83 FR 56890 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To Amend Rule 7.44-E
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 220 (November 14, 2018)
Federal Register Volume 83, Issue 220 (November 14, 2018)
| Page Range | 56890-56894 | |
| FR Document | 2018-24732 |
[Federal Register Volume 83, Number 220 (Wednesday, November 14, 2018)] [Notices] [Pages 56890-56894] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-24732] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84547; File No. SR-NYSEARCA-2018-77] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To Amend Rule 7.44-E November 7, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on October 26, 2018, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 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 Rule 7.44-E, which sets forth the Exchange's Retail Liquidity Program. The proposed change is available on the Exchange's website 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 Exchange proposes to amend Rule 7.44-E, which sets forth the Exchange's Retail Liquidity Program (the ``Program''), to: (i) Expand the Program's availability to all securities traded on the Exchange; (ii) remove unused functionality by eliminating the Type 2--Retail Order and no longer permit Retail Price Improvement Orders (``RPI'') to be designated as a Mid-Point Liquidity (``MPL'') Order; \3\ and (iii) offer additional functionality to RPI Orders by allowing them to include an optional offset. --------------------------------------------------------------------------- \3\ Rule 7.31-E(d)(3). --------------------------------------------------------------------------- The Exchange established the Program to attract retail order flow to the Exchange, and allow such order flow to receive potential price improvement.\4\ The Program is currently [[Page 56891]] limited to trades occurring at prices equal to and greater than $1.00 a share. The program currently operates on a pilot basis and is set to expire on December 31, 2018. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 71176 (December 23, 2013), 78 FR 79524 (December 30, 2013) (SR-NYSEArca-2013-107) (``RLP Approval Order''). --------------------------------------------------------------------------- Under Exchange Rule 7.44-E, a class of market participant called Retail Liquidity Providers (``RLPs'') \5\ and non-RLP member organizations are able to provide potential price improvement to retail investor orders in the form of a non-displayed order that is priced better than the best protected bid or offer (``PBBO''), called an RPI. When there is an RPI in a particular security priced at least $0.001 better than the PBB or PBO, the Exchange disseminates an indicator, known as the Retail Liquidity Identifier (``RLI''), that such interest exists. Retail Member Organizations (``RMOs'') can submit a Retail Order to the Exchange, which interacts, to the extent possible, with available contra-side RPIs and orders with a working price between the PBBO. The segmentation in the Program allows retail order flow to receive potential price improvement as a result of their order flow being deemed more desirable by liquidity providers.\6\ --------------------------------------------------------------------------- \5\ The Program also allows for RLPs to register with the Exchange. However, any firm can enter RPI orders into the system. \6\ RLP Approval Order, 77 FR at 79528. --------------------------------------------------------------------------- Expansion of Program's Scope The Exchange proposes to expand the Program's availability to all securities traded on the Exchange. Today, the Program is limited to NYSE Arca-listed securities and UTP Securities. Securities listed on the New York Stock Exchange LLC (``NYSE'') are specifically excluded from the Program. Rule 7.44-E(a)(4), therefore, states that a RPI Order is ``non-displayed interest in NYSE Arca-listed securities and UTP Securities, excluding NYSE-listed (Tape A) securities, that would trade at prices better than the PBB or PBO by at least $0.001 and that is identified as such.'' To expand the Program to all securities traded on the Exchange, including NYSE-listed securities, the Exchange proposes to amend Rule 7.44-E(a)(4) to provide that a RPI Order is ``non- displayed interest that would trade at prices better than the PBB or PBO by at least $0.001 and that is identified as such.'' This language is similar to that of Cboe BYX Exchange, Inc. (``BYX''), which also operates a retail price improvement program that is available to all securities trading on BYX.\7\ --------------------------------------------------------------------------- \7\ See BYX Rule 11.24(a)(3). See Securities Exchange Act Release No. 68303 (November 27, 2012), 77 FR 71652 (December 3, 2012) (``BYX RPI Approval Order''). See also and NASDAQ Stock Market LLC (``NASDAQ'') Rule 4780(a)(3). See Securities Exchange Act Release No. 69837 (February 15, 2013), 78 FR 12397 (February 22, 2013) (``NASDAQ RPI Approval Order''). See also Securities Exchange Act Release No. 75252 (June 22, 2015), 80 FR 36866 (June 26, 2015) (SR-NASDAQ-2015-024) (removing NASDAQ's Retail Price Improvement Program from its rules). --------------------------------------------------------------------------- Elimination of Type 2--Retail Orders The Exchange proposes to amend Rule 7.44-E(k) to remove unused functionality by eliminating the Type 2--Retail Order. As a result, the Exchange would now offer a single category of Retail Orders. To date, the Exchange has not received a Retail Order designated as Type 2 and, therefore, proposes to no longer support this functionality. Rule 7.44-E(a)(3) defines a ``Retail Order'' as an agency order or a riskless principal order that meets the criteria of FINRA Rule 5320.03 that originates from a natural person and is submitted to the Exchange by an RMO, provided that no change is made to the terms of the order with respect to price or side of market and the order does not originate from a trading algorithm or any other computerized methodology. Under Rule 7.44-E(k), an RMO may designate how their Retail Order interacts with available contra-side interest by designating it as either a Type 1 or Type 2 Retail Order. A Type 1--Retail Order to buy (sell) is a Limit Immediate-or-Cancel (``IOC'') Order that will trade only with available Retail Price Improvement Orders to sell (buy) and all other orders to sell (buy) with a working price below (above) the PBO (PBB) on the NYSE Arca Book and will not route. The quantity of a Type 1--Retail Order to buy (sell) that does not trade with eligible orders to sell (buy) will be immediately and automatically cancelled. A Type-1 designated Retail Order will be rejected on arrival if the PBBO is locked or crossed. A Type 2--Retail Order may be a Limit Order designated IOC or Day or a Market Order, and functions as follows:A Type 2--Retail Order IOC to buy (sell) is a Limit IOC Order that will trade first with available Retail Price Improvement Orders