Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change Proposing an Amendment to the Bylaws of Its Wholly-Owned Subsidiary, NYSE Regulation, Inc. (“NYSE Regulation”), To Eliminate a Requirement That Not Less Than Two Members of the Board of Directors of NYSE Regulation Must Qualify as “Fair Representation Candidates”, 40252-40253 [2013-15916]
Download as PDF
40252
Federal Register / Vol. 78, No. 128 / Wednesday, July 3, 2013 / Notices
• Send an email to rulecomments@sec.gov. Please include File
Number SR–DTC–2013–08 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
emcdonald on DSK67QTVN1PROD with NOTICES
All submissions should refer to File
Number SR–DTC–2013–08. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filings also will be available for
inspection and copying at the principal
office of DTC and on DTC’s Web site at
https://www.dtcc.com/downloads/legal/
rule_filings/2013/dtc/
SR_DTC_2013_08.pdf. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–DTC–
2013–08 and should be submitted on or
before July 24, 2013.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.14
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–15897 Filed 7–2–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69869; File No. SR–NYSE–
2013–32]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Approving a Proposed Rule Change
Proposing an Amendment to the
Bylaws of Its Wholly-Owned
Subsidiary, NYSE Regulation, Inc.
(‘‘NYSE Regulation’’), To Eliminate a
Requirement That Not Less Than Two
Members of the Board of Directors of
NYSE Regulation Must Qualify as ‘‘Fair
Representation Candidates’’
June 27, 2013.
I. Introduction
On May 8, 2013, the New York Stock
Exchange LLC (‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend the bylaws of its wholly-owned
subsidiary NYSE Regulation, Inc.
(‘‘NYSE Regulation’’) to eliminate a
requirement that not less than two
members of the board of directors of
NYSE Regulation (‘‘NYSE Regulation
Board’’ or ‘‘Board’’) must qualify as ‘‘fair
representation candidates’’ (as that term
is defined in those bylaws). A
requirement that such directors
constitute a minimum of 20% of the
NYSE Regulation Board would remain
in place. The proposed rule change was
published for comment in the Federal
Register on May 22, 2013.3 The
Commission received no comments on
the proposed rule change.
II. Description of the Proposal
The Exchange proposes to amend the
Fourth Amended and Restated Bylaws
of NYSE Regulation (‘‘NYSE Regulation
Bylaws’’) to eliminate the requirement
that not less than two members of the
NYSE Regulation Board must be ‘‘fair
representation candidates’’ (as defined
in the NYSE Regulation Bylaws).
However, the current requirement that
such directors constitute a minimum of
20% of the Board would continue to
apply. Furthermore, under the proposal,
if the number that is equal to 20% of the
entire Board is not a whole number,
such number would be rounded up to
the next whole number, and a provision
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 69590
(May 16, 2013), 78 FR 30378 (‘‘Notice’’).
2 17
14 17
CFR 200.30–3(a)(12).
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17:48 Jul 02, 2013
Jkt 229001
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Frm 00164
Fmt 4703
Sfmt 4703
so stating would be added to the NYSE
Regulation Bylaws.
As defined in the NYSE Regulation
Bylaws, the fair representation
candidates are Board members who are
determined by member organizations of
the Exchange through a specified
petition process (‘‘Petition Candidates’’)
or, in the absence of a sufficient number
of Petition Candidates, candidates
would be recommended by the Director
Candidate Recommendation Committee
(‘‘DCRC’’) of NYSE Regulation. In
addition, fair representation candidates
for the NYSE Regulation Board must
qualify as ‘‘non-affiliated directors’’ (as
such term is defined in the NYSE
Regulation Bylaws), i.e., such persons
must be U.S. Persons who are not
members of the board of directors of
NYSE Euronext and qualify as
independent under the director
independence policy of NYSE
Regulation.4 Finally, like all members of
the NYSE Regulation Board except for
the Chief Executive Officer, the fair
representation candidates must qualify
as independent under the director
independence policy of NYSE
Regulation.5 The Exchange stated that it
is not proposing to change the NYSE
Regulation independence
requirements.6
The NYSE Regulation Bylaws provide
that the Board shall consist of not less
than three persons and that the number
of directors shall be fixed from time to
time by the Exchange, as sole equity
member of NYSE Regulation. The size of
the NYSE Regulation Board is currently
fixed at five members, of which four
positions are currently filled and one
position is open.7 The Exchange
represented that both the Exchange and
NYSE Regulation believe that a board
4 See Securities Act Release No. 67564 (August 1,
2012), 77 FR 47161 (August 7, 2012) (SR–NYSE–
2012–17) (approving a new director independence
policy for NYSE, NYSE Regulation, NYSE Market,
Inc., and NYSE MKT LLC).
