[Federal Register Volume 81, Number 28 (Thursday, February 11, 2016)]
[Notices]
[Pages 7401-7404]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-02734]



[[Page 7401]]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77070; File No. SR-NYSEArca-2015-102]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
of Amendment No. 2 and Order Granting Accelerated Approval of Proposed 
Rule Change, as Modified by Amendment No. 2, To Provide That the Co-
Location Services Offered by the Exchange Include Three Time Feeds and 
Four Partial Cabinet Bundle Options

February 5, 2016.

I. Introduction

    On November 27, 2015 the NYSE Arca, Inc. (the ``Exchange'') (``the 
Exchange'') 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 provide that the co-location services offered 
by the Exchange include three time feeds and four bundles of co-
location services (``Partial Cabinet Solution bundles''). The proposed 
rule change was published for comment in the Federal Register on 
December 16, 2015.\3\ The Commission received one comment letter on the 
proposed rule change.\4\ On January 28, 2016, the Exchange filed a 
response letter.\5\ On January 28, 2016, the Exchange filed Amendment 
No. 2 to the proposed rule change.\6\ The Commission is publishing this 
notice to solicit comments on Amendment No. 2 from interested persons 
and is approving the proposed rule change, as modified by Amendment No. 
2, on an accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 34-76616 (December 
10, 2015), 80 FR 78275 (``Notice''). On January 28, 2016, the 
Exchange consented to extending the time period for the Commission 
to either approve or disapprove the proposed rule change, or to 
institute proceedings to determine whether to approve or disapprove 
the proposed rule change, to February 5, 2016.
    \4\ See letter from Kermit Kubitz to the Commission, dated 
January 6, 2016 (``Kubitz Letter'').
    \5\ See letter from Martha Redding Senior Counsel & Assistant 
Secretary, NYSE to Brent J. Fields, Secretary of the Commission, 
dated January 28, 2016 (``Exchange Response Letter'').
    \6\ On January 28, 2016, the Exchange filed Amendment No. 1 but 
withdrew it on the same day, replacing it with Amendment No. 2. 
Amendment No. 2 (i) updates the proposal to specify that that 
Partial Cabinet Solution Bundles, originally proposed to be offered 
on January 1, 2016, instead will be offered on the date that is the 
later of February 1, 2016 and the date of any Commission approval of 
the proposal; and (ii) as further explained below, adds clarity to 
the proposal by specifying the differences in precision among the 
three time feeds.
---------------------------------------------------------------------------

II. Description of the Proposal, as Modified by Amendment No. 2

    The Exchange proposes to change its rules to provide that the co-
location services offered by the Exchange include three time feeds and 
four Partial Cabinet Solution bundles, and to establish fees for these 
services.

Time Feeds

    The Exchange proposes to offer Users the option to purchase 
connectivity to one or more of three time feeds.\7\ Each proposed time 
feed provides a feed with the current time of day using one of three 
different time protocols: Global Positioning System (``GPS'') Time 
Source, the Network Time Protocol (``NTP''), and Precision Timing 
Protocol (``PTP'').\8\ GPS is a time and location system maintained by 
the United States government.\9\ The Exchange accesses the GPS Time 
Source feed through dedicated equipment and subscribing Users connect 
to the feed over dedicated cables.\10\ For the NTP and PTP time feeds, 
the Exchange routes the GPS data through dedicated equipment that 
reformats the GPS data into NTP and PTP.\11\ Subscribing Users connect 
to PTP over dedicated cables and NTP over the Liquidity Center Network 
(``LCN''), a local area network available in the data center.\12\ 
According to the Exchange, the GPS Time Source feed is a sub-
microsecond time feed, providing the highest level of accuracy of the 
three time feeds.\13\ PTP has an accuracy of less than 10 microseconds, 
while the accuracy of NTP can be greater than 10 milliseconds.\14\ The 
Exchange states that a User does not require connectivity to a time 
feed to trade on the Exchange.\15\ The proposed connectivity to time 
feeds would provide Users a convenient way to access time 
protocols.\16\ According to the Exchange, Users make use of time feeds 
to receive time and to synchronize clocks between computer systems or 
throughout a computer network, and time feeds assist Users in other 
functions, including record keeping or measuring response times.\17\
---------------------------------------------------------------------------

