83 FR 28041 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE American Equities Price List and the NYSE American Options Fee Schedule Related to Co-Location Services in Connection With the Re-Launch of Trading on NYSE National, Inc. and Proposed NYSE National Co-Location Services
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 116 (June 15, 2018)
Federal Register Volume 83, Issue 116 (June 15, 2018)
| Page Range | 28041-28045 | |
| FR Document | 2018-12851 |
[Federal Register Volume 83, Number 116 (Friday, June 15, 2018)] [Notices] [Pages 28041-28045] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-12851] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83402; File No. SR-NYSEAMER-2018-23] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE American Equities Price List and the NYSE American Options Fee Schedule Related to Co-Location Services in Connection With the Re-Launch of Trading on NYSE National, Inc. and Proposed NYSE National Co-Location Services June 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 May 30, 2018, NYSE American LLC (the ``Exchange'' or ``NYSE American'') 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- [[Page 28042]] I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the NYSE American Equities Price List (``Price List'') and the NYSE American Options Fee Schedule (``Fee Schedule'') related to co-location services in connection with the re- launch of trading on NYSE National, Inc. (``NYSE National'') and proposed NYSE National co-location services. The Exchange also proposes to make a non-substantive change to remove obsolete text from the Price List and Fee Schedule. The proposed change is available on the Exchange's website at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the Price List and Fee Schedule related to co-location \4\ services in connection with the re-launch of trading on NYSE National and proposed NYSE National co-location services. Specifically, the Exchange proposes to make changes to General Note 1 and General Note 4 of the Price List and Fee Schedule to add references to NYSE National. The Exchange also proposes to make a non-substantive change to remove obsolete text from the Price List and Fee Schedule, with respect to the wireless connection to third party data provided by the Toronto Stock Exchange (``TSX''). --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- On January 31, 2017, Intercontinental Exchange, Inc. (``ICE''), the indirect parent of the Exchange, acquired all of the outstanding capital stock of NYSE National through its wholly-owned subsidiary NYSE Group.\5\ As a result, NYSE National is an affiliate of the Exchange. On February 1, 2017, NYSE National ceased trading operations.\6\ --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 79902 (January 30, 2017), 82 FR 9258 (February 3, 2017) (SR-NSX-2016-16). Prior to its acquisition, NYSE National was named ``National Stock Exchange, Inc.'' \6\ See Securities Exchange Act Release No. 80018 (February 10, 2017), 82 FR 10947 (February 16, 2017) (SR-NSX-2017-04). --------------------------------------------------------------------------- NYSE National filed proposed rule changes to re-launch trading operations.\7\ NYSE National has stated that it anticipates re- launching trading operations in the second quarter of 2018. In connection with the anticipated re-launch of NYSE National's trading operations, NYSE National has filed a proposed rule change to offer the same co-location services and fees offered by the Exchange, the New York Stock Exchange LLC (``NYSE LLC'') and NYSE Arca, Inc. (``NYSE Arca'' and, together with NYSE LLC, the ``Affiliate SROs''), which are its affiliates.\8\ --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 83289 (May 17, 2018) (notice of filing of Amendment No. 1 and order granting accelerated approval of a proposed rule change, as amended by Amendment No. 1, to support the re-launch of NYSE National, Inc. on the Pillar Trading Platform) (``NYSE National Trading Rules Approval''). See also Securities Exchange Act Release No. 82819 (March 7, 2018), 83 FR 11098 (March 13, 2018) (SR-NYSENat-2018-02). \8\ See SR-NYSENat-2018-07 (May 18, 2018). --------------------------------------------------------------------------- The Exchange requests that the proposed rule change become both effective and operative immediately upon filing.\9\ --------------------------------------------------------------------------- \9\ See NYSE National Trading Rules Approval, supra note 7. --------------------------------------------------------------------------- General Note 1 General Note 1 of the Price List and Fee Schedule provides that a User \10\ that incurs co-location fees for a particular co-location service shall not be subject to co-location fees for the same co- location service charged by the other Affiliate SROs.\11\ The Exchange proposes to add NYSE National to General Note 1 to the Price List, as follows (additions underlined, deletions in brackets): --------------------------------------------------------------------------- \10\ 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). \11\ See Securities Exchange Act Release No. 70176 (August 13, 2013), 78 FR 50471 (August 19, 2013) (SR-NYSEMKT-2013-67). Some Users do not connect to the Exchange or the Affiliate SROs, but rather provide services to other Users co-located at the data center. Id. A User that incurs co-location fees for a particular co-location service pursuant to the NYSE American Equities Price List shall not be subject to co-location fees for the same co-location service charged pursuant to the NYSE American Options Fee Schedule or by the Exchange's affiliates New York Stock Exchange LLC (NYSE), [and] NYSE --------------------------------------------------------------------------- Arca, Inc. (NYSE Arca) and NYSE National, Inc. (NYSE National). The Exchange proposes to add NYSE National to General Note 1 to the Fee Schedule, as follows (additions underlined, deletions in brackets): A User that incurs co-location fees for a particular co-location service pursuant to this Fee Schedule shall not be subject to co- location fees for the same co-location service charged pursuant to the NYSE American Equities Price List or by the Exchange's affiliates New York Stock Exchange LLC (NYSE), [and] NYSE Arca, Inc. (NYSE Arca) and NYSE National, Inc. (NYSE National). By including the proposed reference to NYSE National, General Note 1 would provide that the fees a User pays for co-location services would not depend on whether the User connects to none, one, some, or all of the Exchange, the Affiliate SROs, and NYSE National. General Note 4 General Note 4 of the Price List and Fee Schedule provides that, when a User purchases access to the Liquidity Center Network (``LCN'') or the internet protocol (``IP'') network, the two local area networks available in the data center,\12\ a User receives (a) the ability to access the trading and execution systems of the Exchange and Affiliate SROs, and (b) connectivity to any of the listed data products (``Included Data Products'') that it selects. --------------------------------------------------------------------------- \12\ See Securities Exchange Act Release No. 79728 (January 4, 2017), 82 FR 3035 (January 10, 2017) (SR-NYSEMKT-2016-126). --------------------------------------------------------------------------- The Exchange proposes to add NYSE National to the list of trading and execution system providers in the first sentence of the first paragraph, thereby expanding the definition of ``Exchange Systems'' which Users may access to include NYSE National. It also proposes to add NYSE National to the lists of affiliated entities in the first, third and fourth sentences. The proposed changes are as follows (additions underlined, deletions in brackets): When a User purchases access to the LCN or IP network, it receives the ability to access the trading and execution systems of the NYSE, NYSE American, [and] NYSE Arca and NYSE National (Exchange Systems), subject, in each case, to authorization by the NYSE, NYSE American, [or] NYSE Arca or NYSE National, as applicable. Such access includes access to the customer gateways that provide for order entry, order receipt (i.e. confirmation that an order has been received), receipt of drop copies and trade reporting (i.e. whether a trade is executed or [[Page 28043]] cancelled), as well as for sending information to shared data services for clearing and settlement. A User can change the access it receives at any time, subject to authorization by NYSE, NYSE American, [or] NYSE Arca, or NYSE National. NYSE, NYSE American, [and ]NYSE Arca and NYSE National also offer access to Exchange Systems to their members, such that a User does not have to purchase access to the LCN or IP network to obtain access to Exchange Systems. In addition, the Exchange proposes to add NYSE National to the table of Included Data Products set forth in General Note 4. Toronto Stock Exchange The Exchange offers Users the option to receive certain market data feeds from third party markets through a wireless connection. The description of the charge for the TSX wireless connection in the Price List and Fee Schedule states that ``[c]ustomers with an existing wireless connection to TSX at the time the Exchange makes the service available will not be subject to an initial charge or receive 30-day testing period.'' Because the wireless connection to the TSX has become effective, the statement is obsolete. Accordingly, the Exchange proposes to delete the statement from the Price List and Fee Schedule. 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; \13\ 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, one or both of its Affiliate SROs, or NYSE National.\14\ --------------------------------------------------------------------------- \13\ 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. \14\ See 78 FR 50471, supra note 11, at 50471. The Affiliate SROs have also submitted substantially the same proposed rule change to propose the changes described herein. See SR-NYSE-2018-23 and SR- NYSEArca-2018-36. --------------------------------------------------------------------------- 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 proposal is consistent with Section 6(b) of the Act,\15\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\16\ 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78f(b). \16\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed change 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 amendments would update General Note 1 to reflect NYSE National's provision of co-location services. By including the proposed reference to NYSE National, General Note 1 would provide that the fees a User pays for co-location services would not depend on whether the User connects to none, one, some, or all of the Exchange, the Affiliate SROs, and NYSE National. For example, to charge one User three times for a cage because that User connects to the Exchange, NYSE National, and an Affiliate SRO, when another User that buys the same size cage and only connects to the Exchange only pays once, would not promote just and equitable principles of trade. The Exchange also believes that the proposed amendments to General Note 1 are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers because charging a User for co-location services based on how many markets to which a User connects could result in the Exchange, NYSE National and the Affiliate SROs receiving the proceeds from multiple fees despite only providing a service once. The Exchange believes that the proposed amendments 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 amendments would update General Note 4 to reflect NYSE National's provision of co-location services. By expanding the definition of ``Exchange Systems'' to include the NYSE National trading and execution system, incorporating references to NYSE National, and adding NYSE National to the list of Included Data Products, the Exchange would provide market participants with clarity as to what access and connectivity a User receives when it purchases access to the LCN or IP network, thereby making the description more accessible and transparent. Further, the Exchange believes that revising General Note 4 to provide a more detailed description of the access and connectivity to NYSE National that Users would receive with their purchase of access to the LCN or IP network would promote just and equitable principles of trade and remove impediments to, and perfect the mechanisms of, a free and open market and a national market system as it would make clear that all Users that voluntarily select to access the LCN or IP network would receive the same access to the NYSE National trading and execution systems and connectivity to NYSE National data and would not be subject to a charge above and beyond the fee paid for the relevant LCN or IP network access. In addition, a User would not be required to use any of its bandwidth to access the NYSE National trading and execution system or connect to NYSE National data unless it wishes to do so. A User only receives the access to Exchange Systems and connectivity to Included Data Products that it selects, and a User can change such access or connectivity it receives at any time, subject to authorization from the data provider or relevant Exchange or Affiliate SRO. The Exchange believes that the non-substantive change to remove obsolete text with respect to the wireless connection to TSX data 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 amendment would clarify Exchange rules and alleviate any possible market participant confusion caused by the obsolete reference. [[Page 28044]] The Exchange also believes that the proposed fee change is consistent with Section 6(b)(4) of the Act,\17\ 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. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the proposed change 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, because the change would result in the Exchange offering co- location services related to access and connectivity to NYSE National, an affiliate of the Exchange, on the same terms and in the same manner as it offers access and connectivity to the Exchange and the Affiliate SROs. By adding NYSE National to General Notes 1 and 4, the proposed change would ensure that the fees a User pays for co-location services would not depend on whether the User connects to none, one or more of the Exchange, the SRO Affiliates and NYSE National. For example, a User that connects to the Exchange, NYSE National, and an Affiliate SRO, and another User that only connects to the Exchange, would both receive the same services for the same fee, including the same access and connectivity with their purchase of access to the LCN or IP network. The Exchange believes that the proposed non-substantive change to remove obsolete text with respect to the wireless connection to TSX data would be reasonable because the change would have no impact on pricing. Rather, the change would remove obsolete information from the description of the pricing for the service, alleviating possible market participant confusion. 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,\18\ the Exchange believes that the proposed rule change will not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act because, in addition to the use of co-location services being completely voluntary, they are available to all Users on an equal basis (i.e., the same range of products and services are available to all Users). --------------------------------------------------------------------------- \18\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The Exchange believes that the proposed change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act because the change would result in the Exchange offering co-location services related to access and connectivity to NYSE National, an affiliate of the Exchange, on the same terms and in the same manner as it offers access and connectivity to the Exchange and the Affiliate SROs. By adding NYSE National to General Notes 1 and 4, the proposed change would ensure that the fees a User pays for co-location services would not depend on whether the User connects only to none, one or more of the Exchange, the SRO Affiliates and NYSE National. Further, the Exchange believes that revising General Note 4 to provide a more detailed description of the access and connectivity to NYSE National that Users would receive with their purchase of access to the LCN or IP network would make clear that all Users that voluntarily select to access the LCN or IP network would receive the same access to the NYSE National trading and execution systems and connectivity to NYSE National data and would not be subject to a charge above and beyond the fee paid for the relevant LCN or IP network access. In addition, a User would not be required to use any of its bandwidth to access the NYSE National trading and execution system or connect to NYSE National data unless it wishes to do so. The Exchange believes that the non-substantive change to remove obsolete text with respect to the wireless connection to TSX data would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act because it would have no impact on pricing or existing services. Rather, the change would remove obsolete information from the description of the pricing for the service, alleviating possible market participant confusion. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \19\ and Rule 19b-4(f)(6) thereunder.\20\ Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder.\21\ --------------------------------------------------------------------------- \19\ 15 U.S.C. 78s(b)(3)(A)(iii). \20\ 17 CFR 240.19b-4(f)(6). \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 prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(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 requests that the Commission waive the 30-day operative delay so that the proposed rule changes may become operative immediately upon filing. The Exchange believes that waiver of the operative delay is consistent with the protection of investors and the public interest because it would allow the Exchange to offer co-location services related to access and connectivity to NYSE National to coincide with the relaunch of the NYSE National and its proposed co-location services. The Exchange also notes that waiver would alleviate the possibility of confusion that could be caused by inconsistencies between the Exchange's Price List and NYSE National co-location services that are to be included in NYSE National's price list. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest as it would allow the Exchange to offer co-locations services in the form of access and connectivity to NYSE National without undue delay. Accordingly, the Commission waives the 30-day operative delay and designates the proposed rule change operative upon filing.\24\ --------------------------------------------------------------------------- \22\ 17 CFR 240.19b-4(f)(6). \23\ 17 CFR 240.19b-4(f)(6)(iii). \24\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- [[Page 28045]] At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \25\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \25\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSEAMER-2018-23 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEAMER-2018-23. 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-2018-23 and should be submitted on or before July 6, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\26\ --------------------------------------------------------------------------- \26\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-12851 Filed 6-14-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Notices 28041
offerings and conform the text of the 30-day operative delay is consistent printing in the Commission’s Public
offerings. The Exchange’s proposal to with the protection of investors and the Reference Room, 100 F Street NE,
correct an inadvertent error within public interest and, therefore, the Washington, DC 20549, on official
Chapter XV, Section 3 will clarify the Commission designates the proposed business days between the hours of
manner in which OTTO Ports are billed rule change to be operative upon 10:00 a.m. and 3:00 p.m. Copies of the
today on NOM. All OTTO Ports will filing.12 filing also will be available for
continue to be billed in a uniform At any time within 60 days of the inspection and copying at the principal
manner. filing of the proposed rule change, the office of the Exchange. All comments
Commission summarily may received will be posted without change.
