
[Federal Register Volume 79, Number 219 (Thursday, November 13, 2014)]
[Notices]
[Pages 67491-67494]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-26814]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73553; File No. SR-NYSE-2014-40]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Amendment No. 1 and Order Granting Accelerated Approval to a 
Proposed Rule Change, as Modified by Amendment No. 1, To Establish the 
NYSE Best Quote & Trades Data Feed

November 6, 2014.

I. Introduction

    On July 21, 2014, New York Stock Exchange LLC (``NYSE'' or the 
``Exchange'') 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 establish the NYSE Best Quote & Trades (``NYSE 
BQT'') data feed. The NYSE BQT data feed would provide a unified view 
of 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''). The proposed rule change was published 
for comment in the Federal Register on August 8, 2014.\3\ Two comment 
letters on the proposal have been received: One letter opposing the 
proposal,\4\ and a letter from the Exchange responding to the opposing 
comment letter.\5\ On September 18, 2014, the Commission extended the 
time to act on the proposal until November 6, 2014.\6\ On October 31, 
2014, the Exchange filed Amendment No. 1 to the proposed rule 
change.\7\ The Commission is publishing this Notice and Order to 
solicit comment on Amendment No. 1 and to approve the proposed rule 
change, as modified by Amendment No. 1, on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 72750 (August 4, 
2014), 79 FR 46494.
    \4\ See Letter from Ira D. Hammerman, General Counsel, SIFMA, to 
Kevin M. O'Neill, Deputy Secretary, Commission, dated August 28, 
2014 (``SIFMA Letter'').
    \5\ See Letter from Martha Redding, Chief Counsel, NYSE, dated 
October 31, 2014 (``NYSE Letter'').
    \6\ See Securities Exchange Act Release No. 73137, 79 FR 57160 
(Nov. 24, 2014).
    \7\ In Amendment No. 1, the Exchange modified the proposal to 
(i) remove language proposing specific fee amounts for NYSE BQT, 
(ii) clarify that it intended to propose fees that would be no lower 
than the cost to a vendor of creating a comparable product, 
including the costs of the underlying feeds, and (iii) represent 
that it would not offer NYSE BQT until after the proposal has been 
approved by the Commission, the Exchange has filed fees for NYSE BQT 
with the Commission, and such fees have become effective. The 
Commission notes that the Exchange submitted a comment letter 
attaching Amendment No. 1 on October 31, 2013, and, consequently, 
Amendment No. 1 is available in the public comment file for SR-NYSE-
2014-40 on the Commission's Web site.
    The Exchange has represented that it does not currently offer 
the NYSE BQT data feed.
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II. Description of the Proposal

    The Exchange proposes to establish the NYSE BQT data feed, a data 
feed consisting of certain data elements from six existing market data 
feeds: NYSE Trades, NYSE BBO, NYSE Arca Trades, NYSE Arca BBO, NYSE MKT 
Trades, and NYSE MKT BBO.\8\ 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'').
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    \8\ NYSE BBO, NYSE Arca BBO, and NYSE MKT BBO are existing data 
feeds that distribute on a real-time basis the same BBO information 
that NYSE, NYSE Arca, and NYSE MKT, respectively, report under the 
Consolidated Quotation (``CQ'') Plan for inclusion in the CQ Plan's 
consolidated quotation information data stream. NYSE Trades, NYSE 
Arca Trades, and NYSE MKT Trades are existing data feeds that 
distribute on a real-time basis the same last sale information that 
NYSE, NYSE Arca, and NYSE MKT, respectively, report under the 
Consolidated Tape Association (``CTA'') Plan for inclusion in the 
CTA Plan's consolidated data streams.
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    The last sale channel would provide an aggregation of the same data 
that is available through NYSE Trades, NYSE Arca Trades, and NYSE MKT 
Trades.
    The best quotes channel would provide the ``NYSE BQT BBO,'' which 
would be 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 would have overall priority;
     Size--the largest size would take precedence when multiple 
exchanges submit the same bid or offer price; and
     Time--the earliest time would take precedence when 
multiple exchanges submit the same bid 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 the NYSE BQT data feed would 
generate the best bid for XYZ stock as 1,000 shares at $10.00 on NYSE 
and the best offer as 900 shares at $10.02 on NYSE Arca.
    The consolidated volume channel would carry consolidated volume for 
all listed equities, which the Exchange would obtain from the 
securities information processors and then distribute in a manner 
consistent with the requirements for redistributing such data as set 
forth in the securities information processor plans.\9\
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    \9\ The ``securities information processor plans'' refer to the 
CTA Plan and Nasdaq UTP Plan. See Telephone conversations between 
Leah Mesfin, Special Counsel, Division of Trading and Markets, 
Commission, and Marija Willen, Chief Counsel of NYSE Group Inc., 
NYSE (July 30, 2014 and Nov. 6, 2014).
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    The NYSE BQT data feed would also provide related data elements, 
such as trade and security status updates (e.g., trade corrections and 
trading halts), that are contained in the NYSE Trades, NYSE Arca 
Trades, and NYSE MKT Trades feeds.
    The Exchange proposes to offer the NYSE BQT data feed 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 has stated that it believes that the NYSE BQT data 
feed would provide high-quality, comprehensive last sale and BBO data 
for the Exchange, NYSE Arca, and NYSE MKT in a unified view and would 
respond to subscriber demand for such a product. The Exchange 
anticipates that an end user might use the NYSE

