Self-Regulatory Organizations; NYSE MKT LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change Amending Rule 13-Equities and Related Rules Governing Order Types and Modifiers, as modified by Partial Amendment No. 1, 78531 [2014-30439]
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Federal Register / Vol. 79, No. 249 / Tuesday, December 30, 2014 / Notices
[Release No. 34–73913; File No. SR–
NYSEMKT–2014–95]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Designation of a
Longer Period for Commission Action
on a Proposed Rule Change Amending
Rule 13—Equities and Related Rules
Governing Order Types and Modifiers,
as modified by Partial Amendment
No. 1
19(b)(2) of the Act,6 designates February
18, 2015, 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 Number SR–
NYSEMKT–2014–95).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Brent J. Fields,
Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[FR Doc. 2014–30439 Filed 12–29–14; 8:45 am]
BILLING CODE 8011–01–P
mstockstill on DSK4VPTVN1PROD with NOTICES
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 73595
(November 14, 2014), 79 FR 69153.
4 See letter from Sudhir Bhattacharyya, Vice
President, New York Stock Exchange, to Kevin M.
O’Neill, Deputy Secretary, Commission, dated
November 14, 2014.
5 15 U.S.C. 78s(b)(2).
2 17
VerDate Sep<11>2014
21:42 Dec 29, 2014
Jkt 235001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73910; File No. SR–
NYSEMKT–2014–102]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Exchange
Rules Regarding Trade Nullification
and Price Adjustment
December 22, 2014.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
10, 2014, NYSE MKT LLC (the
‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with
the Securities and Exchange
Commission (‘‘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 the Substance
of the Proposed Rule Change
The Exchange proposes to amend
exchange rules regarding trade
nullification and price adjustment. 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,
6 Id.
7 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00151
Fmt 4703
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
December 22, 2014.
On October 31, 2014, NYSE MKT LLC
(‘‘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 Exchange Rule 13—Equities and
other Exchange rules governing order
types and order modifiers. The
proposed rule change was published in
the Federal Register on November 20,
2014.3 On November 14, 2014, the
Exchange submitted Partial Amendment
No. 1 to the Commission and filed the
Partial Amendment No. 1 to the public
comment file.4 The Commission has
received no other comment on the
proposal.
Section 19(b)(2) of the Act 5 provides
that, within 45 days of the publication
of the 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
Commission is extending this 45-day
time period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change, as modified by Partial
Amendment No. 1. Accordingly, the
Commission, pursuant to Section
78531
Sfmt 4703
The Exchange is proposing to add
Rule 966NY, ‘‘Trade Nullification and
Price Adjustment Procedure.’’ 3 As
proposed, Rule 966NY would allow for
transactions to be nullified if both
parties to the transaction agree to the
nullification and allow the price of
executions to be adjusted if the price
adjustment is agreed to by both parties
to the transaction and authorized by the
Exchange.4 The Exchange is also
proposing to make other conforming
administrative changes to streamline the
rules governing this subject with the
Exchange’s rules.
Background
Currently, pursuant to Commentary
.02 of Rule 965NY, the Exchange allows
for parties to agree to nullify an
execution. Commentary .02 of Rule
965NY also states that once both parties
agree to the trade nullification, one
party must ‘‘promptly notify the
Exchange for dissemination of
cancellation information to the Options
Price Reporting Authority.’’ In addition,
the Exchange currently allows for a
mutual price adjustment for trades that
meet the obvious error (or catastrophic
error) requirements pursuant to
Exchange Rule 975NY if those mutual
agreements are done within specific
timeframes.5 The Exchange is now
proposing to relocate the
aforementioned trade nullification
language and add a provision to allow
parties to mutually adjust prices of
executions outside of those done in
obvious error. The Exchange’s proposal
is based upon similar rules of the
Chicago Board Options Exchange
3 The Exchange notes that there are efforts by the
exchanges to create a uniform trade nullification
and adjustment rule. Should the uniform rule be
approved and effective, the Exchange will amend
its rules appropriately.
4 The Exchange notes that, as proposed, Rule
966NY would only apply to trades that were
executed on the Exchange and, as such, any orders
that were either fully or partially routed to, or
executed, on another exchange would not be subject
to the proposed Rule 966NY.
5 See Rule 975NY(a)(3) and (7) and 975NY(d)(3).
E:\FR\FM\30DEN1.SGM
30DEN1
]]>Agencies
[Federal Register Volume 79, Number 249 (Tuesday, December 30, 2014)]
[Notices]
[Page 78531]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-30439]
[[Page 78531]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-73913; File No. SR-NYSEMKT-2014-95]
Self-Regulatory Organizations; NYSE MKT LLC; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change Amending Rule 13--Equities and Related Rules Governing Order
Types and Modifiers, as modified by Partial Amendment No. 1
December 22, 2014.
On October 31, 2014, NYSE MKT LLC (``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 Exchange
Rule 13--Equities and other Exchange rules governing order types and
order modifiers. The proposed rule change was published in the Federal
Register on November 20, 2014.\3\ On November 14, 2014, the Exchange
submitted Partial Amendment No. 1 to the Commission and filed the
Partial Amendment No. 1 to the public comment file.\4\ The Commission
has received no other comment on the proposal.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 73595 (November 14,
2014), 79 FR 69153.
\4\ See letter from Sudhir Bhattacharyya, Vice President, New
York Stock Exchange, to Kevin M. O'Neill, Deputy Secretary,
Commission, dated November 14, 2014.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \5\ provides that, within 45 days of
the publication of the 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 Commission is extending this 45-day time period.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds that it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
it has sufficient time to consider the proposed rule change, as
modified by Partial Amendment No. 1. Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,\6\ designates February 18,
2015, 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 Number SR-NYSEMKT-2014-95).
---------------------------------------------------------------------------
\6\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Brent J. Fields,
Secretary.
[FR Doc. 2014-30439 Filed 12-29-14; 8:45 am]
BILLING CODE 8011-01-P
