Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca Equities Rule 7.31(b)(2) To Specify That the Exchange Would Not Apply Limit Order Price Protection To Limit Orders Entered Before Core Trading Hours That Are Designated for the Core Trading Session or the Market Order Auction, 4517-4519 [2014-01512]
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Federal Register / Vol. 79, No. 18 / Tuesday, January 28, 2014 / Notices
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 14 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:
ehiers on DSK2VPTVN1PROD with NOTICES
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–
NYSEArca–2014–01 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–NYSEArca–2014–01. 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–
NYSEArca-2014–01 and should be
submitted on or before February 18,
2014.
limit orders entered before Core Trading
Hours that are designated for the Core
Trading Session or the Market Order
Auction. 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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Kevin M. O’Neill,
Deputy Secretary.
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.
[FR Doc. 2014–01511 Filed 1–27–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71367; File No. SR–
NYSEArca–2014–03]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending NYSE Arca
Equities Rule 7.31(b)(2) To Specify
That the Exchange Would Not Apply
Limit Order Price Protection To Limit
Orders Entered Before Core Trading
Hours That Are Designated for the
Core Trading Session or the Market
Order Auction
January 22, 2014.
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 January
9, 2014, 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 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
NYSE Arca Equities Rule 7.31(b)(2) to
specify that the Exchange would not
apply limit order price protection to
15 17
of filing of the proposed rule change, or such
shorter time as designated by the Commission.
14 15 U.S.C. 78s(b)(2)(B).
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4517
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is proposing to amend
NYSE Arca Equities Rule 7.31(b)(2) to
specify that the Exchange would not
apply limit order price protection to
limit orders entered before Core Trading
Hours that are designated for the Core
Trading Session or the Market Order
Auction. The Exchange also proposes to
add a descriptive heading of ‘‘Limit
Order Price Protection’’ to Rule
7.31(b)(2).
Pursuant to Rule 7.31(b)(2), a limit
order will be rejected if it is priced a
specified percentage away from the
contra-side national best bid (‘‘NBB’’) or
national best offer (‘‘NBO’’), i.e., a limit
order price protection. The specified
percentage is equal to the corresponding
‘‘numerical guideline’’ percentage set
forth in paragraph (c)(1) of Rule 7.10
(Clearly Erroneous Executions) for the
Core Trading Session. As set forth in
Rule 7.34, the Exchange operates three
sessions: The Opening Session, the Core
Trading Session, and the Late Trading
Session. The limit order price protection
features set forth in Rule 7.31(b)(2) are
currently applicable to limit orders
entered during all three sessions.
During the Opening Session, the
Exchange accepts limit orders that are
designated for the Core Trading Session.
Limit orders designated for the Core
Trading Session are not eligible to
participate in the Opening Session, but
are eligible to participate in the Market
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4518
Federal Register / Vol. 79, No. 18 / Tuesday, January 28, 2014 / Notices
Order Auction.4 The Exchange also
accepts Auction-only Limit Orders
during the Opening Session, and these
limit orders are similarly not eligible for
execution during the Opening Session,
but are eligible to participate in the
Market Order Auction.
Currently, limit orders entered during
the Opening Session that are designated
for the Core Trading Session or the
Market Order Auction are evaluated
upon arrival of whether they are priced
a specified percentage away of the thenapplicable NBB or NBO and rejected if
priced outside such parameters. For
example, if a limit order designated for
the Core Trading Session is entered at
7:30 a.m. Eastern, which is two hours
before the Core Trading Session begins,
it will be evaluated based on the NBB
or NBO at 7:30 a.m. Eastern of whether
it should be rejected, even though it
would not be eligible to execute at that
time.
The Exchange does not believe that
the original purpose of the price
protection feature, which is to reject
orders that are priced so far away from
the prevailing quote in the market that
they could cause significant price
dislocation,5 is served by rejecting an
order that is not eligible to execute at
the time of arrival. Specifically, the
Exchange does not believe that rejecting
limit orders designated for the Core
Trading Session or Market Order
Auction based on the then-applicable
NBB or NBO would prevent significant
price dislocation because such orders
would not have been eligible to execute
at that NBB or NBO. Rather, the NBB or
NBO could have moved by the time
such orders are eligible to execute, and
therefore rejecting such orders before
they are eligible to execute would have
denied such orders the opportunity to
execute.
