Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 6.40P-O, 78166-78169 [2022-27651]
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78166
Federal Register / Vol. 87, No. 244 / Wednesday, December 21, 2022 / Notices
Commission, 100 F Street NE,
Washington, DC 20549.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–NSCC–2022–015. 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 NSCC and on DTCC’s website
(https://dtcc.com/legal/sec-rulefilings.aspx). 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–NSCC–
2022–015 and should be submitted on
or before January 11, 2023.
[Release No. 34–96509; File No. SR–
NASDAQ–2022–057]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.46
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022–27657 Filed 12–20–22; 8:45 am]
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BILLING CODE 8011–01–P
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change To Adopt Listing Rule
5732 To Provide Listing Standards for
Contingent Value Rights on Nasdaq
Global Market
December 15, 2022.
On October 17, 2022, 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
adopt Listing Rule 5732 to provide
listing standards for Contingent Value
Rights on Nasdaq Global Market. The
proposed rule change was published for
comment in the Federal Register on
November 3, 2022.3 The Commission
has received no comments on the
proposed rule change.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is December 18,
2022. The Commission is extending this
45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,5
designates February 1, 2023 as the date
by which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 96176
(October 28, 2022), 87 FR 66337 (November 3,
2022).
4 15 U.S.C. 78s(b)(2).
5 Id.
2 17
46 17
CFR 200.30–3(a)(12).
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disapprove, the proposed rule change
(File No. SR–NASDAQ–2022–057).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022–27655 Filed 12–20–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96504; File No. SR–
NYSEARCA–2022–82]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rule 6.40P–O
December 15, 2022.
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 December
14, 2022, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 6.40P–O (Pre-Trade and ActivityBased Risk Controls) pertaining to pretrade risk controls to make additional
pre-trade risk controls available to
Entering Firms. 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
6 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 87, No. 244 / Wednesday, December 21, 2022 / Notices
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 6.40P–O (Pre-Trade and ActivityBased Risk Controls) pertaining to pretrade risk controls to make additional
pre-trade risk controls available to
entering Firms.4
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Background and Purpose
In 2022, in connection with the
Exchange’s migration to Pillar and to
better assist OTP Holders and OTP
Firms in managing their risk, the
Exchange adopted Rule 6.40P–O, which
included pre-trade risk controls, among
other activity-based controls, wherein
an Entering Firm had the option of
establishing limits or restrictions on
certain of its trading behavior on the
Exchange and authorizing the Exchange
to take action if those limits or
restrictions were exceeded.5
Specifically, the Exchange added a
Single Order Maximum Notional Value
Risk Limit, and a Single Order
Maximum Quantity Risk Limit 6
(collectively, the ‘‘Initial Pre-Trade Risk
Controls’’).
The Exchange now proposes to
expand the list of the optional pre-trade
risk controls available to Entering Firms
by adding several additional pre-trade
risk controls that would provide
Entering Firms with enhanced abilities
to manage their risk with respect to
orders on the Exchange. Like the Initial
Pre-Trade Risk Controls, use of the pretrade risk controls proposed herein is
optional, but all orders on the Exchange
would pass through these risk checks.
As such, an Entering Firm that does not
choose to set limits pursuant to the new
proposed pre-trade risk controls would
not achieve any latency advantage with
respect to its trading activity on the
Exchange. In addition, the Exchange
expects that any latency added by the
4 The term ‘‘Entering Firm’’ refers to an OTP
Holder or OTP Firm (including those acting as
Market Makers). See Rule 6.40P–O(a)(1).
5 See Securities Exchange Act Release No. 94072
(January 26, 2022), 87 FR 5592 (February 1, 2022)
(Notice of filing Notice of Filing of Amendment No.
4 and Order Granting Accelerated Approval of a
Proposed Rule Change, as Modified by Amendment
No. 4) (SR–NYSEArca–2021–47).
6 The terms ‘‘Single Order Maximum Notional
Value Risk Limit, and ‘‘Single Order Maximum
Quantity Risk Limit’’ are defined in Rule 6.40P–
O(a)(2).
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pre-trade risk controls would be de
minimis.
