81 FR 48477 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca Equities Rule 1.1 To Establish an Official Closing Price for Exchange-Listed Securities if the Exchange Is Unable To Conduct a Closing Auction
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 142 (July 25, 2016)
Federal Register Volume 81, Issue 142 (July 25, 2016)
| Page Range | 48477-48482 | |
| FR Document | 2016-17444 |
[Federal Register Volume 81, Number 142 (Monday, July 25, 2016)] [Notices] [Pages 48477-48482] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-17444] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78357; File No. SR-NYSEArca-2016-94] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca Equities Rule 1.1 To Establish an Official Closing Price for Exchange- Listed Securities if the Exchange Is Unable To Conduct a Closing Auction July 19, 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 6, 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. --------------------------------------------------------------------------- \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 amend NYSE Arca Equities Rule 1.1(ggP) to establish an Official Closing Price for Exchange-listed securities if the Exchange is unable to conduct a Closing Auction. 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 is proposing to amend its rules to specify back-up procedures for determining an Official Closing Price for Exchange- listed securities if it is unable to conduct a Closing Auction in one or more securities due to a systems or technical issue.\4\ Specifically, the Exchange proposes to amend NYSE Arca Equities Rule 1.1(ggP) (``Rule 1.1(ggP)'') to establish an Official Closing Price for Exchange-listed securities if the Exchange is impaired. --------------------------------------------------------------------------- \4\ See New York Stock Exchange press release dated July 22, 2015, available here: http://ir.theice.com/press-and-publications/press-releases/all-categories/2015/07-22-2015.aspx. --------------------------------------------------------------------------- The proposed changes are based on approved rules of the New York Stock Exchange, LLC (``NYSE'') and NYSE MKT LLC (``NYSE MKT'').\5\ Those markets, together with the Exchange and the NASDAQ Stock Market LLC (``Nasdaq''), developed the back-up procedures after taking into consideration feedback from discussions with industry participants, including [[Page 48478]] meeting the following key goals important to market participants: --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 78015 (June 8, 2016), 81 FR 38747 (June 14, 2016) (SR-NYSE-2016-18) and (SR- NYSEMKT-2016-31) (``OCP Approval Order''). ---------------------------------------------------------------------------Providing a pre-determined, consistent solution that would result in a closing print to the applicable securities information processor (``SIP'') within a reasonable time frame from the normal closing time; Minimizing the need for industry participants to modify their processing of data from the SIPs; and Providing advance notification of the applicable closing contingency plan to provide sufficient time for industry participants to route any closing interest to an alternate venue to participate in that venue's closing auction. The Exchange also proposes to amend Rule 1.1(ggP) to specify that, for a UTP Security,\6\ the Exchange would use the official closing price as disseminated by the primary listing exchange to determine the Trading Collar \7\ for such security if there is no consolidated last sale price on the same trading day, or the Auction Reference Price \8\ for such security. --------------------------------------------------------------------------- \6\ As defined in NYSE Arca Equities Rule 1.1(ii), the term ``UTP Security'' means a security that is listed on a national securities exchange other than the Exchange and that trades on the NYSE Arca Marketplace pursuant to unlisted trading privileges. \7\ See NYSE Arca Equities Rule 7.31P(a)(1)(B)(i). \8\ See NYSE Arca Equities Rule 7.35P(a)(8)(A). --------------------------------------------------------------------------- Background Current Rule 1.1(ggP) describes how the Exchange establishes the ``Official Closing Price,'' which is the reference price to determine the closing price in a security for purposes of Rule 7 Equities Trading. Rule 1.1(ggP) provides that the Official Closing Price is determined as follows: As provided for in Rule 1.1(ggP)(1), for securities listed on the Exchange, the Official Closing Price is the price established in a Closing Auction of one round lot or more on a trading day. If there is no Closing Auction or if a Closing Auction trade is less than a round lot on a trading day, the Official Closing Price is the most recent consolidated last sale eligible trade during Core Trading Hours on that trading day. If there were no consolidated last sale eligible trades during Core Trading Hours on that trading day, the Official Closing Price will be the prior trading day's Official Closing Price. As provided for in Rule 1.1(ggP)(2), for securities listed on an exchange other than the Exchange, the Official Closing Price is the official closing price disseminated by the primary listing market for that security via a public data feed on a trading day. If the primary listing market does not disseminate an official closing price on a trading day, the Official Closing Price is the most recent consolidated last sale eligible trade during Core Trading Hours on that trading day. If there were no consolidated last sale eligible trades during Core Trading Hours on that trading day, the Official Closing Price will be the prior trading day's Official Closing Price. The rule further provides that an Official Closing Price may be adjusted to reflect corporate actions or a correction to a closing price, as disseminated by the primary listing market for the security. In Rule 7, the Exchange uses the Official Closing Price for three purposes: (1) To determine the Auction Reference Price for a security, as provided for in Rule 7.35P(a)(8)(A); (2) to determine the Trading Collar for a security if there is no consolidated last sale price on the same trading day, as provided for in Rule 7.31P(a)(1)(B)(i); and (3) for securities listed on the Exchange only, for purposes of determining whether to trigger a Short Sale Price Test, as defined under Rule 7.16P(f)(2).