Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices 106685 

24 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. 

4The proposed rule change establishing the 

NYSE Integrated Feed was immediately effective on 

January 21, 2015. See Securities Exchange Act 

Release No. 74128 (January 23, 2015), 80 FR 4951 

(January 29, 2015) (SR–NYSE–2015–03) (Notice of 

Filing and Immediate Effectiveness of Proposed 

Rule Change Establishing the NYSE Integrated Feed 

Data Feed). 

5See Securities Exchange Act Release Nos. 76485 

(November 20, 2015), 80 FR 74158 (November 27, 

2015) (SR–NYSE–2015–57) (establishing access fee, 

user fees, non-display use fees, non-display 

declaration late fee and redistribution fee for NYSE 

Integrated Feed); and 76973 (January 26, 2016), 81 

FR 5158 (February 1, 2016) (SR–NYSE–2016–09) 

(amending fees for NYSE Integrated Feed by 

adopting a multiple data feed fee). 

6The 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 

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. 

7Category 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. 

All submissions should refer to file 

number SR–C2–2024–023. 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–C2–2024–023 and should be 

submitted on or before January 21, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2024–31091 Filed 12–27–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102007; File No. SR–NYSE– 

2024–80] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Certain Fees for the NYSE Integrated 

Data Feed 

December 19, 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 December 

16, 2024, 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 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 

certain fees for the NYSE 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

NYSE Proprietary Market Data Fees 

Schedule (‘‘Fee Schedule’’) to amend 

certain fees for the NYSE Integrated data 

feed (‘‘NYSE Integrated Feed’’) that 

would be operative February 3, 2025. 

Specifically, the Exchange proposes a 

one-time adjustment to certain of its fees 

for subscribing to the NYSE Integrated 

Feed,4 with certain exceptions. The Fee 

Schedule includes the Exchange’s fees 

for subscribing to the NYSE Integrated 

Feed, including an Access Fee, 

Redistribution Fee, Per User fees for 

Professional and Non-Professional 

Users, various categories of Non-Display 

Fees, a Non-Display Declaration Late 

Fee and a Multiple Data Feed Fee.5 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 12.31% on 

a one-time basis.6

The Exchange currently charges the 

following fees to subscribe to the NYSE 

Integrated Feed on a monthly basis: an 

Access Fee of $7,500; a Redistribution 

Fee of $4,000; a Professional User Fee 

and Non-Professional User Fee, on a per 

user basis, of $70 and $16, respectively; 

a Non-Display Fee of $20,000, whether 

the use is for category 1, category 2 or 

category 3, with a category 3 cap of 

$60,000; 7 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 $7,500/month to 

$8,400/month; the Redistribution Fee 

from $4,000/month to $4,400/month; 

the Professional User Fee (Per User) 

from $70/month to $78/month; and the 

Non-Display Fee from $20,000/month to 

$22,400/month, whether the use is for 

category 1, category 2 or category 3, 

with a category 3 cap of $67,200/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 Integrated Feed was 

established almost a decade ago. The 


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106686 Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices 

8The message rate metrics are for the period from 

January 2017 through October 2024. 

9 Due to a technology upgrade, the Peak Rate per 

Second metric is for the period from December 2019 

through October 2024. 

10These measurements compare the time 

difference between events on the NYSE matching 

engine and the time these events are published on 

the NYSE Integrated Feed. The latency metrics are 

for the period from January 2017 through October 

2024. 

11See https://fred.stlouisfed.org/series/ 

PCU51825182#0. 

12See https://www.bls.gov/ppi/overview.htm. 

13 Id. 

14NAICS appears in table 5 of the PPI Detailed 

Report and is available at https://data.bls.gov/ 

timeseries/PCU518210518210. 

15See https://www.bls.gov/ppi/factsheets/ 

producer-price-index-for-the-data-processing-andrelated-services-industry-naics-518210.htm. 

Exchange has not amended fees for the 

NYSE Integrated Feed since the fees 

were initially adopted in 2016. Between 

the implementation of fees for the NYSE 

Integrated Feed in January 2016 and 

October 2024, there was a remarkable 

increase in the number of messages 

processed by the Exchange. The 

following message rate metrics illustrate 

this increase in throughput: 8

• Peak Rate by Millisecond: up 

approximately 116% 

• Average Rate per Millisecond: up 

approximately 27% 

• Peak Rate per Second: up 

approximately 34% 9

• Average Rate per Second: up 

approximately 92% 

• Peak Total Messages: up 

approximately 39% 

• Average Total Messages: up 

approximately 92% 

• Average Daily Volume: up 

approximately 32% 

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 2016 (when 

the Exchange first adopted fees for the 

NYSE Integrated Feed) and 2024, 

advancements in system performance as 

measured by latency not only 

accommodated the high message traffic 

volumes, but stayed well ahead of it. 

