82 FR 60087 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List Relating to Co-Location Services To Implement a Fee Change for Fiber Cross Connects
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 241 (December 18, 2017)
Federal Register Volume 82, Issue 241 (December 18, 2017)
| Page Range | 60087-60090 | |
| FR Document | 2017-27146 |
[Federal Register Volume 82, Number 241 (Monday, December 18, 2017)] [Notices] [Pages 60087-60090] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-27146] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82299; File No. SR-NYSE-2017-63] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List Relating to Co-Location Services To Implement a Fee Change for Fiber Cross Connects December 12, 2017. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on November 29, 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 amend its Price List relating to co- location services to implement a fee change for fiber cross connects. The Exchange proposes to implement the proposed change on January 1, 2018. The proposed rule change is available on the Exchange's website 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 [[Page 60088]] 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 its Price List relating to co- location \4\ services that the Exchange offers Users \5\ to implement a fee change for fiber cross connects. The Exchange proposes to implement the proposed change on January 1, 2018. --------------------------------------------------------------------------- \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 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). --------------------------------------------------------------------------- Cross connects are fiber connections used to connect cabinets and equipment within the data center. Cross connects may be used between a User's own cabinets, between its cabinet(s) and those of another User, and between a User's cabinet and a non-User's equipment within the data center.\6\ For example, a cross connect may be used to connect cabinets of separate Users when a User receives technical support, order routing and/or market data delivery services from another User in the data center. Similarly, a User may utilize a cross connect with a non-User to connect to a carrier's equipment in order to access the carrier's network outside the data center.\7\ --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 74222 (February 6, 2015), 80 FR 7888 (February 12, 2015) (SR-NYSE-2015-05). \7\ Id. at 7889. --------------------------------------------------------------------------- A User is able to purchase cross connects individually or in bundles (i.e., multiple cross connects within a single sheath) of six, 12, 18 or 24 cross connects. Since 2010, the initial charge for individual cross connects has been $500 and the monthly charge $500.\8\ The pricing for bundled cross connects has not changed since their introduction in 2012.\9\ --------------------------------------------------------------------------- \8\ See Securities Exchange Act Release No. 62732 (August 16, 2010), 75 FR 51512 (August 20, 2010) (SR-NYSE-2010-56). See also 75 FR 59310, supra note 4, at 59311. \9\ See Securities Exchange Act Release No. 67666 (August 15, 2012), 77 FR 50742 (August 22, 2012) (SR-NYSE-2012-18). --------------------------------------------------------------------------- The Exchange proposes to amend the Price List to increase the monthly recurring charges of the individual and bundled cross connects. More specifically, for individual cross connects, the monthly charge would be $600; for a bundle of six cross connects, the monthly charge would be $1,800; 12 cross connects would be $3,000 per month; 18 cross connects would be $3,840 per month; and 24 cross connects would be $4,680 per month. The Exchange does not propose to amend the initial charges. 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 78 FR 51765, 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-2017-36 and SR-NYSEArca-2017-135. --------------------------------------------------------------------------- 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)(4) and (5) of the Act,\13\ 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- 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 proposed increase in the monthly recurring charge for cross connects would be reasonable, equitably allocated and not unfairly discriminatory because, in addition to the use of cross connects being completely voluntary, cross connects would continue to be available to all Users on an equal basis (i.e., the same products and services would be available to all Users). All Users that voluntarily selected to purchase cross connects would be charged the same amount for the same services. The Exchange believes that the proposed fee change would be reasonable, equitably allocated and not unfairly discriminatory because the Exchange offers the cross connects as conveniences to Users, but in order to [[Page 60089]] 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 co-location 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. The Exchange believes the proposed increased monthly recurring fee for cross connects would be reasonable because it would allow the Exchange to defray or cover the costs associated with offering Users cross connects, individually and in bundles, while providing each User the convenience of receiving cross connects that may be used between the User's own cabinets, between its cabinet(s) and those of another User, and between a User's cabinet and a non-User's equipment within the data center, helping Users tailor their data center operations to the requirements of their business operations. The Exchange believes that the proposed increase is representative of the value provided to Users of cross connects. The Exchange notes that it has not increased the fee for individual cross connects since 2010 or for bundled cross connects since their introduction in 2012.