83_FR_23105 83 FR 23009 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Provide Users With Connectivity to Three Additional Third Party Data Feeds and To Change the NYSE American Equities Price List and the NYSE American Options Fee Schedule Related to These Co-Location Services

83 FR 23009 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Provide Users With Connectivity to Three Additional Third Party Data Feeds and To Change the NYSE American Equities Price List and the NYSE American Options Fee Schedule Related to These Co-Location Services

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 96 (May 17, 2018)

Page Range23009-23014
FR Document2018-10502

Federal Register, Volume 83 Issue 96 (Thursday, May 17, 2018)
[Federal Register Volume 83, Number 96 (Thursday, May 17, 2018)]
[Notices]
[Pages 23009-23014]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-10502]



[[Page 23009]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83219; File No. SR-NYSEAMER-2018-19]


Self-Regulatory Organizations; NYSE American LLC; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Provide 
Users With Connectivity to Three Additional Third Party Data Feeds and 
To Change the NYSE American Equities Price List and the NYSE American 
Options Fee Schedule Related to These Co-Location Services

May 11, 2018.
    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 April 30, 2018, NYSE American LLC (``NYSE American'' or 
the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I 
and II below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to provide Users with connectivity to three 
additional third party data feeds and to change the NYSE American 
Equities Price List (``Price List'') and the NYSE American Options Fee 
Schedule (``Fee Schedule'') related to these co-location services. 
Additionally, the Exchange proposes to make non-substantive corrections 
to the Price List and Fee Schedule. 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 
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 connectivity to three 
additional third party data feeds and change its Price List and Fee 
Schedule related to these co-location services. Additionally, the 
Exchange proposes to make non-substantive corrections to the Price List 
and Fee Schedule.
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    \4\ The Exchange initially filed rule changes relating to its 
co-location services with the Commission in 2010. See Securities 
Exchange Act Release No. 62961 (September 21, 2010), 75 FR 59299 
(September 27, 2010) (SR-NYSEAmex-2010-80). 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. 76009 (September 29, 2015), 80 FR 60213 
(October 5, 2015) (SR-NYSEMKT-2015-67). As specified in the Price 
List and Fee Schedule, 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 New York Stock Exchange LLC (``NYSE'') and 
NYSE Arca, Inc. (``NYSE Arca'' and, together with NYSE, the 
``Affiliate SROs''). See Securities Exchange Act Release No. 70176 
(August 13, 2013), 78 FR 50471 (August 19, 2013) (SR-NYSEMKT-2013-
67).
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Third Party Data Feeds
    The Exchange charges fees for connectivity to data feeds from third 
party markets and other content service providers (``Third Party Data 
Feeds'').\6\ The list of the Third Party Data Feeds and related 
connectivity fees is set forth in the Price List and Fee Schedule. The 
Exchange proposes to add three ICE Data Services Consolidated Feed 
Shared Farm feeds (the ``Additional Third Party Data Feeds'') to the 
list of Third Party Data Feeds.
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    \6\ See Securities Exchange Act Release No. 80309 (March 24, 
2017), 82 FR 15725 (March 30, 2017) (SR-NYSEMKT-2016-63).
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    The Additional Third Party Data Feeds are produced by an entity 
owned by the Exchange's ultimate parent, Intercontinental Exchange, 
Inc. (``ICE''), and so the Exchange has an indirect interest in the 
Additional Third Party Data Feeds. The Additional Third Party Data 
Feeds include data drawn from the Exchange, the Affiliate SROs, and 
third party exchanges, including stock and futures exchanges. Because 
it includes third party data, the Additional Third Party Data Feeds are 
considered Third Party Data Feeds.\7\
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    \7\ Id., at 15733.
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    The list of available Third Party Data Feeds presently includes 
three ICE Data Services Consolidated Feeds.\8\ The Additional Third 
Party Data Feeds are similar to the previously filed ICE Data Services 
Consolidated Feeds in terms of the underlying content, which, according 
to the content service provider, includes normalized, real-time and 
intraday data feeds from over 600 sources. The difference between them 
lies with what data a User actually receives.
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    \8\ Id.
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    More specifically, when a User requests connectivity to one of the 
previously filed ICE Data Services Consolidated Feeds, it receives 
connectivity to all the data in the relevant ICE Data Services 
Consolidated Feeds. The User uses its processor to narrow down the feed 
to the specific data it wants. In contrast, when a User requests 
connectivity to an Additional Third Party Data Feed, it will specify to 
the content service provider what specific information, out of the data 
from the roughly 600 sources, it wants to receive. The content service 
provider will use its own processor to narrow down the data feeds, so 
that the User will only receive the information it requests. A User may 
choose whether it wants connectivity to one of the previously filed ICE 
Data Services Consolidated Feeds or to one of the Additional Third 
Party Data Feeds based on whether it wants to process the data, and 
what level of control it wants over the processing. In both cases, the 
User will only receive data the relevant third party data provider 
authorizes it to receive.
    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 recurring fee would vary 
by the bandwidth of the connection. Accordingly, the Exchange proposes 
to revise the Price List and Fee Schedule to provide that Users may 
obtain connectivity to the Additional Third Party Data Feeds for a 
monthly fee, as follows:

[[Page 23010]]



------------------------------------------------------------------------
                                                              Monthly
                                                             recurring
                                                           connectivity
                  Third party data feed                    fee per third
                                                            party data
                                                               feed
------------------------------------------------------------------------
ICE Data Services Consolidated Feed Shared Farm <=100 Mb            $200
ICE Data Services Consolidated Feed Shared Farm >100 Mb              500
 to <=1 Gb..............................................
ICE Data Services Consolidated Feed Shared Farm >1 Gb...           1,000
------------------------------------------------------------------------