The following latency metrics 10

illustrate the increase in message 

processing speed, despite the significant 

message traffic growth: 

• Median: down approximately 77% 

• Average: down approximately 67% 

• Max: down approximately 64% 

The Exchange continues to invest 

heavily in enhancing its technology for 

the benefit and often at the behest of its 

customers, and these investments have 

increased the performance of the NYSE 

Integrated Feed. Yet the Exchange has 

not adjusted any of the fees included in 

this proposal since 2016, to even 

partially offset the costs of maintaining 

and enhancing its market data offerings. 

As discussed below, the Exchange 

proposes to adjust its fees by an 

industry- and product-specific 

inflationary measure. It is reasonable 

and consistent with the Act for the 

Exchange to recoup its investments, at 

least in part, by adjusting its fees. 

Continuing to operate at fees frozen at 

2016 levels impacts the Exchange’s 

ability to enhance its offerings and the 

interests of market participants and 

investors. 

The fee increases the Exchange 

proposes are based on an industryspecific Producer Price Index (PPI), 

which is a tailored measure of 

inflation.11 As a general matter, the 

Producer Price Index is a family of 

indexes that measures the average 

change over time in selling prices 

received by domestic producers of 

goods and services. PPI measures price 

change from the perspective of the 

seller. This contrasts with other metrics, 

such as the Consumer Price Index (CPI), 

that measure price change from the 

purchaser’s perspective.12 About 10,000 

PPIs for individual products and groups 

of products are tracked and released 

each month.13 PPIs are available for the 

output of nearly all industries in the 

goods-producing sectors of the U.S. 

economy—mining, manufacturing, 

agriculture, fishing, and forestry—as 

well as natural gas, electricity, and 

construction, among others. The PPI 

program covers approximately 69 

percent of the service sector’s output, as 

measured by revenue reported in the 

2017 Economic Census. 

For purposes of this proposal, the 

relevant industry-specific PPI is the 

Data Processing and Related Services 

PPI (‘‘Data PPI’’), which is an industry 

net-output PPI that measures the 

average change in selling prices 

received by companies that provide data 

processing services. 

The Data PPI was introduced in 

January 2002 by the Bureau of Labor 

Statistics (BLS) as part of an ongoing 

effort to expand Producer Price Index 

coverage of the services sector of the 

U.S. economy and is identified as 

NAICS—518210 in the North American 

Industry Classification System.14

According to the BLS ‘‘[t]he primary 

output of NAICS 518210 is the 

provision of electronic data processing 

services. In the broadest sense, 

computer services companies help their 

customers efficiently use technology. 

The processing services market consists 

of vendors who use their own computer 

systems—often utilizing proprietary 

software—to process customers’ 

transactions and data. Companies that 

offer processing services collect, 

organize, and store a customer’s 

transactions and other data for recordkeeping purposes. Price movements for 

the NAICS 518210 index are based on 

changes in the revenue received by 

companies that provide data processing 

services. Each month, companies 

provide net transaction prices for a 

specified service. The transaction is an 

actual contract selected by probability, 

where the price-determining 

characteristics are held constant while 

the service is repriced. The prices used 

in index calculation are the actual 

prices billed for the selected service 

contract.’’ 15

The Exchange believes the Data PPI is 

an appropriate measure to be considered 

in the context of the proposed rule 

change to modify the fee for its 

proprietary market data products 

because the Exchange uses its ‘‘own 

computer systems’’ and ‘‘proprietary 

software,’’ i.e., its own data center and 

proprietary matching engine software, 

respectively, to collect, organize, store 

and report customers’ transactions in 

U.S. equity securities on Pillar, the 

Exchange’s proprietary trading platform. 

In other words, the Exchange is in the 

business of data processing and related 

services. 

For purposes of this proposed rule 

change, the Exchange examined the 

Data PPI value for the period from 

January 2016 to October 2024. The Data 

PPI had a starting value of 103.2 in 

January 2016 and an ending value of 

115.902 in October 2024, a 12.31% 

increase. This indicates that companies 

who are also in the data storage and 

processing business have generally 

increased prices for a specified service 

covered under NAICS 518210 by an 

average of 12.31% during this period. 

