82 FR 32394 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the SPY Pilot Program

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 133 (July 13, 2017)

Page Range		32394-32396
FR Document		2017-14659
Federal Register, Volume 82 Issue 133 (Thursday, July 13, 2017)
[Federal Register Volume 82, Number 133 (Thursday, July 13, 2017)]
[Notices]
[Pages 32394-32396]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-14659]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81090; File No. SR-NASDAQ-2017-063]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Extend the SPY Pilot Program

July 7, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on June 29, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I and II below, which Items have been prepared by the Exchange. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to extend for another twelve (12) month time 
period the pilot program to eliminate position limits for options on 
the SPDR[supreg] S&P 500[supreg] exchange-traded fund (``SPY ETF'' or 
``SPY''),\3\ which list and trade under the symbol SPY (``SPY Pilot 
Program'').
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    \3\ ``SPDR[supreg],'' ``Standard & Poor's[supreg],'' 
``S&P[supreg],'' ``S&P 500[supreg],'' and ``Standard & Poor's 500'' 
are registered trademarks of Standard & Poor's Financial Services 
LLC. The SPY ETF represents ownership in the SPDR S&P 500 Trust, a 
unit investment trust that generally corresponds to the price and 
yield performance of the SPDR S&P 500 Index.
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    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaq.cchwallstreet.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 Exchange 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 these 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 aspects 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 the proposed rule change is to amend the 
Supplementary Material at the end of Chapter III, Section 7 (Position 
Limits), to extend the current pilot which expires on July 12, 2017 for 
an additional twelve (12) month time period to July 12, 2018 
(``Extended Pilot''). This filing does not propose any substantive 
changes to the SPY Pilot Program. In proposing to extend the SPY Pilot 
Program, the Exchange reaffirms its consideration of several factors 
that supported the original proposal of the SPY Pilot Program, 
including (1) the availability of economically equivalent products and 
their respective position limits; (2) the liquidity of the option and 
the underlying security; (3) the market capitalization of the 
underlying security and the related index; (4) the reporting of large 
positions and requirements

[[Page 32395]]

surrounding margin; and (5) the potential for market on close 
volatility.
    With this proposal, the Exchange submits the SPY report to the 
Commission, which report reflects, during the time period from May 2016 
through May 2017, the trading of standardized SPY options with no 
position limits consistent with option exchange provisions.\4\ The 
report was prepared in the manner specified in the Exchange's prior 
rule filing extending the SPY Pilot Program.\5\ The Exchange notes that 
it is unaware of any problems created by the SPY Pilot Program and does 
not foresee any as a result of the proposed extension. The proposed 
extension will allow the Exchange and the Commission additional time to 
further evaluate the pilot program and its effect on the market.
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    \4\ The report is attached as Exhibit 3 [sic].
    \5\ See Securities Exchange Act Release No. 78123 (June 22, 
2016), 81 FR 42030 (June 28, 2016) (SR-NASDAQ-2016-084).
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    As with the original proposal to establish the SPY Pilot Program, 
the Exchange represents that a SPY Pilot Report will be submitted at 
least thirty (30) days before the end of the Extended Pilot and would 
analyze that period. The Pilot Report will detail the size and 
different types of strategies employed with respect to positions 
established as a result of the elimination of position limits in SPY. 
In addition, the report will note whether any problems resulted due to 
the no limit approach and any other information that may be useful in 
evaluating the effectiveness of the Extended Pilot. The Pilot Report 
will compare the impact of the SPY Pilot Program, if any, on the 
volumes of SPY options and the volatility in the price of the 
underlying SPY shares, particularly at expiration during the Extended 
Pilot. In preparing the report the Exchange will utilize various data 
elements such as volume and open interest. In addition the Exchange 
will make available to Commission staff data elements relating to the 
effectiveness of the SPY Pilot Program. Conditional on the findings in 
the SPY Pilot Report, the Exchange will file with the Commission a 
proposal to extend the pilot program, adopt the pilot program on a 
permanent basis or terminate the pilot. If the SPY Pilot Program is not 
extended or adopted on a permanent basis by the expiration of the 
Extended Pilot, the position limits for SPY options would revert to 
limits in effect prior to the commencement of the SPY Pilot Program.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \6\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \7\ in particular, in that it is designed 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 facilitating transactions in securities, 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.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change would be 
beneficial to market participants, including market makers, 
institutional investors and retail investors, by permitting them to 
establish greater positions when pursuing their investment goals and 
needs. The Exchange also believes that economically equivalent products 
should be treated in an equivalent manner so as to avoid regulatory 
arbitrage, especially with respect to position limits. Treating SPY and 
SPX options differently by virtue of imposing different position limits 
is inconsistent with the notion of promoting just and equitable 
principles of trade and removing impediments to perfect the mechanisms 
of a free and open market. At the same time, the Exchange believes that 
the elimination of position limits for SPY options would not increase 
market volatility or facilitate the ability to manipulate the market.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act. In this regard, the Exchange notes that the rule change is 
being proposed as a competitive response to similar filings that the 
Exchange expects to be filed by other options exchanges. The Exchange 
believes this proposed rule change is necessary to permit fair 
competition among the options exchanges and to establish uniform 
position limits for a multiply listed options class.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

