Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 81449 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4For purposes of the Exchange’s colocation 

services, a ‘‘User’’ means any market participant 

that requests to receive colocation services directly 

from the Exchange. See Securities Exchange Act 

Release No. 76010 (September 29, 2015), 80 FR 

60197 (October 5, 2015) (SR–NYSEArca–2015–82). 

As specified in the Fee Schedule, a User that incurs 

colocation fees for a particular colocation service 

pursuant thereto would not be subject to colocation 

fees for the same colocation service charged by the 

Exchange’s affiliates the New York Stock Exchange 

LLC, NYSE American LLC, NYSE Chicago, Inc., and 

NYSE National, Inc. (together, the ‘‘Affiliate 

SROs’’). Each Affiliate SRO has submitted 

substantially the same proposed rule change to 

propose the changes described herein. See SR– 

NYSE–2023–44, SR–NYSEAMER–2023–59, SR– 

NYSECHX–2023–22, and SR–NYSENAT–2023–26. 

5The Exchange filed a similar proposal in 2021, 

which it subsequently withdrew. See Securities 

Exchange Act Release No. 93810 (December 17, 

2021), 86 FR 73026 (December 23, 2021) (SR– 

NYSE–2021–67, SR–NYSEAMER–2021–43, SR– 

NYSEARCA–2021–97, SR–NYSECHX–2021–17, 

SR–NYSENAT–2021–23). 

6See Securities Exchange Act Release Nos. 76749 

(December 23, 2015), 80 FR 81640 (December 30, 

2015) (SR–NYSEArca–2015–99); 78377 (July 21, 

2016), 81 FR 49327 (July 27, 2016) (SR– 

NYSEARCA–2016–99); and 80116 (February 28, 

2017), 82 FR 12663 (March 6, 2017) (SR– 

NYSEArca–2017–18). 

7See Securities Exchange Act Release No. 80310 

(March 24, 2017), 82 FR 15763 (March 30, 2017) 

(SR–NYSEArca–2016–89). 

8Through its Fixed Income and Data Services 

(‘‘FIDS’’) (previously ICE Data Services) business, 

Intercontinental Exchange, Inc. (‘‘ICE’’) operates the 

MDC. The Exchange and the Affiliate SROs are 

indirect subsidiaries of ICE. The proposed service 

would be provided by FIDS pursuant to an 

agreement with a non-ICE entity. FIDS does not 

own the wireless network that would be used to 

provide the service. 

members of the public available for 

public viewing in their entirety on the 

Federal eRulemaking Portal at 

www.regulations.gov. Therefore, 

commenters should be careful to 

include in their comments only 

information that they wish to make 

publicly available. OSTP requests that 

no proprietary information, copyrighted 

information, or personally identifiable 

information be submitted in response to 

this RFI. 

Information obtained from this RFI 

may be used by the Government on a 

non-attribution basis for planning and 

strategy development. OSTP will not 

respond to individual submissions. A 

response to this RFI will not be viewed 

as a binding commitment to develop or 

pursue the project or ideas discussed. 

This RFI is not accepting applications 

for financial assistance or financial 

incentives. 

Responses containing references, 

studies, research, and other empirical 

data that are not widely published 

should include copies of or electronic 

links to the referenced materials. 

Responses from minors, or responses 

containing profanity, vulgarity, threats, 

or other inappropriate language or 

content will not be considered. 

Comments submitted in response to 

this notice are subject to the Freedom of 

Information Act (FOIA). Responses to 

this RFI may be posted without change 

online. Please note that the United 

States Government will not pay for 

response preparation, or for the use of 

any information contained in a 

response. 

FOR FURTHER INFORMATION CONTACT: 

Ezinne Uzo-Okoro; tel: 202–456–4010. 

SUPPLEMENTARY INFORMATION: Pursuant 

to 42 U.S.C. 6617, OSTP is soliciting 

public input through an RFI to obtain 

feedback from a wide variety of 

stakeholders, including individuals, 

industry, academia, research 

laboratories, nonprofits, and think 

tanks. OSTP is specifically interested in 

public input to inform the development 

and release of the 2023 National Plan to 

better leverage Earth Observations for 

addressing key societal challenges and 

trends of the coming decade. The first 

draft of the 2023 National Plan is 

included for public input. 

