82 FR 60782 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List To Adopt a Rebate for the NYSE BondsSM
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 245 (December 22, 2017)
Federal Register Volume 82, Issue 245 (December 22, 2017)
| Page Range | 60782-60784 | |
| FR Document | 2017-27561 |
[Federal Register Volume 82, Number 245 (Friday, December 22, 2017)] [Notices] [Pages 60782-60784] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-27561] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82343; File No. SR-NYSE-2017-68] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List To Adopt a Rebate for the NYSE Bonds\SM\ System December 18, 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 December 14, 2017, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') 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 its Price List to adopt a rebate for the NYSE Bonds\SM\ system. 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 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 to provide a rebate for the NYSE Bonds system.\4\ --------------------------------------------------------------------------- \4\ The Exchange originally filed to amend the Fee Schedule on December 1, 2017 (SR-NYSE-2017-65) and withdrew such filing on December 14, 2017. --------------------------------------------------------------------------- The Exchange currently does not charge any execution fee for orders in bonds that take liquidity from the NYSE Bonds Book. For orders in bonds that provide liquidity, the Exchange currently provides a rebate of $0.05 per bond, with a maximum rebate of $50 per execution, for bond liquidity providers that meet the requirements of Rule 88.\5\ The Exchange also currently provides rebates under the Liquidity Provider Incentive Program \6\ pursuant to which the Exchange pays a daily rebate to a User \7\ that is a Member or Member Organization based on the number of Qualifying CUSIPs on the NYSE Bonds Book for which a Unique User \8\ meets prescribed quoting requirements. The Exchange is not proposing any change to the bond liquidity provider rebate [[Page 60783]] program or the Liquidity Provider Incentive Program. --------------------------------------------------------------------------- \5\ There are currently no bond liquidity providers who meet the requirements of Rule 88 and therefore no rebates are currently provided under the program. \6\ See Securities Exchange Act Release Nos 77591 (April 12, 2016), 81 FR 22656 (April 18, 2016) (SR-NYSE-2016-26); 77812 (May 11, 2016), 81 FR 30594 (May 17, 2016) (SR-NYSE-2016-34); and 79210 (November 1, 2016), 81 FR 78213 (November 7, 2016) (SR-NYSE-2016- 68). \7\ Rule 86(b)(2)(M) defines a User as any Member or Member Organization, Sponsored Participant, or Authorized Trader that is authorized to access NYSE Bonds. \8\ For purposes of the Liquidity Provider Incentive Program, the term `Unique User' means a User, a trading desk of a User, or a customer of a User, on whose behalf a Member or Member Organization enters quotes or orders under a Unique User ID that such User requests from and is provided by the Exchange. See Securities Exchange Act Release No. 80934 (June 15, 2017), 82 FR 28173 (June 20, 2017) (SR-NYSE-2017-27). --------------------------------------------------------------------------- The Exchange proposes to adopt the Agency Order Incentive Program. As proposed, a monthly rebate of $4,000 would be payable to a User that submits an average of 400 resting limit orders of any size per trading day \9\ during the month and that are submitted as Agency Orders by the User. For purposes of the proposed Agency Order Incentive Program, an Agency Order is any order submitted by a User that it represents as agent on NYSE Bonds. For example, assume a User submits 10,000 orders during January 2018, which has 21 trading days. Of the 10,000 orders, if 8,500 orders are resting limit orders that are represented as agent by the User, the average for the purposes of the proposed rebate would be 405 orders per trading day (8,500 orders/21 trading days). In this instance the User will have met the average orders per day requirement to qualify for the proposed rebate. The Exchange believes that the proposed rebate program would encourage additional displayed liquidity in bonds on the Exchange. --------------------------------------------------------------------------- \9\ A trading day is any day that NYSE Bonds is available for trading, as determined by Securities Industry and Financial Market Association (``SIFMA''), which annually provides recommendations for early and full market closes that the bond market, including NYSE Bonds, follows. The current SIFMA holiday schedule is available at http://www.sifma.org/services/holiday-schedule/#us2016. --------------------------------------------------------------------------- 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 6(b)(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. The Exchange believes that it is reasonable and equitable to adopt the Agency Order Incentive Program for the bonds trading platform, which would provide rebates for member organizations that provide liquidity to bonds traded on the Exchange. This proposed rule change targets a particular segment in which the Exchange seeks to attract greater order flow. The proposed rebate program would provide an incentive for additional liquidity at the Exchange. The Exchange further believes Agency Orders are becoming an increasingly important segment of bonds trading and the proposed rebate seeks to incentivize market participants to direct a greater number of such orders to the Exchange. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(4), (5). --------------------------------------------------------------------------- The Exchange believes the proposed fee change would provide an incentive for Users to provide additional liquidity to the market and add competition to the existing group of liquidity providers. Finally, the Exchange believes that the proposed rule change is not unfairly discriminatory in that it would apply uniformly to all Users accessing NYSE Bonds. All similarly situated Users would be subject to the same rebate structure, and each User would have the ability to determine the extent to which the Exchange's proposed rebate structure will provide it with an economic incentive to use NYSE Bonds, and model its business accordingly. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\12\ 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. Debt securities typically trade in a decentralized OTC dealer market that is less liquid and transparent than the equities markets. The Exchange believes that the proposed change would increase competition with these OTC venues by creating incentives to engage in bonds transactions on the Exchange and rewarding market participants for actively quoting and providing liquidity in the only transparent bond market, which the Exchange believes will enhance market quality. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues that are not transparent. In such an environment, the Exchange must continually review, and consider adjusting its fees and rebates to remain competitive with other exchanges as well as with alternative trading systems and other venues that are not required to comply with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees and credits in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. As a result of all of these considerations, the Exchange does not believe that the proposed change will impair the ability of member organizations or competing order execution venues to maintain their competitive standing in the financial markets. 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) \13\ of the Act and subparagraph (f)(2) of Rule 19b-4 \14\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 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) \15\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \15\ 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-2017-68 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSE-2017-68. 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 [[Page 60784]] 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 such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change. 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-2017-68, and should be submitted on or before January 12, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2017-27561 Filed 12-21-17; 8:45 am] BILLING CODE 8011-01-P
![60782 Federal Register / Vol. 82, No. 245 / Friday, December 22, 2017 / Notices
17Ad–22(b)(2) requires, in relevant part, 22(b)(2) and Rule 17Ad–22(e)(6)(i) and II. Self-Regulatory Organization’s
a registered clearing agency that (v). Statement of the Purpose of, and
performs central counterparty services Statutory Basis for, the Proposed Rule
to establish, implement, maintain and IV. Conclusion Change
enforce written policies and procedures It Is Therefore Ordered pursuant to In its filing with the Commission, the
that are reasonably designed to use Section 19(b)(2) of the Act that the self-regulatory organization included
margin requirements to limit its credit proposed rule change (SR–LCH SA– statements concerning the purpose of,
exposures to participants under normal 2017–009) be, and hereby is, and basis for, the proposed rule change
market conditions and use risk-based approved.13 and discussed any comments it received
models and parameters to set margin on the proposed rule change. The text
requirements.11 Rules 17Ad–22(e)(6)(i) For the Commission by the Division of
Trading and Markets, pursuant to delegated of those statements may be examined at
and (v) require a covered clearing the places specified in Item IV below.
authority.14
agency that provides central The Exchange has prepared summaries,
counterparty services to cover its credit Robert W. Errett,
set forth in sections A, B, and C below,
exposures to its participants by Deputy Secretary.
of the most significant parts of such
establishing a risk-based margin system [FR Doc. 2017–27563 Filed 12–21–17; 8:45 am]
statements.