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 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.\8\
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    \8\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the text of 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.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \9\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \10\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has asked the Commission to waive the 30-day operative delay so that 
the proposal may become operative immediately upon filing. The Exchange 
believes that waiver of the operative delay is consistent with the 
protection of investors and the public interest because it will allow 
the SPY Pilot Program to continue without interruption. The Commission 
believes that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest. Therefore, the 
Commission hereby waives the operative delay and designates the 
proposed rule change operative upon filing.\11\
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    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 17 CFR 240.19b-4(f)(6)(iii).
    \11\ 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).
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    At any time within 60 days of the filing of the 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 to 
determine whether the proposed rule should be approved or disapproved.

[[Page 32396]]

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-NASDAQ-2017-063 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2017-063. 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 such 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-NASDAQ-2017-063, and should 
be submitted on or before August 3, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-14659 Filed 7-12-17; 8:45 am]
 BILLING CODE 8011-01-P
32394 Federal Register / Vol. 82, No. 133 / Thursday, July 13, 2017 / Notices

become operative immediately upon change that are filed with the I. Self-Regulatory Organization’s
filing. The Exchange believes that Commission, and all written Statement of the Terms of the Substance
waiver of the operative delay is communications relating to the of the Proposed Rule Change
consistent with the protection of proposed rule change between the The Exchange proposes to extend for
investors and the public interest Commission and any person, other than another twelve (12) month time period
because it will allow the SPY Pilot those that may be withheld from the the pilot program to eliminate position
Program to continue without public in accordance with the limits for options on the SPDR® S&P
interruption. The Commission believes provisions of 5 U.S.C. 552, will be 500® exchange-traded fund (‘‘SPY ETF’’
that waiving the 30-day operative delay available for Web site viewing and or ‘‘SPY’’),3 which list and trade under
is consistent with the protection of printing in the Commission’s Public the symbol SPY (‘‘SPY Pilot Program’’).
investors and the public interest. Reference Room, 100 F Street NE., The text of the proposed rule change
Therefore, the Commission hereby Washington, DC 20549 on official is available on the Exchange’s Web site
waives the operative delay and business days between the hours of at http://nasdaq.cchwallstreet.com, at
designates the proposed rule change 10:00 a.m. and 3:00 p.m. Copies of such the principal office of the Exchange, and
operative upon filing.10 filing also will be available for at the Commission’s Public Reference
At any time within 60 days of the inspection and copying at the principal Room.
filing of the proposed rule change, the
office of the Exchange. All comments II. Self-Regulatory Organization’s
Commission summarily may
received will be posted without change; Statement of the Purpose of, and
temporarily suspend such rule change if
the Commission does not edit personal Statutory Basis for, the Proposed Rule
it appears to the Commission that such
action is necessary or appropriate in the identifying information from Change
public interest, for the protection of submissions. You should submit only
In its filing with the Commission, the
investors, or otherwise in furtherance of information that you wish to make
Exchange included statements
the purposes of the Act. If the available publicly. All submissions
