82 FR 26722 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period for the Exchange's Retail Liquidity Program Until December 31, 2017
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 109 (June 8, 2017)
Federal Register Volume 82, Issue 109 (June 8, 2017)
| Page Range | 26722-26724 | |
| FR Document | 2017-11867 |
[Federal Register Volume 82, Number 109 (Thursday, June 8, 2017)] [Notices] [Pages 26722-26724] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-11867] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80851; File No. SR-NYSEARCA-2017-63] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period for the Exchange's Retail Liquidity Program Until December 31, 2017 June 2, 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 May 23, 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, II, and III below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C.78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to extend the pilot period for the Exchange's Retail Liquidity Program (the ``Retail Liquidity Program'' or the ``Program''), which is currently scheduled to expire on June 30, 2017, until December 31, 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to extend the pilot period of the Retail Liquidity Program, currently scheduled to expire on June 30, 2017,\4\ until December 31, 2017. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 79495 (December 7, 2016), 81 FR 90033 (December 13, 2016) (SR-NYSEArca-2016-157). --------------------------------------------------------------------------- Background In December 2013, the Commission approved the Retail Liquidity Program on a pilot basis.\5\ The Program is designed to attract retail order flow to the Exchange, and allows such order flow to receive potential price improvement. The Program is currently limited to trades occurring at prices equal to or greater than $1.00 per share. Under the Program, Retail Liquidity Providers (``RLPs'') are able to provide potential price improvement in the form of a non-displayed order that is priced better than the Exchange's best protected bid or offer (``PBBO''), called [[Page 26723]] a Retail Price Improvement Order (``RPI''). When there is an RPI in a particular security, the Exchange disseminates an indicator, known as the Retail Liquidity Identifier, indicating that such interest exists. Retail Member Organizations (``RMOs'') can submit a Retail Order to the Exchange, which would interact, to the extent possible, with available contra-side RPIs. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 71176 (December 23, 2013), 78 FR 79524 (December 30, 2013) (SR-NYSEArca-2013-107) (``RLP Approval Order''). --------------------------------------------------------------------------- The Retail Liquidity Program was approved by the Commission on a pilot basis. Pursuant to NYSE Arca Equities Rule 7.44(m), the pilot period for the Program is scheduled to end on June 30, 2017. Proposal To Extend the Operation of the Program The Exchange established the Retail Liquidity Program in an attempt to attract retail order flow to the Exchange by potentially providing price improvement to such order flow. The Exchange believes that the Program promotes competition for retail order flow by allowing Exchange members to submit RPIs to interact with Retail Orders. Such competition has the ability to promote efficiency by facilitating the price discovery process and generating additional investor interest in trading securities, thereby promoting capital formation. The Exchange believes that extending the pilot is appropriate because it will allow the Exchange and the Commission additional time to analyze data regarding the Program that the Exchange has committed to provide.\6\ As such, the Exchange believes that it is appropriate to extend the current operation of the Program.\7\ Through this filing, the Exchange seeks to amend NYSE Arca Equities Rule 7.44(m) and extend the current pilot period of the Program until December 31, 2017. --------------------------------------------------------------------------- \6\ See RLP Approval Order, supra n. 5, 78 FR at 79529. \7\ Concurrently with this filing, the Exchange has submitted a request for an extension of the exemption under Regulation NMS Rule 612 previously granted by the Commission that permits it to accept and rank the undisplayed RPIs. See Letter from Martha Redding, Asst. Corporate Secretary, NYSE Group, Inc. to Brent J. Fields, Secretary, Securities and Exchange Commission, dated May 23, 2017. --------------------------------------------------------------------------- 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Act,\8\ in general, and furthers the objectives of Section 6(b)(5),\9\ in particular, in that it 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. The Exchange believes that extending the pilot period for the Retail Liquidity Program is consistent with these principles because the Program is reasonably designed to attract retail order flow to the exchange environment, while helping to ensure that retail investors benefit from the better price that liquidity providers are willing to give their orders. Additionally, as previously stated, the competition promoted by the Program may facilitate the price discovery process and potentially generate additional investor interest in trading securities. The extension of the pilot period will allow the Commission and the Exchange to continue to monitor the Program for its potential effects on public price discovery, and on the broader market structure. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change simply extends an established pilot program for an additional six months, thus allowing the Retail Liquidity Program to enhance competition for retail order flow and contribute to the public price discovery process. 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 Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\ Because the 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 prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(iii). \11\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. --------------------------------------------------------------------------- \12\ 17 CFR 240.19b-4(f)(6). \13\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- 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-NYSEARCA-2017-63 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-2017-63. 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 [[Page 26724]] 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-2017-63, and should be submitted on or before June 29, 2017. --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-11867 Filed 6-7-17; 8:45 am] BILLING CODE 8011-01-P
![26722 Federal Register / Vol. 82, No. 109 / Thursday, June 8, 2017 / Notices
of operational risk, both internal and settlement requirement of Section comments on the proposed rule change
external, and mitigating their impact 17A(b)(3)(F) of the Act and with from interested persons.
through the use of appropriate systems, operational risk requirements of Rule
I. Self-Regulatory Organization’s
policies, procedures and controls, as 17Ad–22(e)(17).
