81 FR 47196 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period Applicable to the Customer Best Execution Auction per Rule 971.1NY
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 139 (July 20, 2016)
Federal Register Volume 81, Issue 139 (July 20, 2016)
| Page Range | 47196-47198 | |
| FR Document | 2016-17095 |
[Federal Register Volume 81, Number 139 (Wednesday, July 20, 2016)] [Notices] [Pages 47196-47198] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-17095] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78324; File No. SR-NYSEMKT-2016-69] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period Applicable to the Customer Best Execution Auction per Rule 971.1NY July 14, 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 8, 2016, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'') 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to extend the pilot period applicable to the Customer Best Execution Auction (``CUBE''), per Rule 971.1NY, until January 18, 2017. 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. 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 proposes to extend the pilot period applicable to certain aspects of the Customer Best Execution--or CUBE--Auction, which is currently set to expire on July 18, 2016, until January 18, 2017. Background Rule 971.1NY sets forth an electronic crossing mechanism for single-leg orders with a price improvement auction on the Exchange, referred to as the CUBE Auction.\4\ The CUBE Auction, which was approved in April 2014, is designed to provide price improvement for paired orders of any size.\5\ Two aspects of the CUBE were approved on a pilot basis--Rule 971.1NY(b)(1)(B), which establishes the permissible range of executions for CUBE Auctions for fewer than 50 contracts; and Rule 971.1NY(b)(8), which establishes that the minimum size for a CUBE Auction is one contract (together, the ``CUBE Pilot''). --------------------------------------------------------------------------- \4\ See generally Rule 971.1NY (Electronic Cross Transactions). \5\ See Securities Exchange Act Release No. 72025 (April 25, 2014), 79 FR 24779 (May 1, 2014) (NYSEMKT-2014-17) (the ``CUBE Approval Order''). --------------------------------------------------------------------------- An ATP Holder may initiate a CUBE Auction by electronically submitting for execution a limit order it represents as agent on behalf of a public customer, broker dealer, or any other entity (``CUBE Order'') against principal interest or against any other order it represents as agent, provided the initiating ATP Holder complies with Rule 971.1NY.\6\ Rule 971.1NY(b)(1) sets forth the permissible range of executions for a CUBE Order.\7\ Pursuant to the CUBE Pilot, a CUBE Order for fewer than 50 contracts is subject to tighter ranges of execution than larger CUBE Orders to maximize price improvement.\8\ Specifically, if the CUBE Order is for fewer than 50 contracts, the range of permissible execution will be equal to or better than the National Best Bid/Offer (``NBBO''), provided that such price must be at least one cent better than any displayed interest in the Exchange's Consolidated Book.\9\ --------------------------------------------------------------------------- \6\ In addition, CUBE provides for the automatic execution, under certain conditions, of a crossing transaction where there is a public customer order in the same options series on each side. \7\ Subject to specified exceptions, a CUBE Order to buy (sell) may execute at prices equal to or between the initiating price as the upper (lower) bound and the National Best Bid (``NBB'') (National Best Offer (``NBO'')) as the lower (upper) bound. See Rule 971.1NY(b). \8\ See Rule 971.1NY(b)(1)(B). Rule 971.1NY(b)(8), also subject to the pilot period, provides that the minimum size for a CUBE Auction is one contract. \9\ See Rule 971.1NY(b)(1)(B). --------------------------------------------------------------------------- The CUBE Pilot was initially approved for a one-year pilot, and has since been extended for two subsequent years.\10\ Pursuant to Commentary .01 to Rule 971.1NY, the CUBE Pilot would, if not amended, end on July 18, 2016. In connection with the CUBE Pilot, the Exchange agreed to submit certain data to provide supporting evidence that, among other things, there is meaningful competition for all size orders and that [[Page 47197]] there is an active and liquid market functioning on the Exchange outside of the CUBE Auction. \11\ --------------------------------------------------------------------------- \10\ See CUBE Approval Order, supra, n. 5. The CUBE Pilot was subsequently extended, most recently until July 18, 2016, in order to align the expiration of the pilot period with that of other competing options exchange that offer electronic price improvement auctions similar to the CUBE. See Securities Exchange Act Release Nos. 74695 (April 9, 2015), 80 FR 20274 (April 15, 2015) (SR- NYSEMKT-2015-28); 75460 (July 15, 2015), 80 FR 43140 (July 21, 2015) (SR-NYSEMKT-2015-48). \11\ See CUBE Approval Order, supra