Federal Register / Vol. 80, No. 10 / Thursday, January 15, 2015 / Notices 2145 

14See, e.g., NASDAQ Rule 7001(a) (assessing an 

$3,000 annual membership fee); New York Stock 

Exchange Price List 2011, at https://www.nyse.com/ 

publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf 

(assessing a $40,000 annual trading license fee for 

the first two licenses held by a member 

organization). 

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

16 17 CFR 240.19b–4(f). 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

believe that alternatives offer them 

better value. Accordingly, the Exchange 

does not believe that the proposed 

change will impair the ability of 

Members or competing venues to 

maintain their competitive standing in 

the financial markets. 

ADV and TCV Definitions 

The proposal to exclude shares from 

January 12, 2015 up to and including 

January 16, 2015 from the ADV and TCV 

calculations is intended to allow 

Members additional time to monitor the 

migration of the Exchange onto BATS 

technology. Accordingly, the Exchange 

does not believe that the proposed 

change will impair the ability of 

Members or competing venues to 

maintain their competitive standing in 

the financial markets. The proposed 

change will help to promote intramarket 

competition by avoiding a penalty 

Members that might otherwise qualify 

for certain tiered pricing but that, 

because of the technology migration, did 

not participate on the Exchange to the 

extent that they might have otherwise 

participated. The proposed rule change 

will not have an impact on intermarket 

[sic] competition as it will apply to all 

Members equally. 

Membership Fees 

The Exchange believes that increasing 

the annual Membership Fee and 

removing the Trading Rights Fee and 

MPID Fee would not impose any burden 

on competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. The Exchange’s 

membership fees continue to be lower 

than the cost of membership on other 

exchanges,14 and therefore, may 

stimulate intramarket [sic] competition 

by attracting additional firms to become 

Members on the Exchange. In addition, 

membership fees are subject to 

competition from other exchanges. 

Accordingly, if the changes proposed 

herein are unattractive to market 

participants, it is likely the Exchange 

will see a decline in membership and/ 

or trading activity as a result. The 

proposed fee change will not impact 

intermarket [sic] competition because it 

will apply to all Members equally. 

Non-Substantive Clarifying Changes 

The Exchange believes that nonsubstantive, clarifying changes to the 

Fee Schedule would not affect 

intermarket nor intramarket competition 

because none of these changes are 

designed to amend any fee or rebate or 

alter the manner in which the Exchange 

assesses fees or calculates rebates. These 

changes are intended to provide greater 

transparency to Members with regard to 

how the Exchange access fees and 

provides rebates. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

Members or other interested parties. 

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 15 and paragraph (f) of Rule 

19b–4 thereunder.16 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– 

EDGX–2014–37 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–EDGX–2014–37. 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–EDGX– 

2014–37, and should be submitted on or 

before February 5, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00526 Filed 1–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74020; File No. SR–BX– 

2015–002] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Regarding the 

Extranet Access Fee 

January 9, 2015. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on January 2, 

2015, NASDAQ OMX BX, Inc. (‘‘BX’’ 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 


rljohnson on DSK3VPTVN1PROD with NOTICES
2146 Federal Register / Vol. 80, No. 10 / Thursday, January 15, 2015 / Notices 

3BX Options is a facility of BX. 

4The Exchange, NASDAQ OMX PHLX LLC 

(‘‘Phlx’’), and The NASDAQ Stock Market LLC 

(‘‘NASDAQ’’) are self-regulatory organizations 

(‘‘SROs’’) that are wholly owned subsidiaries of The 

NASDAQ OMX Group, Inc. (‘‘NASDAQ OMX’’). 

The Exchange, NOM (a facility of the Exchange 

[sic]), BX Options (a facility of BX), Phlx, and PSX 

(a facility of Phlx) (together with the Exchange 

known as the ‘‘NASDAQ Markets’’), are 

independently filing proposals to conform their 

respective Extranet Access Fee rules to NASDAQ 

Rule 7025. 

