83 FR 64412 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period for the Exchange's Retail Liquidity Program Until the Earlier of Approval of the Filing To Make the Program Permanent or June 30, 2019
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 240 (December 14, 2018)
Federal Register Volume 83, Issue 240 (December 14, 2018)
| Page Range | 64412-64414 | |
| FR Document | 2018-27077 |
[Federal Register Volume 83, Number 240 (Friday, December 14, 2018)] [Notices] [Pages 64412-64414] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-27077] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84767; File No. SR-NYSE-2018-59] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period for the Exchange's Retail Liquidity Program Until the Earlier of Approval of the Filing To Make the Program Permanent or June 30, 2019 December 10, 2018. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on November [[Page 64413]] 30, 2018, New York Stock Exchange LLC (``NYSE'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the pilot period for the Exchange's Retail Liquidity Program (the ``Retail Liquidity Program'' or the ``Program''), which is currently scheduled to expire on December 31, 2018, until the earlier of approval of the filing to make the Program permanent or June 30, 2019. The proposed rule 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to extend the pilot period for the Retail Liquidity Program, currently scheduled to expire on December 31, 2018,\4\ until the earlier of approval of the filing to make the Program permanent or June 30, 2019. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 83540 (June 28, 2018), 83 FR 31234 (July 3, 2018) (SR-NYSE-2018-29). --------------------------------------------------------------------------- Background In July 2012, the Commission approved the Retail Liquidity Program on a pilot basis.\5\ The Program is designed to attract retail order flow to the Exchange, and allows such order flow to receive potential price improvement. The Program is currently limited to trades occurring at prices equal to or greater than $1.00 per share. Under the Program, Retail Liquidity Providers (``RLPs'') are able to provide potential price improvement in the form of a non-displayed order that is priced better than the Exchange's best protected bid or offer (``PBBO''), called a Retail Price Improvement Order (``RPI''). When there is an RPI in a particular security, the Exchange disseminates an indicator, known as the Retail Liquidity Identifier, indicating that such interest exists. Retail Member Organizations (``RMOs'') can submit a Retail Order to the Exchange, which would interact, to the extent possible, with available contra-side RPIs. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 67347 (July 3, 2012), 77 FR 40673 (July 10, 2012) (SR-NYSE-2011-55) (``RLP Approval Order''). --------------------------------------------------------------------------- The Retail Liquidity Program was approved by the Commission on a pilot basis. Pursuant to NYSE Rule 107C(m), the pilot period for the Program is scheduled to end on December 31, 2018. Proposal To Extend the Operation of the Program The Exchange established the Retail Liquidity Program in an attempt to attract retail order flow to the Exchange by potentially providing price improvement to such order flow. The Exchange believes that the Program promotes competition for retail order flow by allowing Exchange members to submit RPIs to interact with Retail Orders. Such competition has the ability to promote efficiency by facilitating the price discovery process and generating additional investor interest in trading securities, thereby promoting capital formation. The Exchange believes that extending the pilot is appropriate because it will allow the Exchange and the Commission additional time to analyze data regarding the Program that the Exchange has committed to provide and consider the Exchange's filing to make the filing permanent.\6\ As such, the Exchange believes that it is appropriate to extend the current operation of the Program.\7\ Through this filing, the Exchange seeks to amend NYSE Rule 107C(m) \8\ and extend the current pilot period of the Program until the earlier of approval of the filing to make the Program permanent or June 30, 2019. --------------------------------------------------------------------------- \6\ See id. at 40681; see also SR-NYSE-2018-28 (filing to make Rule 107C, which sets forth the Exchange's Retail Liquidity Program, permanent). \7\ Concurrently with this filing, the Exchange has submitted a request for an extension of the exemption under Regulation NMS Rule 612 previously granted by the Commission that permits it to accept and rank the undisplayed RPIs. See Letter from Martha Redding, Associate General Counsel and Asst. Corporate Secretary, NYSE Group, Inc., to Brent J. Fields, Secretary, Securities and Exchange Commission, dated November 30, 2018. \8\ The Exchange notes that the proposed amendment to Rule 107C(m) would amend the current version of Rule 107C(m), which the Exchange also proposes to amend as part of the Exchange's filing to make Rule 107C permanent. See SR-NYSE-2018-28. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\9\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\10\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that extending the pilot period for the Retail Liquidity Program is consistent with these principles because the Program is reasonably designed to attract retail order flow to the exchange environment, while helping to ensure that retail investors benefit from the better price that liquidity providers are willing to give their orders. Additionally, as previously noted, the competition promoted by the Program may facilitate the price discovery process and potentially generate additional investor interest in trading securities. The extension of the pilot period will allow the Commission and the Exchange to continue to monitor the Program for its potential effects on public price discovery, and on the broader market structure. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change simply extends an established pilot program for an additional six months, thus allowing the Retail Liquidity Program to enhance competition for retail order flow and contribute to the public price discovery process. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. [[Page 64414]] III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\ Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A)(iii). \12\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission may 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. --------------------------------------------------------------------------- \13\ 17 CFR 240.19b-4(f)(6). \14\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \15\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSE-2018-59 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-NYSE-2018-59. 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 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 office 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-NYSE-2018-59 and should be submitted on or before January 4, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2018-27077 Filed 12-13-18; 8:45 am] BILLING CODE 8011-01-P
![64412 Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices
it could create a burden on competition Guide would facilitate Participants’ only one method. The Commission will
by negatively affecting such understanding of the Fee Guide and post all comments on the Commission’s
Participants’ operating costs. However, their obligations thereunder, and so internet website (http://www.sec.gov/
DTC believes that the burden on would not affect the rights and rules/sro.shtml). Copies of the
competition would not be significant obligations of any Participant or other submission, all subsequent
and would be necessary and appropriate interested party. Therefore, DTC amendments, all written statements
in furtherance of the purposes of the believes that each of the proposed with respect to the proposed rule
Act, as permitted by Section 17A(b)(3)(I) clarifications to the Fee Guide, as change that are filed with the
of the Act.58 described in Item II(A)1(ii)F (Clarify the Commission, and all written
Burden on Competition Would Not Be Fee Guide), would not have an impact communications relating to the
Significant. DTC believes that any on competition. proposed rule change between the
burden on competition that may be Commission and any person, other than
imposed by the proposed increase of the (C) Clearing Agency’s Statement on those that may be withheld from the
surcharge for the late submission of a Comments on the Proposed Rule public in accordance with the
LOR or BLOR would be insignificant Change Received From Members, provisions of 5 U.S.C. 552, will be
because (1) the increase would be a Participants, or Others available for website viewing and
modest amount ($100) that would only Written comments relating to this printing in the Commission’s Public
apply when a Participant submits a late proposed rule change have not been Reference Room, 100 F Street NE,
LOR or BLOR, and (2) a Participant can solicited or received. DTC will notify Washington, DC 20549 on official
avoid the surcharge by submitting the the Commission of any written business days between the hours of
LOR or BLOR on time. comments received by DTC. 10:00 a.m. and 3:00 p.m. Copies of the
Burden on Competition Would Be filing also will be available for
Necessary and Appropriate. DTC III. Date of Effectiveness of the inspection and copying at the principal
believes that any insignificant burden Proposed Rule Change, and Timing for office of DTC and on DTCC’s website
on competition that is created by the Commission Action (http://dtcc.com/legal/sec-rule-
proposed increase of the surcharge for The foregoing rule change has become filings.aspx). All comments received
the late submission of a LOR or BLOR effective pursuant to Section 19(b)(3)(A) will be posted without change. Persons
would be necessary and appropriate in of the Act 66 and paragraph (f) of Rule submitting comments are cautioned that
furtherance of the purposes of the Act, 19b–4 thereunder.67 At any time within we do not redact or edit personal
as permitted by Section 17A(b)(3)(I) of 60 days of the filing of the proposed rule identifying information from comment
the Act.59 As discussed above, DTC change, the Commission summarily may submissions. You should submit only
believes that the proposed rule changes temporarily suspend such rule change if information that you wish to make
would (1) provide for the equitable it appears to the Commission that such available publicly. All submissions
allocation of reasonable fees,60 as action is necessary or appropriate in the should refer to File Number SR–DTC–
required by Section 17A(b)(3)(D) of the public interest, for the protection of 2018–011 and should be submitted on
Act,61 and (2) promote the prompt and investors, or otherwise in furtherance of or before January 4, 2019.
accurate clearance and settlement of the purposes of the Act. For the Commission, by the Division of
securities transactions,62 consistent Trading and Markets, pursuant to delegated
with Section 17A(b)(3)(F) of the Act.63 IV. Solicitation of Comments
authority.68
Therefore, DTC believes that any Interested persons are invited to Eduardo A. Aleman,
insignificant burden on competition that submit written data, views and Deputy Secretary.
