[Federal Register Volume 84, Number 250 (Tuesday, December 31, 2019)]
[Notices]
[Pages 72392-72396]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-28212]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87853; File No. SR-NYSECHX-2019-27]
Self-Regulatory Organizations; NYSE Chicago, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its
Price List To Extend for One Year a Fee Discount for the Partial
Cabinet Solution Bundles Offered in Connection With the Exchange's Co-
Location Services and Update Obsolete Text
December 23, 2019.
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 December 20, 2019 the NYSE Chicago, Inc. (``NYSE
Chicago'' or the ``Exchange'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I, II, and III 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 Substance
of the Proposed Rule Change
The Exchange proposes to amend the Fee Schedule of NYSE Chicago,
Inc. (the ``Fee Schedule'') to extend for one year a fee discount for
the Partial Cabinet Solution bundles offered in connection with the
Exchange's co-location services and update obsolete text. 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Fee Schedule related to co-
location \4\ services to extend a fee discount for the Partial Cabinet
Solution (``PCS'') bundles that the Exchange offers Users.\5\
---------------------------------------------------------------------------
\4\ The Exchange initially filed rule changes relating to its
co-location services with the Securities and Exchange Commission
(``Commission'') in October 2019. See Securities Exchange Act
Release No. 87408 (October 28, 2019), 84 FR 58778 (November 1, 2019)
(SR-NYSECHX-2019-27) (``Co-location Notice''). The Exchange operates
a data center in Mahwah, New Jersey (the ``data center'') from which
it provides co-location services to Users.
\5\ For purposes of the Exchange's co-location services, a
``User'' means any market participant that requests to receive co-
location services directly from the Exchange. See id. at note 6. As
specified in the Fee Schedule, a User that incurs co-location fees
for a particular co-location service pursuant thereto would not be
subject to co-location fees for the same co-location service charged
by the Exchange's affiliates the New York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., and NYSE National, Inc.
(collectively, the ``Affiliate SROs''). See id. at 58779.
---------------------------------------------------------------------------
There are four PCS bundles, each of which includes a partial
cabinet; access to the Liquidity Center Network (``LCN'') and internet
protocol (``IP'') network, the local area networks available in the
data center; two fiber cross connections; and connectivity to one of
two time feeds.\6\ The PCS bundles were designed to attract smaller
Users, including those with minimal power or cabinet space demands or
those for which the costs attendant with having a dedicated cabinet or
greater network connection bandwidth are too burdensome.\7\
---------------------------------------------------------------------------
\6\ See id. at 58782.
\7\ See Securities Exchange Act Release No. 77072 (February 5,
2016), 81 FR 7394 (February 11, 2016) (SR-NYSE-2015-53).
---------------------------------------------------------------------------
The Exchange offers Users that purchase a PCS bundle on or before
December 31, 2019 a 50% reduction in the monthly recurring charges
(``MRC'') for the first 24 months.\8\ The Exchange proposes to extend
the 50% fee reduction to those Users that purchase a PCS bundle on or
before December 31, 2020.\9\ The Exchange does not propose to amend the
length of the discount period.
---------------------------------------------------------------------------
\8\ See Co-location Notice, supra note 4, at 58783.
\9\ Affiliate SROs previously extended the MRC reduction for one
year. See Securities Exchange Act Release Nos. 82223 (December 6,
2017) 82 FR 58459 (December 12, 2017) (SR-NYSE-2017-62); and 79715
(December 30, 2016), 82 FR 1777 (January. 6, 2017) (SR-NYSE-2016-
91).
---------------------------------------------------------------------------
In addition, the Exchange proposes to update obsolete text. At the
time the Exchange added the PCS bundles to its Fee Schedule, the
Affiliate SROs had
[[Page 72393]]
filed to amend two of the PCS bundles by replacing the 10 Gb LCN
connection with a LCN 10 Gb LX connection, but the changes had not yet
become operative.\10\ The Exchange included notes to the two Partial
Cabinet Solution bundles in the Fee Schedule indicating the expected
change.\11\
---------------------------------------------------------------------------
\10\ See Securities Exchange Act Release Nos. 86550 (August 1,
2019), 84 FR 38696 (August 7, 2019) (SR-NYSE-2019-41); 86548 (August
1, 2019), 84 FR 38704 (August 7, 2019) (SR-NYSEAmer-2019-28); 86547
(August 1, 2019), 84 FR 38708 (August 7, 2019) (SR-NYSEArca-2019-
54); and 86549 (August 1, 2019), 84 FR 38700 (August 7, 2019) (SR-
NYSENat-2019-17).
\11\ See Co-location Notice, supra note 4, at note 26.
