81 FR 45573 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 6.87 Regarding Transactions That Qualify as a Catastrophic Error as it Relates to Binary Return Derivatives Contracts

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 135 (July 14, 2016)

Page Range		45573-45575
FR Document		2016-16618
Federal Register, Volume 81 Issue 135 (Thursday, July 14, 2016)
[Federal Register Volume 81, Number 135 (Thursday, July 14, 2016)]
[Notices]
[Pages 45573-45575]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-16618]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78267; File No. SR-NYSEArca-2016-93]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Amending Rule 6.87 
Regarding Transactions That Qualify as a Catastrophic Error as it 
Relates to Binary Return Derivatives Contracts

July 8, 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 July 1, 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 the 
Substance of the Proposed Rule Change

    The Exchange proposes to amend Rule 6.87 regarding transactions 
that qualify as a Catastrophic Error as it relates to Binary Return 
Derivatives contracts. The proposed rule change is available on the 
Exchange's Web site at www.nyse.com, at the principal office of the 
Exchange, and at the Commission's Public Reference Room.

[[Page 45574]]

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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is proposing to amend Rule 6.87 (Nullification and 
Adjustment of Options Transactions including Obvious Errors) regarding 
transactions that qualify modify [sic] a Catastrophic Error as it 
relates to ByRDs.
    The Exchange recently amended its rules to list and trade ByRDs, 
and modified portions of Rule 6.87 regarding when a ByRDs transaction 
may qualify as a Catastrophic Error.\4\ In the ByRDs filing, the 
Exchange clarified that any transactions in ByRDs qualifying as a 
Catastrophic Error ``that is higher or lower than the Theoretical Price 
by $.50 or more shall be deemed a Catastrophic Error, subject to the 
adjustment procedures of paragraph (d)(3) unless such adjustment would 
result in a price higher than $1.02, in which case the adjustment price 
shall be $1.02.'' \5\ This change was designed to ensure that ByRDs 
trades that are deemed Catastrophic Errors are never adjusted to a 
price above $1.02.
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    \4\ See Securities Exchange Act Release No. 77044 (February 3, 
2016), 81 FR 6908 (February 9, 2016) (SR-NYSEArca-2016-16) (the 
``ByRDs filing'').
    \5\ See Rule 6.87(d)(3)(A). This change was made to ensure 
consistency with obvious errors in ByRDs, which likewise caps any 
adjustment to ByRDs at a price no higher than $1.02. See Rule 
6.87(c)(6).
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    In connection with this modification, the Exchange proposes to 
amend Rule 6.87(d)(3)(A) to explicitly provide that any ByRDs 
transaction occurring at a price greater than $1.02 is presumptively a 
Catastrophic Error. Specifically, the current rule does not 
appropriately capture as Catastrophic Errors those transactions in 
ByRDs occurring at prices greater than $1.02 but not more than $0.50 
away from the Theoretical Price.
    ByRDs are binary options and, as such, differ from traditional 
options traded on U.S. options exchanges by providing a discontinuous 
or non-linear payout. An in-the-money ByRD will pay a fixed sum at 
expiration regardless of the magnitude of the difference between the 
option's exercise price and the settlement price. Specifically, at 
expiration, a ByRDs contract will be worth $0 or $1.00; it will never 
have a value greater than $1.00. Any transaction in ByRDs for over 
$1.00 would result in an automatic loss. Consistent with the Exchange 
adjusting a Catastrophic Error in a ByRDs trade to a price no greater 
than $1.02 as provided for in Rule 6.87(d)(3)(A), the Exchange believes 
that no trade in ByRDs greater than $1.02 should stand, but should 
instead be adjusted to $1.02.\6\ Thus, the Exchange believes the 
proposed change would ensure that ByRDs trades that are $1.02 or more 
are deemed a Catastrophic Error, in addition to being appropriately 
adjusted.\7\
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    \6\ See proposed 6.87(d)(3)(A) (providing that any transaction 
in ByRDs that is ``(1) higher or lower than the Theoretical Price by 
$.50 or more or (2) at a price greater than $1.02 shall be deemed a 
Catastrophic Error, subject to the adjustment procedures of 
paragraph (d)(3) unless such adjustment would result in a price 
higher than $1.02, in which case the adjustment price shall be 
$1.02'').
    \7\ The Exchange notes that, although ByRDs were not listed on 
the Exchange at the time, ByRDs contracts (which were listed on NYSE 
MKT) were outside of the scope of the industry wide effort to 
harmonize Obvious and Catastrophic Error rules, and the proposed 
change therefore does not impact the harmonization effort. See 
Securities Exchange Act Release No. 74920 (May 8, 2015), 80 FR 
27816, 27822 (May 14, 2015) (SR-NYSEMKT-2015-39).
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    Finally, the Exchange proposes to correct the reference to 
``ByRDS'' in Rule 6.87(d)(3)(A) to ``ByRDs,'' which would make the 
reference consistent with other Exchange rules.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b) \8\ of the Securities Exchange Act of 1934 (the ``Act''), 
in general, and furthers the objectives of Section 6(b)(5),\9\ in 
particular, in that it is designed 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.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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    Specifically, the proposed change is designed to promote just and 
equitable principles of trade, and to remove impediments to and perfect 
the mechanism of a free and open market and a national market system, 
as the proposed change would ensure that ByRDs trades resulting from 
Catastrophic Errors are appropriately characterized as such and, in 
turn, appropriately adjusted. In addition, the proposed change would 
ensure that the Exchange would not be prevented from adjusting a trade 
in ByRDs that is the result of a Catastrophic Error, which would 
protect investors and the public interest.

