Notice2024-20906
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend its Fees for Connectivity and Co-location Services
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 16, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 179 (Monday, September 16, 2024)</title>
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[Federal Register Volume 89, Number 179 (Monday, September 16, 2024)]
[Notices]
[Pages 75608-75611]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-20906]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100989; File No. SR-Phlx-2024-45]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend its Fees
for Connectivity and Co-location Services
September 10, 2024.
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 August 26, 2024, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. 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 amend the Exchange's fees for connectivity
and co-location services, as described further below.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rules">https://listingcenter.nasdaq.com/rulebook/phlx/rules</a>, 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 proposed rule change is to amend the Exchange's
fees relating to connectivity and co-location services.\3\
Specifically, the Exchange proposes to raise its fees for connectivity
and co-location services in General 8 as well as certain fees related
to its Testing Facilities in Equity 7, Section 3 by 5.5%, with certain
exceptions.
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\3\ The Exchange initially filed the proposed pricing change on
March 1, 2024 (SR-Phlx-2024-08). On April 29, 2024, the Exchange
withdrew that filing and submitted SR-Phlx-2024-019. The Exchange
withdrew SR-Phlx-2024-019 and replaced it with SR-Phlx-2024-27. The
instant filing replaces SR-Phlx-2024-027, which was withdrawn on
August 23, 2024.
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General 8, Section 1 includes the Exchange's fees that relate to
connectivity, including fees for cabinets, external telco/inter-cabinet
connectivity fees, fees for connectivity to the Exchange, fees for
connectivity to third party services, fees for market data
connectivity, fees for cabinet power install, and fees for additional
charges and services. General 8, Section 2 includes the Exchange's fees
for direct connectivity services, including fees for direct circuit
connection to the Exchange, fees for direct circuit connection to third
party services, and fees for point of presence connectivity. With the
exception of the Exchange's GPS Antenna fees and the Cabinet Proximity
Option Fee for cabinets with power density >10kW,\4\ the Exchange
proposes to increase its fees throughout General 8 by 5.5%. For Remote
Hands Services, at General 8, Section 1, the Exchange proposes to
increase its fee by 1%, from $150 to $151.50 per hour.\5\
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\4\ The Exchange proposes to exclude the GPS Antenna fees from
the proposed fee increase because, unlike the other fees in General
8, the Exchange recently increased its GPS Antenna fees. See
Securities Exchange Act Release No. 34-99125 (December 8, 2023), 88
FR 86705 (December 14, 2023) (SR-Phlx-2023-53). The Exchange also
proposes to exclude the Cabinet Proximity Option Fee for cabinets
with power density >10kW from the proposed fee increase because the
Exchange recently established such fee. See Securities Exchange Act
Release No. 34-100197 (May 21, 2024), 89 FR 46185 (May 28, 2024)
(SR-Phlx-2024-23).
\5\ The term ``Remote Hands Services'' refers to the use of
Nasdaq engineers to perform on-site technical support tasks in its
Data Center on behalf of its co-located customers, including the
following: (1) power cycling of equipment; (2) patching and plugging
in cabling and circuits; (3) observing, describing or reporting on
display indicators; (4) configuration of hardware components
instructed by the customer; (5) diagnosis and repairs as instructed
by the customer; (6) swapping hardware components with customer-
supplied spares or upgrades; (7) troubleshooting heat related issues
as instructed by the Customer; and (8) returning defective equipment
to the manufacturer or customer.
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In addition to increasing fees in General 8, the Exchange also
proposes to increase certain fees in Equity 7, Section 3, which relate
to the Testing Facility. Equity 7, Section 3 provides that subscribers
to the Testing Facility located in Carteret, New Jersey shall pay a fee
of $1,000 per hand-off, per month for connection to the Testing
Facility. The hand-off fee includes either a 1Gb or 10Gb switch port
and a cross connect to the Testing Facility. In addition, Equity 7,
Section 3 provides that subscribers shall also pay a one-time
installation fee of $1,000 per hand-off. The Exchange proposes to
increase these aforementioned fees by 5.5% to require that subscribers
to the Testing Facility shall pay a fee of $1,055 per hand-off, per
month for connection to the Testing Facility and a one-time
installation fee of $1,055 per hand-off.
The proposed increases in fees would enable the Exchange to
maintain and improve its market technology and services. With the
exception of fees that were established as part of a new service in
2017 (and have remained unchanged since their adoption), the Exchange
has not increased any of the fees included in the proposal since 2015,
and many of the fees date back to between 2010 and 2014. However, since
2015, there has been notable inflation by various measures.