concerning the purpose of and basis for
Commission takes such action, the should refer to File Number SR–ISE– the proposed rule change and discussed
Commission shall institute proceedings 2017–72, and should be submitted on or any comments it received on the
to determine whether the proposed rule before August 3, 2017. proposed rule change. The text of these
should be approved or disapproved. For the Commission, by the Division of statements may be examined at the
IV. Solicitation of Comments Trading and Markets, pursuant to delegated places specified in Item IV below. The
authority.11 Exchange has prepared summaries, set
Interested persons are invited to Eduardo A. Aleman, forth in sections A, B, and C below, of
submit written data, views, and the most significant aspects of such
Assistant Secretary.
arguments concerning the foregoing, statements.
including whether the proposed rule [FR Doc. 2017–14663 Filed 7–12–17; 8:45 am]
change is consistent with the Act. BILLING CODE 8011–01–P A. Self-Regulatory Organization’s
Comments may be submitted by any of Statement of the Purpose of, and
the following methods: Statutory Basis for, the Proposed Rule
SECURITIES AND EXCHANGE Change
Electronic Comments COMMISSION 1. Purpose
• Use the Commission’s Internet
comment form (http://www.sec.gov/ The purpose of the proposed rule
[Release No. 34–81090; File No. SR–
rules/sro.shtml); or NASDAQ–2017–063]
change is to amend the Supplementary
• Send an email to rule-comments@ Material at the end of Chapter III,
sec.gov. Please include File Number SR– Self-Regulatory Organizations; The Section 7 (Position Limits), to extend
ISE–2017–72 on the subject line. NASDAQ Stock Market LLC; Notice of the current pilot which expires on July
Filing and Immediate Effectiveness of 12, 2017 for an additional twelve (12)
Paper Comments month time period to July 12, 2018
Proposed Rule Change To Extend the
• Send paper comments in triplicate SPY Pilot Program (‘‘Extended Pilot’’). This filing does not
to Brent J. Fields, Secretary, Securities propose any substantive changes to the
and Exchange Commission, 100 F Street July 7, 2017. SPY Pilot Program. In proposing to
NE., Washington, DC 20549–1090. extend the SPY Pilot Program, the
Pursuant to Section 19(b)(1) of the
Exchange reaffirms its consideration of
All submissions should refer to File Securities Exchange Act of 1934 (the several factors that supported the
Number SR–ISE–2017–72. This file ‘‘Act’’),1 and Rule 19b–4 thereunder,2 original proposal of the SPY Pilot
number should be included on the notice is hereby given that on June 29, Program, including (1) the availability of
subject line if email is used. To help the 2017, The NASDAQ Stock Market LLC economically equivalent products and
Commission process and review your (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the their respective position limits; (2) the
comments more efficiently, please use Securities and Exchange Commission liquidity of the option and the
only one method. The Commission will (‘‘SEC’’ or ‘‘Commission’’) the proposed underlying security; (3) the market
post all comments on the Commission’s rule change as described in Items I and capitalization of the underlying security
Internet Web site (http://www.sec.gov/ II below, which Items have been and the related index; (4) the reporting
rules/sro.shtml). Copies of the
sradovich on DSK3GMQ082PROD with NOTICES

prepared by the Exchange. The of large positions and requirements
submission, all subsequent Commission is publishing this notice to
amendments, all written statements solicit comments on the proposed rule 3 ‘‘SPDR®,’’ ‘‘Standard & Poor’s®,’’ ‘‘S&P®,’’ ‘‘S&P
with respect to the proposed rule change from interested persons. 500®,’’ and ‘‘Standard & Poor’s 500’’ are registered
trademarks of Standard & Poor’s Financial Services
10 For purposes only of waiving the 30-day LLC. The SPY ETF represents ownership in the
11 17 CFR 200.30–3(a)(12).
operative delay, the Commission has considered the SPDR S&P 500 Trust, a unit investment trust that
1 15 U.S.C. 78s(b)(1).
proposed rule’s impact on efficiency, competition, generally corresponds to the price and yield
and capital formation. See 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. performance of the SPDR S&P 500 Index.