    Depending on its needs and bandwidth, a User may opt to receive all 
or some of the feeds or services included in the Additional Third Party 
Data Feeds.
    The Exchange would provide connectivity to the Additional Third 
Party Data Feeds (``Connectivity'') as a convenience to Users. Use of 
Connectivity would be completely voluntary. The Exchange is not aware 
of any impediment to third parties offering Connectivity.
    The Exchange does not have visibility into whether third parties 
currently offer, or intend to offer, Users 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 
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 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 internet 
protocol (``IP'') network, a local area network available in the data 
center.
    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 Additional 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 Feed for 
which it entered into contracts.
    The Exchange would have no right to use an Additional Third Party 
Data Feed 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 
party 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.
Additional Changes
    The Exchange proposes to make additional, non-substantive changes 
to add definitions, remove obsolete text and update third party 
exchange names (collectively, the ``Non-Substantive Changes''). The 
proposed additional changes would have no effect on pricing.
General Note 1
    General Note 1 in the Price List and Fee Schedule references the 
Affiliate SROs. The Exchange proposes to add short-hand definitions of 
each of the Affiliate SROs, which terms are used later in the Price 
List and Fee Schedule. The revised references would be to ``New York 
Stock Exchange LLC (NYSE) and NYSE Arca, Inc. (NYSE Arca).''
Cabinet Upgrade Fee
    The Exchange offers Users the option of a ``Cabinet Upgrade'' and 
related fee, pursuant to which the Exchange accommodates requests for 
additional power allocation beyond the typical amount that the Exchange 
allocates per dedicated cabinet, at which point the Exchange must 
upgrade the cabinet's power capacity.\9\ The Cabinet Upgrade Fee in the 
Price List and Fee Schedule has a parenthetical setting forth lower 
fees for a User that submits a written order for a Cabinet Upgrade by 
January 31, 2014, provided that the Cabinet Upgrade becomes fully 
operational by March 31, 2014. For the avoidance of confusion, the 
Exchange proposes to put the text in the past tense. Accordingly, the 
parenthetical would read as follows: ``($4,600 for a User that 
submitted a written order for a Cabinet Upgrade by January 31, 2014, 
provided that the Cabinet Upgrade became fully operational by March 31, 
2014)''.
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    \9\ See Securities Exchange Act Release No. 71131 (December 18, 
2013), 78 FR 77750 (December 24, 2013) (SR-NYSEMKT-2013-103). Users 
may develop their hardware infrastructure within a particular 
cabinet in such a way that, if expansion of such hardware is needed, 
it can be accomplished within the space constraints of that 
particular cabinet. If this type of User requires additional power 
allocation, it would likely want to modify its existing cabinet in 
this manner, rather than taking an additional dedicated cabinet due 
to the expense of re-developing its infrastructure within such 
additional dedicated cabinet. See id.
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Hosting Fees
    A User may provide hosting services to its customers in the User's 
co-location space at the data center. In 2015, the Exchange modified 
the Hosting Fee to provide that, effective January 1, 2016, the Hosting 
Fee increased from $500 to $1,000 and would be assessed to a Hosting 
User on a per Hosted Customer basis and for each cabinet in which the 
Hosting User hosts the Hosted Customer.\10\
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    \10\ As stated in the Price List, ``Hosting User'' means a User 
that hosts a Hosted Customer in the User's co-location space, and 
``Hosted Customer'' means a customer of a Hosting User that is 
hosted in a Hosting User's co-location space. See 80 FR 60213, supra 
note 5.
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    The Price List and Fee Schedule continue to include both the 
Hosting Fee that was in effect through December 31, 2015 and the date 
of the change. The Exchange proposes to delete the obsolete references 
to these dates and the amount of the previous hosting fee. The amended 
text would be as follows (additional text underscored, deletions in 
strikethrough):

[[Page 23011]]

[GRAPHIC] [TIFF OMITTED] TN17MY18.003

Obsolete Availability Dates and Exchange References
    Certain services in the data center that are described in the Price 
List and Fee Schedule identify dates by which they were expected to be 
available. These dates have passed. Accordingly, the Exchange proposes 
to eliminate the obsolete references to these dates. In addition, the 
Exchange proposes to update the references to certain exchanges that 
have changed their names.\11\
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    \11\ See Securities Exchange Act Release No. 81962 (October 26, 
2017), 82 FR 50711, 50713 (November 1, 2017) (SR-BatsBZX-2017-70).
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    To that end, the Exchange proposes to make the following changes:
     For the wireless connection of Bats Pitch BZX Gig shaped 
data and Bats Pitch BYX Gig shaped data, the description would be 
revised as follows: (a) The text would read ``Wireless connection of 
Cboe Pitch BZX Gig shaped data and Cboe Pitch BYX Gig shaped data''; 
and (b) the text ``Note: Connection to Bats Pitch BYX Gig shaped data 
is expected to be available no later than December 31, 2016.'' would be 
deleted.
     For the wireless connection of Bats EDGX Gig shaped data 
and Bats EDGA Gig shaped data, the description would be revised as 
follows: (a) The text would read ``Wireless connection of Cboe EDGX Gig 
shaped data and Cboe EDGA Gig shaped data''; and (b) the text ``Note: 
Connection to Bats EDGA Gig shaped data is expected to be available no 
later than December 31, 2016.'' would be deleted.
     For the wireless connection of Toronto Stock Exchange 
(TSX), the text ``Note: Service is expected to be available no later 
than June 30, 2017.'' would be deleted.
     In the table under ``Third Party Data Feeds,'' ``Bats BZX 
Exchange (BZX) and Bats BYX Exchange (BYX)'' and ``Bats EDGX Exchange 
(EDGX) and Bats EDGA Exchange (EDGA)'' and their related monthly 
recurring connectivity fees would be deleted, and lines for ``Cboe BZX 
Exchange (CboeBZX) and Cboe BYX Exchange (CboeBYX)'' and ``Cboe EDGX 
Exchange (CboeEDGX) and Cboe EDGA Exchange (CboeEDGA)'' added with 
their related monthly recurring connectivity fees, which would remain 
unchanged, as follows (additional text underscored, deletions in 
strikethrough):
[GRAPHIC] [TIFF OMITTED] TN17MY18.004


[[Page 23012]]


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; \12\ 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.\13\
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    \12\ 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.
    \13\ See 78 FR 50471, supra note 5, at 50471. The Affiliate SROs 
have also submitted substantially the same proposed rule change to 
propose the changes described herein. See SR-NYSE-2018-20 and SR-
NYSEArca-2018-28.
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    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 fee change is consistent 
with Section 6(b) of the Act,\14\ in general, and furthers the 
objectives of Sections 6(b)(5) of the Act,\15\ in particular, because 
it is designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in 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.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
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    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 connectivity to the 
Additional Third Party Data Feeds, the Exchange would give each User 
additional options for addressing its connectivity needs, responding to 
User demand for connectivity options. Providing the connectivity to the 
Additional Third Party Data Feeds 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 connectivity that best 
suits its needs.
    The Exchange would provide Connectivity as a convenience to Users. 
Use of Connectivity would be completely voluntary. The Exchange is not 
aware of any impediment to third parties offering Connectivity. The 
Exchange does not have visibility into whether third parties currently 
offer, or intend to offer, Users 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 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 connectivity to the Additional 
Third Party Data Feed to Users, the Exchange would give Users 
additional options for connectivity to new services, responding to User 
demand for connectivity options.
    The Exchange believes that the proposed Non-Substantive 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 the changes would clarify 
Exchange rules and alleviate any possible market participant confusion 
caused by the obsolete dates and exchange names.
    The Exchange also believes that the proposed fee change is 
consistent with Section 6(b)(4) of the Act,\16\ 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.
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    \16\ 15 U.S.C. 78f(b)(4).
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    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 Users that voluntarily selected to receive Connectivity would be 
charged the same amount for the same services. Users that opted to use 
Connectivity would not receive connectivity that is not available to 
all Users, as all market participants that contracted with the relevant 
content provider would receive connectivity.
    The Exchange believes that the proposed charges would be 
reasonable, equitably allocated and not unfairly discriminatory because 
the Exchange would offer the Connectivity as conveniences to Users, but 
in order to

[[Page 23013]]

