Data Feeds without delay, which would assist Users in tailoring their data center operations to the requirements of their business operations. The Exchange also represents that the proposed changes to the Price List would provide Users with more complete information regarding their Access and Connectivity options. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission waives the 30-day operative delay and designates the proposed rule change operative upon filing.\21\ --------------------------------------------------------------------------- \19\ 17 CFR 240.19b-4(f)(6). \20\ 17 CFR 240.19b-4(f)(6)(iii). \21\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \22\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \22\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSE-2017-52 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-NYSE-2017-52. 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSE-2017-52 and should be submitted on or before November 20, 2017. --------------------------------------------------------------------------- \23\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\23\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-23481 Filed 10-27-17; 8:45 am] BILLING CODE 8011-01-P
![50186 Federal Register / Vol. 82, No. 208 / Monday, October 30, 2017 / Notices
III. Date of Effectiveness of the Washington, DC 20549, on official addition, the Exchange proposes to
Proposed Rule Change and Timing for business days between the hours of change its Price List related to these co-
Commission Action 10:00 a.m. and 3:00 p.m. Copies of the location services. The proposed rule
Pursuant to section 19(b)(3)(A) of the filing also will be available for change is available on the Exchange’s
Act 9 and Rule 19b–4(f)(3) thereunder,10 inspection and copying at the principal Web site at www.nyse.com, at the
the Exchange has designated this office of the Exchange. All comments principal office of the Exchange, and at
proposal as one that is concerned solely received will be posted without change. the Commission’s Public Reference
with the administration of the self- Persons submitting comments are Room.
regulatory organization, and therefore cautioned that we do not redact or edit
II. Self-Regulatory Organization’s
has become effective. personal identifying information from
Statement of the Purpose of, and
At any time within 60 days of the comment submissions. You should
Statutory Basis for, the Proposed Rule
filing of the proposed rule change, the submit only information that you wish
Change
Commission summarily may to make available publicly. All
temporarily suspend such rule change if submissions should refer to File In its filing with the Commission, the
it appears to the Commission that such Number SR–Phlx–2017–83 and should self-regulatory organization included
action is necessary or appropriate in the be submitted on or before November 20, statements concerning the purpose of,
public interest, for the protection of 2017. and basis for, the proposed rule change
investors, or otherwise in furtherance of For the Commission, by the Division of and discussed any comments it received
the purposes of the Act. Trading and Markets, pursuant to delegated on the proposed rule change. The text
authority.11 of those statements may be examined at
IV. Solicitation of Comments Robert W. Errett, the places specified in Item IV below.
Interested persons are invited to Deputy Secretary. The Exchange has prepared summaries,
submit written data, views, and [FR Doc. 2017–23488 Filed 10–27–17; 8:45 am]
set forth in sections A, B, and C below,
arguments concerning the foregoing, of the most significant parts of such
BILLING CODE 8011–01–P
including whether the proposed rule statements.
change is consistent with the Act. A. Self-Regulatory Organization’s
Comments may be submitted by any of SECURITIES AND EXCHANGE Statement of the Purpose of, and the
the following methods: COMMISSION Statutory Basis for, the Proposed Rule
Electronic Comments [Release No. 34–81926; File No. SR–NYSE– Change
• Use the Commission’s Internet 2017–52] 1. Purpose
comment form (http://www.sec.gov/ The Exchange proposes to amend the
Self-Regulatory Organizations; New
rules/sro.shtml); or co-location 4 services offered by the
• Send an email to rule-comments@ York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of Exchange to provide Users 5 with access
sec.gov. Please include File Number SR–
Proposed Rule Change To Provide to five additional third party systems
Phlx–2017–83 on the subject line.
Users With Access to Five Additional and connectivity to two additional third
Paper Comments Third Party Systems and Connectivity party data feeds. In addition the
• Send paper comments in triplicate to Two Additional Third Party Data Exchange proposes to make the
to Secretary, Securities and Exchange Feeds corresponding changes to the
Commission, 100 F Street NE., Exchange’s Price List related to these co-
October 24, 2017. location services.
Washington, DC 20549–1090.
