82 FR 22598 - Self-Regulatory Organizations; NASDAQ BX, Inc.; Order Granting Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Shorten the Settlement Cycle From T+3 to T+2
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 93 (May 16, 2017)
Federal Register Volume 82, Issue 93 (May 16, 2017)
| Page Range | 22598-22600 | |
| FR Document | 2017-09813 |
[Federal Register Volume 82, Number 93 (Tuesday, May 16, 2017)] [Notices] [Pages 22598-22600] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-09813] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80640; File No. SR-BX-2017-013] Self-Regulatory Organizations; NASDAQ BX, Inc.; Order Granting Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Shorten the Settlement Cycle From T+3 to T+2 May 10, 2017. I. Introduction On March 9, 2017, NASDAQ BX, Inc. (``Exchange'') 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 to conform its rules to an amendment proposed by the Commission to Rule 15c6-1(a) \3\ under the Act to shorten the standard settlement cycle for most broker- dealer transactions from three business days after the trade date (``T+3'') to two business days after the trade date (``T+2'').\4\ On March 13, 2017, the Exchange filed Amendment No. 1 to the proposed rule change.\5\ On March 22, 2017, the Commission adopted an amendment to Rule 15c6-1(a) under the Act to shorten the standard settlement cycle to T+2 and set a compliance date of September 5, 2017.\6\ The Exchange's proposed rule change, as modified by Amendment No.1, was published for comment in the Federal Register on March 27, 2017.\7\ The Commission did not receive any comment letters on the proposed rule change, as modified by Amendment No. 1. This order approves the proposed rule change, as modified by Amendment No. 1. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 17 CFR 240.15c6-1(a). \4\ See Securities Exchange Act Release No. 78962 (September 28, 2016), 81 FR 69240 (October 5, 2016) (Amendment to Securities Transaction Settlement Cycle) (File No. S7-22-16). \5\ In Amendment No. 1, the Exchange proposes to capitalize the letter ``d'' in the word ``department'' in the proposed revisions to Rule 11140(b)(1), as set forth in Exhibit 5 to the filing, to conform to the Exchange's current rule text. \6\ See Securities Exchange Act Release No. 80295 (March 22, 2017), 82 FR 15564 (March 29, 2017) (``SEC Adopting Release''). \7\ See Securities Exchange Act Release No. 80282 (March 21, 2017), 82 FR 15258. --------------------------------------------------------------------------- II. Description of the Proposal, as Modified by Amendment No. 1 The Exchange proposes to amend Exchange Rules 11140 (Transactions in Securities ``Ex-Dividend,'' ``Ex-Rights'' or ``Ex-Warrants''), 11150 (Transactions ``Ex-Interest'' in Bonds Which Are Dealt in ``Flat''), 11210 (Sent by Each Party), 11320 (Dates of Delivery), 11620 (Computation of Interest), and IM-11810 (Sample Buy-In Forms), to conform to the Commission's proposed amendment to Rule 15c6-1(a) under the Act that would shorten the standard settlement cycle for most broker-dealer transactions from T+3 to T+2. Exchange Rule 11140(b)(1) concerns the determination of normal ex- dividend and ex-warrants dates for certain types of dividends and distributions. Currently, with respect to cash dividends or distributions, or stock dividends, and the issuance or distribution of warrants, which are less than 25% of the value of the subject security, if the definitive information is received sufficiently in advance of the record date, the date designated as the ``ex-dividend date'' is the second business day preceding the record date if the record date falls on a business day, or the third business day preceding the record date if the record date falls on a day designated by the Exchange's Regulation Department as a non-delivery day. Under the proposal, the ``ex-dividend date'' would be the first business day preceding the record date if the record date falls on a business day, or the second business day preceding the record date if the record date falls on a day designated by the Exchange's Regulation Department as a non- delivery date. Exchange Rule 11150(a) concerns the determination of normal ex- interest dates for certain types of transactions. Currently, all transactions, except ``cash'' transactions, in bonds or similar evidences of indebtedness which are traded ``flat'' are ``ex-interest'' on the second business day preceding the record date if the record date falls on a business day, on the third business day preceding the record date if the record date falls on a day other than a business day, and on the third business day preceding the date on which an interest payment is to be made if no record date has been fixed. Under the proposal, these transactions would be ``ex-interest'' on the first business day preceding the record date if the record date falls on a business day, on the second business day preceding the record date if the record date falls on a day other than a business day, and on the second business day preceding the date on which an interest payment is to be made if no record date has been fixed. Exchange Rules 11210(c) and (d) set forth ``DK'' procedures using ``Don't Know Notices'' and other forms of notices, respectively.