83 FR 64417 - Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the Trading Floor Qualification Examination
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 240 (December 14, 2018)
Federal Register Volume 83, Issue 240 (December 14, 2018)
| Page Range | 64417-64419 | |
| FR Document | 2018-27075 |
[Federal Register Volume 83, Number 240 (Friday, December 14, 2018)] [Notices] [Pages 64417-64419] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-27075] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84765; File No. SR-Phlx-2018-79] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the Trading Floor Qualification Examination December 10, 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 November 30, 2018, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or [[Page 64418]] ``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 revise its floor qualification examination. Specifically, the Exchange proposes to delete obsolete questions, change the format of certain questions from ``true/false'' to multiple choice, add several new questions, and revise certain questions, as described further below. The text of the proposed rule change is available on the Exchange's website at http://nasdaqphlx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to improve the Exchange's program for qualification of members by updating its floor qualification examination. The Exchange has employed a written floor qualification examination, which is required for persons seeking to act as members on the trading floor, for many years.\3\ The examination was last amended in 2012.\4\ --------------------------------------------------------------------------- \3\ See Rules 620(a) and 901(c). See also Rule 1061 applicable to Floor Brokers. \4\ Securities Exchange Act Release No. 67508 [sic] (July 26 [sic], 2012), 77 FR 46141 (July 27, 2012 [sic]) (SR-Phlx-2012-96). See also Securities Exchange Act Release No. 63603 (December 22, 2010), 75 FR 82419 (December 30, 2010) (SR-Phlx-2010-180); Securities Exchange Act Release No. 33304 (December 9, 1993), 58 FR 65613 (December 15, 1993) (SR-Phlx-92-34). --------------------------------------------------------------------------- At this time, the Exchange proposes to update the examination in a variety of ways. The examination would continue to be comprised of 100 questions. Those questions would be randomly and electronically selected from a question bank of 188 questions, an increase of 16 questions from the existing question bank. The floor qualification examination would continue to be administered by the Exchange's membership department, and continue to require a passing score of 70 during a 75 minute testing period. The Exchange proposes to delete 11 obsolete questions. Nine of the questions deleted test knowledge that is no longer applicable because of revisions to the PHLX rules. The other two questions deleted test knowledge no longer needed to trade on the Phlx floor. The Exchange also proposes to modify 55 questions by changing the format of those questions from ``true/false'' to multiple choice. The subject matter covered by each of those questions will not change. The Exchange further proposes to add 27 new questions. Twenty of the new questions generally test knowledge of the new Floor Broker Management System (``FBMS''). The remaining seven questions were added to expand the bank from which questions are selected. Finally, the Exchange notes that certain questions were revised to correct grammatical errors and standardize the answer format. With these changes, the total number of questions available for random and electronic selection will increase from 172 to 188. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \5\ in general, and furthers the objectives of Section 6(b)(5) of the Act \6\ 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. In addition, the Exchange believes that the proposed rule change is consistent with Section 6(c)(3)(B) of the Act,\7\ which authorizes exchanges to prescribe standards of training, experience and competence for persons associated with exchange members, and gives exchanges the authority to bar a natural person from becoming a member or a person associated with a member, if the person does not meet the standards of training, experience and competence prescribed in the rules of the exchange. The Exchange believes that revising its floor member qualification examination as proposed in this filing, including by deleting obsolete questions, changing the format of 55 questions from ``true/false'' to multiple choice, and adding questions, including those that relate to the new FMBS [sic], will better test the knowledge of prospective floor members, and thereby enhance the Exchange's standards for training, experience and competence. In addition, the exchange is modifying the format of its ``true/false'' questions to multiple choice and making certain other changes, such as correcting grammatical errors and standardizing the answer format. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). \7\ 15 U.S.C. 78f(c)(3)(B). --------------------------------------------------------------------------- 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 not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(1) \9\ thereunder, the Exchange has designated this proposal as one that constitutes a stated policy, practice or interpretation with respect to the meaning, administration, or enforcement of an existing rule of the SRO, and therefore has become effective. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 17 CFR 240.19b-4(f)(1). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, [[Page 64419]] 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-Phlx-2018-79 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-Phlx-2018-79. 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-Phlx-2018-79 and should be submitted on or before January 4, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2018-27075 Filed 12-13-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices 64417