Proposed Amendment to Rule 6.40P–O
To accomplish this rule change, the
Exchange proposes to amend the
definition of the term ‘‘Pre-Trade Risk
Controls’’ set forth in Rule 6.40P–O(a)(2)
to adopt the definition of ‘‘Single-Order
Risk Controls,’’ which controls would
be listed in proposed paragraph (A) to
Rule 6.40P–O(a)(2). As proposed, the
‘‘Single-Order Risk Controls’’ would
include the already-defined risk
controls of the Single Order Maximum
Notional Value Risk Limit and Single
Order Maximum Quantity Risk Limit
(collectively referred to herein as the
‘‘existing Single-Order Risk Checks’’),
with non-substantive changes to
streamline the descriptions of these
controls into new paragraph (i) of
proposed Rule 6.40P–O(a)(2)(A).7
However, because of a lack of demand
for the option to apply the existing
Single-Order Risk Checks to Market
Maker quotes, the Exchange proposes to
discontinue functionality supporting
this optional feature.
In the addition, the Exchange
proposes to add paragraphs (a)(2)(A)(ii)
through (v) to enumerate the proposed
new Single-Order Risk Controls, as
follows:
(ii) controls related to the price of an order
or quote (including percentage-based and
dollar-based controls);
(iii) controls related to the order types or
modifiers that can be utilized;
(iv) controls to restrict the options class
transacted; and
(v) controls to prohibit duplicative orders.
Each of the new Single-Order Risk
Controls in proposed paragraph
(a)(2)(A)(ii)–(v) is substantively
identical to risk settings already in place
on the Exchange’s affiliate equities
exchange NYSE American LLC (‘‘NYSE
American’’),8 as well as those on the
Cboe and MEMX equities exchanges,9
7 See proposed Rule 6.40P–O(a)(2)(A)(i) (setting
forth ‘‘controls related to the maximum dollar
amount for a single order to be applied one time
(‘Single Order Maximum Notional Value Risk
Limit’) and the maximum number of contracts that
may be included in a single order before it can be
traded (‘Single Order Maximum Quantity Risk
Limit’). Orders designated GTC will be subject to
these checks only once.’’) Consistent with the
foregoing changes, the Exchange proposes to delete
current paragraph (B) to Rule 6.40P–O(a)(2)(B). See
id.
8 See NYSE American Rule 7.19E; see also
Securities Exchange Act Release No. 96403
(November 29, 2022) (SR–NYSEAMER–2022–53).
9 See Cboe BZX Exchange, Inc. (‘‘Cboe BZX’’)
Rule 11.13, Interpretations and Policies .01; Cboe
BYX Exchange, Inc. (‘‘Cboe BYX’’) Rule 11.13,
Interpretations and Policies .01; Cboe EDGA
Exchange, Inc. (‘‘Cboe EDGA’’) Rule 11.10,
Interpretations and Policies .01; Cboe EDGX
Exchange, Inc. (‘‘Cboe EDGX’’) Rule 11.10,
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78167
except that the proposed controls
account for options trading, such as
including reference to ‘‘an order or
quote’’ versus ‘‘an order’’ and reference
to restrictions on trading in an ‘‘options
class’’ versus on ‘‘the types of securities
transacted (including but not limited to
restricted securities).’’ 10 As such, the
proposed new optional Pre-Trade Risk
Controls are familiar to market
participants and are not novel.
The Exchange proposes to modify
current paragraph (b)(2) regarding the
setting and adjusting of the Pre-Trade
Risk Controls to state that, in addition
to Pre-Trade Risk Controls being
available to be set at the MPID level or
at one or more sub-IDs associated with
that MPID, or both, that Pre-Trade Risk
Controls to restrict the options class(es)
transacted must be set per option
class.11
The Exchange proposes to modify
paragraph (c)(1) regarding ‘‘Breach
Action for Pre-Trade Risk Controls.’’
