Fixed Income Market Structure Advisory Committee, 32237-32238 [2019-14345]

Download as PDF Federal Register / Vol. 84, No. 129 / Friday, July 5, 2019 / Notices its purpose and operation, its effect, and a legal analysis of its consistency with applicable requirements must all be sufficiently detailed and specific to support an affirmative Commission finding,34 and any failure of an SRO to provide this information may result in the Commission not having a sufficient basis to make an affirmative finding that a proposed rule change is consistent with the Act and the applicable rules and regulations.35 The Commission is instituting proceedings to allow for additional consideration and comment on the issues raised herein, including as to whether the proposed fees are consistent with the Act, and specifically, with its requirements that exchange fees be reasonable and equitably allocated; be designed to perfect the mechanism of a free and open market and the national market system, protect investors and the public interest, and not be unfairly discriminatory; or not impose an unnecessary or inappropriate burden on competition.36 V. Commission’s Solicitation of Comments The Commission requests written views, data, and arguments with respect to the concerns identified above as well as any other relevant concerns. Such comments should be submitted by July 26, 2019. Rebuttal comments should be submitted by August 9, 2019. Although there do not appear to be any issues relevant to approval or disapproval which would be facilitated by an oral presentation of views, data, and arguments, the Commission will consider, pursuant to Rule 19b–4, any request for an opportunity to make an oral presentation.37 The Commission asks that commenters address the sufficiency and merit of the Exchange’s statements in support of the proposal, in addition to any other comments they may wish to submit about the proposed rule change. Interested persons are invited to submit written data, views, and arguments concerning the proposed rule change, including whether the proposed rule change is consistent with the Act. 34 See id. id. 36 See 15 U.S.C. 78f(b)(4), (5), and (8). 37 15 U.S.C. 78s(b)(2). Section 19(b)(2) of the Act grants the Commission flexibility to determine what type of proceeding—either oral or notice and opportunity for written comments—is appropriate for consideration of a particular proposal by an SRO. See Securities Acts Amendments of 1975, Report of the Senate Committee on Banking, Housing and Urban Affairs to Accompany S. 249, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975). jbell on DSK3GLQ082PROD with NOTICES 35 See VerDate Sep<11>2014 17:54 Jul 03, 2019 Jkt 247001 32237 Comments may be submitted by any of the following methods: whether the proposed rule change should be approved or disapproved. 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– CboeEDGA–2019–011 on the subject line. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.39 Eduardo A. Aleman, Deputy Secretary. 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–CboeEDGA–2019–011. 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–CboeEDGA–2019–011 and should be submitted on or before July 26, 2019. Rebuttal comments should be submitted by August 9, 2019. SECURITIES AND EXCHANGE COMMISSION VI. Conclusion It is therefore ordered, pursuant to Section 19(b)(3)(C) of the Act,38 that File Number SR–CboeEDGA–2019–011 be and hereby is, temporarily suspended. In addition, the Commission is instituting proceedings to determine Paper Statements PO 00000 38 15 U.S.C. 78s(b)(3)(C). Frm 00119 Fmt 4703 [FR Doc. 2019–14279 Filed 7–3–19; 8:45 am] BILLING CODE 8011–01–P [Release No. 34–86253; File No. 265–30] Fixed Income Market Structure Advisory Committee Securities and Exchange Commission. ACTION: Notice of meeting. AGENCY: Notice is being provided that the Securities and Exchange Commission Fixed Income Market Structure Advisory Committee will hold a public meeting on Monday, July 29, 2019 in Multi-Purpose Room LL–006 at the Commission’s headquarters, 100 F Street NE, Washington, DC. The meeting will begin at 9:30 a.m. (ET) and will be open to the public. The meeting will be webcast on the Commission’s website at www.sec.gov. Persons needing special accommodations to take part because of a disability should notify the contact persons listed below. The public is invited to submit written statements to the Committee. The meeting will include updates and presentations from the subcommittees. DATES: The public meeting will be held on July 29, 2019. Written statements should be received on or before July 24, 2019. ADDRESSES: The meeting will be held at the Commission’s headquarters, 100 F Street NE, Washington, DC. Written statements may be submitted by any of the following methods: SUMMARY: Electronic Statements • Use the Commission’s internet submission form (https://www.sec.gov/ rules/other.shtml); or • Send an email message to rulecomments@sec.gov. Please include File Number 265–30 on the subject line; or • Send paper statements in triplicate to Vanessa A. Countryman, Federal Advisory Committee Management Officer, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. 39 17 Sfmt 4703 E:\FR\FM\05JYN1.SGM CFR 200.30–3(a)(57) and (58). 