---------------------------------------------------------------------------
The change has since become operative, and the Exchange proposes to
amend the Fee Schedule accordingly. More specifically, in the text
describing the Option C and Option D PCS bundles, the Exchange proposes
to
replace ``LCN connection (10 Gb),*'' with ``LCN connection
(10 GB LX),'' and
delete the text stating ``* The LCN connection (10 Gb)
will be replaced with an LCN connection (10 Gb LX) on a date to be
announced by customer notice, expected to be during the fourth quarter
of 2019.''
The amended portion of the Fee Schedule would read as follows:
------------------------------------------------------------------------
Type of service Description Amount of charge
------------------------------------------------------------------------
Partial Cabinet Solution Option A: 1 kW $7,500 initial
bundles. Note: A User and its partial cabinet, charge per bundle
Affiliates are limited to one 1 LCN connection plus monthly
Partial Cabinet Solution bundle (1 Gb), 1 IP charge per bundle
at a time. A User and its network as follows:
Affiliates must have an connection (1 For Users
Aggregate Cabinet Footprint of Gb), 2 fiber that order on or
2 kW or less to qualify for a cross connections before December
Partial Cabinet Solution and either the 31, 2020: $3,000
bundle. See Note 2 under Network Time monthly for first
``General Notes.'' Protocol Feed or 24 months of
Precision Timing service, and
Protocol. $6,000 monthly
thereafter.
For Users
that order after
December 31,
2020: $6,000
monthly.
Option B: 2 kW $7,500 initial
partial cabinet, charge per bundle
1 LCN connection plus monthly
(1 Gb), 1 IP charge per bundle
network as follows:
connection (1 For Users
Gb), 2 fiber that order on or
cross connections before December
and either the 31, 2020: $3,500
Network Time monthly for first
Protocol Feed or 24 months of
Precision Timing service, and
Protocol. $7,000 monthly
thereafter.
For Users
that order after
December 31,
2020: $7,000
monthly.
Option C: 1 kW $10,000 initial
partial cabinet, charge per bundle
1 LCN connection plus monthly
(10 Gb LX), 1 IP charge per bundle
network as follows:
connection (10 For Users
Gb), 2 fiber that order on or
cross connections before December
and either the 31, 2020: $7,000
Network Time monthly for first
Protocol Feed or 24 months of
Precision Timing service, and
Protocol. $14,000 monthly
thereafter.
For Users
that order after
December 31,
2020: $14,000
monthly.
Option D: 2 kW $10,000 initial
partial cabinet, charge per bundle
1 LCN connection plus monthly
(10 Gb LX), 1 IP charge per bundle
network as follows:
connection (10 For Users
Gb), 2 fiber that order on or
cross connections before December
and either the 31, 2020: $7,500
Network Time monthly for first
Protocol Feed or 24 months of
Precision Timing service, and
Protocol. $15,000 monthly
thereafter.
For Users
that order after
December 31,
2020: $15,000
monthly.
------------------------------------------------------------------------
Application and Impact of the Proposed Change
The proposed change would apply to all PCS bundles. The proposed
change would not apply differently to distinct types or sizes of market
participants. Rather, it would apply to all Users equally.
Users that require other sizes or combinations of cabinets, network
connections and cross connects could still request them. As is
currently the case, the purchase of any colocation service, including
PCS bundles, is completely voluntary and the Fee Schedule is applied
uniformly to all Users.
Competitive Environment
A User may host another entity in its space within the data center.
Such Users are called ``Hosting Users,'' and their customers are
``Hosted Customers.'' \12\
---------------------------------------------------------------------------
\12\ A Hosting User is required to be a User, but because only
Users can be Hosting Users, a Hosted Customer is not able to provide
hosting services to any other entities in the space in which it is
hosted. The Exchange allows Users to act as Hosting Users for a
monthly fee. See Co-location Notice, supra note 4, at 58782-58783.
---------------------------------------------------------------------------
Based on conversations with Users and potential customers, the
Exchange believes that Hosting Users offer bundles (``Hosting User
Bundles'') that include cabinet space and space on shared LCN and IP
network connections--and that the Hosting User Bundles provide their
end users with a service similar to that of the PCS bundles, but with a
lower cost and latency.\13\
---------------------------------------------------------------------------
\13\ Because Hosting Users' services are not regulated, they may
offer differentiated pricing and are not required to make their
pricing public or disclose it to the Exchange. The Exchange
therefore does not have direct visibility into the specific range of
options, or cost thereof, offered by Hosting Users, and relies on
third parties for information.
---------------------------------------------------------------------------
The Exchange believes that, by extending the existing eligibility
for a 50% MRC reduction for another year, the proposed change may make
PCS bundles more competitive with the services that Hosting Users
offer. Importantly, the proposed extension would provide potential
Users with a wider range of choices for the period of the extension,
which would be especially beneficial for potential Users with minimal
power or cabinet space demands or those for which the costs attendant
with having a dedicated cabinet or greater network connection bandwidth
are too burdensome.\14\
---------------------------------------------------------------------------
\14\ See supra note 7.
