67210 Federal Register / Vol. 79, No. 218 / Wednesday, November 12, 2014 / Notices 

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. 71960 

(April 17, 2014), 79 FR 22746 (April 23, 2014) (SR– 

NYSEArca–2014–38). 

identifies speakers, the subject on which 

each participant will speak, and the 

time allotted for each presentation. 

A written summary of the hearing will 

be compiled, and such summary will be 

made available, upon written request to 

OPIC’s Corporate Secretary, at the cost 

of reproduction. 

Written summaries of the projects to 

be presented at the December 11, 2014 

Board meeting will be posted on OPIC’s 

Web site on or about November 21, 

2014. 

CONTACT PERSON FOR INFORMATION: 

Information on the hearing may be 

obtained from Connie M. Downs at (202) 

336–8438, via facsimile at (202) 408– 

0297, or via email at Connie.Downs@

opic.gov. 

Dated: November 7, 2014. 

Connie M. Downs, 

OPIC Corporate Secretary. 

[FR Doc. 2014–26826 Filed 11–7–14; 11:15 am] 

BILLING CODE 3210–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Closed Meeting 

on Thursday, November 13, 2014 at 2:00 

p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or her designee, has 

certified that, in her opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), 9(ii) 

and (10), permit consideration of the 

scheduled matter at the Closed Meeting. 

Commissioner Aguilar, as duty 

officer, voted to consider the items 

listed for the Closed Meeting in closed 

session. 

The subject matter of the Closed 

Meeting will be: 

Institution and settlement of injunctive 

actions; 

Institution settlement of administrative 

proceedings; 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact the Office of the Secretary at 

(202) 551–5400. 

Dated: November 6, 2014. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2014–26818 Filed 11–7–14; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73529; File No. SR– 

NYSEARCA–2014–128] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Proposing To Amend 

NYSE Arca Equities Rule 7.44(j) To 

Delete Reference to the Exchange’s 

Proprietary Data Feed When 

Disseminating the Retail Liquidity 

Identifier 

November 5, 2014. 

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 October 

28, 2014, NYSE Arca, Inc. (‘‘Exchange’’ 

or ‘‘NYSE Arca’’) filed with the 

Securities and Exchange Commission 

(‘‘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 revise [sic] 

to amend NYSE Arca Equities Rule 

7.44(j) to delete reference to the 

Exchange’s proprietary data feed. The 

text of 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange is proposing to amend 

NYSE Arca Equities Rule 7.44 (‘‘Rule 

7.44’’), which governs the Exchange’s 

Retail Liquidity Program (‘‘Program’’) 

and is currently operating as a pilot, to 

delete reference to the Exchange’s 

proprietary data feed in Rule 7.44(j). 

Rule 7.44(j) currently provides, that 

‘‘[a]n identifier shall be disseminated 

through the Consolidated Quotation 

System, the UTP Quote Data Feed, and 

the Exchange’s proprietary data feed 

when RPI interest priced at least $0.001 

better than the PBB or PBO for a 

particular security is available in 

Exchange systems (‘Retail Liquidity 

Identifier’).’’ When the Exchange 

implemented the Program, it filed a rule 

proposal that specified that in 

connection with the implementation of 

the Program, the Exchange would begin 

disseminating the Retail Liquidity 

Identifier referenced in Rule 7.44(j) 

through the Consolidated Quotation 

System and the UTP Quote Data Feed 

(the ‘‘public data feeds’’). However, 

because of the differing technology 

associating with disseminating data via 

the Exchange’s proprietary data feed, 

the Exchange was not be able to 

disseminate the Retail Liquidity 

Identifier via the Exchange’s proprietary 

data feed on the initial implementation 

date of the Program. Accordingly, the 

Exchange proposed a separate 

implementation date for disseminating 

the Retail Liquidity Identifier via the 

Exchange’s proprietary data feed and 

would have announced that date via 

Trader Update.4

Because the Exchange does not have 

technology currently available to 

disseminate the Retail Liquidity 

Identifier over the Exchange’s 

proprietary data feed, the Exchange 

proposes to amend Rule 7.44(j) to delete 

the reference to the Exchange’s 

proprietary data feed. If the Exchange at 

a later date has the technology to 

disseminate the Retail Liquidity 

Indicator over its proprietary data feed, 

the Exchange will file a separate rule 


TKELLEY on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 218 / Wednesday, November 12, 2014 / Notices 67211 

5See 15 U.S.C. 78s(b)(1). 

6The Exchange proposes a non-substantive 

change to Rule 7.44(j) to clarify that the Exchange 

would disseminate a Retail Liquidity Indicator 

through the Consolidated Quotation System or UTP 

Quote Data Feed, as applicable, i.e., that Retail 

Liquidity Indicators for Tape B symbols would be 

disseminated over the Consolidated Quotation 

System and Retail Liquidity Indicators for Tape C 

symbols would be disseminated over UTP Quote 

Data Feed, consistent with the Regulation NMS 

plans governing the respective public data feeds. 

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

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

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). 

11 In addition, Rule 19b–4(f)(6)(iii) requires the 

Exchange to give the Commission written notice of 

the Exchange’s intent to file the proposed rule 

change, along with a brief description and 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. The Exchange has satisfied this 

requirement. 

12 17 CFR 240.19b–4(f)(6)(iii). 

13For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

14 15 U.S.C. 78s(b)(3)(C). 

proposal pursuant to Rule 19(b)(1) of the 

Act 5 to amend Rule 7.44(j) to add back 

the reference to the proprietary data 

feeds. The Exchange believes that 

deleting the reference to the proprietary 

data feed in Rule 7.44 provides 

transparency in Exchange rules 

regarding over what data feeds the 

Retail Liquidity Indicator is available.6

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the Act,7

in general, and furthers the objectives of 

Section 6(b)(5),8 in particular, in that it 

is 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. 