n. 5, at 79 FR 24779, at 24785-86, fn. 94-95. See also Commentary .01 to Rule 971.1NY. --------------------------------------------------------------------------- Proposal To Extend the Operation of the CUBE Pilot The Exchange implemented the CUBE Auction to provide an electronic crossing mechanism for single-leg orders with a price improvement auction. The CUBE Pilot was designed to create tighter markets and ensure that each order receives the best possible price. The Exchange believes that the CUBE Pilot attracts order flow and promotes competition and price improvement opportunities for CUBE Orders of fewer than 50 contracts. The Exchange believes that extending the pilot period is appropriate because it will allow the Exchange and the Commission additional time to analyze data regarding the CUBE Pilot that the Exchange has committed to provide.\12\ As such, the Exchange believes that it is appropriate to extend the current operation of the Pilot. Through this filing, the Exchange seeks to amend Commentary .01 to Rule 971.1NY and extend the current pilot period until January 18, 2017.\13\ The Exchange notes that it would retain the text of Rules 971.1NY(b)(1)(B) and 971.1NY(b)(8). In further support of this proposed rule change, the Exchange would continue to submit to the Commission detailed data from, and analysis of, the CUBE Pilot. Further, in January 2016, the Exchange provided the Commission certain additional requested data regarding trading in the CUBE Auction for the six (6) month period from January 1, 2015 through June 30, 2015 and agreed to make a summary of this data provided publicly available. --------------------------------------------------------------------------- \12\ Id. \13\ See proposed Commentary .01 to Rule 971.1NY. --------------------------------------------------------------------------- The Exchange continues to believe that there remains meaningful competition for all size orders and that there is an active and liquid market functioning on the Exchange outside of the CUBE Auction. The Exchange believes the additional data will substantiate the Exchange's belief and provide further evidence in support of permanent approval of the CUBE Pilot. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \14\ in general, and furthers the objectives of Section 6(b)(5) of the Act \15\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that extending the pilot period is consistent with these principles because the CUBE Pilot is reasonably designed to create tighter markets and ensure that each order receives the best possible price, which benefits investors by increasing competition thereby maximizing opportunities for price improvement. The proposed extension would allow the CUBE Pilot to continue uninterrupted, thereby avoiding any potential investor confusion that could result from a temporary interruption in the CUBE Pilot. Because the CUBE Pilot is applicable to all CUBE Orders for fewer than 50 contracts, and to the requirement that the minimum size of the CUBE Auction is one contract, the proposal to extend the pilot merely acts to maintain status quo on the Exchange, which promotes just and equitable principles of trade and removes impediments to, and perfects the mechanism of, a free and open market and a national market system. The extension of the pilot period will allow the Commission and the Exchange to continue to monitor the CUBE Pilot to ascertain whether there is meaningful competition for all size orders and whether there is an active and liquid market functioning on the Exchange outside of the CUBE Auction. 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 not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change simply extends an established pilot program for an additional period and would allow for further analysis of the CUBE Pilot. In addition, the proposed extension would allow the CUBE Pilot to continue uninterrupted, thereby avoiding any potential investor confusion that could result from a temporary interruption in the CUBE Pilot. Thus, the proposal would also serve to promote regulatory clarity and consistency, thereby reducing burdens on the marketplace and facilitating investor protection. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others 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)(iii) of the Act \16\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\17\ A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative prior to 30 days after the date of filing.\18\ Rule 19b-4(f)(6)(iii), however, permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest.\19\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(a)(iii). \17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. \18\ 17 CFR 240.19b-4(f)(6)(iii). \19\ Id. --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest because such waiver will allow the pilot program to continue without interruption. The Commission has therefore determined to waive the 30- day operative delay and designate the proposed rule change as operative upon filing with the Commission.