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]

Download as PDF 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 (http://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 (http://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). VerDate Sep<11>2014 19:25 Jun 08, 2017 Jkt 241001 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 PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 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. E:\FR\FM\09JNN1.SGM 09JNN1 26824 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 VerDate Sep<11>2014 19:25 Jun 08, 2017 Jkt 241001 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). PO 00000 Frm 00053 Fmt 4703 Sfmt 4703 [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 E:\FR\FM\09JNN1.SGM 09JNN1

Agencies

[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]


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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.
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    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\
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    \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