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32396 Federal Register / Vol. 82, No. 133 / Thursday, July 13, 2017 / Notices

IV. Solicitation of Comments For the Commission, by the Division of received no comments on the proposed
Trading and Markets, pursuant to delegated rule changes. This order grants approval
Interested persons are invited to authority.12 of the proposed rule changes, each as
submit written data, views, and Eduardo A. Aleman, modified by the respective Amendment
arguments concerning the foregoing, Assistant Secretary. No. 1.
including whether the proposed rule [FR Doc. 2017–14659 Filed 7–12–17; 8:45 am]
change is consistent with the Act. II. Description of the Proposed Rule
BILLING CODE 8011–01–P
Comments may be submitted by any of Changes, as Modified by Amendment
No. 1
the following methods:
SECURITIES AND EXCHANGE NYSE and NYSE MKT propose to
Electronic Comments COMMISSION amend NYSE Rule 36 and NYSE MKT
• Use the Commission’s Internet [Release No. 34–81103; File No. SR–NYSE– Rule 36—Equities, respectively, to
2017–07; SR–NYSEMKT–2017–16] permit Exchange floor brokers to use
comment form (http://www.sec.gov/
cellular or wireless telephones not
rules/sro.shtml); or
Self-Regulatory Organizations; New provided by the Exchange while on the
• Send an email to rule-comments@ York Stock Exchange LLC; NYSE MKT Floor 7 of the Exchange.
sec.gov. Please include File Number SR– LLC; Order Granting Approval of Currently, with Exchange approval, a
NASDAQ–2017–063 on the subject line. Proposed Rule Changes, as Modified floor broker may maintain a telephone
by Amendment No. 1, Amending NYSE line or use an Exchange authorized and
Paper Comments
Rule 36 and NYSE MKT Rule 36— Exchange provided portable telephone,
• Send paper comments in triplicate Equities To Permit Exchange Floor which permits a non-member off the
to Brent J. Fields, Secretary, Securities Brokers To Use Non-Exchange Floor to communicate with a member or
and Exchange Commission, 100 F Street Provided Telephones on the Floor member organization on the Floor. Any
NE., Washington, DC 20549–1090. floor broker receiving orders from the
July 7, 2017. public over portable telephones must be
All submissions should refer to File I. Introduction properly qualified under Exchange rules
Number SR–NASDAQ–2017–063. This to conduct such public business.
On March 31, 2017 and March 22,
file number should be included on the 2017, New York Stock Exchange LLC Exchange rules prohibit the use of a
subject line if email is used. To help the (‘‘NYSE’’) and NYSE MKT LLC (‘‘NYSE portable telephone on the Floor other
Commission process and review your MKT’’) (each of NYSE and NYSE MKT than one authorized and issued by the
comments more efficiently, please use an ‘‘Exchange’’), respectively, filed with Exchange, with a limited exception that
only one method. The Commission will the Securities and Exchange allows members and employees of
post all comments on the Commission’s Commission (‘‘Commission’’), pursuant member organizations to use personal
Internet Web site (http://www.sec.gov/ to Section 19(b)(1) of the Securities portable telephones while outside of the
rules/sro.shtml). Copies of the Exchange Act of 1934 (‘‘Act’’) 1 and Rule Trading Floor 8 but still on the Floor of
submission, all subsequent 19b–4 thereunder,2 proposed rule the Exchange.9
amendments, all written statements changes to permit Exchange floor NYSE and NYSE MKT propose to
with respect to the proposed rule brokers to use telephones not provided allow a floor broker to use a personal
by the Exchange while on the Floor of cellular or wireless telephone, rather
change that are filed with the
Commission, and all written the Exchange, and make related
rule change. See infra note 29 and accompanying
communications relating to the changes. The proposed rule changes text. Amendment No. 1 is available on each
proposed rule change between the were published for comment in the Exchange’s Web site. Each Amendment No. 1 is not
Commission and any person, other than Federal Register on April 10, 2017.3 On subject to notice and comment because it is a
those that may be withheld from the May 24, 2017, pursuant to Section technical amendment that does not materially alter
19(b)(2) of the Act,4 the Commission the substance of the proposed rule change or raise
public in accordance with the any novel regulatory issues.
designated a longer period within which
provisions of 5 U.S.C. 552, will be 7 The ‘‘Floor’’ means the trading floor of the
to either approve the proposed rule Exchange and the premises immediately adjacent
available for Web site viewing and
changes, disapprove the proposed rule thereto, such as the various entrances and lobbies
printing in the Commission’s Public changes, or institute proceedings to of the 11 Wall Street, 18 New Street, 8 Broad Street,
Reference Room, 100 F Street NE., determine whether to disapprove the 12 Broad Street, and 18 Broad Street buildings, and
Washington, DC 20549 on official also means the telephone facilities available in
proposed rule changes.5 On July 6, these locations. See NYSE Rule 6; NYSE MKT Rule
business days between the hours of 2017, NYSE and NYSE MKT each filed 6—Equities.
10:00 a.m. and 3:00 p.m. Copies of such Amendment No. 1 to its respective 8 The ‘‘Trading Floor’’ means the restricted-access