\20\ --------------------------------------------------------------------------- \20\ 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). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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 [[Page 47198]] Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) of the Act \21\ to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \21\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File No. SR-NYSEMKT-2016-69 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File No. SR-NYSEMKT-2016-69. 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 No. SR-NYSEMKT-2016-69, and should be submitted on or before August 10, 2016. --------------------------------------------------------------------------- \22\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\22\ Jill M. Peterson, Assistant Secretary. [FR Doc. 2016-17095 Filed 7-19-16; 8:45 am] BILLING CODE 8011-01-P
![47196 Federal Register / Vol. 81, No. 139 / Wednesday, July 20, 2016 / Notices
This exemptive relief is subject to ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 for paired orders of any size.5 Two
modification or revocation at any time notice is hereby given that on July 8, aspects of the CUBE were approved on
the Commission determines that such 2016, NYSE MKT LLC (the ‘‘Exchange’’ a pilot basis—Rule 971.1NY(b)(1)(B),
action is necessary or appropriate in or ‘‘NYSE MKT’’) filed with the which establishes the permissible range
furtherance of the purposes of the Securities and Exchange Commission of executions for CUBE Auctions for
Exchange Act. This exemption is based (the ‘‘Commission’’) the proposed rule fewer than 50 contracts; and Rule
on the facts presented and the change as described in Items I and II 971.1NY(b)(8), which establishes that
representations made in the Letter. Any below, which Items have been prepared the minimum size for a CUBE Auction
different facts or representations may by the self-regulatory organization. The is one contract (together, the ‘‘CUBE
require a different response. Persons Commission is publishing this notice to Pilot’’).
relying upon this exemption shall solicit comments on the proposed rule An ATP Holder may initiate a CUBE
discontinue transactions involving the change from interested persons. Auction by electronically submitting for
Shares of the New Funds, pending execution a limit order it represents as
I. Self-Regulatory Organization’s agent on behalf of a public customer,
presentation of the facts for the
Statement of the Terms of the Substance broker dealer, or any other entity
Commission’s consideration, in the
of the Proposed Rule Change (‘‘CUBE Order’’) against principal
event that any material change occurs
with respect to any of the facts or The Exchange proposes to extend the interest or against any other order it
representations made by the Requestors, pilot period applicable to the Customer represents as agent, provided the
and as is the case with all preceding Best Execution Auction (‘‘CUBE’’), per initiating ATP Holder complies with
letters, particularly with respect to the Rule 971.1NY, until January 18, 2017. Rule 971.1NY.6 Rule 971.1NY(b)(1) sets
close alignment between the market The proposed rule change is available forth the permissible range of
price of Shares and the New Fund’s on the Exchange’s Web site at executions for a CUBE Order.7 Pursuant
NAV. In addition, persons relying on www.nyse.com, at the principal office of to the CUBE Pilot, a CUBE Order for
this exemption are directed to the anti- the Exchange, and at the Commission’s fewer than 50 contracts is subject to
fraud and anti-manipulation provisions Public Reference Room. tighter ranges of execution than larger
of the Exchange Act, particularly CUBE Orders to maximize price
II. Self-Regulatory Organization’s improvement.8 Specifically, if the CUBE
Sections 9(a) and 10(b), and Rule 10b–
Statement of the Purpose of, and Order is for fewer than 50 contracts, the
5 thereunder. Responsibility for
Statutory Basis for, the Proposed Rule range of permissible execution will be
compliance with these and any other
Change equal to or better than the National Best
applicable provisions of the federal
securities laws must rest with the In its filing with the Commission, the Bid/Offer (‘‘NBBO’’), provided that such
persons relying on this exemption. This self-regulatory organization included price must be at least one cent better
order should not be considered a view statements concerning the purpose of, than any displayed interest in the
with respect to any other question that and basis for, the proposed rule change Exchange’s Consolidated Book.9
The CUBE Pilot was initially
the proposed transactions may raise, and discussed any comments it received
approved for a one-year pilot, and has
including, but not limited to the on the proposed rule change. The text
since been extended for two subsequent
adequacy of the disclosure concerning, of those statements may be examined at
years.10 Pursuant to Commentary .01 to
and the applicability of other federal or the places specified in Item IV below.
