83 FR 64166 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Granting an Extension to Limited Exemptions From Rule 612(c) of Regulation NMS in Connection With the Exchange's Retail Liquidity Program Until June 30, 2019

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 239 (December 13, 2018)

Page Range		64166-64167
FR Document		2018-27018
Federal Register, Volume 83 Issue 239 (Thursday, December 13, 2018)
[Federal Register Volume 83, Number 239 (Thursday, December 13, 2018)]
[Notices]
[Pages 64166-64167]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-27018]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84761; File No. SR-NYSE-2011-55]


Self-Regulatory Organizations; New York Stock Exchange LLC; Order 
Granting an Extension to Limited Exemptions From Rule 612(c) of 
Regulation NMS in Connection With the Exchange's Retail Liquidity 
Program Until June 30, 2019

December 10, 2018.
    On July 3, 2012, the Securities and Exchange Commission 
(``Commission'') issued an order pursuant to its authority under Rule 
612(c) of Regulation NMS (``Sub-Penny Rule'') \1\ that granted the New 
York Stock Exchange LLC (``NYSE'') a limited exemption from the Sub-
Penny Rule in connection with the operation of the Exchange's Retail 
Liquidity Program (``Program'').\2\ The limited exemption was granted 
concurrently with the Commission's approval of the Exchange's proposal 
to adopt its Program for a one-year pilot term.\3\ The exemption was 
granted coterminous with the effectiveness of the pilot Program; both 
the pilot Program and exemption are scheduled to expire on December 31, 
2018.\4\
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    \1\ 17 CFR 242.612(c).
    \2\ See Securities Exchange Act Release No. 67347 (July 3, 
2012), 77 FR 40673 (July 10, 2012) (SR-NYSE-2011-55; SR-NYSEAmex-
2011-84) (``Order'').
    \3\ See id.
    \4\ On July 30, 2013, the Exchange requested an extension of the 
exemption for the Program. See Letter from Janet McGinness, SVP and 
Corporate Secretary, NYSE Euronext, to Elizabeth M. Murphy, 
Secretary, Commission, dated July 30, 2013. The pilot period for the 
Program was extended until July 31, 2014. See Securities Exchange 
Act Release No. 70096 (August 2, 2013), 78 FR 48520 (August 8, 2013) 
(SR-NYSE-2013-48). On July 30, 2014, the Exchange requested another 
extension of the exemption for the Program. See Letter from Martha 
Redding, Chief Counsel, NYSE, to Kevin M O'Neill, Deputy Secretary, 
Commission, dated July 30, 2014. The pilot period for the Program 
was extended until March 31, 2015. See Securities Exchange Act 
Release No. 72629 (July 16, 2014), 79 FR 42564 (July 22, 2014) (SR-
NYSE-2014-35). On February 27, 2015, the Exchange requested another 
extension of the exemption for the Program. See Letter from Martha 
Redding, Senior Counsel, NYSE, to Brent J. Fields, Secretary, 
Commission, dated February 27, 2015. The pilot period for the 
Program was extended until September 30, 2015. See Securities 
Exchange Act Release No. 74454 (March 6, 2015), 80 FR 13054 (March 
12, 2015) (SR-NYSE-2015-10). On September 17, 2015, the Exchange 
requested another extension of the exemption for the Program. See 
Letter from Martha Redding, Senior Counsel, NYSE, to Brent J. 
Fields, Secretary, Commission, dated September 17, 2015. The pilot 
period for the Program was extended until March 31, 2016. See 
Securities Exchange Act Release No. 75993 (September 28, 2015), 80 
FR 59844 (October 2, 2015) (SR-NYSE-2015-41). On March 17, 2016, the 
Exchange requested another extension of the exemption for the 
Program. See Letter from Martha Redding, Senior Counsel, NYSE, to 
Brent J. Fields, Secretary, Commission, dated March 17, 2016. The 
pilot period for the Program was extended until August 31, 2016. See 
Securities Exchange Act Release No. 77426 (March 23, 2016), 81 FR 
17533 (March 29, 2016) (SR-NYSE-2016-25). On August 8, 2016, the 
Exchange requested another extension of the exemption for the 
Program. See Letter from Martha Redding, Associate General Counsel, 
NYSE, to Brent J. Fields, Secretary, Commission, dated August 8, 
2016. The pilot period for the Program was extended until December 
31, 2016. See Securities Exchange Act Release No. 78600 (August 17, 
2016), 81 FR 57642 (August 23, 2016) (SR-NYSE-2016-54). On November 
28, 2016, the Exchange requested another extension of the exemption 
for the Program. See Letter from Martha Redding, Associate General 
Counsel, NYSE, to Brent J. Fields, Secretary, Commission, dated 
November 28, 2016. The pilot period for the Program was extended 
until June 30, 2017. See Securities Exchange Act Release No.79493 
(December 7, 2016), 81 FR 90019 (December 13, 2016) (SR-NYSE-2016-
82). On May 23, 2017, the Exchange requested another extension of 
the exemption for the Program. See Letter from Martha Redding, 
Associate General Counsel, NYSE, to Brent J. Fields, Secretary, 
Commission, dated May 23, 2017. The pilot period for the Program was 
extended until December 31, 2017. See Securities Exchange Act 
Release No. 80844 (June 1, 2017), 82 FR 26562 (June 7, 2017) (SR-
NYSE-2017-26). On November 30, 2017, the Exchange requested another 
extension of the exemption for the Program. See Letter from Martha 
Redding, Assistant Secretary, NYSE, to Brent J. Fields, Secretary, 
Commission, dated November 30, 2017. The pilot period for the 
Program was extended until June 30, 2018. See Securities Exchange 
Act Release No. 82230 (December 7, 2017), 82 FR 58667 (December 13, 
2017) (SR-NYSE-2017-64). On June 14, 2018, the Exchange requested 
another extension of the exemption for the Program. See Letter from 
Martha Redding, Associate General Counsel and Assistant Secretary, 
NYSE to Brent J. Fields, Secretary, Commission, dated June 14, 2018. 
The pilot period for the Program was extended until December 31, 
2018. See Securities Exchange Act Release No. 83540 (June 28, 2018), 
83 FR 31234 (July 3, 2018) (SR-NYSE-2018-29).
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    The Exchange now seeks a six month extension of the exemption, 
which would be until June 30, 2019.\5\ The Exchange's request was made 
in

