80 FR 48588 - Self-Regulatory Organizations; NYSE MKT, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the Manner in Which It Calculates Certain Volume and Quoting Thresholds Applicable to Billing on the Exchange in Relation to a Suspension of Trading on the Exchange on July 8, 2015
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 156 (August 13, 2015)
Federal Register Volume 80, Issue 156 (August 13, 2015)
| Page Range | 48588-48590 | |
| FR Document | 2015-19877 |
[Federal Register Volume 80, Number 156 (Thursday, August 13, 2015)] [Notices] [Pages 48588-48590] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-19877] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75649; File No. SR-NYSEMKT-2015-60] Self-Regulatory Organizations; NYSE MKT, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the Manner in Which It Calculates Certain Volume and Quoting Thresholds Applicable to Billing on the Exchange in Relation to a Suspension of Trading on the Exchange on July 8, 2015 August 7, 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 July 30, 2015, NYSE MKT LLC (Exchange'' or ``NYSE MKT'') 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 modify the manner in which it calculates certain volume and quoting thresholds applicable to billing on the Exchange in relation to a suspension of trading on the Exchange on July 8, 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 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 is proposing to modify the manner in which it calculates certain volume and quoting thresholds applicable to billing on the Exchange in relation to a suspension of trading on the Exchange on July 8, 2015 (``trading suspension'').\4\ --------------------------------------------------------------------------- \4\ See NYSE MKT Informational Message, ``NYSE/NYSE MKT--Outage Description'' July 9, 2015, available at https://www.nyse.com/market-status/history. Trading at the Exchange's affiliate, New York Stock Exchange LLC, was also suspended. --------------------------------------------------------------------------- The trading suspension resulted in a more than 40% decrease in trading volume on the Exchange on July 8, 2015 for that day as compared to average daily volume (``ADV'') on the Exchange for the prior trading days in July 2015. The Exchange believes that the trading suspension prevented member organizations on the Exchange, including Designated Market Makers (``DMMs''), Supplemental Liquidity Providers (``SLPs'') and Retail Liquidity Providers (``RLPs''), from engaging in normal trading and quoting in their assigned securities, leading to decreased quoting and trading volume compared to ADV. As provided in the Exchange's Price List, certain of the Exchange's transaction fees and credits are based on trading and quoting thresholds that member organizations must satisfy in order to qualify for the particular rates. The Exchange believes that the trading suspension may affect the ability of member organizations to meet certain of these thresholds during July 2015.\5\ Accordingly, the Exchange proposes to exclude July 8, 2015 from such calculations, in order to reasonably ensure that a member organization that would otherwise qualify for a particular threshold during July 2015, and the corresponding transaction rate, would not be negatively impacted by the trading suspension. --------------------------------------------------------------------------- \5\ The Exchange notes that it does not perform the calculations necessary to determine whether these thresholds have been met until after the particular billing month has ended. --------------------------------------------------------------------------- First, the Exchange proposes to exclude July 8, 2015 for purposes of determining transaction fees and credits that are based on quoting levels of DMMs, SLPs and RLPs. The calculations of such quoting levels include the amount of time that the relevant DMM, SLP or RLP quoted at the National Best Bid or Offer (``NBBO'').\6\ If the Exchange did not exclude July 8, 2015 when calculating these quoting levels for July, the numerator for the calculation (e.g., time during which the DMM, SLP or RLP quoted at the NBBO) would be lower as a result of the decreased trading volume on July 8, 2015, but the denominator (e.g., total time that the U.S. equity markets quote during regular trading hours) would not be decreased. Excluding July 8, 2015 from the calculation of these quoting levels for the month of July would reasonably ensure that a member organization that would otherwise qualify for a particular threshold during July 2015, and the corresponding transaction rate, would not be negatively impacted by the trading suspension on July 8, 2015. --------------------------------------------------------------------------- \6\ See Rules 107B(g) and 107C(f). --------------------------------------------------------------------------- Second, the Exchange proposes to exclude July 8, 2015 for purposes of determining transaction credits applicable to executions in the Retail Liquidity Program that are based on ADV executed by a non-RLP member organization during the billing month. If the Exchange did not exclude July 8, 2015 when calculating ADV for July, the numerator for the calculation (e.g., trading volume) would be lower as a result of the decreased trading volume on July 8, 2015, but the denominator for the threshold calculations (e.g., the number of trading days) would not be smaller. Excluding July 8, 2015 from the calculation of ADV for the month of July would reasonably ensure that a non-RLP member organization that would otherwise qualify for that would otherwise qualify for the applicable credit for July 2015, would not be negatively impacted by the trading suspension on July 8, 2015. The Exchange notes that the proposed exclusions would be similar to the current provision in the Price List whereby, for purposes of these non- RLP member organization credits, the calculation of the average daily volume during the month excludes early closing days. Generally, this applies to certain days before or after a holiday observed by the Exchange.