05JYN1 32238 Federal Register / Vol. 84, No. 129 / Friday, July 5, 2019 / Notices All submissions should refer to File No. 265–30. This file number should be included on the subject line if email is used. To help us process and review your statement more efficiently, please use only one method. The Commission will post all statements on the Commission’s internet website at https:// www.sec.gov/comments/265-30/26530.shtml. Statements also will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Room 1580, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. All statements received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: David Dimitrious, Senior Special Counsel, at (202) 551–5131, or Benjamin Bernstein, Special Counsel, at (202) 551–5354, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–7010. SUPPLEMENTARY INFORMATION: In accordance with Section 10(a) of the Federal Advisory Committee Act, 5 U.S.C.-App. 1, and the regulations thereunder, Brett Redfearn, Designated Federal Officer of the Committee, has ordered publication of this notice. Dated: July 1, 2019. Vanessa A. Countryman, Committee Management Officer. 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 Act,4 and Rule 19b– 4 thereunder,5 IEX is filing with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change to establish a Retail Price Improvement Program. 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 statements 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 [FR Doc. 2019–14345 Filed 7–3–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 1. Purpose [Release No. 34–86241; File No. SR–IEX– 2019–05] IEX proposes to adopt new IEX Rule 11.232 to establish a Retail Price Improvement Program (‘‘Retail Program’’). As proposed, the Retail Program is designed to provide retail investors with meaningful price improvement opportunities by executing at the Midpoint Price 6 such that Members will be incentivized to add midpoint orders to the Exchange above and beyond the already existing Background Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing of Proposed Rule Change To Establish a Retail Price Improvement Program June 28, 2019. jbell on DSK3GLQ082PROD with NOTICES 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. 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 20, 2019, the Investors Exchange LLC (‘‘IEX’’ or the ‘‘Exchange’’) filed with the 1 15 U.S.C. 78s(b)(1). U.S.C. 78s(b)(1). 3 17 CFR 240.19b–4. 2 15 VerDate Sep<11>2014 17:54 Jul 03, 2019 Jkt 247001 U.S.C. 78s(b)(1). CFR 240.19b–4. 6 The term ‘‘Midpoint Price’’ shall mean the midpoint of the NBBO. See IEX Rule 1.160(t). The term ‘‘NBBO’’ shall mean the national best bid or offer, as set forth in Rule 600(b) of Regulation NMS under the Act, determined as set forth in IEX Rule 11.410(b). PO 00000 4 15 5 17 Frm 00120 Fmt 4703 Sfmt 4703 and significant midpoint liquidity at IEX. As Commission Chairman Jay Clayton noted in a recent speech, forty-three million U.S. households hold a retirement or brokerage account, with $3.6 trillion in balance sheet assets in 128 million customer accounts serviced by more than 2,800 registered brokerdealers.7 He also noted the importance of continued broad, long-term retail participation in our capital markets, and that retail investors count on the capital markets to fund major life events such as paying for their children’s higher education or funding their own retirements.8 Against this backdrop, the Retail Program is designed to provide retail investors with access to the Exchange’s already deep pool of midpoint liquidity by introducing a new mechanism for retail-oriented liquidity provision, thereby providing enhanced opportunities for meaningful price improvement at the Midpoint Price. The Exchange believes that introducing the Retail Program could provide retail investors with better execution quality than they are currently able to obtain through existing exchange and over-thecounter (‘‘OTC’’) order retail programs, by attracting counterparty liquidity to the Exchange from Members and their clients seeking to interact with retail liquidity.9 The Retail Program would therefore be consistent with the goals of the Commission to encourage markets that are structured to benefit ordinary investors,10 while facilitating order interaction and price discovery to the benefit of all market participants. As proposed, through the Retail Program, the Exchange would create a new class of market participants, Retail Member Organizations (‘‘RMOs’’), which would be eligible to submit certain retail order flow (‘‘Retail orders’’) to the Exchange. Any Exchange Member would be permitted to provide price improvement to Retail orders in the form of interest that is priced to execute at the Midpoint Price, including through a new Retail Liquidity Provider 7 See The Evolving Market for Retail Investment Services and Forward-Looking Regulation—Adding Clarity and Investor Protection while Ensuring Access and Choice, Chairman Jay Clayton, Commission (May 2, 2018), available at https:// www.sec.gov/news/speech/speech-clayton-2018-0502. 8 Id. 9 See discussion infra on the desirability of interacting with retail liquidity. 10 See e.g., U.S. Securities and Exchange Commission, Strategic Plan, Fiscal Years 2018– 2022, available at https://www.sec.gov/files/SEC_ Strategic_Plan_FY18-FY22_FINAL_0.pdf (‘‘Commission Strategic Plan’’). E:\FR\FM\05JYN1.SGM 05JYN1

