80 FR 66063 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Limit Up-Limit Down Obvious Error Pilot
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 208 (October 28, 2015)
Federal Register Volume 80, Issue 208 (October 28, 2015)
| Page Range | 66063-66065 | |
| FR Document | 2015-27352 |
[Federal Register Volume 80, Number 208 (Wednesday, October 28, 2015)] [Notices] [Pages 66063-66065] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-27352] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76232; File No. SR-ISE-2015-34] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Limit Up-Limit Down Obvious Error Pilot October 22, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on October 20, 2015, the International Securities Exchange, LLC (the ``Exchange'' or the ``ISE'') filed with the Securities and Exchange 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\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The ISE proposes to extend a pilot program under .01 of Supplementary Material to Rule 720 regarding obvious errors during Limit and Straddle States in securities that underlie options traded on the Exchange and proposes to further harmonize a related provision in its rulebook. The text of the proposed rule change is available on the Exchange's Web site (http://www.ise.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 these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On April 5, 2013,\3\ the Commission approved a proposed rule change designed to address certain issues related to the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the ``Limit Up-Limit Down Plan'' or the ``Plan'').\4\ The rules adopted in that filing established a one year pilot program to exclude transactions executed during a Limit State \5\ or Straddle State \6\ from the obvious error provisions of Rule 720. On February 19, 2015, the Exchange filed to extend this pilot program to its current end date of October 23, 2015.\7\ The purpose of this filing is to extend the effectiveness of the pilot program to coincide with the proposed extension of the Limit Up-Limit Down Plan, including any extensions to the pilot period for the Plan.\8\ The Exchange notes that nothing in .01 of Supplementary Material to Rule 720 prevents such execution from being reviewed on an Official's \9\ own motion pursuant to sub-paragraph (c)(3) of this Rule, or a bust or adjust pursuant to paragraphs (e) through (j) of this Rule. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 69329 (April 5, 2013), 78 FR 21657 (April 11, 2014) (SR-ISE-2013-22) (Approval Order); 69110 (March 11, 2013) 78 FR 16726 (March 18, 2013) (SR-ISE- 2013-22) (Notice of Filing). \4\ See Securities Exchange Act Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012) (the ``Limit Up-Limit Down Release''). \5\ The term ``Limit State'' means the condition when the national best bid or national best offer for an underlying security equals an applicable price band, as determined by the primary listing exchange for the underlying security. See Rule 703A. \6\ The term ``Straddle State'' means the condition when the national best bid or national best offer for an underlying security is non-executable, as determined by the primary listing exchange for the underlying security, but the security is not in a Limit State. See Rule 703A. \7\ Securities Exchange Act Release No. 74335 (February 20, 2015), 80 FR 10549 (February 26, 2015) (SR-ISE-2015-07). \8\ Currently, the pilot period for the Plan is proposed to be extended to April 22, 2016. See Exchange Act Release No. 75917 (September 14, 2015), 80 FR 56515 (September 18, 2015) (Ninth Amendment to the Limit-Up Limit-Down Plan). \9\ For purposes of Rule 720, an Official is an Officer of the Exchange or such other employee designee of the Exchange that is trained in the application of this Rule. --------------------------------------------------------------------------- The Exchange believes the benefits to market participants from this provision should continue on a pilot basis. The Exchange continues to believe that adding certainty to the execution of orders in Limit or Straddle States will encourage market participants to continue to provide liquidity to the Exchange, and, thus, promote a fair and orderly market during these periods. Barring this provision, the obvious error provisions of Rule 720 would likely apply in many instances during Limit and Straddle States. The Exchange believes that continuing the pilot will protect against any unanticipated consequences in the options markets during a Limit or Straddle State. Thus, the Exchange believes that the protections of current rule should continue while the industry gains further experience operating the Plan. In connection with this proposed extension, each month the Exchange shall provide to the Commission, and the public, a dataset containing the data for each Straddle and Limit State in optionable stocks that had at least one trade on the Exchange. For each trade [[Page 66064]] on the Exchange, the Exchange will provide (a) the stock symbol, option symbol, time at the start of the Straddle or Limit State, an indicator for whether it is a Straddle or Limit State, and (b) for the trades on the Exchange, the executed volume, time-weighted quoted bid-ask spread, time-weighted average quoted depth at the bid, time-weighted average quoted depth at the offer, high execution price, low execution price, number of trades for which a request