The proposed change to remove the service provided by FICC. Each of the comments more efficiently, please use
account maintenance fee for trade proposed changes would apply equally only one method. The Commission will
assignment accounts from the Dealer to all participants such that no post all comments on the Commission’s
Schedule would provide for the participants would be subject to the internet website (http://www.sec.gov/
equitable allocation of fees among eliminated fees following the rules/sro.shtml). Copies of the
participants because removing this fee, implementation of the proposed submission, all subsequent
which does not relate to a service changes, and the Clearing Rules would amendments, all written statements
provided by FICC, would improve the no longer identify a fee that does not with respect to the proposed rule
accuracy of the Dealer Schedule for all relate to an FICC service. Therefore, change that are filed with the
Clearing Members. FICC believes this FICC does not believe these proposed Commission, and all written
proposed change is reasonable because, changes would not have any impact on communications relating to the
following implementation of the competition. proposed rule change between the
proposed change, the Dealer Schedule Commission and any person, other than
would only include fees that relate to (C) Clearing Agency’s Statement on those that may be withheld from the
existing services provided by FICC. Comments on the Proposed Rule public in accordance with the
Therefore, this proposed change is also Change Received From Members, provisions of 5 U.S.C. 552, will be
consistent with Section 17A(b)(3)(D).20 Participants, or Others available for website viewing and
Rule 17Ad–22(e)(21) under the Act FICC has not solicited or received any printing in the Commission’s Public
requires, in part, that FICC establish, written comments relating to this Reference Room, 100 F Street NE,
implement, maintain and enforce proposal. FICC will notify the Washington, DC 20549 on official
written policies and procedures Commission of any written comments business days between the hours of
reasonably designed to be efficient and that it receives. 10:00 a.m. and 3:00 p.m. Copies of the
effective in meeting the requirements of filing also will be available for
its participants and the markets it III. Date of Effectiveness of the inspection and copying at the principal
serves.21 The proposed change to Proposed Rule Change, and Timing for office of FICC and on DTCC’s website
eliminate the Surcharge would Commission Action (http://dtcc.com/legal/sec-rule-
eliminate a fee that is no longer The foregoing rule change has become filings.aspx). All comments received
necessary to discourage batch effective pursuant to Section 19(b)(3)(A) will be posted without change. Persons
submission of trades, for the reasons of the Act 23 and paragraph (f) of Rule submitting comments are cautioned that
described above. The proposed change 19b–4 thereunder.24 At any time within we do not redact or edit personal
to eliminate the late payment for EPN 60 days of the filing of the proposed rule identifying information from comment
bills would also eliminate a fee that is change, the Commission summarily may submissions. You should submit only
no longer necessary to discourage late temporarily suspend such rule change if information that you wish to make
payment of such bills, for the reasons it appears to the Commission that such available publicly. All submissions
described above. Finally, the proposed action is necessary or appropriate in the should refer to File Number SR–FICC–
change to remove the account public interest, for the protection of 2018–012 and should be submitted on
maintenance fee for trade assignment investors, or otherwise in furtherance of or before January 4, 2019.
accounts from the Dealer Schedule the purposes of the Act. For the Commission, by the Division of
would remove a fee from the Dealer Trading and Markets, pursuant to delegated
Schedule that does not relate to a IV. Solicitation of Comments
authority.25
service offered by FICC. Each of these Interested persons are invited to Eduardo A. Aleman,
proposed changes would simplify and submit written data, views and Deputy Secretary.
update the Rules, thereby improving the arguments concerning the foregoing, [FR Doc. 2018–27079 Filed 12–13–18; 8:45 am]
clarity of the Rules and enhancing their including whether the proposed rule
BILLING CODE 8011–01–P
transparency to participants. By change is consistent with the Act.
removing fees that are no longer Comments may be submitted by any of
necessary or do not relate to FICC’s the following methods: SECURITIES AND EXCHANGE
services, and improving the clarity of Electronic Comments COMMISSION
the Rules, the proposed changes would
allow FICC to more efficiently and • Use the Commission’s internet [Release No. 34–84765; File No. SR–Phlx–
comment form (http://www.sec.gov/ 2018–79]
effectively meet the requirements of its
participants. Therefore, FICC believes rules/sro.shtml); or
• Send an email to rule-comments@ Self-Regulatory Organizations; Nasdaq
this proposed rule change is also PHLX LLC; Notice of Filing and
consistent with Rule 17Ad–22(e)(21).22 sec.gov. Please include File Number SR–
FICC–2018–012 on the subject line. Immediate Effectiveness of Proposed
(B) Clearing Agency’s Statement on Rule Change To Update the Trading
Burden on Competition Paper Comments Floor Qualification Examination
FICC does not believe that the • Send paper comments in triplicate December 10, 2018.
