Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Proposing To Amend Certain of Its Rules To Remove and Replace Obsolete References to Fixed Return Options With the Updated References to Binary Return Derivatives Contracts, 63007-63009 [2014-24945]
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Federal Register / Vol. 79, No. 203 / Tuesday, October 21, 2014 / Notices
mechanism of a free and open market
and a national market system by
continuing to advance the efficiency
and transparency of the opening process
and fostering price discovery at the
open of trading, thereby minimizing
information imbalances in the
marketplace. Similarly, the proposal
promotes just and equitable principles
of trade and removes impediments to
and perfects the mechanism of a free
and open market by providing
customers and the investing public with
continuous, automated information for
securities where there will likely be a
significant price change from the
previous day’s closing price or for
which there is a significant published
imbalance. For the same reasons, the
proposal is also designed to protect
investors as well as the public interest.
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
proposed rule change is not intended to
address competitive issues but rather
technologically augment the current
process of providing pre-market
information to customers and the
investing public.
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
mstockstill on DSK4VPTVN1PROD with NOTICES
Because the foregoing 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 for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 9 and
subparagraph (f)(6) of Rule 19b–4
thereunder.10
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires the Exchange to give the
Commission written notice of the Exchange’s 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.
10 17
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18:05 Oct 20, 2014
Jkt 235001
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) 11 of the Act 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
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSE–2014–50 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSE–2014–50. 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 will also be available for Web site
viewing and printing at the NYSE’s
11 15
PO 00000
U.S.C. 78s(b)(2)(B).
Frm 00068
Fmt 4703
Sfmt 4703
63007
principal office and on its Internet Web
site at www.nyse.com. 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–NYSE–
2014–50 and should be submitted on or
before November 12, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–24941 Filed 10–20–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73353; File No. SR–
NYSEMKT–2014–89]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Proposing To Amend
Certain of Its Rules To Remove and
Replace Obsolete References to Fixed
Return Options With the Updated
References to Binary Return
Derivatives Contracts
October 15, 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 October
8, 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 [sic]. 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.
12 17
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
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63008
Federal Register / Vol. 79, No. 203 / Tuesday, October 21, 2014 / Notices
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is proposing to amend
certain of its rules to remove and
replace obsolete references to Fixed
Return Options with the updated
references to Binary Return Derivatives
contracts (‘‘ByRDs’’). The Exchange
recently filed and received approval for
rule changes related to, among other
things, a name change for securities
previously known as Fixed Return
Options or FROs to reflect a name
change to ByRDs.4 However, several
references to FROs remain in Rules
462(d).10, 909ByRDs and 980ByRDs.
This rule filing is intended to replace
these remaining references to FROs with
references to ByRDs, which will clarify
Exchange rules and alleviate any
investor confusion.
mstockstill on DSK4VPTVN1PROD with NOTICES
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section
6(b) 5 of the Securities Exchange Act of
1934 (the ‘‘Act’’), in general, and
furthers the objectives of Section
6(b)(5),6 in particular, in that it is
designed to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system. Specifically, the Exchange
believes that the proposed rule change
will remove impediments to and perfect
the mechanisms of a free and open
market by making rule text consistent
with the new name of the options
4 See Securities and Exchange Release No. 71957
(April 16, 2014), 79 FR 22563 (April 22, 2014) (SR–
NYSEMKT–2014–06).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014
18:05 Oct 20, 2014
Jkt 235001
product (i.e., ByRDs).7 The Exchange
also believes that the proposed
clarifying changes and deletions of
obsolete references to FROs may reduce
potential investor confusion, and
protect investors and the public interest.
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
proposed change is not designed to
address any competitive issue but rather
to revise obsolete or inaccurate rule text,
thereby reducing confusion and making
the Exchange’s rules easier to
understand and navigate. The Exchange
believes that the proposed rule change
will serve to promote regulatory clarity
and consistency, thereby reducing
burdens on the marketplace and
facilitating investor protection.
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
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 8 and Rule 19b–4(f)(6)(iii)
thereunder.9
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 stated that waiver
of this requirement would allow the
Exchange to delete or correct outmoded
references without delay, which would
allow market participants to realize the
7 See
supra n. 4.
U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6)(iii). 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.
8 15
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
benefits of the clarified rules. The
Commission believes that the waiver of
the 30-day operative delay is consistent
with the protection of investors and the
public interest because it would
eliminate potential investor confusion
without delay by amending the
Exchange’s rules to accurately reflect
the name of the options product
(ByRDs) and by removing references to
its former name (Fixed Return Options).
Therefore, the Commission designates
the proposed rule change to be operative
upon filing.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) 11 of the Act 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
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEMKT–2014–89 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEMKT–2014–89. 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
10 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).
11 15 U.S.C. 78s(b)(2)(B).
E:\FR\FM\21OCN1.SGM
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Federal Register / Vol. 79, No. 203 / Tuesday, October 21, 2014 / Notices
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
filing will also 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–2014–89 and should be
submitted on or before November 12,
2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–24945 Filed 10–20–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73367; File No. SR–
NYSEMKT–2014–86]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing of Proposed
Rule Change Modifying Its Quote
Mitigation Plan and Amending Rule
970NY and Rule 970.1NY
mstockstill on DSK4VPTVN1PROD with NOTICES
October 15, 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 October
2, 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, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
CFR 200.30–3(a)(12).
1 15 U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
18:05 Oct 20, 2014
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to modify its
quote mitigation plan and to amend
Rule 970NY (Firm Quotes) and Rule
970.1NY(Quote Mitigation). 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 modify
its quote mitigation plan and to amend
Rule 970NY (Firm Quotes) and Rule
970.1NY (Quote Mitigation). As
discussed below, the Exchange believes
the modified quote mitigation plan will
adequately accommodate the number of
quotations sent to the Exchange and the
message traffic that the Exchange sends
to the Options Price Reporting
Authority (‘‘OPRA’’).
Rule 970.1NY
In connection with the adoption of
the Penny Pilot Program, the Exchange
adopted a quote mitigation plan
designed to reduce the number of
quotations generated by the Exchange
for all options traded on the Exchange,
not just issues included in the Penny
Pilot Program.4 The current plan
reduces the number of messages the
Exchange sends to OPRA by only
submitting quote messages for ‘‘active’’
series. Rule 970.1NY defines active
4 See Securities and Exchange Release No. 59472
(February 29, 2009), 74 FR 9843 (March 6, 2009)
(SR–ALTR–2008–14); see also Securities and
Exchange Release No. 55162 (January 24, 2007), 72
FR 4738 (February 1, 2007) (SR–Amex–2006–106)
(original quote mitigation proposal).
12 17
VerDate Sep<11>2014
solicit comments on the proposed rule
change from interested persons.
Jkt 235001
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
63009
series as: (i) The series has traded on
any options exchange in the previous 14
calendar days; or, (ii) the series is solely
listed on the Exchange; or (iii) the series
has been trading ten days or less, or; (iv)
the Exchange has an order in the series.
Alternatively, the Exchange may define
a series as active on an intraday basis if:
(i) The series trades at any options
exchange; (ii) the Exchange receives an
order in the series; or (iii) the Exchange
receives a request for quote from a
Customer in that series.
The Exchange believes it no longer
needs the quote mitigation provided by
Rule 970.1NY because rules adopted
since Rule 970.1NY provide sufficient
quote mitigation.
Current Market Structure and Controls
on the Exchange
In 2010, the Exchange incorporated
select provisions of the Options Listing
Procedures Plan (‘‘OLPP’’) in Rule 903A
as a quote mitigation strategy.5
The OLPP is a national market system
plan that, among other things, sets forth
procedures governing the listing of new
options series. From the OLPP, the
Exchange incorporated in Rule 903A
‘‘applied uniform standards to the range
of options series exercise (or strike)
prices available for trading on the
[Exchange] as a quote mitigation
strategy.’’ 6 In approving the OLPP
provisions, subsequently incorporated
in Rule 903A, the Commission indicated
that ‘‘adopting uniform standards to the
range of options series exercise (or
strike) prices available for trading on the
[Exchange] should reduce the number of
option series available for trading, and
thus should reduce increases in the
options quote message traffic because
market participants will not be
submitting quotes in those series.’’ 7
One year after adopting select
provisions of the OLPP, the Exchange
refined the quoting obligations
applicable to Market Makers as a quote
mitigation strategy.8 Specifically, the
Exchange adopted Commentary .01 to
Rule 925.1NY, which states that
Specialists’ and Market Makers’
continuous quoting obligations ‘‘shall
not apply to Market Makers with respect
to adjusted option series, and series
5 See Securities and Exchange Release No. 61978
(April 23, 2010), 75 FR 22886 (April 30, 2010) (SR–
NYSEAmex–2010–3). See also OLPP, available at,
https://www.theocc.com/clearing/industry-services/
olpp.jsp.
6 Rule 903A codified Amendment No. 3 to the
OLPP. See Securities and Exchange Release No.
60531 (August 19, 2009), 74 FR 43173 (File No. 4–
443). See also Rule 903A.
7 Id., 74 FR at 43174.
8 See Securities and Exchange Release No. 65572
(October 14, 2011), 76 FR 65310 (October 20, 2011)
(NYSEAmex–2011–61).
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]]>Agencies
[Federal Register Volume 79, Number 203 (Tuesday, October 21, 2014)]
[Notices]
[Pages 63007-63009]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-24945]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-73353; File No. SR-NYSEMKT-2014-89]
Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Proposing To Amend
Certain of Its Rules To Remove and Replace Obsolete References to Fixed
Return Options With the Updated References to Binary Return Derivatives
Contracts
October 15, 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 October 8, 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.
---------------------------------------------------------------------------
\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 [sic]. 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.
[[Page 63008]]
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to amend certain of its rules to remove
and replace obsolete references to Fixed Return Options with the
updated references to Binary Return Derivatives contracts (``ByRDs'').
The Exchange recently filed and received approval for rule changes
related to, among other things, a name change for securities previously
known as Fixed Return Options or FROs to reflect a name change to
ByRDs.\4\ However, several references to FROs remain in Rules
462(d).10, 909ByRDs and 980ByRDs. This rule filing is intended to
replace these remaining references to FROs with references to ByRDs,
which will clarify Exchange rules and alleviate any investor confusion.
---------------------------------------------------------------------------
\4\ See Securities and Exchange Release No. 71957 (April 16,
2014), 79 FR 22563 (April 22, 2014) (SR-NYSEMKT-2014-06).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) \5\ of the Securities Exchange Act of 1934 (the ``Act''),
in general, and furthers the objectives of Section 6(b)(5),\6\ in
particular, in that it is designed to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system. Specifically, the Exchange
believes that the proposed rule change will remove impediments to and
perfect the mechanisms of a free and open market by making rule text
consistent with the new name of the options product (i.e., ByRDs).\7\
The Exchange also believes that the proposed clarifying changes and
deletions of obsolete references to FROs may reduce potential investor
confusion, and protect investors and the public interest.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
\7\ See supra n. 4.
---------------------------------------------------------------------------
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 proposed change is not
designed to address any competitive issue but rather to revise obsolete
or inaccurate rule text, thereby reducing confusion and making the
Exchange's rules easier to understand and navigate. The Exchange
believes that the proposed rule change will serve to promote regulatory
clarity and consistency, thereby reducing burdens on the marketplace
and facilitating investor protection.
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
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 \8\ and Rule 19b-
4(f)(6)(iii) thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6)(iii). 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.
---------------------------------------------------------------------------
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 stated that waiver of this requirement would allow
the Exchange to delete or correct outmoded references without delay,
which would allow market participants to realize the benefits of the
clarified rules. The Commission believes that the waiver of the 30-day
operative delay is consistent with the protection of investors and the
public interest because it would eliminate potential investor confusion
without delay by amending the Exchange's rules to accurately reflect
the name of the options product (ByRDs) and by removing references to
its former name (Fixed Return Options). Therefore, the Commission
designates the proposed rule change to be operative upon filing.\10\
---------------------------------------------------------------------------
\10\ 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).
---------------------------------------------------------------------------
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) \11\ of the Act 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
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSEMKT-2014-89 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEMKT-2014-89. 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
[[Page 63009]]
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 filing will also 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-2014-89 and should
be submitted on or before November 12, 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. 2014-24945 Filed 10-20-14; 8:45 am]
BILLING CODE 8011-01-P