Pursuant to Section 19(b)(1) 1 of the As set forth in the Price List, the
All submissions should refer to File Securities Exchange Act of 1934 (the
Number SR–Phlx–2017–83. This file Exchange charges fees for connectivity
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 to the execution systems of third party
number should be included on the notice is hereby given that on October
subject line if email is used. To help the markets and other content service
11, 2017, New York Stock Exchange providers (‘‘Third Party Systems’’), and
Commission process and review your LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
comments more efficiently, please use data feeds from third party markets and
with the Securities and Exchange
only one method. The Commission will Commission (‘‘Commission’’) the 4 The Exchange initially filed rule changes
post all comments on the Commission’s proposed rule change as described in relating to its co-location services with the
Internet Web site (http://www.sec.gov/ Items I and II below, which Items have Commission in 2010. See Securities Exchange Act
rules/sro.shtml). Copies of the been prepared by the self-regulatory
Release No. 62960 (September 21, 2010), 75 FR
submission, all subsequent 59310 (September 27, 2010) (SR–NYSE–2010–56)
organization. The Commission is (the ‘‘Original Co-location Filing’’). The Exchange
amendments, all written statements publishing this notice to solicit operates a data center in Mahwah, New Jersey (the
with respect to the proposed rule comments on the proposed rule change ‘‘data center’’) from which it provides co-location
change that are filed with the from interested persons.
services to Users.
5 For purposes of the Exchange’s co-location
Commission, and all written
I. Self-Regulatory Organization’s services, a ‘‘User’’ means any market participant
communications relating to the that requests to receive co-location services directly
proposed rule change between the Statement of the Terms of Substance of from the Exchange. See Securities Exchange Act
Commission and any person, other than the Proposed Rule Change Release No. 76008 (September 29, 2015), 80 FR
those that may be withheld from the 60190 (October 5, 2015) (SR–NYSE–2015–40). As
The Exchange proposes to provide specified in the Price List, a User that incurs co-
sradovich on DSK3GMQ082PROD with NOTICES
public in accordance with the Users with access to five additional location fees for a particular co-location service
provisions of 5 U.S.C. 552, will be third party systems and connectivity to pursuant thereto would not be subject to co-location
available for Web site viewing and two additional third party data feeds. In fees for the same co-location service charged by the
printing in the Commission’s Public Exchange’s affiliates NYSE American LLC (‘‘NYSE
American’’) and NYSE Arca, Inc. (‘‘NYSE Arca’’
Reference Room, 100 F Street NE., 11 17 CFR 200.30–3(a)(12). and, together with NYSE American, the ‘‘Affiliate
1 15 U.S.C. 78s(b)(1). SROs’’). See Securities Exchange Act Release No.
9 15 U.S.C. 78s(b)(3)(A). 2 15 U.S.C. 78a.
70206 (August 15, 2013), 78 FR 51765 (August 21,
10 17 CFR 240.19b–4(f)(3). 3 17 CFR 240.19b–4. 2013) (SR–NYSE–2013–59).
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![50190 Federal Register / Vol. 82, No. 208 / Monday, October 30, 2017 / Notices
A proposed rule change filed under Electronic Comments SECURITIES AND EXCHANGE
Rule 19b–4(f)(6) 19 normally does not COMMISSION
become operative for 30 days after the • Use the Commission’s Internet
date of the filing. However, Rule 19b– comment form (http://www.sec.gov/ [Release No. 34–81927; File No. SR–
4(f)(6)(iii) 20 permits the Commission to rules/sro.shtml); or NYSEAMER–2017–24]
designate a shorter time if such action • Send an email to rule-comments@
is consistent with the protection of sec.gov. Please include File Number SR– Self-Regulatory Organizations; NYSE
investors and the public interest. The NYSE–2017–52 on the subject line. American LLC; Notice of Filing and
Exchange has requested that the Immediate Effectiveness of Proposed
Paper Comments Rule Change To Provide Users With
Commission waive the 30-day operative
Access to Five Additional Third Party
delay so that the proposal may become • Send paper comments in triplicate Systems and Connectivity to Two
operative immediately upon filing. The to Secretary, Securities and Exchange Additional Third Party Data Feeds
Exchange represents that the proposed Commission, 100 F Street NE.,
rule changes present no new or novel Washington, DC 20549–1090. October 24, 2017.
