82 FR 14775 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 54 (March 22, 2017)
Federal Register Volume 82, Issue 54 (March 22, 2017)
| Page Range | 14775-14778 | |
| FR Document | 2017-05605 |
[Federal Register Volume 82, Number 54 (Wednesday, March 22, 2017)] [Notices] [Pages 14775-14778] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-05605] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80258; File No. SR-NYSEArca-2017-28] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services March 16, 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 13, 2017, 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 Substance of the Proposed Rule Change The Exchange proposes to amend the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services (``Fee Schedule''). 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 [[Page 14776]] 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 the Fee Schedule to adopt the Exchange Traded Fund Liquidity Provider Program pursuant to which the Exchange will adopt an incremental per share credit payable to ETP Holders and Market Makers (collectively, the ``ELPs'') that provide displayed liquidity to the NYSE Arca Book in NYSE Arca-listed Tape B Securities (``ELP Program''). As proposed, the Exchange would provide an incremental credit of $0.0001 per share for providing displayed liquidity that result in an execution to ELPs that meet prescribed quoting standards in NYSE-Arca listed Tape B securities that have a consolidated average daily volume (``CADV'') in the previous month of less than 250,000 shares (``ELP Securities'').\4\ Under the proposal, an ELP must quote at the National Best Bid or Offer (``NBBO'') for at least an average of 15% of the time for the billing month in at least 50 ELP Securities for each billing month (``Quoting Standard'').\5\ If the ELP meets the Quoting Standard, the Exchange would provide the ELP with the stated incremental credit in their Tape B executions that add liquidity. ELP Securities in which the ELP is registered as a Lead Market Maker (``LMM'') \6\ are excluded from the minimum 50 ELP Securities that an ELP must quote in to qualify for the proposed credit. ELPs are not required to quote in all ELP Securities. --------------------------------------------------------------------------- \4\ NYSE-Arca listed Tape B securities that did not trade in prior month would be assigned a CADV of 0 and would be included as an ELP Security in the current billing month. \5\ An ELP would meet the Quoting Standard if the average of the percentage of time during regular trading hours during which the ELP maintains a quote at each of the NBB and NBO equals at least 15%. As an example, where the ELP maintains a quote for any number of shares at the NBB for 20% of the time during regular trading hours in at least 50 ELP Securities and maintains a quote for any number of shares at the NBO for 10% of the time during regular trading hours in the same ELP Securities, the ELP would be deemed to be at the NBBO for the required time period of 15% ((20% + 10%)/2). \6\ The term ``Lead Market Maker'' is defined in Rule 1.1(ccc) to mean a registered Market Maker that is the exclusive Designated Market Maker in listings for which the Exchange is the primary market. --------------------------------------------------------------------------- The proposed incremental credit provided under the ELP Program is in addition to the ETP Holder and Market Maker's Tiered or Basic Rate credit(s); provided, however, that such combined credit may not exceed $0.0030 per share. For example, an ELP that qualifies for the ELP credit in a billing month and also qualifies for the Tape B Tier 2 credit of $0.0028 per share will receive a combined credit of $0.0029 for executions that add liquidity to the Book. However, an ELP that qualifies for the same ELP credit in the billing month and also qualifies for the Tape B Tier 1 credit of $0.0030 per share will not receive the ELP credit in that billing month as such combined credit would exceed $0.0030 per share. An ELP that qualifies for the ELP Program credit in a billing month that is also an LMM would not receive the ELP Program credit on the ELP's LMM adding liquidity as that liquidity receives credits of $0.0033 per share, $0.0040 per share, and $0.0045 per share. However, that ELP may receive the ELP Program credit on non-LMM adding liquidity so long as such combined credit does not exceed $0.0030 per share. In addition to the percentage of time that an ELP must provide a quote at the NBBO in ELP Securities, the Exchange also proposes to adopt an additional requirement that an ELP displays a minimum number of shares of adding volume at or near the NBBO, except that this additional requirement would be applicable beginning May 1, 2017. As proposed, beginning May 1, 2017, in order for the ELP to qualify for the credit proposed herein, the ELP must, in at least 50 ELP Securities:Quote at the NBBO for at least an average of 15% of the time for the billing month, and, Display at least 2,500 shares that are priced no more than 2% away from the NBBO at least 90% of the time for the billing month (``Quoting and Depth Standard''). The Exchange would calculate each participating ELP's Quoting Standard and Quoting and Depth Standard, as applicable, beginning each month on a daily basis, up to and including the last trading day of a calendar month, to determine at the end of each month whether the ELP is meeting