81_FR_42907 81 FR 42781 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Temporarily Widen Price Collar Thresholds for the Core Open Auction and Trading Halt Auctions

81 FR 42781 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Temporarily Widen Price Collar Thresholds for the Core Open Auction and Trading Halt Auctions

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 126 (June 30, 2016)

Page Range42781-42783
FR Document2016-15456

Federal Register, Volume 81 Issue 126 (Thursday, June 30, 2016)
[Federal Register Volume 81, Number 126 (Thursday, June 30, 2016)]
[Notices]
[Pages 42781-42783]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-15456]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78152; File No. SR-NYSEArca-2016-90]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change to Temporarily 
Widen Price Collar Thresholds for the Core Open Auction and Trading 
Halt Auctions

June 24, 2016.
    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 June 24, 2016, NYSE Arca, Inc. (the ``Exchange'' or 
``NYSE Arca'') filed with the Securities and Exchange Commission (the 
``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to temporarily widen price collar thresholds 
for the Core Open Auction and Trading Halt Auctions, which would be 
operative on June 24, 2016 only. 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

[[Page 42782]]

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 proposes to temporarily widen price collar thresholds 
for the Core Open Auction and Trading Halt Auctions, which would be 
operative for June 24, 2016 only.
    On June 23, 2016, the United Kingdom (``UK'') held a referendum 
vote to decide whether the UK should leave or remain in the European 
Union. The results of this vote were not made public until after the 
U.S. markets closed on June 23, 2016. Based on this referendum, the UK 
has voted to leave the European Union. As expected, this vote has 
resulted in an extraordinary level of global market activity on June 
24, 2016, as the markets assess what the impact of the UK leaving the 
European Union will mean. This spike in market volatility has also 
impacted the U.S. equities markets, including pricing of Exchange 
Traded Products (``ETP''), the majority of which are listed on the 
Exchange.
    Because of the extraordinary level of market volatility following 
the UK referendum vote, including in the U.S. ETP market, the Exchange 
believes that widening the Auction Collars for the Core Open Auction 
and Trading Halt Auctions for June 24, 2016 only would assist the 
Exchange in conducting fair and orderly auctions.
    As set forth in Rule 7.35P(a)(10), the price collar thresholds for 
the Core Open Auction and Trading Halt Auctions are currently set at 
10% for securities with an Auction Reference Price of $25.00 or less, 
5% for securities with an Auction Reference Price greater than $25.00 
but less than or equal to $50.00, and 3% for securities with an Auction 
Reference Price greater than $50.00.\4\
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    \4\ The Auction Reference Price for the Core Open Auction is the 
midpoint of the Auction NBBO or, if the Auction NBBO is locked, the 
locked price. If there is no Auction NBBO, the prior trading day's 
Official Closing Price. The Auction Reference Price for the Trading 
Halt Auction is the last consolidated round-lot price of that 
trading day, and if none, the prior trading day's Official Closing 
Price. See NYSE Arca Equities Rule 7.35P(a)(8).
---------------------------------------------------------------------------