\7\ --------------------------------------------------------------------------- \7\ For example, the Exchange is closed on Thanksgiving Day and closes early on the Friday immediately following Thanksgiving Day (e.g., Friday, November 28, 2014). --------------------------------------------------------------------------- Finally, the Exchange does not propose to exclude July 8, 2015 from the calculation of consolidated average daily volume (``CADV'') for purposes of determining the qualification for certain [[Page 48589]] DMM thresholds in the Price List.\8\ The thresholds that are based on CADV consider volume across all markets, not only the Exchange's, and therefore the trading suspension would not be expected to significantly impact CADV. --------------------------------------------------------------------------- \8\ CADV includes all volume reported to the Consolidated Tape Association Plan for Tapes A, B and C securities. --------------------------------------------------------------------------- The Exchange notes that the proposed change is not otherwise intended to address any other issues surrounding billing for activity on the Exchange and the Exchange is not aware of any negative impact on member organizations that would result from the proposed change. 2. Statutory Basis The Exchange believes that the proposed change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\9\ in general, and furthers the objectives of Section 6(b)(4) of the Act,\10\ in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that excluding July 8, 2015 for purposes of determining transaction fees and credits that are based on quoting levels of DMMs, SLPs and RLPs is reasonable because the calculations of such quoting levels include the amount of time that the relevant DMM, SLP or RLP quoted at the NBBO. In this regard, excluding July 8, 2015 from these quoting calculations is reasonable because, without this exclusion, the numerator for the calculations (e.g., time during which the DMM, SLP or RLP quoted at the NBBO) would be lower as a result of the decreased trading volume on July 8, 2015, but the denominator for the threshold calculations (e.g., total time that the U.S. equity markets quote during regular trading hours) would not be decreased. As a result, without this exclusion, a member organization that would otherwise qualify for a particular threshold for July 2015, and the corresponding transaction rate, may be negatively impacted by the trading suspension. This is equitable and not unfairly discriminatory because DMMs, SLPs and RLPs have specific performance metrics that must be satisfied for assigned securities in order to qualify for the particular rates in the Price List. The Exchange also believes that excluding July 8, 2015 for purposes of determining transaction fees and credits applicable to executions in the Retail Liquidity Program that are based on ADV executed by a non- RLP member organization during the billing month, is reasonable because trading suspension resulted in a significant decrease in trading volume on the Exchange. This proposed change is reasonable because, without this exclusion, the numerator for the calculations of ADV (e.g., trading volume) would be lower as a result of the decreased trading volume on July 8, 2015, but the denominator for the calculations (e.g., the number of trading days) would not be smaller. The Exchange believes that excluding activity on July 8, 2015 for purposes of determining transaction fees and credits that are based on ADV during the billing month is equitable and not unfairly discriminatory because it would apply equally to all market participants on the Exchange. In this regard, excluding July 8, 2015 from such ADV calculations is equitable and not unfairly discriminatory because the exclusion would reasonably ensure that a non-RLP member organization that would otherwise qualify for the applicable credit for July 2015 would not be negatively impacted by the trading suspension. Finally, the Exchange believes that not excluding activity on July 8, 2015 from the calculation of CADV for purposes of determining the qualification for certain DMM thresholds in the Price List is reasonable. This is because the thresholds that are based on CADV consider volume across all markets, not only the Exchange's, and therefore the trading suspension would not be expected to significantly impact CADV. This is equitable and not unfairly discriminatory because, in addition to applying to all DMMs on the Exchange, the Exchange believes that the trading suspension did not have a significant impact on these thresholds and, therefore, including activity on July 8, 2015 will have an equal impact for all DMMs. The Exchange also believes that the proposed rule change furthers the objectives of Section 6(b)(5) of the Act,\11\ in particular, because it is 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 regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to, and perfect the mechanisms of, a free and open market and a national market system and, in general, to protect investors and the public interest and because it is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed exclusions would remove impediments to and perfect the mechanism of a free and open market and a national market system because they would reasonably ensure that a member organization that would otherwise qualify for a particular