\8\ Exchange Rule 11210(c) currently provides that, when a party to a transaction sends a comparison or confirmation of a trade, but does not receive a comparison or confirmation or a signed DK from the contra- member by the close of four business days following the trade date of the transaction, the party may use the procedures set forth in the rule. The Exchange proposes to shorten the ``four business days'' time period to one business day. Exchange Rule 11210(c)(2)(A) currently provides that a contra-member has four business days [[Page 22599]] after the ``Don't Know Notice'' is received to either confirm or DK the transaction in accordance with Exchange Rule 11210(c)(2)(B) or (C). The Exchange proposes to shorten the ``four business days'' time period to two business days.\9\ Exchange Rule 11210(c)(3) currently provides that if the confirming member does not receive a response from the contra- member by the close of four business days after receipt by the confirming member the fourth copy of the ``Don't Know Notice'' if delivered by messenger, or the post office receipt if delivered by mail, such shall constitute a DK and the confirming member shall have no further liability for the trade. The Exchange proposes to shorten the ``four business days'' time period to two business days. --------------------------------------------------------------------------- \8\ Exchange Rule 11210 does not apply to transactions that clear through the National Securities Clearing Corporation or other clearing organizations registered under the Act. See Exchange Rule 11210(a)(4). \9\ The Exchange also proposes to make non-substantive, formatting changes to Exchange Rule 11210(c)(2)(A). --------------------------------------------------------------------------- The Exchange proposes similar changes to Exchange Rule 11210(d). Exchange Rule 11210(d) currently provides that, when a party to a transaction sends a comparison or confirmation of a trade, but does not receive a comparison or confirmation or a signed DK from the contra- member by the close of four business days following the date of the transaction, the party may use the procedures set forth in the rule. The Exchange proposes to shorten the ``four business days'' time period to one business day. Exchange Rule 11210(d)(5) currently provides that if the confirming member does not receive a response in the form of a notice from the contra-member by the close of four business days after receipt of the confirming member's notice, such shall constitute a DK and the confirming member shall have no further liability. The Exchange proposes to shorten the ``four business days'' time period to two business days. Exchange Rule 11320 prescribes delivery dates for various types of transactions. Exchange Rule 11320(b) currently provides that in connection with a transaction ``regular way,'' delivery is made at the office of the purchaser on, but not before, the third business day following the date of the transaction. Under the proposal, delivery would be required to be made on, but not before, the second business day following the date of the transaction. Exchange Rule 11320(c) currently provides in part that, in connection with a transaction ``seller's option,'' delivery may be made by the seller on any business day after the third business day following the date of transaction and prior to the expiration of the option, provided the seller delivers at the office of the purchaser, on a business day preceding the day of delivery, written notice of intention to deliver. Under the proposal, delivery may be made by the seller on any business day after the second business day following the date of the transaction and prior to expiration of the option.\10\ --------------------------------------------------------------------------- \10\ The Exchange also proposes to make a non-substantive change to Exchange Rule 11320(c). --------------------------------------------------------------------------- Exchange Rule 11620 governs the computation of interest. Exchange Rule 11620(a) currently provides in part that, in the settlement of contracts in interest-paying securities other than for ``cash,'' there shall be added to the dollar price interest at the rate specified in the security, which shall be computed up to but not including the third business day following the date of the transaction. Under the proposal, the interest would be computed up to but not including the second business day following the date of the transaction.\11\ --------------------------------------------------------------------------- \11\ The Exchange also proposes to capitalize certain words in the title of Exchange Rule 11620(a). --------------------------------------------------------------------------- Exchange Rule IM-11810(i)(1)(A) sets forth the circumstances under which a receiving member may deliver a Liability Notice to the delivering member as an alternative to the close-out procedures set forth in Exchange Rule IM-11810(a)-(g). Currently, when the parties to a contract are not both participants in a registered clearing agency that has an automated service for notifying a failing party of the liability that will be attendant to a failure to deliver, the notice must be issued using written or comparable electronic media having immediate receipt capabilities ``no later than one business day prior to the latest time and the date of the offer or other event'' in order to obtain the protection provided by the rule. Under the proposal, the notice must be ``sent as soon as practicable but not later than two hours prior to the cutoff time set forth in the instructions on a specific offer or other event'' in order to obtain the protection provided by the rule. The Exchange represents that it will announce the operative date of the proposed rule change in an Equity Regulatory Alert, which date would correspond with the industry-led transition to a T+2 standard settlement, and the compliance date of the amendment to Rule 15c6-1(a) under the Act.