\14\ The proposed increase would provide for an equitable allocation of the reasonable cost among Users that choose to use individual cross connects. --------------------------------------------------------------------------- \14\ See 75 FR 51512, supra note 8, and 77 FR 50742, supra note 9. --------------------------------------------------------------------------- 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, in addition to the proposed services being completely voluntary, they are available to all Users on an equal basis (i.e. the same products and services are available to all Users). --------------------------------------------------------------------------- \15\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The Exchange believes that the proposed fee change for cross connects would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act because in addition to the use of cross connects being completely voluntary, cross connects would continue to be available to all Users on an equal basis (i.e., the same products and services would be available to all Users). All Users that voluntarily selected to purchase cross connects would be charged the same amount for the same services. Each User would have the convenience of receiving cross connects that may be used between the User's own cabinets, between its cabinet(s) and those of another User, and between a User's cabinet and a non-User's equipment within the data center, helping Users tailor their data center operations to the requirements of their business operations. The Exchange believes that the proposed increase is representative of the value provided to Users of cross connects. The Exchange notes that it has not increased the fee for individual cross connects since 2010 or for bundled cross connects since their introduction in 2012.\16\ The proposed increase would provide for an equitable allocation of the reasonable cost among Users that choose to use individual cross connects. --------------------------------------------------------------------------- \16\ See 75 FR 51512, supra note 8, and 77 FR 50742, supra note 9. --------------------------------------------------------------------------- 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 foregoing rule change has become effective pursuant to Section 19(b)(3)(A) \17\ of the Act and subparagraph (f)(2) of Rule 19b-4 \18\ thereunder. 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) \19\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78s(b)(3)(A). \18\ 17 CFR 240.19b-4(f)(2). \19\ 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 [email protected]. Please include File Number SR-NYSE-2017-63 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-2017-63. This file [[Page 60090]] 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 website (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 website 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-2017-63 and should be submitted on or before January 8, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2017-27146 Filed 12-15-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 241 / Monday, December 18, 2017 / Notices 60087
which it was filed, or such shorter time Commission takes such action, the For the Commission, by the Division of
as the Commission may designate, it has Commission shall institute proceedings Trading and Markets, pursuant to delegated
become effective pursuant to Section to determine whether the proposed rule authority.16
19(b)(3)(A) of the Act 11 and Rule 19b– change should be approved or Robert W. Errett,
4(f)(6) thereunder.12 disapproved. Deputy Secretary.
A proposed rule change filed [FR Doc. 2017–27149 Filed 12–15–17; 8:45 am]
pursuant to Rule 19b–4(f)(6) under the IV. Solicitation of Comments
BILLING CODE 8011–01–P
Act 13 normally does not become Interested persons are invited to
operative for 30 days after the date of its submit written data, views, and
filing. However, Rule 19b–4(f)(6)(iii) 14 arguments concerning the foregoing, SECURITIES AND EXCHANGE
permits the Commission to designate a including whether the proposed rule COMMISSION
shorter time if such action is consistent change is consistent with the Act.
Comments may be submitted by any of [Release No. 34–82299; File No. SR–NYSE–
with the protection of investors and the
2017–63]
public interest. The Exchange has asked the following methods:
the Commission to waive the 30-day Electronic Comments Self-Regulatory Organizations; New
operative delay. The Commission York Stock Exchange LLC; Notice of
believes that waiving the 30-day • Use the Commission’s internet
comment form (http://www.sec.gov/ Filing and Immediate Effectiveness of
operative delay is consistent with the Proposed Rule Change To Amend Its
protection of investors and the public rules/sro.shtml); or
• Send an email to rule-comments@ Price List Relating to Co-Location
interest. The Commission notes that, in Services To Implement a Fee Change
light of the age of the products, the sec.gov. Please include File Number SR–
NASDAQ–2017–126 on the subject line. for Fiber Cross Connects
small number of subscribers (fewer than
ten combined for ModelView and Paper Comments December 12, 2017.