    \7\ For purposes of the Exchange's co-location services, a 
``User'' means any market participant that requests to receive co-
location services directly from the Exchange, a ``Hosting User'' 
means a User that hosts a Hosted Customer in the User's co-location 
space, and a ``Hosted Customer'' means a customer of a Hosting User 
that is hosted in a Hosting User's co-location space. See Securities 
Exchange Act Release No. 76010 (September 29, 2015), 80 FR 60197 
(October 5, 2015) (SR-NYSEArca-2015-82). As specified in the Fee 
Schedules, a User that incurs co-location fees for a particular co-
location service pursuant thereto would not be subject to co-
location fees for the same co-location service charged by the 
Exchange's affiliates New York Stock Exchange LLC and NYSE MKT LLC. 
See Securities Exchange Act Release No. 70173 (August 13, 2013), 78 
FR 50459 (August 19, 2013) (SR-NYSEArca-2013-80).
    \8\ See Notice, 80 FR at 78276.
    \9\ See id.
    \10\ See id.
    \11\ See id.
    \12\ See id.
    \13\ See Amendment No. 2, at 4.
    \14\ See id.
    \15\ See Notice, 80 FR at 78276, n.6.
    \16\ See id. at 78276.
    \17\ See id. For example, a User may connect to a time feed for 
record keeping purposes if it uses that specific time protocol for 
all its activities, both inside and out of the data center. See id. 
at n.7.
---------------------------------------------------------------------------

    Currently, Users have the option of either renting a dedicated 
cabinet or a partial cabinet to house their servers and other equipment 
in the data center.\18\ Under the proposal, only the NTP and PTP time 
feeds will be available to partial cabinet Users, whereas dedicated 
cabinet Users will have access to all three time feeds.\19\ According 
to the Exchange, connectivity to the GPS time feed is not available for 
partial cabinets because the proximity of the GPS and power connections 
into a partial cabinet would expose the GPS to interference from the 
cable power connections, interfering with the delivery of the GPS 
data.\20\ The Exchange states that if a partial cabinet User is in need 
of the GPS feed, it could either purchase a dedicated cabinet or become 
a Hosted Customer of a Hosting User that has the GPS feed.\21\ In 
addition, the Exchange states that the NTP time feed is offered only 
over the LCN due to a lack of demand for the NTP over the IP network, 
and notes that a User that requires connectivity to the NTP could 
connect to the LCN.\22\
---------------------------------------------------------------------------

    \18\ See id. at 78276.
    \19\ See id.
    \20\ See id. at n.10.
    \21\ See id. at 78279.
    \22\ See id.
---------------------------------------------------------------------------

    The Exchange proposes to charge a non-recurring fee of $300, $1000, 
and $3000 for connectivity to the NTP, PTP, and GPS time feeds, 
respectively.\23\ The Exchange will also charge a monthly recurring fee 
of $100, $250, and $400 for the NTP, PTP, and GPS time feeds, 
respectively.\24\ Subscribing Users that order the proposed time feed 
services will be subject to a 12-month minimum commitment, after which 
they are subject to a 60-day rolling commitment.\25\
---------------------------------------------------------------------------

    \23\ See id. at 78276.
    \24\ See id.
    \25\ See id.
---------------------------------------------------------------------------

Partial Cabinet Solution Bundles

    The Exchange also proposes to offer four Partial Cabinet Solution 
bundles

[[Page 7402]]

and establish fees therefor.\26\ As more fully described in the Notice, 
each Partial Cabinet Solution bundle option would include network 
access, two fiber cross connections, and connectivity to either the NTP 
or PTP time feed.\27\ Subscribing Users would be assessed a non-
recurring fee and monthly charge for each bundle option as set forth 
below.\28\
---------------------------------------------------------------------------

    \26\ See id.
    \27\ See id. 78276-78277.
    \28\ See id. at 78278.

