[Federal Register Volume 82, Number 37 (Monday, February 27, 2017)]
[Notices]
[Pages 11951-11952]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-03796]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-80076; File No. SR-NYSEArca-2016-89]
Self-Regulatory Organizations; NYSE Arca, Inc; Notice of
Designation of Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change, as
Modified by Amendment Nos. 1-4, To Amend the Co-location Services
Offered by the Exchange To Add Certain Access and Connectivity Fees
February 22, 2017.
On August 16, 2016, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to (1) provide additional information regarding
access to various NYSE trading and execution services and establish
fees for connectivity to certain NYSE market data feeds; and (2)
provide and establish fees for connectivity to data feeds from third
party markets and other content service providers; access to the
trading and execution services of Third Party markets and other content
service providers; connectivity to Depository Trust & Clearing
Corporation services; connectivity to third party testing and
certification feeds; and the use of virtual control circuits by Users
in the Data Center.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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The Commission published the proposed rule change for comment in
the Federal Register on August 26, 2016.\3\ The Commission received no
comments in response to the proposed rule change.\4\ On October 4,
2016, the Commission extended the time period within which to approve
the proposed rule change, disapprove the proposed rule change, or
institute proceedings to determine whether to approve or disapprove the
proposed rule change to November 24, 2016.\5\
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\3\ See Securities Exchange Act Release No. 34-78628 (August 22,
2016), 81 FR 59004 (``Notice'').
\4\ The Commission notes that it did receive one comment letter
on a related filing, NYSE-2016-45 (the ``NYSE Companion
Filing''),which is equally relevant to this filing. See letter to
Brent J. Fields, Secretary, Commission, from John Ramsay, Chief
Market Policy Officer, Investors Exchange LLC (IEX), dated September
9, 2016 (``IEX Letter'').
On September 23, 2016, the NYSE submitted a response (``Response
Letter I'').
\5\ See Securities Exchange Act Release No. 34-78967 (September
28, 2016), 81 FR 68480.
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On November 2, 2016, the Exchange filed Amendment No. 1 to the
proposed rule change.\6\ On November 29, 2016, the Commission
instituted proceedings to determine whether to approve or disapprove
the proposed rule change, as modified by Amendment No. 1.\7\ Following
the Order Instituting Proceedings, the Commission received several
additional comment letters regarding the proposed rule change.\8\ On
December 9, 2016, the Exchange filed Amendment No. 2 to the proposed
rule change and on December 13, 2016 also
[[Page 11952]]
filed Amendment No. 3 to the proposed rule change.\9\ Amendment Nos. 2
and 3, which together supersede and replace the proposed rule change,
as modified by Amendment No. 1, in its entirety, were published for
comment in the Federal Register on December 29, 2016.\10\ On January
17, 2017, the Exchange responded to the comment letters submitted after
the OIP and prior to January 17, 2017.\11\ On February 7, 2017, the
Exchange filed Amendment No. 4 to the proposed rule change.\12\ On
February 13, 2017, the Exchange responded to a comment letter submitted
after January 17, 2017.\13\
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\6\ Amendment No. 1 is available on the Commission's Web site at
https://www.sec.gov/comments/sr-nysearca-2016-89/nysearca201689-1.pdf.
\7\ See Securities Exchange Act Release 34-79379 (November 22,
2016), 81 FR 86036.
\8\ See letter to Brent J. Fields, Commission, from Melissa
MacGregor, Managing Director and Associate General Counsel, SIFMA,
dated December 12, 2016 (``SIFMA Letter I''); letter to Brent J.
Fields, Commission, from Joe Wald, Chief Executive Officer,
Clearpool Group, dated December 16, 2016 (``Clearpool Letter'');
letter to Brent J. Fields, Secretary, Commission, from John Ramsay,
Chief Market Policy Officer, Investors Exchange LLC (IEX), dated
December 21, 2016 (``IEX Letter II''); letter to Brent J. Fields,
Commission, from Melissa MacGregor, Managing Director and Associate
General Counsel, SIFMA, dated February 6, 2017 (``SIFMA Letter
II''). All comments received by the Commission on the proposed rule
change are available on the Commission's Web site at: https://www.sec.gov/comments/sr-nysearca-2016-89/nysearca201689.shtml.
The Commission notes that it did receive additional comment
letters on the NYSE Companion Filing which are equally relevant to
this filing. See letter to Brent J. Fields, Commission, from Adam C.
Cooper, Senior Managing Director and Chief Legal Officer, Citadel
Securities, dated December 12, 2016 (``Citadel Letter''); letter to
Brent J. Fields, Commission, from David L. Cavicke, Chief Legal
Officer, Wolverine LLC (``Wolverine Letter''); letter to Bent J.
Fields, Secretary, Commission, from Stefano Durdic, Managing
Director, R2G Services, LLC, dated January 21, 2017 (``R2G
Letter''). All comments received by the Commission on the NYSE
Companion Filing are available on the Commission's Web site at:
https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645.shtml.
\9\ The Commission notes that the Exhibit 5 filed with Amendment
No. 2 contained erroneous rule text and therefore was corrected in
Amendment No. 3. Amendment Nos. 2 and 3 are available at https://www.sec.gov/comments/sr-nysearca-2016-89/nysearca201689.shtml.
\10\ See Securities Exchange Act Release No. 34-79673 (December
22, 2016), 81 FR 96107 (``Notice of Current Proposal'').
\11\ See NYSE Response Letter II (``Response Letter II''),
available at https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-1502013-130586.pdf. The R2G and SIFMA II Letters, supra
note 8, were submitted after the Response Letter II. The Commission
notes that in footnote 4 of Response Letter II the Exchange notes
that its response to commenters on the NYSE Companion Filing applies
equally to this filing.
\12\ Amendment No. 4, as filed by the Exchange, is available at
https://www.sec.gov/comments/sr-nysearca-2016-89/nysearca201689-1570736-131691.pdf.
\13\ See NYSE Response Letter III (``Response Letter III''),
available at https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-1580192-131885.pdf.
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Section 19(b)(2) of the Act \14\ provides that, after initiating
proceedings, the Commission shall issue an order approving or
disapproving the proposed rule change not later than 180 days after the
date of publication of notice of the filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The
proposed rule change was published for notice and comment in the
Federal Register on August 26, 2016.\15\ February 22, 2017 is 180 days
from that date, and April 23, 2017 is an additional 60 days from that
date.
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\14\ 15 U.S.C. 78s(b)(2).
\15\ See supra note 3.
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The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change, as modified by Amendment Nos. 1-4, the issues raised in
the comment letters that have been submitted in connection therewith,
and the Exchange's response to the comments.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\16\ designates April 23, 2017 as the date by which the Commission
should either approve or disapprove the proposed rule change, as
modified by Amendments Nos. 1-4.
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\16\ 15 U.S.C. 78s(b)(2).
\17\ 17 CFR 200.30-3(a)(57).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03796 Filed 2-24-17; 8:45 am]
BILLING CODE 8011-01-P