Pathfinders, and none for Nasdaq Pursuant to Section 19(b)(1) 1 of the
• Send paper comments in triplicate
Custom Data Feeds and the PORTAL Securities Exchange Act of 1934
to Secretary, Securities and Exchange
Reference Database), the impracticality (‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Commission, 100 F Street NE,
of continuing to invest in these low- notice is hereby given that, on
Washington, DC 20549–1090.
revenue products, and the competition November 29, 2017, New York Stock
among exchanges and other entities, the All submissions should refer to File
Exchange LLC (‘‘NYSE’’ or the
Exchange has determined to discontinue Number SR–NASDAQ–2017–126. This
‘‘Exchange’’) filed with the Securities
these products. Also, the Exchange file number should be included on the
and Exchange Commission
stated that some customers have subject line if email is used. To help the
(‘‘Commission’’) the proposed rule
recently posed questions regarding the Commission process and review your
change as described in Items I and II
types of information included in comments more efficiently, please use
below, which Items have been prepared
ModelView and Pathfinders, and the only one method. The Commission will
post all comments on the Commission’s by the self-regulatory organization. The
Exchange wants to be responsive to Commission is publishing this notice to
customer feedback about products. internet website (http://www.sec.gov/
rules/sro.shtml). Copies of the solicit comments on the proposed rule
Moreover, the Commission notes that change from interested persons.
the Exchange has already discussed the submission, all subsequent
proposal with the affected customers to amendments, all written statements I. Self-Regulatory Organization’s
ameliorate any impact of the with respect to the proposed rule Statement of the Terms of Substance of
withdrawal. Accordingly, the change that are filed with the the Proposed Rule Change
Commission hereby waives the 30-day Commission, and all written The Exchange proposes to amend its
operative delay and designates the communications relating to the Price List relating to co-location services
proposal operative upon filing.15 proposed rule change between the to implement a fee change for fiber cross
At any time within 60 days of the Commission and any person, other than connects. The Exchange proposes to
filing of the proposed rule change, the those that may be withheld from the implement the proposed change on
Commission summarily may public in accordance with the January 1, 2018. The proposed rule
temporarily suspend such rule change if provisions of 5 U.S.C. 552, will be change is available on the Exchange’s
it appears to the Commission that such available for website viewing and website at www.nyse.com, at the
action is necessary or appropriate in the printing in the Commission’s Public principal office of the Exchange, and at
public interest, for the protection of Reference Room, 100 F Street NE, the Commission’s Public Reference
investors, or otherwise in furtherance of Washington, DC 20549 on official Room.
the purposes of the Act. If the business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the II. Self-Regulatory Organization’s
11 15 U.S.C. 78s(b)(3)(A). filing also will be available for Statement of the Purpose of, and
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
inspection and copying at the principal Statutory Basis for, the Proposed Rule
4(f)(6)(iii) requires a self-regulatory organization to office of the Exchange. All comments Change
give the Commission written notice of its intent to
file the proposed rule change, along with a brief received will be posted without change. In its filing with the Commission, the
description and the text of the proposed rule Persons submitting comments are self-regulatory organization included
change, at least five business days prior to the date cautioned that we do not redact or edit statements concerning the purpose of,
of filing of the proposed rule change, or such
personal identifying information from and basis for, the proposed rule change
daltland on DSKBBV9HB2PROD with NOTICES
shorter time as designated by the Commission. The
Exchange has satisfied this requirement. comment submissions. You should and discussed any comments it received
13 17 CFR 240.19b–4(f)(6). submit only information that you wish on the proposed rule change. The text
14 17 CFR 240.19b–4(f)(6)(iii).
to make available publicly. All
15 For purposes only of waiving the 30-day
submissions should refer to File 16 17 CFR 200.30–3(a)(12).
operative delay, the Commission has also
considered the proposed rule’s impact on
Number SR–NASDAQ–2017–126 and 1 15 U.S.C.78s(b)(1).
efficiency, competition, and capital formation. See should be submitted on or before 2 15 U.S.C. 78a.