the requirements of the ELP Program. As proposed, ELPs may join the ELP Program on a rolling basis on any day of the month and the ELP's obligations would begin on the first day that the ELP is enrolled in the ELP Program. Once an ELP is enrolled in the ELP Program, the ELP is enrolled in all ELP Securities and would be required to meet the Quoting Standard (for March 2017 and April 2017) and the Quoting and Depth Standard (for May 2017 and each month thereafter) in at least 50 ELP Securities for the billing month to be eligible for the proposed incremental credit. If an ELP is enrolled for the ELP Program after the first trading day of the month, the ELP's requirement to qualify for the proposed incremental credit would be measured from the day the ELP is enrolled and if the ELP meets the requirements of the ELP Program, the proposed credit would be applied to those ELP executions that add displayed liquidity from the day the ELP is enrolled. As an example, suppose that an ELP enrolls in the ELP Program on March 15, 2017. The ELP would be required to meet the requirements of the ELP Program for the billing month, from March 15, 2017 through the end of the month, March 31, 2017, and if the ELP quotes an average of at least 15% in at least 50 ELP Securities for that period from March 15, 2017 through March 31, 2017, the ELP will receive the proposed additional ELP credit, subject to the combined credit limit of $0.0030 per share. Under the proposal, each participating ELP must provide a unique Equity Trading Permit ID (``ETPID'') that the ELP would use for all ELP Securities. Since ETP Holders are often assigned multiple ETPIDs on NYSE Arca, an ELP would be required to use a unique ETPID for all ELP Securities. As proposed, the ELP Program is a voluntary program. An ETP Holder or Market Maker that wishes to participate in the ELP Program would be required to complete an enrollment form and submit it to the Exchange via electronic mail to participate as an ELP. With this proposed rule change, the Exchange hopes to provide incentives for increased trading in ELP Securities for market participants. The proposed rule change is intended to provide incentives for quoting and to add competition to the existing group of liquidity providers in ELP Securities. The Exchange believes the proposed rule change will strengthen market quality in ELP Securities. By [[Page 14777]] establishing the ELP Program, the Exchange is rewarding liquidity providers who improve displayed liquidity and the size of such liquidity in the market. The Exchange believes that the ELP Program will encourage the additional utilization of, and interaction with, the Exchange and provide customers with the premier venue for price discovery, liquidity, competitive quotes and price improvement. The proposed changes are not otherwise intended to address any other issues, and the Exchange is not aware of any problems that ETP Holders would have in complying with the proposed changes. 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) 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. The Exchange further believes that the proposed rule change is also consistent with Section 6(b)(5) of the Act,\9\ in that is designed 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. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change would encourage increased participation by ELPs in the trading of ETP Securities. The Exchange also believes that the proposed rule change would encourage the submission of additional liquidity to a public exchange, thereby promoting price discovery and transparency and enhancing order execution opportunities for all market participants on the Exchange. The Exchange believes the proposed ELP Program will provide an incentive for ELPs to quote and trade a greater number of securities on the Exchange and will generally allow the Exchange and ELPs to better compete for order flow and thus enhance competition. Further, the ELP program is intended to provide ELPs with an incentive to increase displayed quoting on NYSE Arca and thereby provide liquidity and better quoting that supports the quality of price discovery and promotes market transparency. The Exchange also believes that the proposed incremental credit for ELPs that meet the requirements of the ELP Program is equitable and not unfairly discriminatory because it would apply uniformly to all ELPs. The Exchange believes allocating pricing benefits to ELPs that commit to meet the requirements of the ELP Program will provide a better trading environment for investors in ELP Securities, and encourage greater competition between listing venues for ELP Securities. The Exchange also believes that the proposal will promote tighter spreads and deeper liquidity for all market participants by requiring ELPs to meet the requirements of the ELP Program. As proposed, the ELP Program is designed to enhance the Exchange's competitiveness as a listing venue and to strengthen its market quality for NYSE Arca-listed securities. The Exchange believes that the proposed change would increase competition with its competitors by incenting ETP Holders to volunteer for the ELP Program, which will enhance the quality of quoting in NYSE Arca-listed securities. The Exchange believes that adopting only the Quoting Standard for March 2017 and April 2017 is reasonable because it may allow a greater number of ELPs to qualify for the proposed credit while also providing ELPs the