threshold during the month, and the corresponding transaction rate, would not be negatively impacted by the trading suspension. In particular, the Exchange believes that the proposed exclusions promote just and equitable principles of trade because they account for the impact on trading volume and quoting that resulted from the trading suspension for all securities traded on the Exchange. The Exchange further believes that the proposed exclusions remove impediments to and perfect the mechanism of a free and open market and a national market system because they provide transparency for member organizations and the public regarding the manner in which the Exchange will calculate certain volume and quoting thresholds related to billing for activity on the Exchange on July 8, 2015 and for the month of July 2015. In this regard, the Exchange believes that the proposed exclusions are consistent with the Act because they address inquiries from member organizations regarding how the Exchange will treat July 8, 2015 for purposes of billing. Also, the proposed exclusions are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers, but are instead designed to provide transparency for all member organizations and the public regarding the manner in which the Exchange will calculate certain volume and quoting thresholds in relation to the trading suspension. The Exchange is not aware of any negative impact on member organizations that would result from the proposed change. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\12\ the Exchange believes that the proposed rule change will not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change would treat all market participants on the Exchange equally by excluding July 8, 2015 from [[Page 48590]] quoting level and ADV calculations described in the Price List. Moreover, the Exchange believes that the proposed change would enhance competition between competing marketplaces by enabling the Exchange to exclude July 8, 2015 for the purposes of determining transaction fees and credits based on volume and quoting levels as set forth in the Price List. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- 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 foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6) \14\ thereunder because the proposal does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) by its terms, become operative for 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.\15\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4(f)(6). \15\ 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) normally may not become operative prior to 30 days after the date of filing. However, Rule 19b-4(f)(6)(iii) \16\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay period. The Commission believes that waiver of the 30-day operative delay period is consistent with the protection of investors and the public interest. Specifically, the Commission believes that the proposal would allow the Exchange to immediately implement the calculation related to the trading suspension, thereby reducing the potential for confusion among member organizations regarding the volume, liquidity, and quoting thresholds applicable to billing in July 2015. The Commission believes that the waiver would also assist the Exchange in determining transaction fees and credits for member organizations in a timely manner after the end of the billing month of July 2015. For these reasons, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, and designates the proposed rule change to be operative upon filing with the Commission.\17\ --------------------------------------------------------------------------- \16\ 17 CFR 240.19b-4(f)(6)(iii). \17\ For purposes only of waiving the operative delay for this proposal, 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.\18\ --------------------------------------------------------------------------- \18\ 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-NYSEMKT-2015-60 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEMKT-2015-60. 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 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office 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-2015-60 and should be submitted on or before September 3, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-19877 Filed 8-12-15; 8:45 am] BILLING CODE 8011-01-P
![48588 Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices
For the Commission, by the Division of on the proposed rule change. The text DMMs, SLPs and RLPs. The calculations
Trading and Markets, pursuant to delegated of those statements may be examined at of such quoting levels include the
authority.7 the places specified in Item IV below. amount of time that the relevant DMM,
Jill M. Peterson, The Exchange has prepared summaries, SLP or RLP quoted at the National Best
Assistant Secretary. set forth in sections A, B, and C below, Bid or Offer (‘‘NBBO’’).6 If the Exchange
[FR Doc. 2015–19868 Filed 8–12–15; 8:45 am] of the most significant parts of such did not exclude July 8, 2015 when
BILLING CODE 8011–01–P statements. calculating these quoting levels for July,
A. Self-Regulatory Organization’s the numerator for the calculation (e.g.,
Statement of the Purpose of, and the time during which the DMM, SLP or
SECURITIES AND EXCHANGE RLP quoted at the NBBO) would be
Statutory Basis for, the Proposed Rule
COMMISSION lower as a result of the decreased
Change
[Release No. 34–75649; File No. SR– trading volume on July 8, 2015, but the
NYSEMKT–2015–60]
1. Purpose denominator (e.g., total time that the
The Exchange is proposing to modify U.S. equity markets quote during regular
Self-Regulatory Organizations; NYSE the manner in which it calculates trading hours) would not be decreased.