First, the Exchange proposes to specify
that ‘‘[a] Limit Order that breaches any
Single-Order Risk Control will be
rejected.’’ 12 The proposed functionality
is consistent with the treatment of Limit
Orders that breach the existing Single
Order Risk Checks and simply extends
the application of the breach action to
the newly proposed Single-Order Risk
Controls. Next, proposed Rule 6.40P–
O(c)(1)(A)(ii) specifies that ‘‘[a] Market
Order that arrives during a pre-open
state will be cancelled if the quantity
remaining to trade after an Auction
breaches the Single Order Maximum
Notional Value Risk Limit,’’ which
functionality is identical to treatment of
such interest under the current Rule.13
Proposed Rule 6.40P–O(c)(1)(A)(ii)
further specifies that ‘‘[a]t all other
times, a Market Order that triggers or
breaches any Single-Order Risk Control
will be rejected.’’ 14 The proposed
functionality is consistent with the
treatment of Market Orders (that arrive
other than during a pre-open state) that
breach the existing Single Order Risk
Checks and simply extends the
Interpretations and Policies .01; and MEMX LLC
(‘‘MEMX’’) Rule 11.10, Interpretations and Policies
.01.
10 See proposed Rule 6.40P(a)(2)(A)(ii) and
(a)(2)(A)(iv) as compared to NYSE American Rule
7.19E(b)(2)(B) and (b)(2)(F), respectively.
11 See, e.g.,. Rule 7.19E(d)(2) (specifying that pretrade risk controls related to transacting in
restricted securities must be set per symbol).
12 See proposed Rule 6.40P(c)(1)(A)(i).
13 See Rule 6.40P(c)(1)(A)(i) (providing, in
relevant part, that ‘‘[a] Market Order that breaches
the designated limit of a Single Order Maximum
Quantity Risk Limit’’ will be ‘‘canceled if the order
was received during a pre-open state and the
quantity remaining to trade after an Auction
concludes breaches the designated limit.’’).
14 See proposed Rule 6.40P(c)(1)(A)(ii).
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Federal Register / Vol. 87, No. 244 / Wednesday, December 21, 2022 / Notices
application of the breach action to the
newly proposed Single-Order Risk
Controls. Further, proposed Rule 6.40P–
O(c)(1)(A)(iii) addresses the breach
action relevant to the new Single-Order
Risk Control set forth in proposed Rule
6.40P–O(a)(2)(A)(ii) (i.e., a breach of
controls related to the price of an order
or quote including percentage-based and
dollar-based controls). As proposed, a
Limit Order or quote that would breach
a price control under paragraph
(a)(2)((A)(ii) would be rejected or
cancelled as specified in Rule 6.62P–O
(a)(3)(A) (Limit Order Price
Protection).15
Finally, the Exchange proposes to add
new Commentary .02 to specify the
interplay between the Exchange’s Limit
Order Price Protection (‘‘LOPP’’)
functionality and the price controls that
may be set by an Entering Firm pursuant
to proposed paragraph (a)(2)(A)(ii).
Proposed Commentary .02 specifies that
an Entering Firm may set price controls
under paragraph (a)(2)(A)(ii) that are
equal to or more restrictive than levels
set by the Exchange LOPP functionality.
Continuing Obligations of OTP Holders
Under Rule 15c3–5
The proposed Pre-Trade Risk Controls
described here are meant to supplement,
and not replace, the OTP Holders’ own
internal systems, monitoring, and
procedures related to risk management.
The Exchange does not guarantee that
these controls will be sufficiently
comprehensive to meet all of an OTP
Holder’s needs, the controls are not
designed to be the sole means of risk
management, and using these controls
will not necessarily meet an OTP
Holder’s obligations required by
Exchange or federal rules (including,
without limitation, the Rule 15c3–5
under the Act 16 (‘‘Rule 15c3–5’’)). Use
of the Exchange’s Pre-Trade Risk
Controls will not automatically
constitute compliance with Exchange or
federal rules and responsibility for
compliance with all Exchange and SEC
rules remains with the OTP Holder.17
Timing and Implementation
The Exchange anticipates completing
the technological changes necessary to
implement the proposed rule change in
15 See
proposed Rule 6.40P(c)(1)(A)(iii).
17 CFR 240.15c3–5.
17 See also Commentary .01 to Rule 6.40P–O,
which provides that the Pre-Trade Risk Controls set
forth in Rule 6.40P–O ‘‘are meant to supplement,
and not replace, the OTP Holder’s or OTP Firm’s
own internal systems, monitoring, and procedures
related to risk management and are not designed for
compliance with Rule 15c3–5 under the Exchange
Act. Responsibility for compliance with all
Exchange and SEC rules remains with the OTP
Holder or OTP Firm.’’).