[[Page 67492]]

BQT data feed to identify indicative prices for 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 the 
Exchange believes that the NYSE BQT data feed would not be a latency-
sensitive product. The Exchange does not anticipate that an end user 
would, or could, use the NYSE BQT data feed for purposes of making 
order-routing or trading decisions. Rather, the Exchange has noted 
that, under Rule 603 of Regulation NMS, the NYSE BQT data feed could 
not be substituted for consolidated data in all instances in which 
consolidated data is used and that certain subscribers would still be 
required to purchase consolidated data for trading and order-routing 
purposes.\10\
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    \10\ 17 CFR 242.603(c).
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    While NYSE, 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 data feed, the Exchange has stated that 
NYSE would not be the exclusive distributor of the aggregated and 
consolidated information that would compose the proposed NYSE BQT data 
feed. The Exchange has represented that it would not have any unfair 
advantage over competing vendors with respect to obtaining data from 
NYSE, NYSE Arca, and NYSE MKT. In recognition that the Exchange is the 
source of its own market data and is affiliated with NYSE Arca and NYSE 
MKT, the Exchange has represented that it will continue to make 
available all of the individual underlying feeds \11\ and that the 
source of the market data it would use to create the proposed NYSE BQT 
data feed is the same as the source available to other vendors. The 
Exchange has also represented that other vendors would be able to 
create a data feed with the same information as proposed for inclusion 
in the NYSE BQT data feed and to distribute it to clients with no 
greater latency than the Exchange would be able to distribute the NYSE 
BQT data feed. In addition, the Exchange has represented that the 
prices the Exchange would charge clients for the NYSE BQT data feed 
would not be lower than the cost to a vendor of creating a comparable 
product, including the cost of receiving the underlying data feeds. 
Thus, the Exchange has stated, the proposed NYSE BQT data feed would be 
a data product that a competing vendor could create and sell without 
being in a disadvantaged position relative to the Exchange.
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    \11\ See NYSE Letter at 2.
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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 the NYSE BQT 
data feed and then distribute it to end users. After creating the NYSE 
BQT data feed, the Exchange would distribute this data feed through 
SFTI and market data vendors. The Exchange also offers third parties 
access to its data center through co-location. Accordingly, a competing 
market data vendor wishing to offer a product similar to the NYSE BQT 
data feed would be able to co-locate at the Exchange's Mahwah, New 
Jersey facility and obtain the six underlying data feeds.
    The Exchange has represented that it 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 Exchange has represented that 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. The 
Exchange also has represented that the path for distribution by the 
Exchange of the NYSE BQT data feed would not be faster than that for 
distribution by a vendor that independently created a product like the 
NYSE BQT data feed. The Exchange therefore believes that 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 has stated that it will file a 
separate rule filing to establish the fees for the NYSE BQT data feed. 
To ensure that vendors could compete with the Exchange by creating a 
product with the same content as the NYSE BQT data feed and selling it 
to their clients, the Exchange has represented that it would charge its 
clients for the NYSE BQT data feed an amount at least equal to the cost 
to a market data vendor to subscribe to the six underlying data feeds, 
plus an additional amount (to be determined) that would reflect the 
value of the aggregation and consolidation function performed by the 
Exchange. The Exchange therefore believes that a competing vendor could 
create and offer a product similar to the proposed NYSE BQT data feed 
at no material cost disadvantage relative to the Exchange. For these 
reasons, the Exchange believes that vendors could readily offer a 
product similar to the NYSE BQT data feed on a competitive basis.
    The Exchange has stated that it will announce the effective date of 
the proposed rule change in a notice to be published as soon as 
practicable following the 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 and the effectiveness of a rule filing to establish 
the fees for the NYSE BQT data feed.

