Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period for the Market Wide Circuit Breaker to April 18, 2022, 16515-16518 [2022-06089]
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Federal Register / Vol. 87, No. 56 / Wednesday, March 23, 2022 / Notices
days. Waiver of the operative delay
would therefore permit uninterrupted
continuation of the MWCB pilot while
the Commission reviews the NYSE’s
proposed rule change to make the Pilot
Rules permanent. Therefore, the
Commission hereby waives the 30-day
operative delay and designates the
proposed rule change as operative upon
filing.28
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 will 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:
jspears on DSK121TN23PROD with NOTICES1
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–
CBOE–2022–013 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–CBOE–2022–013. 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
28 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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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–CBOE–2022–013
and should be submitted on or before
April 13, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.29
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–06102 Filed 3–22–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94448; File No. SR–IEX–
2022–01]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Extend the
Pilot Period for the Market Wide Circuit
Breaker to April 18, 2022
March 17, 2022.
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 March
16, 2022, 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.
17 CFR 200.30–3(a)(12).
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
Pursuant to the provisions of Section
19(b)(1) under the Act,4 and Rule 19b–
4 thereunder,5 the Exchange is filing
with the Commission a proposed rule
change to amend IEX Rule 11.280 to
extend the pilot period for the marketwide circuit breaker to the close of
business on April 18, 2022. IEX has
designated this rule change as ‘‘noncontroversial’’ 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 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 Market-Wide Circuit Breaker
(‘‘MWCB’’) rules, including paragraphs
(a) through (d) and (f) of IEX Rule
11.280, provide an important, automatic
mechanism that is invoked to promote
stability and investor confidence during
periods of significant stress when cash
equities securities experience extreme
market-wide declines. The MWCB rules
are designed to slow the effects of
extreme price declines through
coordinated trading halts across both
cash equity and equity options
securities markets.
The cash equities rules governing
MWCBs were first adopted in 1988 and,
in 2012, all U.S. cash equity exchanges
and FINRA amended their cash equities
29
4 15
1 15
5 17
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16515
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.
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Federal Register / Vol. 87, No. 56 / Wednesday, March 23, 2022 / Notices
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uniform rules on a pilot basis 8 (the
‘‘Pilot Rules,’’ i.e., for IEX, Rule
11.280(a)–(d) and (f) 9). The Pilot Rules
currently provide for trading halts in all
cash equity securities during a severe
market decline as measured by a singleday decline in the S&P 500 Index
(‘‘SPX’’).10 Under the Pilot Rules, a
market-wide trading halt will be
triggered if SPX declines in price by
specified percentages from the prior
day’s closing price of that index. The
triggers are set at three circuit breaker
thresholds: 7% (Level 1), 13% (Level 2),
and 20% (Level 3). A market decline
that triggers a Level 1 or Level 2 halt
after 9:30 a.m. and before 3:25 p.m.
would halt market-wide trading for 15
minutes, while a similar market decline
at or after 3:25 p.m. would not halt
market-wide trading. (Level 1 and Level
2 halts may occur only once a day.) A
market decline that triggers a Level 3
halt at any time during the trading day
would halt market-wide trading for the
remainder of the trading day.
The Commission approved the Pilot
Rules, 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’’),11
including any extensions to the pilot
period for the LULD Plan.12 In April
2019, the Commission approved an
amendment to the LULD Plan for it to
operate on a permanent, rather than
pilot, basis.13 In conjunction with the
proposal to make the LULD Plan
8 See Securities Exchange Act Release No. 67090
(May 31, 2012), 77 FR 33531 (June 6, 2012) (SR–
BATS–2011–038; SR–BYX–2011–025; SR–BX–
2011–068; SR–CBOE–2011–087; SR–C2–2011–024;
SR–CHX–2011–30; SR–EDGA–2011–31; SR–EDGX–
2011–30; SR–FINRA–2011–054; SR–ISE–2011–61;
SR–NASDAQ–2011–131; SR–NSX–2011–11; SR–
NYSE–2011–48; SR–NYSEAmex–2011–73; SR–
NYSEArca–2011–68; SR–Phlx–2011–129).
9 IEX’s Pilot Rule has been effective since its
approval for registration as a national securities
exchange in 2016. See Securities Exchange Act
Release No. 78101 (June 17, 2016), 81 FR 41142
(June 23, 2016) (File No. 10–222).