may be imposed by the proposed rule arguments concerning the foregoing, [FR Doc. 2018–27078 Filed 12–13–18; 8:45 am]
changes addressed immediately above including whether the proposed rule
BILLING CODE 8011–01–P
would be necessary and appropriate in change is consistent with the Act.
furtherance of the purposes of the Act, Comments may be submitted by any of
specifically Section 17A(b)(3)(D) of the the following methods: SECURITIES AND EXCHANGE
Act and Section 17A(b)(3)(F) of the Act, COMMISSION
respectively, as permitted by Section Electronic Comments
17A(b)(3)(I) of the Act.64 • Use the Commission’s internet [Release No. 34–84767; File No. SR–NYSE–
comment form (http://www.sec.gov/ 2018–59]
(iv) Clarify the Fee Guide
rules/sro.shtml); or
No Impact on Competition. DTC • Send an email to rule-comments@ Self-Regulatory Organizations; New
believes that each of the proposed sec.gov. Please include File Number SR– York Stock Exchange LLC; Notice of
clarifications to the Fee Guide, as DTC–2018–011 on the subject line. Filing and Immediate Effectiveness of
described in Item II(A)1(ii)F (Clarify the Proposed Rule Change To Extend the
Fee Guide), would not have an impact Paper Comments Pilot Period for the Exchange’s Retail
on competition.65 Each of these changes • Send paper comments in triplicate Liquidity Program Until the Earlier of
would amend certain headings, fee to Secretary, Securities and Exchange Approval of the Filing To Make the
names, and fee conditions to improve Commission, 100 F Street NE, Program Permanent or June 30, 2019
the accuracy and clarity of the Fee Washington, DC 20549. December 10, 2018.
Guide. Having an accurate and clear Fee All submissions should refer to File Pursuant to Section 19(b)(1) 1 of the
Number SR–DTC–2018–011. This file Securities Exchange Act of 1934
amozie on DSK3GDR082PROD with NOTICES1
58 Id.
59 Id.
number should be included on the (‘‘Act’’) 2 and Rule 19b–4 thereunder,3
60 See supra Item II(A)2(i)C.
subject line if email is used. To help the notice is hereby given that on November
61 15 U.S.C. 78q–1(b)(3)(D). Commission process and review your
62 See supra Item II(A)2(ii)C. comments more efficiently, please use 68 17 CFR 200.30–3(a)(12).
63 15 U.S.C. 78q–1(b)(3)(F). 1 15 U.S.C. 78s(b)(1).
64 15 U.S.C. 78q–1(b)(3)(I). 66 15 U.S.C. 78s(b)(3)(A). 2 15 U.S.C. 78a.
65 Id. 67 17 CFR 240.19b–4(f). 3 17 CFR 240.19b–4.
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![64414 Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices
III. Date of Effectiveness of the • Send an email to rule-comments@ SECURITIES AND EXCHANGE
Proposed Rule Change and Timing for sec.gov. Please include File Number SR– COMMISSION
Commission Action NYSE–2018–59 on the subject line.
[Release No. 34–84766; File No. SR–NYSE–
The Exchange has filed the proposed Paper Comments 2018–28]
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 11 and Rule • Send paper comments in triplicate Self-Regulatory Organizations; New
19b–4(f)(6) thereunder.12 Because the to Secretary, Securities and Exchange York Stock Exchange LLC; Notice of
proposed rule change does not: (i) Commission, 100 F Street NE, Designation of Longer Period for
Significantly affect the protection of Washington, DC 20549–1090. Commission Action on Proceedings To
investors or the public interest; (ii) Determine Whether To Approve or
impose any significant burden on All submissions should refer to File Disapprove a Proposed Rule To Make
competition; and (iii) become operative Number SR–NYSE–2018–59. This file Permanent the Retail Liquidity
prior to 30 days from the date on which number should be included on the Program Pilot, Which is Set To Expire
it was filed, or such shorter time as the subject line if email is used. To help the on December 31, 2018
Commission may designate, if Commission process and review your
December 10, 2018.