5As defined in proposed BX Options Chapter XV, 

Section 3(c), a ‘‘Customer Premises Equipment 

Configuration’’ means any line, circuit, router 

package, or other technical configuration used by an 

extranet provider to provide a direct access 

connection to the Exchange market data feeds to a 

recipient’s site. 

6See Securities Exchange Act Release Nos. 50483 

(October 1, 2004), 69 FR 60448 (October 8, 2004) 

(SR–NASD–2004–118) (establishing the Extranet 

Access Fee on NASDAQ); and 71199 (December 30, 

2013), 79 FR 686 (January 6, 2014) (SR–NASD [sic]– 

2013–159) (notice of filing and immediate 

effectiveness increasing the Extranet Access Fee to 

$1,000). 

7See Securities Exchange Act Release Nos. 59615 

(March 20, 2009), 74 FR 14604 (March 31, 2009) 

(SR–BX–2009–005) (establishing the Extranet 

Access Fee on BX); and 71841 (April 1, 2014), 79 

FR 19129 (April 7, 2014) (SR–BX–2014–015) (notice 

of filing and immediate effectiveness describing 

that the Extranet Access Fee is $750). The Extranet 

Access Fee was also established on PSX. See 

Securities Exchange Act Release No. 71236 (January 

6, 2014), 79 FR 1906 (January 10, 2014) (SR–Phlx– 

2014–01) (notice of filing and immediate 

effectiveness establishing the Extranet Access Fee 

on PSX, and describing that no fee is charged at the 

time of the filing). 

8As noted, BX and other NASDAQ Markets are 

independently filing proposals to conform their 

respective Extranet Access Fee. 

9However, the proposed Section 3(c) language 

does not, because it deals with options, indicate 

that consolidated data includes data disseminated 

by the UTP SIP (as noted in NASDAQ Rule 7025). 

10The Exchange notes that while BX Options 

Chapter XV, Section 3(c) and NASDAQ Rule 7025 

each contain some language particular to the 

relevant exchange, with this proposal the language 

of the two rules is substantively identical. The 

Exchange notes that the statement that Extranet 

providers shall be assessed a total monthly access 

fee of $1,000 per recipient CPE Configuration is not 

in NASDAQ Rule 7025. 

11The Exchange is filing to raise the monthly 

access fee on BX from $750 to $1,000. 

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 add new 

BX Options 3 Chapter XV, Section 3(c) 

(Options Market—Access Services) to 

the Exchange’s Pricing Schedule 

entitled ‘‘Extranet Access Fee’’ (‘‘Pricing 

Schedule’’), which includes description 

about the applicability of the Extranet 

Access Fee. This will conform the 

Exchange’s Pricing Schedule to that of 

other markets. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://

nasdaqomxbx.cchwallstreet.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 

Exchange 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 these 

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 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 purpose of the proposal is to add 

new BX Options Chapter XV, Section 

3(c) entitled ‘‘Extranet Access Fee’’ to 

the Pricing Schedule, which includes 

description about the applicability of 

the Extranet Access Fee. This will 

conform the Exchange’s Pricing 

Schedule to that of other markets.4

Specifically, the Exchange proposes to 

establish the Extranet Access Fee in 

proposed new BX Options Chapter XV, 

Section 3(c) to indicate that certain nonExchange Customer Premises 

Equipment (‘‘CPE’’) Products shall be 

assessed a monthly access fee of $1,000 

per CPE. The Exchange also proposes to 

conform the Extranet Access Fee to that 

of another market, specifically NASDAQ 

Rule 7025, by also indicating that if an 

extranet provider uses multiple CPE 

Configurations 5 to provide market data 

feeds to any recipient the monthly fee 

shall apply to each such CPE 

Configuration; and that no Extranet 

Access Fee will be charged for 

connectivity to market data feeds 

containing only consolidated data. This 

proposal conforms the Extranet Access 

Fee in BX Options Chapter XV, Section 

3(c) to the equivalent fee in NASDAQ 

Rule 7025. 