III. Summary of Comments

    As noted above, the Commission received one comment letter on the 
proposed rule change, and a letter from the Exchange responding to this 
commenter.\12\ The commenter, SIFMA, generally raised three broad 
concerns regarding the proposal and urged the Commission to disapprove 
the filing.
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    \12\ See SIFMA Letter and NYSE Letter, supra notes 4 and 5.
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    First, SIFMA notes that the Exchange has argued that, because it 
intends to offer the NYSE BQT data feed in the capacity of a vendor, it 
does not believe that its proposed data feed is subject to review under 
the Act. This commenter cites the statement in the proposal that ``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.'' The commenter disagrees with this view and has argued that 
selling a combination of data feeds for its various platforms does not 
make the Exchange a ``vendor'' in a way that negates its statutory 
obligations as an SRO. The commenter argues that the Exchange, by 
relying on a false vendor capacity argument, is attempting to trump its 
obligations as an SRO and make all of its market data distribution 
unreviewable. The commenter expresses the concern that this would rob 
the public of the opportunity to comment afforded under the Act and 
urges the Commission to ensure that such rule changes are in fact filed 
with the Commission and subject to public comment and Commission 
review.

[[Page 67493]]

    In its response, NYSE states that although it has reserved the 
right to argue at another time that there is no requirement for a 
filing to offer this market data product, it has in fact filed the 
proposal with the Commission and has sought the Commission's approval 
to offer the NYSE BQT data feed.
    Second, SIFMA argues that the Exchange has failed to file fees for 
the proposed NYSE BQT data feed that meet the requirements of the Act, 
including the requirement that such fees be ``fair and reasonable'' 
under Section 11A(c)(1)(C) of the Act. The commenter also states that 
the Exchange has circumvented the requirement to file these fees by 
marketing the NYSE BQT data feed product for the past 16 months with 
promotional materials that contain pricing information. SIFMA also 
argues that the Exchange's proposed markup for the consolidated feed 
would apply to any vendor that wanted to create a competing product.
    In its response letter, NYSE notes that no data recipients are 
currently receiving the NYSE BQT data feed and that the Exchange has no 
plans to offer and charge for the NYSE BQT data feed until the 
appropriate regulatory process has been completed consistent with the 
Exchange's obligations under the Act. Furthermore, in Amendment No. 1, 
NYSE has represented that it would not offer the NYSE BQT data feed 
until after it has filed fees with the Commission for the NYSE BQT data 
feed and such fees have become effective. NYSE also states that a 
competing vendor seeking to create a similar unified feed would not 
need to pay for the NYSE BQT data feed, but would only need to pay for 
the six underlying feeds. The Exchange has also represented that it 
would continue to make available all of the individual underlying 
feeds.
    Finally, SIFMA disputes the Exchange's assertion that it is not the 
exclusive distributor of the NYSE BQT data feed. The commenter argues 
that the Exchange's vendor contract appears to restrict competition by 
providing the Exchange with ``sole discretion'' over the data, 
particularly with respect to the indirect access service permission 
that would apply to a competing vendor. The commenter further notes 
that the contract explicitly prohibits any re-dissemination or other 
use of its market data. NYSE responds by asserting that the Exchange, 
NYSE MKT, and NYSE Arca do not contractually restrict vendors from 
using the underlying data feeds and notes that vendors currently 
consolidate data products offered by these exchanges, which is 
permitted under the vendor agreements related to the receipt of market 
data.

IV. Discussion and Commission Findings

    After carefully considering the proposal and the comments 
submitted, the Commission finds that the proposed rule change, as 
modified by Amendment No. 1, is consistent with the requirements of the 
Act and the rules and regulations thereunder applicable to a national 
securities exchange.\13\ In particular, the Commission finds that the 
proposed rule change is consistent with the requirements of Section 
11A(c)(1)(C) of the Act \14\ and with Rule 603(a)(2) of Regulation NMS 
thereunder,\15\ which requires that any national securities exchange, 
national securities association, broker, or dealer that distributes 
information with respect to quotations for or transactions in an NMS 
stock to a securities information processor, broker, dealer, or other 
persons shall do so on terms that are not unreasonably discriminatory. 
The Commission also finds that the proposed rule change is consistent 
with Section 6(b)(5) of the Act, which requires that the rules of an 
exchange be designed to promote just and equitable principles of trade, 
remove impediments to and perfect the mechanisms of a free and open 
market and a national market system and, in general, to protect 
investors and the public interest, and Section 6(b)(8) of the Act, 
which requires that the rules of an exchange not impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act.\16\
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    \13\ In approving this proposed rule change, the Commission 
notes that it has considered the proposed rule's impact on 
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
    \14\ Section 11A(c)(1)(C) of the Act requires, among other 
things, that no self-regulatory organization, member thereof, 
securities information processor, broker or dealer make use of the 
mails or any means or instrumentality of interstate commerce to 
collect, process, distribute, publish or prepare for distribution or 
publication any information with respect to quotations for or 
transactions in any security other than an exempted security in 
contravention of such rules and regulations as the Commission shall 
prescribe as necessary or appropriate in the public interest, for 
the protection of investors, or otherwise in furtherance of the 
purposes of the Act to assure that all securities information 
processors may, for purposes of distribution and publication, obtain 
on fair and reasonable terms such information with respect to 
quotations for and transactions in such securities as is collected, 
processed, or prepared for distribution or publication by an 
exclusive processor of such information acting in such capacity. 15 
U.S.C. 78k-1(c)(1)(C).
    \15\ 17 CFR 242.603(a)(2).
    \16\ 15 U.S.C. 78f(b)(5) and (b)(8).
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    The Commission notes that, to create the NYSE BQT data feed, the 
Exchange would use underlying data feeds that belong to the Exchange 
(NYSE BBO and NYSE Trades) and underlying data feeds that belong to its 
affiliated exchanges, NYSE Arca and NYSE MKT (NYSE Arca BBO, NYSE Arca 
Trades, NYSE MKT BBO, and NYSE MKT Trades). Accordingly, the 
Commission's review of the Exchange's proposal has focused, in 
particular, on whether the proposal would result in affiliated 
exchanges--which are separate self-regulatory organizations under the 
Act--making their data products or services available to one another at 
terms (e.g., content, pricing, or latency) that are more favorable than 
those available to unaffiliated market participants.
    The Exchange has represented that the NYSE BQT data feed would be 
created using underlying data feeds that are available for subscription 
by market participants. In addition, the Exchange has represented that, 
as the creator and distributor of the NYSE BQT data feed, it would 
receive the underlying data feeds from its own systems and from NYSE 
Arca and NYSE MKT with no latency advantage compared to a competing 
vendor that wishes to acquire the component feeds in order to offer a 
competing consolidated data feed. The Exchange, NYSE Arca, and NYSE MKT 
are located in the same data center in Mahwah, New Jersey, which would 
be the point at which the Exchange would receive the six underlying 
data feeds before then aggregating the data to create the NYSE BQT data 
feed. The Exchange has represented that it offers third parties access 
to this data center through co-location and that co-located vendors 
could obtain the same underlying feeds there.\17\ The Exchange has also 
represented that it has designed the NYSE BQT data feed so that it 
would have no advantages over co-located vendors with respect to the 
speed of access to the underlying feeds.\18\
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    \17\ In recognition that the Exchange is the source of its own 
market data and is affiliated with NYSE Arca and NYSE MKT, the 
Exchange also has represented that it will continue to make 
available all of the individual underlying feeds and 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.
    \18\ The Commission also notes that SIFMA has argued that NYSE 
is the exclusive processor for NYSE BQT because Exchange's vendor 
contract appears to restrict competition by asserting that it has 
``sole discretion'' over the use of its data and by prohibiting re-
dissemination or other use of its market data. The Commission notes, 
however, that NYSE has represented that the Exchange, NYSE MKT, and 
NYSE Arca do not contractually restrict vendors from using the 
underlying data feeds and that vendors currently consolidate data 
products offered by these exchanges, which is permitted under the 
vendor agreements related to the receipt of market data. Based on 
these representations by the Exchange, the Commission does not 
believe that NYSE is the exclusive processor of the data that 
composes the NYSE BQT feed.