\12\ --------------------------------------------------------------------------- \12\ See SEC Adopting Release, supra note 6. --------------------------------------------------------------------------- III. Discussion and Commission's Findings After careful review of the proposed rule change, as modified by Amendment No. 1, the Commission finds that the proposal is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange.\13\ Specifically, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with Section 6(b)(5) of the Act,\14\ which requires that the rules of a national securities exchange be designed, among other things, to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and to protect investors and the public interest. --------------------------------------------------------------------------- \13\ In approving this proposed rule change, as modified by Amendment No. 1, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \14\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Commission notes that the proposed rule change, as modified by Amendment No. 1, would amend Exchange rules to conform to the amendment that the Commission has adopted to Rule 15c6-1(a) under the Act \15\ and support a move to a T+2 standard settlement cycle. In the SEC Adopting Release, the Commission stated its belief that shortening the standard settlement cycle from T+3 to T+2 will result in a reduction of credit, market, and liquidity risk,\16\ and as a result a reduction in systemic risk for U.S. market participants.\17\ The compliance date for the amendment to Rule 15c6-1(a) under the Act is September 5, 2017.\18\ The Exchange has represented that it would announce the operative date of the proposed rule change in an Equity Regulatory Alert and that such date would correspond to the compliance date of the amendment to Rule 15c6-1(a) under the Act. --------------------------------------------------------------------------- \15\ See SEC Adopting Release, supra note 6. \16\ Credit risk refers to the risk that the credit quality of one party to a transaction will deteriorate to the extent that it is unable to fulfill its obligations to its counterparty on settlement date. Market risk refers to the risk that the value of securities bought and sold will change between trade execution and settlement such that the completion of the trade would result in a financial loss. Liquidity risk describes the risk that an entity will be unable to meet financial obligations on time due to an inability to deliver funds or securities in the form required though it may possess sufficient financial resources in other forms. See id., at 15564 n. 3. \17\ See id. at 15564. \18\ See id. --------------------------------------------------------------------------- For the reasons noted above, the Commission finds that the proposal, as modified by Amendment No. 1, is [[Page 22600]] consistent with the requirements of the Act and would foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, remove impediments to and perfect the mechanism of a free and open market and a national market system, and protect investors and the public interest. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\19\ that the proposed rule change, (SR-BX-2017-013), as modified by Amendment No. 1, be and hereby is, approved. --------------------------------------------------------------------------- \19\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-09813 Filed 5-15-17; 8:45 am] BILLING CODE 8011-01-P
![22598 Federal Register / Vol. 82, No. 93 / Tuesday, May 16, 2017 / Notices
All submissions should refer to File 19(b)(1) of the Securities Exchange Act security, if the definitive information is
Number SR–GEMX–2017–07. This file of 1934 (‘‘Act’’) 1 and Rule 19b–4 received sufficiently in advance of the
number should be included on the thereunder,2 a proposed rule change to record date, the date designated as the
subject line if email is used. To help the conform its rules to an amendment ‘‘ex-dividend date’’ is the second
Commission process and review your proposed by the Commission to Rule business day preceding the record date
comments more efficiently, please use 15c6–1(a) 3 under the Act to shorten the if the record date falls on a business
only one method. The Commission will standard settlement cycle for most day, or the third business day preceding
post all comments on the Commission’s broker-dealer transactions from three the record date if the record date falls
Internet Web site (http://www.sec.gov/ business days after the trade date on a day designated by the Exchange’s
rules/sro.shtml). Copies of the (‘‘T+3’’) to two business days after the Regulation Department as a non-
submission, all subsequent trade date (‘‘T+2’’).4 On March 13, 2017, delivery day. Under the proposal, the
amendments, all written statements the Exchange filed Amendment No. 1 to ‘‘ex-dividend date’’ would be the first
with respect to the proposed rule the proposed rule change.5 On March business day preceding the record date
change that are filed with the 22, 2017, the Commission adopted an if the record date falls on a business
Commission, and all written amendment to Rule 15c6–1(a) under the day, or the second business day
communications relating to the Act to shorten the standard settlement preceding the record date if the record
proposed rule change between the cycle to T+2 and set a compliance date date falls on a day designated by the
Commission and any person, other than of September 5, 2017.6 The Exchange’s Exchange’s Regulation Department as a
those that may be withheld from the proposed rule change, as modified by non-delivery date.