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16 See
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the second quarter of 2023, but in any
event no later than June 30, 2023. The
Exchange anticipates announcing the
availability of the Pre-Trade Risk
Controls introduced in this filing by
Trader Update in the first quarter of
2023.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,18 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,19 in particular, because 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
regulating, clearing, settling, processing
information with respect to, and
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, and because it is not
designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers.
Specifically, the Exchange believes
that the proposed rule change will
remove impediments to and perfect the
mechanism of a free and open market
and a national market system because
the proposed optional additional PreTrade Risk Controls would provide
Entering Firms enhanced abilities to
manage their risk with respect to orders
or quotes on the Exchange. The
proposed additional Pre-Trade Risk
Controls are not novel; they are based
on existing risk settings already in place
on NYSE American,20 as well as those
on the Cboe and MEMX equities
exchanges,21 and market participants
are already familiar with the types of
protections that the proposed risk
controls afford. Moreover, the proposed
new Single-Order Risk Controls (like the
existing Single-Order Risk Checks) are
options and, as such, Entering Firms are
free to utilize or not at their discretion.
Thus, the Exchange believes that the
proposed additional Pre-Trade Risk
Controls would provide a means to
address potentially market-impacting
events, helping to ensure the proper
functioning of the market.
In addition, the Exchange believes
that the proposed rule change will
protect investors and the public interest
because the proposed additional PreTrade Risk Controls are a form of impact
18 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
20 See supra note 8.
21 See supra note 9.
19 15
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mitigation that will aid Entering Firms
in minimizing their risk exposure and
reduce the potential for disruptive,
market-wide events. The Exchange
understands that OTP Holders
implement a number of different riskbased controls, including those required
by Rule 15c3–5. The controls proposed
here will serve as an additional tool for
Entering Firms to assist them in
identifying any risk exposure. The
Exchange believes the proposed
additional Pre-Trade Risk Controls will
assist Entering Firms in managing their
financial exposure which, in turn, could
enhance the integrity of trading on the
securities markets and help to assure the
stability of the financial system.
The Exchange believes that the
proposed rule change will remove
impediments to and perfect the
mechanism of a free and open market
and a national market system by
permitting Entering Firms to set price
controls under paragraph (a)(2)(A)(ii)
that are equal to or more restrictive than
the levels established in the Exchange’s
LOPP functionality, which protects from
aberrant trades, thus improving
continuous trading and price discovery.
To the extent that Entering Firms would
like to further manage their exposure to
aberrant trades, this proposed
functionality affords such Firms the
ability to set price controls at levels that
are more restrictive than the LOPP
levels. Additionally, because price
controls set by an Entering Firm under
paragraph (a)(2)(A)(ii) would function as
a form of limit order price protection,
the Exchange believes that it would
remove impediments to and perfect the
mechanism of a free and open market
and a national market system for an
order that would breach such a price
control to be rejected or cancelled as
specified per Rule 6.62P–O(a)(3)(A)
regarding the LOPP.
Finally, the Exchange believes that
the proposed rule change does not
unfairly discriminate among the
Exchange’s OTP Holders because use of
the proposed additional Pre-Trade Risk
Controls is optional and is not a
prerequisite for participation on the
Exchange. In addition, because all
orders on the Exchange would pass
through the risk checks, there would be
no difference in the latency experienced
by OTP Holders who have opted to use
the proposed additional Pre-Trade Risk
Controls versus those who have not
opted to use them.
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
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Federal Register / Vol. 87, No. 244 / Wednesday, December 21, 2022 / Notices
necessary or appropriate in furtherance
of the purposes of the Act. In fact, the
Exchange believes that the proposal will
have a positive effect on competition
because, by providing Entering Firms
additional means to monitor and control
risk, the proposed rule will increase
confidence in the proper functioning of
the markets. The Exchange believes the
proposed additional Pre-Trade Risk
Controls will assist Entering Firms in
managing their financial exposure
which, in turn, could enhance the
integrity of trading on the securities
markets and help to assure the stability
of the financial system. As a result, the
level of competition should increase as
public confidence in the markets is
solidified.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 22 and Rule
19b–4(f)(6) thereunder.23 Because the
proposed rule change does not: (i)
significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.24
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
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22 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
24 17 CFR 240.19b–4(f)(6)(iii). 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.