    The Exchange proposes to apply Auction Collars of 10% for all 
Auction-Eligible Securities,\5\ regardless of the Auction Reference 
Price. The Exchange believes that for securities priced greater than 
$25.00, the proposed wider price collar threshold will allow for 
additional price movements that is expected because of the 
extraordinary volatility in the market, while continuing to prevent 
auctions from occurring at prices significantly away from the 
applicable Auction Reference Price. The proposed 10% price collar 
threshold for the Core Open Auction is the same as currently used by 
the Nasdaq Stock Market LLC (``Nasdaq'') for its opening crosses.\6\
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    \5\ For the Core Open Auction, Auction-Eligible Securities are 
all securities for which the Exchange is the primary listing market 
and UTP Securities designated by the Exchange. For the Trading Halt 
Auction, Auction-Eligible Securities are securities for which the 
Exchange is the primary listing market. See NYSE Arca Equities Rule 
7.35P(a)(1)(A) and (B).
    \6\ See Nasdaq Rule 4752(d)(2)(E) and http://www.nasdaqtrader.com/content/productsservices/trading/crosses/openclose_faqs.pdf.
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\7\ in general, and furthers the objectives of Section 6(b)(5) of 
the Act,\8\ in particular, in that 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 facilitating transactions in securities, and to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system, and in general, to protect 
investors and the public interest.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the Exchange believes that the impact of the UK vote 
to leave the European Union has resulted in extraordinary global market 
volatility, not seen in scale since August 24, 2015, and the U.S. ETP 
market is not immune. In response to this extraordinary market 
volatility, the Exchange believes that it would promote the protection 
of investors and the public interest to temporarily widen the price 
collar thresholds for the Core Open Auction and Trading Halt Auctions 
on June 24, 2016 only because it would promote fair and orderly 
auctions. The Exchange further believes that widening the price collar 
thresholds would remove impediments to and perfect the mechanism of a 
national market system because it is designed to allow for greater 
price movement, while at the same time preventing auction trades from 
occurring at prices significantly away from the applicable Auction 
Reference Price. Accordingly, investors would be protected from 
executions significantly away from the last sale in a security or other 
applicable reference price, but natural price fluctuations resulting 
from the market volatility would be permitted. In addition, the 
Exchange believes that widening the Auction Collars could reduce the 
possibility of securities triggering multiple trading pauses under the 
Regulation NMS Plan to Address Market Volatility.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change would 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The proposed rule change is 
not designed to address any competitive issues but rather is designed 
to ensure a fair and orderly market by temporarily widening the price 
collar thresholds for the Core Open Auction and Trading Halt Auctions 
on a trading day with extraordinary market volatility due to the UK 
vote to leave the European Union, In addition, the proposed rule change 
is intended to be in effect for June 24, 2016 only to respond to unique 
events relating to UK referendum and therefore will not create a burden 
on competition.

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

    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, it has become effective pursuant to Section

[[Page 42783]]

19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). The Exchange has requested that the 
Commission waive the requirement that the Exchange provide the 
Commission 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 on which 
the Exchange filed the proposed rule change pursuant to Rule 19b-
4(f)(6)(iii). The Commission hereby grants this request.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \11\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \12\ 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 asked the Commission to waive the 30-day operative delay so that 
the proposal may become operative immediately upon filing. The Exchange 
stated that waiver of the operative delay would allow the Exchange to 
immediately implement the proposed rule change, thereby promoting the 
operation of a fair and orderly market on a day with extraordinary 
market volatility due to the UK referendum to leave the European Union. 
The Commission believes the waiver of the operative delay is consistent 
with the protection of investors and the public interest. Therefore, 
the Commission hereby waives the operative delay and designates the 
proposal operative upon filing.\13\
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    \11\ 17 CFR 240.19b-4(f)(6).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ 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).
---------------------------------------------------------------------------

    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 change 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 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 SR-NYSEArca-2016-90 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 SR-NYSEArca-2016-90. 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-NYSEArca-2016-90, and should 
be submitted on or before July 21, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-15456 Filed 6-29-16; 8:45 am]
BILLING CODE 8011-01-P



                                                                                  Federal Register / Vol. 81, No. 126 / Thursday, June 30, 2016 / Notices                                                 42781

