81 FR 12162 - Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Plan To Implement a Tick Size Pilot Program To Add National Stock Exchange, Inc. as a Participant

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 45 (March 8, 2016)

Page Range		12162-12163
FR Document		2016-05105
Federal Register, Volume 81 Issue 45 (Tuesday, March 8, 2016)
[Federal Register Volume 81, Number 45 (Tuesday, March 8, 2016)]
[Notices]
[Pages 12162-12163]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-05105]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77277; File No. 4-657]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Plan To Implement a Tick Size Pilot Program To Add 
National Stock Exchange, Inc. as a Participant

March 3, 2016.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Exchange Act'') \1\ and Rule 608 thereunder,\2\ notice is 
hereby given that on February 5, 2016, National Stock Exchange, Inc. 
(``NSX'' or the ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') \3\ an amendment to the Plan to Implement a 
Tick Size Pilot Program (``Plan'').\4\ The amendment

[[Page 12163]]

adds NSX as a Participant \5\ to the Plan. The Commission is publishing 
this notice to solicit comments on the amendment from interested 
persons.
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    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ See letter from James G. Buckley, Chief Regulatory Officer, 
National Stock Exchange, Inc., to Brent J. Fields, Secretary, 
Securities and Exchange Commission, dated February 4, 2016.
    \4\ On May 6, 2015, the Commission issued an order approving the 
Plan, as modified by the Commission, to be implemented within one 
year after the date of publication of the Order for a two-year Pilot 
Period (the ``Approval Order''). See Securities Exchange Act Release 
No. 74892 (May 6, 2015), 80 FR 27513 (May 13, 2015). Thereafter, in 
November 2015, the Commission issued an order granting the 
Participants an exemption from implementing the Plan until October 
3, 2016. See Securities Exchange Act Release No. 76382 (November 6, 
2015), 80 FR 70284 (November 13, 2015).
    \5\ The term ``Participant'' is defined as a party to the Plan.
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I. Description and Purpose of the Plan Amendment

    As noted above, the sole proposed amendment to the Plan is to add 
the Exchange as a Participant. At the time that the Plan was initially 
filed, NSX had ceased trading operations pursuant to a rule filing with 
the Commission; \6\ however, even though it had ceased trading 
operations, NSX retained its status as a registered national securities 
exchange and self-regulatory organization. On December 5, 2015 [sic], 
the Commission issued an order approving a proposed rule change by NSX 
to enable trading activity to resume on the Exchange and make certain 
other rule changes.\7\ As of December 31, 2015, NSX resumed its status 
as a fully operational national securities exchange, trading equity 
securities and equity derivative products on the basis of unlisted 
trading privileges.
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    \6\ See Securities Exchange Act Release No. 72107 (May 6, 2014), 
79 FR 27017 (May 12, 2014) (SR-NSX-2014-14).
    \7\ See Securities Exchange Act Release No. 76640 (December 14, 
2015), 80 FR 79122 (December 18, 2015) (SR-NSX-2015-05).
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    Under Section II(C) of the Plan, any entity registered as a 
national securities exchange or national securities association under 
the Exchange Act may become a Participant by: (1) Executing a copy of 
the Plan, as then in effect; (2) providing each then-current 
Participant with a copy of such executed Plan; and (3) effecting an 
amendment to the Plan as specified in Section III(B) of the Plan. 
Section III(B) sets forth the process for a prospective new Participant 
to effect an amendment of the Plan. Specifically, the Plan provides 
that such an amendment to the Plan may be effected by the new national 
securities exchange or national securities association executing a copy 
of the Plan as then in effect (with the only changes being the addition 
of the new Participant's name in Section II(A) of the Plan); and 
submitting such executed Plan to the Commission for approval. The 
amendment will be effective when it is approved by the Commission in 
accordance with Rule 608 of Regulation NMS, or otherwise becomes 
effective pursuant to Rule 608 of Regulation NMS.
    NSX has executed a copy of the Plan currently in effect, with the 
only change being the addition of its name in Section II(A) of the 
Plan, and has provided a copy of the Plan executed by NSX to each of 
the other Participants. Under the cover of this letter, NSX is 
submitting the executed Plan to the Commission for approval. 
Accordingly, all of the Plan requirements for effecting an amendment to 
the Plan to add NSX as a Participant have been satisfied.

