80 FR 19383 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 1000 To Reflect That Exchange Systems Will Reject Incoming Orders of Over 1,000,000 Shares That Are Marketable Upon Arrival
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 69 (April 10, 2015)
Federal Register Volume 80, Issue 69 (April 10, 2015)
| Page Range | 19383-19385 | |
| FR Document | 2015-08197 |
[Federal Register Volume 80, Number 69 (Friday, April 10, 2015)] [Notices] [Pages 19383-19385] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-08197] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74649; File No. SR-NYSE-2015-14] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 1000 To Reflect That Exchange Systems Will Reject Incoming Orders of Over 1,000,000 Shares That Are Marketable Upon Arrival April 6, 2015. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on March 23, 2015, New York Stock Exchange LLC (``NYSE'' or ``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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 1000 to reflect that Exchange systems will reject incoming orders of over 1,000,000 shares that are marketable upon arrival. 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 those 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 parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 1000 (Automatic Executions) to reflect that Exchange systems will reject incoming orders of over 1,000,000 shares that are marketable upon arrival against interest in Exchange systems. Currently, Exchange systems accept orders up to a maximum order size of 25,000,000 shares.\4\ Rule 1000 provides that market and limit orders of up to 1,000,000 shares are eligible to initiate or participate in automatic executions on the Exchange. However, because an order of over 1,000,000 shares in size is ineligible for automatic execution, if such an order is marketable on arrival, the Exchange suspends automatic executions in that security and it is auto-quoted with a ``slow'' quote [[Page 19384]] condition. When a symbol is in a ``slow'' quote mode, its quote is not protected under Regulation NMS.\5\ Orders for more than 1,000,000 shares that are not marketable upon arrival do not suspend automatic executions or cause a slow quote condition. Rather, non-marketable orders of over 1,000,000 shares in size rest on the Exchange's limit order book and are available as liquidity to interact with incoming contra-side interest. --------------------------------------------------------------------------- \4\ See Rule 1000. \5\ Rule 611 of Regulation NMS requires that trading centers have policies and procedures reasonably designed to prevent trade throughs on that trading center of protected quotations in NMS Stocks. 17 CFR 242.611(a). Importantly, to be a protected quotation, it must be an automated quotation that is the best bid or offer of an exchange. 17 CFR 242.603(b)(57)(iii). --------------------------------------------------------------------------- The Exchange proposes to amend Rule 1000 to provide that incoming orders of over 1,000,000 shares that are marketable upon arrival would be rejected. The Exchange believes it is appropriate to reject marketable orders ineligible for automatic execution in order to reduce the potential that the Exchange would suspend automatic executions and disseminate a ``slow'' quote that permits other market centers to trade through the Exchange's quotations in that security. In addition, the Exchange notes that an order of such size that is marketable upon arrival may be an order entry error, and therefore rejecting the order puts the submitter of the order on notice of the large size of the order. Because of the technology changes associated with the proposed rule change, the Exchange proposes to announce the implementation date via Trader Update. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\6\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\7\ in particular, because it is designed to prevent fraudulent and manipulative acts and practices, promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system, and protect investors and the public interest. In particular, the Exchange believes that rejecting large orders ineligible for automatic execution rather than triggering a suspension of automatic executions in the relevant security would remove impediments to and perfect the mechanism of a free and open market and a national market system by reducing the potential that the Exchange would suspend automatic executions and disseminate a ``slow'' quote that permits other market centers to trade through the Exchange's quotations in the relevant security. The Exchange also believes that rejecting large orders ineligible for automatic execution would assist with the maintenance of fair and orderly markets by helping to mitigate the risk that a large order that is marketable upon arrival may be an order entry error, and therefore rejecting the order puts the submitter of the order on notice of the large size of the order. For the same reasons, the proposal is also designed to protect investors as well as the public interest. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not intended to address competitive issues but rather to prevent unnecessary suspension of automatic executions on the Exchange's marketplace and reduce the likelihood that large, marketable orders may be an order entry error. 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 The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder.\10\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A)(iii). \9\ 17 CFR 240.19b-4(f)(6). \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),\12\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. --------------------------------------------------------------------------- \11\ 17 CFR 240.19b-4(f)(6). \12\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.\13\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(C). --------------------------------------------------------------------------- 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSE-2015-14 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSE-2015-14. 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 [[Page 19385]] 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 will also be available for inspection and copying at the NYSE's principal office and on its Internet Web site at www.nyse.com. 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-2015-14 and should be submitted on or before May 1, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(59). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-08197 Filed 4-9-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices 19383
(C) Self-Regulatory Organization’s should be included on the subject line notice is hereby given that on March 23,
Statement on Comments on the if email is used. To help the 2015, New York Stock Exchange LLC
Proposed Rule Change Received From Commission process and review your (‘‘NYSE’’ or ‘‘Exchange’’) filed with the
Members, Participants or Others comments more efficiently, please use Securities and Exchange Commission
No written comments were either only one method. The Commission will (‘‘Commission’’) the proposed rule
solicited or received. post all comments on the Commission’s change as described in Items I and II
Internet Web site (http://www.sec.gov/ below, which Items have been prepared
III. Date of Effectiveness of the rules/sro.shtml). by the self-regulatory organization. The
Proposed Rule Change and Timing for Copies of the submission, all Commission is publishing this notice to
Commission Action subsequent amendments, all written solicit comments on the proposed rule
Because the foregoing proposed rule statements with respect to the proposed change from interested persons.
