80 FR 20274 - Self-Regulatory Organizations; NYSE MKT, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period Applicable to the Customer Best Execution Auction per Rule 971.1 NY, Until July 17, 2015
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 72 (April 15, 2015)
Federal Register Volume 80, Issue 72 (April 15, 2015)
| Page Range | 20274-20276 | |
| FR Document | 2015-08549 |
[Federal Register Volume 80, Number 72 (Wednesday, April 15, 2015)] [Notices] [Pages 20274-20276] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-08549] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74695; File No. SR-NYSEMKT-2015-28] Self-Regulatory Organizations; NYSE MKT, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period Applicable to the Customer Best Execution Auction per Rule 971.1 NY, Until July 17, 2015 April 9, 2015. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on April 7, 2015, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The [[Page 20275]] 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 extend the pilot period applicable to the Customer Best Execution Auction (``CUBE''), per Rule 971.1NY, until July 17, 2015. 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 the 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 extend the pilot period applicable to certain aspects of the Customer Best Execution--or CUBE--Auction, which is currently set to expire on April 24, 2015, until July 17, 2015.\4\ --------------------------------------------------------------------------- \4\ The Exchange notes that the proposed extension would align the expiration of the pilot period with that of other competing options exchanges that offer electronic price improvement auctions similar to the CUBE. See, e.g., ISE Rule 723 Supplementary Material .03 (pilot period for price improvement mechanism extended until Friday, July 17, 2015); PHLX Rule 1080(n)(vii); (pilot period for price improvement mechanism extended until Saturday, July 18, 2015); CBOE Rule 6.74A Interpretation and Policies .03 (same); BOX IM-7150- 1 (same). Because July 18, 2015 is a Saturday and the Exchange is not open, the Exchange proposes to extend the pilot until Friday, July 17, 2015. --------------------------------------------------------------------------- Background Rule 971.1NY sets forth an electronic crossing mechanism for single-leg orders with a price improvement auction on the Exchange, referred to as the CUBE Auction.\5\ The CUBE Auction, which was approved in April 2014, is designed to provide price improvement for paired orders of any size.\6\ Two aspects of the CUBE were approved for a one-year pilot period--Rule 971.1NY(b)(1)(B), which establishes the permissible range of executions for CUBE Auctions for fewer than 50 contracts; and Rule 971.1NY(b)(8), which establishes that the minimum size for a CUBE Auction is one contract (together, the ``CUBE Pilot''). --------------------------------------------------------------------------- \5\ See generally Rule 971.1NY (Electronic Cross Transactions). \6\ See Securities Exchange Act Release No. 72025 (April 25, 2014), 79 FR 24779 (May 1, 2014) (NYSEMKT-2014-17) (the ``CUBE Approval Order''). --------------------------------------------------------------------------- An ATP Holder may initiate a CUBE Auction by electronically submitting for execution a limit order it represents as agent on behalf of a public customer, broker dealer, or any other entity (``CUBE Order'') against principal interest or against any other order it represents as agent, provided the initiating ATP Holder complies with Rule 971.1NY.\7\ Rule 971.1NY(b)(1) sets forth the permissible range of executions for a CUBE Order.\8\ Pursuant to the CUBE Pilot, a CUBE Order for fewer than 50 contracts is subject to tighter ranges of execution than larger CUBE Orders to maximize price improvement.\9\ Specifically, if the CUBE Order is for fewer than 50 contracts, the range of permissible execution will be equal to or better than the National Best Bid/Offer (``NBBO''), provided that such price must be at least one cent better than any displayed interest in the Exchange's Consolidated Book.\10\ --------------------------------------------------------------------------- \7\ In addition, CUBE provides for the automatic execution, under certain conditions, of a crossing transaction where there is a public customer order in the same options series on each side. \8\ Subject to specified exceptions, a CUBE Order to buy (sell) may execute at prices equal to or between the initiating price as the upper (lower) bound and the National Best Bid (``NBB'') (National Best Offer (``NBO'')) as the lower (upper) bound. See Rule 971.1NY(b). \9\ See Rule 971.1NY(b)(1)(B). Rule 971.1NY(b)(8), also subject to the pilot period, provides that the minimum size for a CUBE Auction is one contract. See Rule (b)(8). \10\ See Rule 971.1NY(b)(1)(B). --------------------------------------------------------------------------- The CUBE Pilot was initially approved for a one-year pilot.\11\ Pursuant to Commentary .01 to Rule 971.1NY, the CUBE Pilot would, if not amended, end on April 24, 2015.\12\ In connection with the CUBE Pilot, the Exchange agreed to submit certain data to provide supporting evidence that, among other things, there is meaningful competition for all size orders and that there is an active and liquid market functioning on the Exchange outside of the CUBE Auction.