[Federal Register Volume 79, Number 218 (Wednesday, November 12, 2014)]
[Notices]
[Pages 67212-67213]
[FR Doc No: 2014-26687]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73527; File No. SR-NYSE-2014-57]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Update the NYSE Proprietary Market Data Fee Schedule To Reflect the
Offering of the NYSE Bonds Market Data Products

November 5, 2014.
    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 October 29, 2014, New York Stock Exchange LLC (``NYSE'' 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.
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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 update the NYSE Proprietary Market Data
Fee schedule (``Market Data Fee Schedule'') to reflect the offering of
the NYSE Bonds market data products. 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to update the Market Data Fee Schedule to
reflect the offering of the NYSE Bonds market data products.
    In 2007, the Exchange established NYSE Bonds[supreg], an electronic
bond trading platform.\4\ Bonds eligible to trade on the NYSE Bonds
platform include any debt instrument that is listed on the NYSE and any
corporate debt of a listed company of the Exchange or of any wholly-
owned subsidiary of a company listed on the Exchange.\5\ On NYSE Bonds,
firm and executable orders entered by members or sponsored participants
are displayed on the order book and executed on a strict price/time
priority.
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    \4\ See Securities Exchange Act Release No. 55496 (Mar. 20,
2007), 72 FR 14631 (Mar. 28, 2007) (SR-NYSE-2006-37).
    \5\ See NYSE Rule 86.
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    In connection with the establishment of the NYSE Bonds platform,
the Exchange created a real-time bond data feed that includes order
information, such as time sequence of orders in the NYSE Bonds order
book, pricing information for the NYSE Bonds opening, closing and halt
auctions, as well as order imbalance information, indicative match
prices, and halt messages as described in NYSE Rule 86.\6\ This product
is now referred to as the NYSE Bonds Depth of Book feed. The Exchange
also established the NYSE Bonds BBO feed, a data feed consisting of
real-time top-of-book data and the NYSE Bonds Trades Feed, a data feed
consisting of real-time last sale prices and sizes.\7\ These NYSE Bonds
market data feeds are currently offered free of charge.
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    \6\ See supra note 4.
    \7\ See supra note 4. Because NYSE Bonds is a purely order-
driven system, the Exchange does not disseminate any quote
information on a particular bond if there are no orders posted in
the book for such bond.
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    The Exchange proposes to update the Market Data Fee Schedule to
reflect the NYSE Bonds market data products, which will continue to be
offered without charge. If the Exchange decides to establish fees for
the NYSE Bonds market data products at a later date, it will submit a
separate rule filing.
2. Statutory Basis
    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. The Exchange believes that adding
the NYSE Bonds market data products to the Market Data Fee Schedule
will remove impediments to and help perfect a free and open market by
providing greater transparency for the Exchange's customers regarding
market data products that are available and have been previously filed
with the Commission.\10\
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
    \10\ See supra note 4.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    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 because the Exchange is
merely adding a reference to the Market Data Fee Schedule for market
data products that have been previously filed with the Commission and
are offered without charge.\11\
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    \11\ Id.
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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

    Because the foregoing proposed rule does not (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
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, provided that the self-regulatory
organization has given the Commission written notice of its intent to
file 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,\12\ the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-
4(f)(6) thereunder.\14\
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    \12\ The Exchange has fulfilled this requirement.
    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6).
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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) \15\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \15\ 15 U.S.C. 78s(b)(2)(B).
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    A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\17\ the Commission
may 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 immediately upon filing. The Exchange believes
that waiving the 30-day delay is consistent with the protection of
investors and the public interest because it would permit the Exchange
to more promptly update its Market Data Fee Schedule about free product
offerings, thereby promoting transparency regarding already-filed
market data products. The Commission agrees and has determined to waive
the five-day pre-filing requirement and the 30-day operative date so
that the proposal may take effect upon filing.\18\
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    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6)(iii).
    \18\ For purposes only of accelerating the operative date of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
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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-NYSE-2014-57 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-NYSE-2014-57. 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 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 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-NYSE-2014-57 and should be submitted on or before
December 3, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-26687 Filed 11-10-14; 8:45 am]
BILLING CODE 8011-01-P