23 17
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under Section 19(b)(2)(B) 25 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
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–2022–82 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–2022–82. 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–NYSEARCA–2022–82 and
25 15
PO 00000
U.S.C. 78s(b)(2)(B).
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78169
should be submitted on or before
January 11, 2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022–27651 Filed 12–20–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96503; File No. SR–ICEEU–
2022–026]
Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to
Amendments to the Finance
Procedures
December 15, 2022.
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 December
6, 2022, ICE Clear Europe Limited (‘‘ICE
Clear Europe’’ or the ‘‘Clearing House’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule changes described in
Items I, II, and III below, which Items
have been prepared primarily by ICE
Clear Europe. ICE Clear Europe filed the
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(4) thereunder,4 such that the
proposed rule change was immediately
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
ICE Clear Europe Limited (‘‘ICE Clear
Europe’’ or the ‘‘Clearing House’’)
proposes to amend its Finance
Procedures in order to align the timing
at which monthly interest payments and
monthly transaction fees are processed.
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission, ICE
Clear Europe included statements
concerning the purpose of and basis for
the proposed rule change and discussed
26 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(4).
1 15
E:\FR\FM\21DEN1.SGM
21DEN1
]]>Agencies
[Federal Register Volume 87, Number 244 (Wednesday, December 21, 2022)]
[Notices]
[Pages 78166-78169]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27651]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96504; File No. SR-NYSEARCA-2022-82]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Rule
6.40P-O
December 15, 2022.
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 December 14, 2022, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\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
The Exchange proposes to amend Rule 6.40P-O (Pre-Trade and
Activity-Based Risk Controls) pertaining to pre-trade risk controls to
make additional pre-trade risk controls available to Entering Firms.
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
[[Page 78167]]
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rule 6.40P-O (Pre-Trade and
Activity-Based Risk Controls) pertaining to pre-trade risk controls to
make additional pre-trade risk controls available to entering Firms.\4\
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\4\ The term ``Entering Firm'' refers to an OTP Holder or OTP
Firm (including those acting as Market Makers). See Rule 6.40P-
O(a)(1).
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Background and Purpose
In 2022, in connection with the Exchange's migration to Pillar and
to better assist OTP Holders and OTP Firms in managing their risk, the
Exchange adopted Rule 6.40P-O, which included pre-trade risk controls,
among other activity-based controls, wherein an Entering Firm had the
option of establishing limits or restrictions on certain of its trading
behavior on the Exchange and authorizing the Exchange to take action if
those limits or restrictions were exceeded.\5\ Specifically, the
Exchange added a Single Order Maximum Notional Value Risk Limit, and a
Single Order Maximum Quantity Risk Limit \6\ (collectively, the
``Initial Pre-Trade Risk Controls'').
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\5\ See Securities Exchange Act Release No. 94072 (January 26,
2022), 87 FR 5592 (February 1, 2022) (Notice of filing Notice of
Filing of Amendment No. 4 and Order Granting Accelerated Approval of
a Proposed Rule Change, as Modified by Amendment No. 4) (SR-
NYSEArca-2021-47).
\6\ The terms ``Single Order Maximum Notional Value Risk Limit,
and ``Single Order Maximum Quantity Risk Limit'' are defined in Rule
6.40P-O(a)(2).
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The Exchange now proposes to expand the list of the optional pre-
trade risk controls available to Entering Firms by adding several
additional pre-trade risk controls that would provide Entering Firms
with enhanced abilities to manage their risk with respect to orders on
the Exchange. Like the Initial Pre-Trade Risk Controls, use of the pre-
trade risk controls proposed herein is optional, but all orders on the
Exchange would pass through these risk checks. As such, an Entering
Firm that does not choose to set limits pursuant to the new proposed
pre-trade risk controls would not achieve any latency advantage with
respect to its trading activity on the Exchange. In addition, the
Exchange expects that any latency added by the pre-trade risk controls
would be de minimis.
