Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Change of Amendments To Define “Net Position Information in DMM Securities” in NYSE Rule 98(c)(5) and the “the Position of the DMM Unit” in NYSE Rule 104(g)(1)(B), 29565-29566 [2019-13309]
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<![CDATA[
Federal Register / Vol. 84, No. 121 / Monday, June 24, 2019 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019–13306 Filed 6–21–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Change of Amendments To
Define ‘‘Net Position Information in
DMM Securities’’ in NYSE Rule 98(c)(5)
and the ‘‘the Position of the DMM Unit’’
in NYSE Rule 104(g)(1)(B)
June 18, 2019.
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 June 7,
2019, New York Stock Exchange LLC
(‘‘NYSE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III 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 amendments
to define ‘‘net position information in
DMM securities’’ in Rule 98(c)(5) and
the ‘‘the position of the DMM unit’’ in
Rule 104(g)(1)(B). The proposed 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.
jbell on DSK3GLQ082PROD with NOTICES
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.
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
[Release No. 34–86131; File No. SR–NYSE–
2019–25]
1 15
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
The Exchange proposes amendments
to define ‘‘net position information in
DMM securities’’ in Rule 98(c)(5) and
‘‘the position of the DMM unit’’ in Rule
104(g)(1)(B).
Background
The Exchange recently amended
Rules 98(c)(5) and 104(g),4 and the
amended rules will be implemented
when the Exchange transitions trading
in NYSE-listed securities to its Pillar
trading platform.5 As amended, Rule
104(g) provides that transactions on the
Exchange by a DMM for the DMM’s
account must be effected in a reasonable
and orderly manner in relation to the
condition of the general market and the
market in the particular stock. More
particularly, amended Rule 104(g)(1)(B)
prohibits DMM transactions in the last
ten minutes of trading if the transaction
is an ‘‘Aggressing Transaction,’’ i.e., the
DMM reaches across the market, and, as
a result, creates a new high/low price
for the security on the Exchange for the
day at the time of the DMM’s
transaction, unless the DMM’s
Aggressing Transaction:
• Matches another market’s better bid
or offer price;
• brings the price of a security into
parity with an underlying or related
security or asset; or
• liquidates or decreases the position
of the DMM unit.
As amended, Rule 98(c)(5) provides
that a member organization operating a
DMM unit must daily provide the
Exchange with ‘‘net position
information in DMM securities by the
DMM unit and any independent trading
unit of which it is part at such times and
in the manner prescribed by the
Exchange.’’ This requirement enables
the Exchange to effectively monitor for
compliance with the third exception in
Rule 104(g)(1)(B) by utilizing DMM
position information provided on a
4 See Securities Exchange Act Release No. 85637
(April 12, 2019), 84 FR 16079, 16083 (April 17,
2019) (SR–NYSE–2018–34).
5 The transition of Exchange-listed securities to
the Pillar trading system is currently anticipated to
begin in the third quarter of 2019. See Securities
Exchange Act Release No. 85637 (April 12, 2019),
84 FR 16079, 16083 (April 17, 2019) (SR–NYSE–
2018–34) (Approval Order).
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
29565
same-day basis for its automated
surveillances.
The phrase ‘‘net position information
in DMM securities’’ in Rule 98(c)(5) and
‘‘the position of the DMM unit’’ in Rule
104(g)(1)(B) are not defined in the
Exchange’s rules.
Proposed Rule Change
The Exchange proposes to define
references to DMM position information
in the amended versions of Rules
98(c)(5) and 104(g) that would be
implemented concurrent with the
implementation of these amended rules.
First, the Exchange proposes to add a
new subsection (A) to Rule 98(c)(5) that
would provide that the phrase ‘‘net
position information in DMM
securities’’ in Rule 98(c)(5) means the
DMM unit’s inventory of securities
exclusive of pending, unexecuted
orders. The proposed subsection would
also make clear that, as used in Rule
98(c)(5), the phrase ‘‘net position
information in DMM securities’’ is
independent of any reference to position
information in connection with an
interpretation of Rule 7.16 (Short Sales)
or Regulation SHO.6 Finally, the
proposed subsection would state that,
consistent with Rule 7.16(c), a member
organization must mark all sell orders as
‘‘long,’’ ‘‘short’’ or ‘‘short exempt’’ in
accordance with the provisions of Rule
200 of Regulation SHO and related SEC
FAQs 2.5, 2.5A, 2.5B, 2.5C and 2.6.
Second, the Exchange proposes a new
subsection (i) to Rule 104(g)(1)(B) that
would state that the phrase ‘‘the
position of the DMM unit’’ in Rule
104(g)(1)(B) means the DMM unit’s
inventory of securities exclusive of
pending, unexecuted orders and has the
same meaning as ‘‘net position
information in DMM securities’’ in Rule
98(c)(5).