\9\ --------------------------------------------------------------------------- \9\ The Exchange disseminates to the SIP the Official Closing Price as an ``M'' value. For a description of all sale conditions that are reportable to the SIP for Exchange-listed securities, including the ``M'' value, see the Consolidated Tape System Participant Communications Interface Specification, dated November 16, 2015, at 86, available here: https://www.ctaplan.com/publicdocs/ctaplan/notifications/trader-update/cts_input_spec.pdf. --------------------------------------------------------------------------- Proposed Amendments The Exchange proposes to amend Rule 1.1(ggP) to establish how the Exchange would determine an Official Closing Price if the Exchange is unable to conduct a Closing Auction in an NYSE Arca-listed security or securities due to a systems or technical issue. To reflect this change, the Exchange proposes to add new rule text as proposed Rules 1.1(ggP)(2)-(4) and re-number current Rule 1.1(ggP)(2) as proposed Rule 1.1ggP(5), as described in greater detail below. Proposed Rules 1.1(ggP)(2)-(4) are based on NYSE Rules 123C(1)(e)(ii)-(iv) and NYSE MKT Rules 123C(1)(e)(ii)-(iv)--Equities with non-substantive differences to use NYSE Arca Equities terminology instead of NYSE terminology, as follows: ``Corporation'' or ``NYSE Arca Marketplace'' instead of ``Exchange,'' ``Closing Auction'' instead of ``closing transaction,'' ``Core Trading Hours'' instead of ``regular trading hours,'' and ``ETP Holder'' instead of ``member organization.'' \10\ In addition, as under the NYSE and NYSE MKT rules, the Exchange proposes that the back-up procedures specified in proposed Rules 1.1(ggP)(2)-(4) would be applicable to Exchange-listed securities only. --------------------------------------------------------------------------- \10\ See NYSE Arca Equities Rules 1.1(k) (defining the term ``Corporation''); 1.1(e) (defining the term ``NYSE Arca Marketplace''); 7.35P(d) (defining the term ``Closing Auction''); 1.1(j) (defining the term ``Core Trading Hours''); and 1.1(n) (defining the term ``ETP Holder''). --------------------------------------------------------------------------- As proposed, Rule 1.1(ggP)(2) would provide that if the Exchange determines at or before 3:00 p.m. Eastern Time that it is unable to conduct a Closing Auction in one or more NYSE Arca-listed securities due to a systems or technical issue, the Exchange would designate an alternate exchange for such security or securities. The Exchange would publicly announce the exchange designated as the alternate exchange via Trader Update. In such case, the Official Closing Price of each security would be determined on the following hierarchy: Proposed Rule 1.1(ggP)(2)(A) would provide that the Official Closing Price would be the official closing price for such security under the rules of the designated alternate exchange. For example, if the Exchange designates Nasdaq as the alternate exchange, the Official Closing Price would be based on Nasdaq Rule 4754, which defines how Nasdaq establishes an official closing price. The proposed 3:00 p.m. cut off time was selected in part based on discussions with market participants regarding their capability to re- direct closing-only interest in Exchange-listed securities in time to participate in the closing auction of an alternate venue. By designating an alternate exchange before 3:00 p.m. Eastern Time, the Exchange believes that market participants would be more likely to have sufficient notice to direct any closing-only interest in Exchange- listed securities to the designated alternate exchange. By providing market participants sufficient time, when possible, to route closing- only interest to an alternate venue for participation in that exchange's closing auction process, that alternate exchange's closing auction would be more likely to result in a closing price that reflects market value for such security. If there were insufficient interest for a closing auction on the designated alternate exchange, the Exchange believes that the rules of Nasdaq provide for an appropriate hierarchy of which price to use to determine the Official Closing Price. Proposed Rule 1.1(ggP)(2)(B) would provide if the designated alternate exchange does not have an official closing price in a security, the Official [[Page 48479]] Closing Price would be the volume-weighted average price (``VWAP'') of the consolidated last-sale eligible prices of the last five minutes of trading during Core Trading Hours up to the time that the VWAP is processed. The VWAP would include any closing transactions on an exchange and would take into account any trade breaks or corrections up to the time the VWAP is processed. Because the VWAP would include any last-sale eligible trades, busts, or corrections that were reported up to the time that the SIP calculates the VWAP, the Exchange believes that the VWAP price would reflect any pricing adjustments that may be reported after 4:00 p.m. ET. As discussed above, the manner by which exchanges calculate their respective official closing prices provide for an official closing price in the absence of a closing transaction. Accordingly, the Exchange believes that in circumstances when the Exchange designates an alternate exchange, the VWAP calculation would rarely be used to determine the Official Closing Price for an Exchange-listed security. Proposed Rule 1.1(ggP)(2)(C) would provide that if the designated alternate exchange does not have an official closing price in a security and there were no consolidated last-sale eligible trades in the last five minutes of trading during Core Trading Hours in such security, the Official Closing Price would be the last consolidated last-sale eligible trade during Core Trading Hours on that trading day. Proposed Rule 1.1(ggP)(2)(D) would provide that if the designated alternate exchange does not have an official closing price in a security and there were no consolidated last-sale eligible trades in a security on a trading day in such security, the Official Closing Price would be the prior day's Official Closing Price. Finally, proposed [sic] 1.1(ggP)(2)(E) would provide that if an Official Closing Price for a security cannot be determined under (A), (B), or (C) of proposed Rule 1.1(ggP)(2) and there is no prior day's Official Closing Price, the Exchange would not publish an Official Closing Price for such security. The Exchange would use the hierarchy set forth in proposed Rule 1.1(ggP)(2)(B)-(E) only if the designated alternate exchange did not disseminate an official closing price in a security. In addition, the Exchange proposes to add as paragraph (E) of Rule 1.1(ggP)(2) what would happen if there were no Official Closing Price published on the prior trading day (i.e., the Exchange would not publish an Official Closing Price). The Exchange believes not publishing an Official Closing Price would be a rare occurrence, and is most likely to occur for a thinly-traded security, such as a when issued security, right, or warrant, that has been listed for trading but does not have any consolidated last-sale eligible trades. If the Corporation determines that it is impaired at or before 3:00 p.m. and the Official Closing Price for an Exchange-listed security is determined pursuant to proposed Rule 1.1(ggP)(2), the SIP would publish the Official Closing Price for such security no differently than how the SIP publishes the Official Closing Price for an Exchange-listed security pursuant to Rule 1.1(ggP)(1).