                                                  III. Date of Effectiveness of the                         operative upon filing with the                        Washington, DC 20549 on official
                                                  Proposed Rule Change and Timing for                       Commission.14                                         business days between the hours of
                                                  Commission Action                                            At any time within 60 days of the                  10:00 a.m. and 3:00 p.m. Copies of the
                                                     The Exchange has filed the proposed                    filing of such proposed rule change, the              filing also will be available for
                                                  rule change pursuant to Section                           Commission summarily may                              inspection and copying at the principal
                                                  19(b)(3)(A)(iii) of the Act 9 and Rule                    temporarily suspend such rule change if               office of the Exchange. All comments
                                                  19b–4(f)(6) thereunder.10 Because the                     it appears to the Commission that such                received will be posted without change;
                                                  proposed rule change does not: (i)                        action is necessary or appropriate in the             the Commission does not edit personal
                                                  significantly affect the protection of                    public interest, for the protection of                identifying information from
                                                  investors or the public interest; (ii)                    investors, or otherwise in furtherance of             submissions. You should submit only
                                                  impose any significant burden on                          the purposes of the Act. If the                       information that you wish to make
                                                  competition; and (iii) become operative                   Commission takes such action, the                     available publicly. All submissions
                                                  prior to 30 days from the date on which                   Commission shall institute proceedings                should refer to File Number SR–
                                                  it was filed, or such shorter time as the                 under Section 19(b)(2)(B) 15 of the Act to            NYSEMKT–2016–64, and should be
                                                  Commission may designate, if                              determine whether the proposed rule                   submitted on or before July 21, 2016.
                                                  consistent with the protection of                         change should be approved or                             For the Commission, by the Division of
                                                  investors and the public interest, the                    disapproved.                                          Trading and Markets, pursuant to delegated
                                                  proposed rule change has become                           IV. Solicitation of Comments                          authority.16
                                                  effective pursuant to Section 19(b)(3)(A)                                                                       Jill M. Peterson,
                                                                                                              Interested persons are invited to
                                                  of the Act and Rule 19b–4(f)(6)(iii)                                                                            Assistant Secretary.
                                                                                                            submit written data, views, and
                                                  thereunder.11                                             arguments concerning the foregoing,                   [FR Doc. 2016–15500 Filed 6–29–16; 8:45 am]
                                                     A proposed rule change filed under                                                                           BILLING CODE 8011–01–P
                                                                                                            including whether the proposed rule
                                                  Rule 19b–4(f)(6) under the Act 12
                                                                                                            change is consistent with the Act.
                                                  normally does not become operative
                                                                                                            Comments may be submitted by any of
                                                  prior to 30 days after the date of the                                                                          SECURITIES AND EXCHANGE
                                                                                                            the following methods:
                                                  filing. However, pursuant to Rule 19b–                                                                          COMMISSION
                                                  4(f)(6)(iii),13 the Commission may                        Electronic Comments
                                                                                                                                                                  [Release No. 34–78152; File No. SR–
                                                  designate a shorter time if such action                     • Use the Commission’s Internet                     NYSEArca–2016–90]
                                                  is consistent with the protection of                      comment form (http://www.sec.gov/
                                                  investors and the public interest. The                    rules/sro.shtml); or                                  Self-Regulatory Organizations; NYSE