Agencies

[Federal Register Volume 84, Number 129 (Friday, July 5, 2019)]
[Notices]
[Pages 32237-32238]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-14345]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86253; File No. 265-30]


Fixed Income Market Structure Advisory Committee

AGENCY: Securities and Exchange Commission.

ACTION: Notice of meeting.

-----------------------------------------------------------------------

SUMMARY: Notice is being provided that the Securities and Exchange 
Commission Fixed Income Market Structure Advisory Committee will hold a 
public meeting on Monday, July 29, 2019 in Multi-Purpose Room LL-006 at 
the Commission's headquarters, 100 F Street NE, Washington, DC. The 
meeting will begin at 9:30 a.m. (ET) and will be open to the public. 
The meeting will be webcast on the Commission's website at www.sec.gov. 
Persons needing special accommodations to take part because of a 
disability should notify the contact persons listed below. The public 
is invited to submit written statements to the Committee. The meeting 
will include updates and presentations from the subcommittees.

DATES: The public meeting will be held on July 29, 2019. Written 
statements should be received on or before July 24, 2019.

ADDRESSES: The meeting will be held at the Commission's headquarters, 
100 F Street NE, Washington, DC. Written statements may be submitted by 
any of the following methods:

Electronic Statements

     Use the Commission's internet submission form (https://www.sec.gov/rules/other.shtml); or
     Send an email message to [email protected]. Please 
include File Number 265-30 on the subject line; or

Paper Statements

     Send paper statements in triplicate to Vanessa A. 
Countryman, Federal Advisory Committee Management Officer, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.


[[Page 32238]]


All submissions should refer to File No. 265-30. This file number 
should be included on the subject line if email is used. To help us 
process and review your statement more efficiently, please use only one 
method. The Commission will post all statements on the Commission's 
internet website at https://www.sec.gov/comments/265-30/265-30.shtml.
    Statements also will be available for website viewing and printing 
in the Commission's Public Reference Room, 100 F Street NE, Room 1580, 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. All statements received will be posted without 
change. Persons submitting comments are cautioned that we do not redact 
or edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: David Dimitrious, Senior Special 
Counsel, at (202) 551-5131, or Benjamin Bernstein, Special Counsel, at 
(202) 551-5354, Division of Trading and Markets, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549-7010.

SUPPLEMENTARY INFORMATION: In accordance with Section 10(a) of the 
Federal Advisory Committee Act, 5 U.S.C.-App. 1, and the regulations 
thereunder, Brett Redfearn, Designated Federal Officer of the 
Committee, has ordered publication of this notice.

    Dated: July 1, 2019.
Vanessa A. Countryman,
Committee Management Officer.
[FR Doc. 2019-14345 Filed 7-3-19; 8:45 am]
 BILLING CODE 8011-01-P?>
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