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 Connectivity, the 
Exchange would maintain multiple connections to each Additional Third 
Party Data Feed, 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 Connectivity unless they wish to do so.
    The Exchange believes the proposed fee for connectivity to each 
Additional Third Party Data Feed is reasonable because the proposed 
monthly recurring fee varies by the bandwidth of the connection, and so 
is generally proportional to the bandwidth required. In addition, the 
proposed fees are consistent with the fees for connectivity to the 
previously filed ICE Data Services Consolidated Feeds, which feeds are 
similar to the Additional Third Party Data Feeds in terms of the 
underlying content. The Exchange notes that the proposed monthly 
recurring fees are also generally consistent with the monthly recurring 
fees for connectivity to the SR Labs-SuperFeed Third Party Data Feeds, 
which also vary by bandwidth. The Exchange believes that the proposed 
difference in pricing between the Additional Third Party Data Feeds and 
SR Labs-SuperFeed options is reasonable, equitably allocated and not 
unfairly discriminatory because, although the bandwidth may be similar, 
the competitive considerations and the costs the Exchange incurs in 
providing such connections may differ.
    The Exchange believes the proposed fees for Connectivity would be 
reasonable because they would allow the Exchange to defray or cover the 
costs associated with offering Users connectivity to Additional Third 
Party Data Feeds while providing Users the convenience of receiving 
such Connectivity within co-location, helping them tailor their data 
center operations to the requirements of their business operations.
    The Exchange believes that the proposed Non-Substantive Changes 
would be reasonable because the changes would have no impact on 
pricing. Rather, the changes would remove obsolete text and update 
references, thereby clarifying the Exchange rules and alleviating 
possible market participant confusion.
    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,\17\ 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.
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    \17\ 15 U.S.C. 78f(b)(8).
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    The Exchange believes that providing Users with additional options 
for connectivity 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 Connectivity would satisfy 
User demand for connectivity options. The Exchange would provide 
Connectivity as a convenience equally to all Users. All Users that 
voluntarily selected to receive Connectivity would be charged the same 
amount for the same services.
    The Exchange does not have visibility into whether third parties 
currently offer, or intend to offer, Users 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 
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 Connectivity would not receive connectivity that is not 
available to all Users, as all market participants that contract with 
the content provider may receive connectivity. In this way, the 
proposed changes would enhance competition by helping Users tailor 
their Connectivity to the needs of their business operations by 
allowing them to select the form and latency of 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.
    Finally, the Exchange believes that the proposed Non-Substantive 
Changes would not impose any burden on competition that is not 
necessary or appropriate in furtherance of the purposes of the Act 
because the proposed changes are not designed to address any 
competitive issue but rather to remove obsolete text and update the 
Price List and Fee Schedule, thereby clarifying Exchange rules and 
alleviating any possible market participant confusion caused by the 
obsolete dates and exchange names.

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.

[[Page 23014]]

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 \18\ and Rule 19b-4(f)(6) thereunder.\19\ 
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 for 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 \20\ and Rule 19b-4(f)(6) 
thereunder.\21\
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    \18\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \19\ 17 CFR 240.19b-4(f)(6).
    \20\ 15 U.S.C. 78s(b)(3)(A).
    \21\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires the Exchange to give the Commission written notice of its 
intent to file the proposed rule change, along with a brief 
description and text of the proposed rule change, at least five 
business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \22\ normally 
does not become operative for 30 days after the date of filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\23\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative immediately upon filing. The Exchange stated its 
belief that immediate implementation of the proposed rule changes would 
allow Users to have the benefit of connectivity to the Additional Third 
Party Data Feed without delay. In so doing, the immediate 
implementation would help Users tailor their data center operations to 
the requirements of their business operations without delay. In 
addition, the Exchange stated that the proposed changes to the Price 
List would provide Users with more complete information regarding their 
Connectivity options and the availability of products and services.
---------------------------------------------------------------------------

    \22\ 17 CFR 240.19b-4(f)(6).
    \23\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    The Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest, as 
it will allow Users to have the benefit of Additional Third Party Feed 
sooner and will allow User additional flexibility in tailoring their 
data center operations. For this reason, the Commission designates the 
proposed rule change to be operative upon filing.\24\
---------------------------------------------------------------------------

    \24\ For purposes only of waiving the operative delay for this 
proposal, 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 the 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 to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NYSEAMER-2018-19 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-NYSEAMER-2018-19. 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 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-NYSEAMER-2018-19 and should be submitted 
on or before June 7, 2018.
---------------------------------------------------------------------------

    \25\ 17 CFR 200.30-3(a)(12) and (59).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\25\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-10502 Filed 5-16-18; 8:45 am]
BILLING CODE 8011-01-P



                                                                              Federal Register / Vol. 83, No. 96 / Thursday, May 17, 2018 / Notices                                                        23009