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The Exchange believes that 
the proposed rule change will serve to promote regulatory clarity and 
consistency, thereby reducing burdens on the marketplace and 
facilitating investor protection.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    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 foregoing 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 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.\10\
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    \10\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission.
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    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

[[Page 45575]]

become operative immediately upon filing. The Exchange stated that the 
proposed rule change would ensure that the manner by which the Exchange 
determines whether a Catastrophic Error in a ByRDs trade has occurred 
is consistent with the standards by which the Exchange would adjust a 
ByRDs trade as provided for in Rule 6.87(d)(3). The Exchange further 
stated that waiver of the operative delay is consistent with the 
protection of investors and the public interest because it would 
promote regulatory clarity and consistency, thereby reducing burdens on 
the marketplace and facilitating investor protection. The Commission 
believes that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest. Therefore, the 
Commission hereby waives the operative delay and designates the 
proposed rule change 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 considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic 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-2016-93 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-2016-93. 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-2016-93, and should 
be submitted on or before August 4, 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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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2016-16618 Filed 7-13-16; 8:45 am]
 BILLING CODE 8011-01-P
45574 Federal Register / Vol. 81, No. 135 / Thursday, July 14, 2016 / Notices

II. Self-Regulatory Organization’s traded on U.S. options exchanges by and a national market system, as the
Statement of the Purpose of, and providing a discontinuous or non-linear proposed change would ensure that
Statutory Basis for, the Proposed Rule payout. An in-the-money ByRD will pay ByRDs trades resulting from
Change a fixed sum at expiration regardless of Catastrophic Errors are appropriately
In its filing with the Commission, the the magnitude of the difference between characterized as such and, in turn,
self-regulatory organization included the option’s exercise price and the appropriately adjusted. In addition, the
statements concerning the purpose of, settlement price. Specifically, at proposed change would ensure that the
and basis for, the proposed rule change expiration, a ByRDs contract will be Exchange would not be prevented from
and discussed any comments it received worth $0 or $1.00; it will never have a adjusting a trade in ByRDs that is the
on the proposed rule change. The text value greater than $1.00. Any result of a Catastrophic Error, which
of those statements may be examined at transaction in ByRDs for over $1.00 would protect investors and the public
the places specified in Item IV below. would result in an automatic loss. interest.
The Exchange has prepared summaries, Consistent with the Exchange adjusting B. Self-Regulatory Organization’s
set forth in sections A, B, and C below, a Catastrophic Error in a ByRDs trade to Statement on Burden on Competition
of the most significant parts of such a price no greater than $1.02 as
provided for in Rule 6.87(d)(3)(A), the The Exchange does not believe that
statements. the proposed rule change will impose
Exchange believes that no trade in
A. Self-Regulatory Organization’s ByRDs greater than $1.02 should stand, any burden on competition that is not
Statement of the Purpose of, and but should instead be adjusted to necessary or appropriate in furtherance
Statutory Basis for, the Proposed Rule $1.02.6 Thus, the Exchange believes the of the purposes of the Act. The