C. Self-Regulatory Organization’s temporarily suspend such rule change if
Statement on Comments on the Persons submitting comments are
it appears to the Commission that such cautioned that we do not redact or edit
Proposed Rule Change Received From action is necessary or appropriate in the
Members, Participants, or Others personal identifying information from
public interest, for the protection of comment submissions. You should
No written comments were either investors, or otherwise in furtherance of submit only information that you wish
solicited or received. the purposes of the Act. If the to make available publicly. All
III. Date of Effectiveness of the Commission takes such action, the submissions should refer to File
Proposed Rule Change and Timing for Commission shall institute proceedings Number SR–NASDAQ–2018–040 and
Commission Action to determine whether the proposed rule should be submitted on or before July 6,
should be approved or disapproved. 2018.
Because the proposed rule change
does not: (i) Significantly affect the IV. Solicitation of Comments For the Commission, by the Division of
protection of investors or the public Interested persons are invited to Trading and Markets, pursuant to delegated
interest; (ii) impose any significant submit written data, views, and authority.13
burden on competition; and (iii) become arguments concerning the foregoing, Eduardo A. Aleman,
operative for 30 days from the date on including whether the proposed rule Assistant Secretary.
which it was filed, or such shorter time change is consistent with the Act.
[FR Doc. 2018–12854 Filed 6–14–18; 8:45 am]
as the Commission may designate, if Comments may be submitted by any of
consistent with the protection of the following methods: BILLING CODE 8011–01–P
investors and the public interest, the
proposed rule change has become Electronic Comments
effective pursuant to Section 19(b)(3)(A) • Use the Commission’s internet SECURITIES AND EXCHANGE
of the Act 8 and Rule 19b–4(f)(6) comment form (http://www.sec.gov/ COMMISSION
thereunder.9 rules/sro.shtml); or
A proposed rule change filed under • Send an email to rule-comments@ [Release No. 34–83402; File No. SR–
Rule 19b–4(f)(6) 10 normally does not sec.gov. Please include File Number SR– NYSEAMER–2018–23]
become operative for 30 days after the NASDAQ–2018–040 on the subject line.
date of filing. However, pursuant to Self-Regulatory Organizations; NYSE
Paper Comments
Rule 19b–4(f)(6)(iii),11 the Commission American LLC; Notice of Filing and
may designate a shorter time if such • Send paper comments in triplicate Immediate Effectiveness of Proposed
action is consistent with the protection to Secretary, Securities and Exchange Change To Amend the NYSE American
of investors and the public interest. The Commission, 100 F Street NE, Equities Price List and the NYSE
Exchange has asked the Commission to Washington, DC 20549–1090. American Options Fee Schedule
waive the 30-day operative delay so that All submissions should refer to File Related to Co-Location Services in
the proposal may become operative Number SR–NASDAQ–2018–040. This Connection With the Re-Launch of
upon filing. The Exchange states that file number should be included on the Trading on NYSE National, Inc. and
such waiver will allow it to update its subject line if email is used. To help the Proposed NYSE National Co-Location
rules to provide more detail regarding Commission process and review your Services
its data offerings and properly reflect comments more efficiently, please use
the manner in which an OTTO Port is only one method. The Commission will June 11, 2018.
currently billed. The Exchange believes post all comments on the Commission’s Pursuant to Section 19(b)(1) 1 of the
this will further the protection of internet website (http://www.sec.gov/ Securities Exchange Act of 1934 (the
investors and the public interest rules/sro.shtml). Copies of the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
because it will provide greater submission, all subsequent notice is hereby given that, on May 30,
transparency as to the data offerings amendments, all written statements 2018, NYSE American LLC (the
available to members and avoid with respect to the proposed rule ‘‘Exchange’’ or ‘‘NYSE American’’) filed
confusion by correcting an error on its change that are filed with the with the Securities and Exchange
fee schedule. For this reason, the Commission, and all written Commission (the ‘‘Commission’’) the
Commission believes that waiving the communications relating to the proposed rule change as described in
proposed rule change between the Items I and II below, which Items have
8 15 U.S.C. 78s(b)(3)(A). Commission and any person, other than been prepared by the self-regulatory
9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– those that may be withheld from the organization. The Commission is
4(f)(6)(iii) requires the Exchange to give the public in accordance with the
sradovich on DSK3GMQ082PROD with NOTICES
Commission written notice the Exchange’s intent to publishing this notice to solicit
file the proposed rule change, along with a brief provisions of 5 U.S.C. 552, will be comments on the proposed rule change
description and text of the proposed rule change at available for website viewing and from interested persons.
least five business days prior to the date of filing
of the proposed rule change, or such shorter time 12 For purposes only of waiving the 30-day
13 17 CFR 200.30–3(a)(12).
as designated by the Commission. The Exchange operative delay, the Commission has also
has satisfied this requirement. considered the proposed rule’s impact on
1 15 U.S.C. 78s(b)(1).
