82 FR 14269 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 51 (March 17, 2017)
Federal Register Volume 82, Issue 51 (March 17, 2017)
| Page Range | 14269-14272 | |
| FR Document | 2017-05337 |
[Federal Register Volume 82, Number 51 (Friday, March 17, 2017)] [Notices] [Pages 14269-14272] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-05337] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80222; File No. SR-NYSE-2017-09] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List March 13, 2017. 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 March 1, 2017, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self- regulatory organization. The Commission is publishing this notice to [[Page 14270]] 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 Substance of the Proposed Rule Change The Exchange proposes to amend its Price List for equity transactions in stocks with a per share stock price more than $1.00 to (1) revise the fee for Midpoint Passive Liquidity (``MPL'') orders that remove liquidity from the Exchange and are designated with a ``retail'' modifier as defined in Rule 13, and (2) revise the requirements and credits for MPL orders that provide liquidity to the Exchange, including the related credits for Supplemental Liquidity Providers (``SLP''). The Exchange proposes to implement these changes to its Price List effective March 1, 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Price List to (1) revise the fee for MPL orders that remove liquidity from the Exchange and are designated with a ``retail'' modifier as defined in Rule 13, and (2) revise the requirements and credits for MPL orders that provide liquidity to the Exchange, including the related credits for SLPs. The proposed changes would only apply to credits in transactions in securities priced $1.00 or more. The Exchange proposes to implement these changes to its Price List effective March 1, 2017. MPL Orders An MPL Order is defined in Rule 13 as an undisplayed limit order that automatically executes at the mid-point of the best protected bid (``PBB'') or best protected offer (``PBO''), as such terms are defined in Regulation NMS Rule 600(b)(57) (together, ``PBBO'').\4\ --------------------------------------------------------------------------- \4\ See Rule 13. See also 17 CFR 242.600(b)(57). --------------------------------------------------------------------------- MPL Orders That Remove Liquidity The Exchange currently does not charge a fee for MPL Orders that remove liquidity from the Exchange and that are designated with a ``retail'' modifier as defined in Rule 13. The Exchange proposes to charge a $0.00100 fee for MPL Orders that remove liquidity from the Exchange and that are designated with a ``retail'' modifier as defined in Rule 13. MPL Orders That Add Liquidity The Exchange currently provides a credit of $0.00275 per share credit for MPL Orders that provide liquidity from a member organization that has Adding ADV \5\ in MPL Orders of at least 0.04% of NYSE consolidated ADV (``CADV''),\6\ excluding liquidity added by a Designated Market Maker (``DMM''). The Exchange provides a $0.0015 per share transaction credit for MPL Orders that provide liquidity from a member organization that does not meet the Adding ADV threshold. --------------------------------------------------------------------------- \5\ ``Adding ADV'' is when a member organization has ADV that adds liquidity to the Exchange during the billing month. Adding ADV excludes any liquidity added by a Designated Market Maker. \6\ NYSE CADV is defined in the Price List as the consolidated average daily volume of NYSE-listed securities. --------------------------------------------------------------------------- The Exchange proposes that member organizations qualifying for the $0.00275 credit have an Adding ADV in MPL orders that is at least 0.140% of NYSE CADV, excluding any liquidity added by a DMM. The Exchange also proposes a new credit of $0.0025 for member organizations that have Adding ADV in MPL orders that is at least 0.030% of NYSE CADV, excluding any liquidity added by a DMM. Finally, the Exchange proposes that MPL Orders that provide liquidity from a member organization that does not meet the above Adding ADV thresholds receive a per share transaction credit of $0.0010. The Exchange proposes the same changes to the credits applicable to SLPs for MPL Orders described above. In addition, the Exchange proposes to conform the Adding ADV requirement in MPL Orders for SLPs to qualify for the proposed $0.00275 credit of at least 0.140% of NYSE CADV, excluding liquidity added by a DMM, in place of the fixed share amount. * * * * * The proposed changes are not otherwise intended to address any other issues, and the Exchange is not aware of any problems that member organizations would have in complying with the proposed change. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\7\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\8\ in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4) & (5). --------------------------------------------------------------------------- The Exchange believes that the proposed increase to the fee for executions of MPL Orders that remove liquidity and that are designated with a ``retail'' modifier as defined in Rule 13, the proposed changes to the credits for MPL Orders that provide liquidity, the proposed additional credit tier, and conforming the Adding ADV requirement and credit for SLPs in MPL Orders are reasonable. MPL Orders provide opportunities for market participants to interact with orders priced at the midpoint of the PBBO, thus providing price improving liquidity to market participants and increasing the quality of order execution on the Exchange's market, which benefits all market participants. Specifically, the Exchange believes that charging a fee for MPL Orders that remove liquidity from the Exchange and that are designated with a ``retail'' modifier as defined in Rule 13 is reasonable because the charge is substantially lower than the $0.0030 fee for MPL orders that remove liquidity and are not designated with a Retail Modifier as defined in Rule 13. The Exchange believes that the proposed additional tier credit for MPL Orders is reasonable because the proposed MPL Order Tier credit of $0.00250 per share that would apply if the member organization has Adding ADV in MPL Orders that is at least 0.030% of NYSE CADV excluding any liquidity added by a DMM would relate to volume that provides liquidity, which would be identical to the type of volume to which the credit would apply. The new credit is also reasonable because it would be similar or higher than the rates on the NASDAQ Stock Market, LLC (``NASDAQ''). For example, on NASDAQ, firms that [[Page 14271]] average 1 million or more shares of midpoint liquidity receive a credit of $0.0010 per share in Tape C securities and $0.0018 in Tape A and B securities to execute against resting midpoint liquidity, which is lower than the proposed $0.0025 per share rate for MPL orders that is at least 0.030% of NYSE CADV, excluding any liquidity added by a DMM.\9\ --------------------------------------------------------------------------- \9\ See NASDAQ Price List, available at http://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2. --------------------------------------------------------------------------- The proposed change is equitable and not unfairly discriminatory because MPL Orders increase the quality of order execution on the Exchange's market, which benefits all market participants. The Exchange also believes that the proposed changes are equitable and not unfairly discriminatory because all market participants--customers, Floor brokers, DMMs, and SLPs--may use MPL Orders on the Exchange and because all market participants that use MPL Orders may receive credits for MPL Orders, as is currently the case. The Exchange also believes that the credit of $0.0010 for MPL Orders that provide liquidity from a member organization that does not meet the above Adding ADV thresholds is also reasonable as it would be similar to the $0.0010 credit on NASDAQ for midpoint liquidity in Tape C, or NASDAQ Listed Securities, for firms that adds less than 1 million shares of midpoint liquidity.\10\ --------------------------------------------------------------------------- \10\ See id. --------------------------------------------------------------------------- Finally, the Exchange believes that it is subject to significant competitive forces, as described below in the Exchange's statement regarding the burden on competition. For the foregoing reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\11\ the Exchange believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Instead, the Exchange believes that the proposed changes would encourage the submission of additional liquidity to a public exchange, thereby promoting price discovery and transparency and enhancing order execution opportunities for member organizations. The Exchange believes that this could promote competition between the Exchange and other execution venues, including those that currently offer similar order types and comparable transaction pricing, by encouraging additional orders to be sent to the Exchange for execution. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- Finally, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees and rebates to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees and credits in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. As a result of all of these considerations, the Exchange does not believe that the proposed changes will impair the ability of member organizations or competing order execution venues to maintain their competitive standing in the financial markets. 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 The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \12\ of the Act and subparagraph (f)(2) of Rule 19b-4 \13\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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 Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \14\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \14\ 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 Number SR-NYSE-2017-09 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-NYSE-2017-09. 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 the 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-NYSE-2017-09, and should be submitted on or before April 7, 2017. [[Page 14272]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-05337 Filed 3-16-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 51 / Friday, March 17, 2017 / Notices 14269
believes the proposed rule change would not have an impact, nor impose amendments, all written statements
