Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.37-E To Specify in Exchange Rules the Exchange's Use of Data Feeds From NYSE American LLC, 66044-66046 [2019-25969]
Download as PDF
<![CDATA[
66044
Federal Register / Vol. 84, No. 231 / Monday, December 2, 2019 / Notices
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:
• 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–
NYSENAT–2019–27 on the subject line.
Paper Comments
jbell on DSKJLSW7X2PROD 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–NYSENAT–2019–27. 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
offices 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–NYSENAT–2019–27, and
should be submitted on or before
December 23, 2019.
17:10 Nov 29, 2019
[FR Doc. 2019–25965 Filed 11–29–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87623; File No. SR–
NYSEArca–2019–84]
Electronic Comments
VerDate Sep<11>2014
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Jill M. Peterson,
Assistant Secretary.
Jkt 250001
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rule 7.37–E To
Specify in Exchange Rules the
Exchange’s Use of Data Feeds From
NYSE American LLC
November 25, 2019.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
15, 2019, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II 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 amend
Rule 7.37–E to update the Exchange’s
source of data feeds from NYSE
American LLC (‘‘NYSE American’’) for
purposes of order handling, order
execution, order routing, and regulatory
compliance. 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.
11 17
CFR 200.30–3(a)(12), (59).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to update and
amend the use of data feeds table in
Rule 7.37–E, which sets forth on a
market-by-market basis the specific
securities information processor and
proprietary data feeds that the Exchange
utilizes for the handling, execution, and
routing of orders, and for performing the
regulatory compliance checks related to
each of those functions. Specifically, the
table would be amended to reflect that
the Exchange will receive a direct feed
from NYSE American as its primary
source of data for order handling, order
execution, order routing, and regulatory
compliance.
Rule 7.37–E currently provides that
the Exchange will utilize the securities
information processor (‘‘SIP’’) data feed
as its primary source for the handling,
execution, and routing of orders, as well
as for regulatory compliance. In
connection with NYSE American’s
elimination of its delay mechanism,3 the
Exchange will begin using a direct feed
from NYSE American as its primary
data feed. To reflect this change, the
Exchange proposes to amend the table
in Rule 7.37–E(d) to specify that it will
use a direct feed from NYSE American,
rather than the SIP data feed, as the
primary source for that market, and that
the Exchange would use the SIP data
feed as a secondary source for that
market.
The Exchange will implement this
change on the same date that NYSE
American eliminates its delay
mechanism, which, subject to
effectiveness of proposed rule changes,
will be implemented in November 2019.
The Exchange will announce this date
via Trader Update.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),4 in general, and furthers the
objectives of Section 6(b)(5),5 in
particular, because it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
3 See SR–NYSEAmer–2019–48 (NYSE American
proposal to eliminate its delay mechanism, which
was filed on November 4, 2019).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
E:\FR\FM\02DEN1.SGM
02DEN1
Federal Register / Vol. 84, No. 231 / Monday, December 2, 2019 / Notices
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, 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
its proposal to amend the table in Rule
7.37–E(d) to update the data feed source
for NYSE American will ensure that
Rule 7.37–E correctly identifies and
publicly states on a market-by-market
basis all of the specific securities
information processor and proprietary
data feeds that the Exchange utilizes for
the handling, execution, and routing of
orders, and for performing the
regulatory compliance checks for each
of those functions. The proposed rule
change also removes impediments to
and perfects the mechanism of a free
and open market and protects investors
and the public interest by providing
additional specificity, clarity, and
transparency in the Exchange’s rules.
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 change is not designed to
address any competitive issue, but
rather would provide the public and
investors with up-to-date information
about which data feeds the Exchange
uses for the handling, execution, and
routing of orders, as well as for
regulatory compliance.
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.
jbell on DSKJLSW7X2PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
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 for 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)
VerDate Sep<11>2014
17:10 Nov 29, 2019
Jkt 250001
of the Act 6 and Rule 19b–4(f)(6)
thereunder.7
A proposed rule change filed under
Rule 19b–4(f)(6) 8 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),9 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposed rule change may become
operative immediately. The Exchange
states that such waiver is consistent
with the protection of investors and the
public interest because NYSE American
intends to eliminate the above-described
delay mechanism in fewer than 30 days,
and thus, the Exchange believes that
waiver of the operative delay would
allow NYSE Arca to immediately
provide enhanced transparency in its
rules regarding the data feed it intends
to utilize for NYSE American, once
NYSE American eliminates its delay
mechanism. Based on the foregoing, the
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest in that is allows the
Exchange to begin using the direct data
feed from NYSE American at the same
time that NYSE American eliminates its
delay mechanism. For this reason, the
Commission hereby waives the 30-day
operative delay and designates the
proposal operative upon filing.10
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 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
to determine whether the proposed rule
change should be approved or
disapproved.
