80 FR 44170 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a Proposed Rule Change Adopting New Equity Trading Rules Relating to Trading Sessions, Order Ranking and Display, and Order Execution To Reflect the Implementation of Pillar, the Exchange's New Trading Technology Platform
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 142 (July 24, 2015)
Federal Register Volume 80, Issue 142 (July 24, 2015)
| Page Range | 44170-44172 | |
| FR Document | 2015-18128 |
[Federal Register Volume 80, Number 142 (Friday, July 24, 2015)] [Notices] [Pages 44170-44172] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-18128] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75494; File No. SR-NYSEArca-2015-38] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a Proposed Rule Change Adopting New Equity Trading Rules Relating to Trading Sessions, Order Ranking and Display, and Order Execution To Reflect the Implementation of Pillar, the Exchange's New Trading Technology Platform July 20, 2015. I. Introduction On April 30, 2015, NYSE Arca, Inc. (the ``Exchange'' or ``Arca'') filed with the Securities and Exchange Commission (``Commission''), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to adopt new equity trading rules relating to Trading Sessions, Order Ranking and Display, and Order Execution to reflect the implementation of Pillar, the Exchange's new trading technology platform. The proposed rule change was published for comment in the Federal Register on May 19, 2015.\3\ The Commission received no comment letters on the proposed rule change. On June 23, 2015, pursuant to section 19(b)(2) of the Act,\3\ the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to approve or disapprove the proposed rule change.\4\ This order approves the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4 \3\ See Securities Exchange Act Release No. 74951 (May 13, 2015), 80 FR 28721 (``Notice''). \3\ 15 U.S.C. 78s(b)(2). \4\ See Securities Exchange Act Release No. 75273, 80 FR 37033 (June 29, 2015). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change The Exchange proposes to adopt new equity trading rules relating to the implementation of Pillar, the Exchange's new trading technology platform. The Exchange proposes to adopt the following new Pillar rules: (1) NYSE [[Page 44171]] Arca Equities Rule 7.34P (``Rule 7.34P'') related to trading session; (2) NYSE Arca Equities Rule 7.36P (``Rule 7.36P'') related to order ranking and display; and NYSE Arca Equities Rule 7.37P (``Rule 7.37P'') related to order execution. According to the Exchange, these three rules would set forth the foundation of the Exchange's equity trading model in Pillar, including the hours of operation, how orders would be ranked and displayed, and how orders would be executed.\5\ --------------------------------------------------------------------------- \5\ See Notice at 28722. --------------------------------------------------------------------------- A. Background The Exchange represents that Pillar is an integrated trading technology platform designed to use a single specification for connecting to the equities and options markets operated by Arca and its affiliates, New York Stock Exchange LLC and NYSE MKT LLC. NYSE Arca Equities will be the first trading system to migrate to Pillar.\6\ The Exchange states that during the first phase of Pillar implementation, it will roll out the new technology platform over a period of time based on a range of symbols.\7\ Because orders entered in symbols not yet migrated to Pillar would continue to operate under current rules, the Exchange will keep its current rules, pending complete migration of symbols to Pillar and retirement of the current trading system, and will add new rules that would be applicable to symbols that trade on the Pillar trading platform.\8\ --------------------------------------------------------------------------- \6\ See Notice at 28722; see also Trader Update dated January 29, 2015, available here: http://www1.nyse.com/pdfs/Pillar_Trader_Update_Jan_2015.pdf. \7\ See Notice at 28722. \8\ Id. --------------------------------------------------------------------------- As proposed, the new rules governing trading on Pillar would have the same numbering as current rules, but with the modifier ``P'' appended to the rule number. The Exchange proposes that rules with a ``P'' modifier would operate for symbols that are trading on the Pillar trading platform. If a symbol is trading on the Pillar trading platform, a rule with the same number as a rule with a ``P'' modifier would no longer operate for that symbol and the Exchange would announce by Trader Update when symbols are trading on the Pillar trading platform. Definitions that do not have a companion version with a ``P'' modifier would continue to operate for all symbols. The Exchange has stated that once all symbols have migrated to the Pillar platform, it will file a rule proposal to delete rules that are no longer operative.\9\ --------------------------------------------------------------------------- \9\ Id. --------------------------------------------------------------------------- B. Proposed Modifications The Exchange represents that it is not proposing that the core functionality of rules applicable to trading on Pillar would be different from rules applicable to trading on the current NYSE Arca Equities trading system.\10\ As described in detail in the Notice, Rules 7.34P, 7.36P, and 7.37P incorporate much of the substance of current NYSE Arca Rules 7.34, 7.36, and 7.37, respectively. However, with Pillar, the Exchange would introduce new terminology, reorganize and redraft certain provisions to improve clarity, and provide additional detail to other current provisions being redesignated.\11\ The Exchange also proposes to make several changes that are more substantive in nature, as follows: --------------------------------------------------------------------------- \10\ Id. \11\ See id. at 28723-31. ---------------------------------------------------------------------------The Core Open Auction would occur during the Core Trading Session, rather than during Early Trading Session; \12\ --------------------------------------------------------------------------- \12\ See proposed rule 7.34P(a)(2); see also Notice at 28723. --------------------------------------------------------------------------- Tracking Orders would now be permitted to participate in the Early Trading Session; \13\ --------------------------------------------------------------------------- \13\ See current rule 7.34(d)(1)(C), which would not be carried over to proposed 7.34P; see also Notice at 28724. --------------------------------------------------------------------------- during the Early Trading Session, for securities that are not eligible for an auction on the Exchange, all Market Orders designated for the Core Trading Session and Auction-Only Orders would be routed to the primary listing market on arrival (unless the market is not accepting orders), whereas currently this only occurs if orders include a ``Primary Only'' designation; \14\ --------------------------------------------------------------------------- \14\ See proposed rule 7.34P(c)(1)(D); see also Notice at 28724. --------------------------------------------------------------------------- Market Orders in securities that are not eligible for the Core Open Auction will be routed to the primary listing market until the first print of any size (the current rule does not specify that the first opening print can include an odd-lot transaction) on the primary listing market, and the Exchange would now stop routing Market Orders to the primary listing market and begin processing those orders on the Exchange at 10am EST; \15\ --------------------------------------------------------------------------- \15\ See proposed rule 7.34P(c)(2)(A); see also Notice at 28725. --------------------------------------------------------------------------- during the Core Trading Session, Auction-Only Orders in securities that are not eligible for an auction on Arca would be accepted and routed directly to the primary listing market,\16\ whereas currently this only occurs if orders include a ``Primary Only'' designation; --------------------------------------------------------------------------- \16\ See proposed rule 7.34P(c)(2)(B); see also Notice at 28725. --------------------------------------------------------------------------- Tracking Orders would now be eligible to participate in the Late Trading Session; \17\ and --------------------------------------------------------------------------- \17\ See current rule 7.34(d)(3)(C), which would not be carried over to proposed 7.34P; see also Notice at 28725. --------------------------------------------------------------------------- an order marked ``short'' when a short sale price test restriction is in effect would not be routed and would be repriced or cancelled.\18\ --------------------------------------------------------------------------- \18\ See proposed rule 7.37P(b)(8); see also Notice at 28730. --------------------------------------------------------------------------- III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act \19\ and the rules and regulations thereunder applicable to a national securities exchange.\20\ In particular, the Commission finds that the proposed rule change is consistent with section 6(b)(5) of the Act,\21\ which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, 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 and that the rules are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \19\ 15 U.S.C. 78f. \20\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \21\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Commission notes that the Exchange believes that the proposed rules would remove impediments to and perfect the mechanism of a free and open market because the proposed rule set would promote transparency by simplifying the structure of Exchange rules and using consistent terminology governing equities trading, and by clearly denoting the rules that govern once a symbol has been migrated to the Pillar platform.\22\ With respect to proposed Rule 7.34P, the Exchange represents that it believes that the proposed changes to functionality would remove impediments to and perfect the mechanism of a fair and orderly market.\23\ With respect to proposed Rules 7.36P and 7.37P, the Exchange stated that it believes that the [[Page 44172]] proposed rule text promotes transparency through the use of consistent terminology that will serve as the foundation for additional Pillar- related rule proposals, and by providing notice of when orders would be accepted, routed, rejected, cancelled, or be assigned a working time by the Exchange.\24\ --------------------------------------------------------------------------- \22\ See Notice at 28732. \23\ See id. \24\ See id. --------------------------------------------------------------------------- Based on the Exchange's representations, the Commission believes that the proposed rule change does not raise any novel regulatory considerations and should provide greater specificity with respect to the functionality available on the Exchange as symbols are migrated to the Pillar platform. For these reasons, the Commission believes that the proposal should help 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, in general, protect investors and the public interest. IV. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act,\25\ that the proposed rule change (SR-NYSEArca-2015-38) be, and hereby is, approved. --------------------------------------------------------------------------- \25\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\26\ --------------------------------------------------------------------------- \26\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-18128 Filed 7-23-15; 8:45 am] BILLING CODE 8011-01-P
![44170 Federal Register / Vol. 80, No. 142 / Friday, July 24, 2015 / Notices
Exchanges believe that the CUBE and the proposals amend NYSE Arca Rule For the Commission, by the Division of
COPIP are analogous to the COA in that 6.91(c)(3) and NYSE MKT Rule Trading and Markets, pursuant to delegated
they are designed to attract liquidity and authority.34
980NY(e)(3) to establish a minimum
provide opportunities for price duration of 500 milliseconds for the Robert W. Errett,
improvement.25 Response Time Interval.30 Deputy Secretary.
[FR Doc. 2015–18129 Filed 7–23–15; 8:45 am]
III. Discussion and Commission The Commission believes that the
BILLING CODE 8011–01–P
Findings changes establishing a minimum
After careful review, the Commission duration for the Response Time Interval
finds that the proposed rule changes are and providing for expanded SECURITIES AND EXCHANGE
consistent with the Act and the rules participation in the COA could enhance COMMISSION
and regulations thereunder applicable to competition in the COA. As noted
[Release No. 34–75494; File No. SR–
a national securities exchange.26 In above, each Exchange surveyed its NYSEArca–2015–38]
particular, the Commission finds that trading permit holders to determine
the proposed rule changes are consistent whether they would be able to respond Self-Regulatory Organizations; NYSE
with section 6(b)(5) of the Act,27 which to a COA auction lasting 100 Arca, Inc.; Order Approving a
requires that the rules of the exchange milliseconds. According to the Proposed Rule Change Adopting New
be designed, among other things, to Exchanges, 77% of the survey Equity Trading Rules Relating to
prevent fraudulent and manipulative respondents indicated that they would Trading Sessions, Order Ranking and
acts and practices, to promote just and be able to respond to an auction lasting Display, and Order Execution To
equitable principles of trade, to remove 100 milliseconds.31 Based on the Reflect the Implementation of Pillar,
impediments to and perfect the Exchanges’ statements, the Commission the Exchange’s New Trading
mechanism of a free and open market believes that establishing a minimum Technology Platform
and a national market system, and, in duration of 500 milliseconds for the
general, to protect investors and the July 20, 2015.
Response Time Interval should provide
public interest. I. Introduction
Users trading as principal on the market participants with an opportunity
Exchanges may not trade with orders to compete for exposed bids and offers On April 30, 2015, NYSE Arca, Inc.
they represent as agent unless the one- in a COA auction while facilitating the (the ‘‘Exchange’’ or ‘‘Arca’’) filed with
second order exposure requirements of prompt execution of orders in the the Securities and Exchange
NYSE Arca Rule 6.47A or NYSE MKT COA.32 In addition, allowing all trading Commission (‘‘Commission’’), pursuant
Rule 935NY, as applicable, are satisfied. permit holders to submit RFR Responses to section 19(b)(1) of the Securities
The proposals amend NYSE Arca Rule could result in greater participation and Exchange Act of 1934 (‘‘Act’’) 1 and Rule
6.47A and NYSE MKT Rule 935NY to increased competition in the COA, 19b–4 thereunder,2 a proposed rule
allow Users to utilize the COA to satisfy potentially leading to greater change to adopt new equity trading
the order exposure requirements.28 opportunities for price improvement for rules relating to Trading Sessions, Order
Thus, an electronic complex order orders submitted to a COA. Ranking and Display, and Order
subject to a COA would not be subject Accordingly, the Commission believes Execution to reflect the implementation
to the one-second order exposure of Pillar, the Exchange’s new trading
that it is consistent with the Act to
requirements of NYSE Arca Rule 6.47A technology platform. The proposed rule
allow Users to utilize the COA to satisfy
or NYSE MKT Rule 935NY, and a User change was published for comment in
the order exposure requirements of the Federal Register on May 19, 2015.3
that utilizes the COA pursuant to NYSE NYSE Arca Rule 6.47A and NYSE MKT
Arca Rule 6.91(c) or NYSE MKT Rule The Commission received no comment
Rule 935NY. letters on the proposed rule change. On
980NY(e) would be able to submit a
principal order during the Response IV. Conclusion June 23, 2015, pursuant to section
Time Interval to trade against an order 19(b)(2) of the Act,3 the Commission
It is therefore ordered, pursuant to designated a longer period within which
it represents as agent.29 The proposals
also amend NYSE Arca Rule 6.91(c)(4) section 19(b)(2) of the Act,33 that the to approve the proposed rule change,
and NYSE MKT Rule 980NY(e)(4) to proposed rule changes (File Nos. SR– disapprove the proposed rule change, or
allow all trading permit holders—rather NYSEArca–2015–43 and SR– institute proceedings to determine
than only market makers in the relevant NYSEMKT–2015–41) are approved. whether to approve or disapprove the
options class and trading permit holders proposed rule change.4 This order
representing orders at the top of the approves the proposed rule change.
