80_FR_14474 80 FR 14421 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Granting an Extension to Limited Exemptions From Rule 612(c) of Regulation NMS in Connection With the Exchanges' Retail Liquidity Programs Until September 30, 2015

80 FR 14421 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Granting an Extension to Limited Exemptions From Rule 612(c) of Regulation NMS in Connection With the Exchanges' Retail Liquidity Programs Until September 30, 2015

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 53 (March 19, 2015)

Page Range14421-14421
FR Document2015-06265

Federal Register, Volume 80 Issue 53 (Thursday, March 19, 2015) 
[Federal Register Volume 80, Number 53 (Thursday, March 19, 2015)]
[Notices]
[Page 14421]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-06265]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74507; File Nos. SR-NYSE-2011-55; SR-NYSEAmex-2011-84]


Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE 
MKT LLC; Order Granting an Extension to Limited Exemptions From Rule 
612(c) of Regulation NMS in Connection With the Exchanges' Retail 
Liquidity Programs Until September 30, 2015

March 13, 2015.
    On July 3, 2012, the Securities and Exchange Commission 
(``Commission'') issued an order pursuant to its authority under Rule 
612(c) of Regulation NMS (``Sub-Penny Rule'') \1\ that granted the New 
York Stock Exchange LLC (``NYSE'') and NYSE MKT LLC \2\ (``NYSE MKT'' 
and, together with NYSE, the ``Exchanges'') limited exemptions from the 
Sub-Penny Rule in connection with the operation of the Exchanges' 
respective Retail Liquidity Programs (the ``Programs'').\3\ The limited 
exemptions were granted concurrently with the Commission's approval of 
the Exchanges' proposals to adopt their respective Programs for one-
year pilot terms.\4\ The exemptions were granted coterminous with the 
effectiveness of the pilot Programs; both the pilot Programs and 
exemptions are scheduled to expire on March 31, 2015.\5\
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    \1\ 17 CFR 242.612(c).
    \2\ At the time it filed the original proposal to adopt the 
Retail Liquidity Program, NYSE MKT went by the name NYSE Amex LLC. 
On May 14, 2012, the Exchange filed a proposed rule change, 
immediately effective upon filing, to change its name from NYSE Amex 
LLC to NYSE MKT LLC. See Securities Exchange Act Release No. 67037 
(May 21, 2012), 77 FR 31415 (May 25, 2012) (SR-NYSEAmex-2012-32).
    \3\ See Securities Exchange Act Release No. 67347 (July 3, 
2012), 77 FR 40673 (July 10, 2012) (SR-NYSE-2011-55; SR-NYSEAmex-
2011-84) (``Order'').
    \4\ See id.
    \5\ The pilot term of the Programs was originally scheduled to 
end on July 31, 2013, but the Exchanges initially extended the term 
for an additional year, through July 31, 2014, see Securities 
Exchange Act Release Nos. 70096 (August 2, 2013), 78 FR 48520 
(August 8, 2013) (SR-NYSE-2013-48), and 70100 (August 2, 2013), 78 
FR 48535 (August 8, 2013) (SR-NYSEMKT-2013-60), and then 
subsequently extended the term again through March 31, 2015, see 
Securities Exchange Act Release Nos. 72629 (July 16, 2014), 79 FR 
42564 (July 22, 2014) (SR-NYSE-2014-35), and 72625 (July 16, 2014), 
79 FR 42566 (July 22, 2014) (SR-NYSEMKT-2014-60). Each time the 
pilot term of the Programs was extended, the Commission granted the 
Exchanges' requests to also extend the Sub-Penny Exemption through 
July 31, 2014, see Securities Exchange Act Release No. 70085 (July 
31, 2013), 78 FR 47807 (August 6, 2013), and March 31, 2015, see 
Securities Exchange Act Release No. 72732 (July 31, 2014), 79 FR 
45851 (August 6, 2014), respectively.
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    The Exchanges now seek to extend the exemptions until September 30, 
2015.\6\ The Exchanges' request was made in conjunction with 
immediately effective filings that extend the operation of the Programs 
through the same date.\7\ In their request to extend the exemptions, 
the Exchanges note that the participation in the Programs has increased 
more recently. Accordingly, the Exchanges have asked for additional 
time to allow themselves and the Commission to analyze more robust data 
concerning the Programs, which the Exchanges committed to provide to 
the Commission.\8\ For this reason and the reasons stated in the Order 
originally granting the limited exemptions, the Commission finds that 
extending the exemptions, pursuant to its authority under Rule 612(c) 
of Regulation NMS, is appropriate in the public interest and consistent 