to sell (buy) and all other orders to sell (buy) with a working price below (above) the PBO (PBB) on the NYSE Arca Book. Any remaining quantity of the Retail Order will trade with orders to sell (buy) on the NYSE Arca Book at prices equal to or above (below) the PBO (PBB) and will be traded as a Limit IOC Order and will not route. A Type 2--Retail Order Day to buy (sell) is a Limit Order that will trade first with available RPI Orders to sell (buy) and all other orders to sell (buy) with a working price below (above) the PBO (PBB) on the NYSE Arca Book. Any remaining quantity of the Retail Order, if marketable, will trade with orders to sell (buy) on the NYSE Arca Book or route, and if non-marketable, will be ranked in the NYSE Arca Book as a Limit Order. A Type 2--Retail Order Market to buy (sell) is a Market Order that will trade first with available Retail Price Improvement Orders to sell (buy) and all other orders to sell (buy) with a working price below (above) the NBO (NBB). Any remaining quantity of the Retail Order will function as a Market Order. The Exchange proposes to no longer offer the Type 2--Retail Order and delete all references to it in Rule 7.44-E. Rule 7.44-E(k) would be amended to delete subparagraph (2) that describes the operation of the Type 2--Retail Order. The Exchange would continue to offer Type 1-- Retail Orders, which would be referred to as ``Retail Orders'' in Rule 7.44-E(k) and described as: ``[a] Retail Order to buy (sell) is a Limit IOC Order that will trade only with available Retail Price Improvement Orders to sell (buy) and all other orders to sell (buy) with a working price below (above) the PBO (PBB) on the NYSE Arca Book and will not route. The quantity of a Retail Order to buy (sell) that does not trade with eligible orders to sell (buy) will be immediately and automatically cancelled. A Retail Order will be rejected on arrival if the PBBO is locked or crossed.'' The Exchange does not propose to amend the operation of Retail Orders. The proposed text is substantially similar to current Rule 7.44-E(k)(1) with minor changes to remove references to ``Type 1''. The Exchange also proposes to make related changes to Rule 7.44- E(l). First, the last sentence in the first paragraph (l) would be amended to no longer state that any remaining unfilled quantity of a Retail Order posts to the NYSE Arca Book. Only Type 2--Retail Orders designated as Day were able to be posted the NYSE Arca Book and would no longer be offered by the Exchange. Retail Orders would be Limit IOC orders and would either execute or be cancelled upon entry and, therefore, never post to the NYSE Arca Book. As such, the last sentence of the first paragraph Rule 7.44-E(l) would be amended to remove a reference to posting to the NYSE Arca Book and state, ``[a]ny remaining unfilled quantity of the Retail Order will cancel or execute [sic] in accordance with Rule 7.44-E(k).'' The Exchange notes that treating all Retail Orders as IOC is similar to that of BYX and the Exchange's affiliate, NYSE, both of [[Page 56892]] which also operate retail price improvement programs that treats their similar retail orders as IOC.\8\ --------------------------------------------------------------------------- \8\ See NYSE Rule 107C(k). See also BYX Rule 11.24(f). --------------------------------------------------------------------------- The Exchange also proposes to remove from Rule 7.44-E(l) an example that describes the operation of a Type 2--Retail Order and to replace all references to Type 1--Retail Orders in the remaining examples with the term Retail Order. RPI Orders The Exchange proposes to remove unused functionality by no longer permitting RPI Orders to be designated as MPL Orders. The Exchange also proposes to offer additional functionality to RPI Orders by allowing them to include an optional offset. RPIs are non-displayed and only execute against Retail Orders. RPIs are generally entered at a single limit price, rather than being pegged to the PBBO. One exception is that a RPI Order could also be designated as an MPL Order, in which case the order would be pegged to the midpoint of the PBBO and re-priced as the PBBO changes. Designation as MPL Orders. The Exchange proposes to remove unused functionality that permits RPI Orders to be designated as MPL Orders. Rule 7.44-E(a)(4)(D) currently states that ``[a]n RPI must be designated as either a Limit Non-Displayed Order or MPL Order, and an order so designated will interact with incoming Retail Orders only and will not interact with either a Type 2--Retail Order Day or Type 2-- Retail Order Market that is resting on the NYSE Arca Book.'' The Exchange notes that to date all RPI Orders have been designated as Non- Displayed Limit Orders, not MPL Orders. As proposed, RPI Orders could no longer be designated as MPL Orders. To effect this change, the Exchange proposes to revise the above-referenced sentence from Rule 7.44-E(a)(4)(D) to provide instead that ``[a]n RPI . . . will interact with incoming Retail Orders only.'' The remaining text of the current rule is no longer necessary because the reference to Non-Displayed Limit Orders is superfluous as RPI Orders by definition are non-displayed and must include a limit price.\9\ Further, references to Type 2--Retail Orders are unnecessary because they would no longer be offered by the Exchange, as proposed above. --------------------------------------------------------------------------- \9\ Under Rule 7.44-E(a). --------------------------------------------------------------------------- Optional Offset Functionality. The Exchange proposes to allow RPIs to include an optional offset. Rule 7.44-E(a)(4) would be amended to include new paragraph (a)(4)(C) \10\ that would provide that an RPI may include an optional offset, which may be specified up to three decimals. The working price of an RPI to buy (sell) with an offset would be the lower (higher) of the PBB (PBO) plus (minus) the offset or the limit price of the RPI. An RPI with an offset would not be eligible to trade if the working price is below $1.00. If an RPI to buy (sell) with an offset would have a working price that is more than three decimals, the working price would be truncated to three decimals. --------------------------------------------------------------------------- \10\ The Exchange proposes to renumber the remaining paragraphs under Rule 7.44-E(a)(4) accordingly. --------------------------------------------------------------------------- RPIs that include an offset would interact with Retail Orders as follows. Assume an RLP enters RPI sell interest with an offset of $0.001 and a limit price of $10.10 while the PBO is $10.11. The RPI could interact with an incoming buy Retail Order at $10.109. If the PBO changes to $10.12, the RPI could interact with an incoming buy Retail Order at $10.119. If, however, the PBO changes again to $10.10, the RPI could not interact with the Retail Order because the price required to deliver the minimum $0.001 price improvement ($10.099) would violate the RLP's limit price of $10.10. If an RLP otherwise enters an offset greater than the minimum required price improvement and the offset would produce a price that would violate the RLP's limit price, the offset would be applied only to the extent that it respects the RLP's limit price. By way of illustration, assume RPI buy interest is entered with an offset of $0.005 and a limit price of $10.112 while the PBB is at $10.11. The RPI could interact with an incoming sell Retail Order at $10.112, because it would produce the required price improvement without violating the RLP's limit price, but it could not interact above the $10.112 limit price. The Exchange proposes to make a related change to Rule 7.16- E(f)(5)(C) to specify that, like Pegged Orders and MPL Orders, RPIs with an offset would use the National Best Bid (``NBB'') instead of the PBB as the reference price when a Short Sale Price Test is triggered pursuant to Rule 201 of Regulation SHO.