[Federal Register Volume 80, Number 221 (Tuesday, November 17, 2015)]
[Notices]
[Pages 71867-71868]
[FR Doc No: 2015-29212]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76413; File No. SR-NYSEMKT-2015-92]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Making Certain
Representations Relating to the NYSE Best Quote & Trades Data Feed

November 10, 2015.
    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 October 29, 2015, NYSE MKT LLC (the ``Exchange'' or
``NYSE MKT'') 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.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to make certain representations relating to
the NYSE Best Quote & Trades (NYSE BQT) data feed. The text of the
proposed rule change is available on the Exchange's Web site at
www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The NYSE Best Quotes and Trades (``NYSE BQT'') data feed, a market
data product offered by the New York Stock Exchange LLC (``NYSE''),
provides best bid and offer (``BBO'') and last sale information for the
Exchange and its affiliates, NYSE and NYSE Arca, Inc. (``NYSE
Arca'').\4\ Specifically, the NYSE BQT data feed consists of certain
data elements from six market data feeds--NYSE Trades, NYSE BBO, NYSE
Arca Trades, NYSE Arca BBO, NYSE MKT Trades, and NYSE MKT BBO.\5\
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    \4\ See Securities Exchange Act Release No. 34-73553 (Nov. 6,
2014), 79 FR 67491 (Nov. 13, 2014) (SR-NYSE-2014-40) (``NYSE BQT
Approval Order'').
    \5\ These data feeds are offered pursuant to preexisting and
effective rules and fees filed with the Securities and Exchange
Commission (``Commission''). This filing does not affect those rules
or the fees associated with these underlying data feeds or the
ability for the NYSE MKT, the NYSE or NYSE Arca to amend the data
feeds or fees associated with those data feeds pursuant to separate
rule filings For NYSE MKT Trades and NYSE MKT BBO, see Securities
Exchange Act Release No. 62187 (May 27, 2010), 75 FR 31500 (June 3,
2010) (SR-NYSEAmex-2010-35). For NYSE Trades, see Securities
Exchange Act Release Nos. 59290 (Jan. 23, 2009), 74 FR 5707 (Jan.
30, 2009) (SR-NYSE-2009-05) and 59606 (Mar. 19, 2009), 74 FR 13293
(Mar. 26, 2009) (SR-NYSE-2009-04). For NYSE BBO, see Securities
Exchange Act Release No. 62181 (May 26, 2010), 75 FR 31488 (June 3,
2010) (SR-NYSE-2010-30). For NYSE Arca Trades, see Securities
Exchange Act Release Nos. 59289 (Jan. 23, 2009), 74 FR 5711 (Jan.
30, 2009) (SR-NYSEArca-2009-06) and 59598 (Mar. 18, 2009), 74 FR
12919 (Mar. 25, 2009) (SR-NYSEArca-2009-05). For NYSE Arca BBO, see
Securities Exchange Act Release No. 62188 (May 27, 2010), 75 FR
31484 (June 3, 2010) (SR-NYSEArca-2010-23).
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    While NYSE MKT, NYSE and NYSE Arca are the exclusive distributors
of their BBO and Trades feeds from which the data elements are taken to
create the NYSE BQT data feed, the NYSE represented that it would not
have any unfair advantage over competing vendors with respect to
obtaining data from NYSE, NYSE Arca and NYSE MKT.\6\ The NYSE
represented that it would not be the exclusive distributor of the
aggregated and consolidated information that comprises the NYSE BQT
data feed and that it designed the NYSE BQT data feed so that it would
not have a competitive advantage over a competing vendor with respect
to the speed of access to those six underlying data feeds. In
recognition that NYSE MKT is the source of its own market data, NYSE
MKT represents that it will continue to make available the individual
underlying feeds, NYSE MKT Trades and NYSE MKT BBO, and that the source
for these feeds for use by NYSE to create the NYSE BQT data feed is the
same as the source available to other vendors.\7\
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    \6\ See supra note 4 at 67492.
    \7\ NYSE Arca is filing a similar proposal regarding the NYSE
BQT data feed (SR-NYSEArca-2015-103).
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    The Exchange notes that the proposed change is not otherwise
intended to address any other issues, and the Exchange is not aware of
any problems that member organizations or others would have in
complying with the proposed rule change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) \8\ of the Act, in general, and furthers the
objectives of Section 6(b)(5) \9\ of the Act, in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, to protect investors and the public interest, and it is not
designed to permit unfair discrimination among customers, brokers, or
dealers. This proposal is in keeping with those principles in that it
promotes increased transparency through the dissemination of the NYSE
BQT data feed to those interested in receiving it.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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    NYSE MKT is the source of its own market data, including the NYSE
MKT market data that the NYSE includes in the NYSE BQT data feed. NYSE
MKT represents that it will continue to make available the individual
underlying NYSE MKT market data products, NYSE MKT Trades and NYSE MKT
BBO, that are included in NYSE BQT, and that the source of the NYSE MKT
market data the NYSE uses to create the NYSE BQT data feed is the same
as the source available to other vendors. Thus, a vendor creating a
product to compete with NYSE BQT could also obtain the six underlying
data feeds in NYSE BQT and perform a similar aggregation and
consolidation function to create the same data product with the same
latency.
    The NYSE BQT data feed helps to protect a free and open market by
providing vendors and subscribers with additional choices in receiving
this type of market data, thus promoting competition and innovation.

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\10\ the Exchange
does not believe that the proposed rule change will impose any burden
on competition that is not necessary or appropriate in furtherance of
the purposes of the Act. As noted above, the NYSE BQT data feed
represents aggregated and consolidated information of six existing
market data feeds. Although NYSE MKT, the NYSE and NYSE Arca are the
exclusive distributors of the six BBO and Trades feeds from which
certain data elements are taken to create the NYSE BQT data feed, the
NYSE may not be the exclusive distributor of the aggregated and
consolidated information that comprises the NYSE BQT data feed. Any
other market data recipient of the six BBO and Trades feeds would be
able, if they chose, to create a data feed with the same information as
the NYSE BQT data feed and distribute it to their clients on a level-
playing field with respect to latency and cost as compared to the
NYSE's product.\11\
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    \10\ 78 U.S.C. 78f(b)(8).
    \11\ See NYSE BQT Approval Order, supra note 4.
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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 \12\ and Rule 19b-4(f)(6) thereunder.\13\
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.
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    \12\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \13\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally
does not become operative prior to 30 days after the date of the
filing. However, Rule 19b-4(f)(6)(iii) permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative upon filing. The Exchange notes that the NYSE BQT
data feed has been the subject of prior rule filings and believes that
waiver of the 30-day operative delay will provide more transparency and
consistency with respect to the description of the NYSE BQT data feed.
Based on the foregoing, the Commission believes that the waiver of the
operative delay is appropriate and is consistent with the protection of
investors and the public interest.\15\ The Commission hereby grants the
waiver and designates the proposal operative upon filing.
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    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    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) \16\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \16\ 15 U.S.C. 78s(b)(2)(B).
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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_ADDRESS>Please include
File Number SR-NYSEMKT-2015-92 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-NYSEMKT-2015-92. 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 Web site (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 Web site viewing and printing in
the Commission's Public Reference Section, 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 will also be available
for inspection and copying at the NYSE's principal office and on its
Internet Web site at www.nyse.com. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NYSEMKT-2015-92 and should be submitted on or before
December 8, 2015.

For the Commission, by the Division of Trading and Markets, pursuant
to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-29212 Filed 11-16-15; 8:45 am]
 BILLING CODE 8011-01-P