Based on that percentage change, the 

Exchange proposes to make a one-time 

fee increase by up to 12.31% for the 

NYSE Integrated Feed, which reflects an 

increase covering the entire period since 

the fees for NYSE Integrated Feed were 

initially adopted. 

The Exchange further believes the 

Data PPI is an appropriate measure for 

purposes of the proposed rule change on 

the basis that it is a stable metric with 

limited volatility, unlike other 

consumer-side inflation metrics. In fact, 

the Data PPI has not experienced a 

greater than 2.16% increase for any one 

calendar year period since Data PPI was 

introduced into the PPI in January 2002. 


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Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices 106687 

16The Data PPI through the calendar year 2024 

does not become available until January 2025. 

17See https://www.usinflationcalculator.com/ 

inflation/consumer-price-index-and-annualpercent-changes-from-1913-to-2008/. 

18See supra discussion of system performance 

advancements. Additionally, the Exchange’s 

affiliate, NYSE Arca, Inc. recently increased certain 

fees for subscribing to the NYSE Arca Integrated 

Feed, based on comparisons to inflation. See 

Securities Exchange Act Release Nos. 34–100994 

(September 10, 2024), 89 FR 75612 (September 16, 

2024) (SR–NYSEARCA–2024–79). 

19 15 U.S.C. 78f(b). 

20 15 U.S.C. 78f(b)(4), (5). 

21See https://www.officialdata.org/us/inflation/ 

2016?amount=1. 

22See, e.g., Securities Exchange Act Release No. 

99689 (March 7, 2024), 89 FR 18466 (March 13, 

2024) (SR–NYSE–2024–12) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

To Establish the NYSE Aggregated Lite Market Data 

Feed). 

The average calendar year change from 

January 2002 to December 2023 was 

.62%,16 with a cumulative increase of 

15.67% over this 21-year period. The 

Exchange believes the Data PPI is 

considerably less volatile than other 

inflation metrics such as CPI, which has 

had individual calendar-year increases 

of more than 6.5%, and a cumulative 

increase of over 73% over the same 

period.17

The Exchange believes the Data PPI, 

and significant investments into, and 

enhanced performance of, the Exchange 

support the reasonableness of the 

proposed fee increases.18

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,19 in 

general, and Sections 6(b)(4) and 6(b)(5) 

of the Act,20 in particular, in that it 

provides an equitable allocation of 

reasonable fees among users and 

recipients of the data and is not 

designed to permit unfair 

discrimination among customers, 

issuers, and brokers. 

This belief is based on two factors. 

First, the current fees do not properly 

reflect the quality of the services and 

products, as fees for the services and 

products in question have been static in 

nominal terms, and therefore falling in 

real terms due to inflation. Second, the 

Exchange believes that investments 

made in enhancing the capacity and 

speed of Exchange systems increase the 

performance of the services and 

products. 

The Proposed Rule Change Is 

Reasonable 

As noted above, the Exchange has not 

increased any of the fees included in the 

proposal since 2016. However, in the 

years since the adoption of the initial 

fees the Exchange has made significant 

investments in upgrades to Exchange 

systems, enhancing the quality of its 

services, as measured by, among other 

things, increased throughput and faster 

processing speeds. In other words, 

Exchange customers have greatly 

benefitted, while the Exchange’s ability 

to recoup its investments has been 

hampered. 

Between 2016 and 2024, the inflation 

rate is 3.48% per year, on average, 

producing a cumulative inflation rate of 

31.52%.21 Using the more targeted 

inflation number of Data PPI, the 

cumulative inflation rate was 12.31%. 

The exchange believes the Data PPI is a 

reasonable metric to base this fee 

increase on because it is targeted to 

producer-side increases in the data 

processing industry, which based on the 

definition adopted by BLS would 

include the Exchange’s market data 

products. 

Notwithstanding inflation, as noted 

above, the Exchange has not increased 

its fees at all for over nine years for the 

subject services. The proposed fee 

changes represent a modest increase 

from the current fees. 

The Exchange believes the proposed 

fee increase is reasonable in light of the 

Exchange’s continued expenditure in 

maintaining a robust technology 

ecosystem. Furthermore, the Exchange 

continues to invest in maintaining and 

enhancing its market data products—for 

the benefit and often at the behest of its 

customers and global investors. Such 

enhancements include refreshing all 

aspects of the technology ecosystem 

including software, hardware, and 

network while introducing new and 

innovative products.22 The goal of the 

enhancements discussed above, among 

other things, is to provide faster and 

more consistent market data products, 

while ensuring quicker processing time. 

