Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Commentary .07 to Rule 904 To Extend the Pilot Program That Eliminated the Position Limits for Options on SPDR S&P 500 ETF, 64255-64257 [2013-25292]
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Federal Register / Vol. 78, No. 208 / Monday, October 28, 2013 / Notices
Dated: October 23, 2013.
Susanne Bolton,
Committee Management Officer.
NUCLEAR REGULATORY
COMMISSION
[FR Doc. 2013–25303 Filed 10–25–13; 8:45 am]
[Docket Nos. 50–454–LR, 50–455–LR, 50–
456–LR, 50–457–LR; ASLBP No. 13–929–
02–LR–BD01]
BILLING CODE 7555–01–P
64255
Issued at Rockville, Maryland this 8th day
of October 2013.
E. Roy Hawkens,
Chief Administrative Judge, Atomic Safety
and Licensing Board Panel.
[FR Doc. 2013–25413 Filed 10–25–13; 8:45 am]
BILLING CODE 7590–01–P
NATIONAL SCIENCE FOUNDATION
Advisory Committee for Computer and
Information Science and Engineering;
Cancellation of Meeting
As a result of the impact of
the recent government shutdown, the
National Science Foundation is issuing
this notice to cancel the October 31 to
November 1, 2013 Advisory Committee
for Computer and Information Science
and Engineering meeting. The public
notice for this committee was published
in the Federal Register on October 4,
2013 (FR Doc. 2013–24277, page 61870–
61871).
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Carmen Whitson, National Science
Foundation, 4201 Wilson Boulevard,
Arlington, VA 22230, 703/292–8900.
Dated: October 23, 2013.
Susanne Bolton,
Committee Management Officer.
[FR Doc. 2013–25302 Filed 10–25–13; 8:45 am]
BILLING CODE 7555–01–P
NATIONAL SCIENCE FOUNDATION
Committee on Equal Opportunities in
Science and Engineering; Cancellation
of Meeting
As a result of the impact of
the recent government shutdown, the
National Science Foundation is issuing
this notice to cancel the October 30,
2013 Committee on Equal Opportunities
in Science and Engineering meeting.
The public notice for this committee
was published in the Federal Register
on October 2, 2013 (FR Doc. 2013–
23981, page 60918).
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
wreier-aviles on DSK5TPTVN1PROD with NOTICES
Bernice T. Anderson, National Science
Foundation, 4201 Wilson Boulevard,
Arlington, VA 22230, 703/292–5151
Email Address: banderso@nsf.gov.
Dated: October 23, 2013.
Susanne Bolton,
Committee Management Officer.
[FR Doc. 2013–25304 Filed 10–25–13; 8:45 am]
14:52 Oct 25, 2013
Pursuant to delegation by the
Commission dated December 29, 1972,
see 37 FR 28,710 (1972), and the
Commission’s regulations, see, e.g., 10
CFR 2.104, 2.105, 2.300, 2.309, 2.313,
2.318, and 2.321, notice is hereby given
that an Atomic Safety and Licensing
Board (Board) is being established to
preside over the following proceeding:
Exelon Generation Company, LLC
(Byron Nuclear Station, Units 1 and 2,
and Braidwood Nuclear Station, Units
1 and 2)
This proceeding involves an
application by Exelon Generation
Company, LLC to renew for twenty
years its operating licenses for Byron
Nuclear Station, Units 1 and 2, and
Braidwood Nuclear Station, Units 1 and
2, which are located, respectively, near
Byron, Illinois and Braidwood, Illinois.
The current operating licenses for Byron
Nuclear Station, Units 1 and 2, expire,
respectively, on October 31, 2024 and
November 6, 2026. The current
operating licenses for Braidwood
Nuclear Station, Units 1 and 2, expire,
respectively, on October 17, 2026 and
December 18, 2027. In response to a
notice that provided an opportunity for
a hearing on the renewal application,
see 78 FR 44,603, July 24, 2013, the
Environmental Law and Policy Center
filed a hearing request on September 23,
2013.
The Board is comprised of the
following administrative judges:
Paul S. Ryerson, Chairman, Atomic
Safety and Licensing Board Panel,
U.S. Nuclear Regulatory Commission,
Washington, DC 20555–0001.
Dr. Paul B. Abramson, Atomic Safety
and Licensing Board Panel, U.S.
Nuclear Regulatory Commission,
Washington, DC 20555–0001.
Dr. Gary S. Arnold, Atomic Safety and
Licensing Board Panel, U.S. Nuclear
Regulatory Commission, Washington,
DC 20555–0001.