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 242.201. --------------------------------------------------------------------------- * * * * * The Exchange anticipates implementing this proposed rule change in the second quarter of 2019, subject to Commission approval, and will publicly announce the exact implementation date by Trader Update. 2. Statutory Basis The Exchange believes that the proposal is consistent with Section 6(b) of the Act,\12\ in general, and furthers the objectives of Sections 6(b)(5) of the Act,\13\ in particular, because 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 regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to, and perfect the mechanisms of, a free and open market and a national market system and, in general, to protect investors and the public interest and because it is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. As explained below, the proposed rule change would further align the Program with that offered by the Exchange's affiliate, NYSE, by adopting optional offset functionality for RPIs and removing unused functionality that is not offered by the NYSE. The proposal also expands the scope of the Program to mirror that of BYX and improve the Program's overall competiveness. Each portion of the proposal is based on the rules of NYSE and/or BYX, and, therefore, does not raise any new or novel issues not already considered by the Commission. First, the proposal to expand the Program to include all securities traded on the Exchange is identical to the scope of a similar retail order price improvement program operated by BYX. Second, the proposal provide RLPs with greater pricing flexibility in the form of an optional offset for their RPIs is based on the rules of its affiliate, NYSE, and BYX, both of which permit their equivalent RPI Orders to include an offset. Lastly, the proposal to eliminate Type 2-- Retail Orders and RPIs designated as MPL Orders is based on the rules of its affiliate, NYSE, or BYX, neither of which offer similar functionality as part of their respective retail price improvement programs. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Expansion of Program's Scope. The Exchange believes expanding the Program's availability to all securities traded on the Exchange would remove impediments to, and perfect the mechanisms of, a free and open market and a national market system and, in general, protect investors and the public interest by enabling Retail Orders in all securities to participate in the Program [[Page 56893]] and receive potential price improvement. The proposal should benefit retail investors by providing increased opportunities for price improvement in any security traded on the Exchange. The proposed scope of the Program would improve its competitiveness because it would be identical to BYX, which also operates a retail price improvement program that is available to all securities traded on BYX.\14\ --------------------------------------------------------------------------- \14\ See BYX Rule 11.24(a)(3). --------------------------------------------------------------------------- Type 2--Retail Orders. The Exchange believes that its proposal to eliminate the Type 2--Retail Order would remove impediments to, and perfect the mechanisms of, a free and open market and a national market system by simplifying and streamlining the operation of Retail Orders. To date, the Exchange has not received a Retail Order designated as Type 2 for participation in the Program. Therefore, no longer offering the Type 2--Retail Order should not impact market participants' trading activity and would serve to remove unused functionality from the Program and the Exchange's rules. The Proposal would also simplify the operation of the Program and allow the Exchange to no longer support functionality that is not utilized. Lastly, the proposal would result in all Retail Orders being treated as IOC, which is identical to the treatment of retail orders on the Exchange's affiliate, NYSE, and BYX, both of which execute Retail Orders upon entry or cancel.\15\ --------------------------------------------------------------------------- \15\ See NYSE Rule 107C(k). See also BYX Rule 11.24(f). --------------------------------------------------------------------------- RPI Orders Designated as MPL Orders. The Exchange believes that its proposal to no longer permit RPI Orders to be designated as MPL Orders would remove impediments to, and perfect the mechanisms of, a free and open market and a national market system by simplifying and streamlining the operation of RPIs. The Exchange notes that to date, all RPIs have been designated as Limit Orders, not MPL Orders. ETP Holders that that wish to interact with Retail Orders at the midpoint are not limited to utilizing RPI Orders designated as MPL Orders and may enter an MPL Order generally to interact with Retail Orders at the midpoint of PBBO. Therefore, elimination of this functionality from the Program would have little to no impact on an ETP Holder's trading activity. The Exchange also notes that similar functionality is not offered as part of the retail price improvement programs operated by BYX and NYSE, neither of which specifically permit their retail price improvement orders to be designated as midpoint only order types.