\11\ Accordingly, if the Official Closing Price is determined pursuant to proposed Rule 1.1(ggP)(2), recipients of SIP data would not have to make any changes to their systems because the SIP would publish the ``M'' last sale condition as an Exchange Official Closing Price for any impacted Exchange-listed securities. --------------------------------------------------------------------------- \11\ The Operating Committees of the CTA Plan, CQ Plan, and the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation, and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis approved the Impaired Market Contingency Plan under which the SIPs would print an impaired primary listing exchange's contingency Official Closing Price as the Official Closing Price of that primary listing exchange as provided for in the rules of respective primary listing exchanges. --------------------------------------------------------------------------- As further proposed, Rule 1.1(ggP)(3) would describe how the Corporation would determine the Official Closing Price for a security if the Corporation determines after 3:00 p.m. Eastern Time that it is unable to conduct a Closing Auction in one or more NYSE Arca-listed securities due to a systems or technical issue. Based on input from market participants, the Exchange believes that, if the Exchange were to announce after 3:00 p.m. Eastern Time that it is impaired and unable to conduct a Closing Auction, market participants would not have sufficient time to re-direct closing-only orders to an alternate venue. Accordingly, in such scenario, the Exchange proposes to use the following hierarchy for determining the Official Closing Price for a security: Proposed Rule 1.1(ggP)(3)(A) would provide that the Official Closing Price would be the VWAP of the consolidated last-sale eligible prices of the last five minutes of trading during Core Trading Hours up to the time that the VWAP is processed, including any closing transactions on an exchange. The VWAP would take into account any trade breaks or corrections up to the time of [sic] the VWAP is processed. This VWAP would be calculated in the same manner as set forth in proposed in Rule 1.1(ggP)(2)(B), described above. However, if the Exchange's determination that it is unable to conduct a Closing Auction is after 3:00 p.m. ET, the proposed VWAP calculation would be the primary means for determining the Official Closing Price for a security. In such case, the Exchange believes that the VWAP would appropriately reflect the pricing of a security because it would include, in a volume-weighted manner, the price and volume of closing transactions on other exchanges if market participants are able to route closing interest in Exchange-listed securities to an alternate venue for participation in a closing auction. Proposed Rule 1.1(ggP)(3)(B) would provide that if there were no consolidated last-sale eligible trades in the last five minutes of trading during Core Trading Hours in such security, the Official Closing Price would be the last consolidated last-sale eligible trades [sic] during Core Trading Hours on that trading day. This proposed rule text is the same as proposed Rule 1.1(ggP)(2)(C). Proposed Rule 1.1(ggP)(3)(C) would provide that if there were no consolidated last-sale eligible trades in such security on a trading day, the Official Closing Price would be the prior day's Official Closing Price. This proposed rule text is the same as proposed Rule 1.1(ggP)(2)(D). Finally, proposed Rule 1.1(ggP)(3)(D) would provide that if an Official Closing Price for a security cannot be determined under (A), (B), or (C) of proposed Rule 1.1(ggP)(3) and there is no prior day's Official Closing Price, the Exchange would not publish an Official Closing Price for such security. This proposed rule text is based on proposed Rule 1.1(ggP)(2)(E). Similar to how the Official Closing Price would be published under proposed Rule 1.1(ggP)(2), if the Exchange determines that it is impaired after 3:00 p.m. and the Official Closing Price is determined pursuant to proposed Rule 1.1(ggP)(3), the SIP would publish the Official Closing Price for such security no differently than how the SIP publishes the Official Closing Price for an Exchange-listed security pursuant to Rule 1.1(ggP)(1). Accordingly, if the Official Closing Price is determined pursuant to proposed Rule 1.1(ggP)(3), recipients of SIP data would not have to make any changes to their systems because the SIP would publish the ``M'' last sale condition as an Exchange Official Closing Price for [[Page 48480]] any impacted Exchange-listed securities. For purposes of Rule 7.16P(f)(2) and determining whether to trigger a Short Sale Price Test under that rule, the Official Closing Price for Exchange-listed securities would still be determined based on Rule 1.1(ggP)(1). If the Exchange is impaired and cannot conduct a Closing Auction, similar to NYSE and NYSE MKT, the Official Closing Price as defined in proposed Rules 1.1(ggP)(2) and (3) would be used for purposes of determining whether a Short Sale Price Test is triggered under Rule 7.16P(f)(2) in an Exchange-listed security the next trading day. Proposed Rule 1.1(ggP)(4) would provide that if the Exchange determines the Official Closing Price under paragraphs (2) or (3) of proposed Rule 1.1(ggP), the Exchange would publicly announce the manner by which it would determine its Official Closing Price and the designated alternate exchange, if applicable, and all open interest designated for the Exchange close residing in the NYSE Arca Marketplace would be deemed cancelled to give ETP Holders the opportunity to route their closing interest to alternate execution venues. This proposed rule would make clear that any determination that the Exchange would make under proposed Rules 1.1(ggP)(2) or (3) would be publicly announced so that market participants would have an opportunity to route their closing interest accordingly. In addition, the proposed rule change would make clear that any interest designated for the Exchange close, i.e., MOC Orders and LOC Orders, would be cancelled by the Exchange so ETP Holders may route such interest to alternate execution venues. To reflect that the Exchange could be designated as an alternate exchange by another primary listing market, the Exchange proposes to amend Rule 1.1(ggP)(1) to specify that the rule would be applicable to Auction-Eligible Securities, as defined in Rule 7.35P(a)(1), rather than only be applicable for securities listed on NYSE Arca. With this proposed change, if NYSE, NYSE MKT, or Nasdaq designate the Exchange as its designated alternate exchange under their respective back-up rules, Rule 1.1(ggP)(1) would govern how the Exchange would determine the Official Closing Price for Auction-Eligible Securities. The Exchange also proposes to amend Rule 1.1(ggP)(1) to specify how the Exchange would determine the Official Closing Price for a security