                                                  Exchange has asked the Commission to                        • Send an email to rule-comments@                   Arca, Inc.; Notice of Filing and
                                                  waive the 30-day operative delay so that                  sec.gov. Please include File Number SR–               Immediate Effectiveness of Proposed
                                                  the proposal may become operative                         NYSEMKT–2016–64 on the subject line.                  Rule Change to Temporarily Widen
                                                  immediately upon filing. In support of                                                                          Price Collar Thresholds for the Core
                                                  the request, the Exchange states that                     Paper Comments
                                                                                                                                                                  Open Auction and Trading Halt
                                                  waiver the 30-day operative delay will                       • Send paper comments in triplicate                Auctions
                                                  allow the Exchange to invoke the relief                   to Brent J. Fields, Secretary, Securities
                                                  immediately upon filing, which is                         and Exchange Commission, 100 F Street                 June 24, 2016.
                                                  necessary so that Floor brokers may be                    NE., Washington, DC 20549–1090.                          Pursuant to Section 19(b)(1) 1 of the
                                                  able to communicate with their                            All submissions should refer to File                  Securities Exchange Act of 1934 (the
                                                  customers on a day with significantly                     Number SR–NYSEMKT–2016–64. This                       ‘‘Act’’),2 and Rule 19b–4 thereunder,3
                                                  increased volumes of trading due both                     file number should be included on the                 notice is hereby given that on June 24,
                                                  to the United Kingdom referendum vote                     subject line if email is used. To help the            2016, NYSE Arca, Inc. (the ‘‘Exchange’’
                                                  to leave the European Union and the                       Commission process and review your                    or ‘‘NYSE Arca’’) filed with the
                                                  rebalancing of the Russell Investment                     comments more efficiently, please use                 Securities and Exchange Commission
                                                  Group indices after the close of trading                  only one method. The Commission will                  (the ‘‘Commission’’) the proposed rule
                                                  on June 24, 2016. Based on the above,                     post all comments on the Commission’s                 change as described in Items I and II
                                                  the Commission believes that waiver of                    Internet Web site (http://www.sec.gov/                below, which Items have been prepared
                                                  the 30-day operative delay is consistent                  rules/sro.shtml). Copies of the                       by the self-regulatory organization. The
                                                  with the protection of investors and the                  submission, all subsequent                            Commission is publishing this notice to
                                                  public interest because it will permit                    amendments, all written statements                    solicit comments on the proposed rule
                                                  Floor brokers to remain in                                with respect to the proposed rule                     change from interested persons.
                                                  communication with customers while                        change that are filed with the                        I. Self-Regulatory Organization’s
                                                  wired phone lines are unavailable.                        Commission, and all written                           Statement of the Terms of Substance of
                                                  Accordingly, the Commission                               communications relating to the                        the Proposed Rule Change
                                                  designates the proposed rule change as                    proposed rule change between the
                                                                                                            Commission and any person, other than                    The Exchange proposes to temporarily
                                                    9 15  U.S.C. 78s(b)(3)(A)(iii).                         those that may be withheld from the                   widen price collar thresholds for the
                                                    10 17  CFR 240.19b–4(f)(6).
                                                                                                            public in accordance with the                         Core Open Auction and Trading Halt
                                                     11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                                                                                            provisions of 5 U.S.C. 552, will be                   Auctions, which would be operative on
                                                  4(f)(6) requires a self-regulatory organization to give
                                                  the Commission written notice of its intent to file       available for Web site viewing and                    June 24, 2016 only. The proposed rule
mstockstill on DSK3G9T082PROD with NOTICES