[[Page 64167]]

conjunction with an immediately effective filing that extends the 
operation of the Program through the same date.\6\ In its request to 
extend the exemption, the Exchange notes that the participation in the 
Program has increased more recently with additional Retail Liquidity 
Providers. Accordingly, the Exchange has asked for additional time to 
both allow for additional opportunities for greater participation in 
the Program and allow for further assessment of the results of such 
participation. For this reason and the reasons stated in the Order 
originally granting the limited exemptions, the Commission finds that 
extending the exemption, pursuant to its authority under Rule 612(c) of 
Regulation NMS, is appropriate in the public interest and consistent 
with the protection of investors.
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    \5\ See Letter from Martha Redding, Associate General Counsel 
and Assistant Secretary, NYSE to Brent J. Fields, Secretary, 
Commission, dated November 30, 2018, at 1.
    \6\ See SR-NYSE-2018-59.
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    Therefore, it is hereby ordered that, pursuant to Rule 612(c) of 
Regulation NMS, the Exchange is granted a limited exemption from Rule 
612 of Regulation NMS that allows it to accept and rank orders priced 
equal to or greater than $1.00 per share in increments of $0.001, in 
connection with the operation of its Retail Liquidity Program, until 
June 30, 2019.
    The limited and temporary exemption extended by this Order is 
subject to modification or revocation if at any time the Commission 
determines that such action is necessary or appropriate in furtherance 
of the purposes of the Securities Exchange Act of 1934. Responsibility 
for compliance with any applicable provisions of the Federal securities 
laws must rest with the persons relying on the exemptions that are the 
subject of this Order.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(83).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018-27018 Filed 12-12-18; 8:45 am]
BILLING CODE 8011-01-P
64166 Federal Register / Vol. 83, No. 239 / Thursday, December 13, 2018 / Notices