with the protection of investors.
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    \6\ See Letter from Martha Redding, Senior Counsel, NYSE, to 
Brent J. Fields, Secretary, Securities and Exchange Commission, 
dated February 27, 2015.
    \7\ See Securities Exchange Act Release Nos. 34-74454 (March 6, 
2015), 80 FR 13054 (March 12, 2015) (SR-NYSE-2015-10), and 34-74455 
(March 6, 2015), 80 FR 13047 (March 12, 2015) (SR-NYSEMKT-2015-14).
    \8\ See Order, supra note 3, 77 FR at 40681.
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    Therefore, it is hereby ordered that, pursuant to Rule 612(c) of 
Regulation NMS, each Exchange is granted a limited exemption from Rule 
612 of Regulation NMS that allows it to accept and rank orders priced 
equal to or greater than $1.00 per share in increments of $0.001, in 
connection with the operation of its Retail Liquidity Program, until 
September 30, 2015.
    The limited and temporary exemptions extended by this Order are 
subject to modification or revocation if at any time the Commission 
determines that such action is necessary or appropriate in furtherance 
of the purposes of the Securities Exchange Act of 1934. Responsibility 
for compliance with any applicable provisions of the Federal securities 
laws must rest with the persons relying on the exemptions that are the 
subject of this Order.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(83).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-06265 Filed 3-18-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 53 / Thursday, March 19, 2015 / Notices 14421 subject line if email is used. To help the (‘‘NYSE’’) and NYSE MKT LLC 2 Commission.8 For this reason and the Commission process and review your (‘‘NYSE MKT’’ and, together with reasons stated in the Order originally comments more efficiently, please use NYSE, the ‘‘Exchanges’’) limited granting the limited exemptions, the only one method. The Commission will exemptions from the Sub-Penny Rule in Commission finds that extending the post all comments on the Commission’s connection with the operation of the exemptions, pursuant to its authority Internet Web site (http://www.sec.gov/ Exchanges’ respective Retail Liquidity under Rule 612(c) of Regulation NMS, is rules/sro.shtml). Copies of the Programs (the ‘‘Programs’’).3 The appropriate in the public interest and submission, all subsequent limited exemptions were granted consistent with the protection of amendments, all written statements concurrently with the Commission’s investors. with respect to the proposed rule approval of the Exchanges’ proposals to Therefore, it is hereby ordered that, change that are filed with the adopt their respective Programs for one- pursuant to Rule 612(c) of Regulation Commission, and all written year pilot terms.4 The exemptions were NMS, each Exchange is granted a communications relating to the granted coterminous with the limited exemption from Rule 612 of proposed rule change between the effectiveness of the pilot Programs; both Regulation NMS that allows it to accept Commission and any person, other than the pilot Programs and exemptions are and rank orders priced equal to or those that may be withheld from the scheduled to expire on March 31, 2015.5 greater than $1.00 per share in public in accordance with the The Exchanges now seek to extend increments of $0.001, in connection provisions of 5 U.S.C. 552, will be the exemptions until September 30, with the operation of its Retail Liquidity available for Web site viewing and 2015.6 The Exchanges’ request was Program, until September 30, 2015. printing in the Commission’s Public made in conjunction with immediately The limited and temporary Reference Room, 100 F Street NE., effective filings that extend the exemptions extended by this Order are Washington, DC 20549 on official operation of the Programs through the subject to modification or revocation if business days between the hours of same date.7 In their request to extend at any time the Commission determines 10:00 a.m. and 3:00 p.m. Copies of such the exemptions, the Exchanges note that that such action is necessary or filing also will be available for the participation in the Programs has appropriate in furtherance of the inspection and copying at the principal increased more recently. Accordingly, purposes of the Securities Exchange Act office of the Exchange. All comments the Exchanges have asked for additional of 1934. Responsibility for compliance received will be posted without change; time to allow