that has transferred its listing to the Exchange or is a new listing and does not have any consolidated last-sale eligible trades on its first day of trading on the Exchange. This proposed rule change is based on NYSE Rule 123C(1)(e)(i) and NYSE MKT Rule 123C(1)(e)(i)-- Equities. As proposed, for a security that has transferred its listing to the Exchange and does not have any consolidated last-sale eligible trades on its first trading day, the Official Closing Price would be the prior day's closing price disseminated by the primary listing market that previously listed such security. In addition, for a security that is a new listing and does not have any consolidated last- sale eligible trades on its first trading day, the Official Closing Price would be based on a derived last sale associated with the price of such security before it begins trading on the Exchange. The Exchange believes the proposed rule text would provide transparency in Exchange rules of how the Exchange would determine the Official Closing Price for a security that has transferred its listing to the Exchange, and thus did not have a prior day's Official Closing Price on the Exchange, or is a new listing that did not have any trades on its first trading day. Finally, the Exchange proposes to amend proposed Rule 1.1(ggP)(5) (which is current Rule 1.1(ggP)(2)) to clarify that this rule text would continue to specify how the Exchange would determine the Official Closing Price for UTP Securities for purposes of establishing Trading Collars if there is no consolidated last sale price on the same trading day, or Auction Reference Prices. For these purposes only, the Exchange would continue to use the official closing price as disseminated by the primary listing market for that security via a public data feed on a trading day for these purposes. The proposed change to the rule text is designed to make clear that the Exchange would continue to use the official closing price of the primary listing market as the Official Closing Price for UTP Securities for these specific purposes, while at the same time, providing for the Exchange to publish a ``M'' value for Auction-Eligible Securities based on an Official Closing Price determined pursuant to 1.1(ggP)(1), as proposed. In addition, if another primary listing market designates the Exchange as its designated alternate exchange under its official closing price rules, any Official Closing Price published by the Exchange in such securities would be published by the SIP as the official closing price of the primary listing exchange. Accordingly, proposed Rule 1.1(ggP)(5) would use that Official Closing Price as well. To effect this amendment, the Exchange proposes to delete the phrase ``For securities listed on an exchange other than NYSE Arca,'' and replace it with ``For purposes of Rules 7.31P(a)(1)(B)(i) and 7.35P(a)(8)(A) for UTP Securities only''. The remaining text of the rule would be unchanged. The Exchange believes that for UTP Securities, the official closing price as disseminated by the primary listing market would be a better price to use to determine the next day's Trading Collars or Auction Reference Price rather than using the Exchange-determined Official Closing Price under Rule 1.1(ggP)(1). Because of the technology changes associated with this proposed rule change, the Exchange will implement the proposed back-up procedures for determining an Official Closing Price no later than 120 days after the operative date of this proposed rule change and will announce the implementation date via Trader Update. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\12\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\13\ 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change would remove impediments to and perfect the mechanism of a free and open market and a national market system because it would provide transparency in how the Exchange would determine the Official Closing Price in Exchange- listed securities when the Exchange is unable to conduct a Closing Auction due to a systems or technical issue. The Exchange believes that the proposed amendments would remove impediments to and perfect the mechanism of a free and open market and a national market system because the proposed determination of an Official Closing Price was crafted in response to input from industry participants and would: [[Page 48481]] Provide a pre-determined, consistent solution that would result in a closing print to the SIP within a reasonable time frame from the normal closing time; minimize the need for industry participants to modify their processing of data from the SIP; and provide advance notification of the applicable closing contingency plan to provide sufficient time for industry participants to route any closing interest to an alternate venue to participate in that venue's closing auction More specifically, the Exchange believes the proposed hierarchy for determining the Official Closing Price if the Exchange determines that it is impaired at or before 3:00 p.m. Eastern Time would remove impediments to and perfect the mechanism of a free and open market and a national market system because the proposal, which is based on input from market participants and the approved rules of NYSE and NYSE MKT, would provide sufficient time for market participants to direct closing-only interest to a designated alternate exchange in time for such interest to participate in a closing auction on such alternate venue in a meaningful manner. The Exchange further believes that relying on the official closing price of a designated alternate exchange would provide for an established hierarchy for determining an Official Closing Price for an Exchange-listed security if there is insufficient interest to conduct a closing auction on the alternate exchange. In such case, the rules of Nasdaq already provide a mechanism for determining an official closing price for securities that trade on that market. The Exchange further believes that if the Exchange determines after 3:00 p.m. that it is impaired and unable the conduct a Closing Auction, the proposed VWAP calculation would remove impediments to and perfect the mechanism of a free and open market and a national market system because it would provide for a mechanism to determine the value of an affected security for purposes of determining an Official Closing Price. By using a volume-weighted calculation that would include the closing transactions on an affected security on alternate exchanges as well as any busts or corrections that were reported up to the time that the SIP calculates the value, the Exchange believes that the proposed calculation would reflect the correct price of a security. In addition, by using a VWAP calculation rather than the last consolidated last-sale eligible price as of the end of Core Trading Hours, the Exchange would reduce the potential for an anomalous trade that may not reflect the true price of a security