                                                  the proposed rule change, along with a brief              printing in the Commission’s Public                   change is available on the Exchange’s
                                                  description and text of the proposed rule change,
                                                                                                            Reference Room, 100 F Street NE.,                     Web site at www.nyse.com, at the
                                                  at least five business days prior to the date of filing                                                         principal office of the Exchange, and at
                                                  of the proposed rule change, or such shorter time
                                                  as designated by the Commission. The Commission             14 For purposes only of waiving the 30-day
                                                                                                                                                                    16 17 CFR 200.30–3(a)(12).
                                                  has determined to waive the five-day prefiling            operative delay, the Commission has considered the
                                                  period in this case.                                                                                              1 15 U.S.C. 78s(b)(1).
                                                                                                            proposed rule’s impact on efficiency, competition,
                                                     12 17 CFR 240.19b–4(f)(6).                             and capital formation. See 15 U.S.C. 78c(f).            2 15 U.S.C. 78a.
                                                     13 17 CFR 240.19b–4(f)(6)(iii).                          15 15 U.S.C. 78s(b)(2)(B).                            3 17 CFR 240.19b–4.




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                                                  42782                         Federal Register / Vol. 81, No. 126 / Thursday, June 30, 2016 / Notices

                                                  the Commission’s Public Reference                       Auction Reference Price greater than                    2016 only because it would promote fair
                                                  Room.                                                   $50.00.4                                                and orderly auctions. The Exchange
                                                                                                            The Exchange proposes to apply                        further believes that widening the price
                                                  II. Self-Regulatory Organization’s                      Auction Collars of 10% for all Auction-                 collar thresholds would remove
                                                  Statement of the Purpose of, and                        Eligible Securities,5 regardless of the                 impediments to and perfect the
                                                  Statutory Basis for, the Proposed Rule                  Auction Reference Price. The Exchange                   mechanism of a national market system
                                                  Change                                                  believes that for securities priced greater             because it is designed to allow for
                                                    In its filing with the Commission, the                than $25.00, the proposed wider price                   greater price movement, while at the
                                                  self-regulatory organization included                   collar threshold will allow for                         same time preventing auction trades
                                                  statements concerning the purpose of,                   additional price movements that is                      from occurring at prices significantly
                                                  and basis for, the proposed rule change                 expected because of the extraordinary                   away from the applicable Auction
                                                  and discussed any comments it received                  volatility in the market, while                         Reference Price. Accordingly, investors
                                                  on the proposed rule change. The text                   continuing to prevent auctions from                     would be protected from executions
                                                  of those statements may be examined at                  occurring at prices significantly away                  significantly away from the last sale in
                                                  the places specified in Item IV below.                  from the applicable Auction Reference                   a security or other applicable reference
                                                  The Exchange has prepared summaries,                    Price. The proposed 10% price collar                    price, but natural price fluctuations
                                                  set forth in sections A, B, and C below,                threshold for the Core Open Auction is                  resulting from the market volatility
                                                  of the most significant parts of such                   the same as currently used by the                       would be permitted. In addition, the
                                                  statements.                                             Nasdaq Stock Market LLC (‘‘Nasdaq’’)                    Exchange believes that widening the
                                                                                                          for its opening crosses.6                               Auction Collars could reduce the
                                                  A. Self-Regulatory Organization’s
                                                                                                          2. Statutory Basis                                      possibility of securities triggering
                                                  Statement of the Purpose of, and the
                                                                                                                                                                  multiple trading pauses under the
                                                  Statutory Basis for, the Proposed Rule                     The proposed rule change is
                                                                                                                                                                  Regulation NMS Plan to Address Market
                                                  Change                                                  consistent with Section 6(b) of the Act,7
                                                                                                                                                                  Volatility.
                                                                                                          in general, and furthers the objectives of
                                                  1. Purpose
                                                                                                          Section 6(b)(5) of the Act,8 in particular,             B. Self-Regulatory Organization’s
                                                    The Exchange proposes to temporarily                  in that it is designed to prevent                       Statement on Burden on Competition
                                                  widen price collar thresholds for the                   fraudulent and manipulative acts and
                                                                                                                                                                    The Exchange does not believe that
                                                  Core Open Auction and Trading Halt                      practices, to promote just and equitable
                                                                                                                                                                  the proposed rule change would impose
                                                  Auctions, which would be operative for                  principles of trade, to foster cooperation
                                                                                                                                                                  any burden on competition that is not
                                                  June 24, 2016 only.                                     and coordination with persons engaged
                                                                                                                                                                  necessary or appropriate in furtherance
                                                    On June 23, 2016, the United                          in facilitating transactions in securities,
                                                                                                          and to remove impediments to and                        of the purposes of the Act. The
                                                  Kingdom (‘‘UK’’) held a referendum                                                                              proposed rule change is not designed to
                                                  vote to decide whether the UK should                    perfect the mechanism of a free and
                                                                                                          open market and a national market                       address any competitive issues but
                                                  leave or remain in the European Union.                                                                          rather is designed to ensure a fair and
                                                  The results of this vote were not made                  system, and in general, to protect
                                                                                                          investors and the public interest.                      orderly market by temporarily widening
                                                  public until after the U.S. markets                                                                             the price collar thresholds for the Core
                                                  closed on June 23, 2016. Based on this                     In particular, the Exchange believes
                                                                                                          that the impact of the UK vote to leave                 Open Auction and Trading Halt
                                                  referendum, the UK has voted to leave                                                                           Auctions on a trading day with
                                                  the European Union. As expected, this                   the European Union has resulted in
                                                                                                          extraordinary global market volatility,                 extraordinary market volatility due to
                                                  vote has resulted in an extraordinary                                                                           the UK vote to leave the European
                                                  level of global market activity on June                 not seen in scale since August 24, 2015,
                                                                                                          and the U.S. ETP market is not immune.                  Union, In addition, the proposed rule
                                                  24, 2016, as the markets assess what the                                                                        change is intended to be in effect for
                                                                                                          In response to this extraordinary market
                                                  impact of the UK leaving the European                                                                           June 24, 2016 only to respond to unique
                                                                                                          volatility, the Exchange believes that it
                                                  Union will mean. This spike in market                                                                           events relating to UK referendum and
                                                                                                          would promote the protection of
                                                  volatility has also impacted the U.S.                                                                           therefore will not create a burden on
                                                                                                          investors and the public interest to
                                                  equities markets, including pricing of                                                                          competition.
                                                                                                          temporarily widen the price collar
                                                  Exchange Traded Products (‘‘ETP’’), the
                                                                                                          thresholds for the Core Open Auction                    C. Self-Regulatory Organization’s
                                                  majority of which are listed on the
                                                                                                          and Trading Halt Auctions on June 24,                   Statement on Comments on the
                                                  Exchange.
                                                    Because of the extraordinary level of                                                                         Proposed Rule Change Received From
                                                                                                             4 The Auction Reference Price for the Core Open
                                                  market volatility following the UK                      Auction is the midpoint of the Auction NBBO or,
                                                                                                                                                                  Members, Participants, or Others
                                                  referendum vote, including in the U.S.                  if the Auction NBBO is locked, the locked price. If       No written comments were solicited
                                                  ETP market, the Exchange believes that                  there is no Auction NBBO, the prior trading day’s
                                                                                                          Official Closing Price. The Auction Reference Price     or received with respect to the proposed
                                                  widening the Auction Collars for the                    for the Trading Halt Auction is the last consolidated   rule change.
                                                  Core Open Auction and Trading Halt                      round-lot price of that trading day, and if none, the
                                                  Auctions for June 24, 2016 only would                   prior trading day’s Official Closing Price. See NYSE    III. Date of Effectiveness of the
                                                  assist the Exchange in conducting fair                  Arca Equities Rule 7.35P(a)(8).                         Proposed Rule Change and Timing for
                                                  and orderly auctions.
                                                                                                             5 For the Core Open Auction, Auction-Eligible
                                                                                                                                                                  Commission Action
                                                                                                          Securities are all securities for which the Exchange
                                                    As set forth in Rule 7.35P(a)(10), the                is the primary listing market and UTP Securities          Because the proposed rule change
                                                  price collar thresholds for the Core                    designated by the Exchange. For the Trading Halt        does not (i) significantly affect the
mstockstill on DSK3G9T082PROD with NOTICES




                                                                                                          Auction, Auction-Eligible Securities are securities
                                                  Open Auction and Trading Halt                           for which the Exchange is the primary listing           protection of investors or the public
                                                  Auctions are currently set at 10% for                   market. See NYSE Arca Equities Rule 7.35P(a)(1)(A)      interest; (ii) impose any significant
                                                  securities with an Auction Reference                    and (B).                                                burden on competition; and (iii) become
                                                                                                             6 See Nasdaq Rule 4752(d)(2)(E) and http://
                                                  Price of $25.00 or less, 5% for securities                                                                      operative for 30 days from the date on
                                                                                                          www.nasdaqtrader.com/content/productsservices/
                                                  with an Auction Reference Price greater                 trading/crosses/openclose_faqs.pdf.
                                                                                                                                                                  which it was filed, or such shorter time
                                                  than $25.00 but less than or equal to                      7 15 U.S.C. 78f(b).                                  as the Commission may designate, it has
                                                  $50.00, and 3% for securities with an                      8 15 U.S.C. 78f(b)(5).                               become effective pursuant to Section


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                                                                                Federal Register / Vol. 81, No. 126 / Thursday, June 30, 2016 / Notices                                                      42783

                                                  19(b)(3)(A) of the Act 9 and Rule 19b–                  Electronic Comments                                     SMALL BUSINESS ADMINISTRATION
                                                  4(f)(6) thereunder.10
                                                     A proposed rule change filed                           • Use the Commission’s Internet
                                                                                                                                                                  [Disaster Declaration #14748]
                                                  pursuant to Rule 19b–4(f)(6) under the                  comment form (http://www.sec.gov/
                                                  Act 11 normally does not become                         rules/sro.shtml); or                                    Florida Disaster #FL–00117 Declaration
                                                  operative for 30 days after the date of its               • Send an email to rule-comments@                     of Economic Injury
                                                  filing. However, Rule 19b–4(f)(6)(iii) 12               sec.gov. Please include File Number SR–
                                                  permits the Commission to designate a                   NYSEArca–2016–90 on the subject line.                   AGENCY: U.S. Small Business
                                                  shorter time if such action is consistent                                                                       Administration.
                                                  with the protection of investors and the                Paper Comments                                          ACTION: Notice.
                                                  public interest. The Exchange has asked
                                                  the Commission to waive the 30-day                        • Send paper comments in triplicate                   SUMMARY:   This is a notice of an
                                                  operative delay so that the proposal may                to Brent J. Fields, Secretary, Securities               Economic Injury Disaster Loan (EIDL)
                                                  become operative immediately upon                       and Exchange Commission, 100 F Street                   declaration for the State of Florida,
                                                  filing. The Exchange stated that waiver                 NE., Washington, DC 20549–1090.                         dated 06/23/2016.
                                                  of the operative delay would allow the                  All submissions should refer to File                      Incident: Violent Attack and Related
                                                  Exchange to immediately implement the                   Number SR–NYSEArca–2016–90. This                        Investigation.
                                                  proposed rule change, thereby                                                                                     Incident Period: 06/12/2016 and
                                                                                                          file number should be included on the
                                                  promoting the operation of a fair and                                                                           continuing.
                                                                                                          subject line if email is used. To help the
                                                  orderly market on a day with                                                                                      Effective Date: 06/23/2016.
                                                  extraordinary market volatility due to                  Commission process and review your
                                                                                                                                                                    EIDL Loan Application Deadline Date:
                                                  the UK referendum to leave the                          comments more efficiently, please use
                                                                                                                                                                  03/23/2017.
                                                  European Union. The Commission                          only one method. The Commission will
                                                                                                          post all comments on the Commission’s                   ADDRESSES: Submit completed loan
                                                  believes the waiver of the operative                                                                            applications to: U.S. Small Business
                                                  delay is consistent with the protection                 Internet Web site (http://www.sec.gov/
                                                                                                          rules/sro.shtml). Copies of the                         Administration Processing and
                                                  of investors and the public interest.                                                                           Disbursement Center, 14925 Kingsport
                                                  Therefore, the Commission hereby                        submission, all subsequent
                                                                                                                                                                  Road, Fort Worth, TX 76155.
                                                  waives the operative delay and                          amendments, all written statements
                                                  designates the proposal operative upon                  with respect to the proposed rule                       FOR FURTHER INFORMATION CONTACT: A
                                                  filing.13                                               change that are filed with the                          Escobar, Office of Disaster Assistance,
                                                     At any time within 60 days of the                    Commission, and all written                             U.S. Small Business Administration,
                                                  filing of the proposed rule change, the                 communications relating to the                          409 3rd Street SW., Suite 6050,