10 17 CFR 240.19b–4(f)(6). 2 15 U.S.C. 78a.
efficiency, competition, and capital formation. See
11 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f). 3 17 CFR 240.19b–4.
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![28042 Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Notices
I. Self-Regulatory Organization’s parent of the Exchange, acquired all of NYSE American Equities Price List shall not
Statement of the Terms of Substance of the outstanding capital stock of NYSE be subject to co-location fees for the same co-
the Proposed Rule Change National through its wholly-owned location service charged pursuant to the
NYSE American Options Fee Schedule or by
The Exchange proposes to amend the subsidiary NYSE Group.5 As a result,
the Exchange’s affiliates New York Stock
NYSE American Equities Price List NYSE National is an affiliate of the Exchange LLC (NYSE), [and] NYSE Arca, Inc.
(‘‘Price List’’) and the NYSE American Exchange. On February 1, 2017, NYSE (NYSE Arca) and NYSE National, Inc. (NYSE
Options Fee Schedule (‘‘Fee Schedule’’) National ceased trading operations.6 National).
related to co-location services in NYSE National filed proposed rule
The Exchange proposes to add NYSE
connection with the re-launch of trading changes to re-launch trading
National to General Note 1 to the Fee
on NYSE National, Inc. (‘‘NYSE operations.7 NYSE National has stated
Schedule, as follows (additions
National’’) and proposed NYSE National that it anticipates re-launching trading
operations in the second quarter of underlined, deletions in brackets):
co-location services. The Exchange also A User that incurs co-location fees for a
proposes to make a non-substantive 2018. In connection with the anticipated
re-launch of NYSE National’s trading particular co-location service pursuant to this
change to remove obsolete text from the Fee Schedule shall not be subject to co-
Price List and Fee Schedule. The operations, NYSE National has filed a
location fees for the same co-location service
proposed change is available on the proposed rule change to offer the same charged pursuant to the NYSE American
Exchange’s website at www.nyse.com, at co-location services and fees offered by Equities Price List or by the Exchange’s
the principal office of the Exchange, and the Exchange, the New York Stock affiliates New York Stock Exchange LLC
at the Commission’s Public Reference Exchange LLC (‘‘NYSE LLC’’) and NYSE (NYSE), [and] NYSE Arca, Inc. (NYSE Arca)
Room. Arca, Inc. (‘‘NYSE Arca’’ and, together and NYSE National, Inc. (NYSE National).
with NYSE LLC, the ‘‘Affiliate SROs’’), By including the proposed reference
II. Self-Regulatory Organization’s which are its affiliates.8 to NYSE National, General Note 1
Statement of the Purpose of, and The Exchange requests that the would provide that the fees a User pays
Statutory Basis for, the Proposed Rule proposed rule change become both for co-location services would not
Change effective and operative immediately depend on whether the User connects to
In its filing with the Commission, the upon filing.9 none, one, some, or all of the Exchange,
self-regulatory organization included General Note 1 the Affiliate SROs, and NYSE National.
statements concerning the purpose of,
General Note 1 of the Price List and General Note 4
and basis for, the proposed rule change
Fee Schedule provides that a User 10 General Note 4 of the Price List and
and discussed any comments it received
that incurs co-location fees for a Fee Schedule provides that, when a
on the proposed rule change. The text
particular co-location service shall not User purchases access to the Liquidity
of those statements may be examined at
be subject to co-location fees for the Center Network (‘‘LCN’’) or the internet
the places specified in Item IV below.
same co-location service charged by the
The Exchange has prepared summaries, protocol (‘‘IP’’) network, the two local
other Affiliate SROs.11 The Exchange
set forth in sections A, B, and C below, area networks available in the data
proposes to add NYSE National to
of the most significant parts of such center,12 a User receives (a) the ability
General Note 1 to the Price List, as
statements. to access the trading and execution
follows (additions underlined, deletions
systems of the Exchange and Affiliate
A. Self-Regulatory Organization’s in brackets):
SROs, and (b) connectivity to any of the
Statement of the Purpose of, and the A User that incurs co-location fees for a
Statutory Basis for, the Proposed Rule listed data products (‘‘Included Data
particular co-location service pursuant to the Products’’) that it selects.