---------------------------------------------------------------------------
The Exchange operates in a highly competitive market in which
exchanges and other vendors (i.e., Hosting Users) offer co-location
services as a means to
[[Page 72394]]
facilitate the trading and other market activities of those market
participants who believe that co-location enhances the efficiency of
their operations. The Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and recognized that
current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \15\
---------------------------------------------------------------------------
\15\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
---------------------------------------------------------------------------
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; \16\ and
(iii) a User would only incur one charge for the particular co-location
service described herein, regardless of whether the User connects only
to the Exchange or to the Exchange and one or more of the Affiliate
SROs.\17\
---------------------------------------------------------------------------
\16\ 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, as compared to
Users that are not co-located, in sending orders to, and receiving
market data from, the Exchange.
\17\ See Co-location Notice, supra note 4, at 58790. Each of the
Affiliate SROs has submitted substantially the same proposed rule
change to propose the changes described herein. See SR-NYSE-2019-72,
SR-NYSEAmer-2019-58, SR-NYSEArca-2019-97, and SR-NYSENAT-2019-32.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\18\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\19\ 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 does not unfairly discriminate between customers, issuers, brokers,
or dealers. The Exchange also believes that the proposed rule change is
consistent with Section 6(b)(4) of the Act,\20\ 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.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78f(b)(5).
\20\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Proposed Change Is Not Unfairly Discriminatory
The Exchange believes its proposal is not unfairly discriminatory.
The proposed change would not apply differently to distinct types
or sizes of market participants. Rather, it would apply to all Users
equally. The Exchange would continue to offer the four different PCS
bundles with different cabinet footprints and network connections
options. Users that require other sizes or combinations of cabinets,
network connections and cross connects could still request them. As is
currently the case, the purchase of any colocation service, including
PCS bundles, would be completely voluntary.
The proposed change would ensure that all Users that order a bundle
on or before December 31, 2020 would have their MRC reduced by 50% for
the first 24 months. Extending the period would make it more cost
effective for current or potential Users to utilize co-location by
offering a cost effective, convenient way to create a colocation
environment, through the choice among PCS bundles with different
cabinet footprints and network connections options. The Exchange
expects that such Users would include those with minimal power or
cabinet space demands and Users for which the costs attendant with
having a dedicated cabinet or greater network connection bandwidth are
too burdensome.
The Proposed Change Is Reasonable
The Exchange believes its proposal is reasonable.
The Exchange believes that it is reasonable to extend the period of
eligibility for a 50% MRC reduction as an incentive to Users to utilize
PCS bundles. Extending the existing eligibility for a 50% MRC reduction
for another year would provide smaller current or potential Users with
minimal power or cabinet space demands with additional time to purchase
a PCS bundle at a discounted rate.
The Exchange believes that, by extending the existing eligibility
for a 50% MRC reduction for another year, the proposed change may make
PCS bundles more competitive with the services that Hosting Users
offer. The proposed extension would continue to provide potential Users
with a wider range of choices for the period of the extension.
With respect to the proposed changes to update obsolete text, the
Exchange believes that the proposed change is reasonable because the
PCS bundles would remain the same as the ones to which Users already
have access, but, by updating the description and eliminating obsolete
text, the change would make the Fee Schedule description easier to
read, understand and administer. The Exchange believes that the change
would protect investors and the public interest because, by updating
the description and eliminating obsolete text, the change would make
the description more accessible and transparent, thereby providing
market participants with clarity as to what PCS bundles were offered.
The Proposed Change Is an Equitable Allocation of Fees and Credits
The Exchange believes its proposal equitably allocates its fees
among its market participants.
The proposed change would not apply differently to distinct types
or sizes of market participants. Rather, it would apply to all Users
equally. The Exchange would continue to offer the four different PCS
bundles with different cabinet footprints and network connections
options. Users that require other sizes or combinations of cabinets,
network connections and cross connects could still request them. As is
currently the case, the purchase of any colocation service, including
PCS bundles, would be completely voluntary.
Having the change apply to all PCS bundles would ensure that all
Users that order a bundle on or before December 31, 2020 would have
their MRC reduced by 50% for the first 24 months. Extending the period
would make it more cost effective for current or potential Users to
utilize co-location by continuing to offer a cost effective, convenient
way to create a colocation environment, through the choice among
[[Page 72395]]
PCS bundles with different cabinet footprints and network connections
options. The Exchange expects that such Users would include those with
minimal power or cabinet space demands and Users for which the costs
attendant with having a dedicated cabinet or greater network connection
bandwidth are too burdensome.