for review for error was received during Straddle and Limit States, an indicator variable for whether those options outlined above have a price change exceeding 30% during the underlying stock's Limit or Straddle State compared to the last available option price as reported by OPRA before the start of the Limit or Straddle State (1 if observe 30% and 0 otherwise), and another indicator variable for whether the option price within five minutes of the underlying stock leaving the Limit or Straddle State (or halt if applicable) is 30% away from the price before the start of the Limit or Straddle State. In addition, the Exchange will provide to the Commission, and the public, no later than five months prior to the pilot expiration, including any extension, assessments relating to the impact of the operation of the obvious error rules during Limit and Straddle States including: (1) An evaluation of the statistical and economic impact of Limit and Straddle States on liquidity and market quality in the options markets, and (2) an assessment of whether the lack of obvious error rules in effect during the Straddle and Limit States are problematic. This means that, if the Plan extension is approved, the next data assessment will be due no later than December 18, 2015. Finally, the Exchange proposes to delete section (d) of Rule 703A to harmonize its rulebook. Earlier this year, the options exchanges harmonized their rules relating to the adjustment and nullification of erroneous options transactions as well as a specific provision related to coordination in connection with large-scale events involving erroneous options transactions.\10\ The Exchange inadvertently did not remove section (d) to Rule 703A from its rulebook in this filing. This section (d) duplicates .01 of Supplementary Material to Rule 720, and as such, the Exchange proposes to delete it. --------------------------------------------------------------------------- \10\ Securities Exchange Act Release No. 74896 (May 7, 2015), 80 FR 27373 (May 13, 2015) (SR-ISE-2015-18). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\11\ In particular, the proposal is consistent with Section 6(b)(5) of the Act,\12\ because it is designed to promote just and equitable principles of trade, 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. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \13\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). \13\ Id. --------------------------------------------------------------------------- In particular, the Exchange further believes that it is necessary and appropriate in the interest of promoting fair and orderly markets to exclude transactions executed during a Limit or Straddle State from certain aspects of Rule 720. The Exchange believes the application of the current rule will be impracticable given the lack of a reliable national best bid or offer in the options market during Limit and Straddle States, and that the resulting actions (i.e., nullified trades or adjusted prices) may not be appropriate given market conditions. Extending this pilot to coincide with the Limit Up-Limit Down Plan would ensure that limit orders that are filled during a Limit or Straddle State would have certainty of execution in a manner that promotes just and equitable principles of trade, removes impediments to, and perfects the mechanism of a free and open market and a national market system. Thus, the Exchange believes that the protections of the pilot should continue while the industry gains further experience operating the Plan. Finally, the Exchange proposes to delete section (d) of Rule 703A to harmonize its rulebook to prevent investor confusion. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Specifically, the Exchange believes that, by extending the expiration of the pilot, the proposed rule change will allow for further analysis of the pilot and a determination of how the pilot shall be structured in the future. In doing so, the proposed rule change will 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 The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative 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, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \14\ and Rule 19b- 4(f)(6)(iii) thereunder.\15\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the 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 asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, as it will allow the obvious error pilot program to continue uninterrupted while the industry gains further experience operating under the Plan, and avoid any investor confusion that could result from a temporary interruption in the pilot program. For this reason, the Commission designates the proposed rule change to be operative upon filing.\16\ --------------------------------------------------------------------------- \16\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- [[Page 66065]] 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 to determine whether the proposed rule should be approved or disapproved. 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-ISE-2015-34 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-ISE-2015-34. 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 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-ISE-2015-34, and should be submitted on or before November 18, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-27352 Filed 10-27-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 208 / Wednesday, October 28, 2015 / Notices 66063