\16\ --------------------------------------------------------------------------- \16\ See BYX Rule 11.24(f). See NYSE Rule 107C(a)(4)(B). See also Securities Exchange Act Release No. 67347 (July 3, 2012), 77 FR 40673 (July 10, 2012) (Order approving SR-NYSE-2011-55). --------------------------------------------------------------------------- Options Offset Functionality. The Exchange believes that providing the option for RPI Orders to include an offset would remove impediments to, and perfect the mechanisms of, a free and open market and a national market system and, in general, protect investors and the public interest by enhancing the operation of the Program while creating additional price improvement opportunities for retail investors and their order flow. The proposed rule change should encourage RLPs and non-RLP member organizations to enter RPI Orders by allowing them to include an offset amount by which it is willing to improve the PBBO, subject to a the limit price of the order. Absent the ability, RLPs would only be able to enter RPIs with a single limit price. The ability to add an offset would provide RLPs with increased control over their RPIs as well as greater pricing flexibility. The anticipated increased availability of RPIs would, therefore, facilitate transactions in securities, remove impediments to, and perfect the mechanisms of a free and open market and a national market system by increasing price improvement opportunities on the Exchange for retail order flow. The proposed rule change is based on and would operate in an identical manner as the rules of its affiliate, NYSE,\17\ and BYX,\18\ both of which permit their equivalent RPI Orders to include an optional offset. --------------------------------------------------------------------------- \17\ See NYSE Rule 107C(a)(4)(B). \18\ See BYX Rule 11.24(a)(3). --------------------------------------------------------------------------- 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,\19\ the Exchange believes that the proposed rule change will not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act because it should promote competition for retail order flow among exchanges and execution venues. The proposed rule change to expand the Program to include all securities traded on the Exchange and to allow RPIs to include an optional offset should increase competition because it would enable the Exchange to better compete with similar programs on other exchanges, such as BYX, that are of similar scope and offer the same functionality. --------------------------------------------------------------------------- \19\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The proposal to eliminate Type 2--Retail Orders and RPIs designated as MPL Orders are not intended to have a competitive impact. These changes simply remove functionality from the Program that has not been used at all to date. 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 Within 45 days of the date of publication of this notice in the Federal Register or up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved. 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 rule-comments@sec.gov. Please include File Number SR-NYSEARCA-2018-77 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-2018-77. 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 website (http://www.sec.gov/rules/sro.shtml). Copies of the [[Page 56894]] 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 website 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 offices of the Exchange. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEARCA-2018-77 and should be submitted on or before December 5, 2018. 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. 2018-24732 Filed 11-13-18; 8:45 am] BILLING CODE 8011-01-P
![56890 Federal Register / Vol. 83, No. 220 / Wednesday, November 14, 2018 / Notices
Section 19(b)(3)(A) of the Act 13 and All submissions should refer to File Arca’’ or ‘‘Exchange’’) filed with the
Rule 19b–4(f)(6) thereunder.14 Number SR–BX–2018–051. This file Securities and Exchange Commission
The Exchange has asked the number should be included on the (‘‘SEC’’ or ‘‘Commission’’) the proposed
Commission to waive the 30-day subject line if email is used. To help the rule change as described in Items I, II,
operative delay so that the proposal may Commission process and review your and III below, which Items have been
become operative immediately upon comments more efficiently, please use prepared by the Exchange. The
filing. Waiving the 30-day delay would only one method. The Commission will Commission is publishing this notice to
permit the Exchange to more efficiently post all comments on the Commission’s solicit comments on the proposed rule
add Derivative Securities to the internet website (http://www.sec.gov/ change from interested persons.
Exchange under UTP without the rules/sro.shtml). Copies of the
unnecessary requirement to file a 19b– submission, all subsequent I. Self-Regulatory Organization’s
4(e) with the Commission. The amendments, all written statements Statement of the Terms of Substance of
Commission also notes that because the with respect to the proposed rule the Proposed Rule Change
Exchange is adopting a rule that is change that are filed with the The Exchange proposes to amend
substantially identical to a similar NYSE Commission, and all written Rule 7.44–E, which sets forth the
National rule, the proposed change does communications relating to the Exchange’s Retail Liquidity Program.
not present any new or novel issues. proposed rule change between the The proposed change is available on the
Thus, the Commission believes that Commission and any person, other than Exchange’s website at www.nyse.com, at
waiver of the 30-day operative delay is those that may be withheld from the the principal office of the Exchange, and
consistent with the protection of public in accordance with the at the Commission’s Public Reference
investors and the public interest and provisions of 5 U.S.C. 552, will be Room.
hereby waives the 30-day operative available for website viewing and
delay and designates the proposed rule printing in the Commission’s Public II. Self-Regulatory Organization’s
change to be operative upon filing.15 Reference Room, 100 F Street NE, Statement of the Purpose of, and
At any time within 60 days of the Washington, DC 20549 on official Statutory Basis for, the Proposed Rule
filing of the proposed rule change, the business days between the hours of Change
Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the In its filing with the Commission, the
temporarily suspend such rule change if filing also will be available for self-regulatory organization included
it appears to the Commission that such inspection and copying at the principal statements concerning the purpose of,
action is necessary or appropriate in the office of the Exchange. All comments and basis for, the proposed rule change
public interest, for the protection of received will be posted without change. and discussed any comments it received
investors, or otherwise in furtherance of Persons submitting comments are on the proposed rule change. The text
the purposes of the Act. cautioned that we do not redact or edit of those statements may be examined at
IV. Solicitation of Comments personal identifying information from the places specified in Item IV below.
comment submissions. You should The Exchange has prepared summaries,
Interested persons are invited to submit only information that you wish set forth in sections A, B, and C below,
submit written data, views, and to make available publicly. All of the most significant parts of such
arguments concerning the foregoing, submissions should refer to File statements.
