75200 Federal Register / Vol. 79, No. 242 / Wednesday, December 17, 2014 / Notices 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 34– 

73553 (Nov. 6, 2014), 79 FR 67491 (Nov. 13, 2014) 

(SR–NYSE–2014–40) (‘‘NYSE BQT Approval 

Order’’). 

4These data feeds are offered pursuant to 

preexisting and effective rules and fees filed with 

the Securities and Exchange Commission 

(‘‘Commission’’). This filing does not affect those 

rules or the fees associated with these underlying 

data feeds or the ability for the Exchange, NYSE 

Arca, or NYSE MKT to amend the data feeds or fees 

associated with those data feeds pursuant to a 

separate rule filing. For NYSE Trades, see Securities 

Exchange Act Release Nos. 59290 (Jan. 23, 2009), 

74 FR 5707 (Jan. 30, 2009) (SR–NYSE–2009–05) and 

59606 (Mar. 19, 2009), 74 FR 13293 (Mar. 26, 2009) 

(SR–NYSE–2009–04). For NYSE BBO, see Securities 

Exchange Act Release No. 62181 (May 26, 2010), 75 

FR 31488 (June 3, 2010) (SR–NYSE–2010–30). For 

NYSE Arca Trades, see Securities Exchange Act 

Release Nos. 59289 (Jan. 23, 2009), 74 FR 5711 (Jan. 

30, 2009) (SR–NYSEArca–2009–06) and 59598 

(Mar. 18, 2009), 74 FR 12919 (Mar. 25, 2009) (SR– 

NYSEArca–2009–05). For NYSE Arca BBO, see 

Securities Exchange Act Release No. 62188 (May 

27, 2010), 75 FR 31484 (June 3, 2010) (SR– 

NYSEArca–2010–23). For NYSE MKT Trades and 

NYSE MKT BBO, see Securities Exchange Act 

Release No. 62187 (May 27, 2010), 75 FR 31500 

(June 3, 2010) (SR–NYSEAmex–2010–35). 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

BATS–2014–063 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–BATS–2014–063. 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–BATS– 

2014–063 and should be submitted on 

or before January 7, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29492 Filed 12–16–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73816; File No. SR–NYSE– 

2014–64] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Proposes To 

Establish an Access Fee for the NYSE 

Best Quote & Trades Data Feed, 

Operative on December 1, 2014 

December 11, 2014. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on November 

26, 2014, New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) 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 Exchange. 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 

an access fee for the NYSE Best Quote 

& Trades (‘‘NYSE BQT’’) data feed, 

operative on December 1, 2014. 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to establish 

an access fee for the NYSE BQT data 

feed, effective December 1, 2014. The 

proposed fee for NYSE BQT would be 

$1,000 a month, provided that the 

market data recipient separately 

subscribes to and pays for the six 

existing market data products 

underlying the NYSE BQT data feed, 

consistent with the existing fee 

structures for those market data 

products. 

The NYSE BQT data feed provides 

best bid and offer (‘‘BBO’’) and last sale 

information for the Exchange and its 

affiliates, NYSE Arca Equities, Inc. 

(‘‘NYSE Arca’’) and NYSE MKT LLC 

(‘‘NYSE MKT’’).3 Specifically, the NYSE 

BQT data feed consists of certain data 

elements from six market data feeds— 

NYSE Trades, NYSE BBO, NYSE Arca 

Trades, NYSE Arca BBO, NYSE MKT 

Trades, and NYSE MKT BBO.4 The 

NYSE BQT data feed has three channels: 

one channel for the last sale data (the 

‘‘last sale channel’’), another channel for 

the BBO data (the ‘‘best quotes 

channel’’), and a third channel for 

consolidated volume data (the 

‘‘consolidated volume channel’’). 

The Exchange, NYSE Arca, and NYSE 

MKT are the exclusive distributors of 

the six BBO and Trades feeds from 

which certain data elements are taken to 

create the NYSE BQT. By contrast, the 

Exchange would not be the exclusive 

distributor of the aggregated and 

consolidated information that comprises 

the NYSE BQT data feed. Any entity 

that receives, or elects to receive, the six 

underlying data feeds would be able, if 

it so chooses, to create a data feed with 

the same information included in NYSE 

BQT and sell and distribute it to its 

clients so that it could be received by 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 79, No. 242 / Wednesday, December 17, 2014 / Notices 75201 

5See NYSE BQT Approval Order, supra note 4. 

