78948 Federal Register / Vol. 89, No. 187 / Thursday, September 26, 2024 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange originally filed to amend the Fee 

Schedule on September 3, 2024 (SR–NYSEARCA– 

2024–73). SR–NYSEARCA–2024–73 was 

subsequently withdrawn and replaced by this filing. 

5See The Nasdaq Stock Market LLC (‘‘Nasdaq’’) 

Equity 7 Pricing Schedule, Section 112(b)(1) and 

Cboe Exchange, Inc. Fees Schedule. 

6 15 U.S.C. 78f. 

7 15 U.S.C. 78f(b)(4). 

8 15 U.S.C. 78k–1. 

9See note 5, supra. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101127; File No. SR– 

NYSEARCA–2024–80] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the NYSE Arca 

Options Proprietary Market Data Fee 

Schedule 

September 20, 2024. 

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 

September 16, 2024, 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 selfregulatory 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 

NYSE Arca Options Proprietary Market 

Data Fee Schedule (‘‘Fee Schedule’’) 

applicable to various market data 

products. The proposed rule change is 

available on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange. 

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 

Fee Schedule applicable to various 

market data products. More specifically, 

the Exchange proposes to adopt a free 

trial program for NYSE Arca options 

market data products, effective 

September 16, 2024.4

The Exchange proposes a one-month 

free trial for any firm that subscribes to 

a particular NYSE Arca options market 

data product for the first time. As 

proposed, a first-time subscriber would 

be any firm that has not previously 

subscribed to a particular NYSE Arca 

options market data product listed on 

the Fee Schedule. As proposed, a firsttime subscriber of a particular NYSE 

Arca options market data product would 

not be charged the Access Fee, NonDisplay Fee, any applicable Professional 

and Non-Professional User Fee, and 

Redistribution Fee for that product for 

one calendar month. For example, a 

firm that currently subscribes to the 

Arca Options Complex would be 

eligible to receive a free one-month trial 

of the Arca Options Product, whether in 

a display-only format or for non-display 

use. On the other hand, a firm that 

currently pays an Access Fee and 

receives the Arca Options Product for 

non-display use would not be eligible to 

receive a free one-month trial of the 

Arca Options Product in a display-only 

format. The proposed free trial would be 

for the first full calendar month 

following the date a subscriber is 

approved to receive trial access to the 

particular NYSE Arca options market 

data product. The Exchange would 

provide the one-month free trial for each 

particular product to each subscriber 

once. 

The Exchange believes that providing 

a one-month free trial to Exchange realtime market data products listed on the 

Fee Schedule would enable potential 

subscribers to determine whether a 

particular NYSE Arca options market 

data product provides any benefit to 

their business models before fully 

committing to expend development and 

implementation costs related to the 

receipt of that product, and is intended 

to encourage increased use of the 

Exchange’s market data products by 

defraying some of the development and 

implementation costs subscribers would 

ordinarily have to expend before using 

a product. The Exchange notes that 

other exchanges have similar free trial 

programs.5

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,6

in general, and furthers the objectives of 

Section 6(b)(4),7 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its members and 

other recipients of Exchange data. In 

addition, the Exchange believes that the 

proposed rule change is consistent with 

Section 11(A) of the Act as it supports 

(i) fair competition among brokers and 

dealers, among exchange markets, and 

between exchange markets and markets 

other than exchange markets, and (ii) 

the availability to brokers, dealers, and 

investors of information with respect to 

quotations for and transactions in 

securities.8

The Exchange believes that the 

proposed rule change to provide 

Exchange real-time market data 

products listed on the Fee Schedule to 

new customers free-of-charge for their 

first subscription month is reasonable 

because it would allow vendors and 

subscribers to become familiar with the 

feeds and determine whether they suit 

their needs without incurring fees. It is 

also intended to incentivize 

Redistributors to enlist more subscribers 

to subscribe to Exchange market data 

products to broaden the products’ 

distribution. Making a new market data 

product available for free for a trial 

period is consistent with offerings of 

other exchanges. As noted above, other 

exchanges offer new subscribers a 

similar waiver of market data fees.9

The Exchange believes the proposal to 

provide Exchange real-time market data 

products listed on the Fee Schedule to 

new customers free-of-charge for their 

first subscription month is equitable 

because the free trial would apply to 

any first-time subscriber, regardless of 

the use they plan to make of the feed. 