6 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
8 17 CFR 240.19b–4(f)(6).
9 17 CFR 240.19b–4(f)(6)(iii).
10 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
7 17
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
66045
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 rule-comments@
sec.gov. Please include File Number SR–
NYSEArca-2019–84 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-2019–84. 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
offices 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–2019–84, and
should be submitted on or before
December 23, 2019.
E:\FR\FM\02DEN1.SGM
02DEN1
66046
Federal Register / Vol. 84, No. 231 / Monday, December 2, 2019 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–25969 Filed 11–29–19; 8:45 am]
BILLING CODE 8011–01–P
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87608; File No. SR–
EMERALD–2019–36]
Self-Regulatory Organizations; MIAX
Emerald, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Exchange
Rule 510, Minimum Price Variations
and Minimum Trading Increments To
Extend the Penny Pilot Program
November 25, 2019.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
13, 2019, MIAX Emerald, LLC (‘‘MIAX
Emerald’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a 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 is filing a proposal to
amend Exchange Rule 510, Minimum
Price Variations and Minimum Trading
Increments, to change the date on which
the pilot program for the quoting and
trading of certain options in pennies is
scheduled to expire.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings/emerald, at MIAX Emerald’s
principal office, and at the
Commission’s Public Reference Room.
jbell on DSKJLSW7X2PROD 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
Exchange 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
11 17
CFR 200.30–3(a)(12), (59).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
17:10 Nov 29, 2019
Jkt 250001
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 aspects of such
statements.
1. Purpose
The Exchange is a participant in an
industry-wide pilot program that
provides for the quoting and trading of
certain option classes in penny
increments (the ‘‘Penny Pilot Program’’
or ‘‘Program’’). The Penny Pilot Program
allows the quoting and trading of certain
option classes in minimum increments
of $0.01 for all series in such option
classes with a price of less than $3.00;
and in minimum increments of $0.05 for
all series in such option classes with a
price of $3.00 or higher. Options
overlying the PowerShares QQQTM
(‘‘QQQ’’), SPDR® S&P 500® ETF
(‘‘SPY’’), and iShares® Russell 2000 ETF
(‘‘IWM’’), however, are quoted and
traded in minimum increments of $0.01
for all series regardless of the price. The
Penny Pilot Program was initiated at the
then existing option exchanges in
January 2007 3 and currently includes
more than 300 of the most active option
classes. The Penny Pilot Program is
currently scheduled to expire on
December 31, 2019.4 The purpose of the
proposed rule change is to extend the
Penny Pilot Program in its current
format through June 30, 2020.
2. Statutory Basis
The Exchange believes that its
proposed rule change is consistent with
Section 6(b) of the Act 5 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 6 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, to
3 See Securities Exchange Act Release Nos. 55154
(January 23, 2007), 72 FR 4743 (February 1, 2007)
(SR–CBOE–2006–92); 55161 (January 24, 2007), 72
FR 4754 (February 1, 2007) (SR–ISE–2006–62);
54886 (December 6, 2006), 71 FR 74979 (December
13, 2006) (SR–Phlx–2006–74); 54590 (October 12,
2006), 71 FR 61525 (October 18, 2006) (SR–
NYSEArca–2006–73); and 54741 (November 9,
2006), 71 FR 67176 (November 20, 2006) (SR–
Amex–2006–106).
4 See Securities Exchange Act Release No. 86048
(June 6, 2019), 84 FR 27382 (June 12, 2019) (SR–
EMERALD–2019–23) (extending the Penny Pilot
Program from June 30, 2019 to December 31, 2019).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00082
Fmt 4703
Sfmt 4703
remove impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
In particular, the proposed rule
change, which extends the Penny Pilot
Program for six months, allows the
Exchange to continue to participate in a
program that has been viewed as
beneficial to traders, investors and
public customers and viewed as
successful by the other options
exchanges participating in it.