5 The NYSE Regulation Bylaws require that a
majority of the NYSE Regulation Board must consist
of non-affiliated directors. The remaining directors
are comprised of the Chief Executive Officer of
NYSE Regulation and members of the board of
directors of NYSE Euronext that qualify as
independent under the NYSE Euronext
independence policy. The NYSE Regulation Bylaws
do not require any affiliated directors other than the
Chief Executive Officer of NYSE Regulation.
6 See Notice, 78 FR at 30379.
7 The Exchange noted that the number of
directors on the NYSE Regulation Board was
reduced from ten to five in early 2013 in connection
with the Financial Industry Regulatory Authority’s
(‘‘FINRA’’) completion of specified milestones in
the regulatory services agreement by and among
FINRA, NYSE Group, Inc., NYSE, NYSE Regulation,
NYSE Arca, Inc., and NYSE MKT LLC pursuant to
which FINRA assumed responsibility for
performing the market surveillance and
enforcement functions previously conducted by
NYSE Regulation. See Notice, 78 FR at 30379 n.6.
E:\FR\FM\03JYN1.SGM
03JYN1
Federal Register / Vol. 78, No. 128 / Wednesday, July 3, 2013 / Notices
consisting of five members is
sufficiently large to effectively perform
the NYSE Regulation Board’s oversight
responsibilities.8 In addition, with a
Board size of five directors, the
Exchange stated that it believes that
retaining the requirement that at least
two directors must be ‘‘fair
representation candidates’’ is now
unwarranted, because such directors
would constitute 40% of the Board
rather than 20% as was the case when
the number of directors was fixed at ten
members.9
The Exchange represented that the
DCRC of NYSE Regulation is aware of
and is in agreement with the proposed
plan of implementation. The Exchange
also represented that there is otherwise
no change to the fair representation
candidate selection and petition
process.10
The Exchange stated that it believes
that the elimination of the two-director
minimum requirement for fair
representation candidates is consistent
with the governance structures of other
national securities exchanges that have
been approved by the Commission.11
The Exchange pointed out that similar
changes were approved subsequently to
the Commission’s approval of a
structure for the board of NYSE
Alternext US LLC (now NYSE MKT
LLC), an affiliate of the Exchange, that
included a requirement that at least
20% of that exchange’s board constitute
fair representation directors, but
without the requirement that there be no
less than two such directors.12 The
Exchange also noted that, more recently,
the Commission approved a similar
change when it considered a proposal to
revise the Operating Agreement and
Bylaws of the Exchange’s wholly owned
subsidiary, NYSE Market, Inc.13
8 See
Notice, 78 FR at 30379.
id.
10 See Notice, 78 FR at 30379 n.7.
11 See Notice, 78 FR at 30379. The Exchange
noted that, for example, Article III, Section 5(e) of
the By-Laws of the of the NASDAQ Stock Market
LLC (‘‘NASDAQ’’) requires that the Regulatory
Oversight Committee of the NASDAQ Board of
Directors (‘‘NASDAQ ROC’’), which has an
oversight role comparable to that of the NYSE
Regulation Board, must consist of three members,
each of whom must be a ‘‘Public Director’’ (i.e., ‘‘a
Director who has no material business relationship
with a broker or dealer, [NASDAQ] or its affiliates,
or FINRA’’) and an ‘‘independent director’’ as
defined by NASDAQ Marketplace Rule 4200. The
Exchange also noted that there is no requirement
that the NASDAQ ROC have any members who
would be the equivalent of a fair representation
candidate on the NYSE Regulation Board.
12 See Securities Exchange Act Release No. 58673
(September 29, 2008), 73 FR 57707, 57711–12
(October 3, 2008) (SR–Amex–2008–62).
13 Securities Exchange Act Release No. 59683
(April 1, 2009), 74 FR 15799 (April 7, 2009 (SR–
NYSE–2009–12).
emcdonald on DSK67QTVN1PROD with NOTICES
9 See
VerDate Mar<15>2010
17:48 Jul 02, 2013
Jkt 229001
III. Discussion and Commission
Findings
The Commission finds that the
proposed rule change is consistent with
the Act and the rules and regulations
thereunder applicable to a national
securities exchange.14 In particular, the
Commission finds that the proposal is
consistent with the requirements of
Section 6(b)(3) of the Act, which
provides that the rules of an exchange
must assure a fair representation of its
members in the selection of its directors
and administration of its affairs and
provide that one or more directors shall
be representative of issuers and
investors and not be associated with a
member of the exchange, broker, or
dealer.15
The fair representation requirement in
Section 6(b)(3) of the Act is intended to
give members a voice in the selection of
the exchange’s directors and the
administration of its affairs. Moreover,
the Section 6(b)(3) requirement helps to
ensure that members are protected from
unfair, unfettered actions by an
exchange and that, in general, an
exchange is administered in a way that
is equitable to all those who trade on its
market or through its facilities. The
Commission notes that the requirement
that at least 20% of the directors on the
NYSE Regulation Board be fair
representation candidates is designed to
ensure the fair representation of NYSE
members on its Board. The Commission
notes that, while the proposal
eliminates the requirement regarding a
specific minimum number of fair
representation candidates on the Board,
it does not alter the minimum 20%
requirement for fair representation
candidates or the process by which
members can directly petition and vote
for representatives on the NYSE
Regulation Board. Moreover, the
Commission notes that the proposal
adds to the NYSE Regulation Bylaws a
provision that whenever 20% of the
Board would not result in a whole
number, such number would in all cases
be rounded up to the nearest whole
number, thus ensuring that the fair
representation candidates never
constitute less than 20% of the Board.
Furthermore, as the Exchange noted, the
proposed change to the NYSE
Regulation Bylaws is consistent with
previous proposals approved by the
Commission.16 The Commission
14 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
15 15 U.S.C. 78f(b)(3).
16 See supra notes 12 and 13 and accompanying
text.
PO 00000
Frm 00165
Fmt 4703
Sfmt 4703
40253
therefore finds that the Exchange’s
proposal is consistent with Section
6(b)(3) of the Act.17
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,18 that the
proposed rule change (SR–NYSE–2013–
32) is approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–15916 Filed 7–2–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69871; File No. SR–EDGA–
2013–13]
Self-Regulatory Organizations; EDGA
Exchange, Inc.; Order Approving a
Proposed Rule Change Relating to the
EDGA Exchange, Inc.’s Routing Broker
Dealer, as Described in EDGA Rule
2.12(b)
June 27, 2013.
I. Introduction
On May 16, 2013, EDGA Exchange,
Inc. (‘‘EDGA’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to make permanent the existing
pilot program that permits the
Exchange’s inbound router, as described
in Rule 2.12(b), to receive inbound
routes of equities orders through Direct
Edge ECN LLC d/b/a DE Route (‘‘DE
Route’’), the Exchange’s routing broker
dealer, from EDGX Exchange, Inc.
(‘‘EDGX’’) . The proposed rule change
was published for comment in the
Federal Register on May 28, 2013.3 The
Commission received no comment
letters regarding the proposed rule
change. This order approves the
proposed rule change.
II. Background
DE Route is a registered broker-dealer
that is a member of the Exchange and
is permitted to provide members of
EDGX optional routing services to other
17 15
U.S.C. 78f(b)(3).
U.S.C. 78s(b)(2).
19 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 69613
(May 21, 2013), 78 FR 31996 (‘‘Notice’’).
18 15
E:\FR\FM\03JYN1.SGM
03JYN1
Agencies
[Federal Register Volume 78, Number 128 (Wednesday, July 3, 2013)]
[Notices]
[Pages 40252-40253]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-15916]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69869; File No. SR-NYSE-2013-32]
Self-Regulatory Organizations; New York Stock Exchange LLC; Order
Approving a Proposed Rule Change Proposing an Amendment to the Bylaws
of Its Wholly-Owned Subsidiary, NYSE Regulation, Inc. (``NYSE
Regulation''), To Eliminate a Requirement That Not Less Than Two
Members of the Board of Directors of NYSE Regulation Must Qualify as
``Fair Representation Candidates''
June 27, 2013.
I. Introduction
On May 8, 2013, the New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend the bylaws of its wholly-owned subsidiary
NYSE Regulation, Inc. (``NYSE Regulation'') to eliminate a requirement
that not less than two members of the board of directors of NYSE
Regulation (``NYSE Regulation Board'' or ``Board'') must qualify as
``fair representation candidates'' (as that term is defined in those
bylaws). A requirement that such directors constitute a minimum of 20%
of the NYSE Regulation Board would remain in place. The proposed rule
change was published for comment in the Federal Register on May 22,
2013.\3\ The Commission received no comments on the proposed rule
change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 69590 (May 16,
2013), 78 FR 30378 (``Notice'').
---------------------------------------------------------------------------
II. Description of the Proposal
The Exchange proposes to amend the Fourth Amended and Restated
Bylaws of NYSE Regulation (``NYSE Regulation Bylaws'') to eliminate the
requirement that not less than two members of the NYSE Regulation Board
must be ``fair representation candidates'' (as defined in the NYSE
Regulation Bylaws). However, the current requirement that such
directors constitute a minimum of 20% of the Board would continue to
apply. Furthermore, under the proposal, if the number that is equal to
20% of the entire Board is not a whole number, such number would be
rounded up to the next whole number, and a provision so stating would
be added to the NYSE Regulation Bylaws.
As defined in the NYSE Regulation Bylaws, the fair representation
candidates are Board members who are determined by member organizations
of the Exchange through a specified petition process (``Petition
Candidates'') or, in the absence of a sufficient number of Petition
Candidates, candidates would be recommended by the Director Candidate
Recommendation Committee (``DCRC'') of NYSE Regulation. In addition,
fair representation candidates for the NYSE Regulation Board must
qualify as ``non-affiliated directors'' (as such term is defined in the
NYSE Regulation Bylaws), i.e., such persons must be U.S. Persons who
are not members of the board of directors of NYSE Euronext and qualify
as independent under the director independence policy of NYSE
Regulation.\4\ Finally, like all members of the NYSE Regulation Board
except for the Chief Executive Officer, the fair representation
candidates must qualify as independent under the director independence
policy of NYSE Regulation.\5\ The Exchange stated that it is not
proposing to change the NYSE Regulation independence requirements.\6\
---------------------------------------------------------------------------
\4\ See Securities Act Release No. 67564 (August 1, 2012), 77 FR
47161 (August 7, 2012) (SR-NYSE-2012-17) (approving a new director
independence policy for NYSE, NYSE Regulation, NYSE Market, Inc.,
and NYSE MKT LLC).
\5\ The NYSE Regulation Bylaws require that a majority of the
NYSE Regulation Board must consist of non-affiliated directors. The
remaining directors are comprised of the Chief Executive Officer of
NYSE Regulation and members of the board of directors of NYSE
Euronext that qualify as independent under the NYSE Euronext
independence policy. The NYSE Regulation Bylaws do not require any
affiliated directors other than the Chief Executive Officer of NYSE
Regulation.
\6\ See Notice, 78 FR at 30379.
---------------------------------------------------------------------------
The NYSE Regulation Bylaws provide that the Board shall consist of
not less than three persons and that the number of directors shall be
fixed from time to time by the Exchange, as sole equity member of NYSE
Regulation. The size of the NYSE Regulation Board is currently fixed at
five members, of which four positions are currently filled and one
position is open.\7\ The Exchange represented that both the Exchange
and NYSE Regulation believe that a board
[[Page 40253]]
consisting of five members is sufficiently large to effectively perform
the NYSE Regulation Board's oversight responsibilities.\8\ In addition,
with a Board size of five directors, the Exchange stated that it
believes that retaining the requirement that at least two directors
must be ``fair representation candidates'' is now unwarranted, because
such directors would constitute 40% of the Board rather than 20% as was
the case when the number of directors was fixed at ten members.\9\
---------------------------------------------------------------------------
\7\ The Exchange noted that the number of directors on the NYSE
Regulation Board was reduced from ten to five in early 2013 in
connection with the Financial Industry Regulatory Authority's
(``FINRA'') completion of specified milestones in the regulatory
services agreement by and among FINRA, NYSE Group, Inc., NYSE, NYSE
Regulation, NYSE Arca, Inc., and NYSE MKT LLC pursuant to which
FINRA assumed responsibility for performing the market surveillance
and enforcement functions previously conducted by NYSE Regulation.
See Notice, 78 FR at 30379 n.6.
\8\ See Notice, 78 FR at 30379.
\9\ See id.
---------------------------------------------------------------------------
The Exchange represented that the DCRC of NYSE Regulation is aware
of and is in agreement with the proposed plan of implementation. The
Exchange also represented that there is otherwise no change to the fair
representation candidate selection and petition process.\10\
---------------------------------------------------------------------------
\10\ See Notice, 78 FR at 30379 n.7.
---------------------------------------------------------------------------
The Exchange stated that it believes that the elimination of the
two-director minimum requirement for fair representation candidates is
consistent with the governance structures of other national securities
exchanges that have been approved by the Commission.\11\ The Exchange
pointed out that similar changes were approved subsequently to the
Commission's approval of a structure for the board of NYSE Alternext US
LLC (now NYSE MKT LLC), an affiliate of the Exchange, that included a
requirement that at least 20% of that exchange's board constitute fair
representation directors, but without the requirement that there be no
less than two such directors.\12\ The Exchange also noted that, more
recently, the Commission approved a similar change when it considered a
proposal to revise the Operating Agreement and Bylaws of the Exchange's
wholly owned subsidiary, NYSE Market, Inc.\13\
---------------------------------------------------------------------------
\11\ See Notice, 78 FR at 30379. The Exchange noted that, for
example, Article III, Section 5(e) of the By-Laws of the of the
NASDAQ Stock Market LLC (``NASDAQ'') requires that the Regulatory
Oversight Committee of the NASDAQ Board of Directors (``NASDAQ
ROC''), which has an oversight role comparable to that of the NYSE
Regulation Board, must consist of three members, each of whom must
be a ``Public Director'' (i.e., ``a Director who has no material
business relationship with a broker or dealer, [NASDAQ] or its
affiliates, or FINRA'') and an ``independent director'' as defined
by NASDAQ Marketplace Rule 4200. The Exchange also noted that there
is no requirement that the NASDAQ ROC have any members who would be
the equivalent of a fair representation candidate on the NYSE
Regulation Board.
\12\ See Securities Exchange Act Release No. 58673 (September
29, 2008), 73 FR 57707, 57711-12 (October 3, 2008) (SR-Amex-2008-
62).
\13\ Securities Exchange Act Release No. 59683 (April 1, 2009),
74 FR 15799 (April 7, 2009 (SR-NYSE-2009-12).
---------------------------------------------------------------------------
III. Discussion and Commission Findings
The Commission finds that the proposed rule change is consistent
with the Act and the rules and regulations thereunder applicable to a
national securities exchange.\14\ In particular, the Commission finds
that the proposal is consistent with the requirements of Section
6(b)(3) of the Act, which provides that the rules of an exchange must
assure a fair representation of its members in the selection of its
directors and administration of its affairs and provide that one or
more directors shall be representative of issuers and investors and not
be associated with a member of the exchange, broker, or dealer.\15\
---------------------------------------------------------------------------
\14\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
\15\ 15 U.S.C. 78f(b)(3).
---------------------------------------------------------------------------
The fair representation requirement in Section 6(b)(3) of the Act
is intended to give members a voice in the selection of the exchange's
directors and the administration of its affairs. Moreover, the Section
6(b)(3) requirement helps to ensure that members are protected from
unfair, unfettered actions by an exchange and that, in general, an
exchange is administered in a way that is equitable to all those who
trade on its market or through its facilities. The Commission notes
that the requirement that at least 20% of the directors on the NYSE
Regulation Board be fair representation candidates is designed to
ensure the fair representation of NYSE members on its Board. The
Commission notes that, while the proposal eliminates the requirement
regarding a specific minimum number of fair representation candidates
on the Board, it does not alter the minimum 20% requirement for fair
representation candidates or the process by which members can directly
petition and vote for representatives on the NYSE Regulation Board.
Moreover, the Commission notes that the proposal adds to the NYSE
Regulation Bylaws a provision that whenever 20% of the Board would not
result in a whole number, such number would in all cases be rounded up
to the nearest whole number, thus ensuring that the fair representation
candidates never constitute less than 20% of the Board. Furthermore, as
the Exchange noted, the proposed change to the NYSE Regulation Bylaws
is consistent with previous proposals approved by the Commission.\16\
The Commission therefore finds that the Exchange's proposal is
consistent with Section 6(b)(3) of the Act.\17\
---------------------------------------------------------------------------
\16\ See supra notes 12 and 13 and accompanying text.
\17\ 15 U.S.C. 78f(b)(3).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\18\ that the proposed rule change (SR-NYSE-2013-32) is approved.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78s(b)(2).
\19\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-15916 Filed 7-2-13; 8:45 am]
BILLING CODE 8011-01-P