Without this proposed rule change, potential Users choosing between
a PCS bundle and a Hosting User Bundle would have fewer attractive
options. This would be a detriment for them, especially for potential
Users with minimal power or cabinet space demands or those for which
the costs attendant with having a dedicated cabinet or greater network
connection bandwidth are too burdensome.\21\
---------------------------------------------------------------------------
\21\ See supra note 7.
---------------------------------------------------------------------------
Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
For the reasons above, the proposed changes do not unfairly
discriminate between or among market participants that are otherwise
capable of satisfying any applicable co-location fees, requirements,
terms and conditions established from time to time by the Exchange.
For these reasons, the Exchange believes that the proposal is
consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule changes will not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
Section 6(b)(8) of the Act.\22\
---------------------------------------------------------------------------
\22\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
Intramarket Competition
The Exchange does not believe that the proposed change would place
any burden on intramarket competition that is not necessary or
appropriate. The proposed changes would enhance competition by
extending the period of eligibility for a 50% MRC reduction to all
Users that order a bundle on or before December 31, 2020. Such change
would make it more cost effective for current or potential Users to
utilize co-location by offering a cost effective, convenient way to
create a colocation environment, through the choice among PCS bundles
with different cabinet footprints and network connections options. The
Exchange believes that, by extending the period of eligibility, the
proposed change may make PCS bundles more attractive to potential Users
who might otherwise opt to become Hosted Customers, and thus enhance
the competitive environment for potential Users (who would then have
more options from which to select).
Importantly, the proposed extension would provide potential Users
with a wider range of choices for the period of the extension, which
would be especially beneficial for potential Users with minimal power
or cabinet space demands or those for which the costs attendant with
having a dedicated cabinet or greater network connection bandwidth are
too burdensome. At the same time, however, no potential User would be
obligated to purchase a PCS bundle, and it would still have the options
offered by Hosting Users.
PCS bundles allow Users to select their desired cabinet footprint
and network connections at a reduced MRC for the first 24 months. Such
Users may choose, in turn, to pass on such cost savings to their
customers. In addition to the proposed services being completely
voluntary, they are available to all Users on an equal basis (i.e. the
same products and services are available to all Users, and the
extension of the 50% reduction for the MRC for the PCS bundles, would
apply to all Users).
With respect to the proposed edits to update obsolete text, the
change would not have any impact on competition, because it is solely
designed to update the description of the PCS bundles and eliminate
obsolete text, without changing the service that Users are currently
offered.
Intermarket Competition
The Exchange does not believe that the proposed fee would impose
any burden on intermarket competition that is not necessary or
appropriate. The proposed change is not meant to affect competition
among national securities exchanges. Rather, the Exchange believes that
the proposed change is a reasonable attempt to maintain a more level
playing field between the Exchange and the Hosting Users, who compete
for Hosted Customer business. Because Hosting Users' services are not
regulated, they may offer differentiated pricing and are not required
to make their pricing public. The Exchange believes that the proposed
change may make PCS bundles more attractive to potential Users who
might otherwise opt to become Hosted Customers.
The Exchange operates in a highly competitive market in which
exchanges offer co-location services as a means to facilitate the
trading and other market activities of those market participants who
believe that co-location enhances the efficiency of their operations.
Accordingly, fees charged for co-location services are constrained by
the active competition for the order flow of, and other business from,
such market participants. If a particular exchange charges excessive
fees for co-location services, affected market participants will opt to
terminate their co-location arrangements with that exchange, and adopt
a possible range of alternative strategies, including placing their
servers in a physically proximate location outside the exchange's data
center (which could be a competing exchange), or pursuing strategies
less dependent upon the lower exchange-to-participant latency
associated with co-location. Accordingly, the exchange charging
excessive fees would stand to lose not only co-location revenues but
also the liquidity of the formerly co-located trading firms, which
could have additional follow-on effects on the market share and revenue
of the affected exchange. In such an environment, the Exchange must
continually review, and consider adjusting, its services and related
fees and credits to remain competitive with other exchanges.
The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. Specifically, in
Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \23\
---------------------------------------------------------------------------
\23\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
---------------------------------------------------------------------------
For the reasons described above, the Exchange believes that the
proposed rule changes reflect this competitive environment.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
[[Page 72396]]
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 foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \24\ of the Act and subparagraph (f)(2) of Rule
19b-4 \25\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------
\24\ 15 U.S.C. 78s(b)(3)(A).
\25\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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) \26\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\26\ 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 Comments
Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NYSECHX-2019-27 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-NYSECHX-2019-27. 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-NYSECHX-2019-27 and should be submitted
on or before January 21, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
---------------------------------------------------------------------------
\27\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-28212 Filed 12-30-19; 8:45 am]
BILLING CODE 8011-01-P