6See supra note 5. 

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

8 15 U.S.C. 78f(b)(4), (5). 

9 15 U.S.C. 78k–1. 

10See 17 CFR 242.603. 

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

12 17 CFR 240.19b–4(f)(2). 

13The pricing for NLS Plus is available at https:// 

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

The applicable NASDAQ underlying data feeds for 

which a firm are be liable could be NASDAQ Last 

Sale (See NASDAQ Rule 7039) or NASDAQ Basic 

(see NASDAQ Rule 7047) market data products. 

14See http://cdn.batstrading.com/resources/

press_releases/BATS-One-AnnouncementFINAL.pdf. BATS has also submitted rule filings to 

the Commission on behalf of its four exchanges to 

establish its proposed unified feed as a proprietary 

market data product. See also Securities Exchange 

Act Release Nos. 73594 (Nov. 14, 2014), 79 FR 

Continued 

those clients as quickly as the NYSE 

BQT data feed would be received by 

those same clients.5

As proposed, the Exchange would 

charge a $1,000/month access fee for 

NYSE BQT, which reflects the value of 

the aggregation and consolidation 

function that the Exchange performs in 

creating NYSE BQT. To obtain NYSE 

BQT, the market data recipient would 

need to subscribe to and pay for the six 

data feeds underlying NYSE BQT 

consistent with the existing fee 

schedules for those market date 

products as previously filed with the 

Commission and which may be 

amended from time to time, including 

any applicable Access, Redistribution, 

Professional User, Non-Professional 

User, or Enterprise fees.6 When 

subscribing to NYSE BQT, the 

underlying data feeds would be 

delivered in the NYSE BQT 

consolidated format, as described above, 

but charged for as if the recipient were 

receiving the underlying feeds directly. 

The Exchange notes that if a User 

chooses to receive the six underlying 

feeds both separately and in the NYSE 

BQT format, such User may be subject 

to additional Professional User or NonProfessional User fees to reflect the 

distribution of both NYSE BQT (which 

incorporates the six underlying data 

feeds) and any separate dissemination of 

the underlying data feeds. The Exchange 

believes that the proposed fees for NYSE 

BQT would not be lower than the cost 

to a vendor of creating a comparable 

product, including the cost of receiving 

the underlying data feeds. 

The Exchange notes that another 

market participant seeking to distribute 

a competing product to NYSE BQT 

might engage in a different analysis of 

assessing the cost of a competing 

product, which may incorporate passing 

through fees associated with co-location 

at the Mahwah, New Jersey data center. 

However, the incremental co-location 

cost to a particular vendor might be 

inconsequential if such vendor is 

already co-located and is able to allocate 

its co-location costs over numerous 

product and customer relationships. 

The Exchange therefore believes that a 

vendor could create and offer a product 

similar to NYSE BQT on a costcompetitive basis. 

The Exchange notes that the proposed 

change is not otherwise intended to 

address any other issues, and the 

Exchange is not aware of any problems 

that member organizations or others 

would have in complying with the 

proposed rule change. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the Act,7

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

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

it provides an equitable allocation of 

reasonable fees among its members, 

issuers, and other persons using its 

facilities and is not designed to permit 

unfair discrimination among customers, 

issuers, brokers, or dealers. The 

Exchange also believes that the 

proposed rule change is consistent with 

Section 11(A) of the Act 9 in that it is 

consistent with (i) fair competition 

among brokers and dealers, among 

exchange markets, and between 

exchange markets and markets other 

than exchange markets; and (ii) the 

availability to brokers, dealers, and 

investors of information with respect to 

quotations for and transactions in 

securities. Furthermore, the proposed 

rule change is consistent with Rule 603 

of Regulation NMS,10 which provides 

that any national securities exchange 

that distributes information with respect 

to quotations for or transactions in an 

NMS stock do so on terms that are not 

unreasonably discriminatory. 

The Exchange believes that the 

proposed $1,000/month access fee for 

NYSE BQT is reasonable because it 

represents the value for the data 

aggregation and consolidation function 

that the Exchange performs. The 

Exchange further believes that the 

proposed $1,000/month access fee is not 

designed to permit unfair 

discrimination because all market data 

recipients that would subscribe to NYSE 

BQT would be charged the same access 

fee. 