Change
The Exchange proposes to add NYSE
5 See Securities Exchange Act Release No. 79902
1. Purpose National to the list of trading and
(January 30, 2017), 82 FR 9258 (February 3, 2017)
The Exchange proposes to amend the (SR–NSX–2016–16). Prior to its acquisition, NYSE execution system providers in the first
Price List and Fee Schedule related to National was named ‘‘National Stock Exchange, sentence of the first paragraph, thereby
Inc.’’ expanding the definition of ‘‘Exchange
co-location 4 services in connection with 6 See Securities Exchange Act Release No. 80018
the re-launch of trading on NYSE Systems’’ which Users may access to
(February 10, 2017), 82 FR 10947 (February 16,
National and proposed NYSE National 2017) (SR–NSX–2017–04). include NYSE National. It also proposes
co-location services. Specifically, the 7 See Securities Exchange Act Release No. 83289 to add NYSE National to the lists of
Exchange proposes to make changes to (May 17, 2018) (notice of filing of Amendment No. affiliated entities in the first, third and
1 and order granting accelerated approval of a fourth sentences. The proposed changes
General Note 1 and General Note 4 of proposed rule change, as amended by Amendment
the Price List and Fee Schedule to add No. 1, to support the re-launch of NYSE National, are as follows (additions underlined,
references to NYSE National. The Inc. on the Pillar Trading Platform) (‘‘NYSE deletions in brackets):
National Trading Rules Approval’’). See also
Exchange also proposes to make a non- Securities Exchange Act Release No. 82819 (March When a User purchases access to the LCN
substantive change to remove obsolete 7, 2018), 83 FR 11098 (March 13, 2018) (SR– or IP network, it receives the ability to access
text from the Price List and Fee NYSENat–2018–02). the trading and execution systems of the
Schedule, with respect to the wireless 8 See SR–NYSENat–2018–07 (May 18, 2018). NYSE, NYSE American, [and] NYSE Arca
connection to third party data provided 9 See NYSE National Trading Rules Approval, and NYSE National (Exchange Systems),
supra note 7. subject, in each case, to authorization by the
by the Toronto Stock Exchange (‘‘TSX’’). 10 For purposes of the Exchange’s co-location NYSE, NYSE American, [or] NYSE Arca or
On January 31, 2017, Intercontinental services, a ‘‘User’’ means any market participant NYSE National, as applicable. Such access
Exchange, Inc. (‘‘ICE’’), the indirect that requests to receive co-location services directly includes access to the customer gateways that
sradovich on DSK3GMQ082PROD with NOTICES
from the Exchange. See Securities Exchange Act provide for order entry, order receipt (i.e.
4 The Exchange initially filed rule changes Release No. 76009 (September 29, 2015), 80 FR confirmation that an order has been
relating to its co-location services with the 60213 (October 5, 2015) (SR–NYSEMKT–2015–67).
11 See Securities Exchange Act Release No. 70176
received), receipt of drop copies and trade
Commission in 2010. See Securities Exchange Act
(August 13, 2013), 78 FR 50471 (August 19, 2013)
reporting (i.e. whether a trade is executed or
Release No. 62961 (September 21, 2010), 75 FR
59299 (September 27, 2010) (SR–NYSEAmex–2010– (SR–NYSEMKT–2013–67). Some Users do not
80). The Exchange operates a data center in connect to the Exchange or the Affiliate SROs, but 12 See Securities Exchange Act Release No. 79728
Mahwah, New Jersey (the ‘‘data center’’) from rather provide services to other Users co-located at (January 4, 2017), 82 FR 3035 (January 10, 2017)
which it provides co-location services to Users. the data center. Id. (SR–NYSEMKT–2016–126).
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![Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Notices 28043
cancelled), as well as for sending information The proposed change is not otherwise from multiple fees despite only
to shared data services for clearing and intended to address any other issues providing a service once.
settlement. A User can change the access it relating to co-location services and/or The Exchange believes that the
receives at any time, subject to authorization related fees, and the Exchange is not
by NYSE, NYSE American, [or] NYSE Arca,
proposed amendments would remove
or NYSE National. NYSE, NYSE American,
aware of any problems that Users would impediments to, and perfect the
[and ]NYSE Arca and NYSE National also have in complying with the proposed mechanisms of, a free and open market
offer access to Exchange Systems to their change. and a national market system and, in
members, such that a User does not have to 2. Statutory Basis general, protect investors and the public
purchase access to the LCN or IP network to interest because the amendments would
obtain access to Exchange Systems. The Exchange believes that the update General Note 4 to reflect NYSE
In addition, the Exchange proposes to proposal is consistent with Section 6(b) National’s provision of co-location
add NYSE National to the table of of the Act,15 in general, and furthers the services. By expanding the definition of
Included Data Products set forth in objectives of Section 6(b)(5) of the Act,16 ‘‘Exchange Systems’’ to include the
General Note 4. in particular, because it is designed to NYSE National trading and execution
prevent fraudulent and manipulative system, incorporating references to
Toronto Stock Exchange acts and practices, to promote just and NYSE National, and adding NYSE
The Exchange offers Users the option equitable principles of trade, to foster National to the list of Included Data
to receive certain market data feeds from cooperation and coordination with Products, the Exchange would provide
third party markets through a wireless persons engaged in regulating, clearing, market participants with clarity as to
connection. The description of the settling, processing information with what access and connectivity a User
charge for the TSX wireless connection respect to, and facilitating transactions receives when it purchases access to the
in the Price List and Fee Schedule states in securities, to remove impediments to, LCN or IP network, thereby making the
that ‘‘[c]ustomers with an existing and perfect the mechanisms of, a free description more accessible and
wireless connection to TSX at the time and open market and a national market transparent.