------------------------------------------------------------------------
       Type of service             Description        Amount of charge
------------------------------------------------------------------------
Partial Cabinet Solution      Option A: 1 kW        $7,500 initial
 bundles.                      partial cabinet, 1    charge per bundle
Note: A User and its           LCN connection (1     plus monthly charge
 Affiliates are limited to     Gb), 1 IP network     per bundle as
 one Partial Cabinet           connection (1 Gb),    follows:
 Solution bundle at a time.    2 fiber cross        <bullet> For Users
 A User and its Affiliates     connections and       that order on or
 must have an aggregate        either the Network    before December 31,
 cabinet footprint of 2 kW     Time Protocol Feed    2016: $3,000
 or less to qualify for a      or Precision Timing   monthly for first
 Partial Cabinet Solution      Protocol.             12 months of
 bundle.                                             service, and $6,000
                                                     monthly thereafter
                                                    <bullet> For Users
                                                     that order after
                                                     December 31, 2016:
                                                     $6,000 monthly.
                              Option B: 2 kW        $7,500 initial
                               partial cabinet, 1    charge per bundle
                               LCN connection (1     plus monthly charge
                               Gb), 1 IP network     per bundle as
                               connection (1 Gb),    follows:
                               2 fiber cross        <bullet> For Users
                               connections and       that order on or
                               either the Network    before December 31,
                               Time Protocol Feed    2016: $3,500
                               or Precision Timing   monthly for first
                               Protocol.             12 months of
                                                     service, and $7,000
                                                     monthly thereafter
                                                    <bullet> For Users
                                                     that order after
                                                     December 31, 2016:
                                                     $7,000 monthly.
                              Option C: 1 kW        $10,000 initial
                               partial cabinet, 1    charge per bundle
                               LCN connection (10    plus monthly charge
                               Gb), 1 IP network     per bundle as
                               connection (10 Gb),   follows:
                               2 fiber cross        <bullet> For Users
                               connections and       that order on or
                               either the Network    before December 31,
                               Time Protocol Feed    2016: $7,000
                               or Precision Timing   monthly for first
                               Protocol.             12 months of
                                                     service, and
                                                     $14,000 monthly
                                                     thereafter.
                                                    <bullet> For Users
                                                     that order after
                                                     December 31, 2016:
                                                     $14,000 monthly.
                              Option D: 2 kW        $10,000 initial
                               partial cabinet, 1    charge per bundle
                               LCN connection (10    plus monthly charge
                               Gb), 1 IP network     per bundle as
                               connection (10 Gb),   follows:
                               2 fiber cross        <bullet> For Users
                               connections and       that order on or
                               either the Network    before December 31,
                               Time Protocol Feed    2016: $7,500
                               or Precision Timing   monthly for first
                               Protocol.             12 months of
                                                     service, and
                                                     $15,000 monthly
                                                     thereafter.
                                                    <bullet> For Users
                                                     that order after
                                                     December 31, 2016:
                                                     $15,000 monthly.
------------------------------------------------------------------------

Additionally, a User purchasing a Partial Cabinet Solution bundle would 
be subject to a 90-day minimum commitment, after which period it would 
be subject to the 60-day rolling time period.\29\
---------------------------------------------------------------------------

    \29\ See id. The Exchange proposes to have a reduced minimum 
commitment period for the Partial Cabinet Solution bundle to further 
reduce the cost commitment for such Users. The Exchange acknowledges 
that the proposal may also attract some entities that are currently 
Hosted Customers or would have become Hosted Customers.
---------------------------------------------------------------------------

    As more fully described in the Notice, the Exchange states that the 
purpose of offering four Partial Cabinet Solution bundles is to attract 
smaller Users, including those with minimal power or cabinet space 
demands or those for which the costs attendant with having a dedicated 
cabinet or greater network connection bandwidth are too burdensome.\30\ 
The Exchange proposes that the Partial Cabinet Solution bundles would 
be available to Users provided: (1) The subscribing User purchases only 
one Partial Cabinet Solution bundle; (2) the subscribing User and its 
Affiliates must not currently have a Partial Cabinet Solution bundle; 
and (3) after the purchase of the Partial Cabinet Solution bundle, the 
subscribing User, together with its Affiliates, has an Aggregate 
Cabinet Footprint of no more than 2 kW.\31\ The Exchange proposes that 
for purposes of the Partial Cabinet Solution bundles, an ``Affiliate'' 
of a User would be any other User or a Hosted Customer that is under 
50% or greater common ownership or control of the first User.\32\ 
Further, the term ``Aggregate Cabinet Footprint'' of a User or Hosted 
Customer is proposed to be defined as: (a) For a User, the total kW of 
the User's cabinets, including both partial and dedicated cabinets, and 
(b), for a Hosted Customer, the total kW of the portion of the Hosting 
User's cabinet, whether partial or dedicated, allocated to such Hosted 
Customer.\33\
---------------------------------------------------------------------------