Proposed Amendment to Rule 6.40P-O
To accomplish this rule change, the Exchange proposes to amend the
definition of the term ``Pre-Trade Risk Controls'' set forth in Rule
6.40P-O(a)(2) to adopt the definition of ``Single-Order Risk
Controls,'' which controls would be listed in proposed paragraph (A) to
Rule 6.40P-O(a)(2). As proposed, the ``Single-Order Risk Controls''
would include the already-defined risk controls of the Single Order
Maximum Notional Value Risk Limit and Single Order Maximum Quantity
Risk Limit (collectively referred to herein as the ``existing Single-
Order Risk Checks''), with non-substantive changes to streamline the
descriptions of these controls into new paragraph (i) of proposed Rule
6.40P-O(a)(2)(A).\7\ However, because of a lack of demand for the
option to apply the existing Single-Order Risk Checks to Market Maker
quotes, the Exchange proposes to discontinue functionality supporting
this optional feature.
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\7\ See proposed Rule 6.40P-O(a)(2)(A)(i) (setting forth
``controls related to the maximum dollar amount for a single order
to be applied one time (`Single Order Maximum Notional Value Risk
Limit') and the maximum number of contracts that may be included in
a single order before it can be traded (`Single Order Maximum
Quantity Risk Limit'). Orders designated GTC will be subject to
these checks only once.'') Consistent with the foregoing changes,
the Exchange proposes to delete current paragraph (B) to Rule 6.40P-
O(a)(2)(B). See id.
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In the addition, the Exchange proposes to add paragraphs
(a)(2)(A)(ii) through (v) to enumerate the proposed new Single-Order
Risk Controls, as follows:
(ii) controls related to the price of an order or quote
(including percentage-based and dollar-based controls);
(iii) controls related to the order types or modifiers that can
be utilized;
(iv) controls to restrict the options class transacted; and
(v) controls to prohibit duplicative orders.
Each of the new Single-Order Risk Controls in proposed paragraph
(a)(2)(A)(ii)-(v) is substantively identical to risk settings already
in place on the Exchange's affiliate equities exchange NYSE American
LLC (``NYSE American''),\8\ as well as those on the Cboe and MEMX
equities exchanges,\9\ except that the proposed controls account for
options trading, such as including reference to ``an order or quote''
versus ``an order'' and reference to restrictions on trading in an
``options class'' versus on ``the types of securities transacted
(including but not limited to restricted securities).'' \10\ As such,
the proposed new optional Pre-Trade Risk Controls are familiar to
market participants and are not novel.
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\8\ See NYSE American Rule 7.19E; see also Securities Exchange
Act Release No. 96403 (November 29, 2022) (SR-NYSEAMER-2022-53).
\9\ See Cboe BZX Exchange, Inc. (``Cboe BZX'') Rule 11.13,
Interpretations and Policies .01; Cboe BYX Exchange, Inc. (``Cboe
BYX'') Rule 11.13, Interpretations and Policies .01; Cboe EDGA
Exchange, Inc. (``Cboe EDGA'') Rule 11.10, Interpretations and
Policies .01; Cboe EDGX Exchange, Inc. (``Cboe EDGX'') Rule 11.10,
Interpretations and Policies .01; and MEMX LLC (``MEMX'') Rule
11.10, Interpretations and Policies .01.
\10\ See proposed Rule 6.40P(a)(2)(A)(ii) and (a)(2)(A)(iv) as
compared to NYSE American Rule 7.19E(b)(2)(B) and (b)(2)(F),
respectively.
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The Exchange proposes to modify current paragraph (b)(2) regarding
the setting and adjusting of the Pre-Trade Risk Controls to state that,
in addition to Pre-Trade Risk Controls being available to be set at the
MPID level or at one or more sub-IDs associated with that MPID, or
both, that Pre-Trade Risk Controls to restrict the options class(es)
transacted must be set per option class.\11\
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\11\ See, e.g.,. Rule 7.19E(d)(2) (specifying that pre-trade
risk controls related to transacting in restricted securities must
be set per symbol).