                                               SECURITIES AND EXCHANGE                                 statements concerning the purpose of,                    Additional Third Party Data Feeds are
                                               COMMISSION                                              and basis for, the proposed rule change                  similar to the previously filed ICE Data
                                                                                                       and discussed any comments it received                   Services Consolidated Feeds in terms of
                                               [Release No. 34–83219; File No. SR–
                                               NYSEAMER–2018–19]
                                                                                                       on the proposed rule change. The text                    the underlying content, which,
                                                                                                       of those statements may be examined at                   according to the content service
                                               Self-Regulatory Organizations; NYSE                     the places specified in Item IV below.                   provider, includes normalized, real-time
                                               American LLC; Notice of Filing and                      The Exchange has prepared summaries,                     and intraday data feeds from over 600
                                               Immediate Effectiveness of a Proposed                   set forth in sections A, B, and C below,                 sources. The difference between them
                                               Rule Change To Provide Users With                       of the most significant parts of such                    lies with what data a User actually
                                               Connectivity to Three Additional Third                  statements.                                              receives.
                                               Party Data Feeds and To Change the                      A. Self-Regulatory Organization’s
                                               NYSE American Equities Price List and                                                                               More specifically, when a User
                                                                                                       Statement of the Purpose of, and                         requests connectivity to one of the
                                               the NYSE American Options Fee                           Statutory Basis for, the Proposed Rule
                                               Schedule Related to These Co-                                                                                    previously filed ICE Data Services
                                                                                                       Change                                                   Consolidated Feeds, it receives
                                               Location Services
                                                                                                       1. Purpose                                               connectivity to all the data in the
                                               May 11, 2018.                                                                                                    relevant ICE Data Services Consolidated
                                                  Pursuant to Section      19(b)(1) 1
                                                                                 of the                   The Exchange proposes to amend the
                                                                                                       co-location 4 services offered by the                    Feeds. The User uses its processor to
                                               Securities Exchange Act of 1934 (the                                                                             narrow down the feed to the specific
                                               ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                  Exchange to provide Users 5 with
                                                                                                       connectivity to three additional third                   data it wants. In contrast, when a User
                                               notice is hereby given that on April 30,                                                                         requests connectivity to an Additional
                                               2018, NYSE American LLC (‘‘NYSE                         party data feeds and change its Price
                                                                                                       List and Fee Schedule related to these                   Third Party Data Feed, it will specify to
                                               American’’ or the ‘‘Exchange’’) filed
                                                                                                       co-location services. Additionally, the                  the content service provider what
                                               with the Securities and Exchange
                                                                                                       Exchange proposes to make non-                           specific information, out of the data
                                               Commission (the ‘‘Commission’’) the
                                               proposed rule change as described in                    substantive corrections to the Price List                from the roughly 600 sources, it wants
                                               Items I and II below, which Items have                  and Fee Schedule.                                        to receive. The content service provider
                                               been prepared by the self-regulatory                                                                             will use its own processor to narrow
                                                                                                       Third Party Data Feeds
                                               organization. The Commission is                                                                                  down the data feeds, so that the User
                                               publishing this notice to solicit                         The Exchange charges fees for                          will only receive the information it
                                               comments on the proposed rule change                    connectivity to data feeds from third                    requests. A User may choose whether it
                                               from interested persons.                                party markets and other content service                  wants connectivity to one of the
                                                                                                       providers (‘‘Third Party Data Feeds’’).6                 previously filed ICE Data Services
                                               I. Self-Regulatory Organization’s                       The list of the Third Party Data Feeds                   Consolidated Feeds or to one of the
                                               Statement of the Terms of Substance of                  and related connectivity fees is set forth
                                               the Proposed Rule Change                                                                                         Additional Third Party Data Feeds
                                                                                                       in the Price List and Fee Schedule. The
                                                                                                                                                                based on whether it wants to process the
                                                  The Exchange proposes to provide                     Exchange proposes to add three ICE
                                                                                                                                                                data, and what level of control it wants
                                               Users with connectivity to three                        Data Services Consolidated Feed Shared
                                                                                                                                                                over the processing. In both cases, the
                                               additional third party data feeds and to                Farm feeds (the ‘‘Additional Third Party
                                                                                                       Data Feeds’’) to the list of Third Party                 User will only receive data the relevant
                                               change the NYSE American Equities
                                                                                                       Data Feeds.                                              third party data provider authorizes it to
                                               Price List (‘‘Price List’’) and the NYSE
                                                                                                         The Additional Third Party Data                        receive.
                                               American Options Fee Schedule (‘‘Fee
                                               Schedule’’) related to these co-location                Feeds are produced by an entity owned                       As it does with the existing Third
                                               services. Additionally, the Exchange                    by the Exchange’s ultimate parent,                       Party Data Feeds, the Exchange
                                               proposes to make non-substantive                        Intercontinental Exchange, Inc. (‘‘ICE’’),               proposes to charge a monthly recurring
                                               corrections to the Price List and Fee                   and so the Exchange has an indirect                      fee for connectivity to each Additional
                                               Schedule. The proposed rule change is                   interest in the Additional Third Party                   Third Party Data Feed. The monthly
                                               available on the Exchange’s website at                  Data Feeds. The Additional Third Party                   recurring fee would vary by the
                                               www.nyse.com, at the principal office of                Data Feeds include data drawn from the                   bandwidth of the connection.
                                               the Exchange, and at the Commission’s                   Exchange, the Affiliate SROs, and third                  Accordingly, the Exchange proposes to
                                               Public Reference Room.                                  party exchanges, including stock and                     revise the Price List and Fee Schedule
                                                                                                       futures exchanges. Because it includes                   to provide that Users may obtain
                                               II. Self-Regulatory Organization’s                      third party data, the Additional Third
                                               Statement of the Purpose of, and                                                                                 connectivity to the Additional Third
                                                                                                       Party Data Feeds are considered Third
                                               Statutory Basis for, the Proposed Rule                                                                           Party Data Feeds for a monthly fee, as
                                                                                                       Party Data Feeds.7
                                               Change                                                    The list of available Third Party Data                 follows:
                                                  In its filing with the Commission, the               Feeds presently includes three ICE Data
                                               self-regulatory organization included                   Services Consolidated Feeds.8 The


                                                 1 15 U.S.C.78s(b)(1).                                   5 For purposes of the Exchange’s co-location           York Stock Exchange LLC (‘‘NYSE’’) and NYSE
                                                 2 15 U.S.C. 78a.                                      services, a ‘‘User’’ means any market participant        Arca, Inc. (‘‘NYSE Arca’’ and, together with NYSE,
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                                                 3 17 CFR 240.19b–4.                                   that requests to receive co-location services directly   the ‘‘Affiliate SROs’’). See Securities Exchange Act
                                                 4 The Exchange initially filed rule changes           from the Exchange. See Securities Exchange Act           Release No. 70176 (August 13, 2013), 78 FR 50471
                                               relating to its co-location services with the           Release No. 76009 (September 29, 2015), 80 FR            (August 19, 2013) (SR–NYSEMKT–2013–67).
                                               Commission in 2010. See Securities Exchange Act         60213 (October 5, 2015) (SR–NYSEMKT–2015–67).              6 See Securities Exchange Act Release No. 80309
                                               Release No. 62961 (September 21, 2010), 75 FR           As specified in the Price List and Fee Schedule, a
                                                                                                                                                                (March 24, 2017), 82 FR 15725 (March 30, 2017)
                                               59299 (September 27, 2010) (SR–NYSEAmex–2010–           User that incurs co-location fees for a particular co-
                                                                                                       location service pursuant thereto would not be           (SR–NYSEMKT–2016–63).
                                               80). The Exchange operates a data center in
                                                                                                                                                                  7 Id., at 15733.
                                               Mahwah, New Jersey (the ‘‘data center’’) from           subject to co-location fees for the same co-location
                                               which it provides co-location services to Users.        service charged by the Exchange’s affiliates New           8 Id.




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                                               23010                              Federal Register / Vol. 83, No. 96 / Thursday, May 17, 2018 / Notices

                                                                                                                                                                                                                         Monthly
                                                                                                                                                                                                                        recurring
                                                                                                                                                                                                                      connectivity
                                                                                                                   Third party data feed                                                                              fee per third
                                                                                                                                                                                                                       party data
                                                                                                                                                                                                                          feed

                                               ICE Data Services Consolidated Feed Shared Farm ≤100 Mb ..........................................................................................................              $200
                                               ICE Data Services Consolidated Feed Shared Farm >100 Mb to ≤1 Gb ..........................................................................................                      500
                                               ICE Data Services Consolidated Feed Shared Farm >1 Gb ..............................................................................................................           1,000