Dated: November 16, 2023. 

Stacy Murphy, 

Deputy Chief Operations Officer/Security 

Officer. 

[FR Doc. 2023–25798 Filed 11–21–23; 8:45 am] 

BILLING CODE 3270–F1–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98964; File No. SR– 

NYSEARCA–2023–79] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the 

Connectivity Fee Schedule 

November 16, 2023. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on November 

9, 2023, NYSE Arca, Inc. (‘‘NYSE Arca’’ 

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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

Connectivity Fee Schedule regarding 

colocation services and fees to provide 

Users with wireless connectivity to CME 

Group market data. 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 

Connectivity Fee Schedule (‘‘Fee 

Schedule’’) regarding colocation 

services and fees to provide Users 4 with 

wireless connectivity to CME Group 

market data.5

The Exchange currently provides 

Users with wireless connections to eight 

market data feeds or combinations of 

feeds from third-party markets (the 

‘‘Existing Third Party Data’’),6 and 

wired connections to more than 45 

market data feeds or combinations of 

feeds.7 The Exchange proposes to add to 

the Fee Schedule wireless connections 

to CME Group, Inc. (‘‘CME Group’’) 

market data (‘‘CME Group Data’’ and, 

together with the Existing Third Party 

Data, the ‘‘Third Party Data’’). Users 

would be offered the proposed wireless 

connection to the CME Group Data 

through connections into the colocation 

center in the Mahwah, New Jersey data 

center (‘‘MDC’’).8

The Exchange expects that the 

proposed rule change would become 


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9 If a User also connects to Existing Third Party 

Data, it would not be able to connect to such 

Existing Third Party Data using the same port that 

it uses for connectivity to CME Group Data. 

10The Exchange understands that Quincy is an 

affiliate of McKay Brothers LLC. 

11The Exchange understands that the third 

parties that provide wireless connectivity to CME 

Group market data to the MDC and other data 

centers in New Jersey (as discussed later in this 

filing) follow a substantially similar model, offering 

wireless connectivity to a selection of market data 

rather than to entire feeds. 

12See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005). 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(5). 

15 15 U.S.C. 78f(b)(4). 16See Securities Exchange Act Release No. 90209 

(October 15, 2020), 85 FR 67044, 67049 (October 21, 

2020) (Order Granting Accelerated Approval to 

Establish a Wireless Fee Schedule Setting Forth 

Available Wireless Bandwidth Connections and 

Wireless Market Data Connections) (SR–NYSE– 

2020–05, SR–NYSEAMER–2020–05, SR– 

NYSEArca–2020–08, SR–NYSECHX–2020–02, SR– 

NYSENAT–2020–03, SR–NYSE–2020–11, SR– 

NYSEAMER–2020–10, SR–NYSEArca–2020–15, 

SR–NYSECHX–2020–05, SR–NYSENAT–2020–08) 

(‘‘Wireless Approval Order’’), citing Securities 

Exchange Act Release No. 59039 (December 2, 

2008), 73 FR 74770, 74781 (December 9, 2008) 

(‘‘2008 ArcaBook Approval Order’’). See 

NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010). 

17See Wireless Approval Order, supra note 16, at 

67049, citing 2008 ArcaBook Approval Order, supra 

note 16, at 74781. 

operative in the fourth quarter of 2023, 

and in any event, no later than 

December 31, 2023. The Exchange will 

announce the date that the wireless 

connection to the CME Group Data will 

be available through a customer notice. 

To receive CME Group Data, the User 

would enter into an agreement with a 

third party for permission to receive the 

data, if required. The User would pay 

this third party any fees for the data 

content. 

The Exchange proposes to revise the 

Fee Schedule to reflect fees related to 

the wireless connection to CME Group 

Data. For each wireless connection to 

CME Group Data, a User would be 

charged a $5,000 non-recurring initial 

charge and a monthly recurring charge 

of $6,000. If a User were to purchase 

more than one wireless connection to 

CME Group Data, it would pay more 

than one non-recurring initial charge. 