The Exchange believes that deleting 

reference to the proprietary data feed in 

Rule 7.44(j) is consistent with the Act 

because the Retail Liquidity Identifier 

has been and will continue to be 

available via the public data feeds. The 

Exchange further believes that the 

proposed rule change would protect 

investors and the public interest 

because information about Retail 

Liquidity Identifiers has been and 

continues to be available via the public 

data feeds. Pending the availability of 

technology to support the dissemination 

of the Retail Liquidity Indicator over the 

proprietary data feed, the Exchange 

believes that it removes impediments to 

and perfects the mechanism of a free 

and open market to delete reference to 

the proprietary data feed in Rule 7.44(j) 

because it would provide transparency 

in Exchange rules regarding how the 

Retail Liquidity Indicator is 

disseminated. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange notes that the Retail Liquidity 

Identifier has been and will continue to 

be available via the public data feeds 

and therefore market participants will 

have access to information regarding the 

Retail Liquidity Identifiers. 

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 pursuant to Section 19(b)(3)(A) 

of the Act 9 and Rule 19b–4(f)(6) 10

thereunder because the proposal does 

not: (i) significantly affect the protection 

of investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) by its terms, 

become operative for 30 days from the 

date on which it was filed, or such 

shorter time as the Commission may 

designate if consistent with the 

protection of investors and the public 

interest.11

A proposed rule change filed under 

Rule 19b–4(f)(6) normally may not 

become operative prior to 30 days after 

the date of filing. However, Rule 19b– 

4(f)(6)(iii) 12 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 requested that the 

Commission waive the 30-day operative 

delay period. The Commission believes 

that waiver of the 30-day operative 

delay period is consistent with the 

protection of investors and the public 

interest. Specifically, the Commission 

believes that the proposal would 

provide clarity to the Exchange’s rules 

and would not affect the dissemination 

of the Retail Liquidity Identifier. For 

these reasons, the Commission believes 

that waiving the 30-day operative delay 

is consistent with the protection of 

investors and the public interest, and 

designates the proposed rule change to 

be operative upon filing with the 

Commission.13

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.14

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–2014–128 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–2014–128. 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; 


TKELLEY on DSK3SPTVN1PROD with NOTICES
67212 Federal Register / Vol. 79, No. 218 / Wednesday, November 12, 2014 / Notices 

15 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. 55496 

(Mar. 20, 2007), 72 FR 14631 (Mar. 28, 2007) (SR– 

NYSE–2006–37). 5See NYSE Rule 86. 6See supra note 4. 7See supra note 4. Because NYSE Bonds is a 

purely order-driven system, the Exchange does not 

disseminate any quote information on a particular 

bond if there are no orders posted in the book for 

such bond. 

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

9 15 U.S.C. 78f(b)(5). 

10See supra note 4. 

11 Id. 

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–2014–128 and should be 

submitted on or before December 3, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–26689 Filed 11–10–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73527; File No. SR–NYSE– 

2014–57] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Update the 

NYSE Proprietary Market Data Fee 

Schedule To Reflect the Offering of the 

NYSE Bonds Market Data Products 

November 5, 2014. 

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 October 29, 

2014, 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, 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 update the 

NYSE Proprietary Market Data Fee 

schedule (‘‘Market Data Fee Schedule’’) 

to reflect the offering of the NYSE Bonds 

market data products. The text of 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to update the 

Market Data Fee Schedule to reflect the 

offering of the NYSE Bonds market data 

products. 

In 2007, the Exchange established 

NYSE Bonds®, an electronic bond 

trading platform.4 Bonds eligible to 

trade on the NYSE Bonds platform 

include any debt instrument that is 

listed on the NYSE and any corporate 

debt of a listed company of the 

Exchange or of any wholly-owned 

subsidiary of a company listed on the 

Exchange.5 On NYSE Bonds, firm and 

executable orders entered by members 

or sponsored participants are displayed 

on the order book and executed on a 

strict price/time priority. 

In connection with the establishment 

of the NYSE Bonds platform, the 

Exchange created a real-time bond data 

feed that includes order information, 

such as time sequence of orders in the 

NYSE Bonds order book, pricing 

information for the NYSE Bonds 

opening, closing and halt auctions, as 

well as order imbalance information, 

indicative match prices, and halt 

messages as described in NYSE Rule 

86.6 This product is now referred to as 

the NYSE Bonds Depth of Book feed. 

The Exchange also established the 

NYSE Bonds BBO feed, a data feed 

consisting of real-time top-of-book data 

and the NYSE Bonds Trades Feed, a 

data feed consisting of real-time last sale 

prices and sizes.7 These NYSE Bonds 

market data feeds are currently offered 

free of charge. 

The Exchange proposes to update the 

Market Data Fee Schedule to reflect the 

NYSE Bonds market data products, 

which will continue to be offered 

without charge. If the Exchange decides 

to establish fees for the NYSE Bonds 

market data products at a later date, it 

will submit a separate rule filing. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 8 of the Act, 

in general, and furthers the objectives of 

Section 6(b)(5) 9 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. The Exchange 

believes that adding the NYSE Bonds 

market data products to the Market Data 

Fee Schedule will remove impediments 

to and help perfect a free and open 

market by providing greater 

transparency for the Exchange’s 

customers regarding market data 

products that are available and have 

been previously filed with the 

Commission.10

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act because the 

Exchange is merely adding a reference 

to the Market Data Fee Schedule for 

market data products that have been 

previously filed with the Commission 

and are offered without charge.11

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. 


TKELLEY on DSK3SPTVN1PROD with NOTICES