\13\ --------------------------------------------------------------------------- \11\ See CUBE Approval Order, supra, n. 6. \12\ See also Commentary .01 to Rule 971.1NY (establishing one- year pilot period for Rules 971.1NY(b)(1)(B) and 971.1NY(b)(8)). \13\ See CUBE Approval Order, supra, n. 6 at 79 FR 24779, at 24785-86, fn. 94-95. See also Commentary .01 to Rule 971.1NY. --------------------------------------------------------------------------- Proposal To Extend the Operation of the CUBE Pilot The Exchange implemented the CUBE Auction to provide an electronic crossing mechanism for single-leg orders with a price improvement auction. The CUBE Pilot was designed to create tighter markets and ensure that each order receives the best possible price. The Exchange believes that the CUBE Pilot attracts order flow and promotes competition and price improvement opportunities for CUBE Orders of fewer than 50 contracts. The Exchange believes that extending the pilot period is appropriate because it will allow the Exchange and the Commission additional time to analyze data regarding the CUBE Pilot that the Exchange has committed to provide.\14\ As such, the Exchange believes that it is appropriate to extend the current operation of the Pilot. Through this filing, the Exchange seeks to amend Commentary .01 to Rule 971.1NY and extend the current pilot period until July 17, 2015.\15\ The Exchange notes that it would retain the text of Rules 971.1NY(b)(1)(B) and 971.1NY(b)(8). In further support of this proposed rule change, the Exchange would continue to submit to the Commission detailed data from, and analysis of, the CUBE Pilot. --------------------------------------------------------------------------- \14\ Id. \15\ See proposed Commentary .01 to Rule 971.1NY. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \16\ in general, and furthers the objectives of Section 6(b)(5) of the Act \17\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78f(b). \17\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that extending the pilot period is consistent with these principles because the CUBE Pilot is reasonably designed to create tighter markets and ensure that each order receives the best possible price, which benefits investors by increasing competition thereby maximizing opportunities for price improvement. The proposed extension would allow [[Page 20276]] the CUBE Pilot to continue uninterrupted, thereby avoiding any potential investor confusion that could result from a temporary interruption in the CUBE Pilot. Because the CUBE Pilot is applicable to all CUBE Orders for fewer than 50 contracts, and to the requirement that the minimum size of the CUBE Auction is one contract, the proposal to extend the pilot merely acts to maintain status quo on the Exchange, which promotes just and equitable principles of trade and removes impediments to, and perfects the mechanism of, a free and open market and a national market system. The extension of the pilot period will allow the Commission and the Exchange to continue to monitor the CUBE Pilot to ascertain whether there is meaningful competition for all size orders and whether there is an active and liquid market functioning on the Exchange outside of the CUBE Auction. 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. The proposed rule change simply extends an established pilot program for an additional period and would allow for further analysis of the CUBE Pilot. In addition, the proposed extension would allow the CUBE Pilot to continue uninterrupted, thereby avoiding any potential investor confusion that could result from a temporary interruption in the CUBE Pilot. Thus, the proposal would also serve to promote regulatory clarity and consistency, thereby reducing burdens on the marketplace and facilitating investor protection. 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 \18\ and Rule 19b-4(f)(6) thereunder.\19\ Because the foregoing 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 for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, 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. --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(3)(A)(iii). Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. \19\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \20\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),\21\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. --------------------------------------------------------------------------- \20\ 17 CFR 240.19b-4(f)(6). \21\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest because such waiver will allow the pilot program to continue without interruption. Therefore, the Commission designates the proposal operative upon filing.\22\ --------------------------------------------------------------------------- \22\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \23\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \23\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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-NYSEMKT-2015-28 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-NYSEMKT-2015-28. 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 such filing also will be available for inspection and copying at the principal offices 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-NYSEMKT-2015-28, and should be submitted on or before May 6, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\24\ --------------------------------------------------------------------------- \24\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-08549 Filed 4-14-15; 8:45 am] BILLING CODE 8011-01-P