Rule 971.1NY, the CUBE Pilot would, if
state laws to, the proposed transactions. The Exchange has prepared summaries,
not amended, end on July 18, 2016. In
For the Commission, by the Division of set forth in sections A, B, and C below,
connection with the CUBE Pilot, the
Trading and Markets, pursuant to delegated of the most significant parts of such
Exchange agreed to submit certain data
authority.6 statements. to provide supporting evidence that,
Jill M. Peterson, A. Self-Regulatory Organization’s among other things, there is meaningful
Assistant Secretary. Statement of the Purpose of, and competition for all size orders and that
[FR Doc. 2016–17107 Filed 7–19–16; 8:45 am] Statutory Basis for, the Proposed Rule
BILLING CODE 8011–01–P Change 5 See Securities Exchange Act Release No. 72025
(April 25, 2014), 79 FR 24779 (May 1, 2014)
1. Purpose (NYSEMKT–2014–17) (the ‘‘CUBE Approval
Order’’).
SECURITIES AND EXCHANGE The Exchange proposes to extend the 6 In addition, CUBE provides for the automatic
COMMISSION pilot period applicable to certain execution, under certain conditions, of a crossing
aspects of the Customer Best transaction where there is a public customer order
in the same options series on each side.
[Release No. 34–78324; File No. SR– Execution—or CUBE—Auction, which 7 Subject to specified exceptions, a CUBE Order
NYSEMKT–2016–69] is currently set to expire on July 18, to buy (sell) may execute at prices equal to or
2016, until January 18, 2017. between the initiating price as the upper (lower)
Self-Regulatory Organizations; NYSE bound and the National Best Bid (‘‘NBB’’) (National
MKT LLC; Notice of Filing and Background Best Offer (‘‘NBO’’)) as the lower (upper) bound.
See Rule 971.1NY(b).
Immediate Effectiveness of Proposed Rule 971.1NY sets forth an electronic 8 See Rule 971.1NY(b)(1)(B). Rule 971.1NY(b)(8),
Rule Change Extending the Pilot crossing mechanism for single-leg also subject to the pilot period, provides that the
Period Applicable to the Customer orders with a price improvement minimum size for a CUBE Auction is one contract.
Best Execution Auction per Rule auction on the Exchange, referred to as
9 See Rule 971.1NY(b)(1)(B).
10 See CUBE Approval Order, supra, n. 5. The
mstockstill on DSK3G9T082PROD with NOTICES
971.1NY the CUBE Auction.4 The CUBE Auction, CUBE Pilot was subsequently extended, most
July 14, 2016. which was approved in April 2014, is recently until July 18, 2016, in order to align the
designed to provide price improvement expiration of the pilot period with that of other
Pursuant to Section 19(b)(1) 1 of the competing options exchange that offer electronic
Securities Exchange Act of 1934 (the price improvement auctions similar to the CUBE.