would ‘‘promote the prompt and any burden, on competition because with respect to the proposed rule
accurate clearance and settlement of each of such proposed changes would change that are filed with the
securities transactions’’ by FICC and simply provide specificity, clarity and Commission, and all written
also ‘‘remove impediments to and additional transparency within the communications relating to the
perfect the mechanism of a national Rules. proposed rule change between the
system for the prompt and accurate Commission and any person, other than
clearance and settlement of securities (C) Clearing Agency’s Statement on those that may be withheld from the
transactions’’ consistent with the Comments on the Proposed Rule public in accordance with the
requirements of the Act, cited above. Change Received From Members, provisions of 5 U.S.C. 552, will be
Participants, or Others available for Web site viewing and
(B) Clearing Agency’s Statement on Written comments relating to the printing in the Commission’s Public
Burden on Competition
proposed rule change have not been Reference Room, 100 F Street NE.,
FICC believes that the proposed rule solicited or received. FICC will notify Washington, DC 20549 on official
changes associated with the expansion the Commission of any written business days between the hours of
of entity types eligible to be Sponsored comments received by FICC. 10:00 a.m. and 3:00 p.m. Copies of the
Members would promote competition filing also will be available for
by increasing the types of entities that III. Date of Effectiveness of the
inspection and copying at the principal
may participate in FICC as Sponsored Proposed Rule Change, and Timing for
office of FICC and on DTCC’s Web site
Members and therefore permit more Commission Action
(http://dtcc.com/legal/sec-rule-
market participants to utilize FICC’s Within 45 days of the date of filings.aspx). All comments received
services. publication of this notice in the Federal will be posted without change; the
At the same time, participation in Register or within such longer period Commission does not edit personal
FICC as a Sponsored Member would up to 90 days (i) as the Commission may identifying information from
continue to be limited to legal entities designate if it finds such longer period submissions. You should submit only
that are either ‘‘qualified institutional to be appropriate and publishes its information that you wish to make
buyers’’ as defined in Rule 144A under reasons for so finding or (ii) as to which available publicly. All submissions
the Securities Act of 1933, or that the self- regulatory organization should refer to File Number SR–FICC–
otherwise satisfy the financial consents, the Commission will: 2017–003 and should be submitted on
requirements that an entity specifically (A) By order approve or disapprove or before April 7, 2017.
listed in paragraph (a)(1)(i) of Rule 144A such proposed rule change, or For the Commission, by the Division of
must satisfy in order to be a ‘‘qualified (B) institute proceedings to determine Trading and Markets, pursuant to delegated
institutional buyer’’ as specified in that whether the proposed rule change authority.26
paragraph, and that have at least one should be disapproved. Robert W. Errett,
Sponsoring Member willing to sponsor
IV. Solicitation of Comments Deputy Secretary.
them into GSD membership. These
[FR Doc. 2017–05403 Filed 3–16–17; 8:45 am]
limitations may impact institutional Interested persons are invited to
firms that are unable to satisfy such BILLING CODE 8011–01–P
submit written data, views and
eligibility requirements by excluding arguments concerning the foregoing,
them from being able to novate their including whether the proposed rule
SECURITIES AND EXCHANGE
eligible activity to FICC (and avail change, as modified by Amendment No.
COMMISSION
themselves of the commensurate 1, is consistent with the Act. Comments
benefits described in Section 3(a)(i)— may be submitted by any of the [Release No. 34–80222; File No. SR–NYSE–
Background on the Proposed Expansion following methods: 2017–09]
of Sponsored Member Eligibility above).
Nevertheless, FICC believes that any Electronic Comments Self-Regulatory Organizations; New
resulting burden on competition would • Use the Commission’s Internet York Stock Exchange LLC; Notice of
be necessary and appropriate in comment form (http://www.sec.gov/ Filing and Immediate Effectiveness of
furtherance of the Act, as permitted by rules/sro.shtml); or Proposed Rule Change Amending Its
Section 17A(b)(3)(I) of the Act,25 in light • Send an email to rule-comments@ Price List
of the fact that such eligibility sec.gov. Please include File Number SR– March 13, 2017.
requirements are designed to allow FICC FICC–2017–003 on the subject line. Pursuant to Section 19(b)(1) 1 of the
to ensure the financial sophistication of Paper Comments Securities Exchange Act of 1934 (the
Sponsored Members and to prudently ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
manage the risk associated with • Send paper comments in triplicate
notice is hereby given that, on March 1,
Sponsored Members’ participation in to Secretary, Securities and Exchange
2017, New York Stock Exchange LLC
FICC. Moreover, FICC would not restrict Commission, 100 F Street NE.,
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the ability of institutional firms to enter Washington, DC 20549.
