82 FR 11388 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change Amending Rule 104 To Delete Subsection (g)(i)(A)(III) Prohibiting Designated Market Makers From Establishing a New High (Low) Price on the Exchange in a Security the DMM Has a Long (Short) Position During the Last Ten Minutes Prior to the Close of Trading
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 34 (February 22, 2017)
Federal Register Volume 82, Issue 34 (February 22, 2017)
| Page Range | 11388-11389 | |
| FR Document | 2017-03399 |
[Federal Register Volume 82, Number 34 (Wednesday, February 22, 2017)] [Notices] [Pages 11388-11389] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-03399] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80044; File No. SR-NYSE-2016-71] Self-Regulatory Organizations; New York Stock Exchange LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change Amending Rule 104 To Delete Subsection (g)(i)(A)(III) Prohibiting Designated Market Makers From Establishing a New High (Low) Price on the Exchange in a Security the DMM Has a Long (Short) Position During the Last Ten Minutes Prior to the Close of Trading February 15, 2017. I. Introduction On October 27, 2016, New York Stock Exchange LLC (``Exchange'' or ``NYSE'') filed with the Securities and Exchange Commission (``Commission'') pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change amending Rule 104 to delete subsection (g)(i)(A)(III), which prohibits Designated Market Makers (``DMMs'') from establishing, during the last ten minutes of trading before the close, a new high (low) price for the day on the Exchange in a security in which the DMM has a long (short) position (``Rule 104(g)(i)(A)(III) Prohibition''). The proposed rule change was published for comment in the Federal Register on November 17, 2016.\3\ --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 79284 (Nov. 10, 2016), 81 FR 81222 (Nov. 17, 2016) (``Notice''). --------------------------------------------------------------------------- On December, 20, 1016, the Commission extended to February 15, 2017, the time period in which to approve the proposal, disapprove the proposal, or institute proceedings to determine whether to approve or disapprove the proposal.\4\ The Commission has received no comments on the proposal. This order institutes proceedings under Section 19(b)(2)(B) of the Act to determine whether to approve or disapprove the proposal. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 79612 (Dec. 20, 2016), 81 FR 95205 (Dec. 27, 2016). --------------------------------------------------------------------------- II. Description of the Proposal Currently, under Exchange Rule 104(g)(i)(A)(III), a DMM with a long (short) position in a security cannot, during the last ten minutes before the close of trading, make a purchase (sale) in that security that results in a new high (low) price on the Exchange for that day.\5\ The Exchange proposes to remove this prohibition from its rulebook. --------------------------------------------------------------------------- \5\ See Exchange Rule 104(g)(i)(A)(III). Exchange Rule 104(g)(i)(A)(III)(2) provides two exceptions to this general prohibition. --------------------------------------------------------------------------- The Exchange asserts that, in light of developments in the equity markets and in the Exchange's own trading model, Rule 104(g)(i)(A)(III) has lost its original purpose and utility.\6\ Specifically, the Exchange asserts that, in today's electronic marketplace, where DMMs have replaced specialists, and control of pricing decisions has moved away from market participants on the Exchange trading floor, the purpose behind the Rule 104(g)(i)(A)(III) Prohibition is no longer necessary, and eliminating the prohibition would not eliminate other existing safeguards that prevent DMMs from inappropriately influencing or manipulating the close.\7\ --------------------------------------------------------------------------- \6\ See Notice, 81 FR at 81223. \7\ See id. at 81222-81223. --------------------------------------------------------------------------- The Exchange argues that the rationale behind preventing specialists from setting the price of a security on the Exchange in the final ten minutes of trading was to prevent specialists from inappropriately influencing the price of a security at the close to advantage a specialist's proprietary position.\8\ In today's fragmented marketplace, according to the Exchange, a new high or low price for a security on the Exchange in the last ten minutes of trading does not have a significant effect on the market price for that security, because a new high or low price on the Exchange may not be the new high or low for a security--prices may be higher or lower in away markets, where the majority of intra-day trading in NYSE-listed securities takes place--and because any advantage to a DMM by establishing a new high or low on the Exchange during the last ten minutes can rapidly evaporate following trades in away markets. Because DMMs do not have the ability to direct or influence trading, or to control intra-day prices, that specialists had before the implementation of Regulation NMS, the Exchange asserts, the Rule 104(g)(i)(A)(III) Prohibition is anachronistic.\9\ --------------------------------------------------------------------------- \8\ See id. at 81223. \9\ See id. --------------------------------------------------------------------------- III. Proceedings To Determine Whether To Disapprove SR-NYSE-2016-71 and Grounds for Disapproval Under Consideration The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act \10\ to determine whether the proposal should be disapproved. Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposal, as discussed below. Institution of disapproval proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described in greater detail below, the Commission seeks and encourages interested persons to provide additional comment on the proposal. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- Pursuant to Section 19(b)(2)(B) of the Act, the Commission is providing notice of the grounds for disapproval under consideration. The Commission is instituting proceedings to allow for additional analysis of the proposed rule change's consistency with Section 6(b)(5) of the Act,\11\ which requires that the rules of an exchange be designed, among other things, 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. In addition, Section 6(b)(5) of the Act prohibits the rules of an exchange from being designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Rule 104(g)(i)(A)(III) Prohibition was originally approved as part of the NYSE pilot program called the ``New Market Model.\12\ As the Commission stated when approving the NYSE proposal to conduct the New Market Model pilot, ``[w]e carefully review trading rule proposals that seek to offer [[Page 11389]] special advantages to market makers. Although an exchange may reward such participants for the benefits they provide to the exchange's market, such rewards must not be disproportionate to the services provided.'' \13\ In 2015, when the Commission approved the NYSE's proposal to make the New Market Model permanent,\14\ the Commission noted the Rule 104(g)(i)(A)(III) Prohibition,\15\ among many aspects of the New Market Model, and reiterated that the pilot program had been conducted, among other reasons, to seek ``further evidence that the benefits proposed for DMMs are not disproportionate to their obligations.'' \16\ --------------------------------------------------------------------------- \12\ See Securities Exchange Act Release No. 58845 (Oct. 24, 2008), 73 FR 64379 (Oct. 29, 2008) (SR-NYSE-2008-46) (approving NYSE New Market Model pilot program). \13\ See id. at 64388. \14\ See Securities Exchange Act Release No. 75578 (Jul. 31, 2015), 80 FR 47008 (Aug.6, 2015) (SR-NYSE-2015-26) (``NMM Approval Order''). \15\ See NMM Approval Order, 80 FR at 47010. \16\ See id. at 47013. --------------------------------------------------------------------------- Under the proposal, the Exchange seeks to eliminate the Rule 104(g)(i)(A)(III) Prohibition--an obligation imposed on DMMs--thereby altering the existing set of obligations and benefits of DMM status. Accordingly, the Commission seeks public comment on whether the Exchange's proposal would maintain an appropriate balance between the benefits and obligations of being a DMM on the Exchange and whether the obligations of DMMs under remaining Exchange rules are reasonably designed to prevent DMMs from inappropriately influencing or manipulating the close in light of DMMs' special responsibility for closing auctions under Exchange rules. IV. Solicitation of Comments The Commission requests that interested persons provide written submissions of their views, data and arguments with respect to the concerns identified above, as well as any others they may have with the proposal. In particular, the Commission invites the written views of interested persons concerning whether the proposal is inconsistent with Section 6(b)(5) or any other provision of the Act, or the rules and regulation thereunder. Although there do not appear to be any issues relevant to approval or disapproval which would be facilitated by an oral presentation of views, data, and arguments, the Commission will consider, pursuant to Rule 19b-4, any request for an opportunity to make an oral presentation.\17\ --------------------------------------------------------------------------- \17\ Section 19(b)(2) of the Act, as amended by the Securities Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the Commission flexibility to determine what type of proceeding--either oral or notice and opportunity for written comments--is appropriate for consideration of a particular proposal by a self-regulatory organization. See Securities Act Amendments of 1975, Senate Comm. on Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975). --------------------------------------------------------------------------- Interested persons are invited to submit written data, views and arguments regarding whether the proposal should be disapproved by March 15, 2017. Any person who wishes to file a rebuttal to any other person's submission must file that rebuttal by March 29, 2017. 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 Number SR-NYSE-2016-71 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 Numbers SR-NYSE-2016-71. The 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 proposal that are filed with the Commission, and all written communications relating to the proposal 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 filings also will be available for inspection and copying at the principal office of the Exchanges. 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-NYSE-2016-71 and should be submitted on or before March 15, 2017. Rebuttal comments should be submitted by March 29, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(57). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-03399 Filed 2-21-17; 8:45 am] BILLING CODE 8011-01-P
