Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 13 To Eliminate Good til Cancelled (“GTC”) Orders and Stop Orders, and Make Conforming Changes to Rules 49, 61, 70, 104, 109, 115A, 116, 118, 123, 123A, 123C, 123D, 1000, 1004 and 6140, 79365-79368 [2015-31920]
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Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices
Section 2(a)(48) of the Investment
Company Act in: (1) A transaction of the
type specified in rule 145(a) under the
Securities Act (17 CFR 230.145(a)); (2) a
merger in which a vote or consent of the
security holders of the company being
acquired is not required pursuant to
applicable state law; (3) an exchange
offer for securities of the issuer or
another person; (4) a public reoffering or
resale of any securities acquired in an
offering registered on Form N–14; or (5)
two or more of the transactions listed in
(1) through (4) registered on one
registration statement. The principal
purpose of Form N–14 is to make
material information regarding
securities to be issued in connection
with business combination transactions
available to investors. The information
required to be filed with the
Commission permits verification of
compliance with securities law
requirements and assures the public
availability and dissemination of such
information. Without the registration
statement requirement, material
information may not necessarily be
available to investors.
We estimate that approximately 124
funds each file one new registration
statement on Form N–14 annually, and
that 68 funds each file one amendment
to a registration statement on Form N–
14 annually. Based on conversations
with fund representatives, we estimate
that the reporting burden is
approximately 620 hours per
respondent for a new Form N–14
registration statement and 300 hours per
respondent for amending the Form N–
14 registration statement. This time is
spent, for example, preparing and
reviewing the registration statements.
Accordingly, we calculate the total
estimated annual internal burden of
responding to Form N–14 to be
approximately 97,280 hours. In addition
to the burden hours, based on
conversations with fund representatives,
we estimate that the total cost burden of
compliance with the information
collection requirements of Form N–14 is
approximately $27,500 for preparing
and filing an initial registration
statement on Form N–14 and
approximately $16,000 for preparing
and filing an amendment to a
registration statement on Form N–14.
This includes, for example, the cost of
goods and services purchased to prepare
and update registration statements on
Form N–14, such as for the services of
outside counsel. Accordingly, we
calculate the total estimated annual cost
burden of responding to Form N–14 to
be approximately $4,498,000.
Estimates of average burden hours are
made solely for the purposes of the
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Paperwork Reduction Act and are not
derived from a comprehensive or even
representative survey or study of the
costs of Commission rules and forms.
The collection of information under
Form N–14 is mandatory. The
information provided under Form N–14
will not be kept confidential. An agency
may not conduct or sponsor, and a
person is not required to respond to, a
collection of information unless it
displays a currently valid OMB control
number.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the Commission’s
estimate of the burden of the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE.,
Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov.
Dated: December 15, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–31930 Filed 12–18–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76649; File No. SR–NYSE–
2015–60]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Rule
13 To Eliminate Good til Cancelled
(‘‘GTC’’) Orders and Stop Orders, and
Make Conforming Changes to Rules
49, 61, 70, 104, 109, 115A, 116, 118,
123, 123A, 123C, 123D, 1000, 1004 and
6140
79365
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on December
4, 2015, New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) 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 (1) amend
Rule 13 to eliminate Good til Cancelled
(‘‘GTC’’) Orders and Stop Orders, and
(2) make conforming changes to Rules
49, 61, 70, 104, 109, 115A, 116, 118,
123, 123A, 123C, 123D, 1000, 1004 and
6140. 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 13 to eliminate GTC Orders (which
are also defined as ‘‘Open’’ Orders) and
Stop Orders, and make conforming
changes to Rules 49, 61, 70, 104, 109,
115A, 116, 118, 123, 123A, 123C, 123D,
1000, 1004, and 6140. The Exchange
proposes to eliminate these order types
in order to streamline its rules and
reduce complexity among its order type
offerings.4
December 15, 2015.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
1 15
PO 00000
2 15
U.S.C. 78a.
CFR 240.19b–4.
4 See, e.g., Mary Jo White, Chair, Securities and
Exchange Commission, Speech at the Sandler
3 17
U.S.C. 78s(b)(1).
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Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices
Because of the technology changes
associated with the proposed rule
change, the Exchange proposes to
announce the implementation date of
the elimination of the order types via
Trader Update.
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Elimination of GTC Orders and Stop
Orders (Rule 13)
The Exchange proposes to eliminate,
and thus delete from its rules, the GTC
Order defined in Rule 13(b)(2). A GTC
Order is a limit order that remains in
effect until it is either executed or
cancelled.5 To reflect this elimination,
the Exchange proposes to delete all
references to GTC or Open Orders and
any related modifiers in Rule 13 as
follows:
• Delete Rule 13(b)(2), which defines
the GTC Order;
• delete Rule 13(d)(1)(B)(iv), which
provides that interest designated as GTC
may not be designated as a Mid-Point
Passive Liquidity (‘‘MPL’’) Order; 6
• delete Rules 13(f)(1) and (2), which
describes the Do Not Reduce (‘‘DNR’’)
and Do Not Increase (‘‘DNI’’) modifiers,
which are modifiers that are used only
in connection with GTC Orders. In
addition to being used for GTC Orders,
these modifiers are also used for Stop
Orders, which the Exchange is also
proposing to eliminate; 7 and
• amend Rule 13(f)(5)(B), which
provides that the Exchange shall reject
GTC Orders with an Self-Trade
Prevention (‘‘STP’’) Modifier.
Second, the Exchange proposes to
eliminate Stop Orders. A Stop Order is
an order to buy or sell a stock at the
market once the price of the stock
reaches a specified price known as the
‘‘stop price.’’ Specifically, a Stop Order
to buy becomes a market order when a
transaction in the security occurs at or
above the stop price after the order is
received into Exchange systems or is
O’Neill & Partners, L.P. Global Exchange and
Brokerage Conference (June 5, 2014) (available at
www.sec.gov/News/Speech/Detail/Speech/
1370542004312#.U5HI-fmwJiw).
5 GTC orders are not eligible to be executed in any
Off-Hours Trading Facility and may not be
transmitted to Floor broker hand-held devices or
Floor broker systems. See Rule 13(b)(2).
6 A MPL Order is an undisplayed limit order that
automatically executes at the mid-point of the
protected best bid or offer. See Rule 13(d)(1)(A).
The Exchange also proposes to re-number Rule
13(d)(1)(B)(v) & (vi) to reflect the deletion of
subsection (iv).
7 In connection with the deletion of Rule 13(f)(1)
& (2), the Exchange proposes to renumber the Rule
as follows: Rule 13(f)(3) (Pegging Interest) would
become Rule 13(f)(1); Rule 13(f)(4) (Retail Modifier)
would become Rule 13(f)(2); Rule 13(f)(5) (SelfTrade Prevention Modifier) would become Rule
13(f)(3); and Rule 13(f)(6) (Sell ‘‘Plus’’—Buy
‘‘Minus’’ Instruction) would become Rule 13(f)(4).
As discussed below, the Exchange proposes to
delete Rule 13(f)(7) which defines Stop Orders.
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manually represented by a Floor broker.
A Stop Order to sell becomes a market
order when a transaction in the security
occurs at or below the stop price after
the order is received into Exchange
systems or manually represented by a
Floor broker.8 To effectuate this
elimination, the Exchange proposes to
amend Rule 13 as follows:
• Delete Rule 13(e)(7) [sic], which
defines a Stop Order;
• delete Rule 13(f)(1) and (2), which
describes the DNR and DNI modifiers as
noted above;
• amend Rule 13(f)(5), which
provides that the STP modifier is
available for Stop Orders; and
• delete Supplementary Material .30,
which governs the election of Stop
Orders for certain enumerated
securities.9
Conforming Amendments
The Exchange proposes certain
conforming amendments to Rules 49,
61, 70, 104, 109, 115A, 116, 118, 123,
123A, 123C, 123D, 1000, 1004, and 6140
to reflect the elimination of GTC Orders
and Stop Orders as described above as
follows:
• The Exchange proposes to amend
Rule 49 (Emergency Powers), which
addresses the Exchange’s emergency
powers, to delete subsection (b)(1)(B),
which permits the Exchange to accept
cancellations of GTC orders during an
emergency condition.
• The Exchange proposes to amend
Rule 61 (Recognized Quotations), which
governs bids and offers in securities.
Under Rule 61(a)(ii), transactions in part
of a round lot are published to the
Consolidated Tape and may elect Stop
Orders. The Exchange proposes to
eliminate the reference to electing Stop
Orders.
• The Exchange proposes to amend
Rule 70 (Execution of Floor Broker
Interest), governing execution of Floor
broker interest known as e-Quotes.
Under Rule 70(a)(1), e-Quotes cannot
include, among others, unelected Stop
8 See Rule 13(a)(7)(A) & (B). [sic] Elected Stop
Orders also become Market Orders and are eligible
for automatic execution in accordance with Rules
116.40, 123C and 1000–1004. Stop Orders that
would be elected by the price of the opening
transaction on the Exchange are included in the
opening transaction as Market Orders. See id. at (C).
Odd-lot size transactions are not considered
transactions eligible to elect Stop Orders on the
Exchange. See id. at (D).
9 The securities identified in Supplementary
Material .30 are: Investment Company Units (as
defined in section 703.16 of the Exchange’s Listed
Company Manual); Trust Issued Receipts (as
defined in Rule 1200); streetTRACKS® Gold Shares
(as defined in Rule 1300 et seq.); Currency Trust
Shares (as defined in Rule 1300A et seq.);
Commodity Trust Shares (as defined in Rule 1300B
et seq.); and any security governed by Rule series
1100, 1200, 1300, 1300A or 1300B.
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Orders or a GTC, DNR and DNI
modifier. The Exchange proposes to
delete these references.
• The Exchange proposes to amend
104 (Dealings and Responsibilities of
DMMs), which prohibits DMM units
from entering, among others, GTC
Modifiers, DNR Modifiers, DNI
Modifiers, and Stop Orders. The
Exchange proposes to delete these
references to GTC, DNR and DNI
modifiers and Stop Orders in subsection
(b)(vi).
• Rule 109 (Limitation on ‘‘Stopping’’
Stock) was rescinded in 1983. The
Exchange proposes to delete the heading
and replace it with ‘‘Reserved.’’ The
Exchange also proposes to delete ‘‘See
Rule 112.10 for ‘‘Interpretations and
Instructions’’ as no longer necessary.
• The Exchange proposes to amend
Rule 115A (‘‘Orders at Opening’’),
which governs orders at the opening, to
remove subsection (a), which prohibits
DMMs, trading assistants and anyone
acting on their behalf from using the
Exchange Display Book system in a
manner designed to discover
inappropriately information about
unelected stop orders when arranging
the open or to otherwise attempt to
obtain information regarding unelected
stop orders and to renumber the rule
accordingly.
• The Exchange proposes to delete
Supplementary Material .40(A) and .50
of Rule 116 (‘‘ ‘Stop’ Constitutes
Guarantee’’), which provides that an
agreement by a member to ‘‘stop’’ stock
at a specified price constitutes a
guarantee of a purchase or sale by the
member of the security at that price.
Supplementary Material .40(A) provides
that Stop Orders elected based on the
closing price are automatically and
systemically converted to market orders
and included in the total number of
market-at-the-close orders executed at
the close. Supplementary Material .50,
similar to Rule 104(b)(vi), prohibits
DMMs, trading assistants and anyone
acting on their behalf from using the
Display Book system in a manner
designed to discover inappropriately
information about unelected stop orders
when arranging the close or to otherwise
attempt to obtain information regarding
unelected stop orders.
• The Exchange proposes to delete
Rule 118 (Orders To Be Reduced and
Increased on Ex-Date), which governs
the adjustment of GTC buy orders 10 and
open Stop Orders, i.e., GTC Stop Orders,
to sell when a security is quoted ex10 Rule 118 uses the term ‘‘Open buying orders.’’
An Open Order is another term for a GTC Order.
See Rule 13(a)(2). Since Rule 118 applies only to
GTC Orders and Stop Orders, the Exchange
proposes to delete the rule in its entirety.
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Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices
dividend, ex-distribution, ex-rights or
ex-interest.
• The Exchange proposes to amend
Rule 123 (Record of Orders), which
imposes certain recordkeeping and
order entry requirements, to eliminate
the reference to Stop Orders in
subsection (e)(iii)(7) and stop price in
paragraph (e)(iii)(8) of Rule 123. The
Exchange also proposes to delete
outdated references to auction market
and auction limit orders in Rule
123(e)(iii)(7), which the Exchange either
eliminated or did not implement.11
• The Exchange proposes to amend
Supplementary Material .20 of Rule
123A (Miscellaneous Requirements),
which governs changes in day orders, to
remove the final clause of the first
paragraph requiring members to request
that customers and correspondents file
GTC Orders wherever possible rather
than repeating the same order each
morning. The Exchange also proposes to
delete the second paragraph of
Supplementary Material .20 in its
entirety, which provides that a Day
Order changed to an Open Order is
considered a new order and must be
added to the Exchange’s Book after
other orders previously received at the
same price. As noted above, an Open
Order is another term for a GTC Order.12
Finally, the Exchange proposes to
rename Supplementary Material .20
‘‘Day Orders’’ by deleting the preceding
words ‘‘Changes In’’.
• The Exchange proposes to amend
Rule 123C (The Closing Procedures),
which specifies the procedures to be
followed at the close of trading on the
Exchange, to delete references to Stop
Orders in paragraphs 6(a)(i)(C) and
6(a)(i)(D)(ii) of Rule 123C. The Exchange
also proposes to delete paragraph
8(a)(iv) of Rule 123C, which describes
election of Stop Orders as part of the
Closing Print.
• The Exchange proposes to amend
Rule 123D (Openings and Halts in
Trading), which specifies that Exchange
systems may open one or more
securities electronically if a DMM
cannot facilitate the opening of trading
as required by Exchange rules. First, the
Exchange proposes to replace the
references to Rule 115A(b) with
references to Rule 115A(a). Second, the
Exchange proposes to delete subsection
(a)(3)(C)(ii), which provides that Stop
Orders elected based on the opening
price would trade second in time
priority when interest that is otherwise
11 See Securities Exchange Act Release No. 67686
(August 17, 2012), 77 FR 51596 (August 24, 2012)
(SR–NYSE–2012–19) (deleting the auction market
order). Auction limit orders do not appear to have
been implemented.
12 See note 10, supra.
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guaranteed to participate in an opening
trade would cause an opening price to
be outside the Opening Price Range (as
defined therein). Third, to reflect the
deletion of subsection (a)(3)(C)(ii) and
the removal of Stop Orders from second
in time priority, the Exchange proposes
to re-number subsections (a)(3)(C)(iii)
through (v) and re-order priority for
Limit Orders (current subsection
(a)(3)(C)(iii)) from third to second, for Gquotes (current subsection (a)(3)(C)(iv))
from fourth to third, and for all other
limit interest priced equal to the open
(current subsection (a)(3)(v)) from fifth
to fourth.
• The Exchange proposes to amend
Rule 1000 (Automatic Executions),
which provides for automatic
executions by Exchange systems. Rule
1000(c) provides that incoming market
orders, including an elected stop order,
or marketable limit order to buy (sell)
will not execute or route to another
market center at a price above (below)
the Trading Collar applicable when
automatic executions are in effect and
calculated pursuant to Rule 1000(c)(i).
The Exchange proposes to delete the
reference to elected stop order in
paragraph (c) of Rule 1000.
• The Exchange proposes to amend
Rule 1004 (Election of Buy Minus, Sell
Plus and Stop Orders), which provides
that automatic executions of
transactions reported to the
Consolidated Tape shall elect, among
others, stop orders electable at the price
of such executions and that any stop
order so elected shall be automatically
executed as market orders pursuant to
Exchange rules. The Exchange proposes
to delete the references to Stop Orders,
including in the heading.
Finally, the Exchange proposes to
amend Rule 6140 (Other Trading
Practices), which governs a number of
prohibited trading practices. First, the
Exchange proposes to delete Rule
6140(h)(1), which provides that a
member or member organization may,
but is not obligated to, accept a stop
order in designated securities, and
defines buy stop orders (Rule
6140(h)(1)(A)) and sell stop orders (Rule
6140(h)(1)(B)). Second, the Exchange
proposes to delete Rule 6140(h)(2),
which provides that a member or
member organization may, but is not
obligated to, accept stop limit orders in
designated securities and that when a
transaction occurs at a stop price, the
stop limit order to buy or sell becomes
a limit order at the limit price. Current
subsection (i) of Rule 6140 would
become new subsection (h).
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79367
2. Statutory Basis
The proposed rule change is
consistent with section 6(b) 13 of the
Act, in general, and furthers the
objectives of section 6(b)(5),14 in
particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, 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 eliminating GTC Orders and Stop
Orders removes impediments to and
perfects a national market system by
simplifying functionality and
complexity of its order types. The
Exchange believes that eliminating these
order types would not be inconsistent
with the public interest and the
protection of investors because investors
will not be harmed and in fact would
benefit from the removal of complex
functionality. Because Stop Orders,
when elected, can exacerbate market
volatility and result in executions in
declining markets at prices significantly
different than the quoted price, the
Exchange believes that eliminating them
would reduce the potential for orders on
the Exchange to cause significant price
dislocation. The Exchange also believes
that eliminating GTC Orders would
benefit investors because it shifts the
responsibility to monitor best execution
obligations on behalf of a customer to
the member organization entering the
order, rather than leaving a GTC order
at the Exchange until it gets executed.
The Exchange further believes that
deleting corresponding references in
Exchange rules to deleted order types
also removes impediments to and
perfects the mechanism of a free and
open market by ensuring that members,
regulators and the public can more
easily navigate the Exchange’s rulebook
and better understand the orders types
available for trading on the Exchange.
Removing obsolete cross references also
furthers the goal of transparency and
adds clarity to the Exchange’s rules.
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
13 15
14 15
E:\FR\FM\21DEN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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79368
Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices
would rather remove complex
functionality and obsolete crossreferences, thereby reducing confusion
and making the Exchange’s rules easier
to understand and navigate.
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 15 and Rule
19b–4(f)(6) thereunder.16 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.
A proposed rule change filed under
Rule 19b–4(f)(6) 17 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),18 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. If the
Commission takes such action, the
Commission shall institute proceedings
under section 19(b)(2)(B) 19 of the Act to
determine whether the proposed rule
15 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its 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.
17 17 CFR 240.19b–4(f)(6).
18 17 CFR 240.19b–4(f)(6)(iii).
19 15 U.S.C. 78s(b)(2)(B).
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16 17
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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:
• 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–2015–60 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–2015–60. 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–NYSE–
2015–60, and should be submitted on or
before January 11, 2016.
Frm 00067
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[FR Doc. 2015–31920 Filed 12–18–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76652; File No. SR–NSCC–
2015–007]
Electronic Comments
PO 00000
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Robert W. Errett,
Deputy Secretary.
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Self-Regulatory Organizations;
National Securities Clearing
Corporation; Order Approving
Proposed Rule Change To Provide
Mechanism for Sub-Account
Settlement With Respect to the
Alternative Investment Product
Services
December 15, 2015.
On October 30, 2015, National
Securities Clearing Corporation
(‘‘NSCC’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
proposed rule change SR–NSCC–2015–
007 pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
to amend NSCC’s Rules and Procedures
(‘‘Rules’’) 3 to allow certain users of
NSCC’s Alternative Investment Product
Services (‘‘AIP’’) to settle at the subaccount level and to make related
technical changes and corrections to the
Rules, as more fully described below.
The proposed rule change was
published for comment in the Federal
Register on November 10, 2015.4 The
Commission did not receive any
comment letters on the proposed rule
change. For the reasons discussed
below, the Commission is granting
approval of the proposed rule change.
I. Description of the Proposed Rule
Change
The following is a description of the
proposed rule change, as provided by
NSCC:
Background. In 2008, the Commission
approved NSCC’s proposed rule change
to establish AIP, a non-guaranteed
processing platform for alternative
investment products such as hedge
funds, funds of hedge funds,
commodities pools, managed futures,
20 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Available at https://www.dtcc.com/legal/rulesand-procedures.
4 See Securities Exchange Act Release No. 76348
(November 4, 2015), 80 FR 69728 (November 10,
2015) (SR–NSCC–2015–007).
1 15
E:\FR\FM\21DEN1.SGM
21DEN1
]]>Agencies
[Federal Register Volume 80, Number 244 (Monday, December 21, 2015)]
[Notices]
[Pages 79365-79368]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-31920]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-76649; File No. SR-NYSE-2015-60]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rule 13 To Eliminate Good til Cancelled (``GTC'') Orders and Stop
Orders, and Make Conforming Changes to Rules 49, 61, 70, 104, 109,
115A, 116, 118, 123, 123A, 123C, 123D, 1000, 1004 and 6140
December 15, 2015.
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 December 4, 2015, New York Stock Exchange LLC (``NYSE''
or the ``Exchange'') 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to (1) amend Rule 13 to eliminate Good til
Cancelled (``GTC'') Orders and Stop Orders, and (2) make conforming
changes to Rules 49, 61, 70, 104, 109, 115A, 116, 118, 123, 123A, 123C,
123D, 1000, 1004 and 6140. 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 13 to eliminate GTC Orders
(which are also defined as ``Open'' Orders) and Stop Orders, and make
conforming changes to Rules 49, 61, 70, 104, 109, 115A, 116, 118, 123,
123A, 123C, 123D, 1000, 1004, and 6140. The Exchange proposes to
eliminate these order types in order to streamline its rules and reduce
complexity among its order type offerings.\4\
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\4\ See, e.g., Mary Jo White, Chair, Securities and Exchange
Commission, Speech at the Sandler O'Neill & Partners, L.P. Global
Exchange and Brokerage Conference (June 5, 2014) (available at
www.sec.gov/News/Speech/Detail/Speech/1370542004312#.U5HI-fmwJiw).
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[[Page 79366]]
Because of the technology changes associated with the proposed rule
change, the Exchange proposes to announce the implementation date of
the elimination of the order types via Trader Update.
Elimination of GTC Orders and Stop Orders (Rule 13)
The Exchange proposes to eliminate, and thus delete from its rules,
the GTC Order defined in Rule 13(b)(2). A GTC Order is a limit order
that remains in effect until it is either executed or cancelled.\5\ To
reflect this elimination, the Exchange proposes to delete all
references to GTC or Open Orders and any related modifiers in Rule 13
as follows:
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\5\ GTC orders are not eligible to be executed in any Off-Hours
Trading Facility and may not be transmitted to Floor broker hand-
held devices or Floor broker systems. See Rule 13(b)(2).
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Delete Rule 13(b)(2), which defines the GTC Order;
delete Rule 13(d)(1)(B)(iv), which provides that interest
designated as GTC may not be designated as a Mid-Point Passive
Liquidity (``MPL'') Order; \6\
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\6\ A MPL Order is an undisplayed limit order that automatically
executes at the mid-point of the protected best bid or offer. See
Rule 13(d)(1)(A). The Exchange also proposes to re-number Rule
13(d)(1)(B)(v) & (vi) to reflect the deletion of subsection (iv).
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delete Rules 13(f)(1) and (2), which describes the Do Not
Reduce (``DNR'') and Do Not Increase (``DNI'') modifiers, which are
modifiers that are used only in connection with GTC Orders. In addition
to being used for GTC Orders, these modifiers are also used for Stop
Orders, which the Exchange is also proposing to eliminate; \7\ and
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\7\ In connection with the deletion of Rule 13(f)(1) & (2), the
Exchange proposes to renumber the Rule as follows: Rule 13(f)(3)
(Pegging Interest) would become Rule 13(f)(1); Rule 13(f)(4) (Retail
Modifier) would become Rule 13(f)(2); Rule 13(f)(5) (Self-Trade
Prevention Modifier) would become Rule 13(f)(3); and Rule 13(f)(6)
(Sell ``Plus''--Buy ``Minus'' Instruction) would become Rule
13(f)(4). As discussed below, the Exchange proposes to delete Rule
13(f)(7) which defines Stop Orders.
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amend Rule 13(f)(5)(B), which provides that the Exchange
shall reject GTC Orders with an Self-Trade Prevention (``STP'')
Modifier.
Second, the Exchange proposes to eliminate Stop Orders. A Stop
Order is an order to buy or sell a stock at the market once the price
of the stock reaches a specified price known as the ``stop price.''
Specifically, a Stop Order to buy becomes a market order when a
transaction in the security occurs at or above the stop price after the
order is received into Exchange systems or is manually represented by a
Floor broker. A Stop Order to sell becomes a market order when a
transaction in the security occurs at or below the stop price after the
order is received into Exchange systems or manually represented by a
Floor broker.\8\ To effectuate this elimination, the Exchange proposes
to amend Rule 13 as follows:
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\8\ See Rule 13(a)(7)(A) & (B). [sic] Elected Stop Orders also
become Market Orders and are eligible for automatic execution in
accordance with Rules 116.40, 123C and 1000-1004. Stop Orders that
would be elected by the price of the opening transaction on the
Exchange are included in the opening transaction as Market Orders.
See id. at (C). Odd-lot size transactions are not considered
transactions eligible to elect Stop Orders on the Exchange. See id.
at (D).
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Delete Rule 13(e)(7) [sic], which defines a Stop Order;
delete Rule 13(f)(1) and (2), which describes the DNR and
DNI modifiers as noted above;
amend Rule 13(f)(5), which provides that the STP modifier
is available for Stop Orders; and
delete Supplementary Material .30, which governs the
election of Stop Orders for certain enumerated securities.\9\
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\9\ The securities identified in Supplementary Material .30 are:
Investment Company Units (as defined in section 703.16 of the
Exchange's Listed Company Manual); Trust Issued Receipts (as defined
in Rule 1200); streetTRACKS[supreg] Gold Shares (as defined in Rule
1300 et seq.); Currency Trust Shares (as defined in Rule 1300A et
seq.); Commodity Trust Shares (as defined in Rule 1300B et seq.);
and any security governed by Rule series 1100, 1200, 1300, 1300A or
1300B.
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Conforming Amendments
The Exchange proposes certain conforming amendments to Rules 49,
61, 70, 104, 109, 115A, 116, 118, 123, 123A, 123C, 123D, 1000, 1004,
and 6140 to reflect the elimination of GTC Orders and Stop Orders as
described above as follows:
The Exchange proposes to amend Rule 49 (Emergency Powers),
which addresses the Exchange's emergency powers, to delete subsection
(b)(1)(B), which permits the Exchange to accept cancellations of GTC
orders during an emergency condition.
The Exchange proposes to amend Rule 61 (Recognized
Quotations), which governs bids and offers in securities. Under Rule
61(a)(ii), transactions in part of a round lot are published to the
Consolidated Tape and may elect Stop Orders. The Exchange proposes to
eliminate the reference to electing Stop Orders.
The Exchange proposes to amend Rule 70 (Execution of Floor
Broker Interest), governing execution of Floor broker interest known as
e-Quotes. Under Rule 70(a)(1), e-Quotes cannot include, among others,
unelected Stop Orders or a GTC, DNR and DNI modifier. The Exchange
proposes to delete these references.
The Exchange proposes to amend 104 (Dealings and
Responsibilities of DMMs), which prohibits DMM units from entering,
among others, GTC Modifiers, DNR Modifiers, DNI Modifiers, and Stop
Orders. The Exchange proposes to delete these references to GTC, DNR
and DNI modifiers and Stop Orders in subsection (b)(vi).
Rule 109 (Limitation on ``Stopping'' Stock) was rescinded
in 1983. The Exchange proposes to delete the heading and replace it
with ``Reserved.'' The Exchange also proposes to delete ``See Rule
112.10 for ``Interpretations and Instructions'' as no longer necessary.
The Exchange proposes to amend Rule 115A (``Orders at
Opening''), which governs orders at the opening, to remove subsection
(a), which prohibits DMMs, trading assistants and anyone acting on
their behalf from using the Exchange Display Book system in a manner
designed to discover inappropriately information about unelected stop
orders when arranging the open or to otherwise attempt to obtain
information regarding unelected stop orders and to renumber the rule
accordingly.
The Exchange proposes to delete Supplementary Material
.40(A) and .50 of Rule 116 (`` `Stop' Constitutes Guarantee''), which
provides that an agreement by a member to ``stop'' stock at a specified
price constitutes a guarantee of a purchase or sale by the member of
the security at that price. Supplementary Material .40(A) provides that
Stop Orders elected based on the closing price are automatically and
systemically converted to market orders and included in the total
number of market-at-the-close orders executed at the close.
Supplementary Material .50, similar to Rule 104(b)(vi), prohibits DMMs,
trading assistants and anyone acting on their behalf from using the
Display Book system in a manner designed to discover inappropriately
information about unelected stop orders when arranging the close or to
otherwise attempt to obtain information regarding unelected stop
orders.
The Exchange proposes to delete Rule 118 (Orders To Be
Reduced and Increased on Ex-Date), which governs the adjustment of GTC
buy orders \10\ and open Stop Orders, i.e., GTC Stop Orders, to sell
when a security is quoted ex-
[[Page 79367]]
dividend, ex-distribution, ex-rights or ex-interest.
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\10\ Rule 118 uses the term ``Open buying orders.'' An Open
Order is another term for a GTC Order. See Rule 13(a)(2). Since Rule
118 applies only to GTC Orders and Stop Orders, the Exchange
proposes to delete the rule in its entirety.
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The Exchange proposes to amend Rule 123 (Record of
Orders), which imposes certain recordkeeping and order entry
requirements, to eliminate the reference to Stop Orders in subsection
(e)(iii)(7) and stop price in paragraph (e)(iii)(8) of Rule 123. The
Exchange also proposes to delete outdated references to auction market
and auction limit orders in Rule 123(e)(iii)(7), which the Exchange
either eliminated or did not implement.\11\
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\11\ See Securities Exchange Act Release No. 67686 (August 17,
2012), 77 FR 51596 (August 24, 2012) (SR-NYSE-2012-19) (deleting the
auction market order). Auction limit orders do not appear to have
been implemented.
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The Exchange proposes to amend Supplementary Material .20
of Rule 123A (Miscellaneous Requirements), which governs changes in day
orders, to remove the final clause of the first paragraph requiring
members to request that customers and correspondents file GTC Orders
wherever possible rather than repeating the same order each morning.
The Exchange also proposes to delete the second paragraph of
Supplementary Material .20 in its entirety, which provides that a Day
Order changed to an Open Order is considered a new order and must be
added to the Exchange's Book after other orders previously received at
the same price. As noted above, an Open Order is another term for a GTC
Order.\12\ Finally, the Exchange proposes to rename Supplementary
Material .20 ``Day Orders'' by deleting the preceding words ``Changes
In''.
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\12\ See note 10, supra.
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The Exchange proposes to amend Rule 123C (The Closing
Procedures), which specifies the procedures to be followed at the close
of trading on the Exchange, to delete references to Stop Orders in
paragraphs 6(a)(i)(C) and 6(a)(i)(D)(ii) of Rule 123C. The Exchange
also proposes to delete paragraph 8(a)(iv) of Rule 123C, which
describes election of Stop Orders as part of the Closing Print.
The Exchange proposes to amend Rule 123D (Openings and
Halts in Trading), which specifies that Exchange systems may open one
or more securities electronically if a DMM cannot facilitate the
opening of trading as required by Exchange rules. First, the Exchange
proposes to replace the references to Rule 115A(b) with references to
Rule 115A(a). Second, the Exchange proposes to delete subsection
(a)(3)(C)(ii), which provides that Stop Orders elected based on the
opening price would trade second in time priority when interest that is
otherwise guaranteed to participate in an opening trade would cause an
opening price to be outside the Opening Price Range (as defined
therein). Third, to reflect the deletion of subsection (a)(3)(C)(ii)
and the removal of Stop Orders from second in time priority, the
Exchange proposes to re-number subsections (a)(3)(C)(iii) through (v)
and re-order priority for Limit Orders (current subsection
(a)(3)(C)(iii)) from third to second, for G-quotes (current subsection
(a)(3)(C)(iv)) from fourth to third, and for all other limit interest
priced equal to the open (current subsection (a)(3)(v)) from fifth to
fourth.
The Exchange proposes to amend Rule 1000 (Automatic
Executions), which provides for automatic executions by Exchange
systems. Rule 1000(c) provides that incoming market orders, including
an elected stop order, or marketable limit order to buy (sell) will not
execute or route to another market center at a price above (below) the
Trading Collar applicable when automatic executions are in effect and
calculated pursuant to Rule 1000(c)(i). The Exchange proposes to delete
the reference to elected stop order in paragraph (c) of Rule 1000.
The Exchange proposes to amend Rule 1004 (Election of Buy
Minus, Sell Plus and Stop Orders), which provides that automatic
executions of transactions reported to the Consolidated Tape shall
elect, among others, stop orders electable at the price of such
executions and that any stop order so elected shall be automatically
executed as market orders pursuant to Exchange rules. The Exchange
proposes to delete the references to Stop Orders, including in the
heading.
Finally, the Exchange proposes to amend Rule 6140 (Other Trading
Practices), which governs a number of prohibited trading practices.
First, the Exchange proposes to delete Rule 6140(h)(1), which provides
that a member or member organization may, but is not obligated to,
accept a stop order in designated securities, and defines buy stop
orders (Rule 6140(h)(1)(A)) and sell stop orders (Rule 6140(h)(1)(B)).
Second, the Exchange proposes to delete Rule 6140(h)(2), which provides
that a member or member organization may, but is not obligated to,
accept stop limit orders in designated securities and that when a
transaction occurs at a stop price, the stop limit order to buy or sell
becomes a limit order at the limit price. Current subsection (i) of
Rule 6140 would become new subsection (h).
2. Statutory Basis
The proposed rule change is consistent with section 6(b) \13\ of
the Act, in general, and furthers the objectives of section
6(b)(5),\14\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, 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.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Specifically, the Exchange believes that eliminating GTC Orders and
Stop Orders removes impediments to and perfects a national market
system by simplifying functionality and complexity of its order types.
The Exchange believes that eliminating these order types would not be
inconsistent with the public interest and the protection of investors
because investors will not be harmed and in fact would benefit from the
removal of complex functionality. Because Stop Orders, when elected,
can exacerbate market volatility and result in executions in declining
markets at prices significantly different than the quoted price, the
Exchange believes that eliminating them would reduce the potential for
orders on the Exchange to cause significant price dislocation. The
Exchange also believes that eliminating GTC Orders would benefit
investors because it shifts the responsibility to monitor best
execution obligations on behalf of a customer to the member
organization entering the order, rather than leaving a GTC order at the
Exchange until it gets executed.
The Exchange further believes that deleting corresponding
references in Exchange rules to deleted order types also removes
impediments to and perfects the mechanism of a free and open market by
ensuring that members, regulators and the public can more easily
navigate the Exchange's rulebook and better understand the orders types
available for trading on the Exchange. Removing obsolete cross
references also furthers the goal of transparency and adds clarity to
the Exchange's rules.
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
[[Page 79368]]
would rather remove complex functionality and obsolete cross-
references, thereby reducing confusion and making the Exchange's rules
easier to understand and navigate.
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 \15\ and Rule 19b-4(f)(6) thereunder.\16\
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.
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\15\ 15 U.S.C. 78s(b)(3)(A)(iii).
\16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its 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) \17\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\18\ 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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\17\ 17 CFR 240.19b-4(f)(6).
\18\ 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. If the Commission
takes such action, the Commission shall institute proceedings under
section 19(b)(2)(B) \19\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\19\ 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-NYSE-2015-60 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-2015-60. 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-NYSE-2015-60, and should be
submitted on or before January 11, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-31920 Filed 12-18-15; 8:45 am]
BILLING CODE 8011-01-P