10 The rules of the equity options exchanges
similarly provide for a halt in trading if the cash
equity exchanges invoke a MWCB Halt. See, e.g.,
NYSE Arca Rule 6.65–O(d)(4).
11 See Securities Exchange Act Release No. 67091
(May 31, 2012), 77 FR 33498 (June 6, 2012). 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. See
Securities Exchange Act Release No. 78703 (August
26, 2016), 81 FR 60397 (September 1, 2016) (File
No. 4–631). The LULD Plan provides a mechanism
to address extraordinary market volatility in
individual securities.
12 See, e.g., Securities Exchange Act Release No.
78703 (August 26, 2016), 81 FR 60397 (September
1, 2016) (File No. 4–631) (describing the several
extensions of the LULD Plan pilot period).
13 See Securities Exchange Act Release No. 85623
(April 11, 2019), 84 FR 16086 (April 17, 2019).
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permanent, the Exchange amended IEX
Rule 11.280 to extend the Pilot Rules’
effectiveness to the close of business on
October 18, 2019.14 The Exchange
subsequently amended IEX Rule 11.280
to untie the Pilot Rules’ effectiveness
from that of the LULD Plan and
extended the Pilot Rules’ effectiveness
several times: (i) From October 18, 2019
to October 18, 2020; 15 from October 18,
2020 to October 18, 2021; 16 and from
October 18, 2021 to March 18, 2022.17
The Exchange now proposes to amend
IEX Rule 11.280 to extend the pilot one
more month, to the close of business on
April 18, 2022. This filing does not
propose any substantive or additional
changes to IEX Rule 11.280.
The MWCB Task Force and the March
2020 MWCB Events
In late 2019, Commission staff
requested the formation of a MWCB
Task Force (‘‘Task Force’’) to evaluate
the operation and design of the MWCB
mechanism. The Task Force included
representatives from the SROs, the
Commission, CME, the Commodity
Futures Trading Commission (‘‘CFTC’’),
and the securities industry and
conducted several organizational
meetings in December 2019 and January
2020.
In Spring 2020, the MWCB
mechanism proved itself to be an
effective tool for protecting markets
through turbulent times. In March 2020,
at the outset of the worldwide COVID–
19 pandemic, U.S. equities markets
experienced four MWCB Level 1 halts,
on March 9, 12, 16, and 18, 2020. In
each instance, the markets halted as
intended upon a 7% drop in the S&P
500 Index, and resumed as intended 15
minutes later.
In response to these events, in the
Spring and Summer of 2020, the Task
Force held ten meetings that were
attended by Commission staff, with the
goal of performing an expedited review
of the March 2020 halts and identifying
any areas where the MWCB mechanism
had not worked properly. Given the risk
of unintended consequences, the Task
Force did not recommend changes that
were not rooted in a noted deficiency.
The Task Force recommended creating
a process for a backup reference price in
14 See Securities Exchange Act Release No. 85576
(April 9, 2019), 84 FR 15237 (April 15, 2019) (SR–
IEX–2019–04).
15 See Securities Exchange Act Release No. 87298
(October 15, 2019), 84 FR 56255 (October 21, 2019)
(SR–IEX–2019–11).
16 See Securities Exchange Act Release No. 90128
(October 8, 2020), 85 FR 65127 (October 14, 2020)
(SR–IEX–2020–17).
17 See Securities Exchange Act Release No. 93323
(October 14, 2021), 86 FR 58125 (October 20, 2021)
(SR–IEX–2021–12).
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the event that SPX were to become
unavailable, and enhancing functional
MWCB testing. The Task Force also
asked CME to consider modifying its
rules to enter into a limit-down state in
the futures pre-market after a 7%
decline instead of 5%. CME made the
requested change, which became
effective on October 12, 2020.18
The MWCB Working Group’s Study
On September 17, 2020, the Director
of the Commission’s Division of Trading
and Markets asked the SROs to conduct
a more complete study of the design and
operation of the Pilot Rules and the
LULD Plan during the period of
volatility in the Spring of 2020.
In response to the request, the SROs
created a MWCB ‘‘Working Group’’
composed of SRO representatives and
industry advisers that included
members of the advisory committees to
both the LULD Plan and the NMS Plans
governing the collection, consolidation,
and dissemination of last-sale
transaction reports and quotations in
NMS Stocks. The Working Group met
regularly from September 2020 through
March 2021 to consider the
Commission’s request, review data, and
compile its study. The Working Group’s
efforts in this respect incorporated and
built on the work of an MWCB Task
Force.