change does not: (i) Significantly affect rule change that are filed with the
Commission, and all written I. Self-Regulatory Organization’s
the protection of investors or the public Statement of the Terms of Substance of
interest; (ii) impose any significant communications relating to the
proposed rule change between the the Proposed Rule Change
burden on competition; and (iii) become
Commission and any person, other than The Exchange proposes to amend
operative for 30 days from the date on
those that may be withheld from the Rule 1000 to reflect that Exchange
which it was filed, or such shorter time
public in accordance with the systems will reject incoming orders of
as the Commission may designate, it has
provisions of 5 U.S.C. 552, will be over 1,000,000 shares that are
become effective pursuant to Section
available for Web site viewing and marketable upon arrival. The text of the
19(b)(3)(A)(ii) of the Act 13 and
printing in the Commission’s Public proposed rule change is available on the
subparagraph (f)(6) of Rule 19b–4 Exchange’s Web site at www.nyse.com,
thereunder.14 Reference Room, 100 F Street NE.,
Washington, DC 20549, on official at the principal office of the Exchange,
At any time within 60 days of the
business days between the hours of and at the Commission’s Public
filing of the proposed rule change, the
10:00 a.m. and 3:00 p.m. Copies of the Reference Room.
Commission summarily may
temporarily suspend such rule change if filing also will be available for II. Self-Regulatory Organization’s
it appears to the Commission that such inspection and copying at the principal Statement of the Purpose of, and
action is: (i) Necessary or appropriate in office of the Exchange. All comments Statutory Basis for, the Proposed Rule
the public interest; (ii) for the protection received will be posted without change; Change
of investors; or (iii) otherwise in the Commission does not edit personal
identifying information from In its filing with the Commission, the
furtherance of the purposes of the Act. self-regulatory organization included
If the Commission takes such action, the submissions. You should submit only
information that you wish to make statements concerning the purpose of,
Commission shall institute proceedings and basis for, the proposed rule change
to determine whether the proposed rule available publicly.
All submissions should refer to File and discussed any comments it received
should be approved or disapproved. on the proposed rule change. The text
No. SR–BATS–2015–25 and should be
IV. Solicitation of Comments submitted on or before May 1, 2015. of those statements may be examined at
the places specified in Item IV below.
Interested persons are invited to For the Commission, by the Division of The Exchange has prepared summaries,
submit written data, views, and Trading and Markets, pursuant to delegated
authority.15
set forth in sections A, B, and C below,
arguments concerning the foregoing, of the most significant parts of such
including whether the proposed rule Brent J. Fields,
statements.
change is consistent with the Act. Secretary.
Comments may be submitted by any of [FR Doc. 2015–08204 Filed 4–9–15; 8:45 am] A. Self-Regulatory Organization’s
the following methods: BILLING CODE 8011–01–P
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Electronic Comments Change
• Use the Commission’s Internet SECURITIES AND EXCHANGE 1. Purpose
comment form (http://www.sec.gov/ COMMISSION
rules/sro.shtml); or The Exchange proposes to amend
[Release No. 34–74649; File No. SR–NYSE– Rule 1000 (Automatic Executions) to
• Send an email to rule-comments@ 2015–14]
sec.gov. Please include File No. SR– reflect that Exchange systems will reject
BATS–2015–25 on the subject line. incoming orders of over 1,000,000
Self-Regulatory Organizations; New
shares that are marketable upon arrival
Paper Comments York Stock Exchange LLC; Notice of
against interest in Exchange systems.