Each proposed wireless connection 

would include the use of one port for 

connectivity to CME Group Data, and a 

User would not pay a separate fee for 

the use of such port.9

The Exchange’s proposed wireless 

connectivity to CME Group market data 

would not include the entire CME 

Group market data feed, which includes 

market data for approximately 1,200 

futures symbols. Wireless bandwidth 

capacity is a small fraction of the 

capacity required to transport the full 

CME Group feed. Accordingly, FIDS has 

consulted with customers about which 

of the CME Group symbols they would 

like to be available wirelessly and plans 

to offer connectivity to a subgroup of 

symbols based on this customer 

feedback. The Exchange understands 

that Quincy Data LLC (‘‘Quincy’’),10 a 

third party that already provides 

wireless connectivity to CME Group 

market data in the MDC, similarly 

provides wireless connectivity to a 

subset of CME Group market data based 

on customer demand for particular 

symbols.11

Application and Impact of the Proposed 

Changes 

The proposed changes would not 

apply differently to distinct types or 

sizes of market participants. Rather, 

they would apply to all Users equally. 

As is currently the case, the purchase 

of any colocation service, including 

connectivity to Third Party Data, is 

completely voluntary and the Fee 

Schedule is applied uniformly to all 

Users. 

Competitive Environment 

The Exchange operates in a highly 

competitive market in which other 

vendors offer colocation services as a 

means to facilitate the trading and other 

market activities of those market 

participants who believe that colocation 

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, 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.’’ 12

As explained below in this filing, the 

Exchange’s proposed wireless 

connection to CME Group Data would 

compete with the wireless connection to 

CME Group market data provided by 

Quincy. Third-party vendors such as 

Quincy are not at any competitive 

disadvantage created by the Exchange. 

The proposed change is not otherwise 

intended to address any other issues 

relating to colocation services or related 

fees, and the Exchange is not aware of 

any problems that Users would have in 

complying with the proposed change. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,13 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act,14 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 

mechanism of a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest and because it is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. The 

Exchange further believes that the 

proposed rule change is consistent with 

Section 6(b)(4) of the Act,15 because it 

provides for the equitable allocation of 

reasonable dues, fees, and other charges 

among its members and issuers and 

other persons using its facilities and 

does not unfairly discriminate between 

customers, issuers, brokers, or dealers. 

The Proposed Change Is Reasonable 

The Exchange believes that the 

proposed rule change is reasonable. In 

considering the reasonableness of 

proposed services and fees, the 

Commission’s market-based test 

considers ‘‘whether the exchange was 

subject to significant competitive forces 

in setting the terms of its proposal 

. . . , including the level of any 

fees.’’ 16 If the Exchange meets that 

burden, ‘‘the Commission will find that 

its proposal is consistent with the Act 

unless ‘there is a substantial 

countervailing basis to find that the 

terms’ of the proposal violate the Act or 

the rules thereunder.’’ 17 Here, the 

Exchange is subject to significant 

competitive forces in setting the terms 

on which it offers its proposal, in 

particular because substantially similar 

substitutes are available, and the 

Exchange has not placed the third party 

vendors at a competitive disadvantage 

created by the Exchange. 

Substantially Similar Substitutes Are 

Available 

The Exchange’s proposed wireless 

connection to CME Group Data would 

compete with other methods by which 

both the Exchange and various third 

parties already provide connectivity to 

CME Group market data to Users. 

Quincy already provides wireless 

connectivity to CME Group market data 

in the MDC. Like the Exchange’s 


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18Quincy’s symbol list for wireless connectivity 

to CME Group data is available at https://

www.quincy-data.com/product-page/ under the 

heading ‘‘2023 Quincy Extreme Data Symbol Set/ 

North America QED Symbol Set.’’ The Exchange 

understands that the Quincy wireless connection to 

CME Group data currently includes 26 symbols. 

The Exchange’s proposed wireless connection to 

CME Group data would contain a similar number 

of symbols, nearly all of which are included in the 

Quincy wireless connection. 

19Because Quincy is not a regulated entity, it is 

not obligated to make its latency figures or fees 

publicly available or the same for all entities. 