                                                 Depending on its needs and                                   Additional Third Party Data Feed over                          Cabinet Upgrade Fee
                                               bandwidth, a User may opt to receive all                       its fiber optic network and, after the
                                               or some of the feeds or services                               content service provider and User                                 The Exchange offers Users the option
                                               included in the Additional Third Party                         entered into the contract and the                              of a ‘‘Cabinet Upgrade’’ and related fee,
                                               Data Feeds.                                                    Exchange received authorization from                           pursuant to which the Exchange
                                                 The Exchange would provide                                   the content service provider, the                              accommodates requests for additional
                                               connectivity to the Additional Third                           Exchange would re-transmit the data to                         power allocation beyond the typical
                                               Party Data Feeds (‘‘Connectivity’’) as a                       the User over the User’s port. The                             amount that the Exchange allocates per
                                               convenience to Users. Use of                                   Exchange would charge the User for the                         dedicated cabinet, at which point the
                                               Connectivity would be completely                               connectivity to the Additional Third                           Exchange must upgrade the cabinet’s
                                               voluntary. The Exchange is not aware of                        Party Data Feed. A User would only                             power capacity.9 The Cabinet Upgrade
                                               any impediment to third parties offering                       receive, and would only be charged for,                        Fee in the Price List and Fee Schedule
                                               Connectivity.                                                  connectivity to the Additional Third                           has a parenthetical setting forth lower
                                                 The Exchange does not have visibility                        Party Data Feed for which it entered                           fees for a User that submits a written
                                               into whether third parties currently                           into contracts.                                                order for a Cabinet Upgrade by January
                                               offer, or intend to offer, Users                                  The Exchange would have no right to                         31, 2014, provided that the Cabinet
                                               connectivity to the Additional Third                           use an Additional Third Party Data Feed                        Upgrade becomes fully operational by
                                               Party Data Feeds, as such third parties                        other than as a redistributor of the data.                     March 31, 2014. For the avoidance of
                                               are not required to make that                                  The Additional Third Party Data Feeds                          confusion, the Exchange proposes to put
                                               information public. However, if one or                         would not provide access or order entry                        the text in the past tense. Accordingly,
                                               more third parties presently offer, or in                      to the Exchange’s execution system. The                        the parenthetical would read as follows:
                                               the future opt to offer, such                                  Additional Third Party Data Feeds                              ‘‘($4,600 for a User that submitted a
                                               Connectivity to Users, a User may                              would not provide access or order entry
                                                                                                                                                                             written order for a Cabinet Upgrade by
                                               utilize the Secure Financial Transaction                       to the execution systems of the party
                                               Infrastructure (‘‘SFTI’’) network, a third                                                                                    January 31, 2014, provided that the
                                                                                                              generating the feed. The Exchange
                                               party telecommunication network, third                                                                                        Cabinet Upgrade became fully
                                                                                                              would receive the Additional Third
                                               party wireless network, a cross connect,                       Party Data Feeds via arms-length                               operational by March 31, 2014)’’.
                                               or a combination thereof to access such                        agreements and it would have no                                Hosting Fees
                                               services and products through a                                inherent advantage over any other
                                               connection to an access center outside                         distributor of such data.                                        A User may provide hosting services
                                               the data center (which could be a SFTI                                                                                        to its customers in the User’s co-location
                                               access center, a third-party access                            Additional Changes                                             space at the data center. In 2015, the
                                               center, or both), another User, or a third                       The Exchange proposes to make                                Exchange modified the Hosting Fee to
                                               party vendor.                                                  additional, non-substantive changes to                         provide that, effective January 1, 2016,
                                                 The Exchange would receive the                               add definitions, remove obsolete text                          the Hosting Fee increased from $500 to
                                               Additional Third Party Data Feeds from                         and update third party exchange names                          $1,000 and would be assessed to a
                                               the content service provider, at its data                      (collectively, the ‘‘Non-Substantive                           Hosting User on a per Hosted Customer
                                               center. It would then provide                                  Changes’’). The proposed additional                            basis and for each cabinet in which the
                                               connectivity to that data to Users for a                       changes would have no effect on                                Hosting User hosts the Hosted
                                               fee. Users would connect to the                                pricing.                                                       Customer.10
                                               Additional Third Party Data Feeds over
                                                                                                              General Note 1                                                   The Price List and Fee Schedule
                                               the internet protocol (‘‘IP’’) network, a
                                               local area network available in the data                          General Note 1 in the Price List and                        continue to include both the Hosting
                                               center.                                                        Fee Schedule references the Affiliate                          Fee that was in effect through December
                                                 In order to connect to an Additional                         SROs. The Exchange proposes to add                             31, 2015 and the date of the change. The
                                               Third Party Data Feed, a User would                            short-hand definitions of each of the                          Exchange proposes to delete the
                                               enter into a contract with the content                         Affiliate SROs, which terms are used                           obsolete references to these dates and
                                               service provider, pursuant to which the                        later in the Price List and Fee Schedule.                      the amount of the previous hosting fee.
                                               content service provider would charge                          The revised references would be to                             The amended text would be as follows
                                               the User for the Third Party Data Feed.                        ‘‘New York Stock Exchange LLC (NYSE)                           (additional text underscored, deletions
                                               The Exchange would receive the                                 and NYSE Arca, Inc. (NYSE Arca).’’                             in strikethrough):
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                                                 9 See Securities Exchange Act Release No. 71131              cabinet. If this type of User requires additional                10 As stated in the Price List, ‘‘Hosting User’’

                                               (December 18, 2013), 78 FR 77750 (December 24,                 power allocation, it would likely want to modify its           means a User that hosts a Hosted Customer in the
                                               2013) (SR–NYSEMKT–2013–103). Users may                         existing cabinet in this manner, rather than taking            User’s co-location space, and ‘‘Hosted Customer’’
                                               develop their hardware infrastructure within a                 an additional dedicated cabinet due to the expense             means a customer of a Hosting User that is hosted
                                               particular cabinet in such a way that, if expansion
                                                                                                              of re-developing its infrastructure within such                in a Hosting User’s co-location space. See 80 FR
                                               of such hardware is needed, it can be accomplished
                                               within the space constraints of that particular                additional dedicated cabinet. See id.                          60213, supra note 5.




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                                                                              Federal Register / Vol. 83, No. 96 / Thursday, May 17, 2018 / Notices                                            23011




                                               Obsolete Availability Dates and                         connection of Cboe Pitch BZX Gig                      ‘‘Note: Service is expected to be
                                               Exchange References                                     shaped data and Cboe Pitch BYX Gig                    available no later than June 30, 2017.’’
                                                  Certain services in the data center that             shaped data’’; and (b) the text ‘‘Note:               would be deleted.
                                               are described in the Price List and Fee                 Connection to Bats Pitch BYX Gig                         • In the table under ‘‘Third Party Data
                                               Schedule identify dates by which they                   shaped data is expected to be available               Feeds,’’ ‘‘Bats BZX Exchange (BZX) and
                                               were expected to be available. These                    no later than December 31, 2016.’’
                                                                                                                                                             Bats BYX Exchange (BYX)’’ and ‘‘Bats
                                               dates have passed. Accordingly, the                     would be deleted.
                                                                                                                                                             EDGX Exchange (EDGX) and Bats EDGA
                                               Exchange proposes to eliminate the                        • For the wireless connection of Bats
                                                                                                                                                             Exchange (EDGA)’’ and their related
                                               obsolete references to these dates. In                  EDGX Gig shaped data and Bats EDGA
                                                                                                       Gig shaped data, the description would                monthly recurring connectivity fees
                                               addition, the Exchange proposes to                                                                            would be deleted, and lines for ‘‘Cboe
                                               update the references to certain                        be revised as follows: (a) The text would
                                                                                                       read ‘‘Wireless connection of Cboe                    BZX Exchange (CboeBZX) and Cboe
                                               exchanges that have changed their
                                                                                                       EDGX Gig shaped data and Cboe EDGA                    BYX Exchange (CboeBYX)’’ and ‘‘Cboe
                                               names.11
                                                  To that end, the Exchange proposes to                Gig shaped data’’; and (b) the text ‘‘Note:           EDGX Exchange (CboeEDGX) and Cboe
                                               make the following changes:                             Connection to Bats EDGA Gig shaped                    EDGA Exchange (CboeEDGA)’’ added
                                                  • For the wireless connection of Bats                data is expected to be available no later             with their related monthly recurring
                                               Pitch BZX Gig shaped data and Bats                      than December 31, 2016.’’ would be                    connectivity fees, which would remain
                                               Pitch BYX Gig shaped data, the                          deleted.                                              unchanged, as follows (additional text
                                               description would be revised as follows:                  • For the wireless connection of                    underscored, deletions in
                                               (a) The text would read ‘‘Wireless                      Toronto Stock Exchange (TSX), the text                strikethrough):
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                                                  11 See Securities Exchange Act Release No. 81962

                                               (October 26, 2017), 82 FR 50711, 50713 (November
                                               1, 2017) (SR–BatsBZX–2017–70).