Between January 2010 and August 2024, the dollar had an average
inflation rate of 2.65% per year, as measured by
[[Page 75609]]
the Consumer Price Index,\6\ producing a cumulative price increase of
44.25%.\7\ Said otherwise, the value of a dollar of revenue collected
today is worth only 69.444% of what it was worth in 2010.
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\6\ The Consumer Price Index (``CPI'') is a measure of the
average change over time in the prices paid by urban consumers for a
market basket of consumer goods and services. The CPI represents all
goods and services purchased for consumption by the reference
population (U or W). BLS has classified all expenditure items into
more than 200 categories, arranged into eight major groups (food and
beverages, housing, apparel, transportation, medical care,
recreation, education and communication, and other goods and
services). Included within these major groups are various
government-charged user fees, such as water and sewerage charges,
auto registration fees, and vehicle tolls.. See <a href="https://www.bls.gov/cpi/questions-and-answers.htm">https://www.bls.gov/cpi/questions-and-answers.htm</a>.
\7\ See <a href="https://www.officialdata.org/us/inflation/2010?amount=1">https://www.officialdata.org/us/inflation/2010?amount=1</a>
(Last updated August 21, 2024).
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Additionally, as measured by another gauge of inflation, the
Producer Price Index (``PPI''),\8\ inflation has increased by roughly
43% during the same time period.\9\
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\8\ The PPI is a family of indexes that measures the average
change over time in selling prices received by domestic producers of
goods and services. PPIs measure price change from the perspective
of the seller. This contrasts with other measures, such as the
Consumer Price Index (CPI), that measure price change from the
purchaser's perspective. See <a href="https://www.bls.gov/ppi/overview.htm">https://www.bls.gov/ppi/overview.htm</a>.
\9\ See U.S. Bureau of Labor Statistics (``BLS''), Producer
Price Index by Commodity: Final Demand [PPIFIS], retrieved from
FRED, Federal Reserve Bank of St. Louis; <a href="https://fred.stlouisfed.org/series/PPIFIS">https://fred.stlouisfed.org/series/PPIFIS</a> (last updated August 22, 2024).
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Meanwhile, a more granular version of the PPI exists which measures
inflation by category of industry.\10\ The most apt of these industry
categorizations measures inflation for the provision of data
processing, hosting and related services as well as other information
technology infrastructure provisioning services.\11\ The Exchange
believes that this measure of inflation is particularly apt because
many of the colocation and connectivity services that the Exchange
offers to customers involve hosting and providing connections for its
customers' telecommunications and information technology equipment
colocated in its Data Center. Between January 2010 and July 2024, the
inflation rate for hosting, ASP, and other IT infrastructure
provisioning services was 17.4%.\12\
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\10\ As noted by the BLS, the ``Producer Price Index for an
industry is a measure of changes in prices received for the
industry's output sold outside the industry (that is, its net
output).'' See id.
\11\ Among the industry-specific PPIs is for North American
Industry Classification System (``NAICS'') Code 518210: ``Data
Processing, Hosting and Related Services: Hosting, Active Server
Pages (ASP), and Other Information Technology (IT) Infrastructure
Provisioning Services,'' NAICS index codes categorize products and
services that are common to particular industries. According to BLS,
these codes ``provide comparability with a wide assortment of
industry-based data for other economic programs, including
productivity, production, employment, wages, and earnings.'' See
<a href="https://www.bls.gov/ppi/overview.htm">https://www.bls.gov/ppi/overview.htm</a>. BLS describes NAICS 51820 as
follows: ``The primary output of NAICS 518210 is the provision of
electronic data processing services. In the broadest sense, computer
services companies help their customers efficiently use technology.
The processing services market consists of vendors who use their own
computer systems--often utilizing proprietary software--to process
customers' transactions and data. Companies that offer processing
services collect, organize, and store a customer's transactions and
other data for record-keeping purposes.''
\12\ See U.S. Bureau of Labor Statistics, Producer Price Index
by Industry: Data Processing, Hosting and Related Services: Hosting,
Active Server Pages (ASP), and Other Information Technology (IT)
Infrastructure Provisioning Services [PCU5182105182105], retrieved
from FRED, Federal Reserve Bank of St. Louis; <a href="https://fred.stlouisfed.org/series/PCU5182105182105">https://fred.stlouisfed.org/series/PCU5182105182105</a> (las updated August 22,
2024).