issues. According to the Exchange, Pursuant to Section 19(b)(1) 1 of the
waiver of the operative delay would All submissions should refer to File Securities Exchange Act of 1934 (the
allow Users to access the Additional Number SR–NYSE–2017–52. This file ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Third Party Systems and the Additional number should be included on the notice is hereby given that on October
Third Party Data Feeds without delay, subject line if email is used. To help the 11, 2017, NYSE American LLC (the
which would assist Users in tailoring Commission process and review your ‘‘Exchange’’ or ‘‘NYSE American’’) filed
their data center operations to the comments more efficiently, please use with the Securities and Exchange
requirements of their business only one method. The Commission will Commission (‘‘Commission’’) the
operations. The Exchange also post all comments on the Commission’s proposed rule change as described in
represents that the proposed changes to Internet Web site (http://www.sec.gov/ Items I and II below, which Items have
the Price List would provide Users with rules/sro.shtml). Copies of the been prepared by the self-regulatory
more complete information regarding submission, all subsequent organization. The Commission is
their Access and Connectivity options. amendments, all written statements publishing this notice to solicit
The Commission believes that waiving with respect to the proposed rule comments on the proposed rule change
the 30-day operative delay is consistent change that are filed with the from interested persons.
with the protection of investors and the Commission, and all written I. Self-Regulatory Organization’s
public interest. Accordingly, the communications relating to the Statement of the Terms of Substance of
Commission waives the 30-day proposed rule change between the the Proposed Rule Change
operative delay and designates the Commission and any person, other than
The Exchange proposes to provide
proposed rule change operative upon those that may be withheld from the
Users with access to five additional
filing.21 public in accordance with the
third party systems and connectivity to
At any time within 60 days of the provisions of 5 U.S.C. 552, will be
two additional third party data feeds. In
filing of such proposed rule change, the available for Web site viewing and addition, the Exchange proposes to
Commission summarily may printing in the Commission’s Public change its NYSE American Equities
temporarily suspend such rule change if Reference Room, 100 F Street NE., Price List (‘‘Price List’’) and the NYSE
it appears to the Commission that such Washington, DC 20549 on official American Options Fee Schedule (‘‘Fee
action is necessary or appropriate in the business days between the hours of Schedule’’) related to these co-location
public interest, for the protection of 10:00 a.m. and 3:00 p.m. Copies of the services. The proposed rule change is
investors, or otherwise in furtherance of filing also will be available for available on the Exchange’s Web site at
the purposes of the Act. If the inspection and copying at the principal www.nyse.com, at the principal office of
Commission takes such action, the office of the Exchange. All comments the Exchange, and at the Commission’s
Commission shall institute proceedings received will be posted without change. Public Reference Room.
under Section 19(b)(2)(B) 22 of the Act to Persons submitting comments are
II. Self-Regulatory Organization’s
determine whether the proposed rule cautioned that we do not redact or edit
Statement of the Purpose of, and
change should be approved or personal identifying information from Statutory Basis for, the Proposed Rule
disapproved. comment submissions. You should Change
submit only information that you wish
IV. Solicitation of Comments to make available publicly. All In its filing with the Commission, the
submissions should refer to File self-regulatory organization included
Interested persons are invited to statements concerning the purpose of,
submit written data, views, and Number SR–NYSE–2017–52 and should
be submitted on or before November 20, and basis for, the proposed rule change
arguments concerning the foregoing, and discussed any comments it received
including whether the proposed rule 2017.
on the proposed rule change. The text
change is consistent with the Act. For the Commission, by the Division of of those statements may be examined at
Comments may be submitted by any of Trading and Markets, pursuant to delegated the places specified in Item IV below.
the following methods: authority.23
sradovich on DSK3GMQ082PROD with NOTICES
The Exchange has prepared summaries,
Eduardo A. Aleman, set forth in sections A, B, and C below,
19 17 CFR 240.19b–4(f)(6). Assistant Secretary. of the most significant parts of such
20 17 CFR 240.19b–4(f)(6)(iii).
21 For purposes only of waiving the 30-day [FR Doc. 2017–23481 Filed 10–27–17; 8:45 am] statements.
operative delay, the Commission has considered the BILLING CODE 8011–01–P
1 15 U.S.C. 78s(b)(1).
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f). 2 15 U.S.C. 78a.
22 15 U.S.C. 78s(b)(2)(B). 23 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
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Document Created: 2017-10-28 00:28:42
Document Modified: 2017-10-28 00:28:42
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 82 FR 50186 |
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