[Federal Register Volume 77, Number 179 (Friday, September 14, 2012)]
[Notices]
[Pages 56902-56903]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-22640]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67815; File No. SR-NYSE-2012-46]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Delete Non-Operable Text Within Its Price List Applicable to
Supplemental Liquidity Providers (``SLPs'')
September 10, 2012.
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 September 5, 2012, New York Stock Exchange LLC (the
``Exchange'' or ``NYSE'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II and III below, which Items have been prepared by the
Exchange. 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\ 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 delete non-operable text within its Price
List applicable to Supplemental Liquidity Providers (``SLPs''). The
text of the proposed rule change is available on the Exchange's Web
site at www.nyse.com, at the principal office of the Exchange, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to delete non-operable text within its
Price List applicable to SLPs.
On August 28, 2012, the Exchange filed a rule proposal to (i) amend
NYSE Rule 107B to change the existing SLP monthly volume requirement in
all assigned SLP securities from an average daily volume (``ADV'') of
more than 10 million shares to an ADV that is a specified percentage of
consolidated ADV (``CADV'') in all NYSE-listed securities (``NYSE
CADV'') and (ii) amend the Exchange's Price List to specify the
applicable percentage of NYSE CADV for the monthly volume requirement.
In particular, the Exchange deleted from the Price List the requirement
that SLPs add liquidity of an ADV of more than 10 million shares, and
replaced it with a requirement that SLPs add liquidity in all assigned
SLP securities of an ADV of more than 0.22% of NYSE CADV. These rule
changes became operative on September 1, 2012.\3\
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\3\ See Securities Exchange Act Release No. 67759 (Aug. 30,
2012) 77 FR 54939 (Sep. 6, 2012) (SR-NYSE-2012-38).
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The Exchange proposes this rule filing to delete text that was
inadvertently kept in the Price List that states that the monthly
volume requirement is based on adding liquidity of an ADV of more than
10 million shares. In particular, the Exchange proposes to delete the
following text from the Price List: ``of an ADV of more than 10 million
shares.'' As a result of this proposed change, the Price List will now
accurately reflect that the monthly volume requirement to receive the
credit per share--per transaction--for SLPs, both for securities with a
per share price of $1.00 or more and for securities with a per share
price of less than $1.00, is to add liquidity in all assigned SLP
securities of an ADV of more than 0.22% of NYSE CADV. The Exchange
further proposes to amend footnote 8 to the Price List to conform to
the changes that are operative relating to how the monthly volume
requirement is calculated.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the
``Act''),\4\ in general, and furthers the objectives of Section 6(b)(4)
of the Act,\5\ in particular, because it provides for the equitable
allocation of reasonable dues, fees, and other charges among its
members and issuers and other persons using its facilities and does not
unfairly discriminate between customers, issuers, brokers or dealers.
In particular, the Exchange believes that the rule proposal meets these
requirements because it provides transparency in the Price List by
deleting text that is no longer operable and assures that the Price
List accurately reflects how the credits per transaction are calculated
for the monthly volume requirement, as amended, by deleting the text
that is no longer operable and revising footnote 8.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
[[Page 56903]]
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 foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \6\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \7\ thereunder, because it establishes a due, fee, or other charge
imposed by NYSE.
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(2).
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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.
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 (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please
include File Number SR-NYSE-2012-46 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSE-2012-46. 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 Web site (http://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 Web site 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; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSE-2012-46 and should be
submitted on or before October 5, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-22640 Filed 9-13-12; 8:45 am]
BILLING CODE 8011-01-P