Consolidated Book in the relevant 30 The rules will continue to provide that the II. Description of the Proposed Rule
series—to respond to a COA. Finally, Response Time Interval will not exceed one second. Change
31 See notes 20–21, supra, and accompanying
25 See NYSE Arca Notice, 80 FR at 32421; and text.
The Exchange proposes to adopt new
NYSE MKT Notice, 80 FR at 32428. 32 The Commission notes that it has previously equity trading rules relating to the
26 In approving this proposed rule change, the approved 500-millisecond response periods for implementation of Pillar, the Exchange’s
Commission notes that it has considered the other auctions, as well as a response period of 100 new trading technology platform. The
proposed rule’s impact on efficiency, competition, milliseconds for BOX’s COPIP auction. See ISE Exchange proposes to adopt the
asabaliauskas on DSK5VPTVN1PROD with NOTICES
and capital formation. See 15 U.S.C. 78c(f).
27 15 U.S.C. 78(b)(5).
Rules 716, Supplementary Material .04 (providing following new Pillar rules: (1) NYSE
500 milliseconds to submit Responses in the Block
28 The proposals also make conforming changes
Order Mechanism, the Facilitation Mechanism, and 1 15 U.S.C. 78s(b)(1).
to NYSE Arca Rule 6.91(c)(3) and NYSE MKT Rule the Solicited Order Mechanism); and 723(c)(1) 2 17 CFR 240.19b–4
980NY(e)(3) to delete sentences stating that the
(establishing a 500-millisecond exposure period for 3 See Securities Exchange Act Release No. 74951
obligations of NYSE Arca Rule 6.47A and 935NY
are separate from the duration of the Response Time the Price Improvement Mechanism); and BOX Rule (May 13, 2015), 80 FR 28721 (‘‘Notice’’).
Interval. 7245(f)(1). 3 15 U.S.C. 78s(b)(2).
29 See NYSE Arca Notice, 80 FR at 32422 and 33 15 U.S.C. 78s(b)(2). 4 See Securities Exchange Act Release No. 75273,
NYSE MKT Notice, 80 FR at 32428. 34 17 CFR 200.30–3(a)(12). 80 FR 37033 (June 29, 2015).
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![44172 Federal Register / Vol. 80, No. 142 / Friday, July 24, 2015 / Notices
proposed rule text promotes 2015, BOX Options Exchange LLC (the Makers on the Exchange. The Rule
transparency through the use of ‘‘Exchange’’) filed with the Securities states that, in addition to other
consistent terminology that will serve as and Exchange Commission requirements, Market Makers must post
the foundation for additional Pillar- (‘‘Commission’’) the proposed rule valid quotes throughout the trading day
related rule proposals, and by providing change as described in Items I and II in its appointed classes at least sixty
notice of when orders would be below, which Items have been prepared percent (60%) of the time the classes are
accepted, routed, rejected, cancelled, or by the self-regulatory organization. The open for trading.
be assigned a working time by the Commission is publishing this notice to The Exchange proposes to define
Exchange.24 solicit comments on the proposed rule ‘‘adjusted series’’ for the purpose of
Based on the Exchange’s change from interested persons. BOX Rule 8050. An ‘‘adjusted series’’
representations, the Commission under the Rule would be defined as an
believes that the proposed rule change I. Self-Regulatory Organization’s option series wherein, as a result of a
does not raise any novel regulatory Statement of the Terms of the Substance corporate action by the issuer of the
considerations and should provide of the Proposed Rule Change underlying security, one option contract
greater specificity with respect to the The Exchange proposes to add in the series represents the delivery of
functionality available on the Exchange Interpretive Material (‘‘IM–8050–2’’) to other than 100 shares of underlying
as symbols are migrated to the Pillar BOX Rule 8050 (Market Maker stock or Exchange Traded Fund Shares.
platform. For these reasons, the Quotations) to indicate that Market After a corporate action and a
Commission believes that the proposal Makers will not be obligated to quote in subsequent adjustment to the existing
should help to prevent fraudulent and adjusted option series and to define options, the series in question are
manipulative acts and practices, what qualifies as an adjusted options identified by the Options Price
promote just and equitable principles of series. The text of the proposed rule Reporting Authority (‘‘OPRA’’) and at
trade, remove impediments to and change is available from the principal Options Clearing Corporation (‘‘OCC’’)
perfect the mechanism of a free and office of the Exchange, at the with a separate symbol consisting of the
open market and a national market Commission’s Public Reference Room underlying symbol and a numerical
system, and, in general, protect and also on the Exchange’s Internet Web appendage. As a standard procedure,
investors and the public interest. site at http://boxexchange.com. exchanges listing options on an
underlying security which undergoes a
IV. Conclusion II. Self-Regulatory Organization’s corporate action resulting in adjusted
It is therefore ordered, pursuant to Statement of the Purpose of, and series will list new standard option
section 19(b)(2) of the Act,25 that the Statutory Basis for, the Proposed Rule series across all appropriate expiration
proposed rule change (SR–NYSEArca– Change months the day after the existing series
2015–38) be, and hereby is, approved. In its filing with the Commission, the are adjusted. The adjusted series are
self-regulatory organization included generally active for a short period of
For the Commission, by the Division of
Trading and Markets, pursuant to delegated statements concerning the purpose of, time following adjustment, but orders to
authority.26 and basis for, the proposed rule change open an options position in the
Robert W. Errett, and discussed any comments it received underlying are almost exclusively
Deputy Secretary. on the proposed rule change. The text placed in the new standard contracts.
of these statements may be examined at Although the adjusted series may not
[FR Doc. 2015–18128 Filed 7–23–15; 8:45 am]
the places specified in Item IV below. expire for as much as 27 months, in a
BILLING CODE 8011–01–P
The self-regulatory organization has short time the adjusted series become
prepared summaries, set forth in inactive. Thus, the burden of quoting
sections A, B, and C below, of the most these series generally outweighs the
SECURITIES AND EXCHANGE
significant aspects of such statements. benefit of being appointed in the class
COMMISSION
because of the lack of interest in the
[Release No. 34–75489; File No. SR–BOX– A. Self-Regulatory Organization’s series by various market participants.
2015–26] Statement of the Purpose of, and The proposed rule change is similar to
Statutory Basis for, the Proposed Rule the NYSE Arca rule, in that the
Self-Regulatory Organizations; BOX Change Exchange is merely proposing to
Options Exchange LLC; Notice of exclude the adjusted series from the
Filing and Immediate Effectiveness of 1. Purpose
continuous quoting obligation, but not
a Proposed Rule Change To Add The Exchange proposes to add from other obligations under BOX Rule
Interpretive Material to BOX Rule 8050 Interpretive Material (‘‘IM–8050–2’’) to 8050. The NYSE Arca rule excludes
To Indicate That Market Makers Will BOX Rule 8050 (Market Maker adjusted option series, and series with
Not Be Obligated To Quote in Adjusted Quotations) to indicate that Market a time to expiration of nine months or
Option Series and To Define What Makers will not be obligated to quote in greater, for options on equities and
Qualifies as an Adjusted Options adjusted option series and to define Exchange Traded Fund Shares, and
Series what qualifies as an adjusted options series with a time to expiration of
series. This is a competitive filing that twelve months or greater for Index
July 20, 2015.
is based on a proposal submitted by options. Similar to NYSE Arca, BOX
Pursuant to section 19(b)(1) of the NYSE Arca, Inc. (‘‘NYSE Arca’’) and already excludes from continuous
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Securities Exchange Act of 1934 (the approved by the Commission.3
‘‘Act’’),1 and Rule 19b–4 thereunder,2 quoting requirements options series
BOX Rule 8050 discusses the quoting where the time to expiration is greater
notice is hereby given that on July 10, obligations that are applicable to Market than nine (9) months,4 and is now
24 See id. proposing to add the exclusion of
3 See Securities Exchange Act Release No. 65573
25 15 U.S.C. 78s(b)(2). adjusted series. Of particular note, the
(October 14, 2011), 76 FR 65305 (October 20, 2011)
26 17 CFR 200.30–3(a)(12).
(Order Approving SR–NYSEArca–2011–59). See proposal would not excuse a Market
1 15 U.S.C. 78s(b)(1).
also NYSE Arca Rule 6.37B Market Maker
2 17 CFR 240.19b–4. Quotations—OX. 4 See BOX Rule 5070(a).
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Document Created: 2018-02-23 09:24:38
Document Modified: 2018-02-23 09:24:38
| 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 44170 |
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