Federal Register / Vol. 89, No. 179 / Monday, September 16, 2024 / Notices 75611 

26 Id. 27 15 U.S.C. 78s(b)(3)(A)(ii). 28 17 CFR 200.30–3(a)(12). 

and not unreasonably or unfairly 

discriminatory.’’ 26 Disincentivizing 

market participants from purchasing 

Exchange connectivity would only serve 

to discourage participation on the 

Exchange, which ultimately does not 

benefit the Exchange. Moreover, if the 

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.27

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– 

Phlx–2024–45 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–Phlx–2024–45. 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–Phlx–2024–45 and should be 

submitted on or before October 7, 2024 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–20906 Filed 9–13–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

TIME AND DATE: Notice is hereby given, 

pursuant to the provisions of the 

Government in the Sunshine Act, Public 

Law 94–409, that the Securities and 

Exchange Commission will hold an 

Open Meeting on Wednesday, 

September 18, 2024, at 10:00 a.m. (ET). 

PLACE: The meeting will be webcast on 

the Commission’s website at 

www.sec.gov. 

STATUS: This meeting will begin at 10:00 

a.m. (ET) and will be open to the public 

via webcast on the Commission’s 

website at www.sec.gov. 

MATTERS TO BE CONSIDERED: 

1. The Commission will consider 

whether to adopt amendments to certain 

rules of Regulation NMS under the 

Securities Exchange Act of 1934 to 

amend the minimum pricing increments 

for the quoting of certain NMS stocks, 

reduce the access fee caps, and enhance 

the transparency of better priced orders. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information, please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 


lotter on DSK11XQN23PROD with NOTICES1
75612 Federal Register / Vol. 89, No. 179 / Monday, September 16, 2024 / Notices 

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

2 17 CFR 240.19b–4. 

3The proposed rule change establishing the 

NYSE Arca Integrated Feed was immediately 

effective on November 2, 2011. See Securities 

Exchange Act Release No. 65669 (November 2, 

2011), 76 FR 69311 (November 8, 2011) (SR– 

NYSEArca–2011–78) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Offering a Market Data Product to Vendors and 

Subscribers That Combines Three Existing Market 

Data Feeds as Well as Additional Market Data From 

the Exchange Into One Integrated Product, the 

NYSE Arca Integrated Data Feed). 

4See Securities Exchange Act Release Nos. 66128 

(January 10, 2012), 77 FR 2331 (January 17, 2012) 

(SR–NYSEArca–2011–96) (establishing access fee 

and redistribution fee for NYSE Arca Integrated 

Feed); 69315 (April 5, 2013), 78 FR 21668 (April 11, 

2013) (SR–NYSEArca–2013–37) (establishing nondisplay use fees for NYSE Arca Integrated Feed); 

and 76914 (January 14, 2016), 81 FR 3484 (January 

21, 2016) (SR–NYSEArca–2016–03) (amending fees 

for NYSE Arca Integrated Feed by adopting a 

multiple data feed fee and discontinuing fees 

relating to managed non-display). 

5The Exchange proposes to exclude the NonDisplay Declaration Late Fee and the Multiple Data 

Feed Fee from the proposed fee increase because 

unlike the other fees for subscribing to the NYSE 

Arca Integrated Feed, the Non-Display Declaration 

Late Fee and the Multiple Data Feed Fee are 

administrative fees and are uniform across all of the 

Exchange’s market data products. The Exchange 

also proposes to exclude the Non-Professional User 

fees from the proposed fee increase because these 

fees are applicable to retail investors. 

6Category 1 Fees apply when a data recipient’s 

Non-Display Use of real-time market data is on its 

own behalf as opposed to use on behalf of its 

clients. Category 2 Fees apply when a data 

recipient’s Non-Display Use of real-time market 

data is on behalf of its clients as opposed to use on 

its own behalf. Category 3 Fees apply when a data 

recipient’s Non-Display Use of real-time market 

data is for the purpose of internally matching buy 

and sell orders within an organization, including 

matching customer orders on a data recipient’s own 

behalf and/or on behalf of its clients. 

Dated: September 11, 2024. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–21061 Filed 9–12–24; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–100994; File No. SR– 

NYSEARCA–2024–79] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Certain Fees 

for the NYSE Arca Integrated Data 

Feed 

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 

September 9, 2024, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘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 

certain fees for the NYSE Arca 

Integrated data feed. 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

NYSE Arca Equities Proprietary Market 

Data Fees Schedule (‘‘Fee Schedule’’) to 

amend certain fees for the NYSE Arca 

Integrated data feed (‘‘NYSE Arca 

Integrated Feed’’) that would be 

operative November 1, 2024. 

Specifically, the Exchange proposes a 

one-time adjustment to certain of its fees 

for subscribing to the NYSE Arca 

Integrated Feed,3 with certain 

exceptions. The Fee Schedule includes 

the Exchange’s fees for subscribing to 

the NYSE Arca Integrated Feed, 

including an Access Fee, Redistribution 

Fee, Per User fees for Professional and 

Non-Professional Users, various 

categories of Non-Display Fees, a NonDisplay Declaration Late Fee and a 

Multiple Data Feed Fee.4 With the 

exception of the Non-Professional User 

Fee, the Non-Display Declaration Late 

Fee and the Multiple Data Feed Fee, the 

Exchange proposes to increase the 

remaining fees by up to 8.07% on a onetime basis.5

The Exchange currently charges the 

following fees to subscribe to the NYSE 

Arca Integrated Feed on a monthly 

basis: an Access Fee of $3,000; a 

Redistribution Fee of $3,750; a 

Professional User Fee and NonProfessional User Fee, on a per user 

basis, of $60 and $20, respectively; a 

Non-Display Fee of $10,500, whether 

the use is for category 1, category 2 or 

category 3, with a category 3 cap of 

$31,500; 6 a Non-Display Declaration 

Late Fee of $1,000; and a Multiple Data 

Feed Fee of $200. The Exchange 

proposes to increase the aforementioned 

fees on a one-time basis as follows: the 

Access Fee, from $3,000/month to 

$3,200/month; the Redistribution Fee 

from $3,750/month to $4,000/month; 

the Professional User Fee (Per User) 

from $60/month to $64/month; and the 

Non-Display Fee from $10,500/month to 

$11,300/month, whether the use is for 

category 1, category 2 or category 3, 

with a category 3 cap of $33,900/month. 

The Exchange’s proposal to adjust fees 

excludes the Non-Professional User fee, 

the Non-Display Declaration Late fee 

and the Multiple Data Feed fee. 

The NYSE Arca Integrated Feed was 

established more than a dozen years 

ago. Between the last price adjustment 

for the NYSE Arca Integrated Feed in 

January 2018 and 2023, there was a 

remarkable increase in the number of 

messages processed by the Exchange. 

The following message rate metrics 

illustrate this increase in throughput: 

• Peak Rate by Millisecond: up 

approximately 59% 

• Average Rate per Millisecond: up 

approximately 26% 

• Peak Rate per Second: up 

approximately 127% 

• Average Rate per Second: up 

approximately 47% 

• Peak Total Messages: up 

approximately 31% 

• Average Total Messages: up 

approximately 47% 

• Average Daily Volume: up 

approximately 42% 

With this increase in message traffic 

the Exchange expended significant 

resources to improve its market data 

products to meet customer expectations, 

including continued investment in all 

aspects of the technology ecosystem 

(e.g., software, hardware, and network). 

During the period between 2018 and 

2023, advancements in system 

performance as measured by latency not 

only accommodated the high message 

traffic volumes, but stayed well ahead of 


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