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The Exchange proposes to modify paragraph (c)(1) regarding ``Breach
Action for Pre-Trade Risk Controls.'' First, the Exchange proposes to
specify that ``[a] Limit Order that breaches any Single-Order Risk
Control will be rejected.'' \12\ The proposed functionality is
consistent with the treatment of Limit Orders that breach the existing
Single Order Risk Checks and simply extends the application of the
breach action to the newly proposed Single-Order Risk Controls. Next,
proposed Rule 6.40P-O(c)(1)(A)(ii) specifies that ``[a] Market Order
that arrives during a pre-open state will be cancelled if the quantity
remaining to trade after an Auction breaches the Single Order Maximum
Notional Value Risk Limit,'' which functionality is identical to
treatment of such interest under the current Rule.\13\ Proposed Rule
6.40P-O(c)(1)(A)(ii) further specifies that ``[a]t all other times, a
Market Order that triggers or breaches any Single-Order Risk Control
will be rejected.'' \14\ The proposed functionality is consistent with
the treatment of Market Orders (that arrive other than during a pre-
open state) that breach the existing Single Order Risk Checks and
simply extends the
[[Page 78168]]
application of the breach action to the newly proposed Single-Order
Risk Controls. Further, proposed Rule 6.40P-O(c)(1)(A)(iii) addresses
the breach action relevant to the new Single-Order Risk Control set
forth in proposed Rule 6.40P-O(a)(2)(A)(ii) (i.e., a breach of controls
related to the price of an order or quote including percentage-based
and dollar-based controls). As proposed, a Limit Order or quote that
would breach a price control under paragraph (a)(2)((A)(ii) would be
rejected or cancelled as specified in Rule 6.62P-O (a)(3)(A) (Limit
Order Price Protection).\15\
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\12\ See proposed Rule 6.40P(c)(1)(A)(i).
\13\ See Rule 6.40P(c)(1)(A)(i) (providing, in relevant part,
that ``[a] Market Order that breaches the designated limit of a
Single Order Maximum Quantity Risk Limit'' will be ``canceled if the
order was received during a pre-open state and the quantity
remaining to trade after an Auction concludes breaches the
designated limit.'').
\14\ See proposed Rule 6.40P(c)(1)(A)(ii).
\15\ See proposed Rule 6.40P(c)(1)(A)(iii).
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Finally, the Exchange proposes to add new Commentary .02 to specify
the interplay between the Exchange's Limit Order Price Protection
(``LOPP'') functionality and the price controls that may be set by an
Entering Firm pursuant to proposed paragraph (a)(2)(A)(ii). Proposed
Commentary .02 specifies that an Entering Firm may set price controls
under paragraph (a)(2)(A)(ii) that are equal to or more restrictive
than levels set by the Exchange LOPP functionality.
Continuing Obligations of OTP Holders Under Rule 15c3-5
The proposed Pre-Trade Risk Controls described here are meant to
supplement, and not replace, the OTP Holders' own internal systems,
monitoring, and procedures related to risk management. The Exchange
does not guarantee that these controls will be sufficiently
comprehensive to meet all of an OTP Holder's needs, the controls are
not designed to be the sole means of risk management, and using these
controls will not necessarily meet an OTP Holder's obligations required
by Exchange or federal rules (including, without limitation, the Rule
15c3-5 under the Act \16\ (``Rule 15c3-5'')). Use of the Exchange's
Pre-Trade Risk Controls will not automatically constitute compliance
with Exchange or federal rules and responsibility for compliance with
all Exchange and SEC rules remains with the OTP Holder.\17\
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\16\ See 17 CFR 240.15c3-5.
\17\ See also Commentary .01 to Rule 6.40P-O, which provides
that the Pre-Trade Risk Controls set forth in Rule 6.40P-O ``are
meant to supplement, and not replace, the OTP Holder's or OTP Firm's
own internal systems, monitoring, and procedures related to risk
management and are not designed for compliance with Rule 15c3-5
under the Exchange Act. Responsibility for compliance with all
Exchange and SEC rules remains with the OTP Holder or OTP Firm.'').
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Timing and Implementation
The Exchange anticipates completing the technological changes
necessary to implement the proposed rule change in the second quarter
of 2023, but in any event no later than June 30, 2023. The Exchange
anticipates announcing the availability of the Pre-Trade Risk Controls
introduced in this filing by Trader Update in the first quarter of
2023.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\18\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\19\ in particular, because 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 regulating,
clearing, settling, processing information with respect to, and
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,
and because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78f(b)(5).