The Commission also believes that the Statement of the Terms of the Substance
well as to ensure that systems have a
proposed rule change provides for an of the Proposed Rule Change
high degree of security, resiliency,
operational reliability, and adequate, approach that takes into consideration The Exchange proposes to extend the
scalable capacity.12 Rule 17Ad–22(b)(1) relevant risks (including hazard rates pilot period for the Exchange’s Retail
requires, in relevant part, a registered and interest rates) in order to provide Liquidity Program (the ‘‘Retail Liquidity
clearing agency that performs central for appropriate method for calculating Program’’ or the ‘‘Program’’), which is
counterparty services to establish, CDS prices, and consequently the currently scheduled to expire on June
implement, maintain and enforce measurement of LCH SA’s credit 30, 2017, until December 31, 2017. The
written policies and procedures that are exposures and margin requirements, in proposed rule change is available on the
reasonably designed to measure the the event that the ISDA Pricer fails. As Exchange’s Web site at www.nyse.com,
registered clearing agency’s credit a result, the proposed rule change is at the principal office of the Exchange,
exposures to its participants at least consistent with requirements of Rules and at the Commission’s Public
once daily and limit its exposures to 17Ad–22(b)(1) and (2), and Rule 17Ad– Reference Room.
potential losses from participant 22(e)(6). II. Self-Regulatory Organization’s
defaults under normal market IV. Conclusion Statement of the Purpose of, and
conditions.13 Rule 17Ad–22(b)(2) Statutory Basis for, the Proposed Rule
requires, in relevant part, a registered It is therefore ordered pursuant to
Section 19(b)(2) of the Act that the Change
clearing agency that performs central
counterparty services to establish, proposed rule change (SR–LCH SA– In its filing with the Commission, the
implement, maintain and enforce 2017–004) be, and hereby is, self-regulatory organization included
written policies and procedures that are approved.16 statements concerning the purpose of,
reasonably designed to use margin For the Commission by the Division of and basis for, the proposed rule change
requirements to limit its credit Trading and Markets, pursuant to delegated and discussed any comments it received
exposures to participants under normal authority.17 on the proposed rule change. The text
market conditions and use risk-based Eduardo A. Aleman, of those statements may be examined at
models and parameters to set margin Assistant Secretary. the places specified in Item IV below.
requirements.14 Rule 17Ad–22(e)(6) The Exchange has prepared summaries,
[FR Doc. 2017–11865 Filed 6–7–17; 8:45 am]
requires, in relevant part, a covered set forth in sections A, B, and C below,
BILLING CODE 8011–01–P
clearing agency that provides central of the most significant parts of such
counterparty services to cover its credit statements.
exposures to its participants by SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
establishing a risk-based margin system COMMISSION Statement of the Purpose of, and
that, at a minimum, considers and Statutory Basis for, the Proposed Rule
[Release No. 34–80851; File No. SR–
produces margin levels commensurate NYSEARCA–2017–63] Change
with the risks and particular attributes
of each relevant product, portfolio and 1. Purpose
Self-Regulatory Organizations; NYSE
market, and marks participant positions Arca, Inc.; Notice of Filing and The purpose of this filing is to extend
to market and collects margin, including Immediate Effectiveness of Proposed the pilot period of the Retail Liquidity
variation margin or equivalent charges if Rule Change To Extend the Pilot Program, currently scheduled to expire
relevant, at least daily.15 Period for the Exchange’s Retail on June 30, 2017,4 until December 31,
The Commission finds that the Liquidity Program Until December 31, 2017.