    \30\ See id.
    \31\ See id. at 78277.
    \32\ See id. at n.15.
    \33\ See id. at 78277. For example, a User with a 4 kW dedicated 
cabinet would not be eligible for a Partial Cabinet Solution bundle, 
as its aggregate cabinet footprint would be either 5 kW or 6 kW once 
a Partial Cabinet Solution bundle was added.
---------------------------------------------------------------------------

    A User would be required to inform the Exchange immediately of any 
event that causes the User or a Hosted Customer to become ineligible 
for a Partial Cabinet Solution bundle, including an event that causes 
another User or Hosted Customer to become an Affiliate as this can make 
the subscribing User ineligible for the bundle.\34\ If a subscribing 
User ceases to meet the conditions for access to the Partial Cabinet 
Solution bundle, it would be charged for each of the services 
individually, at the price for each such service set out in the Price 
List and Fee Schedule.\35\ Such price change would be effective as of 
the date that the subscribing User ceased to meet the conditions.\36\
---------------------------------------------------------------------------

    \34\ See id. The Exchange would review available information 
regarding the entities and may request additional information to 
verify the Affiliate status of a User or Hosted Customer. The 
Exchange would approve a request for a Partial Cabinet Solution 
bundle unless it determines that the certification is not accurate.
    \35\ See id.
    \36\ See id.

---------------------------------------------------------------------------

[[Page 7403]]

    Further, if a subscribing User purchased each of the components of 
a Partial Cabinet Solution bundle, whether over several purchases or in 
one order, and met the conditions described above for access to the 
Partial Cabinet Solution bundle, the Exchange would automatically treat 
that User's services as a Partial Cabinet Solution bundle and, 
effective the date of installation of the final component, reduce the 
User's recurring fee to the recurring fee for the relevant bundle.\37\ 
In addition, a User that changes its Partial Cabinet Solution bundle 
from one option to another will not be subject to a second initial 
charge, but will be required to pay the difference, if any, between the 
bundles' initial charges.\38\
---------------------------------------------------------------------------

    \37\ See id. at 78278.
    \38\ See id. at 78277, n.19.
---------------------------------------------------------------------------

    Finally, the Exchange proposes to make non-substantive changes to 
the Price List and Fee Schedule to add subheadings under ``Co-Location 
Fees'' for ``Definitions'' and ``General Notes.'' \39\
---------------------------------------------------------------------------

    \39\ See id. at 78278.
---------------------------------------------------------------------------

III. Summary of Comment Letter and Exchange Response

    As noted above, the Commission received one comment letter on the 
proposed rule change,\40\ and a response from the Exchange.\41\ The 
commenter expressed concern about the potential for ``GPS spoofing'' 
(intentional interference with GPS feeds from a distance) if GPS data 
are from an unsecured source.\42\ According to the commenter, a 
successful GPS spoofing attack could cause time feed data to become 
corrupted, which could cause Users, such as High Frequency Trading 
(``HFT'') firms that represent substantial market volume, to withdraw 
from the market and lead to market disruption.\43\ The commenter asked 
particularly whether purchasers of Partial Cabinet Solution bundles 
that have access to the PTP and NTP feeds, but not the dedicated GPS 
time feed, would have any ``special vulnerability to some sort of feed 
failure'' as a result of ``GPS spoofing'' or otherwise.\44\
---------------------------------------------------------------------------

    \40\ See Kubitz Letter, supra note 4.
    \41\ See Exchange Response Letter, supra note 5.
    \42\ See Kubitz Letter, supra note 4.
    \43\ See id.
    \44\ See id. The commenter further requested that the Commission 
more broadly investigate and report on any risks associated with 
time feeds, and measures to protect these and other data feeds. See 
id. The Commission notes that this suggestion is beyond the scope of 
the proposed rule change.
---------------------------------------------------------------------------