proposed rule changes would have any to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the
impact, or impose any burden, on Commission, 100 F Street NE, Securities Exchange Act of 1934
competition. The proposed changes Washington, DC 20549. (‘‘Act’’) 1, and Rule 19b–4 thereunder,2
would eliminate fees that are no longer All submissions should refer to File notice is hereby given that on November
amozie on DSK3GDR082PROD with NOTICES1
necessary, for the reasons described Number SR–FICC–2018–012. This file 30, 2018, Nasdaq PHLX LLC (‘‘Phlx’’ or
above, and would remove a fee from the number should be included on the ‘‘Exchange’’) filed with the Securities
Clearing Rules that does not relate to a subject line if email is used. To help the and Exchange Commission (‘‘SEC’’ or
Commission process and review your
20 Id. 25 17 CFR 200.30–3(a)(12).
21 17 CFR 240.17Ad–22(e)(21). 23 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
22 Id. 24 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4.
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![64418 Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices
‘‘Commission’’) the proposed rule At this time, the Exchange proposes to experience and competence prescribed
change as described in Items I, II, and update the examination in a variety of in the rules of the exchange. The
III, below, which Items have been ways. The examination would continue Exchange believes that revising its floor
prepared by the Exchange. The to be comprised of 100 questions. Those member qualification examination as
Commission is publishing this notice to questions would be randomly and proposed in this filing, including by
solicit comments on the proposed rule electronically selected from a question deleting obsolete questions, changing
change from interested persons. bank of 188 questions, an increase of 16 the format of 55 questions from ‘‘true/
questions from the existing question false’’ to multiple choice, and adding
I. Self-Regulatory Organization’s bank. The floor qualification questions, including those that relate to
Statement of the Terms of Substance of examination would continue to be the new FMBS [sic], will better test the
the Proposed Rule Change administered by the Exchange’s knowledge of prospective floor
The Exchange proposes to revise its membership department, and continue members, and thereby enhance the
floor qualification examination. to require a passing score of 70 during Exchange’s standards for training,
Specifically, the Exchange proposes to a 75 minute testing period. experience and competence. In
delete obsolete questions, change the The Exchange proposes to delete 11 addition, the exchange is modifying the
format of certain questions from ‘‘true/ obsolete questions. Nine of the format of its ‘‘true/false’’ questions to
false’’ to multiple choice, add several questions deleted test knowledge that is multiple choice and making certain
new questions, and revise certain no longer applicable because of other changes, such as correcting
questions, as described further below. revisions to the PHLX rules. The other grammatical errors and standardizing
two questions deleted test knowledge no the answer format.
The text of the proposed rule change
longer needed to trade on the Phlx floor.
is available on the Exchange’s website at B. Self-Regulatory Organization’s
The Exchange also proposes to modify
http://nasdaqphlx.cchwallstreet.com/, Statement on Burden on Competition
55 questions by changing the format of
at the principal office of the Exchange,
those questions from ‘‘true/false’’ to The Exchange does not believe that
and at the Commission’s Public
multiple choice. The subject matter the proposed rule change will impose
Reference Room.
covered by each of those questions will any burden on competition not
II. Self-Regulatory Organization’s not change. The Exchange further necessary or appropriate in furtherance
Statement of the Purpose of, and proposes to add 27 new questions. of the purposes of the Act.
Statutory Basis for, the Proposed Rule Twenty of the new questions generally
Change test knowledge of the new Floor Broker C. Self-Regulatory Organization’s
Management System (‘‘FBMS’’). The Statement on Comments on the
In its filing with the Commission, the remaining seven questions were added Proposed Rule Change Received From
Exchange included statements to expand the bank from which Members, Participants, or Others
concerning the purpose of and basis for questions are selected. Finally, the No written comments were either
the proposed rule change and discussed Exchange notes that certain questions solicited or received.