the Securities and Exchange
into eligible transactions with Netting All submissions should refer to File Commission (the ‘‘Commission’’) the
Members (including Sponsoring Number SR–FICC–2017–003. This file proposed rule change as described in
number should be included on the
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Members) outside of GSD. Items I, II, and III below, which Items
FICC believes that the proposed subject line if email is used. To help the have been prepared by the self-
changes to Rule 1 (Definitions) and Rule Commission process and review your regulatory organization. The
3A (Sponsoring Members and comments more efficiently, please use Commission is publishing this notice to
Sponsored Members) that are unrelated only one method. The Commission will
to the proposed expansion of entity post all comments on the Commission’s 26 17 CFR 200.30–3(a)(12).
types eligible to be Sponsored Members Internet Web site (http://www.sec.gov/ 1 15 U.S.C. 78s(b)(1).
rules/sro.shtml). Copies of the 2 15 U.S.C. 78a.
25 15 U.S.C. 78q–1(b)(3)(I). submission, all subsequent 3 17 CFR 240.19b–4.
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![14272 Federal Register / Vol. 82, No. 51 / Friday, March 17, 2017 / Notices
For the Commission, by the Division of places specified in Item IV below. The of the data reporting requirements set
Trading and Markets, pursuant to delegated Exchange has prepared summaries, set forth in Rule 4770 require members to
authority.15 forth in sections A, B, and C below, of report data to their Designated
Eduardo A. Aleman, the most significant aspects of such Examining Authority (‘‘DEA’’), which
Assistant Secretary. statements. may not be Nasdaq, the Exchange is also
[FR Doc. 2017–05337 Filed 3–16–17; 8:45 am] proposing to add references in
A. Self-Regulatory Organization’s
BILLING CODE 8011–01–P Commentary .08 to reflect the fact that
Statement of the Purpose of, and the
the Exchange or the DEA may be
Statutory Basis for, the Proposed Rule
publishing such data.
Change In the SRO Tick Size Plan Proposal,
SECURITIES AND EXCHANGE
COMMISSION 1. Purpose the Participants stated that the public
Rule 4770(b) (Compliance with Data data will be made available for free ‘‘on
[Release No. 34–80229; File No. SR–
Collection Requirements) 3 implements a disaggregated basis by trading center’’
NASDAQ–2017–024]
the data collection and Web site on the Web sites of the Participants and
Self-Regulatory Organizations; The publication requirements of the Plan.4 the Designated Examining Authorities.8
NASDAQ Stock Market LLC; Notice of Commentary .08 to Rule 4770 provides, However, market participants have
Filing and Immediate Effectiveness of among other things, that the expressed confidentiality concerns
Proposed Rule Change To Amend the requirement that the Exchange make regarding this approach for over-the-
Data Collection Requirements in Rule certain data publicly available on the counter (‘‘OTC’’) data.9 Thus, Nasdaq is
4470 Nasdaq Web site pursuant to Appendix filing the instant proposed rule change
B and C to the Plan shall commence at to provide additional time to assess a
March 13, 2017.
the beginning of the Pilot Period,5 and means of addressing the confidentiality
Pursuant to Section 19(b)(1) of the that Nasdaq shall make data for the Pre- concerns raised in connection with the
Securities Exchange Act of 1934 Pilot Period publicly available on the publication of Appendix B data related
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Nasdaq Web site pursuant to Appendix to OTC activity in furtherance of the
notice is hereby given that on February B and C to the Plan by February 28, objectives of the Plan.10 Pursuant to this
28, 2017, The NASDAQ Stock Market 2017.6 amendment, Appendix B data
LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed Nasdaq is proposing amendments to publication will be delayed until April
with the Securities and Exchange Commentary .08 to Rule 4770 to delay 28, 2017. The Participants anticipate
Commission (‘‘SEC’’ or ‘‘Commission’’) the date by which Pre-Pilot and Pilot filing additional proposed rule changes
the proposed rule change as described Appendix B data is to be made publicly to address Appendix B data publication.
in Items I, and II, below, which Items available on Nasdaq’s Web site from Nasdaq has filed the proposed rule
have been prepared by the Exchange. February 28, 2017, until April 28, 2017. change for immediate effectiveness. The
The Commission is publishing this Appendix C data for the Pre-Pilot Period operative date of the proposed rule
notice to solicit comments on the through the month of January 2017 will change will be the date of filing.