20See 2008 ArcaBook Approval Order, supra note 

16, at 74789 and n.295 (recognizing that products 

need not be identical to be substitutable). 

21 In addition, the Exchange believes that at least 

two third-party market participants, in addition to 

FIDS, offer fiber connections to CME Group market 

data in colocation. See Securities Exchange Act 

Release No. 81013 (June 23, 2017), 82 FR 29604 

(June 29, 2017) (SR–NYSEARCA–2017–62). Unlike 

the proposed wireless connectivity, FIDS’ fiber 

connection to CME Group market data includes the 

entire CME Group data feed, instead of a subset of 

symbols. 

22See NYSE Rule 3.13(c), NYSE American Rule 

3.13E(c), NYSE Arca Rule 3.13(c), NYSE Chicago 

Rule 3.13(c), and NYSE National Rule 3.13(c) (Data 

Center Pole Restrictions—Connectivity to CoLocation Space). ‘‘Patch Panel Point’’ is defined as 

‘‘the patch panel where fiber connections for 

wireless services connect to the network row in the 

space used for co-location in the Data Center.’’ Id. 

The proposed service would not use the MDC pole, 

so Rule 3.13(b) would not apply. 

23Note that in the case of wireless connectivity, 

a User in colocation still requires a fiber circuit to 

transport data. If a Telecom is used, the data is 

transmitted wirelessly to the relevant pole, and then 

from the pole to the meet-me-room using a fiber 

circuit. 

24See Securities Exchange Act Release No. 98000 

(July 26, 2023), 88 FR 50244 (August 1, 2023) (SR– 

NYSEARCA–2023–47) (‘‘MMR Notice’’). 

25See id. at 50247. Importantly, the Exchange is 

prevented from making any alteration to its meetme-room services or fees without filing a proposal 

for such changes with the Commission. 

proposed wireless connectivity, 

Quincy’s wireless connectivity to CME 

Group market data includes a similarlysized subset of symbols that almost 

completely overlaps with the symbols 

for which the Exchange proposes to 

provide wireless connectivity— 

presumably because customers have 

requested the same symbols of each 

provider. Specifically, like the Quincy 

wireless connection, the Exchange’s 

proposed wireless connection would 

include the main futures for equity 

indices, government bonds, foreign 

exchanges, oil, and precious metals.18 In 

addition, the Exchange’s proposed 

wireless connection would also include 

several additional symbols that 

proposed Users have specifically 

requested be included. The Exchange 

plans to continuously monitor Users’ 

preferences and their views of the 

usefulness of the included symbols, and 

may adjust them accordingly. The 

Exchange believes that the Quincy 

wireless connection to CME Group 

market data is at a same or similar speed 

as the Exchange’s proposed connection, 

and at a similar price.19

Accordingly, the Quincy wireless 

connection to CME Group market data 

would compete with the Exchange’s 

proposed wireless connection, and 

would exert significant competitive 

forces on the Exchange in setting the 

terms of its proposal, including the level 

of the Exchange’s proposed fees.20 If the 

Exchange were to set its proposed fees 

too high, Users could respond by 

instead selecting Quincy’s substantially 

similar wireless connectivity to CME 

Group data.21

Third Party Competitors Are Not at a 

Competitive Disadvantage Created by 

the Exchange 

The Exchange does not believe that 

FIDS would have any competitive 

advantage over either the existing thirdparty provider or any future providers of 

wireless connectivity to CME Group 

market data. The Exchange’s proposed 

service for connectivity to CME Group 

Data does not have any special access to 

or advantage within the MDC. The 

Exchange’s proposed wireless 

connection would lead to a pole, from 

which a fiber connection would lead 

into the MDC. The pole is owned by a 

third party and is not on the grounds of 

the MDC, and the path into the MDC 

through a meet-me-room is available to 

any telecommunications provider. 

Within the MDC, the proposed 

connection would follow the same route 

as that of any User, connecting to 

equipment in colocation and then to any 

Users that are customers. 