public in accordance with the Amendment No.1, was published for Exchange Rule 11150(a) concerns the
provisions of 5 U.S.C. 552, will be comment in the Federal Register on determination of normal ex-interest
available for Web site viewing and March 27, 2017.7 The Commission did dates for certain types of transactions.
printing in the Commission’s Public not receive any comment letters on the Currently, all transactions, except
Reference Room, 100 F Street NE., proposed rule change, as modified by ‘‘cash’’ transactions, in bonds or similar
Washington, DC 20549, on official Amendment No. 1. This order approves evidences of indebtedness which are
business days between the hours of the proposed rule change, as modified traded ‘‘flat’’ are ‘‘ex-interest’’ on the
10:00 a.m. and 3:00 p.m. Copies of the by Amendment No. 1. second business day preceding the
filing also will be available for record date if the record date falls on a
inspection and copying at the principal II. Description of the Proposal, as business day, on the third business day
office of the Exchange. All comments Modified by Amendment No. 1 preceding the record date if the record
received will be posted without change; The Exchange proposes to amend date falls on a day other than a business
the Commission does not edit personal Exchange Rules 11140 (Transactions in day, and on the third business day
identifying information from Securities ‘‘Ex-Dividend,’’ ‘‘Ex-Rights’’ preceding the date on which an interest
submissions. You should submit only or ‘‘Ex-Warrants’’), 11150 (Transactions payment is to be made if no record date
information that you wish to make ‘‘Ex-Interest’’ in Bonds Which Are Dealt has been fixed. Under the proposal,
available publicly. All submissions in ‘‘Flat’’), 11210 (Sent by Each Party), these transactions would be ‘‘ex-
should refer to File Number SR–GEMX– 11320 (Dates of Delivery), 11620 interest’’ on the first business day
2017–07 and should be submitted on or (Computation of Interest), and IM– preceding the record date if the record
before June 6, 2017. 11810 (Sample Buy-In Forms), to date falls on a business day, on the
For the Commission, by the Division of conform to the Commission’s proposed second business day preceding the
Trading and Markets, pursuant to delegated amendment to Rule 15c6–1(a) under the record date if the record date falls on a
authority.18 Act that would shorten the standard day other than a business day, and on
Eduardo A. Aleman, settlement cycle for most broker-dealer the second business day preceding the
Assistant Secretary. transactions from T+3 to T+2. date on which an interest payment is to
[FR Doc. 2017–09821 Filed 5–15–17; 8:45 am] Exchange Rule 11140(b)(1) concerns be made if no record date has been
the determination of normal ex- fixed.
BILLING CODE 8011–01–P
Exchange Rules 11210(c) and (d) set
dividend and ex-warrants dates for
forth ‘‘DK’’ procedures using ‘‘Don’t
certain types of dividends and
SECURITIES AND EXCHANGE Know Notices’’ and other forms of
distributions. Currently, with respect to
COMMISSION notices, respectively.8 Exchange Rule
cash dividends or distributions, or stock
11210(c) currently provides that, when
[Release No. 34–80640; File No. SR–BX– dividends, and the issuance or
a party to a transaction sends a
2017–013] distribution of warrants, which are less comparison or confirmation of a trade,
than 25% of the value of the subject but does not receive a comparison or
Self-Regulatory Organizations; confirmation or a signed DK from the
NASDAQ BX, Inc.; Order Granting 1 15 U.S.C. 78s(b)(1).
contra-member by the close of four
2 17 CFR 240.19b–4.
Approval of a Proposed Rule Change, business days following the trade date
3 17 CFR 240.15c6–1(a).
as Modified by Amendment No. 1, To 4 See Securities Exchange Act Release No. 78962 of the transaction, the party may use the
Shorten the Settlement Cycle From (September 28, 2016), 81 FR 69240 (October 5, procedures set forth in the rule. The
T+3 to T+2 2016) (Amendment to Securities Transaction Exchange proposes to shorten the ‘‘four
Settlement Cycle) (File No. S7–22–16).