The Exchange further believes that 

requiring market data recipients to 

separately subscribe to and pay for the 

six underlying data feeds to NYSE BQT 

is reasonable because by design, NYSE 

BQT represents an aggregated and 

consolidated version of those existing 

six data feeds. The Exchange notes that 

it is not seeking with this filing to 

establish fees relating to the underlying 

six BBO and Trades data feeds, as those 

fees have already been established 

consistent with Section 19(b)(3)(A) of 

the Act 11 and Rule 19b–4(f)(2) 12

thereunder, and which may be amended 

from time to time. However, the 

Exchange believes it would be unfair if 

it did not require NYSE BQT data feed 

recipients to separately subscribe to and 

pay for those six feeds because 

otherwise, NYSE BQT data feed 

recipients would be receiving a data 

product that includes such underlying 

data at a lower cost than separately 

subscribing to the underlying data feeds. 

Similarly, the Exchange believes that it 

would be reasonable to charge separate 

Professional User or Non-Professional 

User fees if a market data recipient 

chooses to receive both NYSE BQT and 

a separate dissemination of the six 

underlying data feeds in a nonconsolidated form. The Exchange 

believes that such delivery would 

constitute two separate uses of the 

underlying data feeds and thus should 

be charged accordingly, consistent with 

the existing fee schedule for those 

market data products. The Exchange 

therefore believes that the proposed fee 

structure for NYSE BQT would not be 

lower than the cost to another party to 

create a comparable product, including 

the cost of receiving the underlying data 

feeds. 

The Exchange notes that its proposed 

fee structure is similar to the fee 

structure for NLS Plus. NLS Plus is a 

data product that is offered by an 

affiliate of The NASDAQ Stock Market, 

Inc. (‘‘NASDAQ’’) that is not a selfregulatory organization. NLS Plus 

provides access to all NASDAQ OMX 

U.S. markets’ last sale data as well as 

consolidated volume, including all trade 

data from NASDAQ, the FINRA/

NASDAQ Trade Reporting Facility 

(‘‘TRF’’), NASDAQ OMX BX, and 

NASDAQ OMX PSX. NLS Plus also 

provides consolidated volume 

information as part of each trade 

message. To receive NLS Plus, the 

recipient must pay the fees for one or 

more NASDAQ underlying data feeds, 

plus an annual administrative fees 

attributable to each affiliated 

exchange.13 In addition, BATS Global 

Markets (‘‘BATS’’) has announced that it 

intends to offer a market data product 

that provides a unified view of the 

aggregated best bid and offer, last sale, 

and optional depth information (five 

levels), including size, for all four equity 

exchanges operated by BATS.14 The 

mstockstill on DSK4VPTVN1PROD with NOTICES

75202 Federal Register / Vol. 79, No. 242 / Wednesday, December 17, 2014 / Notices 

69142 (Nov. 20, 2014) (SR–BATS–2014–055); 73595 

(Nov. 14, 2014), 79 FR 69160 (Nov. 20, 2014) (SR– 

BYX–2014–030); 73596 (Nov. 14, 2014), 79 FR 

69148 (Nov. 20, 2014) (SR–EDGA–2014–25); and 

73597 (Nov. 14, 2014), 79 FR 69180 (Nov. 20, 2014) 

(SR–EDGX–2014–25). 

15The Exchange believes that cost-based pricing 

would be impractical because it would create 

enormous administrative burdens for all parties, 

including the Commission, to cost-regulate a large 

number of participants and standardize and analyze 

extraordinary amounts of information, accounts, 

and reports. In addition, it is impossible to regulate 

market data prices in isolation from prices charged 

by markets for other services that are joint products. 

Cost-based rate regulation would also lead to 

litigation and may distort incentives, including 

those to minimize costs and to innovate, leading to 

further waste. Under cost-based pricing, the 

Commission would be burdened with determining 

a fair rate of return, and the industry could 

experience frequent rate increases based on 

escalating expense levels. Even in industries 

historically subject to utility regulation, cost-based 

ratemaking has been discredited. As such, the 

Exchange believes that cost-based ratemaking 

would be inappropriate for proprietary market data 

and inconsistent with Congress’s direction that the 

Commission use its authority to foster the 

development of the national market system, and 

that market forces will continue to provide 

appropriate pricing discipline. See Appendix C to 

NYSE’s comments to the Commission’s 2000 

Concept Release on the Regulation of Market 

Information Fees and Revenues, which can be 

found on the Commission’s Web site at http://

www.sec.gov/rules/concept/s72899/buck1.htm. 