consistent with the protection of comments more efficiently, please use
On June 4, 2018, New York Stock
investors and the public interest, the only one method. The Commission will Exchange LLC (‘‘Exchange’’) filed with
proposed rule change has become post all comments on the Commission’s the Securities and Exchange
effective pursuant to Section 19(b)(3)(A) internet website (http://www.sec.gov/ Commission (‘‘Commission’’), pursuant
of the Act and Rule 19b–4(f)(6)(iii) rules/sro.shtml). Copies of the to Section 19(b)(1) of the Securities
thereunder. submission, all subsequent Exchange Act of 1934 (‘‘Exchange
A proposed rule change filed under amendments, all written statements Act’’) 1 and Rule 19b–4 thereunder,2 a
Rule 19b–4(f)(6) 13 normally does not with respect to the proposed rule proposed rule change to make
become operative prior to 30 days after change that are filed with the permanent the Exchange’s Retail
the date of the filing. However, pursuant
Commission, and all written Liquidity Program Pilot (‘‘Program’’).
to Rule 19b–4(f)(6)(iii),14 the
communications relating to the The proposed rule change was
Commission may designate a shorter
proposed rule change between the published for comment in the Federal
time if such action is consistent with the
Commission and any person, other than Register on June 21, 2018.3 On July 31,
protection of investors and the public
those that may be withheld from the 2018, the Commission designated a
interest. The Exchange has asked the longer period within which to approve
Commission to waive the 30-day public in accordance with the
provisions of 5 U.S.C. 552, will be the proposed rule change, disapprove
operative delay so that the proposal may the proposed rule change, or institute
become operative immediately upon available for website viewing and
printing in the Commission’s Public proceedings to determine whether to
filing. disapprove the proposed rule change.4
At any time within 60 days of the Reference Room, 100 F Street NE,
On September 18, 2018, the
filing of such proposed rule change, the Washington, DC 20549, on official
Commission instituted proceedings
Commission summarily may business days between the hours of
under Section 19(b)(2)(B) of the Act 5 to
temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of the
determine whether to approve or
it appears to the Commission that such filing also will be available for disapprove the proposed rule change.6
action is necessary or appropriate in the inspection and copying at the principal The Commission received no comment
public interest, for the protection of office of the Exchange. All comments letters on the proposed rule change.
investors, or otherwise in furtherance of received will be posted without change. Section 19(b)(2) of the Act 7 provides
the purposes of the Act. If the Persons submitting comments are that, after initiating proceedings, the
Commission takes such action, the cautioned that we do not redact or edit Commission shall issue an order
Commission shall institute proceedings personal identifying information from approving or disapproving the proposed
under Section 19(b)(2)(B) 15 of the Act to comment submissions. You should rule change not later than 180 days after
determine whether the proposed rule submit only information that you wish the date of publication of notice of filing
change should be approved or to make available publicly. All of the proposed rule change. The
disapproved. Commission may, however, extend the
submissions should refer to File
IV. Solicitation of Comments Number SR–NYSE–2018–59 and should period for issuing an order approving or
Interested persons are invited to be submitted on or before January 4, disapproving the proposed rule change
submit written data, views, and 2019. by not more than 60 days if the
arguments concerning the foregoing, Commission determines that a longer
For the Commission, by the Division of
including whether the proposed rule period is appropriate and publishes the
Trading and Markets, pursuant to delegated
change is consistent with the Act. authority.16 1 15 U.S.C. 78s(b)(1).
Comments may be submitted by any of Eduardo A. Aleman, 2 17 CFR 240.19b–4.
the following methods: 3 See Securities Exchange Act Release No. 83454
Deputy Secretary.
Electronic Comments (June 15, 2018), 83 FR 28874 (‘‘Notice’’).
[FR Doc. 2018–27077 Filed 12–13–18; 8:45 am] 4 See Securities Exchange Act Release No. 83749,
• Use the Commission’s internet BILLING CODE 8011–01–P 83 FR 38393 (August 6, 2018). The Commission
amozie on DSK3GDR082PROD with NOTICES1
comment form (http://www.sec.gov/ designated September 19, 2018, as the date by
which the Commission shall approve or disapprove,
rules/sro.shtml); or or institute proceedings to determine whether to
disapprove, the proposed rule change.
11 15 U.S.C. 78s(b)(3)(A)(iii). 5 15 U.S.C. 78s(b)(2)(B).
12 17 CFR 240.19b–4(f)(6). 6 See Securities Exchange Act Release No. 84183,
13 17 CFR 240.19b–4(f)(6).
83 FR 48350 (September 24, 2018) (‘‘Order
14 17 CFR 240.19b–4(f)(6)(iii). Instituting Proceedings’’).
15 15 U.S.C. 78s(b)(2)(B). 16 17 CFR 200.30–3(a)(12). 7 15 U.S.C. 78s(b)(2).
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Document Created: 2018-12-14 03:49:42
Document Modified: 2018-12-14 03:49:42
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 64412 |
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