including whether the proposed rule Number SR–BX–2018–051 and should
change is consistent with the Act. be submitted on or before December 5, A. Self-Regulatory Organization’s
Comments may be submitted by any of 2018. Statement of the Purpose of, and
the following methods: Statutory Basis for, the Proposed Rule
For the Commission, by the Division of Change
Electronic Comments Trading and Markets, pursuant to delegated
authority.16 1. Purpose
• Use the Commission’s internet
Eduardo A. Aleman, The Exchange proposes to amend
comment form (http://www.sec.gov/
rules/sro.shtml); or Assistant Secretary. Rule 7.44–E, which sets forth the
• Send an email to rule-comments@ [FR Doc. 2018–24733 Filed 11–13–18; 8:45 am] Exchange’s Retail Liquidity Program
sec.gov. Please include File Number SR– BILLING CODE 8011–01–P (the ‘‘Program’’), to: (i) Expand the
BX–2018–051 on the subject line. Program’s availability to all securities
traded on the Exchange; (ii) remove
Paper Comments SECURITIES AND EXCHANGE unused functionality by eliminating the
• Send paper comments in triplicate COMMISSION Type 2—Retail Order and no longer
to Secretary, Securities and Exchange [Release No. 34–84547; File No. SR– permit Retail Price Improvement Orders
Commission, 100 F Street NE, NYSEARCA–2018–77] (‘‘RPI’’) to be designated as a Mid-Point
Washington, DC 20549–1090. Liquidity (‘‘MPL’’) Order; 3 and (iii) offer
Self-Regulatory Organizations; NYSE additional functionality to RPI Orders
13 15 U.S.C. 78s(b)(3)(A). Arca, Inc.; Notice of Filing of Proposed by allowing them to include an optional
14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
Rule Change To Amend Rule 7.44–E offset.
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to The Exchange established the
November 7, 2018.
file the proposed rule change, along with a brief Program to attract retail order flow to
Pursuant to Section 19(b)(1) of the
description and text of the proposed rule change, the Exchange, and allow such order
at least five business days prior to the date of filing Securities Exchange Act of 1934
flow to receive potential price
of the proposed rule change, or such shorter time (‘‘Act’’),1 and Rule 19b–4 thereunder,2
as designated by the Commission. The Exchange improvement.4 The Program is currently
notice is hereby given that on October
has satisfied this requirement.
15 For purposes only of waiving the 30-day
26, 2018, NYSE Arca, Inc. (‘‘NYSE 3 Rule 7.31–E(d)(3).
operative delay, the Commission has also 4 See Securities Exchange Act Release No. 71176
16 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on (December 23, 2013), 78 FR 79524 (December 30,
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See 2013) (SR–NYSEArca–2013–107) (‘‘RLP Approval
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. Order’’).
VerDate Sep<11>2014 18:29 Nov 13, 2018 Jkt 247001 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 E:\FR\FM\14NON1.SGM 14NON1](https://thefederalregister.org/doc/83_FR_57110/page/1.svg)
![Federal Register / Vol. 83, No. 220 / Wednesday, November 14, 2018 / Notices 56891
limited to trades occurring at prices Elimination of Type 2—Retail Orders with a working price below (above) the
equal to and greater than $1.00 a share. The Exchange proposes to amend PBO (PBB) on the NYSE Arca Book. Any
The program currently operates on a Rule 7.44–E(k) to remove unused remaining quantity of the Retail Order,
pilot basis and is set to expire on functionality by eliminating the Type if marketable, will trade with orders to
December 31, 2018. 2—Retail Order. As a result, the sell (buy) on the NYSE Arca Book or
Under Exchange Rule 7.44–E, a class Exchange would now offer a single route, and if non-marketable, will be
of market participant called Retail category of Retail Orders. To date, the ranked in the NYSE Arca Book as a
Liquidity Providers (‘‘RLPs’’) 5 and non- Exchange has not received a Retail Limit Order.
RLP member organizations are able to • A Type 2—Retail Order Market to
Order designated as Type 2 and,
provide potential price improvement to buy (sell) is a Market Order that will
therefore, proposes to no longer support
retail investor orders in the form of a trade first with available Retail Price
this functionality.
non-displayed order that is priced better Rule 7.44–E(a)(3) defines a ‘‘Retail Improvement Orders to sell (buy) and
than the best protected bid or offer Order’’ as an agency order or a riskless all other orders to sell (buy) with a
(‘‘PBBO’’), called an RPI. When there is principal order that meets the criteria of working price below (above) the NBO
an RPI in a particular security priced at FINRA Rule 5320.03 that originates (NBB). Any remaining quantity of the
least $0.001 better than the PBB or PBO, from a natural person and is submitted Retail Order will function as a Market
the Exchange disseminates an indicator, to the Exchange by an RMO, provided Order.
known as the Retail Liquidity Identifier The Exchange proposes to no longer
that no change is made to the terms of
(‘‘RLI’’), that such interest exists. Retail offer the Type 2—Retail Order and
the order with respect to price or side
Member Organizations (‘‘RMOs’’) can delete all references to it in Rule 7.44–
of market and the order does not
submit a Retail Order to the Exchange, E. Rule 7.44–E(k) would be amended to
originate from a trading algorithm or
which interacts, to the extent possible, delete subparagraph (2) that describes
any other computerized methodology.
with available contra-side RPIs and the operation of the Type 2—Retail
Under Rule 7.44–E(k), an RMO may
orders with a working price between the Order. The Exchange would continue to
designate how their Retail Order
PBBO. The segmentation in the Program offer Type 1—Retail Orders, which
interacts with available contra-side
allows retail order flow to receive would be referred to as ‘‘Retail Orders’’
interest by designating it as either a
potential price improvement as a result in Rule 7.44–E(k) and described as:
Type 1 or Type 2 Retail Order.
of their order flow being deemed more A Type 1—Retail Order to buy (sell) ‘‘[a] Retail Order to buy (sell) is a Limit IOC
desirable by liquidity providers.6 is a Limit Immediate-or-Cancel (‘‘IOC’’) Order that will trade only with available
Retail Price Improvement Orders to sell (buy)
Expansion of Program’s Scope Order that will trade only with available
and all other orders to sell (buy) with a
Retail Price Improvement Orders to sell working price below (above) the PBO (PBB)
The Exchange proposes to expand the (buy) and all other orders to sell (buy)
Program’s availability to all securities on the NYSE Arca Book and will not route.
with a working price below (above) the The quantity of a Retail Order to buy (sell)
traded on the Exchange. Today, the PBO (PBB) on the NYSE Arca Book and that does not trade with eligible orders to sell
Program is limited to NYSE Arca-listed will not route. The quantity of a Type (buy) will be immediately and automatically
securities and UTP Securities. Securities 1—Retail Order to buy (sell) that does cancelled. A Retail Order will be rejected on
listed on the New York Stock Exchange not trade with eligible orders to sell arrival if the PBBO is locked or crossed.’’