16 78 U.S.C. 78f(b)(8). 

17See NYSE BQT Approval Order, supra note 4. 

18See supra note 15. 

Exchange believes that NYSE BQT will 

offer a competitive alternative to the 

NASDAQ product and the proposed 

BATS product. 

The Exchange further believes that the 

proposed NYSE BQT fee structure is 

equitable and not unfairly 

discriminatory because all vendors and 

subscribers that elect to purchase NYSE 

BQT would be charged the same fees. In 

addition, vendors and subscribers that 

do not wish to purchase NYSE BQT may 

separately purchase the six individual 

underlying products, and if they so 

choose, perform a similar aggregation 

and consolidation function that the 

Exchange performs in creating NYSE 

BQT. To enable such competition, the 

Exchange is offering NYSE BQT on 

terms that a subscriber of those six feeds 

could offer a competing product if it so 

chooses. 

The Exchange also notes that the use 

of NYSE BQT is entirely optional. Firms 

have a wide variety of alternative 

market data products from which to 

choose, including the exchanges’ own 

underlying data products, the NASDAQ 

and BATS proprietary data products 

described in this filing, and 

consolidated data. Moreover, the 

Exchange is not required to make any 

proprietary data products available or to 

offer any specific pricing alternatives to 

any customers. 

In addition, the fees that are the 

subject of this rule filing are constrained 

by competition. As explained below in 

the Exchange’s Statement on Burden on 

Competition, the existence of 

alternatives to these data products 

further ensures that the Exchange 

cannot set unreasonable fees, or fees 

that are unreasonably discriminatory, 

when vendors and subscribers can elect 

such alternatives. That is, the Exchange 

competes with other exchanges (and 

their affiliates) that provide similar 

‘‘best quote and trade’’ market data 

products. If another exchange (or its 

affiliate) were to charge less to 

consolidate and distribute its similar 

product than the Exchange charges to 

consolidate and distribute NYSE BQT, 

prospective users likely would not 

subscribe to, or would cease subscribing 

to, NYSE BQT. In addition, the 

Exchange would compete with 

unaffiliated market data vendors who 

would be in a position to consolidate 

and distribute the same data that 

comprises the NYSE BQT feed into the 

vendor’s own comparable market data 

product. If the third-party vendor is able 

to provide the exact same data for a 

lower cost, prospective users would 

avail themselves of that lower cost and 

elect not to take NYSE BQT. 

The Exchange notes that the 

Commission is not required to 

undertake a cost-of-service or 

ratemaking approach. The Exchange 

believes that, even if it were possible as 

a matter of economic theory, cost-based 

pricing for non-core market data would 

be so complicated that it could not be 

done practically.15

For these reasons, the Exchange 

believes that the proposed fees are 

reasonable, equitable, and not unfairly 

discriminatory. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

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

the Act,16 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. 

As noted above, the NYSE BQT data 

feed represents aggregated and 

consolidated information of six existing 

market data feeds. Although the 

Exchange, NYSE Arca, and NYSE MKT 

are the exclusive distributors of the six 

BBO and Trades feeds from which 

certain data elements are taken to create 

the NYSE BQT, the Exchange may not 

be the exclusive distributor of the 

aggregated and consolidated 

information that comprises the NYSE 

BQT data feed. Any other market data 

recipient of the six BBO and Trades 

feeds would be able, if they chose, to 

create a data feed with the same 

information as the NYSE BQT and 

distribute it to their clients on a levelplaying field with respect to latency and 

cost as compared to the Exchange’s 

product.17

The Exchange further believes that the 

proposed monthly access fee the 

Exchange proposes to charge clients for 

NYSE BQT would be pro-competitive 

because another market data recipient 

could perform a similar aggregating and 

consolidating function and similarly 

charge for such service. The Exchange 

notes that a competing vendor might 

engage in a different analysis of 

assessing the cost of a competing 

product, which may incorporate passing 

through fees associated with co-location 

at the Mahwah, New Jersey data center. 

However, the incremental co-location 

costs to a particular vendor may be 

inconsequential if such vendor is 

already co-located and is able to allocate 

its co-location costs over numerous 

product and customer relationships. 