opportunity to gradually increase their activity in order to qualify for the proposed credit. The Exchange believes that adopting the Quoting Standard for March 2017 and April 2017 is also equitable and not unfairly discriminatory because the Quoting Standard would apply uniformly to all ELPs that enroll in the ELP Program. The Exchange believes that adopting the Quoting and Depth Standard beginning May 2017 is also reasonable because the additional requirement would ensure that liquidity displayed on the Exchange by ELPs is available for a greater period of time during the trading day to provide market participants an adequate opportunity to transact against such liquidity. The Exchange believes that adopting the Quoting and Depth Standard beginning May 2017 is also equitable and not unfairly discriminatory because the additional criteria would apply uniformly to all ELPs beginning May 2017. 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 these 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,\10\ 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. In this regard and as indicated above, the proposed rule change would encourage the submission of additional liquidity to a public exchange, thereby promoting price discovery and transparency and enhancing order execution opportunities for market participants on the Exchange. The Exchange believes that this could promote competition between the Exchange and other execution venues, including those that currently offer comparable transaction pricing, by encouraging additional orders to be sent to the Exchange for execution. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees and credits to remain competitive with other exchanges. Further, the Exchange believes that the proposed changes as a whole will contribute to tighter spreads and additional liquidity on the Exchange in NYSE Arca-listed securities, which will, in turn, benefit competition due to the improvements to the overall market quality of the Exchange. For the reasons described above, the Exchange believes that this proposal promotes a competitive environment. 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 [[Page 14778]] 19(b)(3)(A)(iii) of the Act \11\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\12\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(a)(iii). \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Commission has waived the pre-filing requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative prior to 30 days after the date of filing.\13\ Rule 19b-4(f)(6)(iii), however, permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest.\14\ --------------------------------------------------------------------------- \13\ 17 CFR 240.19b-4(f)(6)(iii). \14\ Id. --------------------------------------------------------------------------- The Exchange has requested that the Commission waive the 30-day operative delay. The Exchange asserts that the proposed rule change does not present any new, unique, or substantive issues and that the proposal is substantially similar to a program in place at Bats BZX Exchange, Inc.\15\ Based on the foregoing, the Commission believes that it is consistent with the protection of investors and the public interest to waive the 30-day operative delay so that the proposal may take effect upon filing.\16\ 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. --------------------------------------------------------------------------- \15\ See Securities Exchange Act Release No. 77846 (May 17, 2016), 81 FR 32356 (May 23, 2016) (SR-BatsBZX-2016-018). \16\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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-2017-28 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2017-28. 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-NYSEArca-2017-28, and should be submitted on or before April 12, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ Eduardo A. Aleman, Assistant Secretary. --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2017-05605 Filed 3-21-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 54 / Wednesday, March 22, 2017 / Notices 14775
restrictions of the Securities Act of 1933 Regulatory Authority (‘‘FINRA’’).3 This of the burden of the collection of
(15 U.S.C. 77) (the ‘‘Securities Act’’). In information collection differs from information; (c) ways to enhance the
recognition of the particular problems many other federal information quality, utility, and clarity of the
faced by funds that continually offer collections that are primarily for the use information collected; and (d) ways to
securities and wish to advertise their and benefit of the collecting agency. minimize the burden of the collection of
securities, the Commission has Rule 482 contains requirements that information on respondents, including
previously adopted advertising safe are intended to encourage the provision through the use of automated collection
harbor rules. The most important of to investors of information that is techniques or other forms of information
these is rule 482 (17 CFR 230.482) under balanced and informative, particularly technology. Consideration will be given
the Securities Act, which, under certain in the area of investment performance. to comments and suggestions submitted
circumstances, permits funds to The Commission is concerned that in in writing within 60 days of this
advertise investment performance data, the absence of such provisions fund publication.