2 15
U.S.C. 78a. See Securities Exchange Act Release Nos. 74695
3 17
CFR 240.19b–4. (April 9, 2015), 80 FR 20274 (April 15, 2015) (SR–
6 17 CFR 200.30–3(a)(6) and (9). 4 See generally Rule 971.1NY (Electronic Cross NYSEMKT–2015–28); 75460 (July 15, 2015), 80 FR
1 15 U.S.C. 78s(b)(1). Transactions). 43140 (July 21, 2015) (SR–NYSEMKT–2015–48).
VerDate Sep<11>2014 18:24 Jul 19, 2016 Jkt 238001 PO 00000 Frm 00042 Fmt 4703 Sfmt 4703 E:\FR\FM\20JYN1.SGM 20JYN1](https://thefederalregister.org/doc/81_FR_47335/page/1.svg)
![47198 Federal Register / Vol. 81, No. 139 / Wednesday, July 20, 2016 / Notices
Commission takes such action, the 2016–69, and should be submitted on or types in Pilot Securities. The Exchange
Commission shall institute proceedings before August 10, 2016. also proposes to amend paragraph (a) of
under Section 19(b)(2)(B) of the Act 21 to For the Commission, by the Division of Rule 11.27 to specify that orders entered
determine whether the proposed rule Trading and Markets, pursuant to delegated into the Exchange’s Retail Price
change should be approved or authority.22 Improvement (‘‘RPI’’) Program qualify
disapproved. Jill M. Peterson, for certain exceptions to the Plan.
IV. Solicitation of Comments Assistant Secretary. The text of the proposed rule change
[FR Doc. 2016–17095 Filed 7–19–16; 8:45 am] is available at the Exchange’s Web site
Interested persons are invited to BILLING CODE 8011–01–P at www.batstrading.com, at the
submit written data, views, and principal office of the Exchange, and at
arguments concerning the foregoing, the Commission’s Public Reference
including whether the proposed rule SECURITIES AND EXCHANGE Room.
change is consistent with the Act. COMMISSION
Comments may be submitted by any of II. Self-Regulatory Organization’s
the following methods: [Release No. 34–78333; File No. SR– Statement of the Purpose of, and
BatsBYX–2016–17] Statutory Basis for, the Proposed Rule
Electronic Comments Change
Self-Regulatory Organizations; Bats
• Use the Commission’s Internet BYX Exchange, Inc.; Notice of Filing of In its filing with the Commission, the
comment form (http://www.sec.gov/ a Proposed Rule Change To Amend Exchange included statements
rules/sro.shtml); or Exchange Rule 11.27 To Describe concerning the purpose of and basis for
• Send an email to rule-comments@ Changes to System Functionality the proposed rule change and discussed
sec.gov. Please include File No. SR– Necessary To Implement the any comments it received on the
NYSEMKT–2016–69 on the subject line. Regulation NMS Plan To Implement a proposed rule change. The text of these
Paper Comments Tick Size Pilot Program statements may be examined at the
places specified in Item IV below. The
• Send paper comments in triplicate July 14, 2016. Exchange has prepared summaries, set
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the forth in Sections A, B, and C below, of
Commission, 100 F Street NE., Securities Exchange Act of 1934 (the the most significant parts of such
Washington, DC 20549–1090. ‘‘Act’’),1 and Rule 19b–4 thereunder,2 statements.
All submissions should refer to File No. notice is hereby given that on 29 June,
2016, Bats BYX Exchange, Inc. (the (A) Self-Regulatory Organization’s
SR–NYSEMKT–2016–69. This file
‘‘Exchange’’ or ‘‘BYX’’) filed with the Statement of the Purpose of, and
number should be included on the
Securities and Exchange Commission Statutory Basis for, the Proposed Rule
subject line if email is used. To help the
(‘‘Commission’’) the proposed rule Change
Commission process and review your
comments more efficiently, please use change as described in Items I and II 1. Purpose
only one method. The Commission will below, which Items have been prepared
by the Exchange. The Commission is Background
post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ publishing this notice to solicit On August 25, 2014, NYSE Group,
rules/sro.shtml). Copies of the comments on the proposed rule change Inc., on behalf of the Exchange, Bats
submission, all subsequent from interested persons. BZX Exchange, Inc. (‘‘BZX’’), Chicago
amendments, all written statements I. Self-Regulatory Organization’s Stock Exchange, Inc., Bats EDGA
with respect to the proposed rule Statement of the Terms of Substance of Exchange, Inc. (‘‘EDGA’’), Bats EDGX
change that are filed with the the Proposed Rule Change Exchange, Inc. (‘‘EDGX’’), Financial
Commission, and all written Industry Regulatory Authority, Inc.