![20274 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices
discriminate between customers, C. Self-Regulatory Organization’s rules/sro.shtml). Copies of the
issuers, brokers or dealers. Statement on Comments on the submission, all subsequent
Overall, the Exchange believes that Proposed Rule Change Received From amendments, all written statements
the proposed changes to IWM pricing Members, Participants or Others with respect to the proposed rule
No written comments were solicited change that are filed with the
for Manual transactions are reasonable,
or received with respect to the proposed Commission, and all written
equitable and not unfairly
rule change. communications relating to the
discriminatory because the reduced proposed rule change between the
rates are based on the executions in III. Date of Effectiveness of the Commission and any person, other than
IWM transacted on the Exchange. In Proposed Rule Change and Timing for those that may be withheld from the
addition, the Exchange believes the Commission Action public in accordance with the
proposed fees are reasonable, equitable The foregoing rule change is effective provisions of 5 U.S.C. 552, will be
and not unfairly discriminatory because upon filing pursuant to Section available for Web site viewing and
the fees are designed to incentivize IWM 19(b)(3)(A) 12 of the Act and printing in the Commission’s Public
Participants to conduct Manual trades subparagraph (f)(2) of Rule 19b–4 13 Reference Room, 100 F Street NE.,
in IWM and apply equally to all IWM thereunder, because it establishes a due, Washington, DC 20549, on official
Participants.10 The Exchange believes fee, or other charge imposed by the business days between the hours of
the proposed fee changes may result in Exchange. 10:00 a.m. and 3:00 p.m. Copies of such
an increase in volume and liquidity to At any time within 60 days of the filing also will be available for
the Exchange, which would provide filing of such proposed rule change, the inspection and copying at the principal
more trading opportunities and tighter Commission summarily may office of the Exchange. All comments
spreads, to the benefit of all market temporarily suspend such rule change if received will be posted without change;
participants even non-IWM Participants, it appears to the Commission that such the Commission does not edit personal
all of which perfects the mechanism for action is necessary or appropriate in the identifying information from
a free and open market and national public interest, for the protection of submissions. You should submit only
investors, or otherwise in furtherance of information that you wish to make
market system.
the purposes of the Act. If the available publicly. All submissions
For these reasons, the Exchange Commission takes such action, the should refer to File Number SR–
believes that the proposal is consistent Commission shall institute proceedings NYSEArca–2015–28 and should be
with the Act. under Section 19(b)(2)(B) 14 of the Act to submitted on or before May 6, 2015.
B. Self-Regulatory Organization’s determine whether the proposed rule For the Commission, by the Division of
Statement on Burden on Competition change should be approved or Trading and Markets, pursuant to delegated
disapproved. authority.15
In accordance with Section 6(b)(8) of Brent J. Fields,
IV. Solicitation of Comments Secretary.
the Act,11 the Exchange does not believe
that the proposed rule change will Interested persons are invited to [FR Doc. 2015–08548 Filed 4–14–15; 8:45 am]
impose any burden on competition that submit written data, views and BILLING CODE 8011–01–P
is not necessary or appropriate in arguments concerning the foregoing,
furtherance of the purposes of the Act. including whether the proposed rule
The Exchange believes the proposed change is consistent with the Act. SECURITIES AND EXCHANGE
Comments may be submitted by any of COMMISSION
fees associated with IWM are pro-
the following methods:
competitive as they may attract more [Release No. 34–74695; File No. SR–
volume and liquidity to the Exchange Electronic Comments NYSEMKT–2015–28]
through the proposed reduced rates, • Use the Commission’s Internet Self-Regulatory Organizations; NYSE
which would benefit all Exchange comment form (http://www.sec.gov/ MKT, LLC; Notice of Filing and
participants through increased rules/sro.shtml); or Immediate Effectiveness of Proposed
opportunities to trade as well as • Send an email to rule-comments@ Rule Change To Extend the Pilot
enhancing price discovery. sec.gov. Please include File Number SR– Period Applicable to the Customer
The Exchange notes that it operates in NYSEArca–2015–28 on the subject line. Best Execution Auction per Rule 971.1
a highly competitive market in which Paper Comments NY, Until July 17, 2015
market participants can readily favor • Send paper comments in triplicate April 9, 2015.
competing venues. In such an to Brent J. Fields, Secretary, Securities Pursuant to Section 19(b)(1) 1 of the
environment, the Exchange must and Exchange Commission, 100 F Street Securities Exchange Act of 1934 (the
continually review, and consider NE., Washington, DC 20549. ‘‘Act’’),2 and Rule 19b–4 thereunder,3
adjusting, its fees and credits to remain All submissions should refer to File notice is hereby given that on April 7,
competitive with other exchanges. For Number SR–NYSEArca–2015–28. This 2015, NYSE MKT LLC (the ‘‘Exchange’’
the reasons described above, the file number should be included on the or ‘‘NYSE MKT’’) filed with the
Exchange believes that the proposed subject line if email is used. To help the Securities and Exchange Commission
rule change reflects this competitive Commission process and review your (the ‘‘Commission’’) the proposed rule
environment. comments more efficiently, please use change as described in Items I and II
tkelley on DSK3SPTVN1PROD with NOTICES
only one method. The Commission will below, which Items have been prepared
10 Similarly, as noted above, supra n. 4, the post all comments on the Commission’s by the self-regulatory organization. The
proposed fee is reasonable, equitable and not Internet Web site (http://www.sec.gov/
unfairly discriminatory because there is currently 15 17 CFR 200.30–3(a)(12).
no LMM in IWM and, therefore, no LMM is 12 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
impacted by this proposed fee change. 13 17 CFR 240.19b–4(f)(2). 2 15 U.S.C. 78a.
11 15 U.S.C. 78f(b)(8). 14 15 U.S.C. 78s(b)(2)(B). 3 17 CFR 240.19b–4.
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![20276 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices
the CUBE Pilot to continue 19b–4(f)(6) thereunder.19 Because the Electronic Comments
uninterrupted, thereby avoiding any foregoing proposed rule change does
potential investor confusion that could not: (i) Significantly affect the • Use the Commission’s Internet
result from a temporary interruption in protection of investors or the public comment form (http://www.sec.gov/
the CUBE Pilot. Because the CUBE Pilot interest; (ii) impose any significant rules/sro.shtml); or
is applicable to all CUBE Orders for burden on competition; and (iii) become • Send an email to rule-comments@
fewer than 50 contracts, and to the operative for 30 days from the date on sec.gov. Please include File Number SR–
requirement that the minimum size of which it was filed, or such shorter time NYSEMKT–2015–28 on the subject line.
the CUBE Auction is one contract, the as the Commission may designate, the
proposal to extend the pilot merely acts proposed rule change has become Paper Comments
to maintain status quo on the Exchange, effective pursuant to Section 19(b)(3)(A) • Send paper comments in triplicate
which promotes just and equitable of the Act and Rule 19b–4(f)(6)(iii) to Brent J. Fields, Secretary, Securities
principles of trade and removes thereunder.
impediments to, and perfects the and Exchange Commission, 100 F Street
mechanism of, a free and open market A proposed rule change filed under NE., Washington, DC 20549–1090.
and a national market system. The Rule 19b–4(f)(6) 20 normally does not
All submissions should refer to File
extension of the pilot period will allow become operative prior to 30 days after
the date of the filing. However, pursuant Number SR–NYSEMKT–2015–28. This
the Commission and the Exchange to file number should be included on the
continue to monitor the CUBE Pilot to to Rule 19b4(f)(6)(iii),21 the Commission
may designate a shorter time if such subject line if email is used. To help the
ascertain whether there is meaningful Commission process and review your
competition for all size orders and action is consistent with the protection
of investors and the public interest. comments more efficiently, please use
whether there is an active and liquid only one method.
market functioning on the Exchange The Exchange has asked the
outside of the CUBE Auction. Commission to waive the 30-day The Commission will post all
operative delay so that the proposal may comments on the Commission’s Internet
B. Self-Regulatory Organization’s Web site (http://www.sec.gov/rules/
Statement on Burden on Competition become operative immediately upon
filing. The Commission believes that sro.shtml). Copies of the submission, all
The Exchange does not believe that waiver of the operative delay is subsequent amendments, all written
the proposed rule change will impose consistent with the protection of statements with respect to the proposed
any burden on competition not investors and the public interest rule change that are filed with the
necessary or appropriate in furtherance because such waiver will allow the pilot Commission, and all written
of the purposes of the Act. The program to continue without communications relating to the
proposed rule change simply extends an interruption. Therefore, the Commission proposed rule change between the
established pilot program for an designates the proposal operative upon Commission and any person, other than
additional period and would allow for filing.22 those that may be withheld from the
further analysis of the CUBE Pilot. In public in accordance with the
addition, the proposed extension would At any time within 60 days of the
filing of the proposed rule change, the provisions of 5 U.S.C. 552, will be
allow the CUBE Pilot to continue available for Web site viewing and
uninterrupted, thereby avoiding any Commission summarily may
temporarily suspend such rule change if printing in the Commission’s Public
potential investor confusion that could Reference Room, 100 F Street NE.,
result from a temporary interruption in it appears to the Commission that such
action is necessary or appropriate in the Washington, DC 20549, on official
the CUBE Pilot. Thus, the proposal
public interest, for the protection of business days between the hours of
would also serve to promote regulatory
clarity and consistency, thereby investors, or otherwise in furtherance of 10:00 a.m. and 3:00 p.m. Copies of such
reducing burdens on the marketplace the purposes of the Act. If the filing also will be available for
and facilitating investor protection. Commission takes such action, the inspection and copying at the principal
Commission shall institute proceedings offices of the Exchange. All comments
C. Self-Regulatory Organization’s under Section 19(b)(2)(B) 23 of the Act to received will be posted without change;
Statement on Comments on the determine whether the proposed rule the Commission does not edit personal
Proposed Rule Change Received From change should be approved or identifying information from
Members, Participants or Others disapproved. submissions. You should submit only
No written comments were solicited information that you wish to make
IV. Solicitation of Comments
or received with respect to the proposed available publicly. All submissions
rule change. Interested persons are invited to should refer to File Number SR–
III. Date of Effectiveness of the submit written data, views, and NYSEMKT–2015–28, and should be
Proposed Rule Change and Timing for arguments concerning the foregoing, submitted on or before May 6, 2015.
Commission Action including whether the proposed rule For the Commission, by the Division of
change is consistent with the Act. Trading and Markets, pursuant to delegated
The Exchange has filed the proposed Comments may be submitted by any of authority.24
rule change pursuant to Section the following methods:
19(b)(3)(A)(iii) of the Act 18 and Rule
Brent J. Fields,
tkelley on DSK3SPTVN1PROD with NOTICES
19 17 CFR 240.19b–4(f)(6).
18 15 U.S.C. 78s(b)(3)(A)(iii). Rule 19b–4(f)(6) 20 17 CFR 240.19b–4(f)(6). Secretary.
requires a self-regulatory organization to give the
21 17 CFR 240.19b–4(f)(6)(iii).
Commission written notice of its intent to file the [FR Doc. 2015–08549 Filed 4–14–15; 8:45 am]
22 For purposes only of waiving the 30-day
proposed rule change at least five business days BILLING CODE 8011–01–P
prior to the date of filing of the proposed rule operative delay, the Commission has considered the
change, or such shorter time as designated by the proposed rule’s impact on efficiency, competition,
Commission. The Exchange has satisfied this and capital formation. See 15 U.S.C. 78c(f).
requirement. 23 15 U.S.C. 78s(b)(2)(B). 24 17 CFR 200.30–3(a)(12).
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Document Created: 2015-12-18 11:13:13
Document Modified: 2015-12-18 11:13:13
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 20274 |
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