Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS In Connection With the Exchange's Retail Liquidity Program Until December 31, 2017, 26823-26824 [2017-11965]
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Federal Register / Vol. 82, No. 110 / Friday, June 9, 2017 / Notices
firms would opt not to purchase the
product
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
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.19
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:
mstockstill on DSK30JT082PROD with NOTICES
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–
NASDAQ–2017–051 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–NASDAQ–2017–051. 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
19 15
U.S.C. 78s(b)(3)(A)(ii).
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19:25 Jun 08, 2017
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communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing 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–
NASDAQ–2017–051, and should be
submitted on or before June 30, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017–11961 Filed 6–8–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[[Release No. 34–80860; File No. SR–
NYSEArca–2013–107]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Granting an
Extension to Limited Exemption From
Rule 612(c) of Regulation NMS In
Connection With the Exchange’s Retail
Liquidity Program Until December 31,
2017
June 5, 2017.
On December 23, 2013, the Securities
and Exchange Commission
(‘‘Commission’’) issued an order
pursuant to its authority under Rule
612(c) of Regulation NMS (‘‘Sub-Penny
Rule’’) 1 that granted NYSE Arca, Inc.
(‘‘Exchange’’) a limited exemption from
the Sub-Penny Rule in connection with
the operation of the Exchange’s Retail
Liquidity Program (‘‘Program’’).2 The
limited exemption was granted
concurrently with the Commission’s
approval of the Exchange’s proposal to
adopt the Program for a one-year pilot
term.3 The exemption was granted
20 17
CFR 200.30–3(a)(12).
CFR 242.612(c).
2 See Securities Exchange Act Release No. 71176
(December 23, 2013), 78 FR 79524 (December 30,
2013) (SR–NYSEArca–2013–107) (‘‘Order’’).
3 See id.
1 17
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26823
coterminous with the effectiveness of
the pilot Program; both the pilot
Program and exemption are scheduled
to expire on June 30, 2017.4
The Exchange now seeks to extend
the exemption until June 30, 2017.5 The
Exchange’s request was made in
conjunction with an immediately
effective filing that extends the
operation of the Program through the
same date.6 In its request to extend the
exemption, the Exchange notes that the
participation in the Program has
increased more recently. Accordingly,
the Exchange has asked for additional
time to allow itself and the Commission
to analyze more robust data concerning
the Program, which the Exchange
committed to provide to the
Commission.7 For this reason and the
reasons stated in the Order originally
granting the limited exemption, the
Commission finds that extending the
exemption, pursuant to its authority
under Rule 612(c) of Regulation NMS, is
appropriate in the public interest and
consistent with the protection of
investors.
Therefore, it is hereby ordered that,
pursuant to Rule 612(c) of Regulation
NMS, the Exchange is granted a limited
exemption from Rule 612 of Regulation
NMS that allows it to accept and rank
orders priced equal to or greater than
$1.00 per share in increments of $0.001,
4 The pilot term of the Program was originally
scheduled to end on April 14, 2015, but the
Exchange initially extended the term through
September 30, 2015, see Securities Exchange Act
Release No. 74572 (March 24, 2015), 80 FR 16705
(March 30, 2015) (NYSEArca–2015–22), and then
subsequently extended the term again through June
30, 2017, see Securities Exchange Act Release Nos.
75994 (September 28, 2015), 80 FR 59834 (October
2, 2015) (SR–NYSEArca–2015–84), 77236 (Feb. 25,
2016), 81 FR 10943 (March 2, 2016) (SR–
NYSEArca–2016–30), 77425 (March 23, 2016), 81
FR 17523 (March 29, 2016) (SR–NYSEArca–2016–
47), 78601 (August 17, 2016), 81 FR 57632 (August
23, 2016) (SR–NYSEArca–2016–113), and 79495
(December 7, 2016), 81 FR 90033 (December 13,
2016) (SR–NYSEArca–2016–157). Each time the
pilot term of the Program was extended, the
Commission granted the Exchange’s request to also
extend the Sub-Penny exemption through
September 30, 2015, see Securities Exchange Act
Release No. 74609 (March 30, 2015), 80 FR 18272
(April 3, 2015), March 31, 2016, see Securities
Exchange Act Release No. 76021 (September 29,
2015), 80 FR 60207 (October 5, 2015), August 31,
2016, see Securities Exchange Act Release No.
77437 (March 24, 2016), 81 FR 17752 (March 30,
2016), December 31, 2016, see Securities Exchange
Act Release No. 78677 (August 25, 2016), 81 FR
60037 (August 31, 2016), and June 30, 2017, see
Securities Exchange Act Release No. 79586
(December 16, 2016), 81 FR 93719 (December 21,
2016).
5 See Letter from Martha Redding, Assistant
Secretary, NYSE, to Brent J. Fields, Secretary,
Securities and Exchange Commission, dated May
23, 2017.
6 See Securities Exchange Act Release No. 80851
(June 2, 2017) (SR–NYSEArca–2017–63).
7 See Order, supra note 2, 78 FR at 79529.
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Federal Register / Vol. 82, No. 110 / Friday, June 9, 2017 / Notices
in connection with the operation of its
Retail Liquidity Program, until June 30,
2017.
The limited and temporary exemption
extended by this Order is subject to
modification or revocation if at any time
the Commission determines that such
action is necessary or appropriate in
furtherance of the purposes of the
Securities Exchange Act of 1934.
Responsibility for compliance with
any applicable provisions of the Federal
securities laws must rest with the
persons relying on the exemption that is
the subject of this Order.
For the Commission, by the Division
of Trading and Markets, pursuant to
delegated authority.8
Robert W. Errett,
Deputy Secretary.
disapprove the proposed rule change.5
On March 17, 2017, the Commission
instituted proceedings under Section
19(b)(2)(B) of the Act,6 to determine
whether to approve or disapprove the
proposed rule change.7 The Commission
received seven comments on the
proposed rule change, including
responses by the Exchange.8
On June 2, 2017, the Exchange
withdrew the proposed rule change
(SR–CBOE–2016–082).
SECURITIES AND EXCHANGE
COMMISSION
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Robert W. Errett,
Deputy Secretary.
June 5, 2017.
[FR Doc. 2017–11964 Filed 6–8–17; 8:45 am]
BILLING CODE 8011–01–P
[FR Doc. 2017–11965 Filed 6–8–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80859; SR–CBOE–2016–
082]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Withdrawal of
a Proposed Rule Change Related to
Rules Regarding the Responsibility for
Ensuring Compliance With Priority and
Allocation Requirements and TradeThrough Prohibitions in Open Outcry
Trading
mstockstill on DSK30JT082PROD with NOTICES
June 5, 2017.
On December 1, 2016, the Chicago
Board Options Exchange, Incorporated
(‘‘CBOE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Exchange Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend Exchange rules
regarding responsibility for ensuring
compliance with open outcry priority
and allocation requirements and tradethrough prohibitions. The proposed rule
change was published for comment in
the Federal Register on December 19,
2016.3 On January 31, 2017, pursuant to
Section 19(b)(2) of the Exchange Act,4
the Commission designated a longer
period within which to approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether to
8 17
CFR 200.30–3(a)(83).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 79540
(December 13, 2016), 81 FR 91967 (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
1 15
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19:25 Jun 08, 2017
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5 See Securities Exchange Act Release No. 79910,
82 FR 9464 (February 6, 2017). The Commission
designated March 19, 2017, as the date by which
the Commission shall either approve or disapprove,
or institute proceedings to determine whether to
disapprove, the proposed rule change.
6 15 U.S.C. 78s(b)(2)(B).
7 See Securities Exchange Act Release No. 80270,
82 FR 14926 (March 23, 2017).
8 See Letters to Brent J. Fields, Secretary,
Commission, from: (1) Joan C. Conley, Senior Vice
President and Corporate Secretary, Nasdaq, dated
December 22, 2016; (2) Steve Crutchfield, Head of
Market Structure, CTC Trading Group, LLC; Kevin
Coleman, Chief Compliance Officer, Belvedere
Trading LLC; Scott Kloin, Chief Compliance Officer,
Citadel Securities LLC; Steven Gaston, Chief
Compliance Officer, Consolidated Trading LLC; Rob
Armour, Chief Compliance Officer, DRW Securities,
LLC; John Kinahan, Chief Executive Officer, Group
One Trading L.P.; Daniel Overmyer, Chief
Compliance Officer, IMC Financial Markets; Steven
Gaston, Chief Compliance Officer, Lamberson
Capital LLC; and Patrick Hickey, Head of Market
Structure, Optiver US LLC, dated February 16,
2017; (3) Joanna Mallers, Secretary, FIA Principal
Traders Group, dated April 13, 2017; (4) Steve
Crutchfield, Head of Market Structure, CTC Trading
Group, LLC; Kevin Coleman, Chief Compliance
Officer, Belvedere Trading LLC; Scott Kloin, Chief
Compliance Officer, Citadel Securities LLC; Steven
Gaston, Chief Compliance Officer, Consolidated
Trading LLC; Rob Armour, Chief Compliance
Officer, DRW Securities, LLC; John Kinahan, Chief
Executive Officer, Group One Trading L.P.; Daniel
Overmyer, Chief Compliance Officer, IMC Financial
Markets; Steven Gaston, Chief Compliance Officer,
Lamberson Capital LLC; and Patrick Hickey, Head
of Market Structure, Optiver US LLC, dated April
13, 2017; and (5) Mark E. Gannon, Chief
Compliance Officer, Lakeshore Securities, L.P.,
dated April 13, 2017. See also Letters to Brent J.
Fields, Secretary, Commission, from Kyle Edwards,
Counsel, CBOE, dated March 14, 2017 and April 27,
2017. The comment letters and CBOE’s responses
are available at https://www.sec.gov/comments/srcboe-2016-082/cboe2016082.shtml.
9 17 CFR 200.30–3(a)(12).
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[Release No. 34–80858; File No. SR–ICC–
2017–003]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing of
Amendment No. 1 and Order
Approving Proposed Rule Change, as
Modified by Amendment No. 1 Thereto,
Relating to ICC’s End-of-Day Price
Discovery Policies and Procedures
I. Introduction
On February 16, 2017, ICE Clear
Credit LLC (‘‘ICC’’ or ‘‘ICE Clear
Credit’’) 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 (SR–ICC–2017–
003) to amend ICC’s End-of-Day Price
Discovery Policies and Procedures
(‘‘Pricing Policy’’) to implement a new
price submission process for Clearing
Participants (‘‘CPs’’). The proposed rule
change was published for comment in
the Federal Register on March 9, 2017.3
The Commission did not receive
comments regarding the proposed
changes. On April 21, 2017, the
Commission extended the period in
which to approve, disapprove, or
institute proceedings to determine
whether to disapprove the proposed
rule change to June 7, 2017.4 On May
25, 2017, ICC filed Amendment No. 1 to
the proposal.5 For the reasons discussed
below, the Commission is approving the
proposed rule changes, as modified by
Amendment No. 1.
II. Description of the Proposed Rule
Change
ICC has proposed changes to its
Pricing Policy that are designed to
implement a new price submission
process. As part of its current price
submission process, ICC requires CPs to
submit certain required price
information to an intermediary, which
ICC then obtains and uses as part of its
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Exchange Act Release No. 34–80150
(March 3, 2017), 82 FR 13173 (March 9, 2017) (SR–
ICC–2017–003) (‘‘Notice’’).
4 Securities Exchange Act Release No. 34–80506
(April 21, 2017), 82 FR 19412 (April 27, 2017).
5 ICE Clear Credit filed Amendment No. 1 to
clarify that the implementation date for the
proposed rule change will be July 10, 2017, and to
note that ICE Clear Credit will issue a circular
confirming this timeline in advance of the July 10,
2017 implementation date. Because Amendment
No. 1 is a clarifying amendment that does not alter
the substance of the propose rule change the
Commission is not publishing it for comment.
2 17
3 Securities
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[Federal Register Volume 82, Number 110 (Friday, June 9, 2017)]
[Notices]
[Pages 26823-26824]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-11965]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[[Release No. 34-80860; File No. SR-NYSEArca-2013-107]
Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting an
Extension to Limited Exemption From Rule 612(c) of Regulation NMS In
Connection With the Exchange's Retail Liquidity Program Until December
31, 2017
June 5, 2017.
On December 23, 2013, the Securities and Exchange Commission
(``Commission'') issued an order pursuant to its authority under Rule
612(c) of Regulation NMS (``Sub-Penny Rule'') \1\ that granted NYSE
Arca, Inc. (``Exchange'') a limited exemption from the Sub-Penny Rule
in connection with the operation of the Exchange's Retail Liquidity
Program (``Program'').\2\ The limited exemption was granted
concurrently with the Commission's approval of the Exchange's proposal
to adopt the Program for a one-year pilot term.\3\ The exemption was
granted coterminous with the effectiveness of the pilot Program; both
the pilot Program and exemption are scheduled to expire on June 30,
2017.\4\
---------------------------------------------------------------------------
\1\ 17 CFR 242.612(c).
\2\ See Securities Exchange Act Release No. 71176 (December 23,
2013), 78 FR 79524 (December 30, 2013) (SR-NYSEArca-2013-107)
(``Order'').
\3\ See id.
\4\ The pilot term of the Program was originally scheduled to
end on April 14, 2015, but the Exchange initially extended the term
through September 30, 2015, see Securities Exchange Act Release No.
74572 (March 24, 2015), 80 FR 16705 (March 30, 2015) (NYSEArca-2015-
22), and then subsequently extended the term again through June 30,
2017, see Securities Exchange Act Release Nos. 75994 (September 28,
2015), 80 FR 59834 (October 2, 2015) (SR-NYSEArca-2015-84), 77236
(Feb. 25, 2016), 81 FR 10943 (March 2, 2016) (SR-NYSEArca-2016-30),
77425 (March 23, 2016), 81 FR 17523 (March 29, 2016) (SR-NYSEArca-
2016-47), 78601 (August 17, 2016), 81 FR 57632 (August 23, 2016)
(SR-NYSEArca-2016-113), and 79495 (December 7, 2016), 81 FR 90033
(December 13, 2016) (SR-NYSEArca-2016-157). Each time the pilot term
of the Program was extended, the Commission granted the Exchange's
request to also extend the Sub-Penny exemption through September 30,
2015, see Securities Exchange Act Release No. 74609 (March 30,
2015), 80 FR 18272 (April 3, 2015), March 31, 2016, see Securities
Exchange Act Release No. 76021 (September 29, 2015), 80 FR 60207
(October 5, 2015), August 31, 2016, see Securities Exchange Act
Release No. 77437 (March 24, 2016), 81 FR 17752 (March 30, 2016),
December 31, 2016, see Securities Exchange Act Release No. 78677
(August 25, 2016), 81 FR 60037 (August 31, 2016), and June 30, 2017,
see Securities Exchange Act Release No. 79586 (December 16, 2016),
81 FR 93719 (December 21, 2016).
---------------------------------------------------------------------------
The Exchange now seeks to extend the exemption until June 30,
2017.\5\ The Exchange's request was made in conjunction with an
immediately effective filing that extends the operation of the Program
through the same date.\6\ In its request to extend the exemption, the
Exchange notes that the participation in the Program has increased more
recently. Accordingly, the Exchange has asked for additional time to
allow itself and the Commission to analyze more robust data concerning
the Program, which the Exchange committed to provide to the
Commission.\7\ For this reason and the reasons stated in the Order
originally granting the limited exemption, the Commission finds that
extending the exemption, pursuant to its authority under Rule 612(c) of
Regulation NMS, is appropriate in the public interest and consistent
with the protection of investors.
---------------------------------------------------------------------------
\5\ See Letter from Martha Redding, Assistant Secretary, NYSE,
to Brent J. Fields, Secretary, Securities and Exchange Commission,
dated May 23, 2017.
\6\ See Securities Exchange Act Release No. 80851 (June 2, 2017)
(SR-NYSEArca-2017-63).
\7\ See Order, supra note 2, 78 FR at 79529.
---------------------------------------------------------------------------
Therefore, it is hereby ordered that, pursuant to Rule 612(c) of
Regulation NMS, the Exchange is granted a limited exemption from Rule
612 of Regulation NMS that allows it to accept and rank orders priced
equal to or greater than $1.00 per share in increments of $0.001,
[[Page 26824]]
in connection with the operation of its Retail Liquidity Program, until
June 30, 2017.
The limited and temporary exemption extended by this Order is
subject to modification or revocation if at any time the Commission
determines that such action is necessary or appropriate in furtherance
of the purposes of the Securities Exchange Act of 1934.
Responsibility for compliance with any applicable provisions of the
Federal securities laws must rest with the persons relying on the
exemption that is the subject of this Order.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(83).
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-11965 Filed 6-8-17; 8:45 am]
BILLING CODE 8011-01-P
