83 FR 26335 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.37 and Rule 17 With Respect to NYSE National's Reopening of Trading and Reactivating Connection to the Securities Information Processors
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 109 (June 6, 2018)
Federal Register Volume 83, Issue 109 (June 6, 2018)
| Page Range | 26335-26337 | |
| FR Document | 2018-12114 |
[Federal Register Volume 83, Number 109 (Wednesday, June 6, 2018)] [Notices] [Pages 26335-26337] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-12114] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83356; File No. SR-NYSE-2018-25] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.37 and Rule 17 With Respect to NYSE National's Reopening of Trading and Reactivating Connection to the Securities Information Processors May 31, 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 May 18, 2018, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to: (1) Amend Rule 7.37 to specify in Exchange rules the Exchange's use of data feeds from NYSE National, Inc. (``NYSE National'') for order handling and execution, order routing, and regulatory compliance; and (2) amend Rule 17 to reflect that Archipelago Securities LLC (``Arca Securities'') would function as a routing broker for the Exchange's affiliate, NYSE National. 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 update and amend the table in Rule 7.37 that sets forth on a market-by-market basis the specific network processor and proprietary data feeds that the Exchange utilizes for the handling, execution and routing of orders, and for performing the regulatory compliance checks related to each of those functions. Specifically, the table would be amended to include NYSE National, which intends to reopen trading and reactivate its connections to the securities information processors (``SIPs''). To reflect that, the Exchange proposes to amend Rule 7.37 to specify which data feeds the Exchange would use for NYSE National. As proposed, the Exchange would use the direct data feeds for NYSE National and would use the SIP data feeds as a secondary source. Additionally, the Exchange proposes to amend Rule 17 to reflect that Arca Securities would function as a routing broker for the Exchange's affiliate, NYSE National. Specifically, the Exchange proposes to amend Rule 17(c)(2)(A) and (B) to reference NYSE National as an affiliate of the Exchange for the purposes of the inbound routing function performed by Arca Securities. The proposed rule change would provide more clarity and transparency to all the functions that Arca Securities performs on behalf of the Exchange and its affiliates, which now includes NYSE [[Page 26336]] National. The Exchange is not proposing any substantive change to the rule. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\4\ in general, and furthers the objectives of Section 6(b)(5),\5\ 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 facilitating transactions in securities, to remove impediments to, and perfect the mechanism of, a free and open market and a national market system and, in general, to protect investors and the public interest. The Exchange believes its proposal to update the table in Rule 7.37 to include NYSE National will ensure that Rule 7.37 correctly identifies and publicly states on a market-by-market basis all of the specific network processor and proprietary data feeds that the Exchange utilizes for the handling, execution and routing of orders, and for performing the regulatory compliance checks to each of those functions. The proposed rule change also removes impediments to and perfects the mechanism of a free and open market and protects investors and the public interest because it provides additional specificity, clarity and transparency. The Exchange believes the proposed rule change to amend Rule 17 also removes impediments to and perfects the mechanism of a free and open market and protects investors and the public interest because the proposed rule change would enhance the clarity and transparency in Exchange Rules surrounding the inbound routing function performed by Arca Securities for the Exchange's affiliate, NYSE National. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed change is not designed to address any competitive issue but rather would provide the public and investors with information about which data feeds the Exchange uses for execution and routing decisions, and provide clarity in Exchange rules that Arca Securities would perform the inbound routing function on behalf on the Exchange's affiliate, NYSE National. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act \6\ and Rule 19b-4(f)(6) thereunder.\7\ --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(A). \7\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \8\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \9\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposed rule change may become operative upon filing. The Exchange states that waiver of the operative delay would be consistent with the protection of investors and the public interest because it will allow the Exchange to immediately provide enhanced transparency in Exchange rules regarding which data feeds the Exchange will use for NYSE National and clarify in the Exchange's rules that Arca Securities will perform the inbound routing function for NYSE National. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal as operative upon filing.\10\ --------------------------------------------------------------------------- \8\ 17 CFR 240.19b-4(f)(6). \9\ 17 CFR 240.19b-4(f)(6)(iii). \10\ For purposes only of waiving the 30-day operative delay, the Commission has also 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 CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSE-2018-25 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSE-2018-25. 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 [[Page 26337]] office of the Exchange. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSE-2018-25, and should be submitted on or before June 27, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-12114 Filed 6-5-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 109 / Wednesday, June 6, 2018 / Notices 26335
participants concurrent with the re- filing also will be available for Archipelago Securities LLC (‘‘Arca
launch of the Exchange. inspection and copying at the principal Securities’’) would function as a routing
At any time within 60 days of the office of the Exchange. All comments broker for the Exchange’s affiliate, NYSE
filing of such proposed rule change, the received will be posted without change. National. The proposed rule change is
Commission summarily may Persons submitting comments are available on the Exchange’s website at
temporarily suspend such rule change if cautioned that we do not redact or edit www.nyse.com, at the principal office of
it appears to the Commission that such personal identifying information from the Exchange, and at the Commission’s
action is necessary or appropriate in the comment submissions. You should Public Reference Room.