that, among other things, considers and BILLING CODE 8011–01–P
produces margin levels commensurate A. Self-Regulatory Organization’s
with, the risks and particular attributes Statement of the Purpose of, and the
of each relevant product, portfolio, and SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule
market, and uses an appropriate method COMMISSION Change
for measuring credit exposure that 1. Purpose
accounts for relevant product risk [Release No. 34–82343; File No. SR–NYSE–
factors and portfolio effects across The Exchange proposes to amend its
2017–68]
products.12 Price List to provide a rebate for the
The Commission finds that the Self-Regulatory Organizations; New NYSE Bonds system.4
proposed rule change is consistent with The Exchange currently does not
York Stock Exchange LLC; Notice of
Section 17A(b)(3)(F) of the Act and the charge any execution fee for orders in
Filing and Immediate Effectiveness of
relevant provisions of Rule 17Ad–22 bonds that take liquidity from the NYSE
Proposed Rule Change To Amend Its
thereunder. Specifically, the Bonds Book. For orders in bonds that
Price List To Adopt a Rebate for the
Commission believes that the proposed provide liquidity, the Exchange
NYSE BondsSM System
rule change will enhance LCH SA’s currently provides a rebate of $0.05 per
assessment of the risks associated with December 18, 2017. bond, with a maximum rebate of $50 per
clearing products that may exhibit execution, for bond liquidity providers
Pursuant to Section 19(b)(1) 1 of the that meet the requirements of Rule 88.5
WWR, and thereby collect an Securities Exchange Act of 1934 (the
appropriate level of resources, which in The Exchange also currently provides
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 rebates under the Liquidity Provider
turn will improve LCH SA’s ability to notice is hereby given that, on December
withstand the default of a Clearing Incentive Program 6 pursuant to which
14, 2017, New York Stock Exchange the Exchange pays a daily rebate to a
Member. As a result, the Commission LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
believes that the proposed rule change User 7 that is a Member or Member
with the Securities and Exchange Organization based on the number of
will augment LCH SA’s ability to Commission (the ‘‘Commission’’) the
safeguard the securities and funds Qualifying CUSIPs on the NYSE Bonds
proposed rule change as described in Book for which a Unique User 8 meets
which are in its custody and control. Items I, II, and III below, which Items
Therefore, the Commission finds that prescribed quoting requirements. The
have been prepared by the self- Exchange is not proposing any change
the proposed rule change is consistent regulatory organization. The
with the requirements of Section to the bond liquidity provider rebate
Commission is publishing this notice to
17A(b)(3)(F) of the Act. solicit comments on the proposed rule 4 The Exchange originally filed to amend the Fee
Moreover, the Commission believes
change from interested persons. Schedule on December 1, 2017 (SR–NYSE–2017–
that WWR is a relevant factor when 65) and withdrew such filing on December 14,
considering the risks associated with I. Self-Regulatory Organization’s 2017.
clearing securities products, including Statement of the Terms of Substance of 5 There are currently no bond liquidity providers
CDS products, and when developing the Proposed Rule Change who meet the requirements of Rule 88 and therefore
no rebates are currently provided under the
margin models to cover credit exposures program.
associated with providing clearance and The Exchange proposes to amend its 6 See Securities Exchange Act Release Nos 77591
settlement services for such products. Price List to adopt a rebate for the NYSE (April 12, 2016), 81 FR 22656 (April 18, 2016) (SR–
By ensuring that it will take into BondsSM system. The proposed rule NYSE–2016–26); 77812 (May 11, 2016), 81 FR
consideration both WWR and RWR as change is available on the Exchange’s 30594 (May 17, 2016) (SR–NYSE–2016–34); and
website at www.nyse.com, at the 79210 (November 1, 2016), 81 FR 78213 (November
proposed, LCH SA will have margin that 7, 2016) (SR–NYSE–2016–68).
more accurately measures the level of principal office of the Exchange, and at 7 Rule 86(b)(2)(M) defines a User as any Member
risk, and should therefore produce the Commission’s Public Reference or Member Organization, Sponsored Participant, or
margin requirements that are Room. Authorized Trader that is authorized to access
NYSE Bonds.
sradovich on DSK3GMQ082PROD with NOTICES
commensurate with such risks, as well 8 For purposes of the Liquidity Provider Incentive
13 In approving the proposed rule change, the
as the attributes of the products it clears. Program, the term ‘Unique User’ means a User, a
Commission considered the proposal’s impact on
Accordingly, the Commission finds that efficiency, competition, and capital formation. 15
trading desk of a User, or a customer of a User, on
the proposed rule change is consistent whose behalf a Member or Member Organization
U.S.C. 78c(f).
enters quotes or orders under a Unique User ID that
with the requirements of Rule 17Ad– 14 17 CFR 200.30–3(a)(12).
such User requests from and is provided by the
1 15 U.S.C. 78s(b)(1).
