Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Granting an Extension to Limited Exemptions From Rule 612(c) of Regulation NMS In Connection With the Exchanges' Retail Liquidity Programs, 47807 [2013-18899]

Download as PDF Federal Register / Vol. 78, No. 151 / Tuesday, August 6, 2013 / Notices For the Nuclear Regulatory Commission. Thomas Boyce, Chief, Regulatory Guide Development Branch, Division of Engineering, Office of Nuclear Regulatory Research. [FR Doc. 2013–18719 Filed 8–5–13; 8:45 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–70085; File Nos. SR–NYSE– 2011–55; SR–NYSEAmex–2011–84] Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Granting an Extension to Limited Exemptions From Rule 612(c) of Regulation NMS In Connection With the Exchanges’ Retail Liquidity Programs July 31, 2013. On July 3, 2012, the 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’’ or ‘‘Exchange’’) and NYSE MKT LLC 2 (‘‘NYSE MKT’’ and, together with NYSE, the ‘‘Exchanges’’) limited exemptions from the Sub-Penny Rule in connection with the operation of each Exchange’s Retail Liquidity Program (‘‘Programs’’).3 The limited exemptions were granted concurrently with the Commission’s approval of the Exchanges’ proposals to adopt their respective Retail Liquidity Programs for one-year pilot terms.4 The exemptions were granted coterminous with the effectiveness of the pilot Programs; both the pilot Programs and exemptions are scheduled to expire on July 31, 2013. The Exchanges now seek to extend the exemptions until July 31, 2014.5 The Exchanges’ request was made in conjunction with immediately effective filings that extend the operation of the Programs for one year, until July 31, 2014.6 In their request to extend the CFR 242.612(c). the time it filed the original proposal to adopt the Retail Liquidity Program, NYSE MKT went by the name NYSE Amex LLC. On May 14, 2012, the Exchange filed a proposed rule change, immediately effective upon filing, to change its name from NYSE Amex LLC to NYSE MKT LLC. See Securities Exchange Act Release No. 67037 (May 21, 2012), 77 FR 31415 (May 25, 2012) (SR– NYSEAmex–2012–32). 3 See Securities Exchange Act Release No. 67347, 77 FR 40673 (July 10, 2012) (SR–NYSE–2011–55; SR–NYSEAmex–2011–84) (‘‘Order’’). 4 See id. 5 See Letter from Janet McGinness, SVP and Corporate Secretary, NYSE Euronext, to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, dated July 30, 2013. 6 See SR–NYSE–2013–48 and SR–NYSEMKT– 2013–60. exemptions, the Exchanges note that the Programs took some time after they were adopted to develop and implement fully. Accordingly, the Exchanges have asked for additional time to allow themselves and the Commission to analyze more robust data concerning the Programs, which the Exchanges committed to provide to the Commission.7 For this reason and the reasons stated in the Order originally granting the limited exemptions, the Commission finds that extending the exemptions, pursuant to its authority under Rule 612(c) of Regulation NMS, is appropriate in the public interest and consistent with the protection of investors. Therefore, it is hereby ordered that, pursuant to Rule 612(c) of Regulation NMS, each Exchange is granted a oneyear extension of the 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. The limited and temporary exemptions extended by this Order are 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 Exchange Act. 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.8 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–18899 Filed 8–5–13; 8:45 am] BILLING CODE 8011–01–P 1 17 tkelley on DSK3SPTVN1PROD with NOTICES 19:47 Aug 05, 2013 Jkt 229001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–70084; File No. SR– NYSEArca–2013–76] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule To Increase the Royalty Fees Applicable to NonCustomer Transactions in Options on the Russell 2000 Index July 31, 2013. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on July 25, 2013, NYSE Arca, Inc. (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with the Securities and Exchange Commission (the ‘‘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. I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to amend the NYSE Arca Options Fee Schedule to increase the Royalty Fees applicable to non-Customer transactions in options on the Russell 2000 Index (‘‘RUT’’). The text of the proposed rule change is available on the Exchange’s Web site 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. 2 At VerDate Mar<15>2010 47807 1 15 7 See Order, supra note 3, 77 FR at 40681. 8 17 CFR 200.30–3(a)(83). PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 E:\FR\FM\06AUN1.SGM 06AUN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 78, Number 151 (Tuesday, August 6, 2013)]
[Notices]
[Page 47807]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-18899]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70085; File Nos. SR-NYSE-2011-55; SR-NYSEAmex-2011-84]


Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE 
MKT LLC; Order Granting an Extension to Limited Exemptions From Rule 
612(c) of Regulation NMS In Connection With the Exchanges' Retail 
Liquidity Programs

July 31, 2013.
    On July 3, 2012, the 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'' or ``Exchange'') 
and NYSE MKT LLC \2\ (``NYSE MKT'' and, together with NYSE, the 
``Exchanges'') limited exemptions from the Sub-Penny Rule in connection 
with the operation of each Exchange's Retail Liquidity Program 
(``Programs'').\3\ The limited exemptions were granted concurrently 
with the Commission's approval of the Exchanges' proposals to adopt 
their respective Retail Liquidity Programs for one-year pilot terms.\4\ 
The exemptions were granted coterminous with the effectiveness of the 
pilot Programs; both the pilot Programs and exemptions are scheduled to 
expire on July 31, 2013.
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    \1\ 17 CFR 242.612(c).
    \2\ At the time it filed the original proposal to adopt the 
Retail Liquidity Program, NYSE MKT went by the name NYSE Amex LLC. 
On May 14, 2012, the Exchange filed a proposed rule change, 
immediately effective upon filing, to change its name from NYSE Amex 
LLC to NYSE MKT LLC. See Securities Exchange Act Release No. 67037 
(May 21, 2012), 77 FR 31415 (May 25, 2012) (SR-NYSEAmex-2012-32).
    \3\ See Securities Exchange Act Release No. 67347, 77 FR 40673 
(July 10, 2012) (SR-NYSE-2011-55; SR-NYSEAmex-2011-84) (``Order'').
    \4\ See id.
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    The Exchanges now seek to extend the exemptions until July 31, 
2014.\5\ The Exchanges' request was made in conjunction with 
immediately effective filings that extend the operation of the Programs 
for one year, until July 31, 2014.\6\ In their request to extend the 
exemptions, the Exchanges note that the Programs took some time after 
they were adopted to develop and implement fully. Accordingly, the 
Exchanges have asked for additional time to allow themselves and the 
Commission to analyze more robust data concerning the Programs, which 
the Exchanges committed to provide to the Commission.\7\ For this 
reason and the reasons stated in the Order originally granting the 
limited exemptions, the Commission finds that extending the exemptions, 
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 Janet McGinness, SVP and Corporate 
Secretary, NYSE Euronext, to Elizabeth M. Murphy, Secretary, 
Securities and Exchange Commission, dated July 30, 2013.
    \6\ See SR-NYSE-2013-48 and SR-NYSEMKT-2013-60.
    \7\ See Order, supra note 3, 77 FR at 40681.
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    Therefore, it is hereby ordered that, pursuant to Rule 612(c) of 
Regulation NMS, each Exchange is granted a one-year extension of the 
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.
    The limited and temporary exemptions extended by this Order are 
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 Exchange Act. 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.\8\
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    \8\ 17 CFR 200.30-3(a)(83).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-18899 Filed 8-5-13; 8:45 am]
BILLING CODE 8011-01-P

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