filing also will be available for proposed rule change.6 The Commission physical areas designated by the Exchange for the
inspection and copying at the principal trading of securities, commonly known as the
‘‘Main Room’’ and the ‘‘Buttonwood Room.’’ The
office of the Exchange. All comments 12 17
CFR 200.30–3(a)(12). Trading Floor does not include the areas in the
received will be posted without change; 1 15
U.S.C. 78s(b)(1). ‘‘Buttonwood Room’’ designated by the Exchange
2 17 CFR 240.19b–4.
the Commission does not edit personal where NYSE Amex-listed options securities are
3 See Securities Exchange Act Release Nos. 80374 traded (the ‘‘NYSE Amex Options Trading Floor’’),
identifying information from (April 4, 2017), 82 FR 17306 (‘‘NYSE Notice’’); and or the physical area within fully enclosed telephone
submissions. You should submit only 80375 (April 4, 2017), 82 FR 17302 (‘‘NYSE MKT booths located in 18 Broad Street at the Southeast
information that you wish to make Notice’’). wall of the Trading Floor. See NYSE Rule 6A; NYSE
sradovich on DSK3GMQ082PROD with NOTICES

4 15 U.S.C. 78s(b)(2). MKT Rule 6A—Equities.
available publicly. All submissions 5 See Securities Exchange Act Release No. 80753 9 See NYSE Rule 36, Supplementary Material
should refer to File Number SR– (May 24, 2017), 82 FR 25032 (May 31, 2017). The .20(a) and .23; NYSE MKT Rule 36—Equities,
NASDAQ–2017–063, and should be Commission designated July 9, 2017 as the date by Supplementary Material .20(a) and .23. NYSE MKT
submitted on or before August 3, 2017. which it shall approve, disapprove, or institute specifies that the Exchange will approve the
proceedings to determine whether to disapprove the maintenance of telephone lines only at the booth
proposed rule changes. location of a member or member organization. See
6 Each Amendment No. 1 clarified the expected NYSE MKT Rule 36—Equities, Supplementary
implementation date of the respective proposed Material .20(a).

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Document Created: 2017-07-13 01:00:54
Document Modified: 2017-07-13 01:00:54
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 32394