![11388 Federal Register / Vol. 82, No. 34 / Wednesday, February 22, 2017 / Notices
respondents, including through the use 2017, the time period in which to Exchange during the last ten minutes
of automated collection techniques or approve the proposal, disapprove the can rapidly evaporate following trades
other forms of information technology. proposal, or institute proceedings to in away markets. Because DMMs do not
Consideration will be given to determine whether to approve or have the ability to direct or influence
comments and suggestions submitted in disapprove the proposal.4 The trading, or to control intra-day prices,
writing within 60 days of this Commission has received no comments that specialists had before the
publication. on the proposal. This order institutes implementation of Regulation NMS, the
Please direct your written comments proceedings under Section 19(b)(2)(B) of Exchange asserts, the Rule
to Pamela Dyson, Director/Chief the Act to determine whether to approve 104(g)(i)(A)(III) Prohibition is
Information Officer, Securities and or disapprove the proposal. anachronistic.9
Exchange Commission, C/O Remi
II. Description of the Proposal III. Proceedings To Determine Whether
Pavlik-Simon, 100 F Street NE.,
Currently, under Exchange Rule To Disapprove SR–NYSE–2016–71 and
Washington, DC 20549; or send an email
104(g)(i)(A)(III), a DMM with a long Grounds for Disapproval Under
to: PRA_Mailbox@sec.gov. Consideration
(short) position in a security cannot,
Dated: February 15, 2017.
during the last ten minutes before the The Commission is instituting
Eduardo A. Aleman, close of trading, make a purchase (sale) proceedings pursuant to Section
Assistant Secretary. in that security that results in a new 19(b)(2)(B) of the Act 10 to determine
[FR Doc. 2017–03423 Filed 2–21–17; 8:45 am] high (low) price on the Exchange for whether the proposal should be
BILLING CODE 8011–01–P that day.5 The Exchange proposes to disapproved. Institution of such
remove this prohibition from its proceedings is appropriate at this time
rulebook. in view of the legal and policy issues
SECURITIES AND EXCHANGE The Exchange asserts that, in light of raised by the proposal, as discussed
COMMISSION developments in the equity markets and below. Institution of disapproval
[Release No. 34–80044; File No. SR–NYSE– in the Exchange’s own trading model, proceedings does not indicate that the
2016–71] Rule 104(g)(i)(A)(III) has lost its original Commission has reached any
purpose and utility.6 Specifically, the conclusions with respect to any of the
Self-Regulatory Organizations; New Exchange asserts that, in today’s issues involved. Rather, as described in
York Stock Exchange LLC; Order electronic marketplace, where DMMs greater detail below, the Commission
Instituting Proceedings To Determine have replaced specialists, and control of seeks and encourages interested persons
Whether To Approve or Disapprove a pricing decisions has moved away from to provide additional comment on the
Proposed Rule Change Amending Rule market participants on the Exchange proposal.
104 To Delete Subsection (g)(i)(A)(III) trading floor, the purpose behind the Pursuant to Section 19(b)(2)(B) of the
Prohibiting Designated Market Makers Rule 104(g)(i)(A)(III) Prohibition is no Act, the Commission is providing notice
From Establishing a New High (Low) longer necessary, and eliminating the of the grounds for disapproval under
Price on the Exchange in a Security prohibition would not eliminate other consideration. The Commission is
the DMM Has a Long (Short) Position existing safeguards that prevent DMMs instituting proceedings to allow for
During the Last Ten Minutes Prior to from inappropriately influencing or additional analysis of the proposed rule
the Close of Trading manipulating the close.7 change’s consistency with Section
The Exchange argues that the 6(b)(5) of the Act,11 which requires that
February 15, 2017. rationale behind preventing specialists the rules of an exchange be designed,
I. Introduction from setting the price of a security on among other things, to prevent
the Exchange in the final ten minutes of fraudulent and manipulative acts and
On October 27, 2016, New York Stock trading was to prevent specialists from practices, to promote just and equitable
Exchange LLC (‘‘Exchange’’ or ‘‘NYSE’’) inappropriately influencing the price of principles of trade, to remove
filed with the Securities and Exchange a security at the close to advantage a impediments to and perfect the
Commission (‘‘Commission’’) pursuant specialist’s proprietary position.8 In mechanism of a free and open market
to Section 19(b)(1) of the Securities today’s fragmented marketplace, and a national market system and, in
Exchange Act of 1934 (‘‘Act’’) 1 and Rule according to the Exchange, a new high general, to protect investors and the
19b–4 thereunder,2 a proposed rule or low price for a security on the public interest. In addition, Section
change amending Rule 104 to delete Exchange in the last ten minutes of 6(b)(5) of the Act prohibits the rules of
subsection (g)(i)(A)(III), which prohibits trading does not have a significant effect an exchange from being designed to
Designated Market Makers (‘‘DMMs’’) on the market price for that security, permit unfair discrimination between
from establishing, during the last ten because a new high or low price on the customers, issuers, brokers, or dealers.