Accordingly, the Exchange continues to 

expend resources to innovate and 

modernize technology so that it may 

benefit its members in offering its 

market data products. 

The Proposed Fees Are Equitably 

Allocated and Not Unfairly 

Discriminatory 

The Exchange believes that the 

proposed fee increases are equitably 

allocated and not unfairly 

discriminatory because they would 

apply to all data recipients that choose 

to subscribe to the NYSE Integrated 

Feed. Any subscriber that chooses to 

subscribe to the NYSE Integrated Feed 

would be subject to the same Fee 

Schedule, regardless of what type of 

business they operate or the use they 

plan to make of the data feed. 

Additionally, the fee increase would be 

applied uniformly to subscribers 

without regard to Exchange membership 

status or the extent of any other 

business with the Exchange or affiliated 

entities. 

The Exchange also believes that the 

proposal represents an equitable 

allocation of reasonable dues, fees and 

other charges because Exchange fees 

have fallen in real terms during the 

relevant period. 

Finally, the Exchange believes that 

the proposed fee changes are not 

unfairly discriminatory because the fees 

would be assessed uniformly across all 

market participants, in the same manner 

they are today, that voluntarily 

subscribe to the NYSE Integrated Feed, 

which would remain available for 

purchase by all market participants. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed fees will impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intramarket Competition. The 

Exchange believes that the proposed 

fees do not put any market participants 

at a relative disadvantage compared to 

other market participants. As noted 

above, the fee schedule would continue 

to apply to all subscribers of the NYSE 

Integrated Feed in the same manner as 

it does today albeit at inflation-adjusted 

rates for certain fees, and customers may 

choose whether to subscribe to the feed 

at all. The Exchange also believes that 

the level of the proposed fees neither 

favor nor penalize one or more 

categories of market participants in a 

manner that would impose an undue 

burden on competition. 

Intermarket Competition. The 

Exchange believes that the proposed 

fees do not impose a burden on 

competition or on other SROs that is not 

necessary or appropriate. In determining 

the proposed fees, the Exchange utilized 

an objective and stable metric with 

limited volatility. Utilizing Data PPI 

over a specified period of time is a 

reasonable means of recouping the 

Exchange’s investment in maintaining 

and enhancing the NYSE Integrated 

Feed. The Exchange believes utilizing 

Data PPI, a tailored measure of inflation, 

to increase certain fees for NYSE 

Integrated Feed to recoup the 

Exchange’s investment in maintaining 

and enhancing its market data products 

would not impose a burden on 

competition. 


ddrumheller on DSK120RN23PROD with NOTICES1
106688 Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices 

23 15 U.S.C. 78s(b)(3)(A). 

24 17 CFR 240.19b–4(f)(2). 

25 15 U.S.C. 78s(b)(2)(B). 

26 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. 

4See Securities Exchange Act Release No. 101516 

(November 5, 2024), 89 FR 89061 (November 12, 

2024) (SR–NYSE–2024–68). 

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 is effective 

upon filing pursuant to Section 

19(b)(3)(A) 23 of the Act and 

subparagraph (f)(2) of Rule 19b–4 24

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

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) 25 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– 

NYSE–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–NYSE–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–NYSE–2024–80 and should be 

submitted on or before January 21, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.26

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–30924 Filed 12–27–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102000; File No. SR–NYSE– 

2024–82] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Extend the 

Timeline To Implement the Proposed 

Rule Change To Enhance How NYSE 

Would Make Certain Information the 

Exchange Receives From Its Listed 

Companies Publicly Available 

December 19, 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 December 

18, 2024, 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 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 implement 

the change to make certain information 

the Exchange receives from its listed 

companies publicly available, in the 

first quarter of 2025. 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 

On October 28, 2024, the Exchange 

filed a proposed rule change to describe 

an enhancement to how NYSE would 

publicly disseminate information 

received by the Exchange in its role as 

a listing venue.4 In SR–NYSE–2024–68, 

the Exchange indicated that because of 

the technology changes associated with 

the proposed rule change, the Exchange 

would announce the implementation 

date by Trader Update, which, subject to 

the effectiveness of the proposed rule 

change, would be no later than in the 

fourth quarter of 2024. The Exchange 

now proposes to announce the 

implementation of the enhancement 

described in SR–NYSE–2024–68 in the 

first quarter of 2025. 

This proposed rule change will allow 

the Exchange to conduct additional 

testing of its software delivery prior to 


ddrumheller on DSK120RN23PROD with NOTICES1