15 U.S.C. 78c(f). January 8, 2018. 3 17 CFR 240.19b–4.
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![60090 Federal Register / Vol. 82, No. 241 / Monday, December 18, 2017 / Notices
number should be included on the (‘‘EDGA’’ or the ‘‘Exchange’’) filed with (A) Self-Regulatory Organization’s
subject line if email is used. To help the the Securities and Exchange Statement of the Purpose of, and
Commission process and review your Commission (‘‘Commission’’) the Statutory Basis for, the Proposed Rule
comments more efficiently, please use proposed rule change as described in Change
only one method. The Commission will Items I and II below, which Items have 1. Purpose
post all comments on the Commission’s been prepared by the Exchange. The
internet website (http://www.sec.gov/ Exchange has designated this proposal The Exchange proposes to amend
rules/sro.shtml). Copies of the paragraph (b) of Exchange Rule 11.8,
as a ‘‘non-controversial’’ proposed rule
submission, all subsequent Order Types, to restrict the TIF
change pursuant to Section 19(b)(3)(A)
amendments, all written statements instruction that a Limit Order with both
of the Act 3 and Rule 19b–4(f)(6) a Display instruction and Primary Peg
with respect to the proposed rule
thereunder,4 which renders it effective instruction and a Primary Offset
change that are filed with the
Commission, and all written upon filing with the Commission. The Amount may have to RHO or, if entered
communications relating to the Commission is publishing this notice to during Regular Trading Hours, a TIF of
proposed rule change between the solicit comments on the proposed rule Day. Exchange Rule 11.8(b)(9) allows for
Commission and any person, other than change from interested persons. a Limit Order to include a Primary Peg
those that may be withheld from the I. Self-Regulatory Organization’s instruction. Exchange Rule 11.6(j)(2)
public in accordance with the Statement of the Terms of Substance of describes the Primary Peg instruction as
provisions of 5 U.S.C. 552, will be the Proposed Rule Change an order with instructions to peg to the
available for website viewing and National Best Bid (‘‘NBB’’), for a buy
printing in the Commission’s Public The Exchange filed a proposal to order, or the National Best Offer
Reference Room, 100 F Street NE, amend paragraph (b) of Exchange Rule (‘‘NBO’’), for a sell order. A User 10 may,
Washington, DC 20549 on official 11.8, Order Types, to restrict the Time- but is not required to, elect an offset
business days between the hours of In-Force (‘‘TIF’’) instruction that a Limit equal to or greater than one Minimum
10:00 a.m. and 3:00 p.m. Copies of the Order with both a Display 5 instruction Price Variation above or below the NBB
filing also will be available for and Primary Peg 6 instruction that also or NBO that the order is pegged to
inspection and copying at the principal include a Primary Offset Amount (‘‘Primary Offset Amount’’). The
office of the Exchange. All comments Primary Offset Amount for an order
(defined below) may have to Regular
received will be posted without change. with Primary Peg instruction that is to
Persons submitting comments are Hours Only (‘‘RHO’’) 7 or Day 8 if
be displayed on the EDGA Book must
cautioned that we do not redact or edit entered during Regular Trading Hours.9
result in the price of such order being
personal identifying information from The text of the proposed rule change inferior to or equal to the inside quote
comment submissions. You should is available at the Exchange’s website at on the same side of the market.