LLC (‘‘NYSE’’) are specifically excluded (buy) will be immediately and The Exchange does not propose to
from the Program. Rule 7.44–E(a)(4), automatically cancelled. A Type-1 amend the operation of Retail Orders.
therefore, states that a RPI Order is designated Retail Order will be rejected The proposed text is substantially
‘‘non-displayed interest in NYSE Arca- on arrival if the PBBO is locked or similar to current Rule 7.44–E(k)(1) with
listed securities and UTP Securities, crossed. minor changes to remove references to
excluding NYSE-listed (Tape A) A Type 2—Retail Order may be a ‘‘Type 1’’.
securities, that would trade at prices Limit Order designated IOC or Day or a The Exchange also proposes to make
better than the PBB or PBO by at least Market Order, and functions as follows: related changes to Rule 7.44–E(l). First,
$0.001 and that is identified as such.’’ • A Type 2—Retail Order IOC to buy the last sentence in the first paragraph
To expand the Program to all securities (sell) is a Limit IOC Order that will trade (l) would be amended to no longer state
traded on the Exchange, including first with available Retail Price that any remaining unfilled quantity of
NYSE-listed securities, the Exchange Improvement Orders to sell (buy) and a Retail Order posts to the NYSE Arca
proposes to amend Rule 7.44–E(a)(4) to all other orders to sell (buy) with a Book. Only Type 2—Retail Orders
provide that a RPI Order is ‘‘non- working price below (above) the PBO designated as Day were able to be
displayed interest that would trade at (PBB) on the NYSE Arca Book. Any posted the NYSE Arca Book and would
prices better than the PBB or PBO by at remaining quantity of the Retail Order no longer be offered by the Exchange.
least $0.001 and that is identified as will trade with orders to sell (buy) on Retail Orders would be Limit IOC orders
such.’’ This language is similar to that the NYSE Arca Book at prices equal to and would either execute or be
of Cboe BYX Exchange, Inc. (‘‘BYX’’), or above (below) the PBO (PBB) and will cancelled upon entry and, therefore,
which also operates a retail price be traded as a Limit IOC Order and will never post to the NYSE Arca Book. As
improvement program that is available not route. such, the last sentence of the first
to all securities trading on BYX.7 • A Type 2—Retail Order Day to buy paragraph Rule 7.44–E(l) would be
5 The Program also allows for RLPs to register
(sell) is a Limit Order that will trade amended to remove a reference to
with the Exchange. However, any firm can enter RPI first with available RPI Orders to sell posting to the NYSE Arca Book and
orders into the system. (buy) and all other orders to sell (buy) state, ‘‘[a]ny remaining unfilled quantity
6 RLP Approval Order, 77 FR at 79528. of the Retail Order will cancel or
7 See BYX Rule 11.24(a)(3). See Securities (February 15, 2013), 78 FR 12397 (February 22, execute [sic] in accordance with Rule
Exchange Act Release No. 68303 (November 27, 2013) (‘‘NASDAQ RPI Approval Order’’). See also 7.44–E(k).’’ The Exchange notes that
2012), 77 FR 71652 (December 3, 2012) (‘‘BYX RPI Securities Exchange Act Release No. 75252 (June
Approval Order’’). See also and NASDAQ Stock 22, 2015), 80 FR 36866 (June 26, 2015) (SR–
treating all Retail Orders as IOC is
Market LLC (‘‘NASDAQ’’) Rule 4780(a)(3). See NASDAQ–2015–024) (removing NASDAQ’s Retail similar to that of BYX and the
Securities Exchange Act Release No. 69837 Price Improvement Program from its rules). Exchange’s affiliate, NYSE, both of
VerDate Sep<11>2014 18:29 Nov 13, 2018 Jkt 247001 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 E:\FR\FM\14NON1.SGM 14NON1](https://thefederalregister.org/doc/83_FR_57110/page/2.svg)
![56892 Federal Register / Vol. 83, No. 220 / Wednesday, November 14, 2018 / Notices
which also operate retail price new paragraph (a)(4)(C) 10 that would 2. Statutory Basis
improvement programs that treats their provide that an RPI may include an The Exchange believes that the
similar retail orders as IOC.8 optional offset, which may be specified proposal is consistent with Section 6(b)
The Exchange also proposes to up to three decimals. The working price of the Act,12 in general, and furthers the
remove from Rule 7.44–E(l) an example of an RPI to buy (sell) with an offset objectives of Sections 6(b)(5) of the
that describes the operation of a Type would be the lower (higher) of the PBB Act,13 in particular, because it is
2—Retail Order and to replace all (PBO) plus (minus) the offset or the designed to prevent fraudulent and
references to Type 1—Retail Orders in limit price of the RPI. An RPI with an manipulative acts and practices, to
the remaining examples with the term offset would not be eligible to trade if promote just and equitable principles of
Retail Order. the working price is below $1.00. If an trade, to foster cooperation and
RPI Orders RPI to buy (sell) with an offset would coordination with persons engaged in
have a working price that is more than regulating, clearing, settling, processing
The Exchange proposes to remove three decimals, the working price would
unused functionality by no longer information with respect to, and
be truncated to three decimals. facilitating transactions in securities, to
permitting RPI Orders to be designated RPIs that include an offset would
as MPL Orders. The Exchange also remove impediments to, and perfect the