The Exchange therefore believes that a 

competing vendor could create and offer 

a product similar to the NYSE BQT data 

feed at a similar cost. For these reasons, 

the Exchange believes that vendors 

could readily offer a product similar to 

NYSE BQT on a competitive basis. 

Finally, the Exchange notes that there 

is already actual competition for 

products similar to NYSE BQT. 

NASDAQ already offers NASDAQ Basic, 

a filed market data product, and through 

its affiliate, offers NLS Plus, which 

provides a unified view of last trade 

information similar to NYSE BQT. In 

addition, BATS has recently filed to 

adopt a similar market data product.18

The existence of these competing data 

products demonstrates that there is 

ample, existing competition for 

products such as NYSE BQT and the 

fees associated with such products are 

constrained by that competition. 

As such, in establishing the proposed 

fees, the Exchange considered the 

competitiveness of the market for 

proprietary data and all of the 

implications of that competition. The 

Exchange believes that it has considered 

all relevant factors and has not 

considered irrelevant factors in order to 

establish fair, reasonable, and not 

unreasonably discriminatory fees and an 

equitable allocation of fees among all 

users. The existence of alternatives to 

NYSE BQT, including the six 

underlying feeds, consolidated data, and 

proprietary data from other sources, 

ensures that the Exchange cannot set 

unreasonable fees, or fees that are 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 79, No. 242 / Wednesday, December 17, 2014 / Notices 75203 

19 15 U.S.C. 78s(b)(3)(A)(ii). 

20 17 CFR 240.19b–4(f)(2). 

21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.16b–4. 

3CHX Article 1, Rule 2(f)(3) defines ‘‘Round Lot’’ 

as ‘‘an order of 100 shares, unless otherwise 

determined by the Committee on Exchange 

Procedure.’’ 

unreasonably discriminatory, when 

vendors and subscribers can elect these 

alternatives or choose not to purchase a 

specific proprietary data product if its 

cost to purchase is not justified by the 

returns any particular vendor or 

subscriber would achieve through the 

purchase. 

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)(ii) of the Act 19 and 

paragraph (f)(2) of Rule 19b–4 

thereunder.20 At any time within 60 

days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSE–2014–64 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–2014–64. 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 NYSE. 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–NYSE– 

2014–64 and should be submitted on or 

before January 7, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29494 Filed 12–16–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73814; File No. SR–CHX– 

2014–19] 

Self-Regulatory Organizations; 

Chicago Stock Exchange, Inc.; Notice 

of Filing and Immediate Effectiveness 

of a Proposed Rule Change to Amend 

the Applicability of Certain Fees and 

Credits Provided Under the Fee 

Schedule 

December 11, 2014. 

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

Securities Exchange Act of 1934 

(‘‘Act’’)1, and Rule 19b–42 thereunder, 

notice is hereby given that on December 

4, 2014, the Chicago Stock Exchange, 

Inc. (‘‘CHX’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘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 

CHX proposes to amend the 

applicability of certain fees and credits 

provided under the Fee Schedule of the 

CHX (‘‘Fee Schedule’’) and to clarify 

other provisions throughout the Fee 

Schedule. The text of this proposed rule 

change is available on the Exchange’s 

Web site at (www.chx.com) and in 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 

CHX included statements concerning 

the purpose of and basis for the 

proposed rule changes and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

CHX has prepared summaries, set forth 

in sections A, B and C below, of the 

most significant aspects 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 expand the 

scope of Section E.1 of the Fee Schedule 

to include executions resulting from 

single-sided orders for securities that 

trade in Round Lots of less than 100 

shares.3 Moreover, the Exchange 

proposes to amend various provisions 

throughout the Fee Schedule for 

clarification and stylistic consistency. 

Aside from the proposed amendment of 

the scope of Section E.1, the Exchange 

does not propose to substantively 

modify any other fees, assessments, 

credits or rebates. 

Proposed Elimination of Obsolete 

‘‘Effective’’ and ‘‘Operative’’ Dates and 

Capitalization of Defined Terms 

Initially, the Exchange proposes 

certain non-substantive global 

amendments to the Fee Schedule. 

Specifically, the Exchange proposes to 

delete references to obsolete ‘‘effective’’ 

and ‘‘operative’’ dates throughout the 

Fee Schedule, specifically found under: 

• Sections B through E; 

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