submit only information that you wish www.markets.cboe.com, at the principal Exchange Rule 11.8(b)(2) sets forth the
to make available publicly. All office of the Exchange, and at the TIF instructions that may be attached to
submissions should refer to File Commission’s Public Reference Room. a Limit Order. Some available TIF
Number SR–NYSE–2017–63 and should instructions enable a Limit Order to
be submitted on or before January 8, II. Self-Regulatory Organization’s expire at a time past the end of Regular
2018. Statement of the Purpose of, and Trading Hours at 4:00 p.m. Eastern
Statutory Basis for, the Proposed Rule Time. These TIF instructions are Good-
For the Commission, by the Division of
Trading and Markets, pursuant to delegated Change ‘til Extended Day (‘‘GTX’’), Good-‘til
authority.20
In its filing with the Commission, the Day (‘‘GTD’’), Pre-Opening Session ‘til
Robert W. Errett, Extended Day (‘‘PTX’’), and Pre-
Exchange included statements
Deputy Secretary. Opening Session ‘til Day (‘‘PTD’’).11 The
concerning the purpose of and basis for
[FR Doc. 2017–27146 Filed 12–15–17; 8:45 am] System automatically defaults the Limit
the proposed rule change and discussed
BILLING CODE 8011–01–P Order to include a TIF instruction of
any comments it received on the Day if the User does not select a
proposed rule change. The text of these different TIF instruction.12
statements may be examined at the The Exchange has observed that Limit
SECURITIES AND EXCHANGE
COMMISSION places specified in Item IV below. The Orders with a Primary Peg instruction
Exchange has prepared summaries, set displayed on the EDGA Book with non-
[Release No. 34–82305; File No. SR– forth in Sections A, B, and C below, of aggressive Primary Offset Amounts and
CboeEDGA–2017–002] the most significant parts of such similar orders entered on away
Self-Regulatory Organizations; Cboe statements. exchanges that remain active after the
EDGA Exchange, Inc.; Notice of Filing end of Regular Trading Hours may be
and Immediate Effectiveness of a
3 15 U.S.C. 78s(b)(3)(A). pegged to and repriced off of each other
4 17 CFR 240.19b–4(f)(6).
Proposed Rule Change To Amend during extended hours trading when no
5 See Exchange Rule 11.6(e)(1).
Exchange Rule 11.8, Order Types other reference price is available due to
6 See Exchange Rule 11.6(j)(2).
7 See Exchange Rule 11.6(q)(6) (defining a TIF of
orders expiring or being cancelled at
December 12, 2017. 4:00 p.m. Eastern Time. The following
RHO as an instruction a User may attach to an order
Pursuant to Section 19(b)(1) of the designating it for execution only during Regular example illustrates this scenario.
Securities Exchange Act of 1934 (the Assume the NBBO is $0.00 by $0.00.
daltland on DSKBBV9HB2PROD with NOTICES
Trading Hours).
‘‘Act’’),1 and Rule 19b–4 thereunder,2 8 See Exchange Rule 11.6(q)(2) (defining a TIF of
Market Maker 1 enters an order on
notice is hereby given that on November Day as an instruction a User may attach to an order
stating that an order to buy or sell which, if not
Exchange A to buy 100 shares at $10.00
29, 2017, Cboe EDGA Exchange, Inc. executed, expires at the end of Regular Trading
10 See Exchange Rule 1.5(ee).
Hours).
20 17 CFR 200.30–3(a)(12). 11 See
9 Regular Trading Hours is defined as the time Exchange Rule 11.6(q) (defining each of
1 15 U.S.C. 78s(b)(1). these TIF instructions).
between 9:30 a.m. and 4:00 p.m. Eastern Time. See
2 17 CFR 240.19b–4. Exchange Rule 1.5(y). 12 See Exchange Rule 11.8(b)(2).
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Document Created: 2017-12-15 23:54:54
Document Modified: 2017-12-15 23:54:54
| 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 60087 |
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