As noted, under the amended rules,
the sole reason DMM position
information will be relevant is for when
a DMM would seek to avail itself of the
third exception under amended Rule
104(g)(1)(B) for Aggressing Transactions
in the last ten minutes of trading that
would liquidate or decrease the DMM
unit’s position. The primary purpose of
amended Rule 98(c)(5) is for DMMs to
provide net position information to the
Exchange to facilitate the Exchange’s
automated surveillance of amended
Rule 104(g)(1)(B).7 In order to assess
whether a transaction is liquidating or
decreasing a position for purposes of
6 17
CFR 242.200.
connection with the implementation of these
rules, the Exchange will publish regulatory
guidance setting forth the requirement that DMMs
provide net position on a daily basis but in no event
later than trading day plus one (T+1).
7 In
E:\FR\FM\24JNN1.SGM
24JNN1
29566
Federal Register / Vol. 84, No. 121 / Monday, June 24, 2019 / Notices
amended Rule 104(g)(1)(B), the
Exchange must know the actual number
of shares in the DMM unit’s inventory
at the point in time the Aggressing
Transactions was effectuated, which
would necessarily exclude pending,
unexecuted shares.
jbell on DSK3GLQ082PROD with NOTICES
2. Statutory Basis
The Exchange believes that 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)
of the Act,9 in particular, because it is
designed to prevent fraudulent and
manipulative acts and practices,
promote just and equitable principles of
trade, remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and protect investors and the
public interest.
The Exchange believes that the
proposed rule change is designed to
prevent fraudulent and manipulative
acts and practices by facilitating the
Exchange’s ability to appropriately and
efficiently surveil for Prohibited
Transactions by DMM units in the final
ten minutes of trading. Similarly, the
proposed rule change promotes just and
equitable principles of trade and
removes impediments to and perfects
the mechanism of a free and open
market by ensuring and continuing to
require that DMM units provide detailed
and accurate data to the Exchange
pursuant to Rule 98. The proposed
stated interpretation also promotes
transparency and clarity so that the
Exchange, DMMs, the public, and the
Commission have a common
understanding of the circumstances of
when a DMM may avail itself of an
exception to Prohibited Transactions
and how DMMs will be reporting
position information pursuant to Rule
98(c)(5). For the same reasons, the
proposal is also designed to protect
investors as well as the public interest
because investors will not be harmed
and in fact would benefit from this
increased transparency, thereby
reducing potential confusion.
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 is intended to
define a phrase in the Exchange’s rules
in order to promote clarity and greater
transparency in order to avoid
confusion with respect to the meaning
of a DMM unit’s position, and therefore
would not impose any burden on
competition.
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.
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) 12 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
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:
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–NYSE–2019–25. 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–NYSE–2019–25 and should
be submitted on or before July 15, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019–13309 Filed 6–21–19; 8:45 am]
BILLING CODE 8011–01–P
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–
NYSE–2019–25 on the subject line.
10 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
12 15 U.S.C. 78s(b)(2)(B).
8 15
U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
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11 17
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CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 84, Number 121 (Monday, June 24, 2019)]
[Notices]
[Pages 29565-29566]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13309]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86131; File No. SR-NYSE-2019-25]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Change of
Amendments To Define ``Net Position Information in DMM Securities'' in
NYSE Rule 98(c)(5) and the ``the Position of the DMM Unit'' in NYSE
Rule 104(g)(1)(B)
June 18, 2019.
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 June 7, 2019, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III 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 amendments to define ``net position
information in DMM securities'' in Rule 98(c)(5) and the ``the position
of the DMM unit'' in Rule 104(g)(1)(B). The proposed 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, 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 Exchange proposes amendments to define ``net position
information in DMM securities'' in Rule 98(c)(5) and ``the position of
the DMM unit'' in Rule 104(g)(1)(B).
Background
The Exchange recently amended Rules 98(c)(5) and 104(g),\4\ and the
amended rules will be implemented when the Exchange transitions trading
in NYSE-listed securities to its Pillar trading platform.\5\ As
amended, Rule 104(g) provides that transactions on the Exchange by a
DMM for the DMM's account must be effected in a reasonable and orderly
manner in relation to the condition of the general market and the
market in the particular stock. More particularly, amended Rule
104(g)(1)(B) prohibits DMM transactions in the last ten minutes of
trading if the transaction is an ``Aggressing Transaction,'' i.e., the
DMM reaches across the market, and, as a result, creates a new high/low
price for the security on the Exchange for the day at the time of the
DMM's transaction, unless the DMM's Aggressing Transaction:
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 85637 (April 12,
2019), 84 FR 16079, 16083 (April 17, 2019) (SR-NYSE-2018-34).
\5\ The transition of Exchange-listed securities to the Pillar
trading system is currently anticipated to begin in the third
quarter of 2019. See Securities Exchange Act Release No. 85637
(April 12, 2019), 84 FR 16079, 16083 (April 17, 2019) (SR-NYSE-2018-
34) (Approval Order).
