Document ID: SEC-2014-1342-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2014-08-08T04:00Z

[Federal Register Volume 79, Number 153 (Friday, August 8, 2014)]
[Notices]
[Pages 46494-46498]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-18747]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72750; File No. SR-NYSE-2014-40]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change Establishing the NYSE Best 
Quote & Trades Data Feed

August 4, 2014.
    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 July 21, 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 self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to establish the NYSE Best Quote & Trades 
(``NYSE BQT'') 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 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 Exchange proposes to establish the NYSE BQT data feed. The NYSE 
BQT data feed would provide a unified view of best bid and offer 
(``BBO'') and

[[Page 46495]]

last sale information for the Exchange and its affiliates, NYSE Arca 
Equities, Inc. (``NYSE Arca'') and NYSE MKT LLC (``NYSE MKT'').
Background
    In 2009, the Securities and Exchange Commission (the 
``Commission'') approved the NYSE Trades data feed and certain fees for 
it.\3\ NYSE Trades is an NYSE-only market data feed that distributes on 
a real-time basis the same last sale information that the Exchange 
reports under the Consolidated Tape Association (``CTA'') Plan for 
inclusion in the CTA Plan's consolidated data streams.
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    \3\ See Securities Exchange Act Release Nos. 59290 (Jan. 23, 
2009), 74 FR 5707 (Jan. 30, 2009) (SR-NYSE-2009-05); 59606 (Mar. 19, 
2009), 74 FR 13293 (Mar. 26, 2009) (SR-NYSE-2009-04).
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    NYSE Arca established the NYSE Arca Trades data feed in 2009, and 
NYSE MKT established the NYSE MKT Trades data feed in 2010.\4\ Similar 
to NYSE Trades, NYSE Arca Trades is an NYSE Arca-only data feed and 
NYSE MKT Trades is an NYSE MKT-only data feed. As with NYSE Trades, the 
NYSE Arca Trades and NYSE MKT Trades data feeds each distribute on a 
real-time basis the same last sale information that NYSE Arca and NYSE 
MKT report, respectively, under the CTA Plan for inclusion in the CTA 
Plan's consolidated data streams.
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    \4\ See Securities Exchange Act Release Nos. 59289 (Jan. 23, 
2009), 74 FR 5711 (Jan. 30, 2009) (SR-NYSEArca-2009-06); 59598 (Mar. 
18, 2009), 74 FR 12919 (Mar. 25, 2009) (SR-NYSEArca-2009-05); 62187 
(May 27, 2010), 75 FR 31500 (June 3, 2010) (SR-NYSEAmex-2010-35).
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    In 2010, the Commission approved the NYSE BBO data feed and certain 
fees for it.\5\ NYSE BBO is an NYSE-only market data feed that 
distributes on a real-time basis the same BBO information that the 
Exchange reports under the Consolidated Quotation (``CQ'') Plan for 
inclusion in the CQ Plan's consolidated quotation information data 
stream. The data feed includes the best bids and offers for all 
securities that are traded on the Exchange and for which NYSE reports 
quotes under the CQ Plan.
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    \5\ See Securities Exchange Act Release No. 62181 (May 26, 
2010), 75 FR 31488 (June 3, 2010) (SR-NYSE-2010-30).
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    In 2010, the Commission also approved the NYSE Arca BBO and NYSE 
MKT BBO data feeds and associated fees.\6\ As with NYSE BBO, NYSE Arca 
BBO is an NYSE Arca-only market data feed and NYSE MKT BBO is an NYSE 
MKT-only market data feed. Similar to NYSE BBO, NYSE Arca BBO and NYSE 
MKT BBO each distribute on a real-time basis the same BBO information 
that NYSE Arca and NYSE MKT report, respectively, under the CQ Plan for 
inclusion in the CQ Plan's consolidated quotation information data 
stream. NYSE Arca BBO includes the best bids and offers for all 
securities that are traded on NYSE Arca and for which NYSE Arca reports 
quotes under the CQ Plan. NYSE MKT includes the best bids and offers 
for all securities that are traded on NYSE MKT and for which NYSE MKT 
reports quotes under the CQ Plan.
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    \6\ See Securities Exchange Act Release Nos. 62188 (May 27, 
2010), 75 FR 31484 (June 3, 2010) (SR-NYSEArca-2010-23); 62187 (May 
27, 2010), 75 FR 31500 (June 3, 2010) (SR-NYSEAmex-2010-35).
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Proposed NYSE BQT Data Feed
    In response to customer requests, the Exchange proposes to 
establish the NYSE BQT data feed, a data feed consisting 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. The 
Exchange does not currently offer this product. The NYSE BQT data feed 
would have 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 last sale channel provides an aggregation of the same data that 
is available through NYSE Trades, NYSE Arca Trades, and NYSE MKT 
Trades.
    The best quotes channel provides the NYSE BQT BBO, which is the 
best quote from among the NYSE BBO, NYSE Arca BBO, and NYSE MKT BBO 
based on the following criteria, in order:
     Price: the exchange with the highest bid or the lowest 
offer has overall priority;
     Size: the largest size takes precedence when multiple 
exchanges submit the same bid and/or offer price; and
     Time: the earliest time takes precedence when multiple 
exchanges submit the same bid and/or offer price with the same sizes.
    For each security, the best quotes channel would only include one 
best bid and one best offer from among the three exchanges. The NYSE 
BQT BBO would be marked with a market center ID identifying the 
exchange from which the BBO originated. For example, if XYZ stock were 
traded on both NYSE and NYSE Arca, and the highest bid and lowest offer 
according to the NYSE BBO were 1,000 shares at $10.00 and 1,000 shares 
at $10.03, respectively, and the highest bid and lowest offer for XYZ 
stock according to the NYSE Arca BBO were 1,200 shares at $9.99 and 900 
shares at $10.02, respectively, then NYSE BQT would generate the best 
bid for XYZ stock as 1,000 shares at $10.00 on NYSE and the best offer 
at 900 shares at $10.02 on NYSE Arca.
    The consolidated volume channel will carry consolidated volume for 
all listed equities in a manner consistent with the requirements for 
redistributing such data as set forth in the securities information 
processor plans.\7\
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    \7\ The ``securities information processor plans'' refer to the 
CTA Plan and Nasdaq UTP Plan. See Telephone conversation between 
Leah Mesfin, Special Counsel, Division of Trading & Markets, 
Commission, and Marija Willen, Chief Counsel of NYSE Group Inc., 
NYSE (July 30, 2014).
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    NYSE BQT would also provide related data elements, such as trade 
and security status updates (e.g., trade corrections and trading 
halts).
    The Exchange proposes to offer NYSE BQT through the Exchange's 
Secure Financial Transaction Infrastructure (``SFTI'') network and 
market data vendors, as the Exchange does with its other proprietary 
market data products.
    The Exchange believes that NYSE BQT would provide high-quality, 
comprehensive last sale and BBO data for the Exchange, NYSE Arca, and 
NYSE MKT in a unified view and respond to subscriber demand for such a 
product. The Exchange notes that an anticipated end user might use NYSE 
BQT for purposes of identifying an indicative price of Tape A, B, and C 
securities through leveraging the depth and breadth of NYSE, NYSE Arca, 
and NYSE MKT without having to purchase consolidated data and thus it 
would not be a latency-sensitive product. The Exchange does not 
anticipate that an end user would, or could, use the NYSE BQT data for 
purposes of making order-routing or trading decisions. Rather, the 
Exchange notes that under Rule 603 of Regulation NMS, NYSE BQT could 
not be substituted for consolidated data in all instances in which 
consolidated data is used and certain subscribers would still be 
required to purchase consolidated data for trading and order-routing 
purposes.\8\
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    \8\ 17 CFR 242.603(c).
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Exchange Not an Exclusive Distributor of NYSE BQT
    The Exchange proposes to offer the NYSE BQT data feed in a capacity 
similar to that of a vendor. The Exchange, NYSE Arca, and NYSE MKT are 
the exclusive distributors of the six BBO and Trades feeds \9\ from 
which certain data elements would be taken to create the NYSE BQT. By 
contrast, the Exchange would not be the exclusive

[[Page 46496]]

distributor of the aggregated and consolidated information that would 
compose the proposed NYSE BQT data feed. Other vendors would be able, 
if they chose, to create a data feed with the same information as 
proposed for inclusion in NYSE BQT, and to distribute it to clients 
with no greater latency than the Exchange would be able to distribute 
NYSE BQT. In addition, the pricing the Exchange would charge clients 
for NYSE BQT would not be lower than the cost to a vendor of receiving 
the underlying data feeds and of maintaining co-located operations to 
receive such data feeds with no greater latency than the Exchange.
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    \9\ These other data feeds are offered pursuant to pre-existing 
and already effective rules filed with the Commission; those rules 
will not be altered by this filing.
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    After creating the NYSE BQT, the Exchange would distribute this 
data feed through SFTI and market data vendors. The path for 
distribution by the Exchange of this data would not be faster than a 
vendor that independently created an NYSE BQT-like product could 
distribute its own product. As such, the proposed NYSE BQT data feed is 
a data product that a competing vendor could create and sell without 
being in a disadvantaged position relative to the Exchange. In 
recognition that the Exchange is the source of its own market data and 
is affiliated with NYSE Arca and NYSE MKT, the Exchange represents that 
the source of the market data it uses to create the proposed NYSE BQT 
is the same as the source available to other vendors.
    With respect to latency, the Exchange, NYSE Arca, and NYSE MKT are 
located in the same data center in Mahwah, New Jersey. The system 
creating and supporting the proposed NYSE BQT data feed would need to 
obtain the six underlying data feeds from these three exchanges before 
it could aggregate and consolidate information to create NYSE BQT and 
then distribute it to end users. The Exchange also offers third parties 
access to its data center through co-location. Accordingly, a competing 
market data vendor co-located in the Exchange's Mahwah, New Jersey 
facility offering a similar competing product would similarly need to 
obtain the six underlying data feeds.
    The Exchange has designed the NYSE BQT data feed so that it would 
not have a competitive advantage over a competing vendor with respect 
to the speed of access to those six underlying data feeds. Likewise, 
the NYSE BQT data feed would not have a speed advantage vis-[agrave]-
vis competing vendors co-located in the data center with respect to 
access to end user customers, whether those end users are also co-
located or not. As such, a market data vendor could perform the 
aggregation and consolidation function in the Mahwah facility and 
redistribute a competing product from that location to similarly 
situated customers on a level playing field with respect to the speed 
that the Exchange could create and redistribute the NYSE BQT data feed.
    With respect to cost, the Exchange will file a separate rule filing 
to establish the fees for NYSE BQT. To ensure that vendors could 
compete with the Exchange by creating the same product as NYSE BQT and 
sell it to their clients, the Exchange would charge its clients for the 
NYSE BQT feed an amount that represents the cost to a market data 
vendor to obtain the six underlying data feeds, plus $1,000 per month 
to reflect the value of the aggregation and consolidation function. 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 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 competing vendor could create and offer a product 
similar to the proposed 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.
    The Exchange will announce the effective date of the proposed rule 
change in a notice to be published as soon as practicable following 
approval of the proposed rule change by the Commission. The Exchange 
anticipates making available the NYSE BQT data feed as soon as 
practicable after approval of the proposed rule change by the 
Commission.
2. Statutory Basis
    As noted above, the Exchange would be acting in the capacity of a 
vendor with respect to the proposed NYSE BQT data feed. The proposed 
NYSE BQT data feed is a product that relies on the Exchange's receipt 
of underlying data, which is available to all market participants, 
before it can aggregate and consolidate information to create the NYSE 
BQT; this is a process that a competing vendor could also perform. 
Accordingly, although the Exchange might be the only distributor of the 
NYSE BQT data feed initially, it is not an exclusive position to 
provide a product like the NYSE BQT data feed. Because the Exchange is 
acting in a vendor capacity, the Exchange does not believe that its 
proposed NYSE BQT data feed is subject to review under the Act.\10\ 
Nonetheless, the Exchange believes that the proposed rule change is 
consistent with Section 6(b) \11\ of the Act, in general, and furthers 
the objectives of Section 6(b)(5) \12\ of the Act, in particular, in 
that it is designed 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.
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    \10\ The Exchange reserves the right to argue, with respect to 
the NYSE BQT data feed or any other product, that there is no 
requirement for a filing under Section 19 of the Act to enable the 
Exchange to offer such products.
    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
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    Specifically, the Exchange has taken into consideration its 
affiliated relationship with NYSE Arca and NYSE MKT in its design of 
the NYSE BQT data feed to assure that similarly situated competing 
vendors would be able to offer a similar product on the same terms as 
the Exchange, both from the perspective of latency and cost. As 
discussed in detail above, the Exchange proposes to begin offering the 
NYSE BQT data feed voluntarily in response to demand from vendors and 
subscribers that are interested in receiving BBO and last sale 
information from the Exchange, NYSE Arca, and NYSE MKT in a unified 
view. Specifically, portfolio managers, wealth managers, back-office 
employees, and others are looking for a cost-effective, easy-to-
administer, high-quality market data product with the characteristics 
of the NYSE BQT data feed. The NYSE BQT data feed will help to protect 
a free and open market by providing vendors and subscribers with 
additional choices in receiving this type of market data, thus 
promoting competition and innovation.
    The Exchange believes that NYSE BQT will offer an alternative to 
the use of consolidated data products and proprietary data products 
such as NASDAQ Basic and NLS Plus in certain circumstances. NASDAQ 
Basic, which is offered by The NASDAQ Stock Market, Inc. (``NASDAQ'') 
pursuant to NASDAQ Rule 7047, provides best bid and offer and last sale 
information for all U.S. exchange-listed securities (including NYSE and 
its affiliates) based on liquidity within NASDAQ, as well as trades 
reported to the FINRA/NASDAQ Trade Reporting Facility (``TRF''), 
including NASDAQ last sale, NASDAQ

[[Page 46497]]

BBO, NASDAQ opening and closing prices, and other market status 
information. According to NASDAQ, seven vendors offer and more than 
1,000 firms subscribe to NASDAQ Basic, including 9 of the 10 largest 
banks.\13\
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    \13\ See NASDAQ Basic, Doing More with Less, available at http://www.brainshark.com/nasdaqomx/vu?pi=zG8z33O6ozAgBpz0&tx=preview&preview=1 and http://www.nasdaqtrader.com/Trader.aspx?id=nasdaqbasic#vendors.
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    NLS Plus is a data product that is offered by NASDAQ OMX 
Information, LLC, a NASDAQ affiliate that is not a self-regulatory 
organization (``SRO''); neither NLS Plus nor its pricing was subject to 
the rule filing process. NLS Plus provides all trade data from NASDAQ, 
the FINRA/NASDAQ TRF, NASDAQ OMX BX, and NASDAQ OMX PSX, as well as 
consolidated volume information as part of each trade message.\14\
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    \14\ See NLS Product page, available at http://www.nasdaqtrader.com/Trader.aspx?id=NLSplus. BATS Exchange, Inc. has 
announced its intention to offer the BATS One Feed, which will 
deliver aggregated quote, trade, and optional depth information for 
all four U.S. equity exchanges operated by BATS, as of August 1, 
2014, available at http://cdn.batstrading.com/resources/market_data/products/bats_bats-one-feed.pdf.
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    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.\15\ The Exchange believes that NYSE BQT 
will offer a competitive alternative to the two existing NASDAQ 
products and the proposed BATS product, but notes that, unlike BATS, it 
is offering NYSE BQT in the capacity of a vendor.
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    \15\ See http://cdn.batstrading.com/resources/press_releases/BATS-One-Announcement-FINAL.pdf. BATS has also submitted rule 
filings on behalf it its four exchanges to the Commission on the 
basis that its proposed unified feed is a proprietary market data 
product. See also SR-BATS-2014-028, SR-BYX-2014-011, SR-EDGA-2014-
16, and SR-EDGX-2014-19.
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    In addition, the proposal would not permit unfair discrimination 
because the product will be available to all of the Exchange's 
customers through SFTI and market data vendors on an equivalent basis. 
In addition, any customer that wished to continue to be able to 
purchase one or more of the individual underlying data feeds would be 
able to do so.
    In addition, the Exchange does not believe that the proposal would 
permit unfair discrimination among customers, brokers, or dealers and 
thus is consistent with the Act because the Exchange will be offering 
the product on terms that a competing vendor could offer a competing 
product. Specifically, the proposed data feed does not represent 
Exchange core data, but rather a new product that represents an 
aggregation and consolidation of existing, previously filed market data 
products of the Exchange, NYSE Arca, and NYSE MKT. As such, a competing 
vendor could similarly obtain the six underlying data feeds and perform 
a similar aggregation and consolidation function to create the same 
data product with the same latency. More specifically, a competing 
vendor that is co-located in the Exchange's Mahwah, New Jersey data 
center could obtain the six underlying data feeds from the Exchange, 
NYSE Arca, and NYSE MKT on the same latency basis as the system that 
would be performing the aggregation and consolidation of the proposed 
NYSE BQT data feed and provide the same type of product to its 
customers with the same latency they could achieve by purchasing the 
NYSE BQT product from the Exchange. As such, the Exchange would not 
have any unfair advantage over competing vendors with respect to 
obtaining data from NYSE Arca and NYSE MKT; in fact, the technology 
supporting the NYSE BQT data feed would similarly need to obtain the 
Exchange's data feed as well and even this connection would be on a 
level playing field with a competing vendor co-located at the data 
center. In addition, the Exchange would be charging for the proposed 
NYSE BQT data feed competitively with the price that a competing vendor 
could assess for a competing product.

