Federal Register / Vol. 81, No. 17 / Wednesday, January 27, 2016 / Notices 4689 

10 15 U.S.C. 78s(b)(3)(A)(ii). 

11 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 Nos. 74951 

(May 13, 2015), 80 FR 28721 (May 19, 2015) 

(Notice) and 75494 (July 20, 2015), 80 FR 44170 

(July 24, 2015) (Order) (SR–NYSEArca-2015–38) 

(‘‘Pillar I Filing’’); 75497 (July 21, 2015), 80 FR 

45022 (July 28, 2015) (Notice) and 76267 (Oct. 26, 

2015), 80 FR 66951 (Oct. 30, 2015) (Order) (SR– 

NYSEArca-2015–56)(‘‘Pillar II Filing’’); 75467 (July 

16, 2015), 80 FR 43515 (July 22, 2015) (Notice) and 

76198 (Oct. 20, 2015), 80 FR 65274 (Oct. 26, 2015) 

(Order) (SR–NYSEArca-2015–58) (‘‘Pillar III 

Filing’’); and 76085 (Oct. 6, 2015), 80 FR 61513 

(Oct. 13, 2015) (Notice) and 76869 (Jan. 11, 2016) 

(Order) (SR–NYSEArca-2015–86) (‘‘Pillar Auction 

Filing’’). 

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.10

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 (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NASDAQ–2016–003 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–NASDAQ–2016–003. 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 Web site (http://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 Web site 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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

NASDAQ–2016–003 and should be 

submitted on or before February 17, 

2016. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Brent J. Fields, 

Secretary. 

[FR Doc. 2016–01532 Filed 1–26–16; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–76968; File No. SR– 

NYSEArca–2016–10] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Establishing the NYSE 

Arca Order Imbalances Proprietary 

Market Data Product 

January 22, 2016. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on January 

13, 2016, NYSE Arca, Inc. (the 

‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 establish 

the NYSE Arca Order Imbalances 

proprietary market data product. The 

proposed rule change is available on the 

Exchange’s Web site 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 establish 

the NYSE Arca Order Imbalances 

datafeed as a separate, stand-alone 

market data product. The NYSE Arca 

Order Imbalances product would be a 

real-time datafeed of the information 

that the Exchange provides in advance 

of an auction. 

The Exchange is establishing the 

NYSE Arca Order Imbalances product in 

connection with the implementation of 

Pillar, the Exchange’s proposed new 

technology trading platform.4 Pillar is 

the integrated trading technology 

platform designed to use a single 

specification for connecting to the 

equities and options markets operated 

by NYSE Arca and its affiliates, New 

York Stock Exchange LLC (‘‘NYSE’’) and 

NYSE MKT LLC (‘‘NYSE MKT’’). NYSE 

Arca Equities would be the first trading 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
4690 Federal Register / Vol. 81, No. 17 / Wednesday, January 27, 2016 / Notices 

5See Pillar Auction Filing Notice, footnotes 22 

and 23. See also Securities Exchange Act Release 

Nos. 59039 (Dec. 2, 2008), 73 FR 74770 (Dec. 9, 

2008) (NYSE ArcaBook); and 65669 (Nov. 2, 2011), 

76 FR 69311 (Nov. 8, 2011) (NYSE Arca Integrated 

Data Feed). 

6See note 4, supra. 

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

8 15 U.S.C. 78f(b)(5). 

9See Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

10See Securities Act Release Nos. 59543 (March 

9, 2009), 74 FR 11159 (March 16, 2009) (SR–NYSE– 

2008–132) (NYSE Order Imbalances) and 59743 

(April 9, 2009), 74 FR 17699 (April 16, 2009) (SR– 

NYSEAmex-2009–11)(NYSE Amex Order 

Imbalances, n/k/a NYSE MKT Order Imbalances). 

11See Nasdaq TotalView-ITCH, http://

www.nasdaqtrader.com/Trader.aspx?id=Totalview2 

(last visited November 25, 2015)(displays the full 

order book depth for Nasdaq market participants 

and also disseminates the Net Order Imbalance 

Indicator (NOII) for the Nasdaq Opening and 

Closing Crosses and Nasdaq IPO/Halt Cross). 