Change proposed change would ensure that Exchange believes that the proposed
ByRDs trades that are $1.02 or more are rule change will serve to promote
1. Purpose regulatory clarity and consistency,
deemed a Catastrophic Error, in
The Exchange is proposing to amend addition to being appropriately thereby reducing burdens on the
Rule 6.87 (Nullification and Adjustment adjusted.7 marketplace and facilitating investor
of Options Transactions including Finally, the Exchange proposes to protection.
Obvious Errors) regarding transactions correct the reference to ‘‘ByRDS’’ in C. Self-Regulatory Organization’s
that qualify modify [sic] a Catastrophic Rule 6.87(d)(3)(A) to ‘‘ByRDs,’’ which Statement on Comments on the
Error as it relates to ByRDs. would make the reference consistent Proposed Rule Change Received From
The Exchange recently amended its with other Exchange rules. Members, Participants, or Others
rules to list and trade ByRDs, and
modified portions of Rule 6.87 regarding 2. Statutory Basis No written comments were solicited
when a ByRDs transaction may qualify or received with respect to the proposed
The Exchange believes the proposed
as a Catastrophic Error.4 In the ByRDs rule change.
rule change is consistent with Section
filing, the Exchange clarified that any 6(b) 8 of the Securities Exchange Act of III. Date of Effectiveness of the
transactions in ByRDs qualifying as a 1934 (the ‘‘Act’’), in general, and Proposed Rule Change and Timing for
Catastrophic Error ‘‘that is higher or furthers the objectives of Section Commission Action
lower than the Theoretical Price by $.50 6(b)(5),9 in particular, in that it is
or more shall be deemed a Catastrophic Because the foregoing proposed rule
designed to promote just and equitable change does not: (i) Significantly affect
Error, subject to the adjustment principles of trade, to foster cooperation
procedures of paragraph (d)(3) unless the protection of investors or the public
and coordination with persons engaged interest; (ii) impose any significant
such adjustment would result in a price in facilitating transactions in securities,
higher than $1.02, in which case the burden on competition; and (iii) become
and to remove impediments to and operative for 30 days from the date on
adjustment price shall be $1.02.’’ 5 This perfect the mechanism of a free and which it was filed, or such shorter time
change was designed to ensure that open market and a national market as the Commission may designate, it has
ByRDs trades that are deemed system. become effective pursuant to Section
Catastrophic Errors are never adjusted to Specifically, the proposed change is 19(b)(3)(A) of the Act and Rule 19b–
a price above $1.02. designed to promote just and equitable
In connection with this modification, 4(f)(6) thereunder.10
principles of trade, and to remove A proposed rule change filed
the Exchange proposes to amend Rule impediments to and perfect the pursuant to Rule 19b–4(f)(6) under the
6.87(d)(3)(A) to explicitly provide that mechanism of a free and open market Act 11 normally does not become
any ByRDs transaction occurring at a
operative for 30 days after the date of its
price greater than $1.02 is 6 See proposed 6.87(d)(3)(A) (providing that any
filing. However, Rule 19b–4(f)(6)(iii) 12
presumptively a Catastrophic Error. transaction in ByRDs that is ‘‘(1) higher or lower
permits the Commission to designate a
Specifically, the current rule does not than the Theoretical Price by $.50 or more or (2) at
shorter time if such action is consistent
appropriately capture as Catastrophic a price greater than $1.02 shall be deemed a
Catastrophic Error, subject to the adjustment with the protection of investors and the
Errors those transactions in ByRDs procedures of paragraph (d)(3) unless such public interest. The Exchange has asked
occurring at prices greater than $1.02 adjustment would result in a price higher than
the Commission to waive the 30-day
but not more than $0.50 away from the $1.02, in which case the adjustment price shall be
operative delay so that the proposal may
Theoretical Price. $1.02’’).
7 The Exchange notes that, although ByRDs were
asabaliauskas on DSK3SPTVN1PROD with NOTICES