Filing and Immediate Effectiveness of
• Send paper comments in triplicate Proposed Rule Change Amending Rule
Currently, Exchange systems accept
to Brent J. Fields, Secretary, Securities orders up to a maximum order size of
1000 To Reflect That Exchange 25,000,000 shares.4 Rule 1000 provides
and Exchange Commission, 100 F Street Systems Will Reject Incoming Orders
NE., Washington, DC 20549–1090. that market and limit orders of up to
of Over 1,000,000 Shares That Are 1,000,000 shares are eligible to initiate
All submissions should refer to File No. Marketable Upon Arrival
SR–BATS–2015–25. This file number or participate in automatic executions
April 6, 2015. on the Exchange. However, because an
mstockstill on DSK4VPTVN1PROD with NOTICES
13 See 15 U.S.C. 78s(b)(3)(a)(ii). Pursuant to Section 19(b)(1) 1 of the order of over 1,000,000 shares in size is
14 See 17 CFR 240.19b–4(f)(6). In addition, Rule Securities Exchange Act of 1934 ineligible for automatic execution, if
19b–4(f)(6) requires a self-regulatory organization to (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 such an order is marketable on arrival,
give the Commission written notice of its intent to the Exchange suspends automatic
file the proposed rule change at least five business 15 See executions in that security and it is
days prior to the date of filing of the proposed rule 17 CFR 200.30–3(a)(12).
change, or such shorter time as designated by the
1 15 U.S.C. 78s(b)(1). auto-quoted with a ‘‘slow’’ quote
2 15 U.S.C. 78a.
Commission. The Exchange has satisfied this
requirement. 3 17 CFR 240.19b–4. 4 See Rule 1000.
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![Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices 19385
available for Web site viewing and Markets Association (‘‘SIFMA’’) questions about the accuracy of
printing in the Commission’s Public submitted a comment letter to the statements in its filings regarding
Reference Room, 100 F Street NE., Commission.4 The Commission has eCareer’s use of investor proceeds for
Washington, DC 20549, on official received no other comment on the working capital, its sales of securities in
business days between the hours of proposal. unregistered transactions and
10:00 a.m. and 3:00 p.m. Copies of the Section 19(b)(2) of the Act 5 provides compensation received by eCareer’s
filing will also be available for that, within 45 days of the publication CEO and chairman, including
inspection and copying at the NYSE’s of the notice of the filing of a proposed information in eCareer’s Form 10–K for
principal office and on its Internet Web rule change, or within such longer the fiscal year ended June 30, 2014,
site at www.nyse.com. All comments period up to 90 days as the Commission Form 10–Q for the period ended
received will be posted without change; may designate if it finds such longer September 30, 2014, and Form 10–Q for
the Commission does not edit personal period to be appropriate and publishes the period ended December 31, 2014. Its
identifying information from its reasons for so finding, or as to which stock is quoted on OTC Link, operated
submissions. You should submit only the self-regulatory organization by OTC Markets Group, Inc., under the
information that you wish to make consents, the Commission shall either ticker: ECHI.
available publicly. All submissions approve the proposed rule change, The Commission is of the opinion that
should refer to File Number SR–NYSE– disapprove the proposed rule change, or the public interest and the protection of
2015–14 and should be submitted on or institute proceedings to determine investors require a suspension of trading
before May 1, 2015. whether the proposed rule change in the securities of eCareer.
should be disapproved. The Therefore, it is ordered, pursuant to
For the Commission, by the Division of
Trading and Markets, pursuant to delegated Commission is extending this 45-day Section 12(k) of the Securities Exchange
authority.14 time period. Act of 1934, that trading in the
Brent J. Fields, The Commission finds that it is securities of the above-listed company is
Secretary. appropriate to designate a longer period suspended for the period from 9:30 a.m.
within which to take action on the EDT on April 8, 2015, through 11:59
[FR Doc. 2015–08197 Filed 4–9–15; 8:45 am]
proposed rule change so that it has p.m. EDT on April 21, 2015.