---------------------------------------------------------------------------
Matches another market's better bid or offer price;
brings the price of a security into parity with an
underlying or related security or asset; or
liquidates or decreases the position of the DMM unit.
As amended, Rule 98(c)(5) provides that a member organization
operating a DMM unit must daily provide the Exchange with ``net
position information in DMM securities by the DMM unit and any
independent trading unit of which it is part at such times and in the
manner prescribed by the Exchange.'' This requirement enables the
Exchange to effectively monitor for compliance with the third exception
in Rule 104(g)(1)(B) by utilizing DMM position information provided on
a same-day basis for its automated surveillances.
The phrase ``net position information in DMM securities'' in Rule
98(c)(5) and ``the position of the DMM unit'' in Rule 104(g)(1)(B) are
not defined in the Exchange's rules.
Proposed Rule Change
The Exchange proposes to define references to DMM position
information in the amended versions of Rules 98(c)(5) and 104(g) that
would be implemented concurrent with the implementation of these
amended rules.
First, the Exchange proposes to add a new subsection (A) to Rule
98(c)(5) that would provide that the phrase ``net position information
in DMM securities'' in Rule 98(c)(5) means the DMM unit's inventory of
securities exclusive of pending, unexecuted orders. The proposed
subsection would also make clear that, as used in Rule 98(c)(5), the
phrase ``net position information in DMM securities'' is independent of
any reference to position information in connection with an
interpretation of Rule 7.16 (Short Sales) or Regulation SHO.\6\
Finally, the proposed subsection would state that, consistent with Rule
7.16(c), a member organization must mark all sell orders as ``long,''
``short'' or ``short exempt'' in accordance with the provisions of Rule
200 of Regulation SHO and related SEC FAQs 2.5, 2.5A, 2.5B, 2.5C and
2.6.
---------------------------------------------------------------------------
\6\ 17 CFR 242.200.
---------------------------------------------------------------------------
Second, the Exchange proposes a new subsection (i) to Rule
104(g)(1)(B) that would state that the phrase ``the position of the DMM
unit'' in Rule 104(g)(1)(B) means the DMM unit's inventory of
securities exclusive of pending, unexecuted orders and has the same
meaning as ``net position information in DMM securities'' in Rule
98(c)(5).
As noted, under the amended rules, the sole reason DMM position
information will be relevant is for when a DMM would seek to avail
itself of the third exception under amended Rule 104(g)(1)(B) for
Aggressing Transactions in the last ten minutes of trading that would
liquidate or decrease the DMM unit's position. The primary purpose of
amended Rule 98(c)(5) is for DMMs to provide net position information
to the Exchange to facilitate the Exchange's automated surveillance of
amended Rule 104(g)(1)(B).\7\ In order to assess whether a transaction
is liquidating or decreasing a position for purposes of
[[Page 29566]]
amended Rule 104(g)(1)(B), the Exchange must know the actual number of
shares in the DMM unit's inventory at the point in time the Aggressing
Transactions was effectuated, which would necessarily exclude pending,
unexecuted shares.
---------------------------------------------------------------------------
\7\ In connection with the implementation of these rules, the
Exchange will publish regulatory guidance setting forth the
requirement that DMMs provide net position on a daily basis but in
no event later than trading day plus one (T+1).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that 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) of the Act,\9\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
promote just and equitable principles of trade, remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and protect investors and the public interest.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices by facilitating
the Exchange's ability to appropriately and efficiently surveil for
Prohibited Transactions by DMM units in the final ten minutes of
trading. Similarly, the proposed rule change promotes just and
equitable principles of trade and removes impediments to and perfects
the mechanism of a free and open market by ensuring and continuing to
require that DMM units provide detailed and accurate data to the
Exchange pursuant to Rule 98. The proposed stated interpretation also
promotes transparency and clarity so that the Exchange, DMMs, the
public, and the Commission have a common understanding of the
circumstances of when a DMM may avail itself of an exception to
Prohibited Transactions and how DMMs will be reporting position
information pursuant to Rule 98(c)(5). For the same reasons, the
proposal is also designed to protect investors as well as the public
interest because investors will not be harmed and in fact would benefit
from this increased transparency, thereby reducing potential confusion.
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 is
intended to define a phrase in the Exchange's rules in order to promote
clarity and greater transparency in order to avoid confusion with
respect to the meaning of a DMM unit's position, and therefore would
not impose any burden on competition.
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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A)(iii).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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) \12\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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
Send an email to [email protected]. Please include
File Number SR-NYSE-2019-25 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-NYSE-2019-25. 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-NYSE-2019-25 and should be submitted on
or before July 15, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-13309 Filed 6-21-19; 8:45 am]
BILLING CODE 8011-01-P