    The Exchange responded that ``[t]o the best of the Exchange's 
knowledge, Users that connect to the NTP or the PTP, rather than the 
GPS Time Source, do not have a special vulnerability to feed failure, 
irrespective of whether they utilize a partial or dedicated cabinet.'' 
\45\ The Exchange stated that it uses the same GPS time feed equipment 
for its production environment and to provide time feeds to Users; \46\ 
and that Users purchasing time feeds from the Exchange (whether GPS, 
PTP, or NTP) benefit from the same protections that the Exchange has 
implemented for its own GPS antennas and receivers.\47\ The Exchange 
also stated that GPS is the source information for all three time feeds 
and that the Exchange routes the GPS data through dedicated equipment 
that reformats the GPS data to propagate the NTP and PTP.\48\ The 
Exchange further stated that any disruption to the GPS time feed would 
impact the NTP and PTP time feeds in the same way as the GPS feed; and 
that the Exchange has no knowledge of any other method to ``spoof'' the 
NTP or PTP feeds if the GPS feed were not compromised.\49\
---------------------------------------------------------------------------

    \45\ See Exchange Response Letter, supra note 5, at 3.
    \46\ See id. at 4.
    \47\ See id. The Exchange added that that discussion of these 
protections in a proposed rule change would impair their 
effectiveness. See id. at 5.
    \48\ See id. at 3.
    \49\ See id. Regarding the commenter's concern about the 
potential for GPS spoofing to lead to market disruption, the 
Exchange stated that it could not comment on the behavior of HFT 
Users during a ``spoofing event'' regardless of whether the HFT User 
received its time feed from the Exchange or a third party vendor. 
The Exchange noted, however, that the proposal was limited to time 
feeds provided by the Exchange and that Users purchasing time feeds 
from the Exchange benefit from the same protections that the 
Exchange has implemented for its own GPS antennas and receivers. See 
id. at 5.
---------------------------------------------------------------------------

IV. Discussion and Commission Findings

    After careful review and consideration of the Exchange's proposal, 
the comment letter and the Exchange's response, the Commission finds 
that the proposed rule change, as modified by Amendment No. 2, is 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities 
exchange.\50\ In particular, the Commission finds that the proposed 
rule change, as modified by Amendment No. 2, is consistent with Section 
6(b)(4) of the Act,\51\ which requires that the rules of a national 
securities exchange provide for the equitable allocation of reasonable 
dues, fees and other charges among its members and issuers and other 
persons using its facilities, and with Section 6(b)(5) of the Act,\52\ 
which requires, among other things, that the rules of a national 
securities exchange be designed to promote just and equitable 
principles of trade, 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 not be designed to 
permit unfair discrimination between customers, issuers, brokers, or 
dealers.
---------------------------------------------------------------------------

    \50\ In approving this proposed rule change, as modified by 
Amendment No. 2, the Commission has considered the proposed rule's 
impact on efficiency, competition, and capital formation. See 15 
U.S.C. 78c(f).
    \51\ 15 U.S.C. 78f(b)(4).
    \52\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission believes that the proposed rule change is consistent 
with Section 6(b)(4) of the Act. The Commission notes the Exchange's 
representation that the proposed fees for the time feed connectivity 
and Partial Cabinet Solution bundles are reasonable because the 
Exchange proposes to offer the services as a convenience to Users, but 
in doing so will incur certain costs, including costs related to the 
data center facility, hardware and equipment and costs related to 
personnel required for the initial installation, monitoring, support 
and maintenance of such services.\53\ The Exchange states that the 
higher fee in connection with the GPS time feed reflects the greater 
costs for its equipment, installation and maintenance in comparison 
with the other time feeds.\54\ In addition, all Users that voluntarily 
select connectivity to one or more of the proposed time feeds would be 
charged the same amount for the same services. With respect to the 
proposed Partial Cabinet Solution bundles in particular, the Commission 
also notes that all Users are subject to the same conditions and fees 
for the service selected; all Users are subject to the same limits on 
the number of Partial Cabinet Solution bundles and aggregate cabinet 
footprint; all Users that order a bundle on or before December 31, 2016 
would have their monthly charges reduced by 50 percent for the first 12 
months; and all Users that change their Partial Cabinet Solution 
bundles would not be charged a second initial charge but instead 
charged the difference, if any, between the initial charges.
---------------------------------------------------------------------------

    \53\ See Notice, 80 FR at 78279.
    \54\ See id.
---------------------------------------------------------------------------

    The Commission further believes that the Exchange's proposal to 
offer Users optional connectivity to the GPS, PTP, and NTP time feeds 
is consistent with the requirements of Section 6(b)(5) of the Act. The 
proposal to offer connectivity to different time feed options allows a 
User to select the time protocol that best suits it needs, helping to 
tailor its data center operations to the requirements of its business 
operations,