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                                               23012                            Federal Register / Vol. 83, No. 96 / Thursday, May 17, 2018 / Notices

                                               General                                                       The Exchange believes that the                    Section 6(b)(4) of the Act,16 in
                                                                                                          proposed changes would remove                        particular, because it provides for the
                                                 As is the case with all Exchange co-                     impediments to, and perfect the                      equitable allocation of reasonable dues,
                                               location arrangements, (i) neither a User                  mechanisms of, a free and open market                fees, and other charges among its
                                               nor any of the User’s customers would                      and a national market system and, in                 members, issuers and other persons
                                               be permitted to submit orders directly to                  general, protect investors and the public            using its facilities and does not unfairly
                                               the Exchange unless such User or                           interest because, by offering additional             discriminate between customers,
                                               customer is a member organization, a                       connectivity to the Additional Third                 issuers, brokers or dealers.
                                               Sponsored Participant or an agent                          Party Data Feeds, the Exchange would                    The Exchange believes that the
                                               thereof (e.g., a service bureau providing                  give each User additional options for                proposed fee changes are consistent
                                               order entry services); (ii) use of the co-                 addressing its connectivity needs,                   with Section 6(b)(4) of the Act for
                                               location services proposed herein would                    responding to User demand for                        multiple reasons. The Exchange
                                               be completely voluntary and available                      connectivity options. Providing the                  operates in a highly competitive market
                                               to all Users on a non-discriminatory                       connectivity to the Additional Third                 in which exchanges offer co-location
                                               basis; 12 and (iii) a User would only                      Party Data Feeds would help each User                services as a means to facilitate the
                                               incur one charge for the particular co-                    tailor its data center operations to the             trading and other market activities of
                                               location service described herein,                         requirements of its business operations              those market participants who believe
                                               regardless of whether the User connects                    by allowing it to select the form and                that co-location enhances the efficiency
                                               only to the Exchange or to the Exchange                    latency of connectivity that best suits its          of their operations. Accordingly, fees
                                               and one or both the Affiliate SROs.13                      needs.                                               charged for co-location services are
                                                 The proposed change is not otherwise                        The Exchange would provide                        constrained by the active competition
                                               intended to address any other issues                       Connectivity as a convenience to Users.              for the order flow of, and other business
                                               relating to co-location services and/or                    Use of Connectivity would be                         from, such market participants. If a
                                               related fees, and the Exchange is not                      completely voluntary. The Exchange is                particular exchange charges excessive
                                               aware of any problems that Users would                     not aware of any impediment to third                 fees for co-location services, affected
                                               have in complying with the proposed                        parties offering Connectivity. The                   market participants will opt to terminate
                                               change.                                                    Exchange does not have visibility into               their co-location arrangements with that
                                                                                                          whether third parties currently offer, or            exchange, and adopt a possible range of
                                               2. Statutory Basis                                         intend to offer, Users connectivity to the           alternative strategies, including placing
                                                  The Exchange believes that the                          Additional Third Party Data Feeds.                   their servers in a physically proximate
                                               proposed fee change is consistent with                     However, if one or more third parties                location outside the exchange’s data
                                               Section 6(b) of the Act,14 in general, and                 presently offer, or in the future opt to             center (which could be a competing
                                               furthers the objectives of Sections                        offer, such Connectivity to Users, a User            exchange), or pursuing strategies less
                                               6(b)(5) of the Act,15 in particular,                       may utilize the SFTI network, a third                dependent upon the lower exchange-to-
                                               because it is designed to prevent                          party telecommunication network, third               participant latency associated with co-
                                               fraudulent and manipulative acts and                       party wireless network, a cross connect,             location. Accordingly, the exchange
                                               practices, to promote just and equitable                   or a combination thereof to access such              charging excessive fees would stand to
                                               principles of trade, to foster cooperation                 services and products through a                      lose not only co-location revenues but
                                               and coordination with persons engaged                      connection to an access center outside               also the liquidity of the formerly co-
                                               in regulating, clearing, settling,                         the data center (which could be a SFTI               located trading firms, which could have
                                               processing information with respect to,                    access center, a third-party access                  additional follow-on effects on the
                                               and facilitating transactions in                           center, or both), another User, or a third           market share and revenue of the affected
                                               securities, to remove impediments to,                      party vendor.                                        exchange.
                                               and perfect the mechanisms of, a free                         The Exchange believes that the                       The Exchange believes that the
                                               and open market and a national market                      proposed changes would remove                        additional services and fees proposed
                                               system and, in general, to protect                         impediments to, and perfect the                      herein would be equitably allocated and
                                               investors and the public interest and                      mechanisms of, a free and open market                not unfairly discriminatory because, in
                                               because it is not designed to permit                       and a national market system and, in                 addition to the services being
                                               unfair discrimination between                              general, protect investors and the public            completely voluntary, they would be
                                               customers, issuers, brokers, or dealers.                   interest because, by offering                        available to all Users on an equal basis
                                                                                                          connectivity to the Additional Third                 (i.e., the same products and services
                                                 12 As is currently the case, Users that receive co-
                                                                                                          Party Data Feed to Users, the Exchange               would be available to all Users). All
                                               location services from the Exchange will not receive       would give Users additional options for              Users that voluntarily selected to
                                               any means of access to the Exchange’s trading and          connectivity to new services,                        receive Connectivity would be charged
                                               execution systems that is separate from, or superior       responding to User demand for                        the same amount for the same services.
                                               to, that of other Users. In this regard, all orders sent   connectivity options.                                Users that opted to use Connectivity
                                               to the Exchange enter the Exchange’s trading and
                                               execution systems through the same order gateway,
                                                                                                             The Exchange believes that the                    would not receive connectivity that is
                                               regardless of whether the sender is co-located in the      proposed Non-Substantive Changes                     not available to all Users, as all market
                                               data center or not. In addition, co-located Users do       would remove impediments to, and                     participants that contracted with the
                                               not receive any market data or data service product        perfect the mechanisms of, a free and                relevant content provider would receive
                                               that is not available to all Users, although Users that
                                               receive co-location services normally would expect
                                                                                                          open market and a national market                    connectivity.
                                               reduced latencies in sending orders to, and                system and, in general, protect investors               The Exchange believes that the
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                                               receiving market data from, the Exchange.                  and the public interest because the                  proposed charges would be reasonable,
                                                 13 See 78 FR 50471, supra note 5, at 50471. The
                                                                                                          changes would clarify Exchange rules                 equitably allocated and not unfairly
                                               Affiliate SROs have also submitted substantially the       and alleviate any possible market                    discriminatory because the Exchange
                                               same proposed rule change to propose the changes
                                               described herein. See SR–NYSE–2018–20 and SR–              participant confusion caused by the                  would offer the Connectivity as
                                               NYSEArca–2018–28.                                          obsolete dates and exchange names.                   conveniences to Users, but in order to
                                                 14 15 U.S.C. 78f(b).                                        The Exchange also believes that the
                                                 15 15 U.S.C. 78f(b)(5).                                  proposed fee change is consistent with                 16 15   U.S.C. 78f(b)(4).