II. Effectiveness of the Proposed Plan Amendment

    The foregoing Plan amendment has become effective pursuant to Rule 
608(b)(3)(iii) of the Exchange Act \8\ because it involves solely 
technical or ministerial matters. At any time within sixty days of the 
filing of this amendment, the Commission may summarily abrogate the 
amendment and require that it be refiled pursuant to paragraph (b)(1) 
of Rule 608,\9\ if it appears to the Commission that such action is 
necessary or appropriate in the public interest, for the protection of 
investors or the maintenance of fair and orderly markets, to remove 
impediments to, and perfect the mechanisms of, a national market system 
or otherwise in furtherance of the purposes of the Act.
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    \8\ 17 CFR 242.608(b)(3)(iii).
    \9\ 17 CFR 242.608(b)(1).
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III. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the amendment is 
consistent with the Exchange Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number 4-657 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number 4-657. 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 
amendment 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 NSX. 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 4-657 and should be submitted on or before 
March 29, 2016.

    By the Commission.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05105 Filed 3-7-16; 8:45 am]
 BILLING CODE 8011-01-P
12162 Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices

Definitions because this waiver will enable the those that may be withheld from the
The Exchange’s proposal to relocate Exchange to update its Pricing Schedule public in accordance with the
rule text currently located within the immediately with these non-substantive provisions of 5 U.S.C. 552, will be
footnotes will provide members with changes and thereby make the Pricing available for Web site viewing and
consolidated information in one place Schedule clearer for investors, avoiding printing in the Commission’s Public
on the Pricing Schedule. The relocation potential points of confusion. For this Reference Room, 100 F Street NE.,
of the rule text is a non-substantive rule reason, the Commission hereby waives Washington, DC 20549 on official
change which will not impose an undue the 30-day operative delay requirement business days between the hours of
burden on competition. and designates the proposed rule change 10:00 a.m. and 3:00 p.m. Copies of such
as operative upon filing.9 filing also will be available for
Rename Payment for Order Flow as At any time within 60 days of the inspection and copying at the principal
Marketing Fee filing of the proposed rule change, the office of the Exchange. All comments
The Exchange’s proposal to rename Commission summarily may received will be posted without change;
‘‘Payment for Order Flow’’ or ‘‘PFOF’’ as temporarily suspend such rule change if the Commission does not edit personal
‘‘Marketing Fee’’ is a non-substantive it appears to the Commission that such identifying information from
rule change which will not impose an action is: (i) Necessary or appropriate in submissions. You should submit only
undue burden on competition. the public interest; (ii) for the protection information that you wish to make
of investors; or (iii) otherwise in available publicly. All submissions
C. Self-Regulatory Organization’s furtherance of the purposes of the Act. should refer to File Number SR-Phlx–
Statement on Comments on the If the Commission takes such action, the 2016–30, and should be submitted on or
Proposed Rule Change Received From Commission shall institute proceedings before March 29, 2016.
Members, Participants, or Others to determine whether the proposed rule For the Commission, by the Division of
No written comments were either should be approved or disapproved. Trading and Markets, pursuant to delegated
solicited or received. authority.10
IV. Solicitation of Comments
III. Date of Effectiveness of the Robert W. Errett,
Interested persons are invited to Deputy Secretary.
Proposed Rule Change and Timing for submit written data, views, and
Commission Action arguments concerning the foregoing,
[FR Doc. 2016–05123 Filed 3–7–16; 8:45 am]
BILLING CODE 8011–01–P
Because the foregoing proposed rule including whether the proposed rule
change does not: (i) Significantly affect change is consistent with the Act.
the protection of investors or the public Comments may be submitted by any of SECURITIES AND EXCHANGE
interest; (ii) impose any significant the following methods: COMMISSION
burden on competition; and (iii) become
operative for 30 days from the date on Electronic Comments [Release No. 34–77277; File No. 4–657]
which it was filed, or such shorter time • Use the Commission’s Internet
as the Commission may designate, it has comment form (http://www.sec.gov/ Joint Industry Plan; Notice of Filing
become effective pursuant to Section rules/sro.shtml); or and Immediate Effectiveness of
19(b)(3)(A)(iii) of the Act 7 and • Send an email to rule-comments@ Amendment to the Plan To Implement
subparagraph (f)(6) of Rule 19b–4 sec.gov. Please include File Number SR– a Tick Size Pilot Program To Add
thereunder.8 Phlx–2016–30 on the subject line. National Stock Exchange, Inc. as a
The Exchange has asked the Participant
Paper Comments
Commission to waive the 30-day March 3, 2016.
operative delay so that the proposal may • Send paper comments in triplicate Pursuant to Section 11A(a)(3) of the
become operative immediately upon to Brent J. Fields, Secretary, Securities Securities Exchange Act of 1934
filing. The Exchange has stated that it is and Exchange Commission, 100 F Street (‘‘Exchange Act’’) 1 and Rule 608
requesting this waiver because the NE., Washington, DC 20549–1090. thereunder,2 notice is hereby given that
Exchange would like to update its All submissions should refer to File on February 5, 2016, National Stock
Pricing Schedule immediately to reflect Number SR-Phlx–2016–30. This file Exchange, Inc. (‘‘NSX’’ or the
these non-substantive changes and number should be included on the ‘‘Exchange’’) filed with the Securities
avoid investor confusion. The Exchange subject line if email is used. To help the and Exchange Commission
believes that it is important to Commission process and review your (‘‘Commission’’) 3 an amendment to the
immediately update its Pricing comments more efficiently, please use Plan to Implement a Tick Size Pilot
Schedule to reflect current proposed only one method. The Commission will Program (‘‘Plan’’).4 The amendment
rule changes to that document. Also, the post all comments on the Commission’s
Exchange believes that the amendments Internet Web site (http://www.sec.gov/ 10 17 CFR 200.30–3(a)(12).
will bring clarity to the Pricing rules/sro.shtml). Copies of the 1 15 U.S.C. 78k–1(a)(3).
Schedule. The Commission believes that submission, all subsequent 2 17 CFR 242.608.