as well as other information. Rule 482 investors may be misled by deceptive Please direct your written comments
advertisements are deemed to be rule 482 advertisements and may rely to Pamela Dyson, Director/Chief
‘‘prospectuses’’ under Section 10(b) of on less-than-adequate information when Information Officer, Securities and
the Securities Act.2 determining in which funds they should Exchange Commission, C/O Remi
invest money. As a result, the Pavlik-Simon, 100 F Street NE.,
Rule 482 contains certain Commission believes it is beneficial for Washington, DC 20549; or send an email
requirements regarding the disclosure funds to provide investors with to: PRA_Mailbox@sec.gov.
that funds are required to provide in balanced information in fund Dated: March 16, 2017.
qualifying advertisements. These advertisements in order to allow
requirements are intended to encourage Eduardo A. Aleman,
investors to make better-informed Assistant Secretary.
the provision to investors of information decisions.
that is balanced and informative, [FR Doc. 2017–05712 Filed 3–21–17; 8:45 am]
The Commission estimates that
particularly in the area of investment 53,907 4 responses to rule 482 are filed BILLING CODE 8011–01–P
performance. For example, a fund is annually by 3,278 investment
required to include disclosure advising companies offering approximately
investors to consider the fund’s SECURITIES AND EXCHANGE
15,494 portfolios, or approximately 3.5
investment objectives, risks, charges and COMMISSION
responses per portfolio annually.5 The
expenses, and other information burden associated with rule 482 is [Release No. 34–80258; File No. SR–
described in the fund’s prospectus, and presently estimated to be 5.16 hours per NYSEArca–2017–28]
highlighting the availability of the response. The annual hourly burden is
fund’s prospectus and, if applicable, its therefore approximately 278,161 hours.6 Self-Regulatory Organizations; NYSE
summary prospectus. In addition, rule The estimate of average burden hours Arca, Inc.; Notice of Filing and
482 advertisements that include is made solely for the purposes of the Immediate Effectiveness of a Proposed
performance data of open-end funds or Paperwork Reduction Act and is not Rule Change To Amend the NYSE Arca
insurance company separate accounts derived from a comprehensive or even Equities Schedule of Fees and
offering variable annuity contracts are a representative survey or study of the Charges for Exchange Services
required to include certain standardized costs of Commission rules and forms. March 16, 2017.
performance information, information The provision of information under rule Pursuant to Section 19(b)(1) 1 of the
about any sales loads or other 482 is necessary to obtain the benefits Securities Exchange Act of 1934 (the
nonrecurring fees, and a legend warning of the safe harbor offered by the rule. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
that past performance does not The information provided under rule notice is hereby given that, on March
guarantee future results. Such funds 482 will not be kept confidential. An 13, 2017, NYSE Arca, Inc. (the
including performance information in agency may not conduct or sponsor, and ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
rule 482 advertisements are also a person is not required to respond to, the Securities and Exchange
required to make available to investors a collection of information unless it Commission (the ‘‘Commission’’) the
month-end performance figures via Web displays a currently valid OMB control proposed rule change as described in
site disclosure or by a toll-free number. Items I and II below, which Items have
telephone number, and to disclose the Written comments are invited on: (a) been prepared by the self-regulatory
availability of the month-end Whether the proposed collection of organization. The Commission is
performance data in the advertisement. information is necessary for the proper publishing this notice to solicit
The rule also sets forth requirements performance of the functions of the comments on the proposed rule change
regarding the prominence of certain agency, including whether the from interested persons.