public interest, for the protection of submit only information that you wish
investors, or otherwise in furtherance of to make available publicly. All II. Self-Regulatory Organization’s
the purposes of the Act. If the submissions should refer to File Statement of the Purpose of, and
Commission takes such action, the Number SR–NYSENAT–2018–09 and Statutory Basis for, the Proposed Rule
Commission shall institute proceedings should be submitted on or before June Change
under Section 19(b)(2)(B) of the Act 21 to 27, 2018. In its filing with the Commission, the
determine whether the proposed rule For the Commission, by the Division of self-regulatory organization included
change should be approved or Trading and Markets, pursuant to delegated statements concerning the purpose of,
disapproved. authority.22 and basis for, the proposed rule change
IV. Solicitation of Comments Eduardo A. Aleman, and discussed any comments it received
Assistant Secretary. on the proposed rule change. The text
Interested persons are invited to
submit written data, views, and [FR Doc. 2018–12110 Filed 6–5–18; 8:45 am] of those statements may be examined at
arguments concerning the foregoing, BILLING CODE 8011–01–P the places specified in Item IV below.
including whether the proposed rule The Exchange has prepared summaries,
change is consistent with the Act. set forth in sections A, B, and C below,
SECURITIES AND EXCHANGE of the most significant parts of such
Comments may be submitted by any of COMMISSION
the following methods: statements.
[Release No. 34–83356; File No. SR–NYSE– A. Self-Regulatory Organization’s
Electronic Comments 2018–25] Statement of the Purpose of, and
• Use the Commission’s internet Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ Self-Regulatory Organizations; New
Change
rules/sro.shtml); or York Stock Exchange LLC; Notice of
• Send an email to rule-comments@ Filing and Immediate Effectiveness of 1. Purpose
sec.gov. Please include File Number SR– Proposed Rule Change To Amend Rule
NYSENAT–2018–09 on the subject line. 7.37 and Rule 17 With Respect to NYSE The Exchange proposes to update and
National’s Reopening of Trading and amend the table in Rule 7.37 that sets
Paper Comments Reactivating Connection to the forth on a market-by-market basis the
• Send paper comments in triplicate Securities Information Processors specific network processor and
to Brent J. Fields, Secretary, Securities proprietary data feeds that the Exchange
and Exchange Commission, 100 F Street May 31, 2018. utilizes for the handling, execution and
NE, Washington, DC 20549–1090. Pursuant to Section 19(b)(1) 1 of the routing of orders, and for performing the
Securities Exchange Act of 1934 (the regulatory compliance checks related to
All submissions should refer to File
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 each of those functions. Specifically, the
Number SR–NYSENAT–2018–09. This
notice is hereby given that on May 18, table would be amended to include
file number should be included on the
2018, New York Stock Exchange LLC NYSE National, which intends to
subject line if email is used. To help the
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with reopen trading and reactivate its
Commission process and review your
the Securities and Exchange connections to the securities
comments more efficiently, please use
Commission (‘‘Commission’’) the information processors (‘‘SIPs’’). To
only one method. The Commission will
proposed rule change as described in reflect that, the Exchange proposes to
post all comments on the Commission’s
Items I and II below, which Items have amend Rule 7.37 to specify which data
internet website (http://www.sec.gov/
been prepared by the self-regulatory feeds the Exchange would use for NYSE
rules/sro.shtml). Copies of the
organization. The Commission is National. As proposed, the Exchange
submission, all subsequent
publishing this notice to solicit would use the direct data feeds for
amendments, all written statements
comments on the proposed rule change NYSE National and would use the SIP
with respect to the proposed rule
from interested persons. data feeds as a secondary source.