the Exchange makes the service system and, in general, to protect Further, the Exchange believes that
available will not be subject to an initial investors and the public interest and revising General Note 4 to provide a
charge or receive 30-day testing period.’’ because it is not designed to permit more detailed description of the access
Because the wireless connection to the unfair discrimination between and connectivity to NYSE National that
TSX has become effective, the statement customers, issuers, brokers, or dealers. Users would receive with their purchase
is obsolete. Accordingly, the Exchange The Exchange believes that the of access to the LCN or IP network
proposes to delete the statement from proposed change would remove would promote just and equitable
the Price List and Fee Schedule. impediments to, and perfect the principles of trade and remove
mechanisms of, a free and open market impediments to, and perfect the
General mechanisms of, a free and open market
and a national market system and, in
As is the case with all Exchange co- general, protect investors and the public and a national market system as it
location arrangements, (i) neither a User interest because the amendments would would make clear that all Users that
nor any of the User’s customers would update General Note 1 to reflect NYSE voluntarily select to access the LCN or
be permitted to submit orders directly to National’s provision of co-location IP network would receive the same
the Exchange unless such User or services. By including the proposed access to the NYSE National trading and
customer is a member organization, a reference to NYSE National, General execution systems and connectivity to
Sponsored Participant or an agent Note 1 would provide that the fees a NYSE National data and would not be
thereof (e.g., a service bureau providing User pays for co-location services would subject to a charge above and beyond
order entry services); (ii) use of the co- not depend on whether the User the fee paid for the relevant LCN or IP
location services proposed herein would connects to none, one, some, or all of network access. In addition, a User
be completely voluntary and available the Exchange, the Affiliate SROs, and would not be required to use any of its
to all Users on a non-discriminatory NYSE National. For example, to charge bandwidth to access the NYSE National
basis; 13 and (iii) a User would only one User three times for a cage because trading and execution system or connect
incur one charge for the particular co- that User connects to the Exchange, to NYSE National data unless it wishes
location service described herein, NYSE National, and an Affiliate SRO, to do so. A User only receives the access
regardless of whether the User connects when another User that buys the same to Exchange Systems and connectivity
only to the Exchange or to the Exchange, size cage and only connects to the to Included Data Products that it selects,
one or both of its Affiliate SROs, or Exchange only pays once, would not and a User can change such access or
NYSE National.14 promote just and equitable principles of connectivity it receives at any time,
trade. The Exchange also believes that subject to authorization from the data
13 As is currently the case, Users that receive co-
the proposed amendments to General provider or relevant Exchange or
location services from the Exchange will not receive
Note 1 are not designed to permit unfair Affiliate SRO.
any means of access to the Exchange’s trading and The Exchange believes that the non-
execution systems that is separate from, or superior discrimination between customers,
to, that of other Users. In this regard, all orders sent issuers, brokers, or dealers because substantive change to remove obsolete
to the Exchange enter the Exchange’s trading and charging a User for co-location services text with respect to the wireless
execution systems through the same order gateway,
based on how many markets to which connection to TSX data would remove
regardless of whether the sender is co-located in the impediments to, and perfect the
sradovich on DSK3GMQ082PROD with NOTICES
data center or not. In addition, co-located Users do a User connects could result in the
not receive any market data or data service product Exchange, NYSE National and the mechanisms of, a free and open market
that is not available to all Users, although Users that Affiliate SROs receiving the proceeds and a national market system and, in
receive co-location services normally would expect general, protect investors and the public
reduced latencies in sending orders to, and interest because the amendment would
receiving market data from, the Exchange. described herein. See SR–NYSE–2018–23 and SR–
14 See 78 FR 50471, supra note 11, at 50471. The NYSEArca–2018–36. clarify Exchange rules and alleviate any
Affiliate SROs have also submitted substantially the 15 15 U.S.C. 78f(b). possible market participant confusion
same proposed rule change to propose the changes 16 15 U.S.C. 78f(b)(5). caused by the obsolete reference.
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![Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Notices 28045
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of the I. Self-Regulatory Organization’s
filing of such proposed rule change, the filing also will be available for Statement of the Terms of Substance of
Commission summarily may inspection and copying at the principal the Proposed Rule Change
temporarily suspend such rule change if office of the Exchange. All comments
it appears to the Commission that such FINRA is proposing to update the
received will be posted without change. 2002 security futures risk disclosure
action is necessary or appropriate in the Persons submitting comments are
public interest, for the protection of statement (‘‘2002 Statement’’ or
cautioned that we do not redact or edit ‘‘Statement’’) 4 that would incorporate
investors, or otherwise in furtherance of personal identifying information from
the purposes of the Act. If the prior supplements pertaining to
comment submissions. You should Sections 5.2 (Settlement by Physical
Commission takes such action, the submit only information that you wish
Commission shall institute proceedings Delivery) and 8.1 (Corporate Events),5
to make available publicly. All make a technical change to Section 5.2
under Section 19(b)(2)(B) 25 of the Act to submissions should refer to File
determine whether the proposed rule to reflect that the normal clearance and
Number SR–NYSEAMER–2018–23 and settlement cycle for securities
change should be approved or should be submitted on or before July 6,
disapproved. transaction is now two business days,
2018. amend Section 6.1 (Protections for
IV. Solicitation of Comments For the Commission, by the Division of Securities Accounts) to reflect the
Interested persons are invited to Trading and Markets, pursuant to delegated current address for the Securities
submit written data, views, and authority.26 Investor Protection Corporation
arguments concerning the foregoing, Eduardo A. Aleman,
(‘‘SIPC’’), and make other non-
including whether the proposed rule substantive and technical changes.
