Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 1000 To Reflect That Exchange Systems Will Reject Incoming Orders of Over 1,000,000 Shares That Are Marketable Upon Arrival, 19383-19385 [2015-08197]
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Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
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)(ii) of the Act 13 and
subparagraph (f)(6) of Rule 19b–4
thereunder.14
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
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 No. SR–
BATS–2015–25 on the subject line.
mstockstill on DSK4VPTVN1PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File No.
SR–BATS–2015–25. This file number
13 See
15 U.S.C. 78s(b)(3)(a)(ii).
14 See 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 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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20:09 Apr 09, 2015
Jkt 235001
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
No. SR–BATS–2015–25 and should be
submitted on or before May 1, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Brent J. Fields,
Secretary.
[FR Doc. 2015–08204 Filed 4–9–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74649; File No. SR–NYSE–
2015–14]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Amending Rule
1000 To Reflect That Exchange
Systems Will Reject Incoming Orders
of Over 1,000,000 Shares That Are
Marketable Upon Arrival
April 6, 2015.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
15 See
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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19383
notice is hereby given that on March 23,
2015, New York Stock Exchange LLC
(‘‘NYSE’’ or ‘‘Exchange’’) 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 Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 1000 to reflect that Exchange
systems will reject incoming orders of
over 1,000,000 shares that are
marketable upon arrival. 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 1000 (Automatic Executions) to
reflect that Exchange systems will reject
incoming orders of over 1,000,000
shares that are marketable upon arrival
against interest in Exchange systems.
Currently, Exchange systems accept
orders up to a maximum order size of
25,000,000 shares.4 Rule 1000 provides
that market and limit orders of up to
1,000,000 shares are eligible to initiate
or participate in automatic executions
on the Exchange. However, because an
order of over 1,000,000 shares in size is
ineligible for automatic execution, if
such an order is marketable on arrival,
the Exchange suspends automatic
executions in that security and it is
auto-quoted with a ‘‘slow’’ quote
4 See
E:\FR\FM\10APN1.SGM
Rule 1000.
10APN1
19384
Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices
condition. When a symbol is in a
‘‘slow’’ quote mode, its quote is not
protected under Regulation NMS.5
Orders for more than 1,000,000 shares
that are not marketable upon arrival do
not suspend automatic executions or
cause a slow quote condition. Rather,
non-marketable orders of over 1,000,000
shares in size rest on the Exchange’s
limit order book and are available as
liquidity to interact with incoming
contra-side interest.
The Exchange proposes to amend
Rule 1000 to provide that incoming
orders of over 1,000,000 shares that are
marketable upon arrival would be
rejected. The Exchange believes it is
appropriate to reject marketable orders
ineligible for automatic execution in
order to reduce the potential that the
Exchange would suspend automatic
executions and disseminate a ‘‘slow’’
quote that permits other market centers
to trade through the Exchange’s
quotations in that security. In addition,
the Exchange notes that an order of such
size that is marketable upon arrival may
be an order entry error, and therefore
rejecting the order puts the submitter of
the order on notice of the large size of
the order.
Because of the technology changes
associated with the proposed rule
change, the Exchange proposes to
announce the implementation date via
Trader Update.
2. Statutory Basis
mstockstill on DSK4VPTVN1PROD with NOTICES
The Exchange believes that the
proposed rule change 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, because it is
designed to prevent fraudulent and
manipulative acts and practices,
promote just and equitable principles of
trade, remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and protect investors and the
public interest. In particular, the
Exchange believes that rejecting large
orders ineligible for automatic execution
rather than triggering a suspension of
automatic executions in the relevant
security would remove impediments to
and perfect the mechanism of a free and
open market and a national market
system by reducing the potential that
5 Rule 611 of Regulation NMS requires that
trading centers have policies and procedures
reasonably designed to prevent trade throughs on
that trading center of protected quotations in NMS
Stocks. 17 CFR 242.611(a). Importantly, to be a
protected quotation, it must be an automated
quotation that is the best bid or offer of an
exchange. 17 CFR 242.603(b)(57)(iii).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
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20:09 Apr 09, 2015
Jkt 235001
the Exchange would suspend automatic
executions and disseminate a ‘‘slow’’
quote that permits other market centers
to trade through the Exchange’s
quotations in the relevant security. The
Exchange also believes that rejecting
large orders ineligible for automatic
execution would assist with the
maintenance of fair and orderly markets
by helping to mitigate the risk that a
large order that is marketable upon
arrival may be an order entry error, and
therefore rejecting the order puts the
submitter of the order on notice of the
large size of the order. 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 to
prevent unnecessary suspension of
automatic executions on the Exchange’s
marketplace and reduce the likelihood
that large, marketable orders may be an
order entry error.
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 and Rule 19b–4(f)(6)(iii)
thereunder.10
8 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
9 17
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A proposed rule change filed under
Rule 19b–4(f)(6) 11 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),12 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest.
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.13
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–2015–14 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSE–2015–14. 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
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.
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
13 15 U.S.C. 78s(b)(3)(C).
E:\FR\FM\10APN1.SGM
10APN1
Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices
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
inspection and copying at the NYSE’s
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–
2015–14 and should be submitted on or
before May 1, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Brent J. Fields,
Secretary.
[FR Doc. 2015–08197 Filed 4–9–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74648; File No. SR–NYSE–
2015–06]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change Adopting New Rule 124
To Conduct a Midday Auction and
Amending Rule 104 To Codify the
Obligation of Designated Market
Makers To Facilitate the Midday
Auction
Markets Association (‘‘SIFMA’’)
submitted a comment letter to the
Commission.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. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,6 designates May 24,
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–
NYSE–2015–06).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Brent J. Fields,
Secretary.
[FR Doc. 2015–08196 Filed 4–9–15; 8:45 am]
BILLING CODE 8011–01–P
mstockstill on DSK4VPTVN1PROD with NOTICES
questions about the accuracy of
statements in its filings regarding
eCareer’s use of investor proceeds for
working capital, its sales of securities in
unregistered transactions and
compensation received by eCareer’s
CEO and chairman, including
information in eCareer’s Form 10–K for
the fiscal year ended June 30, 2014,
Form 10–Q for the period ended
September 30, 2014, and Form 10–Q for
the period ended December 31, 2014. Its
stock is quoted on OTC Link, operated
by OTC Markets Group, Inc., under the
ticker: ECHI.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of eCareer.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the
securities of the above-listed company is
suspended for the period from 9:30 a.m.
EDT on April 8, 2015, through 11:59
p.m. EDT on April 21, 2015.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015–08373 Filed 4–8–15; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74655; File No. SR–C2–
2015–005]
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Amend the Fees Schedule
April 6, 2015.
April 6, 2015.
On February 2, 2015, New York Stock
Exchange 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 adopt new Rule 124 to
conduct a daily single-priced auction at
a specified time in lower-volume
securities (‘‘Midday Auction’’) and to
amend Rule 104 to codify the obligation
of Designated Market Makers to
facilitate the Midday Auction. The
proposed rule change was published in
the Federal Register on February 23,
2015.3 On March 20, 2015, the
Securities Industry and Financial
14 17
CFR 200.30–3(a)(59).
U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 74282
(February 23, 2015), 80 FR 9496.
1 15
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19385
20:09 Apr 09, 2015
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SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
In the Matter of eCareer Holdings, Inc.;
Order of Suspension of Trading
April 8, 2015.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of eCareer
Holdings, Inc., (‘‘eCareer’’) because of
questions regarding the accuracy of
publicly available information about the
company’s operations, including
4 See letter from Theodore R. Lazo, Managing
Director and Associate General Counsel, SIFMA, to
Brent J. Fields, Secretary, the Commission (Mar. 20,
2015).
5 15 U.S.C. 78s(b)(2).
6 Id.
7 17 CFR 200.30–3(a)(31).
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Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that, on April 1,
2015 C2 Options Exchange,
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’)
filed with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III below, which Items
have been prepared by the Exchange.
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 its
Fees Schedule. The text of the proposed
1 15
2 17
E:\FR\FM\10APN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
10APN1
]]>Agencies
[Federal Register Volume 80, Number 69 (Friday, April 10, 2015)]
[Notices]
[Pages 19383-19385]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-08197]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74649; File No. SR-NYSE-2015-14]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending Rule 1000 To Reflect That Exchange Systems Will Reject
Incoming Orders of Over 1,000,000 Shares That Are Marketable Upon
Arrival
April 6, 2015.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on March 23, 2015, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') 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.
---------------------------------------------------------------------------
\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 Rule 1000 to reflect that Exchange
systems will reject incoming orders of over 1,000,000 shares that are
marketable upon arrival. 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rule 1000 (Automatic Executions) to
reflect that Exchange systems will reject incoming orders of over
1,000,000 shares that are marketable upon arrival against interest in
Exchange systems.
Currently, Exchange systems accept orders up to a maximum order
size of 25,000,000 shares.\4\ Rule 1000 provides that market and limit
orders of up to 1,000,000 shares are eligible to initiate or
participate in automatic executions on the Exchange. However, because
an order of over 1,000,000 shares in size is ineligible for automatic
execution, if such an order is marketable on arrival, the Exchange
suspends automatic executions in that security and it is auto-quoted
with a ``slow'' quote
[[Page 19384]]
condition. When a symbol is in a ``slow'' quote mode, its quote is not
protected under Regulation NMS.\5\ Orders for more than 1,000,000
shares that are not marketable upon arrival do not suspend automatic
executions or cause a slow quote condition. Rather, non-marketable
orders of over 1,000,000 shares in size rest on the Exchange's limit
order book and are available as liquidity to interact with incoming
contra-side interest.
---------------------------------------------------------------------------
\4\ See Rule 1000.
\5\ Rule 611 of Regulation NMS requires that trading centers
have policies and procedures reasonably designed to prevent trade
throughs on that trading center of protected quotations in NMS
Stocks. 17 CFR 242.611(a). Importantly, to be a protected quotation,
it must be an automated quotation that is the best bid or offer of
an exchange. 17 CFR 242.603(b)(57)(iii).
---------------------------------------------------------------------------
The Exchange proposes to amend Rule 1000 to provide that incoming
orders of over 1,000,000 shares that are marketable upon arrival would
be rejected. The Exchange believes it is appropriate to reject
marketable orders ineligible for automatic execution in order to reduce
the potential that the Exchange would suspend automatic executions and
disseminate a ``slow'' quote that permits other market centers to trade
through the Exchange's quotations in that security. In addition, the
Exchange notes that an order of such size that is marketable upon
arrival may be an order entry error, and therefore rejecting the order
puts the submitter of the order on notice of the large size of the
order.
Because of the technology changes associated with the proposed rule
change, the Exchange proposes to announce the implementation date via
Trader Update.
2. Statutory Basis
The Exchange believes that the proposed rule change 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, because it
is designed to prevent fraudulent and manipulative acts and practices,
promote just and equitable principles of trade, remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and protect investors and the public interest. In
particular, the Exchange believes that rejecting large orders
ineligible for automatic execution rather than triggering a suspension
of automatic executions in the relevant security would remove
impediments to and perfect the mechanism of a free and open market and
a national market system by reducing the potential that the Exchange
would suspend automatic executions and disseminate a ``slow'' quote
that permits other market centers to trade through the Exchange's
quotations in the relevant security. The Exchange also believes that
rejecting large orders ineligible for automatic execution would assist
with the maintenance of fair and orderly markets by helping to mitigate
the risk that a large order that is marketable upon arrival may be an
order entry error, and therefore rejecting the order puts the submitter
of the order on notice of the large size of the order. For the same
reasons, the proposal is also designed to protect investors as well as
the public interest.
---------------------------------------------------------------------------
\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 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 to prevent
unnecessary suspension of automatic executions on the Exchange's
marketplace and reduce the likelihood that large, marketable orders may
be an order entry error.
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 and Rule 19b-
4(f)(6)(iii) thereunder.\10\
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\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
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.
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A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\12\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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\11\ 17 CFR 240.19b-4(f)(6).
\12\ 17 CFR 240.19b-4(f)(6)(iii).
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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.\13\
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\13\ 15 U.S.C. 78s(b)(3)(C).
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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-NYSE-2015-14 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSE-2015-14. 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
[[Page 19385]]
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 inspection and copying at the
NYSE's 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-2015-14
and should be submitted on or before May 1, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(59).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-08197 Filed 4-9-15; 8:45 am]
BILLING CODE 8011-01-P