The Working Group submitted its
study to the Commission on March 31,
2021 (the ‘‘Study’’).19 In addition to a
timeline of the MWCB events in March
2020, the Study includes a summary of
the analysis and recommendations of
the MWCB Task Force; an evaluation of
the operation of the Pilot Rules during
the March 2020 events; an evaluation of
the design of the current MWCB system;
and the Working Group’s conclusions
and recommendations.
In the Study, the Working Group
concluded: (1) The MWCB mechanism
set out in the Pilot Rules worked as
intended during the March 2020 events;
(2) the MWCB halts triggered in March
2020 appear to have had the intended
effect of calming volatility in the
market, without causing harm; (3) the
design of the MWCB mechanism with
respect to reference value (SPX), trigger
levels (7%/13%/20%), and halt times
(15 minutes) is appropriate; (4) the
change implemented in Amendment 10
18 See https://www.cmegroup.com/content/dam/
cmegroup/market-regulation/rule-filings/2020/9/20392_1.pdf; https://www.cmegroup.com/marketregulation/rule-filings/2020/9/20-392_2.pdf.
19 See Report of the Market-Wide Circuit Breaker
(‘‘MWCB’’) Working Group Regarding the March
2020 MWCB Events, submitted March 31, 2021 (the
‘‘Study’’), available at https://www.nyse.com/
publicdocs/nyse/markets/nyse/Report_of_the_
Market-Wide_Circuit_Breaker_Working_Group.pdf.
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Federal Register / Vol. 87, No. 56 / Wednesday, March 23, 2022 / Notices
to the Plan to Address Extraordinary
Market Volatility (the ‘‘LULD Plan’’) did
not likely have any negative impact on
MWCB functionality; and (5) no changes
should be made to the mechanism to
prevent the market from halting shortly
after the opening of regular trading
hours at 9:30 a.m.
In light of the foregoing conclusions,
the Working Group also made several
recommendations, including that the
Pilot Rules should be permanent
without any changes.20
Proposal To Extend the Operation of the
Pilot Rules Pending the Commission’s
Consideration of the Exchange’s Filing
To Make the Pilot Rules Permanent
On July 16, 2021, the New York Stock
Exchange (‘‘NYSE’’) proposed a rule
change to make the Pilot Rules
permanent, consistent with the Working
Group’s recommendations.21 On August
27, 2021, the Commission extended its
time to consider the proposed rule
change to October 20, 2021; 22 on
September 30, 2021, the Commission
initiated proceedings to determine
whether to approve or disapprove of the
filing; 23 and on January 7, 2022, the
Commission again extended the review
period for the NYSE filing to make the
Pilot Rules permanent, designating
March 19, 2022, as the date by which
the Commission will either approve or
disapprove of the filing.24
To allow time for the Commission to
make its final decision on the NYSE
MWCB filing, the Exchange proposes to
extend the expiration date of the Pilot
Rules to the end of business on April 18,
2022.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with the
requirements of Sections 6(b) 25 and
6(b)(5) of the Act,26 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 MWCB mechanism
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20 See
id. at 46.
21 See Securities Exchange Act Release No. 92428
(July 16, 2021), 86 FR 38776 (July 22, 2021) (SR–
NYSE–2021–40).
22 See Securities Exchange Act Release No.
92785A (August 27, 2021), 86 FR 50202 (September
7, 2021) (SR–NYSE–2021–40).
23 See Securities Exchange Act Release No. 93212
(September 30, 2021), 86 FR 55066 (October 5,
2021) (SR–NYSE–2021–40).
24 See Securities Exchange Act Release No. 93933
(January 7, 2022), 87 FR 2189 (January 13, 2022)
(SR–NYSE–2021–40).
25 15 U.S.C. 78f(b).
26 15 U.S.C. 78f(b)(5).
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under Rule 11.280 is an important,
automatic mechanism that is invoked to
promote stability and investor
confidence during periods of significant
stress when securities markets
experience extreme broad-based
declines. Extending the MWCB pilot for
an additional month would ensure the
continued, uninterrupted operation of a
consistent mechanism to halt trading
across the U.S. equity markets while the
Commission reviews NYSE’s proposed
rule change to make the Pilot Rules
permanent.
The Exchange also believes that the
proposed rule change promotes just and
equitable principles of trade in that it
promotes transparency and uniformity
across markets concerning when and
how to halt trading in all stocks as a
result of extraordinary market volatility.
Based on the foregoing, the Exchange
believes the benefits to market
participants from the MWCB under Rule
11.280(a) through (d) and (f) should
continue on a pilot basis because the
MWCB will promote fair and orderly
markets, and protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
IEX does not believe that the
proposed rule change implicates any
competitive issues because the proposal
would ensure the continued,
uninterrupted operation of a consistent
mechanism to halt trading across the
U.S. markets while the Commission
reviews NYSE’s proposed rule change to
make the Pilot Rules permanent.
Further, IEX understands that the
other SROs will file proposals to extend
their rules regarding the MWCB pilot.
Thus, the proposed rule change will
help to ensure consistency across
market centers without implicating any
competitive issues.
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
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 27 and Rule
19b–4(f)(6) thereunder.28 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
27 15
28 17
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U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
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16517
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 29 and Rule 19b–4(f)(6)(iii)
thereunder.30
A proposed rule change filed under
Rule 19b–4(f)(6) 31 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),32 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange asked that the
Commission waive the 30 day operative
delay so that the proposal may become
operative immediately upon filing.
Extending the Pilot Rules’ effectiveness
to the close of business on April 18,
2022 will extend the protections
provided by the Pilot Rules, which
would otherwise expire in less than 30
days. Waiver of the operative delay
would therefore permit uninterrupted
continuation of the MWCB pilot while
the Commission reviews the NYSE’s
proposed rule change to make the Pilot
Rules permanent. Therefore, the
Commission hereby waives the 30-day
operative delay and designates the
proposed rule change as operative upon
filing.33
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) 34 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
29 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4 requires a self-regulatory organization to give the
Commission written notice of its intent to file a
proposed rule change under that subsection at least
five business days prior to the date of filing, or such
shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
31 17 CFR 240.19b–4(f)(6).
32 17 CFR 240.19b–4(f)(6)(iii).
33 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
34 15 U.S.C. 78s(b)(2)(B).
30 17
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Federal Register / Vol. 87, No. 56 / Wednesday, March 23, 2022 / Notices
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–
IEX–2022–01 on the subject line.
Paper Comments
jspears on DSK121TN23PROD with NOTICES1
• 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–IEX–2022–01. 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–IEX–2022–01 and should
be submitted on or before April 13,
2022.
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20:07 Mar 22, 2022
Jkt 256001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.35
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–06089 Filed 3–22–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94450; File No. SR–
NASDAQ–2021–099]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Order
Approving Proposed Rule Change To
Amend Nasdaq Rule 5815(d)(4)
Regarding the Use of a Hearings Panel
Monitor Following a Compliance
Determination by a Nasdaq Listings
Qualification Hearings Panel
March 17, 2022.
I. Introduction
On December 10, 2021, The Nasdaq
Stock Market LLC (‘‘Nasdaq’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend Nasdaq Rule 5815(d)(4)
regarding the use of a Hearings Panel
Monitor following a compliance
determination by a Nasdaq Listings
Qualification Hearings Panel. The
proposed rule change was published for
comment in the Federal Register on
December 21, 2021.3 On February 3,
2022, the Commission extended the
time period within which to approve
the proposed rule change, disapprove
the proposed rule change, or institute
proceedings to determine whether to
approve or disapprove the proposed
rule change.4 The Commission received
no comments on the proposed rule
change. This order approves the
proposed rule change.
II. Description of the Proposal
The Nasdaq Rule 5300, 5400, and
5500 series set forth the initial listing
requirements for a Company 5 seeking to
list, as well as continued listing
requirements that apply to a Company
35 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 93789
(December 15, 2021), 86 FR 72293 (‘‘Notice’’).
4 See Securities Exchange Act Release No. 94145,
87 FR 7521 (February 9, 2022) (extending the time
period to March 21, 2022).
5 The term ‘‘Company’’ means the issuer of a
security listed or applying to list on Nasdaq. See
Nasdaq Rule 5005(a)(6).
1 15
PO 00000
Frm 00066
Fmt 4703
Sfmt 4703
once listed on, the Nasdaq Global Select
Market, Nasdaq Global Market and
Nasdaq Capital Market, respectively.