May 10, 2017. 5 In Amendment No. 1, the Exchange proposes to
business days’’ time period to one
sradovich on DSK3GMQ082PROD with NOTICES
capitalize the letter ‘‘d’’ in the word ‘‘department’’ business day. Exchange Rule
I. Introduction 11210(c)(2)(A) currently provides that a
in the proposed revisions to Rule 11140(b)(1), as set
On March 9, 2017, NASDAQ BX, Inc. forth in Exhibit 5 to the filing, to conform to the contra-member has four business days
(‘‘Exchange’’) filed with the Securities Exchange’s current rule text.
6 See Securities Exchange Act Release No. 80295 8 Exchange Rule 11210 does not apply to
and Exchange Commission (March 22, 2017), 82 FR 15564 (March 29, 2017) transactions that clear through the National
(‘‘Commission’’), pursuant to Section (‘‘SEC Adopting Release’’). Securities Clearing Corporation or other clearing
7 See Securities Exchange Act Release No. 80282 organizations registered under the Act. See
18 17 CFR 200.30–3(a)(12) and (59). (March 21, 2017), 82 FR 15258. Exchange Rule 11210(a)(4).
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![22600 Federal Register / Vol. 82, No. 93 / Tuesday, May 16, 2017 / Notices
consistent with the requirements of the pursuant to the Regulation NMS Plan to 2017.7 The Exchange is proposing to
Act and would foster cooperation and Implement a Tick Size Pilot Program. amend Supplementary Material .70 to
coordination with persons engaged in The proposed rule change is available Rule 7.46 to delay the Appendix B data
regulating, clearing, settling, processing on the Exchange’s Web site at Web site publication date until August
information with respect to, and www.nyse.com, at the principal office of 31, 2017. The Exchange is proposing to
facilitating transactions in securities, the Exchange, and at the Commission’s further delay the Web site publication of
remove impediments to and perfect the Public Reference Room. Appendix B data until August 31, 2017
mechanism of a free and open market II. Self-Regulatory Organization’s to permit additional time to consider a
and a national market system, and Statement of the Purpose of, and methodology to mitigate concerns raised
protect investors and the public interest. Statutory Basis for, the Proposed Rule in connection with the publication of
Change Appendix B data.8
IV. Conclusion
In its filing with the Commission, the Pursuant to this proposed
It is therefore ordered, pursuant to
self-regulatory organization included amendment, the Exchange would
Section 19(b)(2) of the Act,19 that the
statements concerning the purpose of, publish the required Appendix B data
proposed rule change, (SR–BX–2017–
and basis for, the proposed rule change for the Pre-Pilot Period through April
013), as modified by Amendment No. 1,
and discussed any comments it received 30, 2017, by August 31, 2017.
be and hereby is, approved.
on the proposed rule change. The text Thereafter, Appendix B data for a given
For the Commission, by the Division of month would be published within 120
Trading and Markets, pursuant to delegated of those statements may be examined at
the places specified in Item IV below. calendar days following month end.9
authority.20
The Exchange has prepared summaries, Thus, for example, Appendix B data for
Eduardo A. Aleman, May 2017 would be made available on
Assistant Secretary. set forth in sections A, B, and C below,
of the most significant parts of such the Exchange’s or DEA’s Web site by
[FR Doc. 2017–09813 Filed 5–15–17; 8:45 am] September 28, 2017, and data for the
statements.
BILLING CODE 8011–01–P month of June 2017 would be made
A. Self-Regulatory Organization’s available on the Exchange’s or DEA’s
Statement of the Purpose of, and the Web site by October 28, 2017.
SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule
COMMISSION As noted in Item 2 of this filing, the
Change Exchange has filed the proposed rule
[Release No. 34–80651; File No. SR– 1. Purpose change for immediate effectiveness and
NYSEARCA–2017–49] has requested that the Commission
Rule 7.46(b) (Compliance with Data
Collection Requirements) 4 implements waive the 30-day operative delay. If the
Self-Regulatory Organizations; NYSE Commission waives the 30-day
Arca, Inc.; Notice of Filing and the data collection and Web site
publication requirements of the Plan.5 operative delay, the operative date of
Immediate Effectiveness of Proposed the proposed rule change will be the
Rule Change To Amend Rule 7.46 To Supplementary Material .70 to Rule 7.46
provides, among other things, that the date of filing.