minutes of trading before the close, a Exchange may not be the new high or The Rule 104(g)(i)(A)(III) Prohibition
new high (low) price for the day on the low for a security—prices may be higher was originally approved as part of the
Exchange in a security in which the or lower in away markets, where the NYSE pilot program called the ‘‘New
DMM has a long (short) position (‘‘Rule majority of intra-day trading in NYSE- Market Model.12 As the Commission
104(g)(i)(A)(III) Prohibition’’). The listed securities takes place—and stated when approving the NYSE
proposed rule change was published for because any advantage to a DMM by proposal to conduct the New Market
comment in the Federal Register on establishing a new high or low on the Model pilot, ‘‘[w]e carefully review
November 17, 2016.3 trading rule proposals that seek to offer
sradovich on DSK3GMQ082PROD with NOTICES
On December, 20, 1016, the 4 See Securities Exchange Act Release No. 79612
Commission extended to February 15, (Dec. 20, 2016), 81 FR 95205 (Dec. 27, 2016). 9 See id.
5 See Exchange Rule 104(g)(i)(A)(III). Exchange 10 15 U.S.C. 78s(b)(2)(B).
1 15 U.S.C. 78s(b)(1). Rule 104(g)(i)(A)(III)(2) provides two exceptions to 11 15 U.S.C. 78f(b)(5).
2 17 CFR 240.19b–4. this general prohibition. 12 See Securities Exchange Act Release No. 58845
3 See Securities Exchange Act Release No. 79284 6 See Notice, 81 FR at 81223.
(Oct. 24, 2008), 73 FR 64379 (Oct. 29, 2008) (SR–
7 See id. at 81222–81223.
(Nov. 10, 2016), 81 FR 81222 (Nov. 17, 2016) NYSE–2008–46) (approving NYSE New Market
(‘‘Notice’’). 8 See id. at 81223. Model pilot program).
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![Federal Register / Vol. 82, No. 34 / Wednesday, February 22, 2017 / Notices 11389
special advantages to market makers. Interested persons are invited to For the Commission, by the Division of
Although an exchange may reward such submit written data, views and Trading and Markets, pursuant to delegated
participants for the benefits they arguments regarding whether the authority.18
provide to the exchange’s market, such proposal should be disapproved by Eduardo A. Aleman,
rewards must not be disproportionate to March 15, 2017. Any person who Assistant Secretary.
the services provided.’’ 13 In 2015, when wishes to file a rebuttal to any other [FR Doc. 2017–03399 Filed 2–21–17; 8:45 am]
the Commission approved the NYSE’s person’s submission must file that BILLING CODE 8011–01–P
proposal to make the New Market rebuttal by March 29, 2017.
Model permanent,14 the Commission Comments may be submitted by any
noted the Rule 104(g)(i)(A)(III) of the following methods: SECURITIES AND EXCHANGE
Prohibition,15 among many aspects of COMMISSION
the New Market Model, and reiterated Electronic Comments
[Release No. 34–80045; File No. SR–
that the pilot program had been • Use the Commission’s Internet NASDAQ–2017–013]
conducted, among other reasons, to seek comment form (http://www.sec.gov/
‘‘further evidence that the benefits rules/sro.shtml); or Self-Regulatory Organizations; The
proposed for DMMs are not
• Send an email to rule-comments@ NASDAQ Stock Market LLC; Notice of
disproportionate to their obligations.’’ 16 Filing and Immediate Effectiveness of
Under the proposal, the Exchange sec.gov. Please include File Number SR–
NYSE–2016–71 on the subject line. Proposed Rule Change To Extend the
seeks to eliminate the Rule Implementation Date of Its
104(g)(i)(A)(III) Prohibition—an Paper Comments Functionality Relating to Post-Only
obligation imposed on DMMs—thereby Orders and Orders With Midpoint
altering the existing set of obligations • Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities Pegging, and Its Trade-Now
and benefits of DMM status. Functionality
Accordingly, the Commission seeks and Exchange Commission, 100 F Street
public comment on whether the NE., Washington, DC 20549–1090. February 15, 2017.
Exchange’s proposal would maintain an All submissions should refer to File Pursuant to Section 19(b)(1) of the
appropriate balance between the Numbers SR–NYSE–2016–71. The file Securities Exchange Act of 1934
benefits and obligations of being a DMM number should be included on the (‘‘Act’’),1 and Rule 19b–4 thereunder,2
on the Exchange and whether the subject line if email is used. To help the notice is hereby given that on February
obligations of DMMs under remaining Commission process and review your 3, 2017, The NASDAQ Stock Market
Exchange rules are reasonably designed comments more efficiently, please use LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed
to prevent DMMs from inappropriately only one method. The Commission will with the Securities and Exchange
influencing or manipulating the close in post all comments on the Commission’s Commission (‘‘SEC’’ or ‘‘Commission’’)
light of DMMs’ special responsibility for Internet Web site (http://www.sec.gov/ the proposed rule change as described
closing auctions under Exchange rules. rules/sro.shtml). Copies of the in Items I and II below, which Items
IV. Solicitation of Comments submission, all subsequent have been prepared by the Exchange.
amendments, all written statements The Commission is publishing this
The Commission requests that with respect to the proposal that are notice to solicit comments on the
interested persons provide written filed with the Commission, and all proposed rule change from interested
submissions of their views, data and written communications relating to the persons.
arguments with respect to the concerns proposal between the Commission and
identified above, as well as any others I. Self-Regulatory Organization’s
any person, other than those that may be
they may have with the proposal. In Statement of the Terms of Substance of
withheld from the public in accordance
particular, the Commission invites the the Proposed Rule Change
with the provisions of 5 U.S.C. 552, will
written views of interested persons be available for Web site viewing and The Exchange proposes to extend the
concerning whether the proposal is printing in the Commission’s Public implementation date of its functionality
inconsistent with Section 6(b)(5) or any Reference Room, 100 F Street NE., relating to Post-Only Orders and Orders
other provision of the Act, or the rules Washington, DC 20549, on official with Midpoint Pegging, and its Trade-
and regulation thereunder. Although business days between the hours of Now functionality.
there do not appear to be any issues 10:00 a.m. and 3:00 p.m. Copies of such There is no rule text for this proposed
relevant to approval or disapproval filings also will be available for rule change.
which would be facilitated by an oral inspection and copying at the principal
presentation of views, data, and II. Self-Regulatory Organization’s
office of the Exchanges. All comments Statement of the Purpose of, and
arguments, the Commission will received will be posted without change;
consider, pursuant to Rule 19b–4, any Statutory Basis for, the Proposed Rule
the Commission does not edit personal Change
request for an opportunity to make an identifying information from
oral presentation.17 submissions. You should submit only In its filing with the Commission, the
information that you wish to make Exchange included statements
13 See id. at 64388.
available publicly. All submissions concerning the purpose of and basis for
14 See Securities Exchange Act Release No. 75578
(Jul. 31, 2015), 80 FR 47008 (Aug.6, 2015) (SR– should refer to File Number SR–NYSE– the proposed rule change and discussed
NYSE–2015–26) (‘‘NMM Approval Order’’). 2016–71 and should be submitted on or any comments it received on the
sradovich on DSK3GMQ082PROD with NOTICES
15 See NMM Approval Order, 80 FR at 47010.
before March 15, 2017. Rebuttal proposed rule change. The text of these
16 See id. at 47013.
comments should be submitted by statements may be examined at the
17 Section 19(b)(2) of the Act, as amended by the
March 29, 2017. places specified in Item IV below. The
Securities Act Amendments of 1975, Public Law Exchange has prepared summaries, set
94–29 (June 4, 1975), grants the Commission
flexibility to determine what type of proceeding— organization. See Securities Act Amendments of
18 17 CFR 200.30–3(a)(57).
either oral or notice and opportunity for written 1975, Senate Comm. on Banking, Housing & Urban
1 15 U.S.C. 78s(b)(1).
comments—is appropriate for consideration of a Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30
particular proposal by a self-regulatory (1975). 2 17 CFR 240.19b–4.
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Document Created: 2017-02-22 00:08:48
Document Modified: 2017-02-22 00:08:48
| Category | Regulatory Information | |
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