from being set as the Official Closing Price for a security. The Exchange further believes that the proposed rule change would remove impediments to and perfect the mechanism of a free and open market and a national market system because the proposal would have minimal impact on market participants. As proposed, from the perspective of market participants, even if the Exchange were impaired, the SIP would publish an Official Closing Price for Exchange-listed securities on behalf of the Exchange in a manner that would be no different than if the Exchange were not impaired. If the Exchange determines that it is impaired after 3:00 p.m., market participants would not have to make any system changes. If the Exchange determines that it is impaired before 3:00 p.m. Eastern Time and designates an alternate exchange, market participants may have to do systems work to re-direct closing-only orders to the alternate exchange. However, the Exchange understands, based on input from market participants, that such changes would be feasible based on the amount of advance notice. In addition, the Exchange believes that designating an alternate exchange when there is sufficient time to do so would remove impediments to and perfect the mechanism of a free and open market and a national market system because it would allow for the price-discovery mechanism of a closing auction to be available for impacted Exchange- listed securities. In addition, the Exchange believes that the proposed amendments to Rule 1.1(ggP)(1) would remove impediments to and perfect the mechanism of a free and open market and a national market system because the proposed rule change would enable the Exchange to serve as a designated alternate exchange under the respective rules of NYSE, NYSE MKT, or Nasdaq. Specifically, by expanding the reach of Rule 1.1(ggP)(1) to all Auction-Eligible Securities on the Exchange, and not just Exchange- listed securities, the hierarchy for determining an Official Closing Price specified in Rule 1.1(ggP) would be available to all securities that trade on the Exchange. Because the Exchange would be determining an Official Closing Price for UTP Securities under the proposed amendments to Rule 1.1(ggP)(1) for purposes of disseminating an ``M'' value to the SIPs, the Exchange further believes that the proposed amendments to Rule 1.1(ggP)(5) would be consistent with the protection of investors and the public interest by using the official closing price as determined by the primary listing market for UTP Securities for purposes of determining the next day's first Trading Collar (in the absence of a consolidated last sale price) or Auction Reference Price. 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 proposed rule change is not designed to address any competitive issues, but rather to provide for how the Exchange would determine an Official Closing Price for Exchange-listed securities if it is impaired and cannot conduct a closing transaction due to a systems or technical issue. The proposal has been crafted with input from market participants, Nasdaq, and the SIPs, and is designed to reduce the burden on competition by having similar back-up procedures across all primary listing exchanges if such exchange is impaired and cannot conduct a closing auction. 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.\14\ --------------------------------------------------------------------------- \14\ 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. --------------------------------------------------------------------------- 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 [[Page 48482]] 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-2016-94 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-2016-94. 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-2016-94, and should be submitted on or before August 15, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-17444 Filed 7-22-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 142 / Monday, July 25, 2016 / Notices 48477
C. Self-Regulatory Organization’s those that may be withheld from the I. Self-Regulatory Organization’s
Statement on Comments on the public in accordance with the Statement of the Terms of the Substance
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be of the Proposed Rule Change
Members, Participants, or Others available for Web site viewing and
printing in the Commission’s Public The Exchange proposes to amend
No written comments were either
Reference Room, 100 F Street NE., NYSE Arca Equities Rule 1.1(ggP) to
solicited or received.
establish an Official Closing Price for
Washington, DC 20549, on official
III. Date of Effectiveness of the Exchange-listed securities if the
business days between the hours of
Proposed Rule Change and Timing for Exchange is unable to conduct a Closing
Commission Action 10:00 a.m. and 3:00 p.m. Copies of the
Auction. The proposed rule change is
filing also will be available for available on the Exchange’s Web site at
The foregoing rule change has become inspection and copying at the principal
effective pursuant to Section www.nyse.com, at the principal office of
office of the Exchange. All comments the Exchange, and at the Commission’s
19(b)(3)(A)(ii) of the Act.10 received will be posted without change;
At any time within 60 days of the Public Reference Room.
filing of the proposed rule change, the the Commission does not edit personal
identifying information from II. Self-Regulatory Organization’s
Commission summarily may
submissions. You should submit only Statement of the Purpose of, and
temporarily suspend such rule change if
information that you wish to make Statutory Basis for, the Proposed Rule
it appears to the Commission that such
available publicly. All submissions Change
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection should refer to File Number SR– In its filing with the Commission, the
of investors; or (iii) otherwise in NASDAQ–2016–096, and should be self-regulatory organization included
furtherance of the purposes of the Act. submitted on or before August 15, 2016. statements concerning the purpose of,
If the Commission takes such action, the For the Commission, by the Division of and basis for, the proposed rule change
Commission shall institute proceedings Trading and Markets, pursuant to delegated and discussed any comments it received
to determine whether the proposed rule authority.11 on the proposed rule change. The text
should be approved or disapproved. of those statements may be examined at
Robert W. Errett,
IV. Solicitation of Comments Deputy Secretary. the places specified in Item IV below.
Interested persons are invited to [FR Doc. 2016–17447 Filed 7–22–16; 8:45 am]
The Exchange has prepared summaries,
submit written data, views, and set forth in sections A, B, and C below,
BILLING CODE 8011–01–P
arguments concerning the foregoing, of the most significant parts of such
including whether the proposed rule statements.