12See Regulation NMS Adopting Release, supra, 

at 37503. 

13 15 U.S.C. 78f(b)(8). 

system to migrate to Pillar. Rule 

7.35P(a)(4)(C) provides that the 

Exchange will disseminate Auction 

Imbalance Information via a proprietary 

data feed during the times specified in 

the rule, and through this filing, the 

Exchange proposes to establish the 

NYSE Arca Order Imbalances feed as 

the proprietary data feed to which Rule 

7.35P(a)(4)(C) refers. 

Rule 7.35P(a)(4) defines Auction 

Imbalance Information as the 

information disseminated by the 

Exchange for an auction. As set forth in 

Rule 7.35P, Auction Imbalance 

information includes, if applicable, the 

Total Imbalance, Market Imbalance, 

Indicative Match Price and Matched 

Volume, each as defined in Rule 

7.35P(a). The Auction Imbalance 

Information would be disseminated on 

a time frame specified in Rule 7.35P. 

The NYSE Arca Order Imbalances 

market data product would provide 

Auction Imbalance Information with 

respect to symbols migrated to the Pillar 

platform. 

NYSE Arca order imbalance 

information, as defined in Rule 7.35, is 

currently available through the NYSE 

ArcaBook and NYSE Arca Integrated 

proprietary market data products and 

would continue to be disseminated on 

these data feeds when symbols migrate 

to Pillar.5 When a symbol migrates to 

Pillar, the NYSE Arca order imbalance 

information available through NYSE 

ArcaBook and NYSE Arca Integrated 

proprietary market data products would 

be based on Rule 7.35P. 

The Exchange proposes to offer the 

NYSE Arca Order Imbalances product 

through networks in the Exchange’s 

Mahwah, New Jersey data center that 

are available to users of the Exchange’s 

co-location services. The Exchange also 

would offer the NYSE Arca Order 

Imbalances product through the 

Exchange’s Secure Financial 

Transaction Infrastructure (SFTI) 

network, through which all other users 

and member organizations access the 

Exchange’s trading and execution 

systems and other proprietary market 

data products. 

The Exchange will file a separate rule 

filing to establish the fees for the NYSE 

Arca Order Imbalances product. As 

noted above, the Exchange is 

establishing the NYSE Arca Order 

Imbalances product in conjunction with 

the implementation of Pillar, the 

Exchange’s proposed new technology 

trading platform,6 and the Exchange 

will announce the date that the product 

will be available through an NYSE 

Market Data Notice. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

section 6(b) 7 of the Act, in general, and 

furthers the objectives of section 

6(b)(5) 8 of the Act, in particular, in that 

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 

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 it is not designed to 

permit unfair discrimination among 

customers, brokers, or dealers. This 

proposal is in keeping with those 

principles in that it promotes increased 

transparency through the dissemination 

of the NYSE Arca Order Imbalances 

market data product to those interested 

in receiving it. 

The Exchange also believes this 

proposal is consistent with section 

6(b)(5) of the Act because it protects 

investors and the public interest and 

promotes just and equitable principles 

of trade by providing investors with 

new options for receiving market data as 

requested by market data vendors and 

purchasers. The proposed rule change 

would benefit investors by facilitating 

their prompt access to the real-time 

information contained in the NYSE Arca 

Order Imbalances market data product. 

In adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations (‘‘SROs’’) and broker 

dealers increased authority and 

flexibility to offer new and unique 

market data to consumers of such data. 