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Finally, yet another gauge of inflation--average hourly earnings
(``AHE'') growth for Computing Infrastructure--increased 77% for non-
managers and 81% for all employees from 2010 to 2024.\13\ This gauge of
inflation is apt to the extent that the Exchange proposes to increase
its fees for remote hands services, which are services performed by
engineers and other technical personnel to support customer
connectivity and colocation in the Exchange's Data Center.
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\13\ See <a href="https://www.bls.gov/web/empsit/ceseeb3a.htm">https://www.bls.gov/web/empsit/ceseeb3a.htm</a> (Last
updated July 5, 2024); <a href="https://www.bls.gov/web/empsit/ceseeb8a.htm">https://www.bls.gov/web/empsit/ceseeb8a.htm</a>
(Last updated July 5, 2024).
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Notwithstanding inflation, the Exchange historically has not
increased its fees every year.\14\ The proposed fees represent a 5.5%
increase (and for Remote Hands, a 1% increase) from the current fees,
which is far below any of the above-described gauges of inflation since
2010. In addition to being far below cumulative inflation rates since
2010, the Exchange also believes that the proposed 5.5%/1% increase is
reasonable because it is comparable to recent inflation rates even for
one-year periods. For example, in 2022, the inflation rate, as measured
by the CPI, was 8.00% and it was 9.47%, as measured by the PPI.\15\ The
Exchange is sensitive to the sticker shock that would occur if the
Exchange raised its fees by 17% or more than 40% and therefore proposes
a more modest increase, similar to that of inflation in recent one-year
periods.
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\14\ Unregulated competitors providing connectivity and co-
location services often have annual price increases written into
their agreements with customers to account for inflation and rising
costs.
\15\ See <a href="https://www.officialdata.org/us/inflation/2022?endYear=2023&amount=1">https://www.officialdata.org/us/inflation/2022?endYear=2023&amount=1</a>; see also <a href="https://fred.stlouisfed.org/series/PPIFIS#0">https://fred.stlouisfed.org/series/PPIFIS#0</a>.
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The Exchange believes that it is reasonable to increase its fees to
compensate for inflation because, over time, inflation has degraded the
value of each dollar that the Exchange collects in fees, such that the
real revenue collected today is considerably less than that same
revenue collected in 2010. The Exchange notes that this inflationary
effect is a general phenomenon that is independent of any change in the
Exchange's costs in providing its goods and services. The Exchange
believes that it is reasonable for it to offset, in part, this erosion
in the value of the revenues it collects. The Exchange notes that other
exchanges have filed for comparable or higher increases in certain
connectivity-related fees, based in part on similar rationale.\16\
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\16\ See, e.g., Securities Exchange Act Release No. 34-100004
(April 22, 2024), 89 FR 32465 (April 26, 2024) (SR-CboeBYX-2024-
012).
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In addition, the Exchange continues to invest in maintaining,
improving, and enhancing its connectivity and co-location products,
services, and facilities--for the benefit and often at the behest of
its customers. Such enhancements include refreshing hardware and
expanding Nasdaq's existing co-location facility to offer customers
additional space and power. These investments, and the value they
provide to customers, far exceed the amount of the proposed price
increases. It is reasonable and consistent with the Act for the
Commission to allow the Exchange to recoup these investments by
charging fees, lest the Commission will disincentivize the Exchange to
make similar investments in the future--a result that would be
detrimental to the Exchange's competitiveness as well as the interests
of market participants and investors.
2. Statutory Basis
As explained above, with the exception of fees that were
established as part of a new service in 2017 (and have remained
unchanged since their adoption), the Exchange has not increased any of
the fees included in the proposal since 2015, and many of the fees date
back to between 2010 and 2014. This means that such fees have fallen in
real terms due to inflation, which has been notable by various
measures.
Between January 2010 and August 2024, the dollar had an average
inflation rate of 2.65% per year, as measured by the CPI, producing a
cumulative price increase of 44.25%.\17\ Said otherwise, the value of a
dollar of revenue collected today is worth only 69.444% of what it was
worth in 2010.
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\17\ See <a href="https://www.officialdata.org/us/inflation/2010?amount=1">https://www.officialdata.org/us/inflation/2010?amount=1</a>
(Last updated August 21, 2024).
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[[Page 75610]]
Additionally, as measured by another gauge of inflation, the PPI
has increased by roughly 43% during the same time period.\18\
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\18\ See U.S. Bureau of Labor Statistics (``BLS''), Producer
Price Index by Commodity: Final Demand [PPIFIS], retrieved from
FRED, Federal Reserve Bank of St. Louis; <a href="https://fred.stlouisfed.org/series/PPIFIS">https://fred.stlouisfed.org/series/PPIFIS</a> (last updated August 22, 2024).