change is consistent with the Act. SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
Comments may be submitted by any of COMMISSION Statement of the Purpose of, and
the following methods: Statutory Basis for, the Proposed Rule
Electronic Comments [Release No. 34–78357; File No. SR– Change
NYSEArca–2016–94]
• Use the Commission’s Internet 1. Purpose
comment form (http://www.sec.gov/ Self-Regulatory Organizations; NYSE
rules/sro.shtml); or The Exchange is proposing to amend
Arca, Inc.; Notice of Filing and its rules to specify back-up procedures
• Send an email to rule-comments@
sec.gov. Please include File Number SR– Immediate Effectiveness of Proposed for determining an Official Closing Price
NASDAQ–2016–096 on the subject line. Rule Change Amending NYSE Arca for Exchange-listed securities if it is
Equities Rule 1.1 To Establish an unable to conduct a Closing Auction in
Paper Comments Official Closing Price for Exchange- one or more securities due to a systems
• Send paper comments in triplicate Listed Securities if the Exchange Is or technical issue.4 Specifically, the
to Secretary, Securities and Exchange Unable To Conduct a Closing Auction Exchange proposes to amend NYSE
Commission, 100 F Street NE., Arca Equities Rule 1.1(ggP) (‘‘Rule
Washington, DC 20549–1090. July 19, 2016. 1.1(ggP)’’) to establish an Official
All submissions should refer to File Pursuant to Section 19(b)(1) 1 of the Closing Price for Exchange-listed
Number SR–NASDAQ–2016–096. This Securities Exchange Act of 1934 (the securities if the Exchange is impaired.
file number should be included on the ‘‘Act’’),2 and Rule 19b–4 thereunder,3 The proposed changes are based on
subject line if email is used. To help the notice is hereby given that on July 6, approved rules of the New York Stock
Commission process and review your 2016, NYSE Arca, Inc. (the ‘‘Exchange’’ Exchange, LLC (‘‘NYSE’’) and NYSE
comments more efficiently, please use or ‘‘NYSE Arca’’) filed with the MKT LLC (‘‘NYSE MKT’’).5 Those
only one method. The Commission will Securities and Exchange Commission markets, together with the Exchange and
post all comments on the Commission’s (the ‘‘Commission’’) the proposed rule the NASDAQ Stock Market LLC
Internet Web site (http://www.sec.gov/ change as described in Items I and II (‘‘Nasdaq’’), developed the back-up
rules/sro.shtml). Copies of the below, which Items have been prepared procedures after taking into
submission, all subsequent by the self-regulatory organization. The consideration feedback from discussions
amendments, all written statements Commission is publishing this notice to with industry participants, including
with respect to the proposed rule
mstockstill on DSK3G9T082PROD with NOTICES
solicit comments on the proposed rule
change that are filed with the 4 See New York Stock Exchange press release
change from interested persons.
Commission, and all written dated July 22, 2015, available here: http://
communications relating to the ir.theice.com/press-and-publications/press-
releases/all-categories/2015/07-22-2015.aspx.
proposed rule change between the 11 17 CFR 200.30–3(a)(12).
5 See Securities Exchange Act Release No. 78015
Commission and any person, other than 1 15 U.S.C. 78s(b)(1).
(June 8, 2016), 81 FR 38747 (June 14, 2016) (SR–
2 15 U.S.C. 78a.
NYSE–2016–18) and (SR–NYSEMKT–2016–31)
10 15 U.S.C. 78s(b)(3)(A)(ii). 3 17 CFR 240.19b–4. (‘‘OCP Approval Order’’).
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![Federal Register / Vol. 81, No. 142 / Monday, July 25, 2016 / Notices 48479
Closing Price would be the volume- The Exchange believes not publishing VWAP would be calculated in the same
weighted average price (‘‘VWAP’’) of the an Official Closing Price would be a rare manner as set forth in proposed in Rule
consolidated last-sale eligible prices of occurrence, and is most likely to occur 1.1(ggP)(2)(B), described above.
the last five minutes of trading during for a thinly-traded security, such as a However, if the Exchange’s
Core Trading Hours up to the time that when issued security, right, or warrant, determination that it is unable to
the VWAP is processed. The VWAP that has been listed for trading but does conduct a Closing Auction is after 3:00
would include any closing transactions not have any consolidated last-sale p.m. ET, the proposed VWAP
on an exchange and would take into eligible trades. calculation would be the primary means
account any trade breaks or corrections If the Corporation determines that it is for determining the Official Closing
up to the time the VWAP is processed. impaired at or before 3:00 p.m. and the Price for a security. In such case, the
Because the VWAP would include any Official Closing Price for an Exchange- Exchange believes that the VWAP
last-sale eligible trades, busts, or listed security is determined pursuant to would appropriately reflect the pricing
corrections that were reported up to the proposed Rule 1.1(ggP)(2), the SIP of a security because it would include,
time that the SIP calculates the VWAP, would publish the Official Closing Price in a volume-weighted manner, the price
the Exchange believes that the VWAP for such security no differently than and volume of closing transactions on
price would reflect any pricing how the SIP publishes the Official other exchanges if market participants
adjustments that may be reported after Closing Price for an Exchange-listed are able to route closing interest in
4:00 p.m. ET. security pursuant to Rule 1.1(ggP)(1).11 Exchange-listed securities to an
As discussed above, the manner by Accordingly, if the Official Closing Price alternate venue for participation in a
which exchanges calculate their is determined pursuant to proposed closing auction.
respective official closing prices provide Rule 1.1(ggP)(2), recipients of SIP data • Proposed Rule 1.1(ggP)(3)(B) would
for an official closing price in the would not have to make any changes to provide that if there were no
absence of a closing transaction. their systems because the SIP would consolidated last-sale eligible trades in
Accordingly, the Exchange believes that publish the ‘‘M’’ last sale condition as the last five minutes of trading during
in circumstances when the Exchange an Exchange Official Closing Price for Core Trading Hours in such security, the
designates an alternate exchange, the any impacted Exchange-listed Official Closing Price would be the last
VWAP calculation would rarely be used securities. consolidated last-sale eligible trades
to determine the Official Closing Price As further proposed, Rule 1.1(ggP)(3)
[sic] during Core Trading Hours on that
for an Exchange-listed security. would describe how the Corporation
trading day. This proposed rule text is
• Proposed Rule 1.1(ggP)(2)(C) would would determine the Official Closing
the same as proposed Rule
provide that if the designated alternate Price for a security if the Corporation
1.1(ggP)(2)(C).
