Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period for the Exchange's Retail Liquidity Program Until June 30, 2018, 59677-59679 [2017-27010]
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59677
Federal Register / Vol. 82, No. 240 / Friday, December 15, 2017 / Notices
Agency name
Organization name
Position title
Request No.
Staff Assistant (Legal) (2) ..............
Authority: 5 U.S.C. 3301 and 3302; E.O.
10577, 3 CFR, 1954–1958 Comp., p. 218.
U.S. Office of Personnel Management.
Kathleen M. McGettigan,
Acting Director.
[FR Doc. 2017–27070 Filed 12–14–17; 8:45 am]
BILLING CODE 6325–39–P
OFFICE OF PERSONNEL
MANAGEMENT
Submission for Review: Reinstatement
of Disability Annuity Previously
Terminated Because of Restoration to
Earning Capacity, RI 30–9
Office of Personnel
Management.
ACTION: 30-Day notice and request for
comments.
AGENCY:
The Retirement Services,
Office of Personnel Management (OPM)
offers the general public and other
Federal agencies the opportunity to
comment on a revised information
collection, Reinstatement of Disability
Annuity Previously Terminated Because
of Restoration to Earning Capacity, RI
30–9.
DATES: Comments are encouraged and
will be accepted until January 16, 2018.
ADDRESSES: Interested persons are
invited to submit written comments on
the proposed information collection to
the Office of Information and Regulatory
Affairs, Office of Management and
Budget, 725 17th Street NW,
Washington, DC 20503, Attention: Desk
Officer for the Office of Personnel
Management or sent via electronic mail
to oira_submission@omb.eop.gov or
faxed to (202) 395–6974.
FOR FURTHER INFORMATION CONTACT: A
copy of this information collection, with
applicable supporting documentation,
may be obtained by contacting the
Retirement Services Publications Team,
Office of Personnel Management, 1900 E
Street NW, Room 3316–L, Washington,
DC 20415, Attention: Cyrus S. Benson,
or sent via electronic mail to
Cyrus.Benson@opm.gov or faxed to
(202) 606–0910.
SUPPLEMENTARY INFORMATION: As
required by the Paperwork Reduction
Act of 1995 OPM is soliciting comments
for this collection. The information
collection (OMB No. 3206–0138) was
previously published in the Federal
Register on April 13, 2017, at 82 FR
sradovich on DSK3GMQ082PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
23:42 Dec 14, 2017
Jkt 244001
17892, allowing for a 60-day public
comment period. No comments were
received for this collection. The purpose
of this notice is to allow an additional
30 days for public comments. The Office
of Management and Budget is
particularly interested in comments
that:
1. Evaluate 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;
2. Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
3. Enhance the quality, utility, and
clarity of the information to be
collected; and
4. Minimize the burden of the
collection of information on those who
are to respond, including through the
use of appropriate automated,
electronic, mechanical, or other
technological collection techniques or
other forms of information technology,
e.g., permitting electronic submissions
of responses.
Form RI 30–9, Reinstatement of
Disability Annuity Previously
Terminated Because of Restoration to
Earning Capacity, informs disability
annuitants of their right to request
restoration under title 5, U.S.C. 8337
and 8455. It also specifies the
conditions to be met and the
documentation required for a person to
request reinstatement.
Analysis
Agency: Retirement Operations,
Retirement Services, Office of Personnel
Management.
Title: Reinstatement of Disability
Annuity Previously Terminated Because
of Restoration to Earning Capacity.
OMB Number: 3206–0138.
Frequency: On occasion.
Affected Public: Individual or
Households.
Number of Respondents: 200.
Estimated Time per Respondent: 60
minutes.
Total Burden Hours: 200.
Office of Personnel Management.
Kathleen M. McGettigan,
Acting Director.
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06/30/2017
06/30/2017
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82289; File No. SR–
NYSEARCA–2017–137]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Pilot
Period for the Exchange’s Retail
Liquidity Program Until June 30, 2018
December 11, 2017.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on
November 30, 2017, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend the
pilot period for the Exchanges’s Retail
Liquidity Program (the ‘‘Retail Liquidity
Program’’ or the ‘‘Program’’), which is
currently scheduled to expire on
December 31, 2017, until June 30, 2018.
The proposed rule change is available
on the Exchange’s website 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,
1 15
[FR Doc. 2017–27077 Filed 12–14–17; 8:45 am]
BILLING CODE 6325–38–P
TC140002
TC140003
Date vacated
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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Federal Register / Vol. 82, No. 240 / Friday, December 15, 2017 / Notices
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 purpose of this filing is to extend
the pilot period of the Retail Liquidity
Program, currently scheduled to expire
on December 31, 2017,4 until June 30,
2018.
sradovich on DSK3GMQ082PROD with NOTICES
Background
In December 2013, the Commission
approved the Retail Liquidity Program
on a pilot basis.5 The Program is
designed to attract retail order flow to
the Exchange, and allows such order
flow to receive potential price
improvement. The Program is currently
limited to trades occurring at prices
equal to or greater than $1.00 per share.
Under the Program, Retail Liquidity
Providers (‘‘RLPs’’) are able to provide
potential price improvement in the form
of a non-displayed order that is priced
better than the Exchange’s best
protected bid or offer (‘‘PBBO’’), called
a Retail Price Improvement Order
(‘‘RPI’’). When there is an RPI in a
particular security, the Exchange
disseminates an indicator, known as the
Retail Liquidity Identifier, indicating
that such interest exists. Retail Member
Organizations (‘‘RMOs’’) can submit a
Retail Order to the Exchange, which
would interact, to the extent possible,
with available contra-side RPIs.
The Retail Liquidity Program was
approved by the Commission on a pilot
basis. Pursuant to NYSE Arca Rule
7.44–E(m), the pilot period for the
Program is scheduled to end on
December 31, 2017.
Proposal To Extend the Operation of the
Program
The Exchange established the Retail
Liquidity Program in an attempt to
attract retail order flow to the Exchange
by potentially providing price
improvement to such order flow. The
Exchange believes that the Program
promotes competition for retail order
flow by allowing Exchange members to
submit RPIs to interact with Retail
Orders. Such competition has the ability
to promote efficiency by facilitating the
price discovery process and generating
additional investor interest in trading
4 See Securities Exchange Act Release No. 80851
(June 2, 2017), 82 FR 26722 (June 8, 2017) (SR–
NYSEArca–2017–63).
5 See Securities Exchange Act Release No. 71176
(December 23, 2013), 78 FR 79524 (December 30,
2013) (SR–NYSEArca–2013–107) (‘‘RLP Approval
Order’’).
VerDate Sep<11>2014
23:42 Dec 14, 2017
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securities, thereby promoting capital
formation. The Exchange believes that
extending the pilot is appropriate
because it will allow the Exchange and
the Commission additional time to
analyze data regarding the Program that
the Exchange has committed to
provide.6 As such, the Exchange
believes that it is appropriate to extend
the current operation of the Program.7
Through this filing, the Exchange seeks
to amend NYSE Arca Rule 7.44–E(m)
and extend the current pilot period of
the Program until December 31, 2017
[sic].
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, in that it
is designed to promote just and
equitable principles of trade, 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 extending the pilot period for the
Retail Liquidity Program is consistent
with these principles because the
Program is reasonably designed to
attract retail order flow to the exchange
environment, while helping to ensure
that retail investors benefit from the
better price that liquidity providers are
willing to give their orders.
Additionally, as previously stated, the
competition promoted by the Program
may facilitate the price discovery
process and potentially generate
additional investor interest in trading
securities. The extension of the pilot
period will allow the Commission and
the Exchange to continue to monitor the
Program for its potential effects on
public price discovery, and on the
broader market structure.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change simply extends an
6 See RLP Approval Order, supra n. 5, 78 FR at
79529.
7 Concurrently with this filing, the Exchange has
submitted a request for an extension of the
exemption under Regulation NMS Rule 612
previously granted by the Commission that permits
it to accept and rank the undisplayed RPIs. See
Letter from Martha Redding, Asst. Corporate
Secretary, NYSE Group, Inc. to Brent J. Fields,
Secretary, Securities and Exchange Commission,
dated November 30, 2017.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
established pilot program for an
additional six months, thus allowing the
Retail Liquidity Program to enhance
competition for retail order flow and
contribute to the public price discovery
process.
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.
A proposed rule change filed under
Rule 19b–4(f)(6) 12 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),13 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) 14 of the Act 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
10 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 15 U.S.C. 78s(b)(2)(B).
11 17
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Federal Register / Vol. 82, No. 240 / Friday, December 15, 2017 / Notices
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:
[FR Doc. 2017–27010 Filed 12–14–17; 8:45 am]
Electronic Comments
BILLING CODE 8011–01–P
• 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–
NYSEARCA–2017–137 on the subject
line.
Paper Comments
sradovich on DSK3GMQ082PROD with NOTICES
• 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–NYSEARCA–2017–137.
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 website (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 website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly.
All submissions should refer to File
Number SR–NYSEARCA–2017–137 and
should be submitted on or before
January 5, 2018.
VerDate Sep<11>2014
23:42 Dec 14, 2017
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Robert W. Errett,
Deputy Secretary.
Jkt 244001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82281; 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 June 30, 2018
December 11, 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, as previously
extended, are scheduled to expire on
December 31, 2017.4
15 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) (‘‘RLP Approval
Order’’).
3 See id.
4 The Sub-Penny Exemption was originally
granted by the Commission concurrently with the
approval of the Program. See id. On March 19, 2015,
the Exchange requested an extension of the
exemption for the Program. See letter from Martha
Redding, Senior Counsel and Assistant Secretary, to
Brent J. Fields, Secretary, Commission, dated March
19, 2015. The pilot period for the Program was
extended until September 30, 2015. See Securities
Exchange Act Release No. 74572 (Mar. 24, 2015), 80
FR 16705 (Mar. 30, 2015) (SR–NYSEArca–2015–22).
On September 17, 2015, the Exchange requested an
extension of the exemption for the Program. See
letter from Martha Redding, Senior Counsel and
Assistant Secretary, to Brent J. Fields, Secretary,
Commission, dated September 17, 2015. The pilot
period for the Program was extended until March
31, 2016. See Securities Exchange Act Release Nos.
75994 (Sept. 28, 2015), 80 FR 59834 (Oct. 2, 2015)
(SR–NYSEArca–2015–84) and 77236 (Feb. 25,
2016), 81 FR 10943 (Mar. 2, 2016) (SR–NYSEArca–
2016–30). On March 17, 2016, the Exchange
requested another extension of the exemption for
the Program. See letter from Martha Redding,
1 17
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
59679
The Exchange now seeks to further
extend the exemption until June 30,
2018.5 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
participation in the program has
increased recently.7 Accordingly, the
Exchange has asked for additional time
to allow the Exchange and the
Commission to analyze more data
concerning the Program, which the
Exchange committed to provide to the
Commission.8 For this reason and the
reasons stated in the RLP Approval
Order originally granting the limited
exemption, the Commission finds,
pursuant to its authority under Rule
612(c) of Regulation NMS, that
extending the exemption 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,
in connection with the operation of its
Retail Liquidity Program, until June 30,
2018.
Senior Counsel and Assistant Secretary, to Brent J.
Fields, Secretary, Commission, dated March 17,
2016. The pilot period for the Program was
extended until August 31, 2016. See Securities
Exchange Act Release No. 77425 (Mar. 23, 2016), 81
FR 17523 (Mar. 29, 2016) (SR–NYSEArca–2016–47).
On August 8, 2016, the Exchange requested another
extension of the exemption for the Program. See
Letter from Martha Redding, Associate General
Counsel and Assistant Secretary, to Brent J. Fields,
Secretary, Commission, dated August 8, 2016. The
pilot period for the Program was extended until
December 31, 2016. See Securities Exchange Act
Release No. 78601 (Aug. 17, 2016), 81 FR 57632
(Aug. 23, 2016) (SR–NYSEArca–2016–113). On
November 28, 2016, the Exchange requested
another extension of the exemption for the program.
See Letter from Martha Redding, Associate General
Counsel and Assistant Secretary, to Brent J. Fields,
Secretary, Commission, dated November 28, 2016.
The pilot period for the Program was extended until
June 30, 2017. See Securities Exchange Act Release
No. 79495 (Dec. 7, 2016), 81 FR 90033 (Dec. 13,
2016) (SR NYSEArca–2016–157). On May 23, 2017,
the Exchange requested another extension of the
exemption for the program. See Letter from Martha
Redding, Associate General Counsel and Assistant
Secretary, to Brent J. Fields, Secretary, Commission,
dated May 23, 2017. The pilot period for the
Program was extended until December 31, 2017.
See Securities Exchange Act Release No.80851
(June 2, 2017), 82 FR 26722 (June 8, 2017) (SR–
NYSEArca–2017–63).
5 See Letter from Martha Redding, Assistant
Secretary, NYSE, to Brent J. Fields, Secretary,
Commission, dated November 30, 2017 (‘‘NYSE
Arca Letter’’).
6 See SR–NYSEArca–2017–137.
7 See NYSE Arca Letter, supra note 5, at 3.
8 See RLP Approval Order, supra note 2, 78 FR
at 79529.
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]]>Agencies
[Federal Register Volume 82, Number 240 (Friday, December 15, 2017)]
[Notices]
[Pages 59677-59679]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-27010]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82289; File No. SR-NYSEARCA-2017-137]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot
Period for the Exchange's Retail Liquidity Program Until June 30, 2018
December 11, 2017.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on November 30, 2017, NYSE Arca, Inc. (``NYSE Arca'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\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 extend the pilot period for the
Exchanges's Retail Liquidity Program (the ``Retail Liquidity Program''
or the ``Program''), which is currently scheduled to expire on December
31, 2017, until June 30, 2018. The proposed rule change is available on
the Exchange's website 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,
[[Page 59678]]
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 purpose of this filing is to extend the pilot period of the
Retail Liquidity Program, currently scheduled to expire on December 31,
2017,\4\ until June 30, 2018.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 80851 (June 2,
2017), 82 FR 26722 (June 8, 2017) (SR-NYSEArca-2017-63).
---------------------------------------------------------------------------
Background
In December 2013, the Commission approved the Retail Liquidity
Program on a pilot basis.\5\ The Program is designed to attract retail
order flow to the Exchange, and allows such order flow to receive
potential price improvement. The Program is currently limited to trades
occurring at prices equal to or greater than $1.00 per share. Under the
Program, Retail Liquidity Providers (``RLPs'') are able to provide
potential price improvement in the form of a non-displayed order that
is priced better than the Exchange's best protected bid or offer
(``PBBO''), called a Retail Price Improvement Order (``RPI''). When
there is an RPI in a particular security, the Exchange disseminates an
indicator, known as the Retail Liquidity Identifier, indicating that
such interest exists. Retail Member Organizations (``RMOs'') can submit
a Retail Order to the Exchange, which would interact, to the extent
possible, with available contra-side RPIs.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 71176 (December 23,
2013), 78 FR 79524 (December 30, 2013) (SR-NYSEArca-2013-107) (``RLP
Approval Order'').
---------------------------------------------------------------------------
The Retail Liquidity Program was approved by the Commission on a
pilot basis. Pursuant to NYSE Arca Rule 7.44-E(m), the pilot period for
the Program is scheduled to end on December 31, 2017.
Proposal To Extend the Operation of the Program
The Exchange established the Retail Liquidity Program in an attempt
to attract retail order flow to the Exchange by potentially providing
price improvement to such order flow. The Exchange believes that the
Program promotes competition for retail order flow by allowing Exchange
members to submit RPIs to interact with Retail Orders. Such competition
has the ability to promote efficiency by facilitating the price
discovery process and generating additional investor interest in
trading securities, thereby promoting capital formation. The Exchange
believes that extending the pilot is appropriate because it will allow
the Exchange and the Commission additional time to analyze data
regarding the Program that the Exchange has committed to provide.\6\ As
such, the Exchange believes that it is appropriate to extend the
current operation of the Program.\7\ Through this filing, the Exchange
seeks to amend NYSE Arca Rule 7.44-E(m) and extend the current pilot
period of the Program until December 31, 2017 [sic].
---------------------------------------------------------------------------
\6\ See RLP Approval Order, supra n. 5, 78 FR at 79529.
\7\ Concurrently with this filing, the Exchange has submitted a
request for an extension of the exemption under Regulation NMS Rule
612 previously granted by the Commission that permits it to accept
and rank the undisplayed RPIs. See Letter from Martha Redding, Asst.
Corporate Secretary, NYSE Group, Inc. to Brent J. Fields, Secretary,
Securities and Exchange Commission, dated November 30, 2017.
---------------------------------------------------------------------------
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, in that it is designed to promote just and equitable
principles of trade, 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 extending the pilot period for the Retail Liquidity
Program is consistent with these principles because the Program is
reasonably designed to attract retail order flow to the exchange
environment, while helping to ensure that retail investors benefit from
the better price that liquidity providers are willing to give their
orders. Additionally, as previously stated, the competition promoted by
the Program may facilitate the price discovery process and potentially
generate additional investor interest in trading securities. The
extension of the pilot period will allow the Commission and the
Exchange to continue to monitor the Program for its potential effects
on public price discovery, and on the broader market structure.
---------------------------------------------------------------------------
\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 rule change
simply extends an established pilot program for an additional six
months, thus allowing the Retail Liquidity Program to enhance
competition for retail order flow and contribute to the public price
discovery process.
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.
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\10\ 15 U.S.C. 78s(b)(3)(A)(iii).
\11\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\13\ 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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\12\ 17 CFR 240.19b-4(f)(6).
\13\ 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) \14\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\14\ 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
[[Page 59679]]
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 [email protected]. Please include
File Number SR-NYSEARCA-2017-137 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-NYSEARCA-2017-137. 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 website (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 website 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly.
All submissions should refer to File Number SR-NYSEARCA-2017-137
and should be submitted on or before January 5, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-27010 Filed 12-14-17; 8:45 am]
BILLING CODE 8011-01-P