---------------------------------------------------------------------------
Meanwhile, a more granular version of the PPI exists which measures
inflation by category of industry. The most apt of these industry
categorizations measures inflation for the provision of data
processing, hosting and related services as well as other information
technology infrastructure provisioning services. The Exchange believes
that this measure of inflation is particularly apt because many of the
colocation and connectivity services that the Exchange offers to
customers involve hosting and providing connections for its customers'
telecommunications and information technology equipment collocated in
its Data Center. Between January 2010 and July 2024, the inflation rate
for hosting, ASP, and other IT infrastructure provisioning services was
17.4%.\19\
---------------------------------------------------------------------------
\19\ See U.S. Bureau of Labor Statistics, Producer Price Index
by Industry: Data Processing, Hosting and Related Services: Hosting,
Active Server Pages (ASP), and Other Information Technology (IT)
Infrastructure Provisioning Services [PCU5182105182105], retrieved
from FRED, Federal Reserve Bank of St. Louis; <a href="https://fred.stlouisfed.org/series/PCU5182105182105">https://fred.stlouisfed.org/series/PCU5182105182105</a> (last updated August 22,
2024).
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Finally, yet another gauge of inflation--AHE growth for Computing
Infrastructure--increased 77% for non-managers and 81% for all
employees from 2010 to 2024.\20\ This gauge of inflation is apt to the
extent that the Exchange proposes to increase its fees for remote hands
services, which are services performed by engineers and other technical
personnel to support customer connectivity and colocation in the
Exchange's Data Center.
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\20\ See <a href="https://www.bls.gov/web/empsit/ceseeb3a.htm">https://www.bls.gov/web/empsit/ceseeb3a.htm</a> (Last
updated July 5, 2024); <a href="https://www.bls.gov/web/empsit/ceseeb8a.htm">https://www.bls.gov/web/empsit/ceseeb8a.htm</a>
(Last updated July 5, 2024).
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Notwithstanding inflation, the Exchange historically has not
increased its fees every year.\21\ As noted above, the Exchange has not
increased the fees in this proposal for over 8 years (or in the case of
services introduced in 2017, for over 6 years since the services were
introduced). Accordingly, the Exchange believes that the proposed fees
are reasonable as they represent a 5.5% increase (and for Remote Hands,
a 1% increase) from the current fees, which is far below inflation
since 2010, however measured. In addition to being far below the
inflation rate since 2010, the Exchange also believes that the proposed
5.5%/1% increase is reasonable because it is comparable to recent
inflation rates for one-year periods. For example, in 2022, the
inflation rate, as measured by the CPI, was 8.00% and it was 9.47%, as
measured by the PPI.\22\ The Exchange is sensitive to the sticker shock
that would occur if the Exchange raised its fees by 17% or more than
40% and therefore proposes a more modest increase, similar to that of
inflation in recent one-year periods.
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\21\ As noted above, unregulated competitors providing
connectivity and co-location services often have annual price
increases written into their agreements with customers to account
for inflation and rising costs.
\22\ See <a href="https://www.officialdata.org/us/inflation/2022?endYear=2023&amount=1">https://www.officialdata.org/us/inflation/2022?endYear=2023&amount=1</a>; see also <a href="https://fred.stlouisfed.org/series/PPIFIS#0">https://fred.stlouisfed.org/series/PPIFIS#0</a>.
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The Exchange believes that it is reasonable to increase its fees to
compensate for inflation because, over time, inflation has degraded the
value of each dollar that the Exchange collects in fees, such that the
real revenue collected today is considerably less than that same
revenue collected in 2010. The Exchange notes that this inflationary
effect is a general phenomenon that is independent of any change in the
Exchange's costs in providing its goods and services. The Exchange
believes that it is reasonable for it to offset, in part, this erosion
in the value of the revenues it collects.
In addition, the Exchange continues to invest in maintaining,
improving, and enhancing its connectivity and co-location products,
services, and facilities--for the benefit and often at the behest of
its customers. Such enhancements include refreshing hardware and
expanding Nasdaq's existing co-location facility to offer customers
additional space and power. Again, these investments, and the value
they provide to customers, far exceed the amount of the proposed price
increases. It is reasonable and consistent with the Act for the
Commission to allow the Exchange to recoup these investments by
charging fees, lest the Commission will disincentivize the Exchange to
make similar investments in the future--a result that would be
detrimental to the Exchange's competitiveness as well as the interests
of market participants and investors.