As proposed, any first-time subscriber 

would not be charged the Access Fee, 

Non-Display Fee, any applicable 

Professional and Non-Professional User 

Fee, or Redistribution Fee for any of the 

real-time market data products listed on 

the Fee Schedule for one calendar 

month. The Exchange believes it is 

equitable to restrict the availability of 

this one-month free trial to customers 

that have not previously subscribed to 

any Exchange real-time market data 

product, since customers who are 

current or previous subscribers are 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 89, No. 187 / Thursday, September 26, 2024 / Notices 78949 

10See note 5, supra. 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 200.30–3(a)(12). 

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

already familiar with the products and 

whether they would suit their needs. 

The Exchange believes that the 

proposed rule change to provide for a 

one-month free trial period to test is not 

unfairly discriminatory because the 

financial benefit of the fee waiver would 

be available to all firms subscribing to 

the Exchange’s real-time market data 

products for the first time on a free-trial 

basis. The Exchange believes there is a 

meaningful distinction between 

customers that are subscribing to a 

market data product for the first time, 

who may benefit from a period within 

which to set up and test use of the 

product before it becomes fee liable, and 

users that are already receiving the 

Exchange’s market data products. The 

Exchange believes that the limited 

period of the free trial would not be 

unfairly discriminatory to other users of 

the Exchange’s market data products 

because it is designed to provide a 

reasonable period of time to set up and 

test a new market data product. The 

Exchange further believes that providing 

a free trial for one calendar month 

would ease administrative burdens for 

data recipients to subscribe to a new 

data product and eliminate fees for a 

period before such users are able to 

derive any benefit from the data. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change would result 

in any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange operates in a highly 

competitive environment, and its ability 

to price these data products is 

constrained by competition among 

exchanges that offer similar data 

products to their customers. The 

Exchange believes that the proposed 

free trial program does not put any 

market participants at a relative 

disadvantage compared to other market 

participants. As discussed, the proposed 

trial would apply to first time 

subscribers on an equal and nondiscriminatory basis. Further, the 

Exchange believes that the proposed 

program does not impose a burden on 

competition on other SROs that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that the 

proposal would cause any unnecessary 

or inappropriate burden on intermarket 

competition as other exchanges are free 

to lower their prices or provide a free 

trial to better compete with the 

Exchange’s offering. Indeed, other 

national securities exchanges already 

offer similar free trial programs today.10

The proposed rule change is also 

designed to enhance competition by 

providing an incentive to Redistributors 

to enlist new subscribers to subscribe to 

Exchange’s real-time market data 

products. 

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 foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A) 11 of the Act and paragraph 

(f) [sic] thereunder. 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 necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

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–2024–80 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–2024–80. 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–NYSEARCA–2024–80 and should be 

submitted on or before October 17, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–22020 Filed 9–25–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101126; File No. SR–NYSE– 

2024–18] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Withdrawal of a Proposed Rule Change 

To Amend Section 102.06 of the NYSE 

Listed Company Manual To Provide 

That a Special Purpose Acquisition 

Company Can Remain Listed Until 

Forty-Two Months From Its Original 

Listing Date if it Has Entered Into a 

Definitive Agreement With Respect to 

a Business Combination Within Three 

Years of Listing 

September 20, 2024. 

On March 27, 2024, the New York 

Stock Exchange LLC (‘‘Exchange’’ or 

‘‘NYSE’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

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

Securities Exchange Act of 1934 

(‘‘Exchange Act’’) 1 and Rule 19b–4 


khammond on DSKJM1Z7X2PROD with NOTICES