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[[Page 67494]]

    With respect to pricing, although specific fees to be charged for 
the NYSE BQT data feed are not part of the Exchange's proposal, the 
Exchange has represented that it will assess a fee that is at least 
equal to the aggregate cost of the underlying feeds (i.e., at least as 
much as the cost to a vendor of subscribing to each of the underlying 
data feeds), plus an additional amount (to be determined) that would 
reflect the value of the aggregation and consolidation function 
performed to create the NYSE BQT data feed.\19\
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    \19\ SIFMA has objected to the fact that the Exchange has not 
included fees in this filing. The Commission notes, however, that 
the Exchange has stated that it will not offer NYSE BQT until it has 
submitted the requisite fee filing under Section 19(b) of the Act. 
The Commission will review any such filing when it has been 
submitted.
     SIFMA has also argued that the Exchange has been actively 
marketing NYSE BQT for months. The Commission notes, however, that 
the Exchange has represented that it has not been offering NYSE BQT 
and that it will not offer this product until fees for it have been 
filed with the Commission and have become effective.
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    Based on the Exchange's representations with respect to the 
content, latency, and pricing of the NYSE BQT data feed--which are 
central to the Commission's analysis of the proposal--the Commission 
finds that the Exchange's proposal is consistent with the Act and the 
rules and regulations thereunder applicable to a national securities 
exchange. The Commission believes that these representations are 
designed to ensure that NYSE, NYSE Arca, and NYSE MKT, which are 
separate self-regulatory organizations, do not, because of their 
relationship as affiliates, offer one another products or services on a 
more favorable basis than that available to other competing market 
participants.
    Finally, the Commission notes that SIFMA has objected to the 
Exchange's characterization of the NYSE BQT data feed as being part of 
the Exchange's vendor function and outside of the scope of the rule 
filing process of Section 19(b) of the Act. The Commission believes 
that a data feed offered by an exchange that contains that exchange's 
own market data (including a feed that also contains data from other 
exchanges) is a ``material aspect of the operation of the facilities of 
the self-regulatory organization,'' and that therefore, such a data 
product and any related fees are subject to the rule filing process of 
Section 19(b) of the Act.\20\
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    \20\ Rule 19b-4 provides that ``any material aspect of the 
operation of the facilities of the self-regulatory organization'' is 
a ``stated policy, practice, or interpretation,'' 17 CFR 240.19b-
4(a)(6), and that a stated policy, practice of interpretation of a 
self-regulatory organization is deemed to be a ``proposed rule 
change'' unless (1) it is reasonably and fairly implied by an 
existing rule of the self-regulatory organization or (2) it is 
concerned solely with the administration of the self-regulatory 
organization and is not a stated policy, practice or interpretation 
with respect to the meaning, administration, or enforcement of an 
existing rule of the self-regulatory organization. 17 CFR 240.19b-
4(c).
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    For the foregoing reasons, the Commission finds that the proposed 
rule change, as amended, is consistent with Section 11A(c)(1)(C) of the 
Act and Rule 603(a)(2) of Regulation NMS thereunder,\21\ and Sections 
6(b)(5) and (b)(8) of the Act.\22\
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    \21\ 15 U.S.C. 78k-1(c)(1)(C) and 17 CFR 242.603(a)(2).
    \22\ 15 U.S.C. 78f(b)(5) and (b)(8).
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V. Accelerated Approval of Proposed Rule Change, as Modified by 
Amendment No. 1

    Amendment No. 1 revised the proposal to (i) remove language 
proposing specific fee amounts for the NYSE BQT data feed, (ii) clarify 
that the Exchange intends to propose fees that would be no lower than 
the cost to a vendor of creating a comparable product, including the 
costs of the underlying feeds, and (ii) represent that the Exchange 
will not offer the NYSE BQT data feed until after the proposal has been 
approved by the Commission, the Exchange has filed fees for the NYSE 
BQT data feed with the Commission, and such fees have become effective. 
Accordingly, the Commission does not believe that Amendment No. 1 
raises any novel regulatory issues and therefore finds that good cause 
exists to approve the proposal, as modified by Amendment No. 1, on an 
accelerated basis.

VI. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether Amendment No. 1 
to 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 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-
NYSE-2014-40 and should be submitted on or before December 4, 2014.

VII. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\23\ that the proposed rule change, as modified by Amendment No. 1, 
(SR-NYSE-2014-40) be, and hereby is, approved on an accelerated basis.
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    \23\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-26814 Filed 11-12-14; 8:45 am]
BILLING CODE 8011-01-P