Further, all distances in the MDC are 

normalized and Exchange rules require 

that the distance from the Patch Panel 

Point to each User cabinet in colocation 

be the same.22 Every provider of 

wireless connectivity to Users, 

including FIDS, is connected to the 

Patch Panel Point, and the length of the 

fiber path from the Patch Panel Point to 

each User cabinet in colocation is the 

same. 

Nor does the Exchange have a 

competitive advantage over the thirdparty competitors offering wireless 

connectivity to CME Group market data 

by virtue of the fact that it owns and 

operates the MDC’s meet-me-rooms. 

Users purchasing wireless connectivity 

to CME Group market data—like Users 

of any other colocation service—would 

require a circuit connecting out of the 

MDC, and in most cases, such circuits 

are provided by third-party 

telecommunications service providers 

that have installed their equipment in 

the MDC’s two meet-me-rooms 

(‘‘Telecoms’’).23 Currently, 16 Telecoms 

operate in the meet-me-rooms and 

provide a variety of circuit choices. It is 

in the Exchange’s best interest to set the 

fees that Telecoms pay to operate in the 

meet-me-rooms at a reasonable level 24

so that market participants, including 

Telecoms, will maximize their use of 

the MDC. By setting the meet-me-room 

fees at a reasonable level, the Exchange 

encourages Telecoms to participate in 

the meet-me-rooms and to sell circuits 

to Users for connecting into and out of 

the MDC. These Telecoms then compete 

with each other by pricing such circuits 

at competitive rates. These competitive 

rates for circuits help draw in more 

Users and Hosted Customers to the 

MDC, which directly benefits the 

Exchange by increasing the customer 

base to whom the Exchange can sell its 

colocation services, which include 

cabinets, power, ports, and connectivity 

to many third-party data feeds, and 

because having more Users and Hosted 

Customers leads, in many cases, to 

greater participation on the Exchange. In 

this way, by setting the meet-me-room 

fees at a level attractive to 

telecommunications firms, the Exchange 

spurs demand for all of the services it 

sells at the MDC, while setting the meetme-room fees too high would negatively 

affect the Exchange’s ability to sell its 

services at the MDC.25 Accordingly, 

there are real constraints on the meetme-room fees the Exchange charges, 

such that the Exchange does not have an 

advantage in terms of costs when 

compared to third parties that enter the 

MDC through the meet-me-rooms to 

provide services to compete with the 

Exchange’s services. 

If anything, the Exchange is subject to 

a competitive disadvantage vis-a`-vis 

third-party competitors offering wireless 

connectivity to CME Group market data. 

Third-party competitors are not subject 

to the Commission’s filing requirements, 

and therefore can freely change their 

services and pricing in response to 

competitive forces. In contrast, the 

Exchange’s service and pricing would 

be standardized as set out in this filing, 

and the Exchange would be unable to 

respond to pricing pressure from its 

competitors without seeking a formal 

fee change in a filing before the 

Commission. 

In sum, because the Exchange is 

subject to significant competitive forces 

in setting the terms on which it offers 

its proposal, in particular because a 

substantially similar substitute is 

available, and the Exchange has not 


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26See Wireless Approval Order, supra note 16. 27 15 U.S.C. 78f(b)(8). 

placed the third-party vendors at a 

competitive disadvantage created by the 

Exchange, the proposed fees for the 

Exchange’s wireless connectivity to 

CME Group Data are reasonable.26 If the 

Exchange were to set its prices for 

wireless connectivity to CME Group 

Data at a level that Users found to be too 

high, Users could easily choose to 

connect to CME Group market data in 

colocation at the MDC through the 

competing Quincy wireless connection, 

as detailed above. 

Additional Considerations 

The Exchange believes that it is 

reasonable for the proposed wireless 

connection to CME Group Data not to 

transport information for all of the 

symbols included in CME Group data 

feeds to the MDC, but rather to transport 

a subset of that data. Wireless 

bandwidth capacity is a small fraction 

of the capacity required to transport the 

full CME Group feed. The Exchange 

believes it is reasonable for FIDS to 

select the symbols it will make available 

for wireless connectivity based on 

customer input and demand. The 

Exchange understands that Quincy 

similarly provides wireless connectivity 

to a subset of CME Group market data 

based on customer demand for 

particular symbols. 