All submissions should refer to File 20, 2015, the International Securities transactions executed during a Limit
Number SR–Phlx–2015–86. This file Exchange, LLC (the ‘‘Exchange’’ or the State 5 or Straddle State 6 from the
number should be included on the ‘‘ISE’’) filed with the Securities and obvious error provisions of Rule 720. On
subject line if email is used. To help the Exchange Commission the proposed February 19, 2015, the Exchange filed to
Commission process and review your rule change, as described in Items I and extend this pilot program to its current
comments more efficiently, please use II below, which items have been end date of October 23, 2015.7 The
only one method. The Commission will prepared by the self-regulatory purpose of this filing is to extend the
post all comments on the Commission’s organization. The Commission is effectiveness of the pilot program to
Internet Web site (http://www.sec.gov/ publishing this notice to solicit coincide with the proposed extension of
rules/sro.shtml). Copies of the comments on the proposed rule change the Limit Up-Limit Down Plan,
submission, all subsequent from interested persons. including any extensions to the pilot
amendments, all written statements period for the Plan.8 The Exchange
I. Self-Regulatory Organization’s
with respect to the proposed rule notes that nothing in .01 of
Statement of the Terms of the Substance
change that are filed with the Supplementary Material to Rule 720
of the Proposed Rule Change
Commission, and all written prevents such execution from being
communications relating to the The ISE proposes to extend a pilot reviewed on an Official’s 9 own motion
proposed rule change between the program under .01 of Supplementary pursuant to sub-paragraph (c)(3) of this
Commission and any person, other than Material to Rule 720 regarding obvious Rule, or a bust or adjust pursuant to
those that may be withheld from the errors during Limit and Straddle States paragraphs (e) through (j) of this Rule.
public in accordance with the in securities that underlie options The Exchange believes the benefits to
provisions of 5 U.S.C. 552, will be traded on the Exchange and proposes to market participants from this provision
available for Web site viewing and further harmonize a related provision in should continue on a pilot basis. The
printing in the Commission’s Public its rulebook. The text of the proposed Exchange continues to believe that
Reference Room, 100 F Street NE., rule change is available on the adding certainty to the execution of
Washington, DC 20549 on official Exchange’s Web site (http:// orders in Limit or Straddle States will
business days between the hours of www.ise.com), at the principal office of encourage market participants to
10:00 a.m. and 3:00 p.m. Copies of such the Exchange, and at the Commission’s continue to provide liquidity to the
filing also will be available for Public Reference Room. Exchange, and, thus, promote a fair and
inspection and copying at the principal II. Self-Regulatory Organization’s orderly market during these periods.
office of the Exchange. All comments Statement of the Purpose of, and Barring this provision, the obvious error
received will be posted without change; Statutory Basis for, the Proposed Rule provisions of Rule 720 would likely
the Commission does not edit personal Change apply in many instances during Limit
identifying information from and Straddle States. The Exchange
submissions. You should submit only In its filing with the Commission, the believes that continuing the pilot will
information that you wish to make self-regulatory organization included protect against any unanticipated
available publicly. All submissions statements concerning the purpose of, consequences in the options markets
should refer to File Number SR–Phlx– and basis for, the proposed rule change during a Limit or Straddle State. Thus,
2015–86, and should be submitted on or and discussed any comments it received the Exchange believes that the
before November 18, 2015. on the proposed rule change. The text protections of current rule should
of these statements may be examined at continue while the industry gains
For the Commission, by the Division of the places specified in Item IV below.
Trading and Markets, pursuant to delegated further experience operating the Plan.
authority.18 The self-regulatory organization has In connection with this proposed
prepared summaries, set forth in extension, each month the Exchange
Brent J. Fields,
sections A, B and C below, of the most shall provide to the Commission, and
Secretary.
significant aspects of such statements. the public, a dataset containing the data
[FR Doc. 2015–27345 Filed 10–27–15; 8:45 am]
A. Self-Regulatory Organization’s for each Straddle and Limit State in
BILLING CODE 8011–01–P
Statement of the Purpose of, and optionable stocks that had at least one
Statutory Basis for, the Proposed Rule trade on the Exchange. For each trade
SECURITIES AND EXCHANGE Change
5 The term ‘‘Limit State’’ means the condition
COMMISSION 1. Purpose when the national best bid or national best offer for
[Release No. 34–76232; File No. SR–ISE– an underlying security equals an applicable price
On April 5, 2013,3 the Commission band, as determined by the primary listing
2015–34]
approved a proposed rule change exchange for the underlying security. See Rule
designed to address certain issues 703A.