disclosures, requirements regarding information will have practical utility;
(b) the accuracy of the agency’s estimate I. Self-Regulatory Organization’s
advertisements that make tax Statement of the Terms of Substance of
representations, requirements regarding the Proposed Rule Change
3 See rule 24b–3 under the Investment Company
advertisements used prior to the
Act (17 CFR 270.24b–3), which provides that any The Exchange proposes to amend the
effectiveness of the fund’s registration sales material, including rule 482 advertisements,
statement, requirements regarding the shall be deemed filed with the Commission for
NYSE Arca Equities Schedule of Fees
asabaliauskas on DSK3SPTVN1PROD with NOTICES
timeliness of performance data, and purposes of Section 24(b) of the Investment and Charges for Exchange Services
certain required disclosures by money Company Act upon filing with FINRA. (‘‘Fee Schedule’’). The proposed rule
market funds.
4 This estimated number of responses to rule 482
change is available on the Exchange’s
is composed of 53,746 responses filed with FINRA Web site at www.nyse.com, at the
Rule 482 advertisements must be filed and 161 responses filed with the Commission in
principal office of the Exchange, and at
with the Commission or, in the 2016.
5 53,907 responses ÷ 15,494 portfolios = 3.5
alternative, with the Financial Industry responses per portfolio. 1 15 U.S.C. 78s(b)(1).
6 53,907 responses × 5.16 hours per response = 2 15 U.S.C. 78a.
2 15 U.S.C. 77j(b). 278,161 hours. 3 17 CFR 240.19b–4.
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![14778 Federal Register / Vol. 82, No. 54 / Wednesday, March 22, 2017 / Notices
19(b)(3)(A)(iii) of the Act 11 and Paper Comments SECURITIES AND EXCHANGE
subparagraph (f)(6) of Rule 19b–4 COMMISSION
thereunder.12 • Send paper comments in triplicate
to Secretary, Securities and Exchange
A proposed rule change filed under Commission, 100 F Street NE.,
[Release No. 34–80265; File No. SR–
Rule 19b–4(f)(6) normally does not NYSEArca–2017–05]
Washington, DC 20549–1090.
become operative prior to 30 days after
the date of filing.13 Rule 19b–4(f)(6)(iii), All submissions should refer to File Self-Regulatory Organizations; NYSE
however, permits the Commission to Number SR–NYSEArca–2017–28. This Arca, Inc.; Notice of Designation of a
designate a shorter time if such action file number should be included on the Longer Period for Commission Action
is consistent with the protection of on a Proposed Rule Change Relating
subject line if email is used. To help the
investors and the public interest.14 to the Listing and Trading of Shares of
Commission process and review your
the Direxion Daily Crude Oil Bull 3x
The Exchange has requested that the comments more efficiently, please use Shares and Direxion Daily Crude Oil
Commission waive the 30-day operative only one method. The Commission will Bear 3x Shares Under NYSE Arca
delay. The Exchange asserts that the post all comments on the Commission’s Equities Rule 8.200
proposed rule change does not present Internet Web site (http://www.sec.gov/
any new, unique, or substantive issues rules/sro.shtml). Copies of the March 16, 2017.
and that the proposal is substantially submission, all subsequent On January 23, 2017, NYSE Arca, Inc.
similar to a program in place at Bats amendments, all written statements (‘‘Exchange’’) filed with the Securities
BZX Exchange, Inc.15 Based on the with respect to the proposed rule and Exchange Commission
foregoing, the Commission believes that change that are filed with the (‘‘Commission’’), pursuant to Section
it is consistent with the protection of Commission, and all written 19(b)(1) of the Securities Exchange Act
investors and the public interest to communications relating to the of 1934 (‘‘Act’’) 1 and Rule 19b–4
waive the 30-day operative delay so that proposed rule change between the thereunder,2 a proposed rule change to
the proposal may take effect upon Commission and any person, other than list and trade shares of the Direxion
filing.16 At any time within 60 days of those that may be withheld from the Daily Crude Oil Bull 3x Shares and
the filing of such proposed rule change, public in accordance with the Direxion Daily Crude Oil Bear 3x Shares
the Commission summarily may under NYSE Arca Equities Rule 8.200.