The Exchange believes that it is 

reasonable that a User that connects to 

both CME Group Data and Existing 

Third Party Data may not use the same 

port for connectivity to both, and so 

would have at least two ports, because 

the proposed wireless connection would 

include the use of one port for 

connectivity to CME Group Data, and 

the connectivity to the Existing Third 

Party Data includes the use of one port 

for connectivity to Existing Third Party 

Data. A User would not pay a separate 

fee for using such ports. 

The Proposed Change Is an Equitable 

Allocation of Fees and Credits 

The Exchange believes that its 

proposal equitably allocates its fees 

among Users. Without this proposed 

rule change, Users would have fewer 

options for connectivity to CME Group 

market data. The proposed change 

would provide Users with an additional 

choice with respect to the form and 

optimal latency of the connectivity they 

use to receive CME Group market data, 

allowing a User to select the 

connectivity that better suits its needs, 

helping it tailor its colocation 

operations to the requirements of its 

business operations. Users that do not 

opt to utilize the Exchange’s proposed 

wireless connection would still be able 

to obtain CME Group market data 

wirelessly using Quincy’s wireless 

connection. 

The Exchange believes that the 

proposed change is equitable because it 

will result in fees being charged only to 

Users that voluntarily select to receive 

the corresponding services and because 

those services will be available to all 

Users. Furthermore, the Exchange 

believes that the services and fees 

proposed herein are equitably allocated 

because, in addition to the 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). All Users that 

voluntarily select the Exchange’s 

proposed wireless connections to CME 

Group Data would be charged the same 

amount for the same services. 

The Proposed Change Is Not Unfairly 

Discriminatory 

The Exchange believes that the 

proposed rule change is not unfairly 

discriminatory, for the following 

reasons. Without this proposed rule 

change, Users would have fewer options 

for connectivity to CME Group Data. 

The proposed change would provide 

Users with an additional choice with 

respect to the form and optimal latency 

of the connectivity they use to receive 

CME Group market data, allowing a 

User to select the connectivity that 

better suits its needs, helping it tailor its 

colocation operations to the 

requirements of its business operations. 

Users that do not opt to utilize the 

Exchange’s proposed wireless 

connection would still be able to obtain 

CME Group market data wirelessly 

using Quincy’s wireless connection. 

The Exchange believes that it is not 

unfairly discriminatory to not transport 

information for all of the symbols 

included in CME Group data feeds to 

the MDC, but rather to transport a subset 

of that data. There is limited bandwidth 

available on the wireless network to 

colocation, and there are a number of 

CME Group data feeds. Limiting the 

feeds to the selection of CME Group 

market data regarding securities for 

which FIDS determines there is demand 

would allow Users to receive the 

relevant CME Group Data over a 

wireless network. 

The Exchange believes that the 

proposed change is not unfairly 

discriminatory because it will result in 

fees being charged only to Users that 

voluntarily select to receive the 

corresponding services and because 

those services will be available to all 

Users. Furthermore, the Exchange 

believes that the services and fees 

proposed herein are not unfairly 

discriminatory because, in addition to 

the 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). All 

Users that voluntarily select wireless 

connections to CME Group Data would 

be charged the same amount for the 

same services. Users that opt to use 

wireless connections to CME Group 

Data would receive the CME Group Data 

that is available to all Users, as all 

market participants that contract with 

CME Group or its affiliate for CME 

Group Data, as required, may receive it. 

For the reasons above, the proposed 

changes do not unfairly discriminate 

between or among market participants 

that are otherwise capable of satisfying 

any applicable colocation fees, 

requirements, terms, and conditions 

established from time to time by the 

Exchange. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange believes that the 

proposal 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.27

The proposed change would not affect 

competition among national securities 

exchanges or among members of the 

Exchange, but rather between FIDS and 

its commercial competitors. The 

proposed wireless connection would 

provide Users with an alternative means 

of connectivity to CME Group Data. The 

proposed change would provide Users 

with an additional choice with respect 

to the form and optimal latency of the 

connectivity they use to receive CME 

Group market data, allowing a User to 

select the connectivity that better suits 

its needs, helping it tailor its colocation 

operations to the requirements of its 

business operations. 