proposed rule change is consistent with 2017 Background
Section 17A(b)(3)(F) of the Act and the
relevant provisions of Rule 17Ad–22 June 2, 2017. In December 2013, the Commission
thereunder. The Commission believes Pursuant to Section 19(b)(1) 1 of the approved the Retail Liquidity Program
that the proposed rule change will Securities Exchange Act of 1934 (the on a pilot basis.5 The Program is
reduce the risk that the process for ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 designed to attract retail order flow to
determining spread margin notice is hereby given that, on May 23, the Exchange, and allows such order
requirements will require excessive time 2017, NYSE Arca, Inc. (the ‘‘Exchange’’ flow to receive potential price
to process in the event that extreme or ‘‘NYSE Arca’’) filed with the improvement. The Program is currently
spread curves cause the ISDA Pricer to Securities and Exchange Commission limited to trades occurring at prices
fail; the proposed rule change thereby (the ‘‘Commission’’) the proposed rule equal to or greater than $1.00 per share.
will improve LCH SA’s operational change as described in Items I, II, and Under the Program, Retail Liquidity
ability to calculate its margin III below, which Items have been Providers (‘‘RLPs’’) are able to provide
requirements promptly without prepared by the self-regulatory potential price improvement in the form
sacrificing accuracy. Because it will organization. The Commission is of a non-displayed order that is priced
asabaliauskas on DSKBBXCHB2PROD with NOTICES
facilitate the calculation of margin publishing this notice to solicit better than the Exchange’s best
requirements in a timely fashion, the protected bid or offer (‘‘PBBO’’), called
16 In approving the proposed rule change, the
proposed rule change is consistent with Commission considered the proposal’s impact on 4 See Securities Exchange Act Release No. 79495
the prompt and accurate clearance and efficiency, competition, and capital formation. 15 (December 7, 2016), 81 FR 90033 (December 13,
U.S.C. 78c(f). 2016) (SR–NYSEArca–2016–157).
12 17 CFR 240.17Ad–22(e)(17). 17 17 CFR 200.30–3(a)(12).
5 See Securities Exchange Act Release No. 71176
13 17 CFR 240.17Ad–22(b)(1). 1 15 U.S.C.78s(b)(1).
(December 23, 2013), 78 FR 79524 (December 30,
14 17 CFR 240.17Ad–22(b)(2). 2 15 U.S.C. 78a.
2013) (SR–NYSEArca–2013–107) (‘‘RLP Approval
15 17 CFR 240.17Ad–22(e)(6)(i) and (ii). 3 17 CFR 240.19b–4. Order’’).
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![26724 Federal Register / Vol. 82, No. 109 / Thursday, June 8, 2017 / Notices
communications relating to the duty to systemize a non-electronic order determining whether to declare a market
proposed rule change between the prior to representing it in open outcry to be ‘‘fast.’’ Specifically, proposed new
Commission and any person, other than trading. The proposed rule change was language in Rule 6.6(a) would provide
those that may be withheld from the published for comment in the Federal that: ‘‘[i]t may be in the interest of fair
public in accordance with the Register on March 6, 2017.3 The and orderly markets to declare a fast
provisions of 5 U.S.C. 552, will be Commission received no comments on market when one or more of the
available for Web site viewing and the proposed rule change. On April 18, following conditions have been met: (i)
printing in the Commission’s Public 2017, pursuant to Section 19(b)(2) of the The previous day’s closing price of the
Reference Room, 100 F Street NE., Exchange Act,4 the Commission S&P 500 Index is more than 2% away
Washington, DC 20549 on official designated a longer period within which from the previous day’s opening price;
business days between the hours of to approve the proposed rule change, (ii) the front-month E-mini S&P 500
10:00 a.m. and 3:00 p.m. Copies of the disapprove the proposed rule change, or Future (symbol ES/1) is trading more
filing also will be available for institute proceedings to determine than 20 points above or below the
inspection and copying at the principal whether to disapprove the proposed previous day’s closing values by 8:00
office of the Exchange. All comments rule change.5 a.m. CT; or (iii) the intraday price of the
received will be posted without change; The Commission is publishing this S&P 500 Index moves more than 1% in
the Commission does not edit personal notice to solicit comments on the any one hour interval during regular
identifying information from proposed rule change from interested trading hours.’’ In the Notice, CBOE
submissions. You should submit only persons and to institute proceedings acknowledges that some of these
information that you wish to make under Section 19(b)(2)(B) of the conditions occur with some degree of
available publicly. All submissions Exchange Act 6 to determine whether to frequency,9 but nevertheless asserts that
should refer to File Number SR– approve or disapprove the proposed these measures could reflect volatile