The Extranet Access Fee was 

introduced a decade ago on NASDAQ 

Rule 7025 as an equity fee.6 The 

Extranet Access Fee was introduced 

about five years ago in BX Rule 7025.7

By this proposal, the Exchange 

normalizes the cost and structure of its 

Extranet Access Fee on BX Options to 

that of the equivalent decade-old 

NASDAQ fee.8

Proposed Section 3(c) of the Fee 

Schedule indicates the same fee as 

NASDAQ Rule 7025, namely $1,000 per 

CPE Configuration, and adds verbatim 

language from NASDAQ Rule 7025 that 

explains the application of the fee.9 As 

proposed, BX Options Chapter XV, 

Section 3(c) will read as follows: 

‘‘Extranet providers that establish a 

connection with the Exchange to offer 

direct access connectivity to market data 

feeds shall be assessed a monthly access 

fee of $1,000 per recipient Customer 

Premises Equipment (‘‘CPE’’) 

Configuration. If an extranet provider 

uses multiple CPE Configurations to 

provide market data feeds to any 

recipient, the monthly fee shall apply to 

each such CPE Configuration. For 

purposes of this Section 3, the term 

‘‘Customer Premises Equipment 

Configuration’’ shall mean any line, 

circuit, router package, or other 

technical configuration used by an 

extranet provider to provide a direct 

access connection to the Exchange 

market data feeds to a recipient’s site. 

No extranet access fee will be charged 

for connectivity to market data feeds 

containing only consolidated data. 

Extranet providers that establish a 

connection with the Exchange pursuant 

to this Section 3 as well as a connection 

pursuant to BX Rule 7025 shall be 

assessed a total monthly access fee of 

$1,000 per recipient CPE 

Configuration.’’ The proposal thus 

conforms BX Options Chapter XV, 

Section 3(c) to NASDAQ Rule 7025, and 

makes them substantively identical.10

The proposal also makes it clear that if 

an extranet provider establishes an 

Extranet connection on BX as well as on 

BX Options, the extranet provider will 

not need to pay a double $1,000 

monthly access fee per CPE, but rather 

only one total monthly access fee of 

$1,000 per CPE. In addition, as 

discussed, there is an equity market and 

an options market under the BX SRO 

license. This proposal brings the 

Extranet Access Fee per BX Rule 7025 

on the equity side to the options side 

per BX Options Chapter XV, Section 

3(c) in conformity with NASDAQ Rule 

7025.11

The proposed Extranet Access Fee 

will, as on NASDAQ, be used to help 

support the Exchange’s costs associated 

with maintaining multiple extranet 

connections with multiple providers. 

These costs include those associated 

with overhead and technology 

infrastructure, administrative, 

maintenance and operational costs. 

Since the inception of Extranet Access 

there have been numerous network 


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Federal Register / Vol. 80, No. 10 / Thursday, January 15, 2015 / Notices 2147 

12The Exchange will inform extranet providers of 

their reporting responsibilities via its public Web 

site. This will include, as an example, reporting 

CPE usage. 

13 15 U.S.C. 78f. 

14 15 U.S.C. 78f(b)(4). 

15For example, NASDAQ Technology Services, a 

subsidiary of the Exchange [sic], pays the applicable 

fee(s) to the Exchange for services covered under 

the Extranet Access Fee. 16 15 U.S.C. 78s(b)(3)(A)(ii). 

infrastructure improvements and 

administrative controls enacted. 

Additionally, the Exchange has 

implemented automated retransmission 

facilities for most of its data clients that 

benefit extranet clients by reducing 

operational costs associated with 

retransmissions. 

As the number of extranets has 

increased, the management of the 

downstream customers has expanded 

and the Exchange has had to ensure 

appropriate reporting and review 

processes, which has resulted in a 

greater cost burden on the Exchange 

over time. The proposed fee will also 

help to ensure that the Exchange is 

better able to closely review reports and 

uncover reporting errors via audits thus 

minimizing reporting issues.12 The 

network infrastructure has increased in 

order to keep pace with the increased 

number of products, which, in turn, has 

caused an increased administrative 

burden and higher operational costs 

associated with delivery via extranets. 

Thus, subsequent to the proposal 

extranet providers that establish a 

connection with the Exchange to offer 

direct access connectivity to market data 

feeds shall be assessed a monthly access 

fee of $1,000 per CPE Configuration. If, 

as discussed below, an extranet provider 

uses multiple CPE Configurations to 

provide market data feeds to any 

recipient, the monthly fee shall apply to 

each such CPE Configuration. 

The Exchange proposes two new 

descriptions to conform the language of 

BX Options Chapter XV, Section 3(c) to 

that of NASDAQ Rule 7025. 

Specifically, the Exchange proposes to 

indicate that if an extranet provider uses 

multiple CPE Configurations to provide 

market data feeds to any recipient, the 

monthly fee shall apply to each such 

CPE Configuration; and that no extranet 

access fee will be charged for 

connectivity to market data feeds 

containing only consolidated data. 

These proposed descriptions should 

serve to reduce any confusion as to the 

applicability of the Extranet Access Fee. 

Moreover, the descriptions would make 

the Exchange’s Extranet Access Fee in 

BX Options Chapter XV, Section 3(c) 

work the same as the equivalent fee in 

NASDAQ Rule 7025, and complete the 

effort to conform the two rules. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,13 in general, and 

with Section 6(b)(4) of the Act,14 in 

particular, in that it provides for the 

equitable allocation of reasonable dues, 

fees and other charges among members 

and issuers and other persons using any 

facility or system which the Exchange 

operates or controls. 

The Exchange believes that its 

proposal to add the Extranet Access Fee 

in BX Options Chapter XV, Section 3(c), 

and to describe the applicability of the 

Extranet Access Fee and thereby 

conform the fee with the equivalent fee 

on NASDAQ, is consistent with the Act. 

All similarly situated extranet 

providers, including the Exchange 

operating its own extranet, that establish 

an extranet connection with the 

Exchange to access market data feeds 

from the Exchange are subject to the 

same fee structure.15 The fee will help 

the Exchange to offset some of the rising 

overhead and technology infrastructure, 

administrative, maintenance and 

operational costs it incurs in support of 

the service. 

If such costs are covered, the service 

may provide the Exchange with a profit. 

As such, the Exchange believes that the 

proposed fee is reasonable and notes 

that this proposal conforms similarlysituated Extranet Access Fee rules on 

BX options, BX equities, and NASDAQ. 

The extranet costs are separate and 

different from the colocation facility 

that is able to recoup these fees by 

charging for servers within the 

associated data centers. Additionally, 

the Exchange believes that the proposed 

change is equitable and not 

unreasonably discriminatory. The 

monthly fee is assessed uniformly to all 

extranet providers that establish a 

connection with the Exchange to offer 

direct access connectivity to market data 

feeds, and is the same for all at $1,000 

per recipient CPE Configuration. Thus, 

any burden arising from the fees is 

necessary in the interest of promoting 

the equitable allocation of a reasonable 

fee. Moreover, firms make decisions on 

how much and what types of data to 

consume on the basis of the total cost of 

interacting with the Exchange or other 

markets and, of course, the Extranet 

Access Fee is but one factor in a total 

platform analysis. 

Additionally, proposed BX Options 

Chapter XV, Section 3(c) contains 

description stating that if an extranet 

provider uses multiple CPE 

Configurations to provide market data 

feeds to any recipient, the monthly fee 

shall apply to each such CPE 

Configuration; and that no Extranet 

Access Fee will be charged for 

connectivity to market data feeds 

containing only consolidated data. This 

description should serve to reduce any 

confusion as to the applicability of this 

fee. 

The proposal provides for the 

equitable allocation of reasonable dues, 

fees and other charges among members 

and issuers and other persons using any 

facility or system which the Exchange 

operates or controls, and is consistent 

with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

The proposed fees are applied 

uniformly among extranet providers, 

which are not compelled to establish a 

connection with the Exchange to offer 

access connectivity to market data feeds. 

For these reasons, any burden arising 

from the fees is necessary in the interest 

of promoting the equitable allocation of 

a reasonable fee. Additionally, firms 

make decisions on how much and what 

types of data to consume on the basis of 

the total cost of interacting with the 

Exchange or other exchanges and, of 

course, the Extranet Access Fee is but 

one factor in a total platform analysis. 

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 

Pursuant to Section 19(b)(3)(A)(ii) of 

the Act,16 the Exchange has designated 

this proposal as establishing or changing 

a due, fee, or other charge imposed by 

the self-regulatory organization on any 

person, whether or not the person is a 

member of the self-regulatory 

organization, which renders the 

proposed rule change effective upon 

filing. 

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 


rljohnson on DSK3VPTVN1PROD with NOTICES
2148 Federal Register / Vol. 80, No. 10 / Thursday, January 15, 2015 / Notices 

17 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. 59544 

(Mar. 9, 2009), 74 FR 11162 (Mar. 16, 2009) (SR– 

NYSE–2008–131) and 62038 (May 5, 2010), 75 FR 

26825 (May 12, 2010) (SR–NYSE–2010–22) (‘‘Unitof-Count Policy filings’’). See also Securities 

Exchange Act Release Nos. 69278 (Apr. 2, 2013), 78 

FR 20973 (April 8, 2013) (SR–2013–25) and 72923 

(Aug. 26, 2014), 79 FR 52079 (Sept. 2, 2014) (SR– 

NYSE–2014–43) (‘‘Non-Display Fee filings’’). 

5A $25,000 per month cap on non-professional 

user fees applies to broker-dealers only. 6See Unit-of-Count Policy filings supra note 4. 7Existing customers approved for the Unit-ofCount Policy for display usage have continued to 

follow the Policy in anticipation of new display fees 

being implemented. 

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– 

BX–2015–002 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–BX–2015–002. 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 

offices 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–BX– 

2015–002, and should be submitted on 

or before February 5, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00528 Filed 1–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74027; File No. SR–NYSE– 

2014–76] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Amending the 

Fees for NYSE OpenBook 

January 9, 2015. 

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 December 

31, 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 amend the 

fees for NYSE OpenBook to: (1) Change 

the way the user fee is calculated and 

applied, operative on January 1, 2015; 

(2) establish eligibility requirements for 

redistribution on a managed nondisplay basis and an access fee for 

managed non-display data recipients, 

operative on January 1, 2015; and (3) 

increase the fee cap for redistributor 

internal support use, operative on 

March 1, 2015. 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 amend the 

fees for NYSE OpenBook,4 as set forth 

on the NYSE Proprietary Market Data 

Fee Schedule (‘‘Fee Schedule’’), as 

follows: 

• To change the way the user fees are 

calculated and applied by eliminating 

the unit-of-count policy, operative on 

January 1, 2015; 

• To establish eligibility requirements 

for redistribution of market data on a 

Managed Non-Display basis and 

establish an access fee for Managed 

Non-Display data recipients, operative 

on January 1, 2015; and 

• To increase the fee cap for 

redistributor internal support use, 

operative on March 1, 2015. 

Changes to the Method of Calculating 

and Applying User Fees 

For display use of the NYSE 

OpenBook data feed, the Fee Schedule 

sets forth a Professional User Fee of $60 

per month or a Non-Professional User 

Fee of $15 per month.5 These user fees 

generally apply to each display device 

that has access to NYSE OpenBook. 

Vendors and subscribers that are 

eligible for the Unit-of-Count Policy 

may avail themselves of an alternative 

method for counting how many user 

fees should be charged for display use 

of the NYSE OpenBook data feed. The 

Unit-of-Count Policy was first 

introduced as an NYSE OpenBook pilot 

in 2009.6 Since April 2013, the Unit-ofCount Policy has applied only to user 

fees associated with display usage.7


rljohnson on DSK3VPTVN1PROD with NOTICES