Self-Regulatory Organizations; 6 The term ‘‘Straddle State’’ means the condition
International Securities Exchange, related to the Plan to Address
when the national best bid or national best offer for
LLC; Notice of Filing and Immediate Extraordinary Market Volatility an underlying security is non-executable, as
Effectiveness of Proposed Rule Pursuant to Rule 608 of Regulation NMS determined by the primary listing exchange for the
Change To Extend the Limit Up-Limit under the Act (the ‘‘Limit Up-Limit underlying security, but the security is not in a
Down Plan’’ or the ‘‘Plan’’).4 The rules Limit State. See Rule 703A.
Down Obvious Error Pilot 7 Securities Exchange Act Release No. 74335
adopted in that filing established a one (February 20, 2015), 80 FR 10549 (February 26,
October 22, 2015. year pilot program to exclude 2015) (SR–ISE–2015–07).
mstockstill on DSK4VPTVN1PROD with NOTICES
Pursuant to Section 19(b)(1) of the 8 Currently, the pilot period for the Plan is
Securities Exchange Act of 1934 (the 3 See Securities Exchange Act Release No. 69329 proposed to be extended to April 22, 2016. See
‘‘Act’’),1 and Rule 19b–4 thereunder,2 (April 5, 2013), 78 FR 21657 (April 11, 2014) (SR– Exchange Act Release No. 75917 (September 14,
ISE–2013–22) (Approval Order); 69110 (March 11, 2015), 80 FR 56515 (September 18, 2015) (Ninth
notice is hereby given that on October 2013) 78 FR 16726 (March 18, 2013) (SR–ISE–2013– Amendment to the Limit-Up Limit-Down Plan).
22) (Notice of Filing). 9 For purposes of Rule 720, an Official is an
18 17 CFR 200.30–3(a)(12). 4 See Securities Exchange Act Release No. 67091 Officer of the Exchange or such other employee
1 15 U.S.C. 78s(b)(1). (May 31, 2012), 77 FR 33498 (June 6, 2012) (the designee of the Exchange that is trained in the
2 17 CFR 240.19b–4. ‘‘Limit Up-Limit Down Release’’). application of this Rule.
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![Federal Register / Vol. 80, No. 208 / Wednesday, October 28, 2015 / Notices 66065
At any time within 60 days of the received will be posted without change; II. Self-Regulatory Organization’s
filing of the proposed rule change, the the Commission does not edit personal Statement of the Purpose of, and
Commission summarily may identifying information from Statutory Basis for, the Proposed Rule
temporarily suspend such rule change if submissions. You should submit only Change
it appears to the Commission that such information that you wish to make
action is necessary or appropriate in the available publicly. All submissions In its filing with the Commission, the
public interest, for the protection of should refer to File Number SR–ISE– self-regulatory organization included
investors, or otherwise in furtherance of 2015–34, and should be submitted on or statements concerning the purpose of,
the purposes of the Act. If the before November 18, 2015. and basis for, the proposed rule change
Commission takes such action, the For the Commission, by the Division of and discussed any comments it received
Commission shall institute proceedings Trading and Markets, pursuant to delegated on the proposed rule change. The text
to determine whether the proposed rule authority.17 of those statements may be examined at
should be approved or disapproved. Brent J. Fields, the places specified in Item IV below.
IV. Solicitation of Comments Secretary. The Exchange has prepared summaries,
[FR Doc. 2015–27352 Filed 10–27–15; 8:45 am] set forth in sections A, B, and C below,
Interested persons are invited to of the most significant parts of such
BILLING CODE 8011–01–P
submit written data, views, and statements.
arguments concerning the foregoing,
including whether the proposed rule SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
change is consistent with the Act. COMMISSION Statement of the Purpose of, and the
Comments may be submitted by any of Statutory Basis for, the Proposed Rule
the following methods: [Release No. 34–76229; File No. SR–NYSE– Change
2015–46]
Electronic Comments 1. Purpose
• Use the Commission’s Internet Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of The Exchange proposes to establish
comment form (http://www.sec.gov/
Filing of Proposed Rule Change rules to require its member
rules/sro.shtml); or
• Send an email to rule-comments@ Establishing Rules To Comply With the organizations to comply with the
sec.gov. Please include File Number SR– Requirements of the Plan To requirements of the Plan to Implement
ISE–2015–34 on the subject line. Implement a Tick Size Pilot Plan a Tick Size Pilot Program (the ‘‘Plan’’),4
Submitted to the Commission which is designed to study and assess
Paper Comments Pursuant to Rule 608 of Regulation the impact of increment conventions on
• Send paper comments in triplicate NMS Under the Act the liquidity and trading of the common
to Secretary, Securities and Exchange October 22, 2015.