BILLING CODE 8011–01–P
sufficient time to consider the proposed By the Commission.
rule change. Accordingly, the Jill M. Peterson,
SECURITIES AND EXCHANGE Commission, pursuant to Section Assistant Secretary.
COMMISSION 19(b)(2) of the Act,6 designates May 24, [FR Doc. 2015–08373 Filed 4–8–15; 4:15 pm]
2015, as the date by which the BILLING CODE 8011–01–P
[Release No. 34–74648; File No. SR–NYSE–
Commission should either approve or
2015–06]
disapprove or institute proceedings to
Self-Regulatory Organizations; New determine whether to disapprove the SECURITIES AND EXCHANGE
York Stock Exchange LLC; Notice of proposed rule change (File Number SR– COMMISSION
Designation of a Longer Period for NYSE–2015–06).
[Release No. 34–74655; File No. SR–C2–
Commission Action on a Proposed For the Commission, by the Division of 2015–005]
Rule Change Adopting New Rule 124 Trading and Markets, pursuant to delegated
To Conduct a Midday Auction and authority.7 Self-Regulatory Organizations; C2
Amending Rule 104 To Codify the Brent J. Fields, Options Exchange, Incorporated;
Obligation of Designated Market Secretary. Notice of Filing and Immediate
Makers To Facilitate the Midday [FR Doc. 2015–08196 Filed 4–9–15; 8:45 am] Effectiveness of Proposed Rule
Auction BILLING CODE 8011–01–P
Change To Amend the Fees Schedule
April 6, 2015. April 6, 2015.
On February 2, 2015, New York Stock Pursuant to Section 19(b)(1) of the
SECURITIES AND EXCHANGE Securities Exchange Act of 1934
Exchange LLC (‘‘Exchange’’) filed with
COMMISSION (‘‘Act’’),1 and Rule 19b–4 thereunder,2
the Securities and Exchange
Commission (‘‘Commission’’), pursuant [File No. 500–1] notice is hereby given that, on April 1,
to Section 19(b)(1) of the Securities 2015 C2 Options Exchange,
Exchange Act of 1934 (‘‘Act’’) 1 and Rule In the Matter of eCareer Holdings, Inc.; Incorporated (the ‘‘Exchange’’ or ‘‘C2’’)
19b–4 thereunder,2 a proposed rule Order of Suspension of Trading filed with the Securities and Exchange
change to adopt new Rule 124 to Commission (‘‘SEC’’ or ‘‘Commission’’)
April 8, 2015.
conduct a daily single-priced auction at the proposed rule change as described
It appears to the Securities and
a specified time in lower-volume in Items I, II, and III below, which Items
Exchange Commission that there is a have been prepared by the Exchange.
securities (‘‘Midday Auction’’) and to lack of current and accurate information
amend Rule 104 to codify the obligation The Commission is publishing this
concerning the securities of eCareer notice to solicit comments on the
of Designated Market Makers to Holdings, Inc., (‘‘eCareer’’) because of
facilitate the Midday Auction. The proposed rule change from interested
questions regarding the accuracy of persons.
proposed rule change was published in publicly available information about the
the Federal Register on February 23, I. Self-Regulatory Organization’s
mstockstill on DSK4VPTVN1PROD with NOTICES
company’s operations, including
2015.3 On March 20, 2015, the Statement of the Terms of Substance of
Securities Industry and Financial 4 See letter from Theodore R. Lazo, Managing the Proposed Rule Change
Director and Associate General Counsel, SIFMA, to
14 17 CFR 200.30–3(a)(59). Brent J. Fields, Secretary, the Commission (Mar. 20, The Exchange proposes to amend its
1 15 U.S.C.78s(b)(1). 2015). Fees Schedule. The text of the proposed
2 17 CFR 240.19b–4. 5 15 U.S.C. 78s(b)(2).
3 See Securities Exchange Act Release No. 74282 6 Id. 1 15 U.S.C. 78s(b)(1).
(February 23, 2015), 80 FR 9496. 7 17 CFR 200.30–3(a)(31). 2 17 CFR 240.19b–4.
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Document Created: 2018-02-21 10:08:55
Document Modified: 2018-02-21 10:08:55
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 19383 |
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