The Exchange filed a proposal to (‘‘FINRA’’), NASDAQ OMX BX, Inc.,
communications relating to the
adopt paragraph (c) to Exchange Rule NASDAQ OMX PHLX LLC, the Nasdaq
proposed rule change between the
11.27 to describe changes to System 3 Stock Market LLC, New York Stock
Commission and any person, other than
functionality necessary to implement Exchange LLC (‘‘NYSE’’), NYSE MKT
those that may be withheld from the
the Regulation NMS Plan to Implement LLC, and NYSE Arca, Inc. (collectively
public in accordance with the
a Tick Size Pilot Program (‘‘Plan’’ or ‘‘Participants’’), filed with the
provisions of 5 U.S.C. 552, will be
‘‘Pilot’’).4 In determining the scope of Commission, pursuant to Section 11A of
available for Web site viewing and
the proposed changes to implement the the Act 6 and Rule 608 of Regulation
printing in the Commission’s Public
Pilot,5 the Exchange carefully weighed
Reference Room, 100 F Street NE., NMS thereunder, the Plan to implement
the impact on the Pilot, System a tick size pilot program.7 The
Washington, DC 20549 on official
complexity, and the usage of such order
business days between the hours of Participants filed the Plan to comply
10:00 a.m. and 3:00 p.m. Copies of such 22 17
with an order issued by the Commission
CFR 200.30–3(a)(12).
filing also will be available for 1 15
U.S.C. 78s(b)(1).
on June 24, 2014.8 The Plan was
inspection and copying at the principal 2 17 CFR 240.19b–4. published for comment in the Federal
office of the Exchange. All comments 3 The term ‘‘System’’ is defined as the ‘‘electronic Register on November 7, 2014, and
received will be posted without change; communications and trading facility designated by approved by the Commission, as
the Commission does not edit personal the Board through which securities orders of Users modified, on May 6, 2015.9
mstockstill on DSK3G9T082PROD with NOTICES
are consolidated for ranking, execution and, when
identifying information from applicable, routing away.’’ See Exchange Rule
submissions. You should submit only 1.5(aa). 6 15 U.S.C. 78k–1.
information that you wish to make 4 See Securities Exchange Act Release No. 74892 7 See Letter from Brendon J. Weiss, Vice
available publicly. All submissions (May 6, 2015), 80 FR 27513 (May 13, 2015) President, Intercontinental Exchange, Inc., to
(‘‘Approval Order’’). Secretary, Commission, dated August 25, 2014.
should refer to File No. SR–NYSEMKT– 5 Unless otherwise specified, capitalized terms 8 See Securities Exchange Act Release No. 72460
used in this rule filing are defined as set forth in (June 24, 2014), 79 FR 36840 (June 30, 2014).
21 15 U.S.C. 78s(b)(2)(B). the Plan. 9 See Approval Order, supra note 4.
VerDate Sep<11>2014 18:24 Jul 19, 2016 Jkt 238001 PO 00000 Frm 00044 Fmt 4703 Sfmt 4703 E:\FR\FM\20JYN1.SGM 20JYN1](https://thefederalregister.org/doc/81_FR_47335/page/3.svg)
Document Created: 2018-02-08 07:57:11
Document Modified: 2018-02-08 07:57:11
| 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 47196 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR