Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange's Retail Price Improvement Program, 18601 [2014-07358]

Download as PDF Federal Register / Vol. 79, No. 63 / Wednesday, April 2, 2014 / Notices 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–2014–27 and should be submitted on or before April 23, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–07353 Filed 4–1–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–71827; File No. SR– NASDAQ–2012–129] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange’s Retail Price Improvement Program March 28, 2014. On February 15, 2013, the Commission issued an order pursuant to its authority under Rule 612(c) of Regulation NMS (‘‘Sub-Penny Rule’’) 1 that granted the NASDAQ Stock Market LLC (‘‘NASDAQ’’) a limited exemption from the Sub-Penny Rule in connection with the operation of the Exchange’s Retail Price Improvement Program (‘‘Program’’).2 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.3 The exemption was granted coterminous with the effectiveness of the pilot Program; both the pilot Program and exemption are scheduled to expire on March 28, 2014. The Exchange now seeks to extend the exemption until September 30, 2014.4 The Exchange’s request was CFR 200.30–3(a)(12). CFR 242.612(c). 2 See Securities Exchange Act Release No. 68937 (February 15, 2013), 78 FR 12397 (February 22, 2013) (SR–NASDAQ–2012–129) (‘‘RPI Approval Order’’). 3 See id. 4 See Letter from John Yetter, Deputy General Counsel, The NASDAQ Stock Market LLC to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission dated March 24, 2014. made in conjunction with an immediately effective filing that extends the operation of the Programs for six months, through September 30, 2014.5 In its request to extend the exemption, the Exchange notes that the Program was subject to gradual implementation. Accordingly, the Exchange has asked for additional time to allow it and the Commission to analyze more robust data concerning the Program, which the Exchange committed to provide to the Commission.6 For this reason and the reasons stated in the Order originally granting the limited exemption, the Commission finds that extending the exemption, 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, the Exchange is granted a sixmonth 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 Price Improvement Program. The limited and temporary exemption extended by this Order is 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 exemption that are the subject of this Order. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–07358 Filed 4–1–14; 8:45 am] BILLING CODE 8011–01–P 16 17 tkelley on DSK3SPTVN1PROD with NOTICES 1 17 VerDate Mar<15>2010 17:01 Apr 01, 2014 Jkt 232001 5 See 6 See SR–NASDAQ–2014–030. RPI Approval Order, supra note 2, 78 FR at 12399. 7 17 CFR 200.30–3(a)(83). PO 00000 Frm 00095 Fmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–71817; File No. SR– NYSEMKT–2014–23] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 900.3NY To Specifically Address the Number and Size of Contra-Parties to a Qualified Contingent Cross Order March 27, 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 March 19, 2014, 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 Rule 900.3NY (Orders Defined) to specifically address the number and size of contra-parties to a Qualified Contingent Cross Order (‘‘QCC Order’’). 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. 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 Sfmt 4703 18601 E:\FR\FM\02APN1.SGM 02APN1

Agencies

[Federal Register Volume 79, Number 63 (Wednesday, April 2, 2014)]
[Notices]
[Page 18601]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-07358]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71827; File No. SR-NASDAQ-2012-129]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order 
Granting an Extension to Limited Exemption From Rule 612(c) of 
Regulation NMS in Connection With the Exchange's Retail Price 
Improvement Program

March 28, 2014.
    On February 15, 2013, the Commission issued an order pursuant to 
its authority under Rule 612(c) of Regulation NMS (``Sub-Penny Rule'') 
\1\ that granted the NASDAQ Stock Market LLC (``NASDAQ'') a limited 
exemption from the Sub-Penny Rule in connection with the operation of 
the Exchange's Retail Price Improvement Program (``Program'').\2\ 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.\3\ The exemption was 
granted coterminous with the effectiveness of the pilot Program; both 
the pilot Program and exemption are scheduled to expire on March 28, 
2014.
---------------------------------------------------------------------------

    \1\ 17 CFR 242.612(c).
    \2\ See Securities Exchange Act Release No. 68937 (February 15, 
2013), 78 FR 12397 (February 22, 2013) (SR-NASDAQ-2012-129) (``RPI 
Approval Order'').
    \3\ See id.
---------------------------------------------------------------------------

    The Exchange now seeks to extend the exemption until September 30, 
2014.\4\ The Exchange's request was made in conjunction with an 
immediately effective filing that extends the operation of the Programs 
for six months, through September 30, 2014.\5\ In its request to extend 
the exemption, the Exchange notes that the Program was subject to 
gradual implementation. Accordingly, the Exchange has asked for 
additional time to allow it and the Commission to analyze more robust 
data concerning the Program, which the Exchange committed to provide to 
the Commission.\6\ For this reason and the reasons stated in the Order 
originally granting the limited exemption, the Commission finds that 
extending the exemption, pursuant to its authority under Rule 612(c) of 
Regulation NMS, is appropriate in the public interest and consistent 
with the protection of investors.
---------------------------------------------------------------------------

    \4\ See Letter from John Yetter, Deputy General Counsel, The 
NASDAQ Stock Market LLC to Elizabeth M. Murphy, Secretary, 
Securities and Exchange Commission dated March 24, 2014.
    \5\ See SR-NASDAQ-2014-030.
    \6\ See RPI Approval Order, supra note 2, 78 FR at 12399.
---------------------------------------------------------------------------

    Therefore, it is hereby ordered that, pursuant to Rule 612(c) of 
Regulation NMS, the Exchange is granted a six-month 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 
Price Improvement Program.
    The limited and temporary exemption extended by this Order is 
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 exemption that are the subject of this 
Order.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(83).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-07358 Filed 4-1-14; 8:45 am]
BILLING CODE 8011-01-P