stocks of small capitalization
Commission, 100 F Street NE., Pursuant to Section 19(b)(1) 1 of the companies. The Exchange proposes
Washington, DC 20549–1090. Securities Exchange Act of 1934 (the changes to its rules for a two-year pilot
All submissions should refer to File ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 period that coincides with the pilot
Number SR–ISE–2015–34. This file notice is hereby given that, on October period for the Plan, which is currently
number should be included on the 9, 2015, New York Stock Exchange LLC scheduled as a two year pilot to begin
subject line if email is used. To help the (‘‘NYSE’’ or the ‘‘Exchange’’) filed with on May 6, 2016.
Commission process and review your the Securities and Exchange
comments more efficiently, please use Background
Commission (the ‘‘Commission’’) the
only one method. The Commission will proposed rule change as described in On August 25, 2014, NYSE Group,
post all comments on the Commission’s Items I, II, and III below, which Items Inc., on behalf of BATS Exchange, Inc.,
Internet Web site (http://www.sec.gov/ have been prepared by the self- BATS Y-Exchange, Inc., Chicago Stock
rules/sro.shtml). Copies of the regulatory organization. The Exchange, Inc., EDGA Exchange, Inc.,
submission, all subsequent Commission is publishing this notice to EDGX Exchange, Inc., Financial
amendments, all written statements solicit comments on the proposed rule Industry Regulatory Authority, Inc.
with respect to the proposed rule change from interested persons. (‘‘FINRA’’), NASDAQ OMX BX, Inc.,
change that are filed with the NASDAQ OMX PHLX LLC, the Nasdaq
Commission, and all written I. Self-Regulatory Organization’s
Statement of the Terms of Substance of Stock Market LLC, New York Stock
communications relating to the
the Proposed Rule Change Exchange LLC, NYSE MKT LLC, and
proposed rule change between the
NYSE Arca, Inc. (collectively
Commission and any person, other than The Exchange proposes to establish ‘‘Participants’’), filed with the
those that may be withheld from the rules to comply with the requirements Commission, pursuant to Section 11A of
public in accordance with the of the Plan to Implement a Tick Size the Act 5 and Rule 608 of Regulation
provisions of 5 U.S.C. 552, will be Pilot Plan submitted to the Commission
available for Web site viewing and NMS thereunder, the Plan to Implement
pursuant to Rule 608 of Regulation NMS
printing in the Commission’s Public a Tick Size Pilot Program.6 The
under the Act (the ‘‘Plan’’). The text of
Reference Room, 100 F Street NE., Participants filed the Plan to comply
the proposed rule change is available on
Washington, DC 20549 on official with an order issued by the Commission
the Exchange’s Web site at
on June 24, 2014 (the ‘‘June 2014
mstockstill on DSK4VPTVN1PROD with NOTICES
business days between the hours of www.nyse.com, at the principal office of
10:00 a.m. and 3:00 p.m. Copies of such the Exchange, and at the Commission’s
4 See Securities and Exchange Act Release No.
filing also will be available for Public Reference Room. 74892 (May 6, 2015), 80 FR 27513 (File No. 4–657)
inspection and copying at the principal (‘‘Tick Plan Approval Order’’).
office of the Exchange. All comments 17 17 CFR 200.30–3(a)(12). 5 15 U.S.C. 78k–1.
1 15 U.S.C. 78s(b)(1). 6 See Letter from Brendon J. Weiss, Vice
2 15 U.S.C. 78a.
efficiency, competition, and capital formation. See President, Intercontinental Exchange, Inc., to
15 U.S.C. 78c(f). 3 17 CFR 240.19b–4. Secretary, Commission, dated August 25, 2014.
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Document Created: 2018-02-27 08:57:41
Document Modified: 2018-02-27 08:57:41
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 66063 |
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