any comments it received on the were revised to correct grammatical
proposed rule change. The text of these III. Date of Effectiveness of the
errors and standardize the answer
statements may be examined at the Proposed Rule Change and Timing for
format. With these changes, the total
places specified in Item IV below. The Commission Action
number of questions available for
Exchange has prepared summaries, set random and electronic selection will Pursuant to Section 19(b)(3)(A) of the
forth in sections A, B, and C below, of increase from 172 to 188. Act 8 and Rule 19b–4(f)(1) 9 thereunder,
the most significant aspects of such the Exchange has designated this
statements. 2. Statutory Basis proposal as one that constitutes a stated
A. Self-Regulatory Organization’s The Exchange believes that its policy, practice or interpretation with
Statement of the Purpose of, and proposal is consistent with Section 6(b) respect to the meaning, administration,
Statutory Basis for, the Proposed Rule of the Act 5 in general, and furthers the or enforcement of an existing rule of the
Change objectives of Section 6(b)(5) of the Act 6 SRO, and therefore has become
in particular, in that it is designed to effective.
1. Purpose promote just and equitable principles of At any time within 60 days of the
The purpose of the proposed rule trade, to remove impediments to and filing of the proposed rule change, the
change is to improve the Exchange’s perfect the mechanism of a free and Commission summarily may
program for qualification of members by open market and a national market temporarily suspend such rule change if
updating its floor qualification system, and, in general to protect it appears to the Commission that such
examination. The Exchange has investors and the public interest. In action is necessary or appropriate in the
employed a written floor qualification addition, the Exchange believes that the public interest, for the protection of
examination, which is required for proposed rule change is consistent with investors, or otherwise in furtherance of
persons seeking to act as members on Section 6(c)(3)(B) of the Act,7 which the purposes of the Act. If the
the trading floor, for many years.3 The authorizes exchanges to prescribe Commission takes such action, the
examination was last amended in 2012.4 standards of training, experience and Commission shall institute proceedings
competence for persons associated with to determine whether the proposed rule
3 See Rules 620(a) and 901(c). See also Rule 1061
exchange members, and gives exchanges should be approved or disapproved.
the authority to bar a natural person
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applicable to Floor Brokers. IV. Solicitation of Comments
4 Securities Exchange Act Release No. 67508 [sic] from becoming a member or a person
(July 26 [sic], 2012), 77 FR 46141 (July 27, 2012 associated with a member, if the person Interested persons are invited to
[sic]) (SR–Phlx–2012–96). See also Securities does not meet the standards of training, submit written data, views, and
Exchange Act Release No. 63603 (December 22,
2010), 75 FR 82419 (December 30, 2010) (SR–Phlx–
arguments concerning the foregoing,
5 15 U.S.C. 78f(b).
2010–180); Securities Exchange Act Release No.
6 15 U.S.C. 78f(b)(5). 8 15 U.S.C. 78s(b)(3)(A).
33304 (December 9, 1993), 58 FR 65613 (December
15, 1993) (SR–Phlx–92–34). 7 15 U.S.C. 78f(c)(3)(B). 9 17 CFR 240.19b–4(f)(1).
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![Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices 64419
including whether the proposed rule SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
change is consistent with the Act. COMMISSION Statement of the Purpose of, and the
Comments may be submitted by any of Statutory Basis for, the Proposed Rule
the following methods: [Release No. 34–84773; File No. SR– Change
Electronic Comments NYSEARCA–2018–89] 1. Purpose
• Use the Commission’s internet Self-Regulatory Organizations; NYSE The Exchange proposes to extend the
comment form (http://www.sec.gov/ pilot period for the Retail Liquidity
Arca, Inc.; Notice of Filing and
rules/sro.shtml); or Program, currently scheduled to expire
• Send an email to rule-comments@ Immediate Effectiveness of Proposed
on December 31, 2018,4 until June 30,
sec.gov. Please include File Number SR– Rule Change To Extend the Pilot 2019.
Phlx–2018–79 on the subject line. Period for the Exchange’s Retail
Liquidity Program Until June 30, 2019 Background
Paper Comments In July 2012, the Commission
December 10, 2018.
• Send paper comments in triplicate approved the Retail Liquidity Program
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) 1 of the on a pilot basis.5 The Program is
Commission, 100 F Street NE, Securities Exchange Act of 1934 designed to attract retail order flow to
Washington, DC 20549–1090. (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 the Exchange, and allows such order
All submissions should refer to File notice is hereby given that, on flow to receive potential price
Number SR–Phlx–2018–79. This file November 30, 2018, NYSE Arca, Inc. improvement. The Program is currently
number should be included on the (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed limited to trades occurring at prices
subject line if email is used. To help the with the Securities and Exchange equal to or greater than $1.00 per share.
Commission process and review your Commission (‘‘Commission’’) the Under the Program, Retail Liquidity
comments more efficiently, please use proposed rule change as described in Providers (‘‘RLPs’’) are able to provide
only one method. The Commission will Items I, II, and III below, which Items potential price improvement in the form
post all comments on the Commission’s have been prepared by the self- of a non-displayed order that is priced
internet website (http://www.sec.gov/ regulatory organization. The better than the Exchange’s best
rules/sro.shtml). Copies of the Commission is publishing this notice to protected bid or offer (‘‘PBBO’’), called
submission, all subsequent solicit comments on the proposed rule a Retail Price Improvement Order
amendments, all written statements (‘‘RPI’’). When there is an RPI in a
change from interested persons.
with respect to the proposed rule particular security, the Exchange
change that are filed with the I. Self-Regulatory Organization’s disseminates an indicator, known as the
Commission, and all written Statement of the Terms of Substance of Retail Liquidity Identifier, indicating
communications relating to the the Proposed Rule Change that such interest exists. Retail Member
proposed rule change between the Organizations (‘‘RMOs’’) can submit a
Commission and any person, other than The Exchange proposes to extend the Retail Order to the Exchange, which
those that may be withheld from the pilot period for the Exchange’s Retail would interact, to the extent possible,
public in accordance with the Liquidity Program (the ‘‘Retail Liquidity with available contra-side RPIs.
provisions of 5 U.S.C. 552, will be Program’’ or the ‘‘Program’’), which is The Retail Liquidity Program was
available for website viewing and currently scheduled to expire on approved by the Commission on a pilot
printing in the Commission’s Public December 31, 2018, until June 30, 2019. basis. Pursuant to NYSE Arca Rule
Reference Room, 100 F Street NE, The proposed rule change is available 7.44–E(m), the pilot period for the
Washington, DC 20549, on official on the Exchange’s website at Program is scheduled to end on
business days between the hours of www.nyse.com, at the principal office of December 31, 2018.
10:00 a.m. and 3:00 p.m. Copies of the the Exchange, and at the Commission’s Proposal To Extend the Operation of the
filing also will be available for Public Reference Room. Program
inspection and copying at the principal
office of the Exchange. All comments II. Self-Regulatory Organization’s The Exchange established the Retail
received will be posted without change. Statement of the Purpose of, and Liquidity Program in an attempt to
Persons submitting comments are Statutory Basis for, the Proposed Rule attract retail order flow to the Exchange
cautioned that we do not redact or edit Change by potentially providing price
personal identifying information from improvement to such order flow. The
comment submissions. You should In its filing with the Commission, the Exchange believes that the Program
submit only information that you wish self-regulatory organization included promotes competition for retail order
to make available publicly. All statements concerning the purpose of, flow by allowing Exchange members to
submissions should refer to File and basis for, the proposed rule change submit RPIs to interact with Retail
Number SR–Phlx–2018–79 and should and discussed any comments it received Orders. Such competition has the ability
be submitted on or before January 4, on the proposed rule change. The text to promote efficiency by facilitating the
2019. of those statements may be examined at price discovery process and generating
the places specified in Item IV below. additional investor interest in trading
For the Commission, by the Division of securities, thereby promoting capital
Trading and Markets, pursuant to delegated The Exchange has prepared summaries,
formation. The Exchange believes that
amozie on DSK3GDR082PROD with NOTICES1
authority.10 set forth in sections A, B, and C below,
Eduardo A. Aleman, of the most significant parts of such 4 See Securities Exchange Act Release No. 83538
Deputy Secretary. statements. (June 28, 2018), 83 FR 31210 (July 3, 2018) (SR–
[FR Doc. 2018–27075 Filed 12–13–18; 8:45 am] NYSEArca–2018–46).
5 See Securities Exchange Act Release No. 71176
BILLING CODE 8011–01–P 1 15 U.S.C. 78s(b)(1).
(December 23, 2013), 78 FR 79524 (December 30,
2 15 U.S.C. 78a. 2013) (SR–NYSEArca–2013–107) (‘‘RLP Approval
10 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. Order’’).
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Document Created: 2018-12-14 03:49:27
Document Modified: 2018-12-14 03:49:27
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 83 FR 64417 |
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