[Federal Register Volume 79, Number 150 (Tuesday, August 5, 2014)]
[Notices]
[Page 45535]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-18378]



[[Page 45535]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72703; File No. SR-NYSEArca-2014-04]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change, as 
Modified by Amendment No. 1, To Amend NYSE Arca, Inc.'s Rules by 
Revising the Order of Priority of Bids and Offers When Executing Orders 
in Open Outcry

July 29, 2014.
    On January 15, 2014, NYSE Arca, Inc. (``Exchange'' or ``NYSE 
Arca'') 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 revise the order of priority of bids and offers 
when executing orders in open outcry. The proposed rule change was 
published for comment in the Federal Register on February 3, 2014.\3\ 
On March 18, 2014, the Commission extended to May 2, 2014 the period in 
which to approve, disapprove, or institute proceedings to determine 
whether to disapprove the proposed rule change.\4\ The Commission 
received ten comment letters from seven commenters regarding the 
proposal,\5\ as well as a response to the comment letters from NYSE 
Arca.\6\ On April 29, 2014, the Exchange filed Amendment No. 1 to the 
proposed rule change.\7\ On May 2, 2014, the Commission noticed 
Amendment No. 1 and instituted proceedings to determine whether to 
approve or disapprove the proposed rule change under Section 
19(b)(2)(B) of the Act \8\ in an order published in the Federal 
Register on May 8, 2014.\9\ The Commission thereafter received no 
comment letters on the proposal, as modified by Amendment No. 1.
    Section 19(b)(2) of the Act \10\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the Federal Register publishes notice of the proposed rule change. The 
Commission may extend the period for issuing an order approving or 
disapproving the proposed rule change by not more than 60 days if the 
Commission determines that a longer period is appropriate and publishes 
the reasons for such determination. The proposed rule change was 
published for notice and comment in the Federal Register on February 3, 
2014. August 2, 2014 is 180 days from that date, and October 1, 2014 is 
an additional 60 days from that date.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 71425 (January 28, 
2014), 79 FR 6258 (``Notice'').
    \4\ See Securities Exchange Act Release No. 71733 (March 18, 
2014), 79 FR 16072 (March 24, 2014).
    \5\ See Letter from Darren Story, dated January 29, 2014; Letter 
from Abraham Kohen, AK FE Consultants LLC, dated January 31, 2014; 
Letter from David Spack, Chief Compliance Officer, Casey Securities, 
LLC, dated February 3, 2014; Letter from Abraham Kohen, AK FE 
Consultants LLC, dated February 4, 2014; Letter from Angel Alvira, 
dated February 12, 2014; Letter from Donald Hart, dated February 12, 
2014; Letter from Doug Patterson, Chief Compliance Officer, Cutler 
Group, LP, dated February 13, 2014; Letter from Donald Hart, dated 
February 18, 2014; Letter from Gerald D. O'Connell, Chief Regulatory 
Officer, Susquehanna International Group, LLP, dated March 14, 2014; 
and Letter from Darren Story, dated March 21, 2014. The comment 
letters are available in the public comment file for SR-NYSEArca-
2014-04 at http://www.sec.gov/comments/sr-nysearca-2014-04/nysearca201404.shtml.
    \6\ See Letter from Martha Redding, Chief Counsel, NYSE 
Euronext, dated April 4, 2014 (``NYSE Response Letter''). The NYSE 
Response Letter is available at http://www.sec.gov/comments/sr-nysearca-2014-04/nysearca201404.shtml.
    \7\ Amendment No. 1 is available in the public comment file for 
SR-NYSEArca-2014-04 at http://www.sec.gov/comments/sr-nysearca-2014-04/nysearca201404.shtml.
    \8\ 15 U.S.C. 78s(b)(2)(B).
    \9\ See Securities Exchange Act Release No. 72081 (May 2, 2014) 
79 FR 26474 (``Order Instituting Proceedings'').
    \10\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change, as modified by Amendment No. 1, so that the Commission has 
sufficient time to consider the proposed rule change, the issues raised 
in the comment letters that have been submitted in connection with this 
proposed rule change, and NYSE Arca's response to these issues in its 
response letter.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\11\ designates October 1, 2014, as the date by which the 
Commission must either approve or disapprove the proposed rule change, 
as modified by Amendment No. 1 (File Number SR-NYSEArca-2014-04).
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    \11\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-18378 Filed 8-4-14; 8:45 am]
BILLING CODE 8011-01-P