[[Page 7404]]

and to operate more efficiently. As set forth in the Exchange Response 
Letter, the Exchange states that whether a User purchases access to the 
GPS, NTP, or PTP time feed, it benefits from the same precautions as 
the Exchange's production environment, as the Exchange uses the same 
GPS time feed equipment, including antennas and receivers, to provide 
time feeds to Users.\55\ The Commission therefore believes that the 
proposed time feeds, would remove impediments to, and perfect the 
mechanisms of, a free and open market and a national market system and, 
in general, protect investors and the public interest. The Exchange 
represents that connectivity to the GPS time feed is not available for 
partial cabinets because the proximity of the GPS and power connections 
into a partial cabinet would expose the GPS to interference from the 
cable power connections, interfering with the delivery of the GPS 
data.\56\ The Exchange also represents that connectivity to the NTP 
time feed is not proposed to be offered over the IP network due to lack 
of demand.\57\ For these reasons, the Commission believes that 
providing connectivity to the GPS Time Source for dedicated cabinets 
but not partial cabinets, and to the NTP time feed through the LCN but 
not the IP network, is not designed to permit unfair discrimination 
between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \55\ See Exchange Response Letter, supra note 5, at 4.
    \56\ See supra, notes 20 and 21 and accompanying text.
    \57\ See supra, note 22 and accompanying text.
---------------------------------------------------------------------------

    The Commission also finds the Exchange's proposal to offer Partial 
Cabinet Solution bundles consistent with Section 6(b)(5) of the Act. As 
noted, all Users seeking to purchase a Partial Cabinet Solution bundle 
would be subject to the same conditions. The Commission believes that 
the proposed Partial Cabinet Solution bundles are reasonably designed 
to make it more cost effective for Users with minimal power or cabinet 
space demands to take advantage of the option for co-location services, 
and therefore that they are designed to promote just and equitable 
principles of trade, 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 are not designed to 
permit unfair discrimination between customers, issuers, brokers, or 
dealers.
    For the foregoing reasons, the Commission also finds that, the 
proposed rule change, as modified by Amendment No. 2, is consistent 
with the Act.

V. Solicitation of Comments on Amendment No. 2

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether this filing, as 
modified by Amendment No. 2, is consistent with the Act. Comments may 
be submitted by any of the following methods:

Electronic Comments

    <bullet> Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
    <bullet> Send an email to <a href="/cdn-cgi/l/email-protection#0775726b622a64686a6a626973744774626429606871"><span class="__cf_email__" data-cfemail="c4b6b1a8a1e9a7aba9a9a1aab0b784b7a1a7eaa3abb2">[email protected]</span></a>. Please include 
File No. SR-NYSEArca-2015-102 on the subject line.

Paper Comments

    <bullet> 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 No. SR-NYSEArca-2015-102. 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 No. SR-NYSEArca-2015-102, and should 
be submitted on or before March 3, 2016.

VI. Accelerated Approval of Proposed Rule Change, as Modified by 
Amendment No. 2

    The Commission finds good cause, pursuant to Section 19(b)(2) of 
the Act, to approve the proposed rule change, as modified by Amendment 
No. 2, prior to the 30th day after the date of publication of Amendment 
No. 2 in the Federal Register. As discussed above, Amendment No. 2 
updates dates in the original proposed rule change and adds clarity on 
the differences between the three time feeds in terms of their 
precision.\58\ The Commission believes that these revisions provide 
clarity on when partial cabinet bundle discounts will apply along with 
additional information on the differences between the various time 
feeds. Furthermore, the Commission believes it is appropriate to have 
these changes incorporated into the rules of the Exchange concurrently 
with those changes discussed in the original filing.
---------------------------------------------------------------------------

    \58\ See supra, note 6.
---------------------------------------------------------------------------

    Accordingly, the Commission finds good cause for approving the 
proposed rule change, as modified by Amendment No. 2, on an accelerated 
basis, pursuant to Section 19(b)(2) of the Act.\59\
---------------------------------------------------------------------------

    \59\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

VII. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\60\ that the proposed rule change, as modified by Amendment No. 2, 
(SR-NYSEArca-2015-102) be, and hereby is, approved on an accelerated 
basis.
---------------------------------------------------------------------------

    \60\ See id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\61\
---------------------------------------------------------------------------

    \61\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2016-02734 Filed 2-10-16; 8:45 am]
BILLING CODE 8011-01-P


</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>