exchange does not have an official determines after 3:00 p.m. Eastern Time
closing price in a security and there that it is unable to conduct a Closing • Proposed Rule 1.1(ggP)(3)(C) would
were no consolidated last-sale eligible Auction in one or more NYSE Arca- provide that if there were no
trades in the last five minutes of trading listed securities due to a systems or consolidated last-sale eligible trades in
during Core Trading Hours in such technical issue. Based on input from such security on a trading day, the
security, the Official Closing Price market participants, the Exchange Official Closing Price would be the prior
would be the last consolidated last-sale believes that, if the Exchange were to day’s Official Closing Price. This
eligible trade during Core Trading Hours announce after 3:00 p.m. Eastern Time proposed rule text is the same as
on that trading day. that it is impaired and unable to proposed Rule 1.1(ggP)(2)(D).
• Proposed Rule 1.1(ggP)(2)(D) would conduct a Closing Auction, market • Finally, proposed Rule
provide that if the designated alternate participants would not have sufficient 1.1(ggP)(3)(D) would provide that if an
exchange does not have an official time to re-direct closing-only orders to Official Closing Price for a security
closing price in a security and there an alternate venue. Accordingly, in such cannot be determined under (A), (B), or
were no consolidated last-sale eligible scenario, the Exchange proposes to use (C) of proposed Rule 1.1(ggP)(3) and
trades in a security on a trading day in the following hierarchy for determining there is no prior day’s Official Closing
such security, the Official Closing Price the Official Closing Price for a security: Price, the Exchange would not publish
would be the prior day’s Official Closing • Proposed Rule 1.1(ggP)(3)(A) would an Official Closing Price for such
Price. provide that the Official Closing Price security. This proposed rule text is
• Finally, proposed [sic] would be the VWAP of the consolidated based on proposed Rule 1.1(ggP)(2)(E).
1.1(ggP)(2)(E) would provide that if an last-sale eligible prices of the last five Similar to how the Official Closing
Official Closing Price for a security minutes of trading during Core Trading Price would be published under
cannot be determined under (A), (B), or Hours up to the time that the VWAP is proposed Rule 1.1(ggP)(2), if the
(C) of proposed Rule 1.1(ggP)(2) and processed, including any closing Exchange determines that it is impaired
there is no prior day’s Official Closing transactions on an exchange. The VWAP after 3:00 p.m. and the Official Closing
Price, the Exchange would not publish would take into account any trade Price is determined pursuant to
an Official Closing Price for such breaks or corrections up to the time of proposed Rule 1.1(ggP)(3), the SIP
security. [sic] the VWAP is processed. This would publish the Official Closing Price
The Exchange would use the for such security no differently than
hierarchy set forth in proposed Rule 11 The Operating Committees of the CTA Plan, CQ how the SIP publishes the Official
1.1(ggP)(2)(B)–(E) only if the designated Plan, and the Joint Self-Regulatory Organization Closing Price for an Exchange-listed
alternate exchange did not disseminate Plan Governing the Collection, Consolidation, and security pursuant to Rule 1.1(ggP)(1).
mstockstill on DSK3G9T082PROD with NOTICES
Dissemination of Quotation and Transaction
an official closing price in a security. In Information for Nasdaq-Listed Securities Traded on
Accordingly, if the Official Closing Price
addition, the Exchange proposes to add Exchanges on an Unlisted Trading Privileges Basis is determined pursuant to proposed
as paragraph (E) of Rule 1.1(ggP)(2) what approved the Impaired Market Contingency Plan Rule 1.1(ggP)(3), recipients of SIP data
would happen if there were no Official under which the SIPs would print an impaired would not have to make any changes to
primary listing exchange’s contingency Official
Closing Price published on the prior Closing Price as the Official Closing Price of that
their systems because the SIP would
trading day (i.e., the Exchange would primary listing exchange as provided for in the publish the ‘‘M’’ last sale condition as
not publish an Official Closing Price). rules of respective primary listing exchanges. an Exchange Official Closing Price for
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![48482 Federal Register / Vol. 81, No. 142 / Monday, July 25, 2016 / Notices
the purposes of the Act. If the For the Commission, by the Division of change will: (i) Allow CP Participants to
Commission takes such action, the Trading and Markets, pursuant to delegated designate a sub-account for Collateral
Commission shall institute proceedings authority.15 Positioning (a ‘‘CP Sub-Account’’) of
to determine whether the proposed rule Robert W. Errett, Securities selected by the CP Participant
should be approved or disapproved. Deputy Secretary. (the ‘‘CP Securities’’) to Deliver to EB;
[FR Doc. 2016–17444 Filed 7–22–16; 8:45 am] and (ii) establish the Securities Account
IV. Solicitation of Comments of EB (the ‘‘EB Account’’) on the books
BILLING CODE 8011–01–P
Interested persons are invited to of DTC to receive and hold such CP
submit written data, views, and Securities. DTC understands that EB
arguments concerning the foregoing, SECURITIES AND EXCHANGE will then credit such CP Securities to an
including whether the proposed rule COMMISSION account it maintains on its books for
change is consistent with the Act. such CP Participant for use in transfers
[Release No. 34–78358; File No. SR–DTC–
Comments may be submitted by any of 2016–004] on the books of EB (‘‘EB Collateral
the following methods: Transactions’’) in connection with EB’s
Self-Regulatory Organizations; The collateral management services (‘‘EB
Electronic Comments CMS’’), as described below.5
Depository Trust Company; Order
• Use the Commission’s Internet Approving Proposed Rule Change To (i) Background
comment form (http://www.sec.gov/ Establish a Link With Euroclear