                                                  Commission summarily may                                                                                        Washington, DC 20416.
                                                                                                          proposed rule change between the
                                                  temporarily suspend such rule change if                 Commission and any person, other than                   SUPPLEMENTARY INFORMATION: Notice is
                                                  it appears to the Commission that such                  those that may be withheld from the                     hereby given that as a result of the
                                                  action is necessary or appropriate in the               public in accordance with the                           Administrator’s EIDL declaration,
                                                  public interest, for the protection of                  provisions of 5 U.S.C. 552, will be                     applications for economic injury
                                                  investors, or otherwise in furtherance of                                                                       disaster loans may be filed at the
                                                                                                          available for Web site viewing and
                                                  the purposes of the Act. If the                                                                                 address listed above or other locally
                                                  Commission takes such action, the                       printing in the Commission’s Public
                                                                                                                                                                  announced locations.
                                                  Commission shall institute proceedings                  Reference Room, 100 F Street NE.,
                                                                                                                                                                    The following areas have been
                                                  to determine whether the proposed rule                  Washington, DC 20549 on official                        determined to be adversely affected by
                                                  change should be approved or                            business days between the hours of                      the disaster:
                                                  disapproved.                                            10:00 a.m. and 3:00 p.m. Copies of such
                                                                                                                                                                  Primary Counties: Orange.
                                                                                                          filing also will be available for
                                                  IV. Solicitation of Comments                                                                                    Contiguous Counties:
                                                                                                          inspection and copying at the principal
                                                    Interested persons are invited to                                                                               Florida: Brevard, Lake, Osceola, Polk,
                                                                                                          office of the Exchange. All comments
                                                  submit written data, views, and                                                                                     Seminole, Volusia.
                                                                                                          received will be posted without change;
                                                  arguments concerning the foregoing,                     the Commission does not edit personal                     The Interest Rates are:
                                                  including whether the proposed rule                     identifying information from
                                                  change is consistent with the Act.                                                                                                                         Percent
                                                                                                          submissions. You should submit only
                                                  Comments may be submitted by any of                     information that you wish to make                       Businesses and Small Agricultural
                                                  the following methods:                                  available publicly. All submissions                       Cooperatives Without Credit
                                                                                                          should refer to File Number SR–                           Available Elsewhere ..................      4.000
                                                    9 15  U.S.C. 78s(b)(3)(A).
                                                                                                          NYSEArca–2016–90, and should be                         Non-Profit Organizations Without
                                                     10 17 CFR 240.19b–4(f)(6). The Exchange has
                                                                                                                                                                    Credit Available Elsewhere .......          2.625
                                                  requested that the Commission waive the                 submitted on or before July 21, 2016.
                                                  requirement that the Exchange provide the                 For the Commission, by the Division of
                                                  Commission written notice of its intent to file the                                                               The number assigned to this disaster
                                                  proposed rule change, along with a brief description    Trading and Markets, pursuant to delegated              for economic injury is 14748
                                                  and the text of the proposed rule change, at least      authority.14                                              The States which received an EIDL
                                                  five business days prior to the date on which the       Brent J. Fields,
                                                  Exchange filed the proposed rule change pursuant
                                                                                                                                                                  Declaration # are Florida.
mstockstill on DSK3G9T082PROD with NOTICES




                                                  to Rule 19b–4(f)(6)(iii). The Commission hereby         Secretary.                                              (Catalog of Federal Domestic Assistance
                                                  grants this request.                                    [FR Doc. 2016–15456 Filed 6–29–16; 8:45 am]             Number 59002)
                                                     11 17 CFR 240.19b–4(f)(6).
                                                     12 17 CFR 240.19b–4(f)(6)(iii).
                                                                                                          BILLING CODE 8011–01–P                                   Dated: June 23, 2016.
                                                     13 For purposes only of waiving the 30-day                                                                   Maria Contreras-Sweet,
                                                  operative delay, the Commission has also                                                                        Administrator.
                                                  considered the proposed rule’s impact on
                                                  efficiency, competition, and capital formation. See                                                             [FR Doc. 2016–15530 Filed 6–29–16; 8:45 am]
                                                  15 U.S.C. 78c(f).                                         14 17   CFR 200.30–3(a)(12).                          BILLING CODE 8025–01–P




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Document Created: 2018-02-08 07:44:49
Document Modified: 2018-02-08 07:44:49
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 42781 

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