Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 19 To Specify in Exchange Rules the Exchange's Use of Data Feeds From Investors' Exchange, LLC for Order Handling and Execution, Order Routing, and Regulatory Compliance, 53531-53533 [2016-19176]
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Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices
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CP level. ICC represents that the
proposed changes will return the
process to its original design and limit
the total overnight risk that a given
institution may be required to manage
in the case of submission errors or
outlying pricing submissions which
may lead to Firm Trades.
A ‘‘CP affiliate group’’ will be defined
as the set of all affiliated CPs (i.e. any
CPs that own, are owned by, or are
under common ownership with another
CP). According to ICC, as the sequence
of crosses is considered, the executed
single name Firm Trade notional value
will be tracked for all CPs in a CP
affiliate group. ICC states that no
additional single name Firm Trades will
be executed against any CP in a CP
affiliate group once the CP affiliate
group notional limit for single name
Firm Trades is reached. ICC asserts
there are no changes to the Firm Trade
algorithm as a result of these changes.
ICC further asserts that setting single
name Firm Trade notional limits on an
affiliate group basis is consistent with
price submission practices where endof-day submissions from multiple
affiliated entities often reflect the
institution’s overall view on the market.
ICC states that the proposal returns
single name Firm Trade notional limits
to the original design while maintaining
the system’s price submission
incentives. ICC represents that all CPs
within an affiliate group will still be
subject to potential Firm Trades for any
given submission, on a randomized
basis. ICC also asserts that though Firm
Trade notional limits will be
implemented at the CP affiliate group
level, the potential implication for a
given trading desk of providing an offmarket submission for a given
instrument remains the same. ICC
believes there will be no change in price
submission behavior as a result of the
changes, and the Firm Trade process
will remain an effective tool for
ensuring quality price submissions.
III. Discussion and Commission
Findings
Section 19(b)(2)(C) of the Act 6 directs
the Commission to approve a proposed
rule change of a self-regulatory
organization if the Commission finds
that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to such selfregulatory organization. Section
17A(b)(3)(F) of the Act 7 requires, among
other things, that the rules of a clearing
agency be designed to promote the
6 15
U.S.C. 78s(b)(2)(C).
7 15 U.S.C. 78q–1(b)(3)(F).
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prompt and accurate clearance and
settlement of securities transactions,
and to the extent applicable, derivative
agreements, contracts and transactions,
to assure the safeguarding of securities
and funds which are in the custody or
control of the clearing agency or for
which it is responsible and, in general,
to protect investors and the public
interest. Section 17A(b)(3)(F) 8 of the
Act also requires that the rules of a
clearing agency are not designed to
permit unfair discrimination among
participants in the use of the clearing
agency.
The proposed application of the Firm
Trade notional limit to CP affiliate
groups is intended to manage what is,
in ICC’s view, an inappropriate
overnight risk to its members without
negatively impacting the integrity of its
price discovery process. Moreover, the
proposed rule change is intended to
apply the EOD Policy fairly to
participants, and ICC has represented
that the proposed rule change is
consistent with price submission
practices where end-of-day submissions
from multiple affiliated entities often
reflect the institution’s overall view on
the market. As such, the Commission
believes that the proposed rule change
is designed to promote the prompt and
accurate clearance and settlement of
securities transactions, derivatives
agreements, contracts, and transactions
within the meaning of Section
17A(b)(3)(F) 9 of the Act.
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposal is
consistent with the requirements of the
Act and in particular with the
requirements of Section 17A of the
Act 10 and the rules and regulations
thereunder.11
IT IS THEREFORE ORDERED,
pursuant to Section 19(b)(2) of the
Act,12 that the proposed rule change
(File No. SR–ICC–2016–007) be, and
hereby is, approved.13
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–19170 Filed 8–11–16; 8:45 am]
BILLING CODE 8011–01–P
8 Id.
9 Id.
10 15
U.S.C. 78q-1.
CFR 240.17Ad-22.
12 15 U.S.C. 78s(b)(2).
13 In approving the proposed rule change, the
Commission considered the proposal’s impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
14 17 CFR 200.30–3(a)(12).
11 17
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53531
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78498; File No. SR–NYSE–
2016–52]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Rule
19 To Specify in Exchange Rules the
Exchange’s Use of Data Feeds From
Investors’ Exchange, LLC for Order
Handling and Execution, Order
Routing, and Regulatory Compliance
August 8, 2016.
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 July 26,
2016, 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 amend
Rule 19 to specify in Exchange rules the
Exchange’s use of data feeds from
Investors’ Exchange, LLC for order
handling and execution, order routing,
and regulatory compliance. The
proposed rule change is available on the
Exchange’s Web site at www.nyse.com,
at the principal office of the Exchange,
and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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53532
Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices
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 19 to specify in Exchange rules
which data feeds from Investors’
Exchange, LLC (‘‘IEX’’) that the
Exchange would use for order handling
and execution, order routing, and
regulatory compliance.
On July 18, 2014, the Exchange filed
a proposed rule change that clarified the
Exchange’s use of certain data feeds for
order handling and execution, order
routing, and regulatory compliance.4 As
noted in that filing, the data feeds
available for the purposes of order
handling and execution, order routing,
and regulatory compliance at the
Exchange include the exclusive
securities information processor (‘‘SIP’’)
data feeds.5 On February 24, 2015, the
Exchange adopted Supplementary
Material .01 to Rule 19 to specify which
data feeds that the Exchange uses for the
handling, execution, and routing of
orders, as well as for regulatory
compliance.6
To reflect that IEX’s application to
register as a national securities exchange
has been approved by the Commission 7
and that IEX intends to begin quoting
and trading as a registered exchange on
August 19, 2016, the Exchange proposes
to amend Supplementary Material .01 to
Rule 19, to specify which data feeds the
Exchange would use for IEX. As
proposed, the Exchange would use the
SIP Data Feed for IEX and would not
have a secondary source.
2. Statutory Basis
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The proposed rule change is
consistent with Section 6(b) of the Act,8
4 See Securities Exchange Act Release No. 72710
(July 29, 2014), 79 FR 45511 (Aug. 5, 2014) (SR–
NYSE–2014–38).
5 The SIP feeds are disseminated pursuant to
effective joint-industry plans as required by Rule
603(b) of Regulation NMS. 17 CFR 242.603(b). The
three joint-industry plans are: (1) The CTA Plan,
which is operated by the Consolidated Tape
Association and disseminates transaction
information for securities with the primary listing
market on exchanges other than NASDAQ Stock
Market LLC (‘‘Nasdaq’’); (2) The CQ Plan, which
disseminates consolidated quotation information
for securities with their primary listing on
exchanges other than Nasdaq; and (3) the Nasdaq
UTP Plan, which disseminates consolidated
transaction and quotation information for securities
with their primary listing on Nasdaq.
6 See Securities Exchange Act Release No. 74410
(March 2, 2015), 80 FR 12240 (March 6, 2015) (SR–
NYSE–2015–09).
7 See Securities Exchange Act Release No. 78101
(June 17, 2016), 81 FR 41142 (June 23, 2016) (File
No. 10–222).
8 15 U.S.C. 78f(b).
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in general, and furthers the objectives of
Section 6(b)(5),9 in particular, because 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, to
remove impediments to, and perfect the
mechanism of, a free and open market
and a national market system and, in
general, to protect investors and the
public interest. The Exchange believes
that the proposed rule change removes
impediments to and perfects the
mechanism of a free and open market
because it provides enhanced
transparency to better assess the quality
of an exchange’s execution and routing
services.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed change is not designed to
address any competitive issue but rather
would provide the public and investors
with information about which data
feeds the Exchange uses for execution
and routing decisions.
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 10 and Rule
19b–4(f)(6) thereunder.11 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.12
9 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A)(iii).
11 17 CFR 240.19b–4(f)(6).
12 In addition, Rule 19b–4(f)(6) requires a selfregulatory organization to give the Commission
10 15
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A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 13 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 14
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange states that waiver
of the 30-day operative delay would
permit the Exchange to immediately
enhance transparency and to
accommodate the projected date that
IEX will begin operating as a national
securities exchange. Based on the
foregoing, the Commission believes the
waiver of the operative delay is
consistent with the protection of
investors and the public interest.
Therefore, the Commission hereby
waives the operative delay and
designates the proposal operative upon
filing.15
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 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
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
written notice of its intent to file the proposed rule
change, along with a brief description and the text
of the proposed rule change, at least five business
days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
15 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
E:\FR\FM\12AUN1.SGM
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Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices
• Send an email to rule-comments@
sec.gov. Please include File No. SR–
NYSE–2016–52 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 No.
SR–NYSE–2016–52. 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 No. SR–NYSE–
2016–52, and should be submitted on or
before September 2, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–19176 Filed 8–11–16; 8:45 am]
BILLING CODE 8011–01–P
mstockstill on DSK3G9T082PROD with NOTICES
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
16 17
CFR 200.30–3(a)(12).
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18:42 Aug 11, 2016
Jkt 238001
100 F Street NE., Washington, DC
20549–2736.
Extension:
Rule 31 and Form R31, SEC File No. 270–
537, OMB Control No. 3235–0597.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information provided for in Rule 31 (17
CFR 240.31) and Form R31 (17 CFR
249.11) under the Securities Exchange
Act of 1934 (15 U.S.C. 78ee.)
(‘‘Exchange Act’’).
Section 31 of the Exchange Act
requires the Commission to collect fees
and assessments from national
securities exchanges and national
securities associations (collectively,
‘‘self-regulatory organizations’’ or
‘‘SROs’’) based on the volume of their
securities transactions. To collect the
proper amounts, the Commission
adopted Rule 31 and Form R31 under
the Exchange Act whereby the SROs
must report to the Commission the
volume of their securities transactions
and the Commission, based on those
data, calculates the amount of fees and
assessments that the SROs owe pursuant
to Section 31. Rule 31 and Form R31
require the SROs to provide this data on
a monthly basis.
Currently, there are 23 respondents
under Rule 31: 19 national securities
exchanges, one security futures
exchange, and one national securities
association subject to the collection of
information requirements of Rule 31;
there are additionally two registered
clearing agencies that are required to
provide certain data in their possession
needed by the SROs to complete Form
R31, although these two entities are not
themselves required to complete and
submit Form R31. The Commission
estimates that the total burden for all 23
respondents is 390 hours per year. The
Commission notes that, based on
previous and current experience, it
estimates an additional three new
national securities exchanges will
become registered and subject to the
reporting requirements of Rule 31 over
the course of the authorization period
and incur a burden of 18 hours per year.
Thus, the Commission estimates the
total burden for the existing and
expected new respondents to be 408
hours per year.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
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53533
under the PRA unless it displays a
currently valid OMB control number.
The public may view background
documentation for this information
collection at the following Web site:
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) Pamela
Dyson, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
100 F Street NE., Washington, DC
20549, or by sending an email to: PRA_
Mailbox@sec.gov. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: August 9, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–19208 Filed 8–11–16; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #14744 and #14745]
Texas Disaster Number TX–00472
U.S. Small Business
Administration.
ACTION: Amendment 4.
AGENCY:
This is an amendment of the
Presidential declaration of a major
disaster for the State of Texas (FEMA–
4272–DR), dated 06/11/2016.
Incident: Severe Storms and Flooding.
Incident Period: 05/22/2016 through
06/24/2016.
Effective Date: 08/01/2016.
Physical Loan Application Deadline
Date: 08/10/2016.
EIDL Loan Application Deadline Date:
03/11/2017.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the President’s major disaster
declaration for the State of Texas, dated
06/11/2016 is hereby amended to reestablish the incident period for this
disaster as beginning 05/22/2016 and
continuing through 06/24/2016.
SUMMARY:
E:\FR\FM\12AUN1.SGM
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]]>Agencies
[Federal Register Volume 81, Number 156 (Friday, August 12, 2016)]
[Notices]
[Pages 53531-53533]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-19176]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78498; File No. SR-NYSE-2016-52]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rule 19 To Specify in Exchange Rules the Exchange's Use of Data
Feeds From Investors' Exchange, LLC for Order Handling and Execution,
Order Routing, and Regulatory Compliance
August 8, 2016.
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 July 26, 2016, 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.
---------------------------------------------------------------------------
\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 19 to specify in Exchange rules
the Exchange's use of data feeds from Investors' Exchange, LLC for
order handling and execution, order routing, and regulatory compliance.
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.
[[Page 53532]]
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 19 to specify in Exchange rules
which data feeds from Investors' Exchange, LLC (``IEX'') that the
Exchange would use for order handling and execution, order routing, and
regulatory compliance.
On July 18, 2014, the Exchange filed a proposed rule change that
clarified the Exchange's use of certain data feeds for order handling
and execution, order routing, and regulatory compliance.\4\ As noted in
that filing, the data feeds available for the purposes of order
handling and execution, order routing, and regulatory compliance at the
Exchange include the exclusive securities information processor
(``SIP'') data feeds.\5\ On February 24, 2015, the Exchange adopted
Supplementary Material .01 to Rule 19 to specify which data feeds that
the Exchange uses for the handling, execution, and routing of orders,
as well as for regulatory compliance.\6\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 72710 (July 29,
2014), 79 FR 45511 (Aug. 5, 2014) (SR-NYSE-2014-38).
\5\ The SIP feeds are disseminated pursuant to effective joint-
industry plans as required by Rule 603(b) of Regulation NMS. 17 CFR
242.603(b). The three joint-industry plans are: (1) The CTA Plan,
which is operated by the Consolidated Tape Association and
disseminates transaction information for securities with the primary
listing market on exchanges other than NASDAQ Stock Market LLC
(``Nasdaq''); (2) The CQ Plan, which disseminates consolidated
quotation information for securities with their primary listing on
exchanges other than Nasdaq; and (3) the Nasdaq UTP Plan, which
disseminates consolidated transaction and quotation information for
securities with their primary listing on Nasdaq.
\6\ See Securities Exchange Act Release No. 74410 (March 2,
2015), 80 FR 12240 (March 6, 2015) (SR-NYSE-2015-09).
---------------------------------------------------------------------------
To reflect that IEX's application to register as a national
securities exchange has been approved by the Commission \7\ and that
IEX intends to begin quoting and trading as a registered exchange on
August 19, 2016, the Exchange proposes to amend Supplementary Material
.01 to Rule 19, to specify which data feeds the Exchange would use for
IEX. As proposed, the Exchange would use the SIP Data Feed for IEX and
would not have a secondary source.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 78101 (June 17,
2016), 81 FR 41142 (June 23, 2016) (File No. 10-222).
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\8\ in general, and furthers the objectives of Section 6(b)(5),\9\
in particular, because 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, to remove
impediments to, and perfect the mechanism of, a free and open market
and a national market system and, in general, to protect investors and
the public interest. The Exchange believes that the proposed rule
change removes impediments to and perfects the mechanism of a free and
open market because it provides enhanced transparency to better assess
the quality of an exchange's execution and routing services.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 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 change is not
designed to address any competitive issue but rather would provide the
public and investors with information about which data feeds the
Exchange uses for execution and routing decisions.
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 \10\ and Rule 19b-4(f)(6) thereunder.\11\
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.\12\
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\10\ 15 U.S.C. 78s(b)(3)(A)(iii).
\11\ 17 CFR 240.19b-4(f)(6).
\12\ 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, along with a brief description and
the text of the proposed rule change, at least five business days
prior to the date of filing of the proposed rule change, or such
shorter time as designated by the Commission. The Exchange has
satisfied this requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \13\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \14\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The Exchange
states that waiver of the 30-day operative delay would permit the
Exchange to immediately enhance transparency and to accommodate the
projected date that IEX will begin operating as a national securities
exchange. Based on the foregoing, the Commission believes the waiver of
the operative delay is consistent with the protection of investors and
the public interest. Therefore, the Commission hereby waives the
operative delay and designates the proposal operative upon filing.\15\
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 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 to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
[[Page 53533]]
Send an email to rule-comments@sec.gov. Please include
File No. SR-NYSE-2016-52 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 No. SR-NYSE-2016-52. 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 No. SR-NYSE-2016-52, and should be
submitted on or before September 2, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-19176 Filed 8-11-16; 8:45 am]
BILLING CODE 8011-01-P