ByRDs are binary options and, as not listed on the Exchange at the time, ByRDs 10 17 CFR 240.19b–4(f)(6). As required under Rule
such, differ from traditional options contracts (which were listed on NYSE MKT) were 19b–4(f)(6)(iii), the Exchange provided the
outside of the scope of the industry wide effort to Commission with written notice of its intent to file
4 See Securities Exchange Act Release No. 77044 harmonize Obvious and Catastrophic Error rules, the proposed rule change, along with a brief
(February 3, 2016), 81 FR 6908 (February 9, 2016) and the proposed change therefore does not impact description and the text of the proposed rule
(SR–NYSEArca–2016–16) (the ‘‘ByRDs filing’’). the harmonization effort. See Securities Exchange change, at least five business days prior to the date
5 See Rule 6.87(d)(3)(A). This change was made to Act Release No. 74920 (May 8, 2015), 80 FR 27816, of filing of the proposed rule change, or such
ensure consistency with obvious errors in ByRDs, 27822 (May 14, 2015) (SR–NYSEMKT–2015–39). shorter time as designated by the Commission.
8 15 U.S.C. 78f(b). 11 17 CFR 240.19b–4(f)(6).
which likewise caps any adjustment to ByRDs at a
price no higher than $1.02. See Rule 6.87(c)(6). 9 15 U.S.C. 78f(b)(5). 12 17 CFR 240.19b–4(f)(6)(iii).

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Federal Register / Vol. 81, No. 135 / Thursday, July 14, 2016 / Notices 45575