provisions of 5 U.S.C. 552, will be
temporarily suspend such rule change if The proposed rule change was
available for Web site viewing and
it appears to the Commission that such published for comment in the Federal
printing in the Commission’s Public
action is necessary or appropriate in the Register on February 7, 2017.3 The
Reference Room, 100 F Street NE., Commission received no comments on
public interest, for the protection of Washington, DC 20549, on official
investors, or otherwise in furtherance of the proposed rule change.
business days between the hours of Section 19(b)(2) of the Act 4 provides
the purposes of the Act. 10:00 a.m. and 3:00 p.m. Copies of the that, within 45 days of the publication
IV. Solicitation of Comments filing also will be available for of notice of the filing of a proposed rule
inspection and copying at the principal change, or within such longer period up
Interested persons are invited to office of the Exchange. All comments to 90 days as the Commission may
submit written data, views, and received will be posted without change; designate if it finds such longer period
arguments concerning the foregoing, the Commission does not edit personal to be appropriate and publishes its
including whether the proposed rule identifying information from reasons for so finding or as to which the
change is consistent with the Act. submissions. You should submit only self-regulatory organization consents,
Comments may be submitted by any of information that you wish to make the Commission shall either approve the
the following methods: available publicly. All submissions proposed rule change, disapprove the
Electronic Comments should refer to File Number SR– proposed rule change, or institute
NYSEArca–2017–28, and should be proceedings to determine whether the
• Use the Commission’s Internet submitted on or before April 12, 2017. proposed rule change should be
comment form (http://www.sec.gov/ disapproved. The Commission is
rules/sro.shtml); or For the Commission, by the Division of
extending this 45-day time period.
Trading and Markets, pursuant to delegated
• Send an email to rule-comments@ The Commission finds it appropriate
authority.17
sec.gov. Please include File Number SR– to designate a longer period within
Eduardo A. Aleman, which to take action on the proposed
NYSEArca–2017–28 on the subject line.
Assistant Secretary. rule change so that it has sufficient time
11 15 U.S.C. 78s(b)(3)(a)(iii).
[FR Doc. 2017–05605 Filed 3–21–17; 8:45 am] to consider the proposed rule change.
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– BILLING CODE 8011–01–P Accordingly, the Commission, pursuant
4(f)(6) requires a self-regulatory organization to give to Section 19(b)(2) of the Act,5
the Commission written notice of its intent to file designates May 8, 2017 as the date by
the proposed rule change at least five business days which the Commission should either
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the approve or disapprove, or institute
Commission. The Commission has waived the pre- proceedings to determine whether to
asabaliauskas on DSK3SPTVN1PROD with NOTICES
filing requirement. disapprove, the proposed rule change
13 17 CFR 240.19b–4(f)(6)(iii).
(File No. SR–NYSEArca–2017–05).
14 Id.
15 See Securities Exchange Act Release No. 77846
1 15 U.S.C. 78s(b)(1).
(May 17, 2016), 81 FR 32356 (May 23, 2016) (SR–
2 17 CFR 240.19b–4.
BatsBZX–2016–018).
16 For purposes only of waiving the 30-day 3 See Securities Exchange Act Release No. 79916
operative delay, the Commission has considered the (February 1, 2017), 82 FR 9608.
4 15 U.S.C. 78s(b)(2).
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f). 17 17 CFR 200.30–3(a)(12). 5 15 U.S.C. 78s(b)(2).
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Document Created: 2017-03-22 03:58:43
Document Modified: 2017-03-22 03:58:43
| 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 | 82 FR 14775 |
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