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Specifically, the Exchange believes that the proposed rule change
will remove impediments to and perfect the mechanism of a free and open
market and a national market system because the proposed optional
additional Pre-Trade Risk Controls would provide Entering Firms
enhanced abilities to manage their risk with respect to orders or
quotes on the Exchange. The proposed additional Pre-Trade Risk Controls
are not novel; they are based on existing risk settings already in
place on NYSE American,\20\ as well as those on the Cboe and MEMX
equities exchanges,\21\ and market participants are already familiar
with the types of protections that the proposed risk controls afford.
Moreover, the proposed new Single-Order Risk Controls (like the
existing Single-Order Risk Checks) are options and, as such, Entering
Firms are free to utilize or not at their discretion. Thus, the
Exchange believes that the proposed additional Pre-Trade Risk Controls
would provide a means to address potentially market-impacting events,
helping to ensure the proper functioning of the market.
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\20\ See supra note 8.
\21\ See supra note 9.
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In addition, the Exchange believes that the proposed rule change
will protect investors and the public interest because the proposed
additional Pre-Trade Risk Controls are a form of impact mitigation that
will aid Entering Firms in minimizing their risk exposure and reduce
the potential for disruptive, market-wide events. The Exchange
understands that OTP Holders implement a number of different risk-based
controls, including those required by Rule 15c3-5. The controls
proposed here will serve as an additional tool for Entering Firms to
assist them in identifying any risk exposure. The Exchange believes the
proposed additional Pre-Trade Risk Controls will assist Entering Firms
in managing their financial exposure which, in turn, could enhance the
integrity of trading on the securities markets and help to assure the
stability of the financial system.
The Exchange believes that the proposed rule change will remove
impediments to and perfect the mechanism of a free and open market and
a national market system by permitting Entering Firms to set price
controls under paragraph (a)(2)(A)(ii) that are equal to or more
restrictive than the levels established in the Exchange's LOPP
functionality, which protects from aberrant trades, thus improving
continuous trading and price discovery. To the extent that Entering
Firms would like to further manage their exposure to aberrant trades,
this proposed functionality affords such Firms the ability to set price
controls at levels that are more restrictive than the LOPP levels.
Additionally, because price controls set by an Entering Firm under
paragraph (a)(2)(A)(ii) would function as a form of limit order price
protection, the Exchange believes that it would remove impediments to
and perfect the mechanism of a free and open market and a national
market system for an order that would breach such a price control to be
rejected or cancelled as specified per Rule 6.62P-O(a)(3)(A) regarding
the LOPP.
Finally, the Exchange believes that the proposed rule change does
not unfairly discriminate among the Exchange's OTP Holders because use
of the proposed additional Pre-Trade Risk Controls is optional and is
not a prerequisite for participation on the Exchange. In addition,
because all orders on the Exchange would pass through the risk checks,
there would be no difference in the latency experienced by OTP Holders
who have opted to use the proposed additional Pre-Trade Risk Controls
versus those who have not opted to use them.
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
[[Page 78169]]
necessary or appropriate in furtherance of the purposes of the Act. In
fact, the Exchange believes that the proposal will have a positive
effect on competition because, by providing Entering Firms additional
means to monitor and control risk, the proposed rule will increase
confidence in the proper functioning of the markets. The Exchange
believes the proposed additional Pre-Trade Risk Controls will assist
Entering Firms in managing their financial exposure which, in turn,
could enhance the integrity of trading on the securities markets and
help to assure the stability of the financial system. As a result, the
level of competition should increase as public confidence in the
markets is solidified.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \22\ and Rule 19b-4(f)(6) thereunder.\23\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.\24\
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\22\ 15 U.S.C. 78s(b)(3)(A)(iii).
\23\ 17 CFR 240.19b-4(f)(6).
\24\ 17 CFR 240.19b-4(f)(6)(iii). 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.
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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) \25\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\25\ 15 U.S.C. 78s(b)(2)(B).
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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-2022-82 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-2022-82. 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-NYSEARCA-2022-82 and should be submitted
on or before January 11, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-27651 Filed 12-20-22; 8:45 am]
BILLING CODE 8011-01-P