themselves and the with any applicable provisions of the the Commission does not edit personal Commission to analyze more robust data Federal securities laws must rest with identifying information from concerning the Programs, which the the persons relying on the exemptions submissions. You should submit only Exchanges committed to provide to the that are the subject of this Order. information that you wish to make 2 At the time it filed the original proposal to adopt For the Commission, by the Division of available publicly. All submissions the Retail Liquidity Program, NYSE MKT went by Trading and Markets, pursuant to delegated should refer to File Number SR– the name NYSE Amex LLC. On May 14, 2012, the authority.9 ISEGemini–2015–06, and should be Exchange filed a proposed rule change, Brent J. Fields, submitted on or before April 9, 2015. immediately effective upon filing, to change its name from NYSE Amex LLC to NYSE MKT LLC. Secretary. For the Commission, by the Division of See Securities Exchange Act Release No. 67037 [FR Doc. 2015–06265 Filed 3–18–15; 8:45 am] Trading and Markets, pursuant to delegated (May 21, 2012), 77 FR 31415 (May 25, 2012) (SR– BILLING CODE 8011–01–P authority.18 NYSEAmex–2012–32). 3 See Securities Exchange Act Release No. 67347 Brent J. Fields, (July 3, 2012), 77 FR 40673 (July 10, 2012) (SR– Secretary. NYSE–2011–55; SR–NYSEAmex–2011–84) SECURITIES AND EXCHANGE [FR Doc. 2015–06263 Filed 3–18–15; 8:45 am] (‘‘Order’’). COMMISSION 4 See id. BILLING CODE 8011–01–P 5 The pilot term of the Programs was originally [Release No. 34–74496; File No. SR–MIAX– scheduled to end on July 31, 2013, but the 2015–03] Exchanges initially extended the term for an SECURITIES AND EXCHANGE additional year, through July 31, 2014, see Self-Regulatory Organizations; Miami COMMISSION Securities Exchange Act Release Nos. 70096 (August 2, 2013), 78 FR 48520 (August 8, 2013) International Securities Exchange LLC; [Release No. 34–74507; File Nos. SR–NYSE– (SR–NYSE–2013–48), and 70100 (August 2, 2013), Order Granting Approval to Proposed 2011–55; SR–NYSEAmex–2011–84] 78 FR 48535 (August 8, 2013) (SR–NYSEMKT– Rule Change, as Modified by 2013–60), and then subsequently extended the term Amendment No. 1 Thereto, To Adopt a again through March 31, 2015, see Securities Self-Regulatory Organizations; New Exchange Act Release Nos. 72629 (July 16, 2014), ‘‘Risk Protection Monitor’’ York Stock Exchange LLC; NYSE MKT 79 FR 42564 (July 22, 2014) (SR–NYSE–2014–35), Functionality Under Proposed MIAX LLC; Order Granting an Extension to and 72625 (July 16, 2014), 79 FR 42566 (July 22, Rule 519A and Amend the ‘‘Aggregate Limited Exemptions From Rule 612(c) 2014) (SR–NYSEMKT–2014–60). Each time the Risk Monitor’’ Functionality Under pilot term of the Programs was extended, the of Regulation NMS in Connection With Commission granted the Exchanges’ requests to also MIAX Rule 612 the Exchanges’ Retail Liquidity extend the Sub-Penny Exemption through July 31, Programs Until September 30, 2015 2014, see Securities Exchange Act Release No. March 13, 2015. 70085 (July 31, 2013), 78 FR 47807 (August 6, March 13, 2015. 2013), and March 31, 2015, see Securities Exchange I. Introduction On July 3, 2012, the Securities and Act Release No. 72732 (July 31, 2014), 79 FR 45851 On January 8, 2015, Miami (August 6, 2014), respectively. Exchange Commission (‘‘Commission’’) International Securities Exchange LLC Rmajette on DSK2VPTVN1PROD with NOTICES 6 See Letter from Martha Redding, Senior issued an order pursuant to its authority Counsel, NYSE, to Brent J. Fields, Secretary, (‘‘MIAX’’ or ‘‘Exchange’’) filed with the under Rule 612(c) of Regulation NMS Securities and Exchange Commission, dated Securities and Exchange Commission (‘‘Sub-Penny Rule’’) 1 that granted the February 27, 2015. (‘‘Commission’’), pursuant to section 7 See Securities Exchange Act Release Nos. 34– New York Stock Exchange LLC 19(b)(1) of the Securities Exchange Act 74454 (March 6, 2015), 80 FR 13054 (March 12, 2015) (SR–NYSE–2015–10), and 34–74455 (March 18 17 CFR 200.30–3(a)(12). 8 See Order, supra note 3, 77 FR at 40681. 6, 2015), 80 FR 13047 (March 12, 2015) (SR– 1 17 CFR 242.612(c). NYSEMKT–2015–14). 9 17 CFR 200.30–3(a)(83). VerDate Sep<11>2014 15:18 Mar 18, 2015 Jkt 235001 PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 E:\FR\FM\19MRN1.SGM 19MRN1


Document Created: 2018-02-21 09:42:13
Document Modified: 2018-02-21 09:42:13
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 14421 
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