NYSEARCA–2017–63, and should be rule change, as discussed in Section III trading conditions.10 The Exchange
submitted on or before June 29, 2017. below. The institution of proceedings asserts that including these guidelines
For the Commission, by the Division of does not indicate that the Commission in the rule text would give better notice
Trading and Markets, pursuant to delegated has reached any conclusions with to market participants as to when it
authority.15 respect to any of the issues involved, might declare a fast market.11
Eduardo A. Aleman, nor does it mean that the Commission Further, CBOE proposes to allow two
Assistant Secretary. will ultimately disapprove the proposed Floor Officials to suspend during a fast
[FR Doc. 2017–11867 Filed 6–7–17; 8:45 am]
rule change. Rather, as described in market the requirement of CBOE Rule
Section III below, the Commission seeks 6.24 that non-electronic orders be
BILLING CODE 8011–01–P
and encourages interested persons to systematized prior to representation on
provide additional comment on the the trading floor.12 During such a
SECURITIES AND EXCHANGE proposed rule change in order to inform suspension, Trading Permit Holders
COMMISSION the Commission’s analysis of whether to (‘‘TPHs’’) and TPH organizations would
approve or disapprove the proposed be required to follow the procedures
[Release No. 34–80854; File No. SR–CBOE– rule change. described in Rule 6.24(b), which require
2017–010]
II. Summary of Proposal paper tickets to be used for orders
Self-Regulatory Organizations; received during a malfunction or
Currently, CBOE Rule 6.6(a) permits
Chicago Board Options Exchange, disruption of the Exchange’s systems.13
two Floor Officials to declare a market
Incorporated; Order Instituting The Exchange also would require that,
to be ‘‘fast’’ ‘‘because of an influx of
Proceedings To Determine Whether To as soon as it declares an end to a fast
orders or other unusual conditions or
Approve or Disapprove a Proposed market, TPHs would be required
circumstances’’ when doing so would be
Rule Change Related to Unusual immediately to resume systematizing
in ‘‘the interest of maintaining a fair and
Market Conditions and the Duty To orders prior to representing them and
orderly market.’’ 7 Once a market is
Systemize Non-Electronic Orders Prior use best efforts to, as soon as possible
declared ‘‘fast,’’ Floor Officials have the
to Representation and no later than the close of business,
authority to take a number of actions.8
In its filing, CBOE proposes several input electronically into the Exchange’s
June 2, 2017. systems all relevant order information
changes to Rule 6.6. First, CBOE
I. Introduction proposes to amend paragraph (a) of the received during the time period when
rule to require that at least one of the the order systematization requirement
On February 15, 2017, the Chicago was suspended.14
Board Options Exchange, Incorporated two Floor Officials that declares a fast
market must be an Exchange employee. In justifying its proposal, CBOE
(‘‘Exchange’’ or ‘‘CBOE’’) filed with the highlights that the risk that customers
Securities and Exchange Commission Additionally, the Exchange proposes to
provide a non-exhaustive list of and market participants may experience
(‘‘Commission’’), pursuant to Section losses if they miss the market as a result
19(b)(1) of the Securities Exchange Act ‘‘unusual conditions or circumstances’’
that Floor Officials may consider when of the time required for TPHs to
of 1934 (‘‘Exchange Act’’) 1 and Rule systematize orders, a risk that CBOE
19b–4 thereunder,2 a proposed rule 3 See Securities Exchange Act Release No. 80123
change to amend its rules regarding the (February 28, 2017), 82 FR 12667 (‘‘Notice’’). 9 See Notice, supra note 3, at 12669 (noting that,
asabaliauskas on DSKBBXCHB2PROD with NOTICES
circumstances in which CBOE Floor 4 15 U.S.C. 78s(b)(2). over a prior eight month period, the intraday price
Officials may declare a ‘‘fast’’ market 5 See Securities Exchange Act Release No. 80481, of the S&P 500 Index had moved more than 1% in
any one hour interval during regular trading hours
and the actions those Floor Officials 82 FR 18941 (April 24, 2017). The Commission
on at least 30 days, which the Exchange categorized
may take when a fast market is declared, designated June 4, 2017, as the date by which the
Commission shall either approve or disapprove, or as a ‘‘not . . . infrequent occurrence’’).
including the ability to suspend the institute proceedings to determine whether to 10 See id. at 12668–69.
disapprove, the proposed rule change. 11 See id.
15 17 CFR 200.30–3(a)(12). 6 15 U.S.C. 78s(b)(2)(B). 12 See proposed Rule 6.6(b).
1 15 U.S.C. 78s(b)(1). 7 See CBOE Rule 6.6(a). 13 See proposed Rule 6.6.01.
2 17 CFR 240.19b–4. 8 See CBOE Rule 6.6(b). 14 See id.
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Document Created: 2018-11-14 10:07:20
Document Modified: 2018-11-14 10:07:20
| 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 26722 |
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