waiving the 30-day operative delay is amendments, all written statements 3 See letter from James G. Buckley, Chief

consistent with the protection of Regulatory Officer, National Stock Exchange, Inc.,
with respect to the proposed rule to Brent J. Fields, Secretary, Securities and
investors and the public interest change that are filed with the Exchange Commission, dated February 4, 2016.
asabaliauskas on DSK3SPTVN1PROD with NOTICES

Commission, and all written 4 On May 6, 2015, the Commission issued an
7 15 U.S.C. 78s(b)(3)(a)(iii). communications relating to the order approving the Plan, as modified by the
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– Commission, to be implemented within one year
proposed rule change between the
4(f)(6) requires a self-regulatory organization to give after the date of publication of the Order for a two-
the Commission written notice of its intent to file Commission and any person, other than year Pilot Period (the ‘‘Approval Order’’). See
the proposed rule change at least five business days Securities Exchange Act Release No. 74892 (May 6,
prior to the date of filing of the proposed rule 9 For purposes only of waiving the 30-day 2015), 80 FR 27513 (May 13, 2015). Thereafter, in
change, or such shorter time as designated by the operative delay, the Commission has considered the November 2015, the Commission issued an order
Commission. The Exchange has satisfied this proposed rule’s impact on efficiency, competition, granting the Participants an exemption from
requirement. and capital formation. See 15 U.S.C. 78c(f). implementing the Plan until October 3, 2016. See

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Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices 12163

adds NSX as a Participant 5 to the Plan. being the addition of its name in Section rule change that are filed with the
The Commission is publishing this II(A) of the Plan, and has provided a Commission, and all written
notice to solicit comments on the copy of the Plan executed by NSX to communications relating to the
amendment from interested persons. each of the other Participants. Under the amendment between the Commission
cover of this letter, NSX is submitting and any person, other than those that
I. Description and Purpose of the Plan
Amendment the executed Plan to the Commission for may be withheld from the public in
approval. Accordingly, all of the Plan accordance with the provisions of 5
As noted above, the sole proposed requirements for effecting an U.S.C. 552, will be available for Web
amendment to the Plan is to add the amendment to the Plan to add NSX as site viewing and printing in the
Exchange as a Participant. At the time a Participant have been satisfied. Commission’s Public Reference Room,
that the Plan was initially filed, NSX
had ceased trading operations pursuant II. Effectiveness of the Proposed Plan 100 F Street NE., Washington, DC
to a rule filing with the Commission; 6 Amendment 20549, on official business days
however, even though it had ceased between the hours of 10:00 a.m. and
The foregoing Plan amendment has
trading operations, NSX retained its become effective pursuant to Rule 3:00 p.m. Copies of such filing also will
status as a registered national securities 608(b)(3)(iii) of the Exchange Act 8 be available for inspection and copying
exchange and self-regulatory because it involves solely technical or at the principal office of NSX. All
organization. On December 5, 2015 [sic], ministerial matters. At any time within comments received will be posted
the Commission issued an order sixty days of the filing of this without change; the Commission does
approving a proposed rule change by amendment, the Commission may not edit personal identifying
NSX to enable trading activity to resume summarily abrogate the amendment and information from submissions. You
on the Exchange and make certain other require that it be refiled pursuant to should submit only information that
rule changes.7 As of December 31, 2015, paragraph (b)(1) of Rule 608,9 if it you wish to make available publicly. All
NSX resumed its status as a fully appears to the Commission that such submissions should refer to File
operational national securities action is necessary or appropriate in the Number 4–657 and should be submitted
exchange, trading equity securities and public interest, for the protection of on or before March 29, 2016.
equity derivative products on the basis investors or the maintenance of fair and By the Commission.
of unlisted trading privileges. orderly markets, to remove impediments
Under Section II(C) of the Plan, any Robert W. Errett,
to, and perfect the mechanisms of, a
entity registered as a national securities national market system or otherwise in Deputy Secretary.
exchange or national securities furtherance of the purposes of the Act. [FR Doc. 2016–05105 Filed 3–7–16; 8:45 am]
association under the Exchange Act may BILLING CODE 8011–01–P
become a Participant by: (1) Executing III. Solicitation of Comments
a copy of the Plan, as then in effect; (2) Interested persons are invited to
providing each then-current Participant submit written data, views and SECURITIES AND EXCHANGE
with a copy of such executed Plan; and arguments concerning the foregoing, COMMISSION
(3) effecting an amendment to the Plan including whether the amendment is
as specified in Section III(B) of the Plan. consistent with the Exchange Act. [Release No. 34–77281; File No. SR–
Section III(B) sets forth the process for Comments may be submitted by any of NYSEArca–2016–37]
a prospective new Participant to effect the following methods:
an amendment of the Plan. Specifically, Self-Regulatory Organizations; NYSE
the Plan provides that such an Electronic Comments
Arca, Inc.; Notice of Filing and
amendment to the Plan may be effected • Use the Commission’s Internet Immediate Effectiveness of a Proposed
by the new national securities exchange comment form (http://www.sec.gov/ Rule Change Amending the Fees for
or national securities association rules/sro.shtml); or NYSE Arca Proprietary Market Data as
executing a copy of the Plan as then in • Send an email to rule-comments@
effect (with the only changes being the They Apply to Federal Agency
sec.gov. Please include File Number 4–
addition of the new Participant’s name Customers
657 on the subject line.
in Section II(A) of the Plan); and March 3, 2016.
submitting such executed Plan to the Paper Comments
Commission for approval. The • Send paper comments in triplicate Pursuant to Section 19(b)(1)‘‘ 1 of the
amendment will be effective when it is to Brent J. Fields, Secretary, Securities Securities Exchange Act of 1934 (the
approved by the Commission in and Exchange Commission, 100 F Street ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
accordance with Rule 608 of Regulation NE., Washington, DC 20549–1090. notice is hereby given that, on February
NMS, or otherwise becomes effective All submissions should refer to File 26, 2016, NYSE Arca, Inc. (the
pursuant to Rule 608 of Regulation Number 4–657. This file number should ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
NMS. be included on the subject line if email the Securities and Exchange
NSX has executed a copy of the Plan is used. To help the Commission Commission (the ‘‘Commission’’) the
currently in effect, with the only change process and review your comments proposed rule change as described in
more efficiently, please use only one Items I, II, and III below, which Items
Securities Exchange Act Release No. 76382 have been prepared by the self-
asabaliauskas on DSK3SPTVN1PROD with NOTICES

method. The Commission will post all
(November 6, 2015), 80 FR 70284 (November 13,
2015). comments on the Commission’s Internet regulatory organization. The
5 The term ‘‘Participant’’ is defined as a party to Web site (http://www.sec.gov/rules/ Commission is publishing this notice to
the Plan. sro.shtml). Copies of the submission, all solicit comments on the proposed rule
6 See Securities Exchange Act Release No. 72107
subsequent amendments, all written change from interested persons.
(May 6, 2014), 79 FR 27017 (May 12, 2014) (SR–
NSX–2014–14).
statements with respect to the proposed
7 See Securities Exchange Act Release No. 76640 1 15 U.S.C. 78s(b)(1).
8 17 CFR 242.608(b)(3)(iii). 2 15 U.S.C. 78a.
(December 14, 2015), 80 FR 79122 (December 18,
2015) (SR–NSX–2015–05). 9 17 CFR 242.608(b)(1). 3 17 CFR 240.19b–4.

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Document Created: 2018-02-02 15:09:59
Document Modified: 2018-02-02 15:09:59
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		81 FR 12162