Instead, the Exchange believes that
orders designated for the Core Trading
Session or the Market Order Auction
should be accepted by Exchange
systems and not subject to the limit
order price protection upon arrival so
that such orders may populate the
Exchange’s book in advance of the Core
Trading Session. In particular, the
Exchange believes that allowing all
eligible limit orders to participate in the
Market Order Auction would promote
the objective of price discovery by
ensuring that all interest intended for
such Auction, regardless of the NBB or
NBO at time of arrival, would be eligible
4 See
NYSE Arca Equities Rule 7.34(d)(1)(G)(ii).
Securities Exchange Act Release No. 64847
(July 12, 2011), 76 FR 41844 (July 15, 2011) (SR–
NYSEArca-2011–45). The limit order price
protection feature also mitigates the potential for
clearly erroneous executions to occur.
to be considered for the Auction.
Accordingly, the Exchange proposes to
amend Rule 7.31(b)(2) to specify that
that the Exchange would not apply limit
order price protection to limit orders
entered before Core Trading Hours that
are designated for the Core Trading
Session or the Market Order Auction.
The Exchange will announce by
Trader Update the implementation date
of the proposed change.
2. Statutory Basis
The statutory basis for the proposed
rule change is Section 6(b)(5) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),6 which requires the rules of an
exchange 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 the proposed rule removes
impediments to and perfects the
mechanism of a free and open market
and a national market system because it
would assure that all interest that is
designated to participate in the Core
Trading Session or the Market Order
Auction and that is entered during the
Opening Session would be eligible to
participate and would not be rejected
based on an NBB or NBO that is in effect
upon arrival. The Exchange further
believes that the proposal will protect
investors and the public interest
because there will be additional
liquidity available for either the Core
Trading Session or Market Order
Auction, thereby expanding the
opportunities for executions.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange does not believe that the
proposal raises any competitive issues
because it simply assures that interest
that is entered before Core Trading
Hours and that is designated for the
Core Trading Session or the Market
Order Auction, and thus are [sic] not
eligible to execute in the Opening
Session, would not be rejected based on
an NBB or NBO at the time of arrival.
5 See
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PO 00000
U.S.C. 78f(b)(5).
Frm 00079
Fmt 4703
Sfmt 4703
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 7 and Rule
19b–4(f)(6) thereunder.8 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 9 and Rule 19b–4(f)(6)
thereunder.10
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 11 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:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
7 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description and the 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.
11 15 U.S.C. 78s(b)(2)(B).
8 17
9 15
E:\FR\FM\28JAN1.SGM
28JAN1
Federal Register / Vol. 79, No. 18 / Tuesday, January 28, 2014 / Notices
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2014–03 on the subject line.
• 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–NYSEArca–2014–03. 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–
NYSEArca–2014–03 and should be
submitted on or before February 18,
2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–01512 Filed 1–27–14; 8:45 am]
ehiers on DSK2VPTVN1PROD with NOTICES
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
Paper Comments
[File No. 500–1]
Order of Suspension of Trading; in the
Matter of New Dragon Asia Corp.
Advanced Pipe Fitting Technologies
Inc., Order of Suspension of Trading
January 24, 2014.
January 24, 2014.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of New Dragon
Asia Corp. because it has not filed any
periodic reports since the period ended
September 25, 2011.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
company. Therefore, it is ordered,
pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that
trading in the securities of the abovelisted company is suspended for the
period from 9:30 a.m. EST on January
24, 2014, through 11:59 p.m. EST on
February 6, 2014.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Advanced
Pipe Fitting Technologies Inc. because it
has not filed any periodic reports since
the period ended July 31, 2011.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
company. Therefore, it is ordered,
pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that
trading in the securities of the abovelisted company is suspended for the
period from 9:30 a.m. EST on January
24, 2014, through 11:59 p.m. EST on
February 6, 2014.
By the Commission.
Elizabeth M. Murphy,
Secretary.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2014–01677 Filed 1–24–14; 11:15 am]
[FR Doc. 2014–01681 Filed 1–24–14; 11:15 am]
BILLING CODE 8011–01–P
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
SOCIAL SECURITY ADMINISTRATION
[File No. 500–1]
Notice Announcing Addresses for
Service of Process
Jinhao Motor Company; Order of
Suspension of Trading
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Jinhao
Motor Company because it has not filed
any periodic reports since the period
ended September 30, 2010.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
company. Therefore, it is ordered,
pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that
trading in the securities of the abovelisted company is suspended for the
period from 9:30 a.m. EST on January
24, 2014, through 11:59 p.m. EST on
February 6, 2014.
[FR Doc. 2014–01680 Filed 1–24–14; 11:15 am]
CFR 200.30–3(a)(12).
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[Docket No. SSA 2013–0070]
Social Security Administration.
Notice announcing addresses for
summons and complaints.
AGENCY:
ACTION:
January 24, 2014.
By the Commission.
Elizabeth M. Murphy,
Secretary.
12 17
4519
Sfmt 4703
Our Office of the General
Counsel (OGC) is responsible for
processing and handling summonses
and complaints in lawsuits involving
judicial review of our final decisions on
individual claims for benefits under
titles II, VIII, and XVI of the Social
Security Act (Act). This notice sets out
the names and current addresses of
those offices and the jurisdictions for
which each office has responsibility.
FOR FURTHER INFORMATION CONTACT:
Jeannette Mandycz, Office of the
General Counsel, Office of Program Law,
Social Security Administration, 6401
Security Boulevard, Baltimore, MD
21235–6404, (410) 965–6471. For
information on eligibility or filing for
benefits, call our national toll-free
number, 1–800–772–1213 or TTY 1–
800–325–0778, or visit our Internet site,
Social Security Online, at https://
www.socialsecurity.gov.
SUMMARY:
E:\FR\FM\28JAN1.SGM
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]]>Agencies
[Federal Register Volume 79, Number 18 (Tuesday, January 28, 2014)]
[Notices]
[Pages 4517-4519]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-01512]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-71367; File No. SR-NYSEArca-2014-03]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca
Equities Rule 7.31(b)(2) To Specify That the Exchange Would Not Apply
Limit Order Price Protection To Limit Orders Entered Before Core
Trading Hours That Are Designated for the Core Trading Session or the
Market Order Auction
January 22, 2014.
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 January 9, 2014, 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 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 NYSE Arca Equities Rule 7.31(b)(2)
to specify that the Exchange would not apply limit order price
protection to limit orders entered before Core Trading Hours that are
designated for the Core Trading Session or the Market Order Auction.
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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to amend NYSE Arca Equities Rule
7.31(b)(2) to specify that the Exchange would not apply limit order
price protection to limit orders entered before Core Trading Hours that
are designated for the Core Trading Session or the Market Order
Auction. The Exchange also proposes to add a descriptive heading of
``Limit Order Price Protection'' to Rule 7.31(b)(2).
Pursuant to Rule 7.31(b)(2), a limit order will be rejected if it
is priced a specified percentage away from the contra-side national
best bid (``NBB'') or national best offer (``NBO''), i.e., a limit
order price protection. The specified percentage is equal to the
corresponding ``numerical guideline'' percentage set forth in paragraph
(c)(1) of Rule 7.10 (Clearly Erroneous Executions) for the Core Trading
Session. As set forth in Rule 7.34, the Exchange operates three
sessions: The Opening Session, the Core Trading Session, and the Late
Trading Session. The limit order price protection features set forth in
Rule 7.31(b)(2) are currently applicable to limit orders entered during
all three sessions.
During the Opening Session, the Exchange accepts limit orders that
are designated for the Core Trading Session. Limit orders designated
for the Core Trading Session are not eligible to participate in the
Opening Session, but are eligible to participate in the Market
[[Page 4518]]
Order Auction.\4\ The Exchange also accepts Auction-only Limit Orders
during the Opening Session, and these limit orders are similarly not
eligible for execution during the Opening Session, but are eligible to
participate in the Market Order Auction.
---------------------------------------------------------------------------
\4\ See NYSE Arca Equities Rule 7.34(d)(1)(G)(ii).
---------------------------------------------------------------------------
Currently, limit orders entered during the Opening Session that are
designated for the Core Trading Session or the Market Order Auction are
evaluated upon arrival of whether they are priced a specified
percentage away of the then-applicable NBB or NBO and rejected if
priced outside such parameters. For example, if a limit order
designated for the Core Trading Session is entered at 7:30 a.m.
Eastern, which is two hours before the Core Trading Session begins, it
will be evaluated based on the NBB or NBO at 7:30 a.m. Eastern of
whether it should be rejected, even though it would not be eligible to
execute at that time.
The Exchange does not believe that the original purpose of the
price protection feature, which is to reject orders that are priced so
far away from the prevailing quote in the market that they could cause
significant price dislocation,\5\ is served by rejecting an order that
is not eligible to execute at the time of arrival. Specifically, the
Exchange does not believe that rejecting limit orders designated for
the Core Trading Session or Market Order Auction based on the then-
applicable NBB or NBO would prevent significant price dislocation
because such orders would not have been eligible to execute at that NBB
or NBO. Rather, the NBB or NBO could have moved by the time such orders
are eligible to execute, and therefore rejecting such orders before
they are eligible to execute would have denied such orders the
opportunity to execute.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 64847 (July 12,
2011), 76 FR 41844 (July 15, 2011) (SR-NYSEArca-2011-45). The limit
order price protection feature also mitigates the potential for
clearly erroneous executions to occur.
---------------------------------------------------------------------------
Instead, the Exchange believes that orders designated for the Core
Trading Session or the Market Order Auction should be accepted by
Exchange systems and not subject to the limit order price protection
upon arrival so that such orders may populate the Exchange's book in
advance of the Core Trading Session. In particular, the Exchange
believes that allowing all eligible limit orders to participate in the
Market Order Auction would promote the objective of price discovery by
ensuring that all interest intended for such Auction, regardless of the
NBB or NBO at time of arrival, would be eligible to be considered for
the Auction. Accordingly, the Exchange proposes to amend Rule
7.31(b)(2) to specify that that the Exchange would not apply limit
order price protection to limit orders entered before Core Trading
Hours that are designated for the Core Trading Session or the Market
Order Auction.
The Exchange will announce by Trader Update the implementation date
of the proposed change.
2. Statutory Basis
The statutory basis for the proposed rule change is Section 6(b)(5)
of the Securities Exchange Act of 1934 (the ``Act''),\6\ which requires
the rules of an exchange 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 the
proposed rule removes impediments to and perfects the mechanism of a
free and open market and a national market system because it would
assure that all interest that is designated to participate in the Core
Trading Session or the Market Order Auction and that is entered during
the Opening Session would be eligible to participate and would not be
rejected based on an NBB or NBO that is in effect upon arrival. The
Exchange further believes that the proposal will protect investors and
the public interest because there will be additional liquidity
available for either the Core Trading Session or Market Order Auction,
thereby expanding the opportunities for executions.
---------------------------------------------------------------------------
\6\ 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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe that the proposal raises any competitive issues because it
simply assures that interest that is entered before Core Trading Hours
and that is designated for the Core Trading Session or the Market Order
Auction, and thus are [sic] not eligible to execute in the Opening
Session, would not be rejected based on an NBB or NBO at the time of
arrival.
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 \7\ and Rule 19b-4(f)(6) thereunder.\8\
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 \9\ and Rule 19b-
4(f)(6) thereunder.\10\
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\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6).
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the 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.
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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 \11\ to determine whether the proposed
rule change should be approved or disapproved.
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\11\ 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
[[Page 4519]]
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2014-03 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-NYSEArca-2014-03.
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-
NYSEArca-2014-03 and should be submitted on or before February 18,
2014.
For the Commission, by the Division of Trading and Markets, pursuant
to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-01512 Filed 1-27-14; 8:45 am]
BILLING CODE 8011-01-P