The Nasdaq Rule 5800 series contains
the rules and procedures applicable to
a Company that does not meet the
listing standards outlined in the Nasdaq
Rule 5000 series and thus is ‘‘deficient’’
with respect to a listing standard.6 In
this circumstance, staff from the Listings
Qualifications Department 7 (‘‘Staff’’)
will issue a notification informing the
Company of the deficiency. According
to Nasdaq, where allowed by Nasdaq’s
rules, Staff’s notification may provide
for a cure or compliance period or allow
the company to submit a plan of
compliance for Staff to review.8
Companies that do not regain
compliance within any time frame
permitted by Staff under a plan of
compliance,9 that do not regain
compliance within the specified cure or
compliance period,10 or that has a
deficiency type that unless appealed
subjects the Company to immediate
suspension and delisting 11 will be
issued a Staff Delisting Determination 12
and may request that a Hearings Panel 13
(‘‘Hearings Panel’’) review such
determination. If it deems appropriate,
the Hearings Panel may grant an
exception (‘‘exception’’) to the
continued listing standard with respect
to the deficiency.14 However, where a
6 For purposes of this filing, Nasdaq’s rules
identify deficiencies for which an already listed
Company may submit a plan of compliance (Nasdaq
Rule 5815(c)(2)); and deficiencies for which the
Nasdaq Rules provide a specified cure or
compliance period (Nasdaq Rule 5815(c)(3)). While
the Rule 5800 rule series also addresses denials of
listing for not meeting listing standards, the rule
proposal considered herein concerns Companies
that are already listed and fail to meet the
continued listing standards.
7 The term ‘‘Staff’’ refers to the employees of the
Listing Qualifications Department. See Nasdaq Rule
5805(g). The ‘‘Listing Qualifications Department’’ is
the department of Nasdaq responsible for Company
compliance with quantitative and qualitative listing
standards and determining eligibility for initial and
continued listing of a Company’s securities. See
Nasdaq Rule 5805(f).
8 See Notice, supra note 3, at 72293.
9 See Rule 5810(c)(2)(E).
10 See Rule 5810(c)(3).
11 See Rule 5810(c)(1).
12 A ‘‘Staff Delisting Determination’’ or ‘‘Delisting
Determination’’ is a written determination by the
Listing Qualifications Department to delist a listed
Company’s securities for failure to meet a continued
listing standard. See Nasdaq Rule 5805(h).
13 The ‘‘Hearings Panel’’ is an independent panel
made up of at least two persons who are not
employees or otherwise affiliated with Nasdaq or its
affiliates, and who have been authorized by the
Nasdaq Board of Directors. See Nasdaq Rule
5805(d).
14 Pursuant to Nasdaq Rule 5815(c)(1)(A), when
the Hearings Panel review is of a deficiency related
to continued listing standards, the Hearings Panel
may, where it deems appropriate grant an exception
to the continued listing standards for a period not
to exceed 180 days from the date of the Staff
E:\FR\FM\23MRN1.SGM
23MRN1
]]>Agencies
[Federal Register Volume 87, Number 56 (Wednesday, March 23, 2022)]
[Notices]
[Pages 16515-16518]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06089]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94448; File No. SR-IEX-2022-01]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Extend
the Pilot Period for the Market Wide Circuit Breaker to April 18, 2022
March 17, 2022.
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 March 16, 2022, 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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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\ the Exchange is filing with the
Commission a proposed rule change to amend IEX Rule 11.280 to extend
the pilot period for the market-wide circuit breaker to the close of
business on April 18, 2022. 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\
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\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4.
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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 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 Market-Wide Circuit Breaker (``MWCB'') rules, including
paragraphs (a) through (d) and (f) of IEX Rule 11.280, provide an
important, automatic mechanism that is invoked to promote stability and
investor confidence during periods of significant stress when cash
equities securities experience extreme market-wide declines. The MWCB
rules are designed to slow the effects of extreme price declines
through coordinated trading halts across both cash equity and equity
options securities markets.
The cash equities rules governing MWCBs were first adopted in 1988
and, in 2012, all U.S. cash equity exchanges and FINRA amended their
cash equities
[[Page 16516]]
uniform rules on a pilot basis \8\ (the ``Pilot Rules,'' i.e., for IEX,
Rule 11.280(a)-(d) and (f) \9\). The Pilot Rules currently provide for
trading halts in all cash equity securities during a severe market
decline as measured by a single-day decline in the S&P 500 Index
(``SPX'').\10\ Under the Pilot Rules, a market-wide trading halt will
be triggered if SPX declines in price by specified percentages from the
prior day's closing price of that index. The triggers are set at three
circuit breaker thresholds: 7% (Level 1), 13% (Level 2), and 20% (Level
3). A market decline that triggers a Level 1 or Level 2 halt after 9:30
a.m. and before 3:25 p.m. would halt market-wide trading for 15
minutes, while a similar market decline at or after 3:25 p.m. would not
halt market-wide trading. (Level 1 and Level 2 halts may occur only
once a day.) A market decline that triggers a Level 3 halt at any time
during the trading day would halt market-wide trading for the remainder
of the trading day.
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\8\ See Securities Exchange Act Release No. 67090 (May 31,
2012), 77 FR 33531 (June 6, 2012) (SR-BATS-2011-038; SR-BYX-2011-
025; SR-BX-2011-068; SR-CBOE-2011-087; SR-C2-2011-024; SR-CHX-2011-
30; SR-EDGA-2011-31; SR-EDGX-2011-30; SR-FINRA-2011-054; SR-ISE-
2011-61; SR-NASDAQ-2011-131; SR-NSX-2011-11; SR-NYSE-2011-48; SR-
NYSEAmex-2011-73; SR-NYSEArca-2011-68; SR-Phlx-2011-129).
\9\ IEX's Pilot Rule has been effective since its approval for
registration as a national securities exchange in 2016. See
Securities Exchange Act Release No. 78101 (June 17, 2016), 81 FR
41142 (June 23, 2016) (File No. 10-222).
\10\ The rules of the equity options exchanges similarly provide
for a halt in trading if the cash equity exchanges invoke a MWCB
Halt. See, e.g., NYSE Arca Rule 6.65-O(d)(4).
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The Commission approved the Pilot Rules, 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''),\11\ including any extensions to the pilot period for the LULD
Plan.\12\ In April 2019, the Commission approved an amendment to the
LULD Plan for it to operate on a permanent, rather than pilot,
basis.\13\ In conjunction with the proposal to make the LULD Plan
permanent, the Exchange amended IEX Rule 11.280 to extend the Pilot
Rules' effectiveness to the close of business on October 18, 2019.\14\
The Exchange subsequently amended IEX Rule 11.280 to untie the Pilot
Rules' effectiveness from that of the LULD Plan and extended the Pilot
Rules' effectiveness several times: (i) From October 18, 2019 to
October 18, 2020; \15\ from October 18, 2020 to October 18, 2021; \16\
and from October 18, 2021 to March 18, 2022.\17\
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\11\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012). 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. See Securities Exchange Act Release No.
78703 (August 26, 2016), 81 FR 60397 (September 1, 2016) (File No.
4-631). The LULD Plan provides a mechanism to address extraordinary
market volatility in individual securities.
\12\ See, e.g., Securities Exchange Act Release No. 78703
(August 26, 2016), 81 FR 60397 (September 1, 2016) (File No. 4-631)
(describing the several extensions of the LULD Plan pilot period).
\13\ See Securities Exchange Act Release No. 85623 (April 11,
2019), 84 FR 16086 (April 17, 2019).
\14\ See Securities Exchange Act Release No. 85576 (April 9,
2019), 84 FR 15237 (April 15, 2019) (SR-IEX-2019-04).
\15\ See Securities Exchange Act Release No. 87298 (October 15,
2019), 84 FR 56255 (October 21, 2019) (SR-IEX-2019-11).
\16\ See Securities Exchange Act Release No. 90128 (October 8,
2020), 85 FR 65127 (October 14, 2020) (SR-IEX-2020-17).
\17\ See Securities Exchange Act Release No. 93323 (October 14,
2021), 86 FR 58125 (October 20, 2021) (SR-IEX-2021-12).
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The Exchange now proposes to amend IEX Rule 11.280 to extend the
pilot one more month, to the close of business on April 18, 2022. This
filing does not propose any substantive or additional changes to IEX
Rule 11.280.
The MWCB Task Force and the March 2020 MWCB Events
In late 2019, Commission staff requested the formation of a MWCB
Task Force (``Task Force'') to evaluate the operation and design of the
MWCB mechanism. The Task Force included representatives from the SROs,
the Commission, CME, the Commodity Futures Trading Commission
(``CFTC''), and the securities industry and conducted several
organizational meetings in December 2019 and January 2020.
In Spring 2020, the MWCB mechanism proved itself to be an effective
tool for protecting markets through turbulent times. In March 2020, at
the outset of the worldwide COVID-19 pandemic, U.S. equities markets
experienced four MWCB Level 1 halts, on March 9, 12, 16, and 18, 2020.
In each instance, the markets halted as intended upon a 7% drop in the
S&P 500 Index, and resumed as intended 15 minutes later.
In response to these events, in the Spring and Summer of 2020, the
Task Force held ten meetings that were attended by Commission staff,
with the goal of performing an expedited review of the March 2020 halts
and identifying any areas where the MWCB mechanism had not worked
properly. Given the risk of unintended consequences, the Task Force did
not recommend changes that were not rooted in a noted deficiency. The
Task Force recommended creating a process for a backup reference price
in the event that SPX were to become unavailable, and enhancing
functional MWCB testing. The Task Force also asked CME to consider
modifying its rules to enter into a limit-down state in the futures
pre-market after a 7% decline instead of 5%. CME made the requested
change, which became effective on October 12, 2020.\18\
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\18\ See https://www.cmegroup.com/content/dam/cmegroup/market-regulation/rule-filings/2020/9/20-392_1.pdf; https://www.cmegroup.com/market-regulation/rule-filings/2020/9/20-392_2.pdf.
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The MWCB Working Group's Study
On September 17, 2020, the Director of the Commission's Division of
Trading and Markets asked the SROs to conduct a more complete study of
the design and operation of the Pilot Rules and the LULD Plan during
the period of volatility in the Spring of 2020.
In response to the request, the SROs created a MWCB ``Working
Group'' composed of SRO representatives and industry advisers that
included members of the advisory committees to both the LULD Plan and
the NMS Plans governing the collection, consolidation, and
dissemination of last-sale transaction reports and quotations in NMS
Stocks. The Working Group met regularly from September 2020 through
March 2021 to consider the Commission's request, review data, and
compile its study. The Working Group's efforts in this respect
incorporated and built on the work of an MWCB Task Force.
The Working Group submitted its study to the Commission on March
31, 2021 (the ``Study'').\19\ In addition to a timeline of the MWCB
events in March 2020, the Study includes a summary of the analysis and
recommendations of the MWCB Task Force; an evaluation of the operation
of the Pilot Rules during the March 2020 events; an evaluation of the
design of the current MWCB system; and the Working Group's conclusions
and recommendations.
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\19\ See Report of the Market-Wide Circuit Breaker (``MWCB'')
Working Group Regarding the March 2020 MWCB Events, submitted March
31, 2021 (the ``Study''), available at https://www.nyse.com/publicdocs/nyse/markets/nyse/Report_of_the_Market-Wide_Circuit_Breaker_Working_Group.pdf.
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In the Study, the Working Group concluded: (1) The MWCB mechanism
set out in the Pilot Rules worked as intended during the March 2020
events; (2) the MWCB halts triggered in March 2020 appear to have had
the intended effect of calming volatility in the market, without
causing harm; (3) the design of the MWCB mechanism with respect to
reference value (SPX), trigger levels (7%/13%/20%), and halt times (15
minutes) is appropriate; (4) the change implemented in Amendment 10
[[Page 16517]]
to the Plan to Address Extraordinary Market Volatility (the ``LULD
Plan'') did not likely have any negative impact on MWCB functionality;
and (5) no changes should be made to the mechanism to prevent the
market from halting shortly after the opening of regular trading hours
at 9:30 a.m.
In light of the foregoing conclusions, the Working Group also made
several recommendations, including that the Pilot Rules should be
permanent without any changes.\20\
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\20\ See id. at 46.
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Proposal To Extend the Operation of the Pilot Rules Pending the
Commission's Consideration of the Exchange's Filing To Make the Pilot
Rules Permanent
On July 16, 2021, the New York Stock Exchange (``NYSE'') proposed a
rule change to make the Pilot Rules permanent, consistent with the
Working Group's recommendations.\21\ On August 27, 2021, the Commission
extended its time to consider the proposed rule change to October 20,
2021; \22\ on September 30, 2021, the Commission initiated proceedings
to determine whether to approve or disapprove of the filing; \23\ and
on January 7, 2022, the Commission again extended the review period for
the NYSE filing to make the Pilot Rules permanent, designating March
19, 2022, as the date by which the Commission will either approve or
disapprove of the filing.\24\
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\21\ See Securities Exchange Act Release No. 92428 (July 16,
2021), 86 FR 38776 (July 22, 2021) (SR-NYSE-2021-40).
\22\ See Securities Exchange Act Release No. 92785A (August 27,
2021), 86 FR 50202 (September 7, 2021) (SR-NYSE-2021-40).
\23\ See Securities Exchange Act Release No. 93212 (September
30, 2021), 86 FR 55066 (October 5, 2021) (SR-NYSE-2021-40).
\24\ See Securities Exchange Act Release No. 93933 (January 7,
2022), 87 FR 2189 (January 13, 2022) (SR-NYSE-2021-40).
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To allow time for the Commission to make its final decision on the
NYSE MWCB filing, the Exchange proposes to extend the expiration date
of the Pilot Rules to the end of business on April 18, 2022.
2. Statutory Basis
The Exchange believes that its proposal is consistent with the
requirements of Sections 6(b) \25\ and 6(b)(5) of the Act,\26\ 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 MWCB mechanism under
Rule 11.280 is an important, automatic mechanism that is invoked to
promote stability and investor confidence during periods of significant
stress when securities markets experience extreme broad-based declines.
Extending the MWCB pilot for an additional month would ensure the
continued, uninterrupted operation of a consistent mechanism to halt
trading across the U.S. equity markets while the Commission reviews
NYSE's proposed rule change to make the Pilot Rules permanent.
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\25\ 15 U.S.C. 78f(b).
\26\ 15 U.S.C. 78f(b)(5).
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The Exchange also believes that the proposed rule change promotes
just and equitable principles of trade in that it promotes transparency
and uniformity across markets concerning when and how to halt trading
in all stocks as a result of extraordinary market volatility. Based on
the foregoing, the Exchange believes the benefits to market
participants from the MWCB under Rule 11.280(a) through (d) and (f)
should continue on a pilot basis because the MWCB will promote fair and
orderly markets, and protect investors and the public interest.
B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule change implicates any
competitive issues because the proposal would ensure the continued,
uninterrupted operation of a consistent mechanism to halt trading
across the U.S. markets while the Commission reviews NYSE's proposed
rule change to make the Pilot Rules permanent.
Further, IEX understands that the other SROs will file proposals to
extend their rules regarding the MWCB pilot. Thus, the proposed rule
change will help to ensure consistency across market centers without
implicating any competitive issues.
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \27\ and Rule 19b-4(f)(6) thereunder.\28\
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 \29\ and Rule 19b-
4(f)(6)(iii) thereunder.\30\
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\27\ 15 U.S.C. 78s(b)(3)(A)(iii).
\28\ 17 CFR 240.19b-4(f)(6).
\29\ 15 U.S.C. 78s(b)(3)(A)(iii).
\30\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4 requires a
self-regulatory organization to give the Commission written notice
of its intent to file a proposed rule change under that subsection
at least five business days prior to the date of filing, or such
shorter time as designated by the Commission. The Exchange has
satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \31\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\32\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange asked
that the Commission waive the 30 day operative delay so that the
proposal may become operative immediately upon filing. Extending the
Pilot Rules' effectiveness to the close of business on April 18, 2022
will extend the protections provided by the Pilot Rules, which would
otherwise expire in less than 30 days. Waiver of the operative delay
would therefore permit uninterrupted continuation of the MWCB pilot
while the Commission reviews the NYSE's proposed rule change to make
the Pilot Rules permanent. Therefore, the Commission hereby waives the
30-day operative delay and designates the proposed rule change as
operative upon filing.\33\
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\31\ 17 CFR 240.19b-4(f)(6).
\32\ 17 CFR 240.19b-4(f)(6)(iii).
\33\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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) \34\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\34\ 15 U.S.C. 78s(b)(2)(B).
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[[Page 16518]]
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-IEX-2022-01 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-IEX-2022-01. 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-IEX-2022-01 and
should be submitted on or before April 13, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
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\35\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06089 Filed 3-22-22; 8:45 am]
BILLING CODE 8011-01-P