interact with Retail Orders as follows. mechanisms of, a free and open market
proposes to offer additional Assume an RLP enters RPI sell interest
functionality to RPI Orders by allowing and a national market system and, in
with an offset of $0.001 and a limit price general, to protect investors and the
them to include an optional offset. of $10.10 while the PBO is $10.11. The
RPIs are non-displayed and only public interest and because it is not
RPI could interact with an incoming buy designed to permit unfair
execute against Retail Orders. RPIs are Retail Order at $10.109. If the PBO
generally entered at a single limit price, discrimination between customers,
changes to $10.12, the RPI could issuers, brokers, or dealers. As
rather than being pegged to the PBBO. interact with an incoming buy Retail
One exception is that a RPI Order could explained below, the proposed rule
Order at $10.119. If, however, the PBO change would further align the Program
also be designated as an MPL Order, in changes again to $10.10, the RPI could
which case the order would be pegged with that offered by the Exchange’s
not interact with the Retail Order affiliate, NYSE, by adopting optional
to the midpoint of the PBBO and re- because the price required to deliver the
priced as the PBBO changes. offset functionality for RPIs and
minimum $0.001 price improvement removing unused functionality that is
Designation as MPL Orders. The ($10.099) would violate the RLP’s limit
Exchange proposes to remove unused not offered by the NYSE. The proposal
price of $10.10. also expands the scope of the Program
functionality that permits RPI Orders to
If an RLP otherwise enters an offset to mirror that of BYX and improve the
be designated as MPL Orders. Rule
greater than the minimum required Program’s overall competiveness. Each
7.44–E(a)(4)(D) currently states that
price improvement and the offset would portion of the proposal is based on the
‘‘[a]n RPI must be designated as either
produce a price that would violate the rules of NYSE and/or BYX, and,
a Limit Non-Displayed Order or MPL
RLP’s limit price, the offset would be therefore, does not raise any new or
Order, and an order so designated will
applied only to the extent that it novel issues not already considered by
interact with incoming Retail Orders
respects the RLP’s limit price. By way the Commission. First, the proposal to
only and will not interact with either a
of illustration, assume RPI buy interest expand the Program to include all
Type 2—Retail Order Day or Type 2—
is entered with an offset of $0.005 and securities traded on the Exchange is
Retail Order Market that is resting on
a limit price of $10.112 while the PBB identical to the scope of a similar retail
the NYSE Arca Book.’’ The Exchange
is at $10.11. The RPI could interact with order price improvement program
notes that to date all RPI Orders have
an incoming sell Retail Order at operated by BYX. Second, the proposal
been designated as Non-Displayed Limit
$10.112, because it would produce the provide RLPs with greater pricing
Orders, not MPL Orders.
As proposed, RPI Orders could no required price improvement without flexibility in the form of an optional
longer be designated as MPL Orders. To violating the RLP’s limit price, but it offset for their RPIs is based on the rules
effect this change, the Exchange could not interact above the $10.112 of its affiliate, NYSE, and BYX, both of
proposes to revise the above-referenced limit price. which permit their equivalent RPI
sentence from Rule 7.44–E(a)(4)(D) to The Exchange proposes to make a Orders to include an offset. Lastly, the
provide instead that ‘‘[a]n RPI . . . will related change to Rule 7.16–E(f)(5)(C) to proposal to eliminate Type 2—Retail
interact with incoming Retail Orders specify that, like Pegged Orders and Orders and RPIs designated as MPL
only.’’ The remaining text of the current MPL Orders, RPIs with an offset would Orders is based on the rules of its
rule is no longer necessary because the use the National Best Bid (‘‘NBB’’) affiliate, NYSE, or BYX, neither of
reference to Non-Displayed Limit instead of the PBB as the reference price which offer similar functionality as part
Orders is superfluous as RPI Orders by when a Short Sale Price Test is triggered of their respective retail price
definition are non-displayed and must pursuant to Rule 201 of Regulation improvement programs.
include a limit price.9 Further, SHO.11 Expansion of Program’s Scope. The
references to Type 2—Retail Orders are * * * * * Exchange believes expanding the
unnecessary because they would no The Exchange anticipates Program’s availability to all securities
longer be offered by the Exchange, as implementing this proposed rule change traded on the Exchange would remove
proposed above. in the second quarter of 2019, subject to impediments to, and perfect the
Optional Offset Functionality. The Commission approval, and will publicly mechanisms of, a free and open market
Exchange proposes to allow RPIs to announce the exact implementation and a national market system and, in
include an optional offset. Rule 7.44– date by Trader Update. general, protect investors and the public
E(a)(4) would be amended to include interest by enabling Retail Orders in all
10 The Exchange proposes to renumber the securities to participate in the Program
8 See NYSE Rule 107C(k). See also BYX Rule remaining paragraphs under Rule 7.44–E(a)(4)
11.24(f). accordingly. 12 15 U.S.C. 78f(b).