proposed rule change from interested be published on the Nasdaq Web site on 2. Statutory Basis
persons. February 28, 2017, and, thereafter, on The Exchange believes that its
I. Self-Regulatory Organization’s the original 30-day schedule.7 As some proposal is consistent with Section 6(b)
Statement of the Terms of Substance of 3 See Rule 4770(b). See also Securities Exchange
of the Act,11 in general, and furthers the
the Proposed Rule Change Act Release No. 77456 (March 28, 2016), 81 FR objectives of Section 6(b)(5) of the Act,12
The Exchange proposes to amend 18925 (April 1, 2016) (SR–NASDAQ–2016–043). in particular, in that it is designed to
Rule 4770 to modify the date of
4 The Participants filed the Plan to comply with
prevent fraudulent and manipulative
an order issued by the Commission on June 24, acts and practices, promote just and
Appendix B Web site data publication 2014. See Letter from Brendon J. Weiss, Vice
pursuant to the Regulation NMS Plan to President, Intercontinental Exchange, Inc., to equitable principles of trade, to remove
Implement a Tick Size Pilot Program Secretary, Commission, dated August 25, 2014 impediments to and perfect the
(‘‘Plan’’). (‘‘SRO Tick Size Plan Proposal’’). See Securities mechanism of a free and open market
Exchange Act Release No 72460 (June 24, 2014), 79 and a national market system, and, in
The text of the proposed rule change FR 36840 (June 30, 2014); see also Securities
is available on the Exchange’s Web site Exchange Act Release No. 74892 (May 6, 2015), 80
at http://nasdaq.cchwallstreet.com, at FR 27513 (May 13, 2015). timing of the publication of Appendix C data for the
5 Unless otherwise defined herein, capitalized Pilot Period is needed.
the principal office of the Exchange, and 8 See Securities Exchange Act Release No. 73511
terms have the meaning ascribed to them in Rule
at the Commission’s Public Reference 4770. (November 3, 2014), 79 FR 66423 (November 7,
Room. 6 On November 30, 2016, the SEC granted 2014) (Notice of Filing of Proposed National Market
exemptive relief to the Participants to, among other System Plan to Implement a Tick Size Pilot Program
II. Self-Regulatory Organization’s things, delay the publication of Web site data on a One-Year Pilot Basis, File No. 4–657) (‘‘Tick
Statement of the Purpose of, and pursuant to Appendices B and C to the Plan until Size Plan Proposal’’).
9 See letters from Adam C. Cooper, Senior
Statutory Basis for, the Proposed Rule February 28, 2017, and to delay the ongoing Web
site publication by ninety days such that data Managing Director and Chief Legal Officer, Citadel
Change Securities, to Brent J. Fields, Secretary,
would be published within 120 calendar days
In its filing with the Commission, the following the end of the month. See Letter from Commission, dated December 21, 2016 (‘‘Citadel
David S. Shillman, Associate Director, Division of letter’’); and William Hebert, Managing Director,
Exchange included statements Financial Information Forum, to Robert W. Errett,
Trading and Markets, Commission, to Marcia E.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
concerning the purpose of and basis for Asquith, Senior Vice President and Corporate Deputy Secretary, Commission, dated December 21,
the proposed rule change and discussed Secretary, FINRA, dated November 30, 2016; see 2016 (‘‘FIF letter’’).
any comments it received on the also Securities Exchange Act Release No. 79546 10 In connection with its filing to implement a
proposed rule change. The text of these (December 14, 2016), 81 FR 92932 (December 20, similar change in its rules, the Financial Industry
2016) (SR–NASDAQ–2016–165). Regulatory Authority, Inc. is also submitting an
statements may be examined at the 7 Since, under Rule 4770(b)(4), Nasdaq is not exemptive request to the SEC on behalf of all Plan
independently publishing Market Maker Participants requesting relief from the relevant
15 17 CFR 200.30–3(a)(12). requirements of the Plan.
profitability data collected pursuant to Item I of
1 15 U.S.C. 78s(b)(1). 11 15 U.S.C. 78f(b).
Appendix C of the Plan, no corresponding change
2 17 CFR 240.19b-4. to the language of Rule 4770(b)(4) relating to the 12 15 U.S.C. 78f(b)(5).
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Document Created: 2017-03-17 02:48:37
Document Modified: 2017-03-17 02:48:37
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| FR Citation | 82 FR 14269 |
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