Modify the Date of Appendix B Web
site Data Publication Pursuant to the requirement that the Exchange or their 2. Statutory Basis
Regulation NMS Plan To Implement a DEA make certain data for the Pre-Pilot
Tick Size Pilot Program Period and Pilot Period 6 publicly The Exchange believes that its
available on the Exchange’s or DEA’s proposal is consistent with Section 6(b)
May 10, 2017. Web site pursuant to Appendix B to the of the Act,10 in general, and furthers the
Pursuant to Section 19(b)(1) 1 of the Plan shall commence on April 28, objectives of Section 6(b)(5) of the Act,11
Securities Exchange Act of 1934 (the in particular, in that it is designed to
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 4 See Securities Exchange Act Release No. 77484 prevent fraudulent and manipulative
notice is hereby given that, on April 27, (March 31, 2016), 81 FR 20024 (April 4, 2016) acts and practices, to promote just and
2017, NYSE Arca, Inc. (the ‘‘Exchange’’ (Immediate Effectiveness of Proposed Rule Change equitable principles of trade, to remove
Adopting Requirements for the Collection and
or ‘‘NYSE Arca’’) filed with the Transmission of Data Pursuant to Appendices B and impediments to and perfect the
Securities and Exchange Commission C of Regulation NMS Plan to Implement a Tick Size mechanism of a free and open market
(the ‘‘Commission’’) the proposed rule Pilot Program) (SR–NYSEARCA–2016–52); see also and a national market system, and, in
change as described in Items I, II, and Securities Exchange Act Release No. 78814
(September 12, 2016), 81 FR 63818 (September 16,
III below, which Items have been 2016) (Immediate Effectiveness of Proposed Rule
7 See Supplementary Material .70 to Rule 7.46.
prepared by the self-regulatory Change to Amend Rule 7.46 to Modify Certain Data See also Securities Exchange Act Release No. 80175
organization. The Commission is Collection Requirements of the Regulation NMS (March 8, 2017), 82 FR 13688 (March 14, 2017). See
Plan to Implement a Tick Size Pilot Program) (SR– also Letter from David S. Shillman, Associate
publishing this notice to solicit Director, Division of Trading and Markets,
NYSEARCA–2016–124); see also Letter from John
comments on the proposed rule change C. Roeser, Associate Director, Division of Trading Commission, to Robert L.D. Colby, Executive Vice
from interested persons. and Markets, Commission, to Sherry Sandler, President and Chief Legal Officer, Financial
Associate General Counsel, NYSE Arca, dated April Industry Regulatory Authority, Inc. (‘‘FINRA’’),
I. Self-Regulatory Organization’s 4, 2016. dated February 28, 2017.
Statement of the Terms of Substance of 5 The Participants filed the Plan to comply with 8 On March 3, 2017, FINRA filed a proposed rule
the Proposed Rule Change an order issued by the Commission on June 24, change to implement an anonymous, grouped
2014. See Letter from Brendon J. Weiss, Vice masking methodology for Appendix B.I, B.II. and
The Exchange proposes to amend President, Intercontinental Exchange, Inc., to B.IV. data. The comment period ended on April 5,
sradovich on DSK3GMQ082PROD with NOTICES
Rule 7.46 to modify the date of Secretary, Commission, dated August 25, 2014 2017, and the Commission received three comment
(‘‘SRO Tick Size Plan Proposal’’). See Securities letters. See Securities Exchange Act Release No.
Appendix B Web site data publication 80193 (March 9, 2017) 82 FR 13901 (March 15,
Exchange Act Release No 72460 (June 24, 2014), 79
FR 36840 (June 30, 2014); see also Securities 2017).
19 15 U.S.C. 78s(b)(2). 9 FINRA also submitted an exemptive request, on
Exchange Act Release No. 74892 (May 6, 2015), 80
20 17 CFR 200.30–3(a)(12). FR 27513 (May 13, 2015). behalf of all Participants, to the SEC in connection
1 15 U.S.C.78s(b)(1). 6 Unless otherwise defined herein, capitalized with the instant filing.
2 15 U.S.C. 78a. 10 15 U.S.C. 78f(b).
terms have the meaning ascribed to them in the
3 17 CFR 240.19b–4. Plan. 11 15 U.S.C. 78f(b)(5).
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Document Created: 2017-05-16 13:52:43
Document Modified: 2017-05-16 13:52:43
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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