rules/sro.shtml); or (a) New Regulations Require Better
July 19, 2016. Access to and Management of Securities
• Send an email to rule-comments@ On June 3, 2016, The Depository Trust Collateral
sec.gov. Please include File Number SR– Company (‘‘DTC’’) filed with the
NYSEArca–2016–94 on the subject line. New and enhanced regulatory
Securities and Exchange Commission requirements are leading derivative and
Paper Comments (‘‘Commission’’) proposed rule change financing counterparties to seek
SR–DTC–2016–004 pursuant to Section increased efficiency in the availability
• Send paper comments in triplicate 19(b)(1) of the Securities Exchange Act and deployment of collateral and
to Brent J. Fields, Secretary, Securities of 1934 (‘‘Act’’),1 and Rule 19b–4 streamlined margin processing. More
and Exchange Commission, 100 F Street thereunder,2 to establish a link (‘‘EB specifically, the phase-in period of the
NE., Washington, DC 20549–1090. Link’’) between DTC and Euroclear Basel III liquidity rules,6 as well as
All submissions should refer to File Bank SA/NV (‘‘EB’’). The proposed rule recent regulatory changes by the
Number SR–NYSEArca–2016–94. This change was published for comment in Commodity Futures Trading
file number should be included on the the Federal Register on June 16, 2016.3 Commission,7 the U.S. prudential
subject line if email is used. To help the The Commission did not receive any regulators,8 European Market
Commission process and review your comment letters on the proposed rule Infrastructure Regulation,9 and the Basel
comments more efficiently, please use change. For the reasons discussed
only one method. The Commission will below, the Commission is granting 5 On May 9, 2016, EB filed an application with
post all comments on the Commission’s approval of the proposed rule change. the Commission on Form CA–1, seeking to amend
its existing exemption from clearing agency
Internet Web site (http://www.sec.gov/ I. Description of the Proposed Rule registration by expanding its existing exemption to
rules/sro.shtml). Copies of the Change authorize EB to offer EB CMS to its U.S.
submission, all subsequent participants for U.S. equities (the ‘‘EB CA–1
amendments, all written statements The following is a description of the Amendment’’). DTC understands that the EB CA–
proposed rule change, as provided 1 Amendment is necessary for EB to offer EB CMS,
with respect to the proposed rule and consequently, the DTCC Euroclear Global
change that are filed with the primarily by DTC: Collateral Ltd. (‘‘DEGCL’’) Inventory Management
Commission, and all written The proposed rule change consists of Service (‘‘DEGCL IMS’’), to U.S. participants for
communications relating to the amendments to the Rules, By-Laws and U.S. equities. Commission approval of this
Organization Certificate of The proposed rule change to add new Rule 34 (EB Link)
proposed rule change between the will have no effect on the authority of EB pursuant
Commission and any person, other than Depository Trust Company (the to the EB CA–1 Amendment. In addition, this
those that may be withheld from the ‘‘Rules’’) 4 in order to add new Rule 34 proposed rule change provides that it will not be
public in accordance with the (EB Link) to establish EB Link between implemented until the EB CA–1 Amendment is
DTC and EB for DTC Participants that approved by the Commission.
provisions of 5 U.S.C. 552, will be 6 Basel Committee on Banking Supervision, Basel
available for Web site viewing and are also EB participants (‘‘CP III: A global framework for more resilient banks and
printing in the Commission’s Public Participants’’) to use Securities held at the banking system, December 2010 and revised
Reference Room, 100 F Street NE., DTC for EB Collateral Transactions (as June 2011; Basel Committee on Banking
defined below). The proposed Rule 34 Supervision, Basel III: The Liquidity Coverage Ratio
Washington, DC 20549 on official and liquidity risk monitoring tools, January 2013;
business days between the hours of specifies the Accounts, Free Deliveries, Basel Committee on Banking Supervision, Basel III:
10:00 a.m. and 3:00 p.m. Copies of such and the terms and conditions that The net stable funding ratio, October 2014,
filing also will be available for together comprise collateral positioning available at www.bis.org/bcbs/basel3.htm.
inspection and copying at the principal (‘‘Collateral Positioning’’ or ‘‘CP’’) for 7 Margin Requirements for Uncleared Swaps for
CP Participants. The proposed rule Swap Dealers and Major Swap Participants, 81 FR
office of the Exchange. All comments 635 (January 6, 2016); 17 CFR parts 23 and 140.
received will be posted without change; 15 17
8 Margin and Capital Requirements for Covered
CFR 200.30–3(a)(12).
the Commission does not edit personal Swap Entities, 80 FR 74840 (November 30, 2015);
mstockstill on DSK3G9T082PROD with NOTICES
1 15
U.S.C. 78s(b)(1).
identifying information from 12 CFR parts 45, 237, 349, 624 and 1221. The U.S.
2 17 CFR 240.19b–4.
prudential regulators include: Office of the
submissions. You should submit only 3 See Securities Exchange Act Release No. 78031 Comptroller of the Currency—Treasury, Board of
information that you wish to make (June 10, 2016), 81 FR 39303 (June 16, 2016) (SR– Governors of the Federal Reserve System, Federal
available publicly. All submissions DTC–2016–004). Deposit Insurance Corporation, Farm Credit
should refer to File Number SR– 4 Each capitalized term not otherwise defined Administration, and the Federal Housing Finance
herein has its respective meaning as set forth in the Agency.
NYSEArca–2016–94, and should be Rules, available at http://www.dtcc.com/legal/rules 9 European Supervisory Authorities’ (ESAs) Final
submitted on or before August 15, 2016. -and-procedures.aspx. Draft Regulatory Technical Standards on risk-
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Document Created: 2016-07-23 02:00:33
Document Modified: 2016-07-23 02:00:33
| 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 48477 |
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