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 Exchange proposes to offer 
the NYSE BQT data feed in a capacity similar to that of a vendor. 
Although the Exchange, NYSE Arca, and NYSE MKT are the exclusive 
distributors of the six BBO and Trades feeds from which certain data 
elements would be taken to create the NYSE BQT, the Exchange would not 
be the exclusive distributor of the aggregated and consolidated 
information that would compose the proposed NYSE BQT data feed. Vendors 
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 
level-playing field with respect to latency and cost as compared to the 
Exchange's proposed BQT data feed. In addition, the pricing the 
Exchange would charge clients for NYSE BQT would not be lower than the 
cost to a vendor of receiving the underlying data feeds and of 
maintaining co-located operations to receive and distribute such data 
feeds with no greater latency than the Exchange.
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    \16\ 15 U.S.C. 78f(b)(8).
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    With respect to latency, the Exchange, NYSE Arca, and NYSE MKT are 
located in the same data center in Mahwah, New Jersey. The system 
creating and supporting the proposed NYSE BQT data feed would need to 
obtain the six underlying data feeds from these three exchanges before 
it could aggregate and consolidate information to create NYSE BQT and 
then distribute it to end users. A competing market data vendor co-
located at the Exchange's Mahwah, New Jersey facility offering a 
similar competing product would similarly need to obtain the six 
underlying data feeds.
    The Exchange has designed the NYSE BQT data feed so that it would 
not have a competitive advantage over a competing vendor with respect 
to the speed of access to those six underlying data feeds. Likewise, 
the NYSE BQT data feed would not have a speed advantage vis-[agrave]-
vis competing vendors co-located in the data center with respect to 
access to end user customers, whether those end users are also co-
located or not. As such, a market data vendor could perform the 
aggregation and consolidation function in the Mahwah facility and 
redistribute a competing product from that location to similarly 
situated customers on a level-playing field with respect to the speed 
that the Exchange could create and redistribute the NYSE BQT data feed.
    With respect to cost, the Exchange will file a separate rule filing 
to establish the fees for NYSE BQT. To ensure that vendors could 
compete with the Exchange by creating the same product as NYSE BQT and 
sell it to their clients, the Exchange would charge its clients for the 
NYSE BQT feed an amount that represents the cost to a market data 
vendor to obtain the six underlying data feeds, plus $1,000 per month 
to reflect both the value of the aggregation and consolidation 
function. 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

[[Page 46498]]

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 proposed 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.
    The Exchange further believes that NYSE BQT will promote 
competition among exchanges by offering an alternative to NASDAQ Basic 
and NLS Plus, which are already offered by NASDAQ. As noted above, 
seven vendors are already offering and more than 1,000 firms are 
already subscribing to NASDAQ Basic, including 9 of the 10 largest 
banks.\17\ BATS also has announced that it intends to offer a market 
data product that is similar to the NASDAQ products and NYSE BQT.\18\ 
For these reasons, the Exchange believes that offering NYSE BQT will 
promote, rather than unnecessarily or inappropriately burden, 
competition for market data products that are offered in the capacity 
as a vendor and are not core exchange market data products.
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    \17\ See supra note 12.
    \18\ See http://cdn.batstrading.com/resources/press_releases/BATS-One-Announcement-FINAL.pdf, supra note 15.
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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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days of such 
date (i) as the Commission may designate if it finds such longer period 
to be appropriate and publishes its reasons for so finding or (ii) as 
to which the Exchange consents, the Commission shall:
    (A) By order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be 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-NYSE-2014-40 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-2014-40. 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-2014-40 and should be 
submitted on or before August 29, 2014.
    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-18747 Filed 8-7-14; 8:45 am]
BILLING CODE 8011-01-P