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. Specifically,
the Exchange believes that, by extending
the expiration of the Pilot Program, the
proposed rule change will allow for
further analysis of the Penny Pilot
Program and a determination of how the
Program should be structured in the
future. In doing so, the proposed rule
change will also serve to promote
regulatory clarity and consistency,
thereby reducing burdens on the
marketplace, facilitating investor
protection, and fostering a competitive
environment. In addition, consistent
with previous practices, the Exchange
believes the other options exchanges
will be filing similar extensions of the
Penny Pilot Program.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing 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 for 30 days after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
of the Act 7 and Rule 19b–4(f)(6) 8
thereunder.
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
8 17
E:\FR\FM\02DEN1.SGM
02DEN1
]]>Agencies
[Federal Register Volume 84, Number 231 (Monday, December 2, 2019)]
[Notices]
[Pages 66044-66046]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25969]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87623; File No. SR-NYSEArca-2019-84]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.37-
E To Specify in Exchange Rules the Exchange's Use of Data Feeds From
NYSE American LLC
November 25, 2019.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 15, 2019, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II 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\ 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 amend Rule 7.37-E to update the Exchange's
source of data feeds from NYSE American LLC (``NYSE American'') for
purposes of order handling, order execution, order routing, and
regulatory compliance. 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, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to update and amend the use of data feeds
table in Rule 7.37-E, which sets forth on a market-by-market basis the
specific securities information processor and proprietary data feeds
that the Exchange utilizes for the handling, execution, and routing of
orders, and for performing the regulatory compliance checks related to
each of those functions. Specifically, the table would be amended to
reflect that the Exchange will receive a direct feed from NYSE American
as its primary source of data for order handling, order execution,
order routing, and regulatory compliance.
Rule 7.37-E currently provides that the Exchange will utilize the
securities information processor (``SIP'') data feed as its primary
source for the handling, execution, and routing of orders, as well as
for regulatory compliance. In connection with NYSE American's
elimination of its delay mechanism,\3\ the Exchange will begin using a
direct feed from NYSE American as its primary data feed. To reflect
this change, the Exchange proposes to amend the table in Rule 7.37-E(d)
to specify that it will use a direct feed from NYSE American, rather
than the SIP data feed, as the primary source for that market, and that
the Exchange would use the SIP data feed as a secondary source for that
market.
---------------------------------------------------------------------------
\3\ See SR-NYSEAmer-2019-48 (NYSE American proposal to eliminate
its delay mechanism, which was filed on November 4, 2019).
---------------------------------------------------------------------------
The Exchange will implement this change on the same date that NYSE
American eliminates its delay mechanism, which, subject to
effectiveness of proposed rule changes, will be implemented in November
2019. The Exchange will announce this date via Trader Update.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\4\ in general, and
furthers the objectives of Section 6(b)(5),\5\ in particular, because
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and
[[Page 66045]]
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, 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 its proposal
to amend the table in Rule 7.37-E(d) to update the data feed source for
NYSE American will ensure that Rule 7.37-E correctly identifies and
publicly states on a market-by-market basis all of the specific
securities information processor and proprietary data feeds that the
Exchange utilizes for the handling, execution, and routing of orders,
and for performing the regulatory compliance checks for each of those
functions. The proposed rule change also removes impediments to and
perfects the mechanism of a free and open market and protects investors
and the public interest by providing additional specificity, clarity,
and transparency in the Exchange's rules.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 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 change is not
designed to address any competitive issue, but rather would provide the
public and investors with up-to-date information about which data feeds
the Exchange uses for the handling, execution, and routing of orders,
as well as for regulatory compliance.
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
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 for 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 \6\ and Rule 19b-
4(f)(6) thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \8\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\9\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately. The Exchange states that
such waiver is consistent with the protection of investors and the
public interest because NYSE American intends to eliminate the above-
described delay mechanism in fewer than 30 days, and thus, the Exchange
believes that waiver of the operative delay would allow NYSE Arca to
immediately provide enhanced transparency in its rules regarding the
data feed it intends to utilize for NYSE American, once NYSE American
eliminates its delay mechanism. Based on the foregoing, the Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest in that is allows the
Exchange to begin using the direct data feed from NYSE American at the
same time that NYSE American eliminates its delay mechanism. For this
reason, the Commission hereby waives the 30-day operative delay and
designates the proposal operative upon filing.\10\
---------------------------------------------------------------------------
\8\ 17 CFR 240.19b-4(f)(6).
\9\ 17 CFR 240.19b-4(f)(6)(iii).
\10\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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 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 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:
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-2019-84 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-2019-84. 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 offices 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-2019-84, and should be
submitted on or before December 23, 2019.
[[Page 66046]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12), (59).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-25969 Filed 11-29-19; 8:45 am]
BILLING CODE 8011-01-P