manager, and include their name and Date of required notice:
DATES: The Exchange now seeks a six month
address. December 13, 2018. extension of the exemption, which
FOR FURTHER INFORMATION CONTACT: would be until June 30, 2019.5 The
EXEMPTIONS PROMULGATED FOR THE SYSTEM:
Elizabeth Reed, 202–268–3179. Exchange’s request was made in
None.
SUPPLEMENTARY INFORMATION: The
exemption for the Program. See Letter from Martha
HISTORY: United States Postal Service® hereby Redding, Chief Counsel, NYSE, to Kevin M O’Neill,
December 22, 2017, 82 FR 60776; gives notice that, pursuant to 39 U.S.C. Deputy Secretary, Commission, dated July 30, 2014.
August 29, 2014, 79 FR 51627; October 3642 and 3632(b)(3), on December 6, The pilot period for the Program was extended until
2018, it filed with the Postal Regulatory March 31, 2015. See Securities Exchange Act
24, 2011, 76 FR 65756; April 29, 2005, Release No. 72629 (July 16, 2014), 79 FR 42564
70 FR 22516. Commission a USPS Request to Add (July 22, 2014) (SR–NYSE–2014–35). On February
* * * * * Priority Mail Contract 487 to 27, 2015, the Exchange requested another extension
Competitive Product List. Documents of the exemption for the Program. See Letter from
Martha Redding, Senior Counsel, NYSE, to Brent J.
Brittany M. Johnson, are available at www.prc.gov, Docket Fields, Secretary, Commission, dated February 27,
Attorney, Federal Compliance. Nos. MC2019–38, CP2019–40. 2015. The pilot period for the Program was
[FR Doc. 2018–26428 Filed 12–12–18; 8:45 am] extended until September 30, 2015. See Securities
Elizabeth Reed, Exchange Act Release No. 74454 (March 6, 2015),
BILLING CODE 7710–12–P 80 FR 13054 (March 12, 2015) (SR–NYSE–2015–10).
Attorney, Corporate and Postal Business Law.
On September 17, 2015, the Exchange requested
[FR Doc. 2018–26939 Filed 12–12–18; 8:45 am]
another extension of the exemption for the Program.
POSTAL SERVICE BILLING CODE 7710–12–P See Letter from Martha Redding, Senior Counsel,
NYSE, to Brent J. Fields, Secretary, Commission,
dated September 17, 2015. The pilot period for the
Product Change—Priority Mail Program was extended until March 31, 2016. See
Negotiated Service Agreement SECURITIES AND EXCHANGE Securities Exchange Act Release No. 75993
COMMISSION (September 28, 2015), 80 FR 59844 (October 2,
AGENCY: Postal ServiceTM. 2015) (SR–NYSE–2015–41). On March 17, 2016, the
ACTION: Notice. [Release No. 34–84761; File No. SR–NYSE– Exchange requested another extension of the
2011–55] exemption for the Program. See Letter from Martha
Redding, Senior Counsel, NYSE, to Brent J. Fields,
SUMMARY: The Postal Service gives Secretary, Commission, dated March 17, 2016. The
notice of filing a request with the Postal Self-Regulatory Organizations; New
pilot period for the Program was extended until
Regulatory Commission to add a York Stock Exchange LLC; Order August 31, 2016. See Securities Exchange Act
domestic shipping services contract to Granting an Extension to Limited Release No. 77426 (March 23, 2016), 81 FR 17533
Exemptions From Rule 612(c) of (March 29, 2016) (SR–NYSE–2016–25). On August
the list of Negotiated Service 8, 2016, the Exchange requested another extension
Agreements in the Mail Classification Regulation NMS in Connection With of the exemption for the Program. See Letter from
Schedule’s Competitive Products List. the Exchange’s Retail Liquidity Martha Redding, Associate General Counsel, NYSE,
Program Until June 30, 2019 to Brent J. Fields, Secretary, Commission, dated
DATES: Date of required notice: August 8, 2016. The pilot period for the Program
December 13, 2018. December 10, 2018. was extended until December 31, 2016. See
On July 3, 2012, the Securities and Securities Exchange Act Release No. 78600 (August
FOR FURTHER INFORMATION CONTACT:
17, 2016), 81 FR 57642 (August 23, 2016) (SR–
Elizabeth Reed, 202–268–3179. Exchange Commission (‘‘Commission’’) NYSE–2016–54). On November 28, 2016, the
SUPPLEMENTARY INFORMATION: The issued an order pursuant to its authority Exchange requested another extension of the
United States Postal Service® hereby under Rule 612(c) of Regulation NMS exemption for the Program. See Letter from Martha
(‘‘Sub-Penny Rule’’) 1 that granted the Redding, Associate General Counsel, NYSE, to
gives notice that, pursuant to 39 U.S.C. Brent J. Fields, Secretary, Commission, dated
3642 and 3632(b)(3), on December 6, New York Stock Exchange LLC November 28, 2016. The pilot period for the
2018, it filed with the Postal Regulatory (‘‘NYSE’’) a limited exemption from the Program was extended until June 30, 2017. See
Sub-Penny Rule in connection with the Securities Exchange Act Release No.79493
Commission a USPS Request to Add (December 7, 2016), 81 FR 90019 (December 13,
Priority Mail Contract 489 to operation of the Exchange’s Retail 2016) (SR–NYSE–2016–82). On May 23, 2017, the
Competitive Product List. Documents Liquidity Program (‘‘Program’’).2 The Exchange requested another extension of the
are available at www.prc.gov, Docket limited exemption was granted exemption for the Program. See Letter from Martha
concurrently with the Commission’s Redding, Associate General Counsel, NYSE, to
Nos. MC2019–40, CP2019–42. Brent J. Fields, Secretary, Commission, dated May
approval of the Exchange’s proposal to 23, 2017. The pilot period for the Program was
Elizabeth Reed, adopt its Program for a one-year pilot extended until December 31, 2017. See Securities
Attorney, Corporate and Postal Business Law. term.3 The exemption was granted Exchange Act Release No. 80844 (June 1, 2017), 82
[FR Doc. 2018–26941 Filed 12–12–18; 8:45 am] coterminous with the effectiveness of FR 26562 (June 7, 2017) (SR–NYSE–2017–26). On
November 30, 2017, the Exchange requested
BILLING CODE 7710–12–P the pilot Program; both the pilot another extension of the exemption for the Program.
Program and exemption are scheduled See Letter from Martha Redding, Assistant
to expire on December 31, 2018.4 Secretary, NYSE, to Brent J. Fields, Secretary,
POSTAL SERVICE Commission, dated November 30, 2017. The pilot
1 17
period for the Program was extended until June 30,
CFR 242.612(c).
2018. See Securities Exchange Act Release No.
Product Change—Priority Mail 2 See Securities Exchange Act Release No. 67347 82230 (December 7, 2017), 82 FR 58667 (December
Negotiated Service Agreement (July 3, 2012), 77 FR 40673 (July 10, 2012) (SR– 13, 2017) (SR–NYSE–2017–64). On June 14, 2018,
NYSE–2011–55; SR–NYSEAmex–2011–84) the Exchange requested another extension of the
AGENCY: Postal ServiceTM. (‘‘Order’’). exemption for the Program. See Letter from Martha
3 See id.
ACTION: Notice. Redding, Associate General Counsel and Assistant
4 On July 30, 2013, the Exchange requested an Secretary, NYSE to Brent J. Fields, Secretary,
amozie on DSK3GDR082PROD with NOTICES1

extension of the exemption for the Program. See Commission, dated June 14, 2018. The pilot period
SUMMARY: The Postal Service gives Letter from Janet McGinness, SVP and Corporate for the Program was extended until December 31,
notice of filing a request with the Postal Secretary, NYSE Euronext, to Elizabeth M. Murphy, 2018. See Securities Exchange Act Release No.
Regulatory Commission to add a Secretary, Commission, dated July 30, 2013. The 83540 (June 28, 2018), 83 FR 31234 (July 3, 2018)
domestic shipping services contract to pilot period for the Program was extended until July (SR–NYSE–2018–29).
31, 2014. See Securities Exchange Act Release No. 5 See Letter from Martha Redding, Associate
the list of Negotiated Service 70096 (August 2, 2013), 78 FR 48520 (August 8, General Counsel and Assistant Secretary, NYSE to
Agreements in the Mail Classification 2013) (SR–NYSE–2013–48). On July 30, 2014, the Brent J. Fields, Secretary, Commission, dated
Schedule’s Competitive Products List. Exchange requested another extension of the November 30, 2018, at 1.

VerDate Sep<11>2014 17:12 Dec 12, 2018 Jkt 247001 PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 E:\FR\FM\13DEN1.SGM 13DEN1
Document Created: 2018-12-13 01:15:29
Document Modified: 2018-12-13 01:15:29
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 64166