MKT, LLC; Notice of Filing and certain volume and quoting thresholds Excluding July 8, 2015 from the
Immediate Effectiveness of Proposed applicable to billing on the Exchange in calculation of these quoting levels for
Rule Change Modifying the Manner in relation to a suspension of trading on the month of July would reasonably
Which It Calculates Certain Volume the Exchange on July 8, 2015 (‘‘trading ensure that a member organization that
and Quoting Thresholds Applicable to suspension’’).4 would otherwise qualify for a particular
Billing on the Exchange in Relation to The trading suspension resulted in a threshold during July 2015, and the
a Suspension of Trading on the more than 40% decrease in trading corresponding transaction rate, would
Exchange on July 8, 2015 volume on the Exchange on July 8, 2015 not be negatively impacted by the
for that day as compared to average trading suspension on July 8, 2015.
August 7, 2015. daily volume (‘‘ADV’’) on the Exchange Second, the Exchange proposes to
Pursuant to Section 19(b)(1) 1 of the for the prior trading days in July 2015. exclude July 8, 2015 for purposes of
Securities Exchange Act of 1934 (the The Exchange believes that the trading determining transaction credits
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 suspension prevented member applicable to executions in the Retail
notice is hereby given that on July 30, organizations on the Exchange, Liquidity Program that are based on
2015, NYSE MKT LLC (Exchange’’ or including Designated Market Makers ADV executed by a non-RLP member
‘‘NYSE MKT’’) filed with the Securities (‘‘DMMs’’), Supplemental Liquidity organization during the billing month. If
and Exchange Commission Providers (‘‘SLPs’’) and Retail Liquidity the Exchange did not exclude July 8,
(‘‘Commission’’) the proposed rule Providers (‘‘RLPs’’), from engaging in 2015 when calculating ADV for July, the
change as described in Items I and II normal trading and quoting in their numerator for the calculation (e.g.,
below, which Items have been prepared assigned securities, leading to decreased trading volume) would be lower as a
by the self-regulatory organization. The quoting and trading volume compared result of the decreased trading volume
Commission is publishing this notice to to ADV. on July 8, 2015, but the denominator for
solicit comments on the proposed rule As provided in the Exchange’s Price the threshold calculations (e.g., the
change from interested persons. List, certain of the Exchange’s number of trading days) would not be
I. Self-Regulatory Organization’s transaction fees and credits are based on smaller. Excluding July 8, 2015 from the
Statement of the Terms of Substance of trading and quoting thresholds that calculation of ADV for the month of July
the Proposed Rule Change member organizations must satisfy in would reasonably ensure that a non-RLP
order to qualify for the particular rates. member organization that would
The Exchange proposes to modify the The Exchange believes that the trading otherwise qualify for that would
manner in which it calculates certain suspension may affect the ability of otherwise qualify for the applicable
volume and quoting thresholds member organizations to meet certain of credit for July 2015, would not be
applicable to billing on the Exchange in these thresholds during July 2015.5 negatively impacted by the trading
relation to a suspension of trading on Accordingly, the Exchange proposes to suspension on July 8, 2015. The
the Exchange on July 8, 2015. The text exclude July 8, 2015 from such Exchange notes that the proposed
of the proposed rule change is available calculations, in order to reasonably exclusions would be similar to the
on the Exchange’s Web site at ensure that a member organization that current provision in the Price List
www.nyse.com, at the principal office of would otherwise qualify for a particular whereby, for purposes of these non-RLP
the Exchange, and at the Commission’s threshold during July 2015, and the member organization credits, the
Public Reference Room. corresponding transaction rate, would calculation of the average daily volume
II. Self-Regulatory Organization’s not be negatively impacted by the during the month excludes early closing
Statement of the Purpose of, and trading suspension. days. Generally, this applies to certain
Statutory Basis for, the Proposed Rule First, the Exchange proposes to days before or after a holiday observed
Change exclude July 8, 2015 for purposes of by the Exchange.7
determining transaction fees and credits Finally, the Exchange does not
In its filing with the Commission, the that are based on quoting levels of propose to exclude July 8, 2015 from the
self-regulatory organization included
calculation of consolidated average
statements concerning the purpose of, 4 See NYSE MKT Informational Message, ‘‘NYSE/
daily volume (‘‘CADV’’) for purposes of
tkelley on DSK3SPTVN1PROD with NOTICES
and basis for, the proposed rule change NYSE MKT—Outage Description’’ July 9, 2015,
available at https://www.nyse.com/market-status/ determining the qualification for certain
and discussed any comments it received
history. Trading at the Exchange’s affiliate, New
York Stock Exchange LLC, was also suspended. 6 See Rules 107B(g) and 107C(f).
7 17 CFR 200.30–3(a)(12). 5 The Exchange notes that it does not perform the 7 For example, the Exchange is closed on
1 15 U.S.C. 78s(b)(1). calculations necessary to determine whether these Thanksgiving Day and closes early on the Friday
2 15 U.S.C. 78a.
thresholds have been met until after the particular immediately following Thanksgiving Day (e.g.,
3 17 CFR 240.19b–4. billing month has ended. Friday, November 28, 2014).
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![48590 Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices
quoting level and ADV calculations applicable to billing in July 2015. The those that may be withheld from the
described in the Price List. Moreover, Commission believes that the waiver public in accordance with the
the Exchange believes that the proposed would also assist the Exchange in provisions of 5 U.S.C. 552, will be
change would enhance competition determining transaction fees and credits available for Web site viewing and
between competing marketplaces by for member organizations in a timely printing in the Commission’s Public
enabling the Exchange to exclude July 8, manner after the end of the billing Reference Room, 100 F Street, NE.,
2015 for the purposes of determining month of July 2015. For these reasons, Washington, DC 20549, on official
transaction fees and credits based on the Commission believes that waiving business days between the hours of 10
volume and quoting levels as set forth the 30-day operative delay is consistent a.m. and 3 p.m. Copies of such filing
in the Price List. with the protection of investors and the also will be available for inspection and
public interest, and designates the copying at the principal office of the
C. Self-Regulatory Organization’s
proposed rule change to be operative Exchange. All comments received will
Statement on Comments on the
upon filing with the Commission.17 be posted without change; the
Proposed Rule Change Received From At any time within 60 days of the Commission does not edit personal
Members, Participants, or Others filing of the proposed rule change, the identifying information from
No written comments were solicited Commission summarily may submissions. You should submit only
or received with respect to the proposed temporarily suspend such rule change if information that you wish to make
rule change. it appears to the Commission that such available publicly. All submissions
III. Date of Effectiveness of the action is necessary or appropriate in the should refer to File Number SR–
Proposed Rule Change and Timing for public interest, for the protection of NYSEMKT–2015–60 and should be
Commission Action investors, or otherwise in furtherance of submitted on or before September 3,
the purposes of the Act.18 2015.
