[Federal Register Volume 82, Number 30 (Wednesday, February 15, 2017)]
[Notices]
[Pages 10827-10828]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-02996]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80002; File No. SR-NYSE-2016-45]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
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 9, 2017.
    On July 29, 2016, the New York Stock Exchange LLC (``NYSE'' 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

    The Commission published the proposed rule change for comment in 
the Federal Register on August 17, 2016.\3\ The Exchange filed 
Amendment No. 1 to the proposed rule change on August 16, 2016.\4\ The 
Commission

[[Page 10828]]

published Amendment No. 1 for comment in the Federal Register on 
September 26, 2016.\5\ The Commission received one comment in response 
to the proposed rule change, as modified by Amendment No. 1, to which 
the Exchange responded.\6\ 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 15, 2016.\7\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 34-78556 (August 11, 
2016), 81 FR 54877.
    \4\ Amendment No. 1 (i) amended the third party data feed MSCI 
from 20 Gigabits (``Gb'') to 25 Gb and amended the price from $2000 
to $1200; (ii) clarified the costs associated with providing a 
greater amount of bandwidth for Premium NYSE Data Products for a 
particular market as compared to the bandwidth requirements for the 
Included Data Products for that same market; (iii) provided further 
details on Premium NYSE Data Products, including their composition, 
product release dates, and further detail on the reasonableness of 
their applicable fees; (iv) added an explanation for the varying fee 
differences for the same Gb usage for third party data feeds, DTCC, 
and Virtual Control Circuit.
    \5\ See Securities Exchange Act Release No. 34-78887 (September 
20, 2016), 81 FR 66095.
    \6\ See letter to Brent J. Fields, Secretary, Commission, from 
John Ramsay, Chief Market Policy Officer, Investors Exchange LLC 
(``IEX Letter I''), dated September 9, 2016.
     On September 23, 2016, the NYSE submitted a response to the IEX 
letter (``Response Letter I'') which is available at https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-3.pdf.
    \7\ See Securities Exchange Act Release No. 34-78966 (September 
28, 2016), 81 FR 68475.
---------------------------------------------------------------------------

    On November 2, 2016, the Exchange filed Amendment No. 2 to the 
proposed rule change.\8\ On November 21, 2016, the Commission 
instituted proceedings to determine whether to approve or disapprove 
the proposed rule change, as modified by Amendment Nos. 1 and 2.\9\ 
Following the Order Instituting Proceedings, the Commission received 
several additional comment letters.\10\ On December 9, 2016, the 
Exchange filed Amendment No. 3 to the proposed rule change.\11\ 
Amendment No. 3, which supersedes and replaces the proposed rule 
change, as modified by Amendment Nos. 1 and 2, in its entirety, was 
published for comment in the Federal Register on December 29, 2016.\12\ 
On January 17, 2017, the Exchange responded to the comment letters 
submitted after the OIP and prior to January 17, 2017.\13\ On February 
7, 2017, the Exchange filed Amendment No. 4 to the proposed rule 
change.\14\
---------------------------------------------------------------------------

    \8\ Amendment No. 2 is available on the Commission's Web site at 
https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-4.pdf.
    \9\ See Securities Exchange Act Release 34-79316 (November 15, 
2016), 81 FR 83303.
    \10\ 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 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 
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''); 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-nyse-2016-45/nyse201645.shtml.
    \11\ Amendment No. 3, as filed by the Exchange, is available at 
https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-5.pdf.
    \12\ See Securities Exchange Act Release No. 34-79674 (December 
22, 2016), 81 FR 96053 (``Notice of Current Proposal'').
    \13\ 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 10, were submitted after the Response Letter II.
    \14\ Amendment No. 4, as filed by the Exchange, is available at 
https://www.sec.gov/comments/sr-nyse-2016-45/nyse201645-1570711-131690.pdf.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act\15\ 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 17, 2016.\16\ February 13, 2017 is 180 days 
from that date, and April 14, 2017 is an additional 60 days from that 
date.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(2).
    \16\ See supra note 3.
---------------------------------------------------------------------------

    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,\17\ designates April 14, 2017 as the date by which the Commission 
should either approve or disapprove the proposed rule change, as 
modified by Amendments Nos. 1-4.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-02996 Filed 2-14-17; 8:45 am]
 BILLING CODE 8011-01-P