It was believed that this authority would 

expand the amount of data available to 

users and consumers of such data and 

also spur innovation and competition 

for the provision of market data. The 

Exchange believes that the NYSE Arca 

Order Imbalances market data product 

is precisely the sort of market data 

product that the Commission 

envisioned when it adopted Regulation 

NMS. The Commission concluded that 

Regulation NMS would itself further the 

Act’s goals of facilitating efficiency and 

competition: 

Efficiency is promoted when brokerdealers who do not need the data beyond the 

prices, sizes, market center identifications of 

the NBBO and consolidated last sale 

information are not required to receive (and 

pay for) such data. The Commission also 

believes that efficiency is promoted when 

broker-dealers may choose to receive (and 

pay for) additional market data based on their 

own internal analysis of the need for such 

data.9

The Exchange further notes that the 

existence of alternatives to the 

Exchange’s product, including order 

imbalances products offered by the 

Exchange’s affiliates, NYSE and NYSE 

MKT,10 and by the Nasdaq Stock Market 

(‘‘NASDAQ’’),11 as well as real-time 

consolidated data, free delayed 

consolidated data, and proprietary data 

from other sources, ensures that the 

Exchange is not unreasonably 

discriminatory because vendors and 

subscribers can elect these alternatives 

as their individual business cases 

warrant. This proposed new data feed 

provides investors with new options for 

receiving market data, which was a 

primary goal of the market data 

amendments adopted by Regulation 

NMS.12

The NYSE Arca Order Imbalances 

market data product will help to protect 

a free and open market by providing 

additional data to the marketplace and 

by giving investors greater choices. In 

addition, the proposal would not permit 

unfair discrimination because the 

product will be available to all of the 

Exchange’s customers and brokerdealers through both SFTI and the 

Liquidity Center Network. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with section 6(b)(8) of 

the Act,13 the Exchange does not believe 

that the proposed rule change will 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

Because other exchanges already offer 

similar products, the Exchange’s 

proposed NYSE Arca Order Imbalances 

market data product will enhance 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 81, No. 17 / Wednesday, January 27, 2016 / Notices 4691 

14See note 10, supra. 

15See note 11, supra. 

16See Regulation NMS Adopting Release, supra, 

at 37503. 

17 15 U.S.C. 78s(b)(3)(A). 

18 17 CFR 240.19b–4(f)(6). As required under Rule 

19b-4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the text of the proposed rule 

change, at least five business days prior to the date 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. 

19 17 CFR 240.19b–4(f)(6). 

20 17 CFR 240.19b–4(f)(6)(iii). 

21For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

competition. The NYSE Arca Order 

Imbalances product will foster 

competition by providing an alternative 

to similar products offered by other 

exchanges, including order imbalances 

products offered by the Exchange’s 

affiliates, NYSE and NYSE MKT,14 and 

by NASDAQ.15 This proposed new data 

feed provides investors with new 

options for receiving market data, which 

was a primary goal of the market data 

amendments adopted by Regulation 

NMS.16

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 

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 for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to section 

19(b)(3)(A) of the Act 17 and Rule 19b4(f)(6) thereunder.18

A proposed rule change filed 

pursuant to Rule 19b-4(f)(6) under the 

Act 19 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b-4(f)(6)(iii) 20

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has asked 

the Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange stated that it 

anticipates migrating symbols to Pillar 

beginning February 1, 2016, and that 

waiver of the operative delay would 

permit market data that would be 

available in existing products for 

symbols that have migrated to Pillar to 

also be available in a stand-alone 

product, which would offer an 

alternative to currently available 

proprietary data products. The 

Commission believes the waiver of the 

operative delay is consistent with the 

protection of investors and the public 

interest. Therefore, the Commission 

hereby waives the operative delay and 

designates the proposal operative upon 

filing.21

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

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 (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2016–10 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2016–10. 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 Web site (http://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 Web site 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 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

NYSEArca–2016–10, and should be 

submitted on or before February 17, 

2016. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Brent J. Fields, 

Secretary. 

[FR Doc. 2016–01667 Filed 1–26–16; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–76946; File No. SR– 

NASDAQ–2016–006] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Subsection (a)(7) of Rule 7003, 

Registration and Processing Fees 

January 21, 2016. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that, on January 

13, 2016, The NASDAQ Stock Market 

LLC (‘‘NASDAQ’’ or ‘‘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. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES