Temporary Emergency Committee of the Board of Governors; Sunshine Act Meeting, 15237 [2019-07544]

Download as PDF Federal Register / Vol. 84, No. 72 / Monday, April 15, 2019 / Notices This Notice will be published in the Federal Register. Stacy L. Ruble, Secretary. [FR Doc. 2019–07413 Filed 4–12–19; 8:45 am] BILLING CODE 7710–FW–P POSTAL SERVICE Temporary Emergency Committee of the Board of Governors; Sunshine Act Meeting FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 84 FR 12298. PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Tuesday, April 9, 2019, at 8:30 a.m. Washington, DC. STATUS: Closed. CHANGES IN THE MEETING: The meeting is extended one additional day, beginning at 8:30 a.m. on Wednesday, April 10, 2019. PLACE: CONTACT PERSON FOR MORE INFORMATION: Michael J. Elston, Acting Secretary of the Board, U.S. Postal Service, 475 L’Enfant Plaza SW, Washington, DC 20260–1000. Telephone: (202) 268– 4800. Michael J. Elston, Acting Secretary. [FR Doc. 2019–07544 Filed 4–11–19; 4:15 pm] BILLING CODE 7710–12–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85576; File No. SR–IEX– 2019–04] Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX Rule 11.280 (Limit Up-Limit Down Plan and Trading Halts) To Extend the Pilot Period for the Regulation NMS Plan To Address Extraordinary Market Volatility to the Close of Business on October 18, 2019 amozie on DSK9F9SC42PROD with NOTICES April 9, 2019. 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 April 8, 2019, the Investors Exchange LLC (‘‘IEX’’ 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 Pursuant to the provisions of Section 19(b)(1) under the Securities Exchange Act of 1934 (‘‘Act’’),4 and Rule 19b–4 thereunder,5 IEX is filing with the Commission a proposed rule change to amend IEX Rule 11.280 (Limit Up-Limit Down Plan and Trading Halts) to extend the pilot period for the Regulation NMS Plan to Address Extraordinary Market Volatility, to the close of business on October 18, 2019. IEX has designated this rule change as ‘‘non-controversial’’ under Section 19(b)(3)(A) of the Act 6 and provided the Commission with the notice required by Rule 19b–4(f)(6) thereunder.7 The text of the proposed rule change is available at the Exchange’s website at www.iextrading.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 these statement [sic] may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this proposed rule change is to amend IEX Rule 11.280 (Limit Up-Limit Down Plan and Trading Halts) (‘‘Rule 11.280’’) to extend the pilot period for the Regulation NMS Plan to Address Extraordinary Market Volatility, to the close of business on October 18, 2019. Rule 11.280 provides a methodology for determining when to 4 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 6 15 U.S.C. 78s(b)(3)(A). 7 17 CFR 240.19b–4. 1 15 U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. VerDate Sep<11>2014 17:16 Apr 12, 2019 5 17 Jkt 247001 PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 15237 halt trading in all stocks due to extraordinary market volatility, i.e., market-wide circuit breakers. The market-wide circuit breaker mechanism under Rule 11.280 was approved by the Commission to operate on a pilot basis, the term of which was to coincide with the pilot period for the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS (the ‘‘LULD Plan’’),8 including any extensions to the pilot period for the LULD Plan. The Commission published an amendment to the LULD Plan for it to operate on a permanent, rather than pilot, basis.9 The Exchange proposes to amend Rule 11.280 to untie the pilot’s effectiveness from that of the LULD Plan and to extend the pilot’s effectiveness to the close of business on October 18, 2019. The Exchange does not propose any additional changes to Rule 11.280. Market-wide circuit breakers under Rule 11.280 provide an important, automatic mechanism that is invoked to promote stability and investor confidence during a period of significant stress when securities markets experience extreme broad-based declines. All U.S. equity exchanges have rules relating to market-wide circuit breakers, which are designed to slow the effects of extreme price movement through coordinated trading halts across securities markets when severe price declines reach levels that may exhaust market liquidity. Market-wide circuit breakers provide for trading halts in all equities and options markets during a severe market decline as measured by a single-day decline in the S&P 500 Index. Pursuant to Rule 11.280, a marketwide trading halt will be triggered if the S&P 500 Index declines in price by specified percentages from the prior day’s closing price of that index. Currently, the triggers are set at three circuit breaker thresholds: A 7% market decline (Level 1), a 13% market decline (Level 2) and a 20% market decline (Level 3). A market decline that triggers a Level 1 or Level 2 circuit breaker after 9:30 a.m. ET and before 3:25 p.m. ET would halt market-wide trading for 15 minutes, while a similar market decline at or after 3:25 p.m. ET would not halt market-wide trading. A market decline that triggers a Level 3 circuit breaker, at 8 See Securities Exchange Act Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012) (the ‘‘Limit Up-Limit Down Release’’). An amendment to the LULD Plan adding IEX as a Participant was filed with the Commission on August 11, 2016, and became effective upon filing pursuant to Rule 608(b)(3)(iii) of the Act because it involves solely technical or ministerial matters. 9 See Securities Exchange Act Release No. 84843 (December 18, 2018), 83 FR 66464 (December 26, 2018) (Amendment No. 18 Proposing Release). E:\FR\FM\15APN1.SGM 15APN1

Agencies

[Federal Register Volume 84, Number 72 (Monday, April 15, 2019)]
[Notices]
[Page 15237]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-07544]


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POSTAL SERVICE


Temporary Emergency Committee of the Board of Governors; Sunshine 
Act Meeting

FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT:  84 FR 12298.

PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING:  Tuesday, April 9, 
2019, at 8:30 a.m.

PLACE:  Washington, DC.

STATUS:  Closed.

CHANGES IN THE MEETING:  The meeting is extended one additional day, 
beginning at 8:30 a.m. on Wednesday, April 10, 2019.

CONTACT PERSON FOR MORE INFORMATION:  Michael J. Elston, Acting 
Secretary of the Board, U.S. Postal Service, 475 L'Enfant Plaza SW, 
Washington, DC 20260-1000. Telephone: (202) 268-4800.

Michael J. Elston,
Acting Secretary.
[FR Doc. 2019-07544 Filed 4-11-19; 4:15 pm]
 BILLING CODE 7710-12-P