9 Under Rule 7.44–E(a). 11 17 CFR 242.201. 13 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014 18:29 Nov 13, 2018 Jkt 247001 PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 E:\FR\FM\14NON1.SGM 14NON1](https://thefederalregister.org/doc/83_FR_57110/page/3.svg)
![56894 Federal Register / Vol. 83, No. 220 / Wednesday, November 14, 2018 / Notices
submission, all subsequent subject to the Order who might have a DEPARTMENT OF STATE
amendments, all written statements constitutional presence in the United
[Public Notice: 10608]
with respect to the proposed rule States would render ineffectual the
change that are filed with the blocking and other measures authorized E.O. 13224 Designation of Al-Mujahidin
Commission, and all written in the Order because of the ability to Brigades, aka Khatib Al-Mujahidin, aka
communications relating to the transfer funds instantaneously, I Holy Warriors Battalion, aka Al
proposed rule change between the determine that no prior notice needs to Mujahideen Brigades, aka Ansar al-
Commission and any person, other than be provided to any person subject to this Mujahidin Movemement as a Specially
those that may be withheld from the determination who might have a Designated Global Terrorist
public in accordance with the constitutional presence in the United
provisions of 5 U.S.C. 552, will be Acting under the authority of and in
States, because to do so would render accordance with section 1(b) of
available for website viewing and ineffectual the measures authorized in
printing in the Commission’s Public Executive Order 13224 of September 23,
the Order. 2001, as amended by Executive Order
Reference Room, 100 F Street NE,
Washington, DC 20549 on official This determination shall be published 13268 of July 2, 2002, and Executive
business days between the hours of in the Federal Register. Order 13284 of January 23, 2003, I
10:00 a.m. and 3:00 p.m. Copies of the Dated: August 27, 2018. hereby determine that the person known
filing also will be available for as Al-Mujahidin Brigades, also known
Michael R. Pompeo,
inspection and copying at the principal as Khatib Al-Mujahidin, also known as
Secretary of State. Holy Warriors Battalion, also known as
offices of the Exchange. All comments
received will be posted without change. [FR Doc. 2018–24843 Filed 11–13–18; 8:45 am] Al Mujahideen Brigades, also known as
Persons submitting comments are BILLING CODE 4710–AD–P Ansar al-Mujahidin Movemement,
cautioned that we do not redact or edit committed, or poses a significant risk of
personal identifying information from committing, acts of terrorism that
comment submissions. You should DEPARTMENT OF STATE threaten the security of U.S. nationals or
submit only information that you wish the national security, foreign policy, or
to make available publicly. All [Public Notice: 10605] economy of the United States.
submissions should refer to File Consistent with the determination in
Number SR–NYSEARCA–2018–77 and Review of the Designation as a Foreign section 10 of Executive Order 13224 that
should be submitted on or before Terrorist Organization of Hizballah prior notice to persons determined to be
December 5, 2018. (and Other Aliases) subject to the Order who might have a
constitutional presence in the United
For the Commission, by the Division of
Trading and Markets, pursuant to delegated Based upon a review of the States would render ineffectual the
authority.20 Administrative Record assembled blocking and other measures authorized
Eduardo A. Aleman, pursuant to Section 219(a)(4)(C) of the in the Order because of the ability to
Immigration and Nationality Act, as transfer funds instantaneously, I
Assistant Secretary.
amended (8 U.S.C. 1189(a)(4)(C)) determine that no prior notice needs to
[FR Doc. 2018–24732 Filed 11–13–18; 8:45 am]
(‘‘INA’’), and in consultation with the be provided to any person subject to this
BILLING CODE 8011–01–P determination who might have a
Attorney General and the Secretary of
the Treasury, I conclude that the constitutional presence in the United
circumstances that were the basis for the States, because to do so would render
DEPARTMENT OF STATE ineffectual the measures authorized in
designation of the aforementioned
[Public Notice: 10607] the Order.
organization as a Foreign Terrorist This notice shall be published in the
Organization have not changed in such Federal Register.
E.O. 13224 Designation of Jawad
Nasrallah, aka, Mohammad Jawad a manner as to warrant revocation of the
Dated: September 12, 2018.
Nasrallah, aka Juad Nasrallah, as a designation and that the national
security of the United States does not Michael R. Pompeo,
Specially Designated Global Terrorist Secretary of State.
warrant a revocation of the designation.
Acting under the authority of and in [FR Doc. 2018–24841 Filed 11–13–18; 8:45 am]
Therefore, I hereby determine that the
accordance with section 1(b) of BILLING CODE 4710–AD–P
designation of the aforementioned
Executive Order 13224 of September 23,
2001, as amended by Executive Order organization as a Foreign Terrorist
13268 of July 2, 2002, and Executive Organization, pursuant to Section 219 of
SURFACE TRANSPORTATION BOARD
Order 13284 of January 23, 2003, I the INA (8 U.S.C. 1189), shall be
maintained. [Docket No. FD 36241]
hereby determine that the person known
as Jawad Nasrallah, also known as This determination shall be published Coos Bay Rail Line, Inc.—Change in
Mohammad Jawad Nasrallah, also in the Federal Register. Operators Exemption—Coos Bay
known also Juad Nasrallah, committed, Dated: July 23, 2018. Railroad Operating Company, LLC
or poses a significant risk of committing, d/b/a Coos Bay Rail Link
acts of terrorism that threaten the Michael R. Pompeo,
security of U.S. nationals or the national Secretary of State, Department of State. Coos Bay Rail Line, Inc. (Coos Rail),
security, foreign policy, or economy of has filed a verified notice of exemption
Editorial Note: This document was
the United States. under 49 CFR 1150.31 to assume
received for publication by the Office of the
Consistent with the determination in operations over two interconnected
Federal Register on November 8, 2018.
section 10 of Executive Order 13224 that [FR Doc. 2018–24840 Filed 11–13–18; 8:45 am]
railroad lines (the Line) owned by
prior notice to persons determined to be Oregon International Port of Coos Bay
BILLING CODE 4710–AD–P
(the Port). The Line extends from
20 17 CFR 200.30–3(a)(12). milepost 652.114 at Danebo, Or., to
VerDate Sep<11>2014 18:29 Nov 13, 2018 Jkt 247001 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 E:\FR\FM\14NON1.SGM 14NON1](https://thefederalregister.org/doc/83_FR_57110/page/5.svg)
Document Created: 2018-11-14 03:32:14
Document Modified: 2018-11-14 03:32:14
| 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 | 83 FR 56890 |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR