81 FR 35409 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend Rule 804(g)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 106 (June 2, 2016)
Federal Register Volume 81, Issue 106 (June 2, 2016)
| Page Range | 35409-35410 | |
| FR Document | 2016-12875 |
[Federal Register Volume 81, Number 106 (Thursday, June 2, 2016)] [Notices] [Pages 35409-35410] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-12875] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77928; File No. SR-ISE-2015-30] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend Rule 804(g) May 26, 2016. On November 10, 2015, International Securities Exchange, LLC (``Exchange'') 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 require clearing member approval before a market maker could resume trading after the activation of a market-wide speed bump under Exchange Rule 804(g). The proposed rule change was published for comment in the Federal Register on November 30, 2015.\3\ On January 13, 2016, the Commission extended the time period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change, to February 28, 2016.\4\ On February 26, 2016, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act \5\ to determine whether to approve or disapprove the proposed rule change.\6\ The Commission has received no comment letters on the proposal. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 76506 (November 23, 2015), 80 FR 74829. \4\ See Securities Exchange Act Release No. 76893 (January 13, 2016), 81 FR 3217 (January 20, 2016). \5\ 15 U.S.C. 78s(b)(2)(B). \6\ See Securities Exchange Act Release No. 77246 (February 26, 2016), 81 FR 11305 (March 3, 2016). --------------------------------------------------------------------------- Section 19(b)(2) of the Act provides that proceedings to determine whether to disapprove a proposed rule change must be concluded within 180 days of the date of publication of notice of the [[Page 35410]] filing of the proposed rule change.\7\ The time for conclusion of the proceedings may be extended for up to 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination.\8\ The 180th day for this filing is May 28, 2016. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(2)(B)(ii)(I). \8\ 15 U.S.C. 78s(b)(2)(B)(ii)(II). --------------------------------------------------------------------------- The Commission is extending the time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider and take action on the Exchange's proposed rule change. Accordingly, pursuant to Section 19(b)(2)(B)(ii)(II) of the Act \9\ and for the reasons stated above, the Commission designates July 27, 2016, as the date by which the Commission should either approve or disapprove the proposed rule change (File No. SR-ISE-2015-30). --------------------------------------------------------------------------- \9\ Id. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(31). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2016-12875 Filed 6-1-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 106 / Thursday, June 2, 2016 / Notices 35409
the Exchange assesses fees or calculates under Section 19(b)(2)(B) 20 of the Act to should be submitted on or before June
rebates. Instead, this change is intended determine whether the proposed rule 23, 2016.
to provide greater specificity and clarity change should be approved or For the Commission, by the Division of
to the Exchange’s Price List for the disapproved. Trading and Markets, pursuant to delegated
benefit of member organizations and authority.21
IV. Solicitation of Comments
investors. Brent J. Fields,
Finally, the Exchange notes that it Interested persons are invited to Secretary.
operates in a highly competitive market submit written data, views, and [FR Doc. 2016–12876 Filed 6–1–16; 8:45 am]
in which market participants can arguments concerning the foregoing, BILLING CODE 8011–01–P
readily favor competing venues if they including whether the proposed rule
deem fee levels at a particular venue to change is consistent with the Act.
be excessive or rebate opportunities Comments may be submitted by any of SECURITIES AND EXCHANGE
available at other venues to be more the following methods: COMMISSION
favorable. In such an environment, the
Exchange must continually adjust its Electronic Comments [Release No. 34–77928; File No. SR–ISE–
fees and rebates to remain competitive • Use the Commission’s Internet 2015–30]
with other exchanges and with comment form (http://www.sec.gov/
alternative trading systems that have Self-Regulatory Organizations;
rules/sro.shtml); or International Securities Exchange,
been exempted from compliance with
the statutory standards applicable to • Send an email to rule-comments@ LLC; Notice of Designation of Longer
exchanges. Because competitors are free sec.gov. Please include File Number SR– Period for Commission Action on
to modify their own fees and credits in NYSE–2016–36 on the subject line. Proceedings To Determine Whether To
response, and because market Paper Comments Approve or Disapprove a Proposed
participants may readily adjust their Rule Change To Amend Rule 804(g)
order routing practices, the Exchange • Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities May 26, 2016.
believes that the degree to which fee
and Exchange Commission, 100 F Street On November 10, 2015, International
changes in this market may impose any
NE., Washington, DC 20549–1090. Securities Exchange, LLC (‘‘Exchange’’)
burden on competition is extremely
filed with the Securities and Exchange
limited. As a result of all of these All submissions should refer to File Commission (‘‘Commission’’), pursuant
considerations, the Exchange does not Number SR–NYSE–2016–36. This file to Section 19(b)(1) of the Securities
believe that the proposed changes will number should be included on the Exchange Act of 1934 (‘‘Act’’) 1 and Rule
impair the ability of member subject line if email is used. To help the 19b–4 thereunder,2 a proposed rule
organizations or competing order Commission process and review your change to require clearing member
execution venues to maintain their comments more efficiently, please use approval before a market maker could
competitive standing in the financial only one method. The Commission will resume trading after the activation of a
markets. post all comments on the Commission’s market-wide speed bump under
C. Self-Regulatory Organization’s Internet Web site (http://www.sec.gov/ Exchange Rule 804(g). The proposed
Statement on Comments on the rules/sro.shtml). Copies of the rule change was published for comment
Proposed Rule Change Received From submission, all subsequent in the Federal Register on November 30,
Members, Participants, or Others amendments, all written statements 2015.3 On January 13, 2016, the
with respect to the proposed rule Commission extended the time period
No written comments were solicited change that are filed with the
or received with respect to the proposed within which to approve the proposed
Commission, and all written rule change, disapprove the proposed
rule change. communications relating to the rule change, or institute proceedings to
III. Date of Effectiveness of the proposed rule change between the determine whether to disapprove the
Proposed Rule Change and Timing for Commission and any person, other than proposed rule change, to February 28,
Commission Action those that may be withheld from the 2016.4 On February 26, 2016, the
public in accordance with the Commission instituted proceedings
The foregoing rule change is effective
provisions of 5 U.S.C. 552, will be under Section 19(b)(2)(B) of the Act 5 to
upon filing pursuant to Section
available for Web site viewing and determine whether to approve or
19(b)(3)(A) 18 of the Act and
printing in the Commission’s Public disapprove the proposed rule change.6
subparagraph (f)(2) of Rule 19b–4 19
Reference Room, 100 F Street NE., The Commission has received no
thereunder, because it establishes a due,
Washington, DC 20549 on official comment letters on the proposal.
fee, or other charge imposed by the
business days between the hours of Section 19(b)(2) of the Act provides
Exchange.
10:00 a.m. and 3:00 p.m. Copies of the that proceedings to determine whether
At any time within 60 days of the
filing also will be available for to disapprove a proposed rule change
filing of such proposed rule change, the
inspection and copying at the principal must be concluded within 180 days of
Commission summarily may
office of the Exchange. All comments the date of publication of notice of the
temporarily suspend such rule change if
received will be posted without change;
it appears to the Commission that such
the Commission does not edit personal
asabaliauskas on DSK3SPTVN1PROD with NOTICES
action is necessary or appropriate in the 21 17 CFR 200.30–3(a)(12).
identifying information from
public interest, for the protection of 1 15 U.S.C. 78s(b)(1).
submissions. 2 17 CFR 240.19b–4.
investors, or otherwise in furtherance of
the purposes of the Act. If the You should submit only information 3 See Securities Exchange Act Release No. 76506
that you wish to make available (November 23, 2015), 80 FR 74829.
Commission takes such action, the 4 See Securities Exchange Act Release No. 76893
Commission shall institute proceedings publicly. All submissions should refer
(January 13, 2016), 81 FR 3217 (January 20, 2016).
to File Number SR–NYSE–2016–36 and 5 15 U.S.C. 78s(b)(2)(B).
18 15 U.S.C. 78s(b)(3)(A). 6 See Securities Exchange Act Release No. 77246
19 17 CFR 240.19b–4(f)(2). 20 15 U.S.C. 78s(b)(2)(B). (February 26, 2016), 81 FR 11305 (March 3, 2016).
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![35410 Federal Register / Vol. 81, No. 106 / Thursday, June 2, 2016 / Notices
filing of the proposed rule change.7 The I. Self-Regulatory Organization’s transaction reports will indicate the
time for conclusion of the proceedings Statement of the Terms of Substance of details of the transaction, but will not
may be extended for up to 60 days if the the Proposed Rule Change reveal contra party identities.
Commission determines that a longer The Exchange proposes to amend Additionally, the Exchange proposes
period is appropriate and publishes the Rule 130 to specify that, unless to add new subsection (b) to Rule 130
reasons for such determination.8 The otherwise required by rule, all that provides that the Exchange would
180th day for this filing is May 28, 2016. transactions effected on the Exchange reveal contra-party identities in the
The Commission is extending the would be processed anonymously. The following circumstances: (1) For
time period for Commission action on proposed rule change is available on the regulatory purposes or to comply with
the proposed rule change. The Exchange’s Web site at www.nyse.com, an order of a court or arbitrator; (2)
Commission finds that it is appropriate at the principal office of the Exchange, when a Qualified Clearing Agency
to designate a longer period within and at the Commission’s Public ceases to act for a member organization
which to take action on the proposed Reference Room. or the member organization’s clearing
firm, and determines not to guarantee
rule change so that it has sufficient time
II. Self-Regulatory Organization’s the settlement of the member
to consider and take action on the
Statement of the Purpose of, and organization’s trades; or (3) if both
Exchange’s proposed rule change.
Statutory Basis for, the Proposed Rule parties to the transaction consent.5 The
Accordingly, pursuant to Section Change proposed changes are intended to clarify
19(b)(2)(B)(ii)(II) of the Act 9 and for the and reflect the Exchange’s current
reasons stated above, the Commission In its filing with the Commission, the
self-regulatory organization included practice as it relates to electronic
designates July 27, 2016, as the date by transactions and align with the rules of
which the Commission should either statements concerning the purpose of,
and basis for, the proposed rule change other national securities exchange that
approve or disapprove the proposed preserve anonymity through the
rule change (File No. SR–ISE–2015–30). and discussed any comments it received
on the proposed rule change. The text settlement process.6
For the Commission, by the Division of of those statements may be examined at 2. Statutory Basis
Trading and Markets, pursuant to delegated the places specified in Item IV below.
authority.10 The proposed rule change is
The Exchange has prepared summaries,
Brent J. Fields, consistent with Section 6(b) of the
set forth in sections A, B, and C below,
Secretary. Securities Exchange Act of 1934 (the
of the most significant parts of such
[FR Doc. 2016–12875 Filed 6–1–16; 8:45 am] ‘‘Act’’), in general, and furthers the
statements.
BILLING CODE 8011–01–P
objectives of Section 6(b)(5),7 in
A. Self-Regulatory Organization’s particular, because it is designed to
Statement of the Purpose of, and the prevent fraudulent and manipulative
SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule acts and practices, to promote just and
COMMISSION Change equitable principles of trade, to foster
cooperation and coordination with
1. Purpose
persons engaged in facilitating
[Release No. 34–77930; File No. SR–NYSE– The Exchange proposes to amend
2016–38]
transactions in securities, to remove
Rule 130 to specify that, except as impediments to, and perfect the
Self-Regulatory Organizations; New otherwise required by the Exchange’s mechanism of, a free and open market
York Stock Exchange LLC; Notice of rules,4 all transactions effected on the and a national market system and, in
Filing and Immediate Effectiveness of Exchange and all reports associated general, to protect investors and the
Proposed Rule Change To Amend Rule with such transaction would be public interest. The Exchange believes
130 processed anonymously and would not that the proposed rule change removes
reveal contra-party identities. impediments to and perfects the
May 26, 2016. Rule 130 currently provides that mechanism of a free and open market by
‘‘[n]otwithstanding any other rule to the furthering the important goal of post-
Pursuant to Section 19(b)(1) 1 of the
contrary, each transaction effected on trade anonymity. Similarly, the proposal
Securities Exchange Act of 1934 (the
the Exchange shall be compared or promotes just and equitable principles
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
otherwise closed out by the close of of trade and removes impediments to
notice is hereby given that on May 16,
business on the Exchange on the and perfects the mechanism of a free
2016, New York Stock Exchange LLC
business day following the day of the and open market by providing
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
contract.’’ The Exchange proposes to transparency to the Exchange’s existing
the Securities and Exchange
replace ‘‘notwithstanding any other rule process to process trades anonymously,
Commission (the ‘‘Commission’’) the
to the contrary’’ with ‘‘unless otherwise which is consistent with that of other
proposed rule change as described in
specified by rule’’ and add a clause to national securities exchanges.8 The
Items I and II below, which Items have
Rule 130 providing that all transactions Exchange believes that post-trade
been prepared by the self-regulatory
effected on the Exchange would be anonymity benefits investors because
organization. The Commission is
processed anonymously and that preserving anonymity through
publishing this notice to solicit
comments on the proposed rule change settlement limits the potential market
asabaliauskas on DSK3SPTVN1PROD with NOTICES
4 For example, face-to-face transactions on the
from interested persons. Trading Floor, including Crowd trades executed 5 The Exchange proposes non-substantive,
verbally between two Floor brokers and between a
7 15 Floor broker and a Designated Market Maker technical amendments to re-number the remaining
U.S.C. 78s(b)(2)(B)(ii)(I). paragraphs of Rule 130 accordingly.
8 15 U.S.C. 78s(b)(2)(B)(ii)(II). (‘‘DMM’’), would continue to require submission of
6 See NYSE Arca Equities, Inc. (‘‘NYSE Arca
9 Id. certain contra side information, as required by
Rules 123, 132, and 134. Exchange systems and the Equities’’) Rule 7.41, BATS BZX Exchange, Inc.
10 17 CFR 200.30–3(a)(31). executing brokers would continue not to have (‘‘BATS’’) Rule 11.15, and NASDAQ Stock Market
1 15 U.S.C. 78s(b)(1). LLC (‘‘Nasdaq’’) Rule 4760.
access to any information about the ultimate
2 15 U.S.C. 78a. 7 15 U.S.C. 78f(b)(5).
customer (i.e., the name of the member or member
3 17 CFR 240.19b–4. organization’s customer) in an order or transaction. 8 See note 6, supra.
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Document Created: 2016-06-02 01:22:58
Document Modified: 2016-06-02 01:22:58
| 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 35409 |
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