Users that do not opt to utilize the 

Exchange’s proposed wireless 

connection would still be able to obtain 

CME Group market data wirelessly 

using Quincy’s wireless connection. The 

Exchange’s proposed wireless 

connection and the existing Quincy 

wireless connection to CME Group 

market data are sufficiently similar 

substitutes and thus provide market 

participants with choices to meet their 

wireless connectivity needs. 

In addition, the Exchange does not 

believe that FIDS would have any 

competitive advantage over either the 

existing third-party provider or any 

future providers of wireless connectivity 

to CME Group market data. The 


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Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 81453 

28See supra note 22. 

29See supra note 23. 

30See MMR Notice, supra note 24. 

31See supra note 25. 

32 15 U.S.C. 78s(b)(3)(A)(iii). 

33 17 CFR 240.19b–4(f)(6). 

34 17 CFR 240.19b–4(f)(6). 

35 17 CFR 240.19b–4(f)(6)(iii). 

36 15 U.S.C. 78s(b)(2)(B). 

Exchange’s proposed service for 

connectivity to CME Group Data does 

not have any special access to or 

advantage within the MDC. The 

Exchange’s proposed wireless 

connection would lead to a pole, from 

which a fiber connection would lead 

into the MDC. The pole is owned by a 

third party and is not on the grounds of 

the MDC, and the path into the MDC 

through a meet-me-room is the same 

path followed by any Telecom. Within 

the MDC, the proposed connection 

would follow the same route as that of 

any User, connecting to equipment in 

colocation and then to any Users that 

are customers. 

Further, all distances in the MDC are 

normalized and Exchange rules require 

that the distance from the Patch Panel 

Point to each User cabinet in colocation 

be the same.28 Every provider of 

wireless connectivity to Users, 

including FIDS, is connected to the 

Patch Panel Point, and the length of the 

fiber path from the Patch Panel Point to 

each User cabinet in colocation is the 

same. 

Nor does the Exchange have a 

competitive advantage over the thirdparty competitors offering wireless 

connectivity to CME Group market data 

by virtue of the fact that it owns and 

operates the MDC’s meet-me-rooms. 

Users purchasing wireless connectivity 

to CME Group market data—like Users 

of any other colocation service—would 

require a circuit connecting out of the 

MDC, and in most cases, such circuits 

are provided by third-party Telecoms 

that have installed their equipment in 

the MDC’s two meet-me-rooms.29

Currently, 16 Telecoms operate in the 

meet-me-rooms and provide a variety of 

circuit choices. It is in the Exchange’s 

best interest to set the fees that 

Telecoms pay to operate in the meet-merooms at a reasonable level 30 so that 

market participants, including 

Telecoms, will maximize their use of 

the MDC. By setting the meet-me-room 

fees at a reasonable level, the Exchange 

encourages Telecoms to participate in 

the meet-me-rooms and to sell circuits 

to Users for connecting into and out of 

the MDC. These Telecoms then compete 

with each other by pricing such circuits 

at competitive rates. These competitive 

rates for circuits help draw in more 

Users and Hosted Customers to the 

MDC, which directly benefits the 

Exchange by increasing the customer 

base to whom the Exchange can sell its 

colocation services, which include 

cabinets, power, ports, and connectivity 

to many third-party data feeds, and 

because having more Users and Hosted 

Customers leads, in many cases, to 

greater participation on the Exchange. In 

this way, by setting the meet-me-room 

fees at a level attractive to 

telecommunications firms, the Exchange 

spurs demand for all of the services it 

sells at the MDC, while setting the meetme-room fees too high would negatively 

affect the Exchange’s ability to sell its 

services at the MDC.31 Accordingly, 

there are real constraints on the meetme-room fees the Exchange charges, 

such that the Exchange does not have an 

advantage in terms of costs when 

compared to third parties that enter the 

MDC through the meet-me-rooms to 

provide services to compete with the 

Exchange’s services. 

If anything, the Exchange is subject to 

a competitive disadvantage vis-a`-vis 

third party competitors offering wireless 

connectivity to CME Group market data. 