become operative immediately upon Commission process and review your Securities and Exchange Commission
filing. The Exchange stated that the comments more efficiently, please use (the ‘‘Commission’’) the proposed rule
proposed rule change would ensure that only one method. The Commission will change as described in Items I and II
the manner by which the Exchange post all comments on the Commission’s below, which Items have been prepared
determines whether a Catastrophic Error Internet Web site (http://www.sec.gov/ by the self-regulatory organization. The
in a ByRDs trade has occurred is rules/sro.shtml). Copies of the Commission is publishing this notice to
consistent with the standards by which submission, all subsequent solicit comments on the proposed rule
the Exchange would adjust a ByRDs amendments, all written statements change from interested persons.
trade as provided for in Rule 6.87(d)(3). with respect to the proposed rule
I. Self-Regulatory Organization’s
The Exchange further stated that waiver change that are filed with the
Statement of the Terms of the Substance
of the operative delay is consistent with Commission, and all written
of the Proposed Rule Change
the protection of investors and the communications relating to the
public interest because it would proposed rule change between the The Exchange proposes to amend
promote regulatory clarity and Commission and any person, other than Rule 975NY regarding transactions that
consistency, thereby reducing burdens those that may be withheld from the qualify as a Catastrophic Error as it
on the marketplace and facilitating public in accordance with the relates to Binary Return Derivatives
investor protection. The Commission provisions of 5 U.S.C. 552, will be contracts (‘‘ByRDs’’). The proposed rule
believes that waiving the 30-day available for Web site viewing and change is available on the Exchange’s
operative delay is consistent with the printing in the Commission’s Public Web site at www.nyse.com, at the
protection of investors and the public Reference Room, 100 F Street NE., principal office of the Exchange, and at
interest. Therefore, the Commission Washington, DC 20549 on official the Commission’s Public Reference
hereby waives the operative delay and business days between the hours of Room.
designates the proposed rule change 10:00 a.m. and 3:00 p.m. Copies of such II. Self-Regulatory Organization’s
operative upon filing.13 filing also will be available for Statement of the Purpose of, and
At any time within 60 days of the inspection and copying at the principal Statutory Basis for, the Proposed Rule
filing of the proposed rule change, the office of the Exchange. All comments Change
Commission summarily may received will be posted without change;
the Commission does not edit personal In its filing with the Commission, the
temporarily suspend such rule change if self-regulatory organization included
it appears to the Commission that such identifying information from
submissions. You should submit only statements concerning the purpose of,
action is necessary or appropriate in the and basis for, the proposed rule change
public interest, for the protection of information that you wish to make
available publicly. All submissions and discussed any comments it received
investors, or otherwise in furtherance of on the proposed rule change. The text
the purposes of the Act. If the should refer to File Number SR–
NYSEArca–2016–93, and should be of those statements may be examined at
Commission takes such action, the the places specified in Item IV below.
Commission shall institute proceedings submitted on or before August 4, 2016.
The Exchange has prepared summaries,
to determine whether the proposed rule For the Commission, by the Division of
set forth in sections A, B, and C below,
should be approved or disapproved. Trading and Markets, pursuant to delegated
authority.14 of the most significant parts of such
IV. Solicitation of Comments Jill M. Peterson, statements.
Interested persons are invited to Assistant Secretary. A. Self-Regulatory Organization’s
submit written data, views, and [FR Doc. 2016–16618 Filed 7–13–16; 8:45 am] Statement of the Purpose of, and
arguments concerning the foregoing, BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
including whether the proposed rule Change
change is consistent with the Act.
SECURITIES AND EXCHANGE 1. Purpose
Comments may be submitted by any of
the following methods: COMMISSION The Exchange is proposing to amend
Rule 975NY (Nullification and
Electronic Comments [Release No. 34–78266; File No. SR–
NYSEMKT–2016–66]
Adjustment of Options Transactions
• Use the Commission’s Internet including Obvious Errors) regarding
comment form (http://www.sec.gov/ Self-Regulatory Organizations; NYSE transactions that qualify as a
rules/sro.shtml); or MKT LLC; Notice of Filing and Catastrophic Error as it relates to ByRDs.
• Send an email to rule-comments@ Immediate Effectiveness of Proposed The Exchange recently amended its
sec.gov. Please include File Number SR– Rule Change Amending Rule 975NY rules related to ByRDs, including
NYSEArca–2016–93 on the subject line. Regarding Transactions That Qualify portions of Rule 975NY regarding when
as a Catastrophic Error as it Relates to a ByRDs transaction may qualify as a
Paper Comments Catastrophic Error.4 In the ByRDs filing,
Binary Return Derivatives Contracts
• Send paper comments in triplicate the Exchange clarified that any
to Brent J. Fields, Secretary, Securities July 8, 2016. transactions in ByRDs qualifying as a
and Exchange Commission, 100 F Street Pursuant to Section 19(b)(1) 1 of the Catastrophic Error ‘‘that is higher or
NE., Washington, DC 20549–1090. Securities Exchange Act of 1934 (the lower than the Theoretical Price by $.50
asabaliauskas on DSK3SPTVN1PROD with NOTICES

All submissions should refer to File ‘‘Act’’),2 and Rule 19b–4 thereunder,3 or more shall be deemed a Catastrophic
Number SR–NYSEArca–2016–93. This notice is hereby given that on July 1, Error, subject to the adjustment
file number should be included on the 2016, NYSE MKT LLC (the ‘‘Exchange’’ procedures of paragraph (d)(3) unless
subject line if email is used. To help the or ‘‘NYSE MKT’’) filed with the such adjustment would result in a price
higher than $1.02, in which case the
14 17 CFR 200.30–3(a)(12).
13 For purposes only of waiving the 30-day
1 15 U.S.C. 78s(b)(1).
operative delay, the Commission has considered the 4 See Securities Exchange Act Release No. 77014
2 15 U.S.C. 78a.
proposed rule’s impact on efficiency, competition, (February 2, 2016), 81 FR 6566 (February 8, 2016)
and capital formation. See 15 U.S.C. 78c(f). 3 17 CFR 240.19b–4. (SR–NYSEMKT–2016–16) (the ‘‘ByRDs filing’’).

VerDate Sep<11>2014 19:33 Jul 13, 2016 Jkt 238001 PO 00000 Frm 00127 Fmt 4703 Sfmt 4703 E:\FR\FM\14JYN1.SGM 14JYN1
Document Created: 2016-07-14 01:55:14
Document Modified: 2016-07-14 01:55:14
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 45573