Assistant Secretary.
change is consistent with the Act. FINRA is not proposing any textual
[FR Doc. 2018–12851 Filed 6–14–18; 8:45 am] changes to FINRA rules.
Comments may be submitted by any of
BILLING CODE 8011–01–P
the following methods: The proposed updated Statement is
attached as Exhibit 3a. The proposed
Electronic Comments supplement pertaining to changes to the
• Use the Commission’s internet SECURITIES AND EXCHANGE specified paragraphs under Sections 5.2
comment form (http://www.sec.gov/ COMMISSION and 6.1, and the proposed non-
rules/sro.shtml); or substantive and technical changes to the
• Send an email to rule-comments@ [Release No. 34–83407; File No. SR–FINRA– other Sections as described herein are
sec.gov. Please include File Number SR– 2018–024] attached as Exhibit 3b.
NYSEAMER–2018–23 on the subject The text [sic] of the proposed rule
line. Self-Regulatory Organizations; change is available on FINRA’s website
Financial Industry Regulatory at http://www.finra.org, at the principal
Paper Comments
Authority, Inc.; Notice of Filing and office of FINRA and at the
• Send paper comments in triplicate Immediate Effectiveness of a Proposed Commission’s Public Reference Room.
to Brent J. Fields, Secretary, Securities Rule Change To Amend Security
and Exchange Commission, 100 F Street Futures Risk Disclosure Statement To II. Self-Regulatory Organization’s
NE, Washington, DC 20549–1090. Reflect the T+2 Settlement Cycle, Statement of the Purpose of, and
All submissions should refer to File Incorporate Prior Supplements, and Statutory Basis for, the Proposed Rule
Number SR–NYSEAMER–2018–23. This Make Other Non-Substantive Changes Change
file number should be included on the
June 11, 2018. In its filing with the Commission,
subject line if email is used. To help the
FINRA included statements concerning
Commission process and review your Pursuant to Section 19(b)(1) of the the purpose of and basis for the
comments more efficiently, please use Securities Exchange Act of 1934 proposed rule change and discussed any
only one method. The Commission will (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 comments it received on the proposed
post all comments on the Commission’s notice is hereby given that on June 7, rule change. The text of these statements
internet website (http://www.sec.gov/ 2018, Financial Industry Regulatory may be examined at the places specified
rules/sro.shtml). Copies of the Authority, Inc. (‘‘FINRA’’) filed with the in Item IV below. FINRA has prepared
submission, all subsequent
Securities and Exchange Commission summaries, set forth in sections A, B,
amendments, all written statements
(‘‘SEC’’ or ‘‘Commission’’) the proposed and C below, of the most significant
with respect to the proposed rule
rule change as described in Items I, II, aspects of such statements.
change that are filed with the
and III below, which Items have been A. Self-Regulatory Organization’s
Commission, and all written
communications relating to the prepared by FINRA. FINRA has Statement of the Purpose of, and
proposed rule change between the designated the proposed rule change as Statutory Basis for, the Proposed Rule
Commission and any person, other than constituting a non-controversial rule Change
those that may be withheld from the change under paragraph (f)(6) of Rule
19b–4 under the Act,3 which renders 1. Purpose
public in accordance with the
provisions of 5 U.S.C. 552, will be the proposal effective upon receipt of Rule 2370(b)(11)(A) requires a
available for website viewing and this filing by the Commission. The member to deliver the current security
sradovich on DSK3GMQ082PROD with NOTICES
printing in the Commission’s Public Commission is publishing this notice to futures risk disclosure statement to each
Reference Room, 100 F Street NE, solicit comments on the proposed rule customer at or prior to the time such
Washington, DC 20549 on official change from interested persons. customer’s account is approved for
business days between the hours of
26 17 CFR 200.30–3(a)(12). 4 See infra note 8.
1 15 U.S.C. 78s(b)(1).
proposed rule’s impact on efficiency, competition, 5 See infra notes 10 and 11. The Commission
and capital formation. See 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
notes that the exhibits referenced are exhibits to the
25 15 U.S.C. 78s(b)(2)(B). 3 17 CFR 240.19b–4(f)(6). proposed rule change, not to this Notice.
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Document Created: 2018-11-02 12:01:05
Document Modified: 2018-11-02 12:01:05
| 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 28041 |
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