Third-party competitors are not subject 

to the Commission’s filing requirements, 

and therefore can freely change their 

services and pricing in response to 

competitive forces. In contrast, the 

Exchange’s service and pricing would 

be standardized as set out in this filing, 

and the Exchange would be unable to 

respond to pricing pressure from its 

competitors without seeking a formal 

fee change in a filing before the 

Commission. 

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 32 and Rule 

19b–4(f)(6) thereunder.33 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. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 34 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),35 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. 

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) 36 of the Act to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSEARCA–2023–79 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–NYSEARCA–2023–79. 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 (https://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 


khammond on DSKJM1Z7X2PROD with NOTICES
81454 Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 

37 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NYSEARCA–2023–79 and should be 

submitted on or before December 13, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.37

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25771 Filed 11–21–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35050; File No. 812–15458] 

John Hancock GA Mortgage Trust, et 

al. 

November 16, 2023. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of application for an order 

(‘‘Order’’) under sections 17(d) and 57(i) 

of the Investment Company Act of 1940 

(the ‘‘Act’’) and rule 17d–1 under the 

Act to permit certain joint transactions 

otherwise prohibited by sections 17(d) 

and 57(a)(4) of the Act and rule 17d–1 

under the Act. 

Summary of Application: Applicants 

request an order to amend a previous 

order granted by the Commission that 

permits certain business development 

companies (‘‘BDCs’’) and closed-end 

management investment companies to 

co-invest in portfolio companies with 

each other and with certain affiliated 

investment entities. 

Applicants: John Hancock GA 

Mortgage Trust, John Hancock GA 

Senior Loan Trust, Manulife Investment 

Management Private Markets (US) LLC, 

John Hancock Life Insurance Company 

(U.S.A.), John Hancock Life & Health 

Insurance Company, John Hancock Life 

Insurance Company of New York, John 

Hancock Funding Company, LLC, 

Manulife SDF SPV—OH, LLC, MDLF 

Holdings Onshore LLC, Manulife Direct 

Lending Fund (Unlevered) L.P., and 

Manulife Direct Lending Fund, L.P. 

Filing Dates: The application was 

filed on April 25, 2023, and amended on 

May 10, 2023, August 16, 2023, and 

October 4, 2023. 

Hearing or Notification of Hearing: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on, December 11, 2023, and 

should be accompanied by proof of 

service on applicants, in the form of an 

affidavit or, for lawyers, a certificate of 

service. Pursuant to rule 0–5 under the 

Act, hearing requests should state the 

nature of the writer’s interest, any facts 

bearing upon the desirability of a 

hearing on the matter, the reason for the 

request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary at 

Secretarys-Office@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

E. David Pemstein, John Hancock GA 

Mortgage Trust, John Hancock GA 

Senior Loan Trust, c/o John Hancock 

Life Insurance Company (U.S.A.), at 

DPemstein@jhancock.com; and George J. 

Zornada, Esq., K&L Gates LLP, at 

George.Zornada@klgates.com. 

FOR FURTHER INFORMATION CONTACT: 

Kieran G. Brown, Senior Counsel, or 

Terri Jordan, Branch Chief, at (202) 551– 

6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ third amended and restated 

application, dated October 4, 2023, 

which may be obtained via the 

Commission’s website by searching for 

the file number at the top of this 

document, or for an Applicant using the 

Company name search field, on the 

SEC’s EDGAR system. The SEC’s 

EDGAR system may be searched at 

http://www.sec.gov/edgar/searchedgar/ 

legacy/companysearch.html. You may 

also call the SEC’s Public Reference 

Room at (202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25782 Filed 11–21–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98975; File No. SR– 

NYSEAMER–2023–57] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Expand the 

Application of the per User Access Fee 

for Use of Certain Market Data 

Products by Redistributors 

November 16, 2023. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on November 

1, 2023, NYSE American LLC (‘‘NYSE 

American’’ or the ‘‘Exchange’’) 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

fees for NYSE American BBO and NYSE 

American Trades by expanding the 

application of the Per User Access Fee. 

The Exchange proposes to implement 

the proposed fee change on November 1, 

2023. 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, 


khammond on DSKJM1Z7X2PROD with NOTICES