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                                                                              Federal Register / Vol. 83, No. 96 / Thursday, May 17, 2018 / Notices                                             23013

                                               do so must provide, maintain and                        them tailor their data center operations               party vendor. Users that opt to use the
                                               operate the data center facility hardware               to the requirements of their business                  proposed Connectivity would not
                                               and technology infrastructure. The                      operations.                                            receive connectivity that is not available
                                               Exchange must handle the installation,                    The Exchange believes that the                       to all Users, as all market participants
                                               administration, monitoring, support and                 proposed Non-Substantive Changes                       that contract with the content provider
                                               maintenance of such services, including                 would be reasonable because the                        may receive connectivity. In this way,
                                               by responding to any production issues.                 changes would have no impact on                        the proposed changes would enhance
                                               Since the inception of co-location, the                 pricing. Rather, the changes would                     competition by helping Users tailor
                                               Exchange has made numerous                              remove obsolete text and update                        their Connectivity to the needs of their
                                               improvements to the network hardware                    references, thereby clarifying the                     business operations by allowing them to
                                               and technology infrastructure and has                   Exchange rules and alleviating possible                select the form and latency of
                                               established additional administrative                   market participant confusion.                          connectivity that best suits their needs.
                                               controls. The Exchange has expanded                       For the reasons above, the proposed                     The Exchange operates in a highly
                                               the network infrastructure to keep pace                 changes would not unfairly discriminate                competitive market in which exchanges
                                               with the increased number of services                   between or among market participants                   offer co-location services as a means to
                                               available to Users, including resilient                 that are otherwise capable of satisfying               facilitate the trading and other market
                                               and redundant feeds. In addition, in                    any applicable co-location fees,                       activities of those market participants
                                               order to provide Connectivity, the                      requirements, terms and conditions                     who believe that co-location enhances
                                               Exchange would maintain multiple                        established from time to time by the                   the efficiency of their operations.
                                               connections to each Additional Third                    Exchange.                                              Accordingly, fees charged for co-
                                               Party Data Feed, allowing the Exchange                    For these reasons, the Exchange                      location services are constrained by the
                                               to provide resilient and redundant                      believes that the proposal is consistent               active competition for the order flow of,
                                               connections; adapt to any changes made                  with the Act.                                          and other business from, such market
                                               by the relevant third party; and cover                  B. Self-Regulatory Organization’s                      participants. If a particular exchange
                                               any applicable fees charged by the                      Statement on Burden on Competition                     charges excessive fees for co-location
                                               relevant third party, such as port fees.                                                                       services, affected market participants
                                               In addition, Users would not be                            In accordance with Section 6(b)(8) of               will opt to terminate their co-location
                                               required to use any of their bandwidth                  the Act,17 the Exchange believes that the              arrangements with that exchange, and
                                               for Connectivity unless they wish to do                 proposed rule change will not impose                   adopt a possible range of alternative
                                               so.                                                     any burden on competition that is not                  strategies, including placing their
                                                  The Exchange believes the proposed                   necessary or appropriate in furtherance                servers in a physically proximate
                                               fee for connectivity to each Additional                 of the purposes of the Act because all of              location outside the exchange’s data
                                               Third Party Data Feed is reasonable                     the proposed services are completely                   center (which could be a competing
                                               because the proposed monthly recurring                  voluntary.                                             exchange), or pursuing strategies less
                                               fee varies by the bandwidth of the                         The Exchange believes that providing                dependent upon the lower exchange-to-
                                               connection, and so is generally                         Users with additional options for                      participant latency associated with co-
                                               proportional to the bandwidth required.                 connectivity to new services would not                 location. Accordingly, the exchange
                                               In addition, the proposed fees are                      impose any burden on competition that                  charging excessive fees would stand to
                                               consistent with the fees for connectivity               is not necessary or appropriate in                     lose not only co-location revenues but
                                               to the previously filed ICE Data Services               furtherance of the purposes of the Act                 also the liquidity of the formerly co-
                                               Consolidated Feeds, which feeds are                     because such proposed Connectivity                     located trading firms, which could have
                                               similar to the Additional Third Party                   would satisfy User demand for                          additional follow-on effects on the
                                               Data Feeds in terms of the underlying                   connectivity options. The Exchange                     market share and revenue of the affected
                                               content. The Exchange notes that the                    would provide Connectivity as a                        exchange. For the reasons described
                                               proposed monthly recurring fees are                     convenience equally to all Users. All                  above, the Exchange believes that the
                                               also generally consistent with the                      Users that voluntarily selected to                     proposed rule change reflects this
                                               monthly recurring fees for connectivity                 receive Connectivity would be charged                  competitive environment.
                                               to the SR Labs-SuperFeed Third Party                    the same amount for the same services.                    Finally, the Exchange believes that
                                               Data Feeds, which also vary by                             The Exchange does not have visibility               the proposed Non-Substantive Changes
                                               bandwidth. The Exchange believes that                   into whether third parties currently                   would not impose any burden on
                                               the proposed difference in pricing                      offer, or intend to offer, Users                       competition that is not necessary or
                                               between the Additional Third Party                      connectivity to the Additional Third                   appropriate in furtherance of the
                                               Data Feeds and SR Labs-SuperFeed                        Party Data Feeds, as such third parties                purposes of the Act because the
                                               options is reasonable, equitably                        are not required to make that                          proposed changes are not designed to
                                               allocated and not unfairly                              information public. However, if one or                 address any competitive issue but rather
                                               discriminatory because, although the                    more third parties presently offer, or in              to remove obsolete text and update the
                                               bandwidth may be similar, the                           the future opt to offer, such                          Price List and Fee Schedule, thereby
                                               competitive considerations and the                      Connectivity to Users, a User may                      clarifying Exchange rules and
                                               costs the Exchange incurs in providing                  utilize the SFTI network, a third party                alleviating any possible market
                                               such connections may differ.                            telecommunication network, third party                 participant confusion caused by the
                                                  The Exchange believes the proposed                   wireless network, a cross connect, or a                obsolete dates and exchange names.
                                               fees for Connectivity would be                          combination thereof to access such
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                                               reasonable because they would allow                     services and products through a                        C. Self-Regulatory Organization’s
                                               the Exchange to defray or cover the                     connection to an access center outside                 Statement on Comments on the
                                               costs associated with offering Users                    the data center (which could be a SFTI                 Proposed Rule Change Received From
                                               connectivity to Additional Third Party                  access center, a third-party access                    Members, Participants, or Others
                                               Data Feeds while providing Users the                    center, or both), another User, or a third               No written comments were solicited
                                               convenience of receiving such                                                                                  or received with respect to the proposed
                                               Connectivity within co-location, helping                 17 15   U.S.C. 78f(b)(8).                             rule change.


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                                               23014                          Federal Register / Vol. 83, No. 96 / Thursday, May 17, 2018 / Notices

                                               III. Date of Effectiveness of the                       For this reason, the Commission                       Washington, DC 20549, on official
                                               Proposed Rule Change and Timing for                     designates the proposed rule change to                business days between the hours of
                                               Commission Action                                       be operative upon filing.24                           10:00 a.m. and 3:00 p.m. Copies of the
                                                                                                          At any time within 60 days of the                  filing also will be available for
                                                  The Exchange has filed the proposed
                                                                                                       filing of the proposed rule change, the               inspection and copying at the principal
                                               rule change pursuant to Section
                                                                                                       Commission summarily may                              office of the Exchange. All comments
                                               19(b)(3)(A)(iii) of the Act 18 and Rule
                                                                                                       temporarily suspend such rule change if               received will be posted without change.
                                               19b–4(f)(6) thereunder.19 Because the
                                                                                                       it appears to the Commission that such                Persons submitting comments are
                                               proposed rule change does not: (i)                      action is necessary or appropriate in the             cautioned that we do not redact or edit
                                               Significantly affect the protection of                  public interest, for the protection of                personal identifying information from
                                               investors or the public interest; (ii)                  investors, or otherwise in furtherance of             comment submissions. You should
                                               impose any significant burden on                        the purposes of the Act. If the                       submit only information that you wish
                                               competition; and (iii) become operative                 Commission takes such action, the                     to make available publicly. All
                                               for 30 days from the date on which it                   Commission shall institute proceedings                submissions should refer to File
                                               was filed, or such shorter time as the                  to determine whether the proposed rule                Number SR–NYSEAMER–2018–19 and
                                               Commission may designate if consistent                  should be approved or disapproved.                    should be submitted on or before June
                                               with the protection of investors and the
                                                                                                       IV. Solicitation of Comments                          7, 2018.
                                               public interest, the proposed rule
                                               change has become effective pursuant to                                                                         For the Commission, by the Division of
                                                                                                         Interested persons are invited to                   Trading and Markets, pursuant to delegated
                                               Section 19(b)(3)(A) of the Act 20 and                   submit written data, views and                        authority.25
                                               Rule 19b–4(f)(6) thereunder.21                          arguments concerning the foregoing,                   Eduardo A. Aleman,
                                                  A proposed rule change filed under                   including whether the proposed rule
                                               Rule 19b–4(f)(6) 22 normally does not                                                                         Assistant Secretary.
                                                                                                       change is consistent with the Act.
                                               become operative for 30 days after the                                                                        [FR Doc. 2018–10502 Filed 5–16–18; 8:45 am]
                                                                                                       Comments may be submitted by any of
                                               date of filing. However, pursuant to                    the following methods:                                BILLING CODE 8011–01–P
                                               Rule 19b–4(f)(6)(iii),23 the Commission
                                               may designate a shorter time if such                    Electronic Comments
                                               action is consistent with the protection                   • Use the Commission’s internet                    SECURITIES AND EXCHANGE
                                               of investors and the public interest. The               comment form (http://www.sec.gov/                     COMMISSION
                                               Exchange has asked the Commission to                    rules/sro.shtml); or                                  [Release No. 34–83221; File No. SR–NYSE–
                                               waive the 30-day operative delay so that                   • Send an email to rule-comments@                  2018–20]
                                               the proposal may become operative                       sec.gov. Please include File Number SR–
                                               immediately upon filing. The Exchange                   NYSEAMER–2018–19 on the subject                       Self-Regulatory Organizations; New
                                               stated its belief that immediate                        line.                                                 York Stock Exchange LLC; Notice of
                                               implementation of the proposed rule                                                                           Filing and Immediate Effectiveness of
                                                                                                       Paper Comments
                                               changes would allow Users to have the                                                                         a Proposed Rule Change To Provide
                                               benefit of connectivity to the Additional                  • Send paper comments in triplicate                Users With Connectivity to Three
                                               Third Party Data Feed without delay. In                 to Secretary, Securities and Exchange                 Additional Third Party Data Feeds and
                                               so doing, the immediate implementation                  Commission, 100 F Street NE,                          Change Its Price List Related to These
                                               would help Users tailor their data center               Washington, DC 20549–1090.                            Co-Location Services
                                               operations to the requirements of their                 All submissions should refer to File
                                                                                                       Number SR–NYSEAMER–2018–19. This                      May 11, 2018.
                                               business operations without delay. In                                                                            Pursuant to Section 19(b)(1) 1 of the
                                               addition, the Exchange stated that the                  file number should be included on the
                                                                                                       subject line if email is used. To help the            Securities Exchange Act of 1934 (the
                                               proposed changes to the Price List                                                                            ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
                                               would provide Users with more                           Commission process and review your
                                                                                                       comments more efficiently, please use                 notice is hereby given that on April 30,
                                               complete information regarding their                                                                          2018, New York Stock Exchange LLC
                                               Connectivity options and the                            only one method. The Commission will
                                                                                                       post all comments on the Commission’s                 (‘‘NYSE’’ or the ‘‘Exchange’’) filed with
                                               availability of products and services.                                                                        the Securities and Exchange
                                                  The Commission believes that                         internet website (http://www.sec.gov/
                                                                                                       rules/sro.shtml). Copies of the                       Commission (the ‘‘Commission’’) the
                                               waiving the 30-day operative delay is                                                                         proposed rule change as described in
                                               consistent with the protection of                       submission, all subsequent
                                                                                                       amendments, all written statements                    Items I and II below, which Items have
                                               investors and the public interest, as it                                                                      been prepared by the self-regulatory
                                               will allow Users to have the benefit of                 with respect to the proposed rule
                                                                                                       change that are filed with the                        organization. The Commission is
                                               Additional Third Party Feed sooner and                                                                        publishing this notice to solicit
                                               will allow User additional flexibility in               Commission, and all written
                                                                                                       communications relating to the                        comments on the proposed rule change
                                               tailoring their data center operations.                                                                       from interested persons.
                                                                                                       proposed rule change between the
                                                 18 15  U.S.C. 78s(b)(3)(A)(iii).                      Commission and any person, other than                 I. Self-Regulatory Organization’s
                                                 19 17  CFR 240.19b–4(f)(6).                           those that may be withheld from the                   Statement of the Terms of Substance of
                                                 20 15 U.S.C. 78s(b)(3)(A).                            public in accordance with the                         the Proposed Rule Change
                                                 21 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                                                                                       provisions of 5 U.S.C. 552, will be
                                               4(f)(6) requires the Exchange to give the                                                                        The Exchange proposes to provide
                                                                                                       available for website viewing and
                                                                                                                                                             Users with connectivity to three
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                                               Commission written notice of its intent to file the
                                               proposed rule change, along with a brief description    printing in the Commission’s Public
                                                                                                                                                             additional third party data feeds and
                                               and text of the proposed rule change, at least five     Reference Room, 100 F Street NE,
                                               business days prior to the date of filing of the
                                                                                                                                                             change its Price List related to these co-
                                               proposed rule change, or such shorter time as              24 For purposes only of waiving the operative
                                                                                                                                                               25 17 CFR 200.30–3(a)(12) and (59).
                                               designated by the Commission. The Exchange has          delay for this proposal, the Commission has
                                               satisfied this requirement.                             considered the proposed rule’s impact on
                                                                                                                                                               1 15 U.S.C.78s(b)(1).
                                                 22 17 CFR 240.19b–4(f)(6).                                                                                    2 15 U.S.C. 78a.
                                                                                                       efficiency, competition, and capital formation. See
                                                 23 17 CFR 240.19b–4(f)(6)(iii).                       15 U.S.C. 78c(f).                                       3 17 CFR 240.19b–4.




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Document Created: 2018-05-17 00:50:40
Document Modified: 2018-05-17 00:50:40
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 23009 

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