All correspondence, documents, and
other materials shall be filed in
accordance with the NRC E-Filing rule.
See 10 CFR 2.302.
BILLING CODE 7555–01–P
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Exelon Generation Company, LLC;
Establishment of Atomic Safety and
Licensing Board
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–70734; File No. SR–
NYSEMKT–2013–83]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Commentary
.07 to Rule 904 To Extend the Pilot
Program That Eliminated the Position
Limits for Options on SPDR S&P 500
ETF
October 22, 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 October
11, 2013, NYSE MKT LLC (the
‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II 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 Substance of
the Proposed Rule Change
The Exchange proposes to amend
Commentary .07 to Rule 904 to extend
the pilot program that eliminated the
position limits for options on SPDR S&P
500 ETF (‘‘SPY’’) (‘‘SPY Pilot Program’’).
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
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b-4.
2 15
E:\FR\FM\28OCN1.SGM
28OCN1
64256
Federal Register / Vol. 78, No. 208 / Monday, October 28, 2013 / Notices
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.
wreier-aviles on DSK5TPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Commentary .07 to Rule 904 to extend
the time period of the SPY Pilot
Program,4 which is currently scheduled
to expire on October 15, 2013, through
December 15, 2014.
This filing does not propose any
substantive changes to the SPY Pilot
Program. In proposing to extend the
SPY Pilot Program, the Exchange
reaffirms its consideration of several
factors that supported the original
proposal of the SPY Pilot Program,
including (1) the availability of
economically equivalent products and
their respective position limits, (2) the
liquidity of the option and the
underlying security, (3) the market
capitalization of the underlying security
and the related index, (4) the reporting
of large positions and requirements
surrounding margin, and (5) the
potential for market on close volatility.
In the original proposal to establish
the SPY Pilot Program, the Exchange
stated that if it were to propose an
extension, permanent approval or
termination of the program, the
Exchange would submit, along with any
filing proposing such amendments to
the program, a report providing an
analysis of the SPY Pilot Program
covering the first twelve (12) months
during which the SPY Pilot Program
was in effect (the ‘‘Pilot Report’’).5
However, because not all self-regulatory
organizations (‘‘SROs’’) have adopted
similar rules eliminating position limits
on SPY and market participants that are
members of such SROs are required to
comply with the more restrictive SPY
position limits, no market participants
have availed themselves of the SPY
Pilot Program. As a result, there is no
meaningful data available to compile
the Pilot Report at this time and
therefore the Exchange is not filing a
Pilot Report with this extension request.
The Exchange believes it is appropriate
to extend the SPY Pilot Program to
provide time for other SROs to adopt
similar rules eliminating position limits
on SPY so that the Exchange can
4 See Securities Exchange Act Release No. 67672
(August 15, 2012), 77 FR 50750 (August 22, 2012).
5 See Securities Exchange Act Release No. 67672
(August 15, 2012), 77 FR 50750 (August 22, 2012).
VerDate Mar<15>2010
14:52 Oct 25, 2013
Jkt 232001
prepare a meaningful Pilot Report if it
were to propose any further extension,
permanent approval or termination of
the program.
As with the original proposal to
establish the SPY Pilot Program, the
Exchange represents that the Pilot
Report will be submitted within thirty
(30) days of the end of such twelve (12)
month time period. The Pilot Report
will detail the size and different types
of strategies employed with respect to
positions established as a result of the
elimination of position limits in SPY. In
addition, the Pilot Report will note
whether any problems resulted due to
the no limit approach and any other
information that may be useful in
evaluating the effectiveness of the pilot
program. The Pilot Report will compare
the impact of the pilot program, if any,
on the volumes of SPY options and the
volatility in the price of the underlying
SPY shares, particularly at expiration. In
preparing the report the Exchange will
utilize various data elements such as
volume and open interest. In addition,
the Exchange has represented that it
will make available to Commission staff
data elements relating to the
effectiveness of the pilot.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 6 in general, and furthers the
objectives of Section 6(b)(5) of the Act 7
in particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, 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. The Exchange believes
that extending the SPY Pilot Program
promotes just and equitable principles
of trade by permitting market
participants, including market makers,
institutional investors and retail
investors, to establish greater positions
when pursuing their investment goals
and needs.
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. The
proposed rule change is not designed to
address any aspect of competition,
whether between the Exchange and its
competitors, or among market
6 15
7 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00063
Fmt 4703
Sfmt 4703
participants. Instead, the proposed rule
change is designed to allow the SPY
Pilot Program to continue while other
SROs adopt similar provisions and
meaningful data can be compiled into a
Pilot Report.
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.
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 8 and Rule
19b–4(f)(6) thereunder.9 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 10 and Rule 19b–4(f)(6)
thereunder.11
A proposed rule change filed under
Rule 19b–4(f)(6) 12 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),13 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. The Exchange believes that
waiver of the 30-day operative delay is
appropriate and will benefit market
participants because immediate
operability will allow the SPY Pilot
Program to continue without
interruption. The Commission believes
that waiving the 30-day operative delay
8 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
9 17
E:\FR\FM\28OCN1.SGM
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Federal Register / Vol. 78, No. 208 / Monday, October 28, 2013 / Notices
is consistent with the protection of
investors and the public interest.
Therefore, the Commission hereby
waives the 30-day operative delay and
designates the proposal operative upon
filing.14
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) of the Act 15 to
determine whether the proposed rule
change should be approved or
disapproved.
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:
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 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;
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–
NYSEMKT–2013–83 and should be
submitted on or before November 18,
2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–25292 Filed 10–25–13; 8:45 am]
BILLING CODE 8011–01–P
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–NYSEMKT–2013–83 on the
subject line.
wreier-aviles on DSK5TPTVN1PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSEMKT–2013–83. 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
14 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
15 15 U.S.C. 78s(b)(2)(B).
VerDate Mar<15>2010
14:52 Oct 25, 2013
Jkt 232001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–70733; File No. SR–
NYSEArca–2013–42]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on Proposed Rule Change Amending
Rule 6.72 To Make the Penny Pilot
Program for Options Permanent
64257
Section 19(b)(2) of the Act 5 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day for this filing
is October 25, 2013. The Commission is
extending this 45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change, which relates to the Penny
Pilot Program, so that it has sufficient
time to consider this proposed rule
change, the Comment Letters that have
been submitted in connection with this
proposed rule change, and NYSE Arca’s
forthcoming Response to the Comment
Letters.
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,6
designates December 9, 2013, as the date
by which the Commission should either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–NYSEArca–2013–42).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Kevin M. O’Neill,
Deputy Secretary.
October 22, 2013.
[FR Doc. 2013–25291 Filed 10–25–13; 8:45 am]
On August 20, 2013, NYSE Arca, Inc.
(‘‘NYSE Arca’’ 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 NYSE Arca Rule 6.72
to make permanent the penny program
for options (‘‘Penny Pilot Program’’)
permanent. The proposed rule change
was published for comment in the
Federal Register on September 10,
2013.3 The Commission received 8
comment letters on this proposal.4
BILLING CODE 8011–01–P
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 70317
(September 4, 2013), 78 FR 55312.
4 See Position Paper from Michael J. Simon,
Secretary, International Securities Exchange, LLC
(‘‘ISE’’), dated September 19, 2013; and letters to
1 15
PO 00000
Frm 00064
Fmt 4703
Sfmt 9990
Elizabeth M. Murphy, Secretary, Commission, from
John M. Liftin, Managing Director and General
Counsel, D.E. Shaw & Co., L.P., dated September 30,
2013; Michael J. Simon, Secretary, ISE, dated
October 1, 2013; Benjamin R. Londergan, Chief
Executive Officer, Group One Trading, L.P., dated
October 1, 2013; Jenny L. Golding, Senior Attorney,
Legal Division, Chicago Board Options Exchange,
Incorporated, dated October 7, 2013; John C. Nagel,
Managing Director and General Counsel, Citadel
Securities, dated October 15, 2013; Michael J.
Simon, Secretary, ISE, dated October 16, 2013; and
Harris Bock, Chief Executive Officer, Dynamex
Trading LLC, dated October 17, 2013 (collectively
‘‘Comment Letters’’).
5 15 U.S.C. 78s(b)(2).
6 15 U.S.C. 78s(b)(2).
7 17 CFR 200.30–3(a)(31).
E:\FR\FM\28OCN1.SGM
28OCN1
Agencies
[Federal Register Volume 78, Number 208 (Monday, October 28, 2013)]
[Notices]
[Pages 64255-64257]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-25292]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-70734; File No. SR-NYSEMKT-2013-83]
Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Amending Commentary .07
to Rule 904 To Extend the Pilot Program That Eliminated the Position
Limits for Options on SPDR S&P 500 ETF
October 22, 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 October 11, 2013, NYSE MKT LLC (the ``Exchange'' or
``NYSE MKT'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
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 amend Commentary .07 to Rule 904 to extend
the pilot program that eliminated the position limits for options on
SPDR S&P 500 ETF (``SPY'') (``SPY Pilot Program''). 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
[[Page 64256]]
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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Commentary .07 to Rule 904 to extend
the time period of the SPY Pilot Program,\4\ which is currently
scheduled to expire on October 15, 2013, through December 15, 2014.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 67672 (August 15,
2012), 77 FR 50750 (August 22, 2012).
---------------------------------------------------------------------------
This filing does not propose any substantive changes to the SPY
Pilot Program. In proposing to extend the SPY Pilot Program, the
Exchange reaffirms its consideration of several factors that supported
the original proposal of the SPY Pilot Program, including (1) the
availability of economically equivalent products and their respective
position limits, (2) the liquidity of the option and the underlying
security, (3) the market capitalization of the underlying security and
the related index, (4) the reporting of large positions and
requirements surrounding margin, and (5) the potential for market on
close volatility.
In the original proposal to establish the SPY Pilot Program, the
Exchange stated that if it were to propose an extension, permanent
approval or termination of the program, the Exchange would submit,
along with any filing proposing such amendments to the program, a
report providing an analysis of the SPY Pilot Program covering the
first twelve (12) months during which the SPY Pilot Program was in
effect (the ``Pilot Report'').\5\ However, because not all self-
regulatory organizations (``SROs'') have adopted similar rules
eliminating position limits on SPY and market participants that are
members of such SROs are required to comply with the more restrictive
SPY position limits, no market participants have availed themselves of
the SPY Pilot Program. As a result, there is no meaningful data
available to compile the Pilot Report at this time and therefore the
Exchange is not filing a Pilot Report with this extension request. The
Exchange believes it is appropriate to extend the SPY Pilot Program to
provide time for other SROs to adopt similar rules eliminating position
limits on SPY so that the Exchange can prepare a meaningful Pilot
Report if it were to propose any further extension, permanent approval
or termination of the program.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 67672 (August 15,
2012), 77 FR 50750 (August 22, 2012).
---------------------------------------------------------------------------
As with the original proposal to establish the SPY Pilot Program,
the Exchange represents that the Pilot Report will be submitted within
thirty (30) days of the end of such twelve (12) month time period. The
Pilot Report will detail the size and different types of strategies
employed with respect to positions established as a result of the
elimination of position limits in SPY. In addition, the Pilot Report
will note whether any problems resulted due to the no limit approach
and any other information that may be useful in evaluating the
effectiveness of the pilot program. The Pilot Report will compare the
impact of the pilot program, if any, on the volumes of SPY options and
the volatility in the price of the underlying SPY shares, particularly
at expiration. In preparing the report the Exchange will utilize
various data elements such as volume and open interest. In addition,
the Exchange has represented that it will make available to Commission
staff data elements relating to the effectiveness of the pilot.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \6\ in general, and furthers the objectives of Section
6(b)(5) of the Act \7\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, 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. The Exchange
believes that extending the SPY Pilot Program promotes just and
equitable principles of trade by permitting market participants,
including market makers, institutional investors and retail investors,
to establish greater positions when pursuing their investment goals and
needs.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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. The proposed rule change is not
designed to address any aspect of competition, whether between the
Exchange and its competitors, or among market participants. Instead,
the proposed rule change is designed to allow the SPY Pilot Program to
continue while other SROs adopt similar provisions and meaningful data
can be compiled into a Pilot Report.
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.
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 \8\ and Rule 19b-4(f)(6) thereunder.\9\
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 \10\ and Rule 19b-
4(f)(6) thereunder.\11\
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\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ 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. The Exchange believes
that waiver of the 30-day operative delay is appropriate and will
benefit market participants because immediate operability will allow
the SPY Pilot Program to continue without interruption. The Commission
believes that waiving the 30-day operative delay
[[Page 64257]]
is consistent with the protection of investors and the public interest.
Therefore, the Commission hereby waives the 30-day operative delay and
designates the proposal operative upon filing.\14\
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\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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) of the Act \15\ to determine whether the proposed
rule change should be approved or disapproved.
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\15\ 15 U.S.C. 78s(b)(2)(B).
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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 Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSEMKT-2013-83 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.
All submissions should refer to File Number SR-NYSEMKT-2013-83. 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 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; 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-NYSEMKT-2013-83 and should
be submitted on or before November 18, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-25292 Filed 10-25-13; 8:45 am]
BILLING CODE 8011-01-P