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A) IV. Solicitation of Comments For the Commission, by the Division of
Trading and Markets, pursuant to delegated
of the Act 13 and Rule 19b–4(f)(6) 14 Interested persons are invited to authority.19
thereunder because the proposal does submit written data, views, and Jill M. Peterson,
not: (i) Significantly affect the arguments concerning the foregoing,
Assistant Secretary.
protection of investors or the public including whether the proposed rule
interest; (ii) impose any significant [FR Doc. 2015–19877 Filed 8–12–15; 8:45 am]
change is consistent with the Act.
burden on competition; and (iii) by its Comments may be submitted by any of BILLING CODE 8011–01–P
terms, become operative for 30 days the following methods:
from the date on which it was filed, or
such shorter time as the Commission Electronic Comments SECURITIES AND EXCHANGE
may designate if consistent with the • Use the Commission’s Internet COMMISSION
protection of investors and the public comment form (http://www.sec.gov/ [Release No. 34–75643; File No. SR–BX–
interest.15 rules/sro.shtml); or 2015–049]
A proposed rule change filed under • Send an email to rule-comments@
Rule 19b–4(f)(6) normally may not sec.gov. Please include File Number SR– Self-Regulatory Organizations;
become operative prior to 30 days after NYSEMKT–2015–60 on the subject line. NASDAQ OMX BX, Inc.; Notice of Filing
the date of filing. However, Rule 19b– and Immediate Effectiveness of
Paper Comments Proposed Rule Change Relating to a
4(f)(6)(iii) 16 permits the Commission to
designate a shorter time if such action • Send paper comments in triplicate Delay of Implementation Relate to the
is consistent with the protection of to Secretary, Securities and Exchange Volume-Based and Multi-Trigger
investors and the public interest. The Commission, 100 F Street NE., Threshold
Exchange has requested that the Washington, DC 20549–1090.
August 7, 2015.
Commission waive the 30-day operative All submissions should refer to File
Pursuant to Section 19(b)(1) of the
delay period. The Commission believes Number SR–NYSEMKT–2015–60. This
Securities Exchange Act of 1934
that waiver of the 30-day operative file number should be included on the
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
delay period is consistent with the subject line if email is used. To help the
notice is hereby given that on August 6,
protection of investors and the public Commission process and review your
2015, NASDAQ OMX BX, Inc. (‘‘BX’’ or
interest. Specifically, the Commission comments more efficiently, please use
‘‘Exchange’’) filed with the Securities
believes that the proposal would allow only one method. The Commission will
and Exchange Commission (‘‘SEC’’ or
the Exchange to immediately implement post all comments on the Commission’s
‘‘Commission’’) the proposed rule
the calculation related to the trading Internet Web site (http://www.sec.gov/
change as described in Items I and II
suspension, thereby reducing the rules/sro.shtml). Copies of the
below, which Items have been prepared
potential for confusion among member submission, all subsequent
by the Exchange. The Commission is
organizations regarding the volume, amendments, all written statements
publishing this notice to solicit
liquidity, and quoting thresholds with respect to the proposed rule
comments on the proposed rule change
change that are filed with the
from interested persons.
13 15 U.S.C. 78s(b)(3)(A). Commission, and all written
14 17 CFR 240.19b–4(f)(6). communications relating to the I. Self-Regulatory Organization’s
15 In addition, Rule 19b–4(f)(6)(iii) requires the
proposed rule change between the Statement of the Terms of Substance of
Exchange to give the Commission written notice of
tkelley on DSK3SPTVN1PROD with NOTICES
the Exchange’s intent to file the proposed rule Commission and any person, other than the Proposed Rule Change
change, along with a brief description and text of The Exchange proposes to extend the
the proposed rule change, at least five business days 17 For purposes only of waiving the operative
prior to the date of filing of the proposed rule delay for this proposal, the Commission has
implementation timeframe for adopting
change, or such shorter time as designated by the considered the proposed rule’s impact on
19 17 CFR 200.30–3(a)(12).
Commission. The Exchange has satisfied this efficiency, competition, and capital formation. See
requirement. 15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1).
16 17 CFR 240.19b–4(f)(6)(iii). 18 15 U.S.C. 78s(b)(3)(C). 2 17 CFR 240.19b–4.
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Document Created: 2018-02-23 10:56:57
Document Modified: 2018-02-23 10:56:57
| 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 48588 |
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