Exchange. See Securities Exchange Act Release No.
11 17 CFR 240.17Ad–22(b)(2). 2 15 U.S.C. 78a.
80934 (June 15, 2017), 82 FR 28173 (June 20, 2017)
12 17 CFR 240.17Ad–22(e)(6)(i) and (v). 3 17 CFR 240.19b–4. (SR–NYSE–2017–27).
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![60784 Federal Register / Vol. 82, No. 245 / Friday, December 22, 2017 / Notices
only one method. The Commission will the Securities and Exchange Recipients of NYSE Arca Integrated
post all comments on the Commission’s Commission (the ‘‘Commission’’) the Feed would continue to be subject to the
internet website (http://www.sec.gov/ proposed rule change as described in already existing subscription fees
rules/sro.shtml). Copies of the Items I, II, and III below, which Items currently set forth in the Fee Schedule.
submission, all subsequent have been prepared by the self- The proposed Decommission Extension
amendments, all written statements regulatory organization. The Fee would apply only to subscribers
with respect to the proposed rule Commission is publishing this notice to who choose to continue to receive the
change that are filed with the solicit comments on the proposed rule NYSE Arca Integrated Feed in its legacy
Commission, and all written change from interested persons. format for up to two months after the
communications relating to the previously-announced date for the end
I. Self-Regulatory Organization’s
proposed rule change between the of distribution in the legacy format, after
Statement of the Terms of Substance of
Commission and any person, other than which the feed will be distributed
the Proposed Rule Change
those that may be withheld from the exclusively in the new format as
public in accordance with the The Exchange proposes to adopt a notified to customers previously and
provisions of 5 U.S.C. 552, will be Decommission Extension Fee for receipt further explained below. The Exchange
available for website viewing and of the NYSE Arca Integrated Feed has provided customers with adequate
printing in the Commission’s Public market data product. The proposed rule notice that it intends to discontinue
Reference Room, 100 F Street NE, change is available on the Exchange’s dissemination of the data feed in the
Washington, DC 20549 on official website at www.nyse.com, at the legacy format, having first announced
business days between the hours of principal office of the Exchange, and at this to customers in June 2017.6
10:00 a.m. and 3:00 p.m. Copies of such the Commission’s Public Reference As part of the Exchange’s efforts to
filing also will be available for Room. regularly upgrade systems to support
inspection and copying at the principal II. Self-Regulatory Organization’s more modern data distribution formats
office of the Exchange. All comments Statement of the Purpose of, and and protocols as technology evolves,
received will be posted without change. Statutory Basis for, the Proposed Rule beginning August 21, 2017, NYSE Arca
Persons submitting comments are Change Integrated Feed began transmitting in a
cautioned that we do not redact or edit new format, Exchange Data Protocol
personal identifying information from In its filing with the Commission, the
self-regulatory organization included (XDP). Since August 21, 2017, the
comment submissions. You should Exchange has been transmitting NYSE
submit only information that you wish statements concerning the purpose of,
and basis for, the proposed rule change Arca Integrated Feed in both the legacy
to make available publicly. All format and in XDP format without any
submissions should refer to File and discussed any comments it received
on the proposed rule change. The text additional fee being charged for
Number SR–NYSE–2017–68, and providing this data feed in both formats.
should be submitted on or before of those statements may be examined at
the places specified in Item IV below. The dual dissemination remained in
January 12, 2018. place until November 30, 2017, the
The Exchange has prepared summaries,
For the Commission, by the Division of set forth in sections A, B, and C below, planned decommission date of the
Trading and Markets, pursuant to delegated legacy format.
authority.16
of the most significant parts of such
statements. The purpose of the proposed
Robert W. Errett, Decommission Extension Fee is to
Deputy Secretary. A. Self-Regulatory Organization’s provide customers an incentive to fully
[FR Doc. 2017–27561 Filed 12–21–17; 8:45 am] Statement of the Purpose of, and the transition to the XDP format so the
BILLING CODE 8011–01–P
Statutory Basis for, the Proposed Rule Exchange does not have to continue to
Change support both the legacy format and the
1. Purpose XDP format and incur, for example, the
SECURITIES AND EXCHANGE costs involved in maintaining additional
COMMISSION The Exchange proposes to adopt a servers and monitoring multiple
Decommission Extension Fee for receipt distribution channels and testing
[Release No. 34–82344; File No. SR– of the NYSE Arca Integrated Feed
NYSEARCA–2017–142] environments not needed by the XDP
market data product,4 as set forth on the format. Therefore, beginning December
NYSE Arca Equities Proprietary Market 1, 2017, recipients of NYSE Arca
Self-Regulatory Organizations; NYSE
Data Fee Schedule (‘‘Fee Schedule’’).5 Integrated Feed who wish to continue to
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed 4 See Securities Exchange Act Release No. 65669
receive NYSE Arca Integrated Feed in
Rule Change To Adopt a (November 2, 2011), 76 FR 69311 (November 8, the legacy format will be subject to the
Decommission Extension Fee for 2011) (SR–NYSEArca–2011–78) (notice of filing and proposed Decommission Extension Fee
Receipt of the NYSE Arca Integrated immediate effectiveness of proposed rule change of $5,000 per month.7 During the
offering the NYSE Arca Integrated Feed). See also
Feed Market Data Product Securities Exchange Act Release Nos. 66128
(January 10, 2012), 77 FR 2331 (January 17, 2012) 2017–136) and withdrew such filing on December
December 18, 2017. (SR–NYSEArca–2011–96) (establishing fees for 12, 2017.
Pursuant to Section 19(b)(1) 1 of the NYSE Arca Integrated Feed); 69315 (April 5, 2013), 6 See Trader Update at https://www.nyse.com/
Securities Exchange Act of 1934 (the 78 FR 21668 (April 11, 2013) (SR–NYSEArca–2013– trader-update/history#110000065786. See also
37) (establishing non-display usage fees); 73011 https://www.nyse.com/trader-update/history
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 (September 5, 2014), 79 FR 54315 (September 11, #110000078705.
sradovich on DSK3GMQ082PROD with NOTICES
notice is hereby given that, on December 2014) (SR–NYSEArca–2014–93) (amending non- 7 The concept of a Decommission Extension Fee
12, 2017, NYSE Arca, Inc. (the display usage fees); 76914 (January 14, 2016), 81 FR is not novel. The Exchange’s affiliates, NYSE and
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with 3484 (January 21, 2016) (SR–NYSEArca–2016–03) NYSE American, have both previously adopted a
(amending fees for NYSE Arca Integrated Feed); and Decommission Extension Fee for receipt of multiple
82100 (November 16, 2017), 82 FR 55660 market data products when those products migrated
16 17 CFR 200.30–3(a)(12). (November 22, 2017) (SR–NYSEArca–2017–130) to the XDP format. See Securities Exchange Act
1 15 U.S.C.78s(b)(1). (amending fees for NYSE Arca Integrated Feed). Release Nos. 79286 (November 10, 2016), 81 FR
2 15 U.S.C. 78a. 5 The Exchange originally filed to amend the Fee 81186 (November 17, 2016) (SR–NYSE–2016–73);
3 17 CFR 240.19b–4. Schedule on November 29, 2017 (SR–NYSEArca– 79287 (November 10, 2016), 81 FR 81216
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Document Created: 2017-12-22 00:33:46
Document Modified: 2017-12-22 00:33:46
| 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 60782 |
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