change that are filed with the
Commission, and all written I. Self-Regulatory Organization’s Additionally, the Exchange proposes
communications relating to the Statement of the Terms of the Substance to amend Rule 17 to reflect that Arca
proposed rule change between the of the Proposed Rule Change Securities would function as a routing
Commission and any person, other than The Exchange proposes to: (1) Amend broker for the Exchange’s affiliate, NYSE
those that may be withheld from the Rule 7.37 to specify in Exchange rules National. Specifically, the Exchange
public in accordance with the the Exchange’s use of data feeds from proposes to amend Rule 17(c)(2)(A) and
provisions of 5 U.S.C. 552, will be NYSE National, Inc. (‘‘NYSE National’’) (B) to reference NYSE National as an
available for website viewing and for order handling and execution, order affiliate of the Exchange for the
daltland on DSKBBV9HB2PROD with NOTICES
printing in the Commission’s Public routing, and regulatory compliance; and purposes of the inbound routing
Reference Room, 100 F Street NE, (2) amend Rule 17 to reflect that function performed by Arca Securities.
Washington, DC 20549 on official The proposed rule change would
business days between the hours of 22 17 CFR 200.30–3(a)(12). provide more clarity and transparency
10:00 a.m. and 3:00 p.m. Copies of the 1 15 U.S.C. 78s(b)(1). to all the functions that Arca Securities
2 15 U.S.C. 78a. performs on behalf of the Exchange and
21 15 U.S.C. 78s(b)(2)(B). 3 17 CFR 240.19b–4. its affiliates, which now includes NYSE
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![Federal Register / Vol. 83, No. 109 / Wednesday, June 6, 2018 / Notices 26337
office of the Exchange. All comments The following areas have been R.R.—Acquis. & Operation Exemption—
received will be posted without change. determined to be adversely affected by Pub. Belt R.R. Comm’n of New Orleans
Persons submitting comments are the disaster: (NOPB Corp. Acquisition), FD 36149
cautioned that we do not redact or edit Primary Counties: York (STB served Dec. 27, 2017).
personal identifying information from The Interest Rates are: According to NOPB Corp., pursuant to
comment submissions. You should a September 16, 2016 temporary
submit only information that you wish Percent trackage rights agreement and
to make available publicly. All subsequent amendment dated December
submissions should refer to File For Physical Damage: 28, 2016, between Public Belt and IC,
Number SR–NYSE–2018–25, and Non-Profit Organizations with Public Belt previously obtained
should be submitted on or before June Credit Available Elsewhere ... 2.500 temporary overhead trackage rights on
27, 2018. Non-Profit Organizations with- the Line to interchange traffic with
out Credit Available Else- Kansas City Southern Railway Company
For the Commission, by the Division of where ..................................... 2.500
Trading and Markets, pursuant to delegated For Economic Injury:
(KCS) on KCS trackage in New Orleans
authority.11 Non-Profit Organizations with- on a trial basis. See New Orleans Pub.
Eduardo A. Aleman, out Credit Available Else- Belt R.R.—Temp. Trackage Rights
Assistant Secretary. where ..................................... 2.500 Exemption—Ill. Cent. R.R., FD 36067
[FR Doc. 2018–12114 Filed 6–5–18; 8:45 am]
(STB served Oct. 14, 2016); New Orleans
The number assigned to this disaster Pub. Belt R.R.—Temp. Trackage Rights
BILLING CODE 8011–01–P
for physical damage is 155486 and for Exemption—Ill. Cent. R.R., FD 36067
economic injury is 155490. (STB served Jan. 30, 2017). NOPB Corp.
(Catalog of Federal Domestic Assistance states that, as initially extended, the
SMALL BUSINESS ADMINISTRATION temporary trackage rights were
Number 59008)
[Disaster Declaration #15548 and #15549; scheduled to expire on January 31,
MAINE Disaster Number ME–00050] James Rivera, 2018. NOPB Corp. further states that it
Associate Administrator for Disaster was assigned Public Belt’s interest in
Presidential Declaration of a Major Assistance. the temporary trackage rights
Disaster for Public Assistance Only for [FR Doc. 2018–12118 Filed 6–5–18; 8:45 am] arrangement as part of the transaction
the State of Maine BILLING CODE 8025–01–P authorized in the NOPB Corp.
Acquisition, Docket No. FD 36149.
AGENCY: U.S. Small Business
According to NOPB Corp., pursuant to
Administration.
SURFACE TRANSPORTATION BOARD a second amendment to the temporary
ACTION: Notice. trackage rights agreement, dated January
[Docket No. FD 36198] 31, 2018, the parties have agreed to a
SUMMARY: This is a Notice of the
further extension of the temporary
Presidential declaration of a major New Orleans Public Belt Railroad overhead trackage rights until January
disaster for Public Assistance Only for Corporation—Trackage Rights 31, 2020.1 NOPB Corp. states that the
the State of Maine (FEMA–4367–DR), Exemption—Illinois Central Railroad
dated 05/30/2018. purpose of the transaction is to allow it
Company to interchange traffic with KCS on KCS
Incident: Severe Storm and Flooding.
Incident Period: 03/02/2018 through New Orleans Public Belt Railroad trackage, which requires NOPB Corp. to
03/08/2018. Corporation (NOPB Corp.), a Class III operate over IC trackage for
rail carrier, has filed a verified notice of approximately 6.3 miles.
DATES: Issued on 05/30/2018. NOPB Corp. states that the traffic
exemption under 49 CFR 1180.2(d)(7)
Physical Loan Application Deadline subject to the trackage rights does not
for its extension of temporary overhead
Date: 07/30/2018. involve an interchange commitment that
trackage rights on rail lines of Illinois
Economic Injury (EIDL) Loan limits interchange with a third-party
Central Railroad Company (IC) in New
Application Deadline Date: 03/04/2019. connecting carrier. (See NOPB Corp.
Orleans, La., from IC milepost 906.4 at
ADDRESSES: Submit completed loan East Bridge Junction in Shrewsbury to Letter 1.)
applications to: U.S. Small Business IC milepost 900.8 at Orleans Junction in Unless stayed, the exemption will be
Administration, Processing and New Orleans and from IC milepost effective on June 20, 2018 (30 days after
Disbursement Center, 14925 Kingsport 444.2 at Orleans Junction to IC milepost the verified notice was filed).2
Road, Fort Worth, TX 76155. 443.5 at Frellsen Junction in New
1 NOPB Corp. states that, because the duration of
FOR FURTHER INFORMATION CONTACT: A. Orleans, a total distance of
the extended trackage rights is greater than one
Escobar, Office of Disaster Assistance, approximately 6.3 miles (the Line). year, it is not filing under the Board’s class
U.S. Small Business Administration, NOPB Corp. states that it is a exemption for temporary trackage rights under 49
409 3rd Street SW, Suite 6050, switching and terminal railroad and a CFR 1180.2(d)(8). Instead, NOPB Corp. has filed
Washington, DC 20416, (202) 205–6734. wholly owned subsidiary of the Board under the trackage rights class exemption at section
1180.2(d)(7). Concurrently, NOPB Corp. has filed a
SUPPLEMENTARY INFORMATION: Notice is of Commissioners of the Port of New petition for partial revocation of this exemption to
hereby given that as a result of the Orleans that provides terminal, permit these proposed trackage rights to expire on
President’s major disaster declaration on interline, and intermediate switching January 31, 2020, as provided in the agreement. See
services to local shippers and six Class New Orleans Pub. Belt R.R.—Trackage Rights
05/30/2018, Private Non-Profit
daltland on DSKBBV9HB2PROD with NOTICES
Exemption—Ill. Cent. R.R., Docket No. FD 36198
organizations that provide essential I railroads in the New Orleans area. (Sub-No. 1). The Board will address that petition in
services of a governmental nature may NOPB Corp. further states that it began a separate decision.
file disaster loan applications at the operations on February 1, 2018, upon 2 NOPB Corp. did not request retroactive
address listed above or other locally acquisition of all the railroad operating authorization, and the exemption invoked by NOPB
Corp. does not provide for retroactive effectiveness.
announced locations. assets of the Public Belt Railroad See Wendelin—Continuance in Control—RMW
Commission of the City of New Orleans Ventures, LLC, FD 35801, slip op. at 2 n.1 (STB
11 17 CFR 200.30–3(a)(12). (Public Belt). See New Orleans Pub. Belt Continued
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Document Created: 2018-06-06 00:53:46
Document Modified: 2018-06-06 00:53:46
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 83 FR 26335 |
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