Federal Register / Vol. 89, No. 179 / Monday, September 16, 2024 / Notices 75607 

30 15 U.S.C. 78s(b)(3)(A)(ii). 

31 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 100609 

(July 26, 2024), 89 FR 62815 (Aug. 1, 2024). 

4 15 U.S.C. 78s(b)(2). 

Exchange charges excessive fees, it may 

stand to lose not only connectivity 

revenues but also other revenues, 

including revenues associated with the 

execution of orders. 

In summary, the proposal represents 

an equitable allocation of reasonable 

dues, fees and other charges because 

Exchange fees have fallen in real terms 

and customers have a choice in trading 

venue and will exercise that choice and 

trade at another venue if exchange fees 

are not set competitively. 

No Unfair Discrimination 

The Exchange believes that the 

proposed fee changes are not unfairly 

discriminatory because the fees are 

assessed uniformly across all market 

participants that voluntarily subscribe 

to or purchase connectivity and colocation services or products, which are 

available to all customers. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Nothing in the proposal burdens 

inter-market competition (the 

competition among self-regulatory 

organizations) because approval of the 

proposal does not impose any burden 

on the ability of other exchanges to 

compete. The Exchange operates in a 

highly competitive market in which 

market participants can determine 

whether or not to connect to the 

Exchange based on the value received 

compared to the cost of doing so. 

Indeed, market participants have 

numerous alternative exchanges that 

they may participate on and direct their 

order flow, as well as off-exchange 

venues, where competitive products are 

available for trading. 

Nothing in the proposal burdens 

intra-market competition (the 

competition among consumers) because 

the Exchange’s connectivity and colocation services are available to any 

customer under the same fee schedule 

as any other customer, and any market 

participant that wishes to purchase such 

services can do so on a nondiscriminatory basis. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.30

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

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– 

BX–2024–033 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–BX–2024–033. 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 

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–BX–2024–033 and should be 

submitted on or before October 7, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–20904 Filed 9–13–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–100982; File No. SR–NYSE– 

2024–40] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Amend Rule 7.31(f)(1) 

September 10, 2024. 

On July 16, 2024, New York Stock 

Exchange LLC filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend NYSE Rule 7.31(f)(1) to permit 

Directed Orders to route to a brokerdealer algorithm with which the 

Exchange has established connectivity. 

The proposed rule change was 

published for comment in the Federal 

Register on August 1, 2024.3

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 


lotter on DSK11XQN23PROD with NOTICES1
75608 Federal Register / Vol. 89, No. 179 / Monday, September 16, 2024 / Notices 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed 

pricing change on March 1, 2024 (SR–Phlx–2024– 

08). On April 29, 2024, the Exchange withdrew that 

filing and submitted SR–Phlx–2024–019. The 

Exchange withdrew SR–Phlx–2024–019 and 

replaced it with SR–Phlx–2024–27. The instant 

filing replaces SR–Phlx–2024–027, which was 

withdrawn on August 23, 2024. 

4The Exchange proposes to exclude the GPS 

Antenna fees from the proposed fee increase 

because, unlike the other fees in General 8, the 

Exchange recently increased its GPS Antenna fees. 

See Securities Exchange Act Release No. 34–99125 

(December 8, 2023), 88 FR 86705 (December 14, 

2023) (SR–Phlx–2023–53). The Exchange also 

proposes to exclude the Cabinet Proximity Option 

Fee for cabinets with power density >10kW from 

the proposed fee increase because the Exchange 

recently established such fee. See Securities 

Exchange Act Release No. 34–100197 (May 21, 

2024), 89 FR 46185 (May 28, 2024) (SR–Phlx–2024– 

23). 

5The term ‘‘Remote Hands Services’’ refers to the 

use of Nasdaq engineers to perform on-site 

technical support tasks in its Data Center on behalf 

of its co-located customers, including the following: 

(1) power cycling of equipment; (2) patching and 

plugging in cabling and circuits; (3) observing, 

describing or reporting on display indicators; (4) 

configuration of hardware components instructed 

by the customer; (5) diagnosis and repairs as 

instructed by the customer; (6) swapping hardware 

components with customer-supplied spares or 

upgrades; (7) troubleshooting heat related issues as 

instructed by the Customer; and (8) returning 

defective equipment to the manufacturer or 

customer. 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is September 15, 

2024. 

The Commission is extending the 45- 

day time period for Commission action 

on the proposed rule change. The 

Commission finds it appropriate to 

designate a longer period within which 

to take action on the proposed rule 

change so that it has sufficient time to 

consider the proposed rule change. 

Accordingly, pursuant to Section 

19(b)(2) of the Act,5 the Commission 

designates October 30, 2024, as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–NYSE–2024–40). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–20903 Filed 9–13–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–100989; File No. SR–Phlx– 

2024–45] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend its Fees for 

Connectivity and Co-location Services 

September 10, 2024. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on August 

26, 2024, Nasdaq PHLX LLC (‘‘Phlx’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. 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 

Exchange’s fees for connectivity and colocation services, as described further 

below. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/phlx/rules, 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 

Exchange 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 these 

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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend the Exchange’s fees 

relating to connectivity and co-location 

services.3 Specifically, the Exchange 

proposes to raise its fees for 

connectivity and co-location services in 

General 8 as well as certain fees related 

to its Testing Facilities in Equity 7, 

Section 3 by 5.5%, with certain 

exceptions. 

General 8, Section 1 includes the 

Exchange’s fees that relate to 

connectivity, including fees for cabinets, 

external telco/inter-cabinet connectivity 

fees, fees for connectivity to the 

Exchange, fees for connectivity to third 

party services, fees for market data 

connectivity, fees for cabinet power 

install, and fees for additional charges 

and services. General 8, Section 2 

includes the Exchange’s fees for direct 

connectivity services, including fees for 

direct circuit connection to the 

Exchange, fees for direct circuit 

connection to third party services, and 

fees for point of presence connectivity. 

With the exception of the Exchange’s 

GPS Antenna fees and the Cabinet 

Proximity Option Fee for cabinets with 

power density >10kW,4 the Exchange 

proposes to increase its fees throughout 

General 8 by 5.5%. For Remote Hands 

Services, at General 8, Section 1, the 

Exchange proposes to increase its fee by 

1%, from $150 to $151.50 per hour.5

In addition to increasing fees in 

General 8, the Exchange also proposes 

to increase certain fees in Equity 7, 

Section 3, which relate to the Testing 

Facility. Equity 7, Section 3 provides 

that subscribers to the Testing Facility 

located in Carteret, New Jersey shall pay 

a fee of $1,000 per hand-off, per month 

for connection to the Testing Facility. 

The hand-off fee includes either a 1Gb 

or 10Gb switch port and a cross connect 

to the Testing Facility. In addition, 

Equity 7, Section 3 provides that 

subscribers shall also pay a one-time 

installation fee of $1,000 per hand-off. 

The Exchange proposes to increase 

these aforementioned fees by 5.5% to 

require that subscribers to the Testing 

Facility shall pay a fee of $1,055 per 

hand-off, per month for connection to 

the Testing Facility and a one-time 

installation fee of $1,055 per hand-off. 

The proposed increases in fees would 

enable the Exchange to maintain and 

improve its market technology and 

services. With the exception of fees that 

were established as part of a new service 

in 2017 (and have remained unchanged 

since their adoption), the Exchange has 

not increased any of the fees included 

in the proposal since 2015, and many of 

the fees date back to between 2010 and 

2014. However, since 2015, there has 

been notable inflation by various 

measures. 

Between January 2010 and August 

2024, the dollar had an average inflation 

rate of 2.65% per year, as measured by 


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