Document ID: SEC-2020-0331-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange, LLC; NYSE National, Inc.; NYSE Arca, Inc.; NYSE American LLC
Posted Date: 2020-03-10T04:00Z

[Federal Register Volume 85, Number 47 (Tuesday, March 10, 2020)]
[Notices]
[Pages 13961-13962]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-04787]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88319; File Nos. SR-NYSE-2019-46, SR-NYSENAT-2019-19, 
SR-NYSEArca-2019-61, SR-NYSEAMER-2019-34]

Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE 
National, Inc.; NYSE Arca, Inc.; NYSE American LLC; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change, as 
Modified by Amendment No. 1, To Amend the Exchanges' Co-Location 
Services To Offer Co-Location Users Access to the NMS Network

March 4, 2020.
    On August 22, 2019, New York Stock Exchange LLC, NYSE National, 
Inc., and NYSE Arca, Inc. each filed with the Securities and Exchange 
Commission (``Commission''), pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to amend their co-location fee 
schedules to offer co-location Users access to the ``NMS Network''--an 
alternate, dedicated network providing connectivity to data feeds for 
the National Market System Plans for which Securities Industry 
Automation Corporation (``SIAC'') is engaged as the exclusive 
securities information processor (``SIP'')--and establish associated 
fees. NYSE American LLC filed with the Commission a substantively 
identical filing on August 23, 2019.\3\ The proposed rule changes were 
published for comment in the Federal Register on September 10,

[[Page 13962]]

2019.\4\ On October 24, 2019, the Commission extended the time period 
within which to approve the proposed rule changes, disapprove the 
proposed rule changes, or institute proceedings to determine whether to 
approve or disapprove the proposed rule changes, to December 9, 
2019.\5\ The Commission received one comment letter on the Original 
Proposal, a response from the Exchanges, and a second letter from the 
original commenter.\6\ On December 9, 2019, the Commission instituted 
proceedings to determine whether to approve or disapprove the Original 
Proposal.\7\ On December 23, 2019, the Exchange filed Amendment No. 1 
to the Original Proposal. Amendment No. 1, which superseded and 
replaced the Original Proposal in its entirety, was published for 
comment in the Federal Register on January 15, 2020.\8\ The Commission 
received another comment letter on the proposal, as modified by 
Amendment No. 1, and a response from the Exchanges.\9\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The New York Stock Exchange LLC, NYSE National, Inc., NYSE 
Arca, Inc., and NYSE American, LLC are collectively referred to 
herein as ``NYSE'' or the ``Exchanges.''
    \4\ See Securities Exchange Act Release Nos. 86865 (September 4, 
2019), 84 FR 47592 (SR-NYSE-2019-46); 86869 (September 4, 2019), 84 
FR 47600 (SR-NYSENAT-2019-19); 86868 (September 4, 2019), 84 FR 
47610 (SR-NYSEArca-2019-61); 86867 (September 4, 2019), 84 FR 47563 
(SR-NYSEAMER-2019-34). The proposed rule change as set forth in 
these Notices is referred to as the ``Original Proposal.''
    \5\ See Securities Exchange Act Release Nos. 87399, 84 FR 58189 
(October 30, 2019) (SR-NYSE-2019-46); 87402, 84 FR 58187 (October 
30, 2019) (SR-NYSENAT-2019-19); 87400, 84 FR 58189 (October 30, 
2019) (SR-NYSEArca-2019-61); 87401, 84 FR 58188 (October 30, 2019) 
(SR-NYSEAMER-2019-34).
    \6\ See, respectively, letter dated October 24, 2019 from John 
M. Yetter, Vice President and Senior Deputy General Counsel, Nasdaq 
Stock Market LLC (``Nasdaq''), to Vanessa Countryman, Secretary, 
Commission (``Nasdaq Letter''); letter dated November 8, 2019 from 
Elizabeth K. King, Chief Regulatory Officer, ICE, General Counsel 
and Corporate Secretary, NYSE to Ms. Vanessa Countryman, Secretary, 
Commission (``NYSE Response Letter''); and letter dated November 25, 
2019 from Joan C. Conley, Senior Vice President and Corporate 
Secretary, Nasdaq, to Vanessa Countryman, Secretary, Commission 
(``Nasdaq Letter II''). All comments received by the Commission on 
the proposed rule change are available on the Commission's website 
at: https://www.sec.gov/comments/sr-nyse-2019-46/srnyse201946.htm. 
NYSE filed comment letters on behalf of all of the Exchanges.
    \7\ See Securities Exchange Act Release No. 87699 (December 9, 
2019), 84 FR 68239 (December 13, 2019) (SR-NYSE-2019-46; SR-NYSENAT-
2019-19; SR-NYSEArca-2019-61; SR-NYSEAMER-2019-34) (``OIP'').
    \8\ See Securities Exchange Act Releases No. 87927 (January 9, 
2020), 85 FR 2468 (SR-NYSE-2019-46); 87930 (January 9, 2020), 85 FR 
2459 (SR-NYSENAT-2019-19); 87929 (January 9, 2020), 85 FR 2453 (SR-
NYSEAMER-2019-34); and 87928 (January 9, 2020), 85 FR 2447 (SR-
NYSEArca-2019-61) (``Notice of Amendment No. 1''). Amendment No. 1 
also is available at https://www.sec.gov/comments/sr-nyse-2019-46/srnyse201946-6584636-201247.pdf.
    \9\ See, respectively, letter dated February 5, 2020 from Joan 
C. Conley, Senior Vice President and Corporate Secretary, Nasdaq, to 
Vanessa Countryman, Secretary, Commission (``Nasdaq Letter III'') 
and letter dated February 25, 2020 from Elizabeth K. King, Chief 
Regulatory Officer, ICE, General Counsel and Corporate Secretary, 
NYSE to Ms. Vanessa Countryman, Secretary, Commission (``NYSE 
Response Letter II''). All comments received by the Commission on 
the proposed rule change are available on the Commission's website 
at: https://www.sec.gov/comments/sr-nyse-2019-46/srnyse201946.htm. 
NYSE filed comment letters on behalf of all of the Exchanges.
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    Section 19(b)(2) of the Act \10\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of the filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. The 
proposed rule changes were published for comment in the Federal 
Register on September 10, 2019.\11\ The 180th day after publication of 
the Notice is March 8, 2020. The Commission is extending the time 
period for approving or disapproving the proposal for an additional 60 
days.
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    \10\ 15 U.S.C. 78s(b)(2).
    \11\ See supra note 4.
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    The Commission finds that it is appropriate to designate a longer 
period within which to issue an order approving or disapproving the 
proposed rule change so that it has sufficient time to consider the 
proposed rule change, as modified by Amendment No. 1, along with the 
comment received on Amendment No. 1 and the Exchange's response. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\12\ designates May 7, 2020, as the date by which the Commission 
should either approve or disapprove the proposed rule change (File Nos. 
SR-NYSE-2019-46, SR-NYSENAT-2019-19, SR-NYSEArca-2019-61, SR-NYSEAMER-
2019-34), as modified by Amendment No. 1.
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    \12\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-04787 Filed 3-9-20; 8:45 am]
 BILLING CODE 8011-01-P