Customers Have a Choice in Trading Venue
Customers face many choices in where to trade both equities and
options. Market participants will continue to choose trading venues and
the method of connectivity based on their specific needs. No broker-
dealer is required to become a Member of the Exchange. There is no
regulatory requirement that any market participant connect to any one
exchange, nor that any market participant connect at a particular
connection speed or act in a particular capacity on the Exchange, or
trade any particular product offered on an exchange. Moreover,
membership is not a requirement to participate on the Exchange. Indeed,
the Exchange is unaware of any one exchange whose membership includes
every registered broker-dealer. The Exchange also believes
substitutable products and services are available to market
participants, including, among other things, other equities and options
exchanges that a market participant may connect to in lieu of the
Exchange, indirect connectivity to the Exchange via a third-party
reseller of connectivity, and/or trading of equities or options
products within markets which do not require connectivity to the
Exchange, such as the Over-the-Counter markets.
There are currently 16 registered equities exchanges that trade
equities and 17 exchanges offering options trading services. No single
equities exchange has more than 15% of the market share.\23\ No single
options exchange trades more than 14% of the options market by volume
and only one of the 17 options exchanges has a market share over 10
percent.\24\ This broad dispersion of market share demonstrates that
market participants can and do exercise choice in trading venues.
Further, low barriers to entry mean that new exchanges may rapidly
enter the market and offer additional substitute platforms to further
compete with the Exchange and the products it offers.
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\23\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (Last updated January 11, 2024), available at
<a href="https://www.cboe.com/us/equities/market_statistics/">https://www.cboe.com/us/equities/market_statistics/</a>.
\24\ See Nasdaq, Options Market Statistics (Last updated January
11, 2024), available at <a href="https://www.nasdaqtrader.com/Trader.aspx?id=OptionsVolumeSummary">https://www.nasdaqtrader.com/Trader.aspx?id=OptionsVolumeSummary</a>.
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As such, the Exchange must set its fees, including its fees for
connectivity and co-location services and products, competitively. If
not, customers may move to other venues or reduce use of the Exchange's
services. ``If competitive forces are operative, the self-interest of
the exchanges themselves will work powerfully to constrain unreasonable
or unfair behavior.'' \25\ Accordingly, ``the existence of significant
competition provides a substantial basis for finding that the terms of
an exchange's fee proposal are equitable, fair, reasonable,
[[Page 75611]]
and not unreasonably or unfairly discriminatory.'' \26\
Disincentivizing market participants from purchasing Exchange
connectivity would only serve to discourage participation on the
Exchange, which ultimately does not benefit the Exchange. Moreover, if
the Exchange charges excessive fees, it may stand to lose not only
connectivity revenues but also other revenues, including revenues
associated with the execution of orders.
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\25\ See Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770 (December 9, 2008) (SR-NYSEArca-2006-21).
\26\ Id.
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In summary, the proposal represents an equitable allocation of
reasonable dues, fees and other charges because Exchange fees have
fallen in real terms and customers have a choice in trading venue and
will exercise that choice and trade at another venue if exchange fees
are not set competitively.
No Unfair Discrimination
The Exchange believes that the proposed fee changes are not
unfairly discriminatory because the fees are assessed uniformly across
all market participants that voluntarily subscribe to or purchase
connectivity and co-location services or products, which are available
to all customers.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Nothing in the proposal burdens inter-market competition (the
competition among self-regulatory organizations) because approval of
the proposal does not impose any burden on the ability of other
exchanges to compete. The Exchange operates in a highly competitive
market in which market participants can determine whether or not to
connect to the Exchange based on the value received compared to the
cost of doing so. Indeed, market participants have numerous alternative
exchanges that they may participate on and direct their order flow, as
well as off-exchange venues, where competitive products are available
for trading.
Nothing in the proposal burdens intra-market competition (the
competition among consumers) because the Exchange's connectivity and
co-location services are available to any customer under the same fee
schedule as any other customer, and any market participant that wishes
to purchase such services can do so on a non-discriminatory basis.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\27\
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\27\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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: (i)
necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of 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
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#a4d6d1c8c189c7cbc9c9c1cad0d7e4d7c1c78ac3cbd2"><span class="__cf_email__" data-cfemail="6210170e074f010d0f0f070c1611221107014c050d14">[email protected]</span></a>. Please include
file number SR-Phlx-2024-45 on the subject line.
Paper Comments
<bullet> 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-Phlx-2024-45. 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 website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). 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 website 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-Phlx-2024-45 and should be
submitted on or before October 7, 2024
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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\28\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-20906 Filed 9-13-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 16, 2024.
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