[Federal Register Volume 80, Number 208 (Wednesday, October 28, 2015)]
[Notices]
[Pages 66065-66069]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-27349]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-76229; File No. SR-NYSE-2015-46]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Proposed Rule Change Establishing Rules To Comply
With the Requirements of the Plan To Implement a Tick Size Pilot Plan
Submitted to the Commission Pursuant to Rule 608 of Regulation NMS
Under the Act
October 22, 2015.
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 October 9, 2015, New York Stock Exchange LLC (``NYSE''
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 establish rules to comply with the
requirements of the Plan to Implement a Tick Size Pilot Plan submitted
to the Commission pursuant to Rule 608 of Regulation NMS under the Act
(the ``Plan''). 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to establish rules to require its member
organizations to comply with the requirements of the Plan to Implement
a Tick Size Pilot Program (the ``Plan''),\4\ which is designed to study
and assess the impact of increment conventions on the liquidity and
trading of the common stocks of small capitalization companies. The
Exchange proposes changes to its rules for a two-year pilot period that
coincides with the pilot period for the Plan, which is currently
scheduled as a two year pilot to begin on May 6, 2016.
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\4\ See Securities and Exchange Act Release No. 74892 (May 6,
2015), 80 FR 27513 (File No. 4-657) (``Tick Plan Approval Order'').
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Background
On August 25, 2014, NYSE Group, Inc., on behalf of BATS Exchange,
Inc., BATS Y-Exchange, Inc., Chicago Stock Exchange, Inc., EDGA
Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory
Authority, Inc. (``FINRA''), NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC,
the Nasdaq Stock Market LLC, New York Stock Exchange LLC, NYSE MKT LLC,
and NYSE Arca, Inc. (collectively ``Participants''), filed with the
Commission, pursuant to Section 11A of the Act \5\ and Rule 608 of
Regulation NMS thereunder, the Plan to Implement a Tick Size Pilot
Program.\6\ The Participants filed the Plan to comply with an order
issued by the Commission on June 24, 2014 (the ``June 2014
[[Page 66066]]
Order'').\7\ The Plan \8\ was published for comment in the Federal
Register on November 7, 2014,\9\ and approved by the Commission, as
modified, on May 6, 2015.\10\
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\5\ 15 U.S.C. 78k-1.
\6\ See Letter from Brendon J. Weiss, Vice President,
Intercontinental Exchange, Inc., to Secretary, Commission, dated
August 25, 2014.
\7\ See Securities Exchange Act Release No 72460 (June 24,
2014), 79 FR 36840 (June 30, 2014).
\8\ Unless otherwise specified, capitalized terms used in this
rule filing are based on the defined terms of the Plan.
\9\ See Securities and Exchange Act Release No. 73511 (November
3, 2014), 79 FR 66423 (File No. 4-657) (Tick Plan Filing).
\10\ See Tick Plan Approval Order, supra note 5.
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The Plan is designed to allow the Commission, market participants,
and the public to study and assess the impact of increment conventions
on the liquidity and trading of the common stocks of small
capitalization companies. The Commission plans to use the Tick Size
Pilot Program to access whether wider tick sizes enhance the market
quality of Pilot Securities for the benefit of issuers and investors.
Each Participant is required to comply with, and to enforce compliance
by its member organizations, as applicable, with the provisions of the
Plan.
On October 9, 2015, the Operating Committee approved the Exchange's
proposed rules as model Participant rules that would require compliance
by a Participant's members with the provisions of the Plan, as
applicable, and would establish written policies and procedures
reasonably designed to comply with applicable quoting and trading
requirements specified in the Plan.\11\ As described more fully below,
the proposed rules would require member organizations to comply with
the Plan and provide for the widening of quoting and trading increments
for Pilot Securities, consistent with the Plan.
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\11\ The Operating Committee is required under Section III(C)(2)
of the Plan to ``monitor the procedures established pursuant to the
Plan and advise Participants with respect to any deficiencies,
problems, or recommendations as the Operating Committee may deem
appropriate.'' The Operating Committee is also required to
``establish specifications and procedures for the implementation and
operation of the Plan that are consistent with the provisions of the
Plan.''
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The Tick Size Pilot Program will include stocks of companies with
$3 billion or less in market capitalization, an average daily trading
volume of one million shares or less, and a volume weighted average
price of at least $2.00 for every trading day. The Tick Pilot Program
will consist of a control group of approximately 1400 Pilot Securities
and three test groups with 400 Pilot Securities in each selected by a
stratified sampling.\12\ During the pilot, Pilot Securities in the
control group will be quoted at the current tick size increment of
$0.01 per share and will trade at the currently permitted increments.
Pilot Securities in the first test group (``Test Group One'') will be
quoted in $0.05 minimum increments but will continue to trade at any
price increment that is currently permitted.\13\ Pilot Securities in
the second test group (``Test Group Two'') will be quoted in $0.05
minimum increments and will trade at $0.05 minimum increments subject
to a midpoint exception, a retail investor exception, and a negotiated
trade exception.\14\ Pilot Securities in the third test group (``Test
Group Three'') will be subject to the same terms as Test Group Two and
also will be subject to the ``Trade-at'' requirement to prevent price
matching by a person not displaying at a price of a Trading Center's
``Best Protected Bid or ``Best Protected Offer,'' unless an enumerated
exception applies.\15\ In addition to the exceptions provided under
Test Group Two, an exception for Block Size orders and exceptions that
mirror those under Rule 611 of Regulation NMS \16\ will apply to the
Trade-at requirement.
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\12\ See Section V of the Plan for identification of Pilot
Securities, including criteria for selection and grouping.
\13\ See Section VI(B) of the Plan. Pilot Securities in Test
Group One will be subject to a midpoint exception and a retail
investor exception.
\14\ See Section VI(C) of the Plan.
\15\ See Section VI(D) of the Plan.
\16\ 17 CFR 242.611.
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The Tick Pilot Program also contains requirements for the
collection and transmission of data to the Commission and the public. A
variety of data generated during the Tick Pilot Program will be
released publicly on an aggregated basis to assist in analyzing the
impact of wider tick sizes on smaller capitalization stocks.\17\
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\17\ See Section VII of the Plan.
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Proposed Rule 67
The Plan requires the Exchange to establish, maintain, and enforce
written policies and procedures that are reasonably designed to comply
with applicable quoting and trading requirements specified in the
Plan.\18\ Accordingly, the Exchange is proposing new Rule 67 to require
its member organizations to comply with the quoting and trading
provisions of the Plan. The proposed Rule is also designed to ensure
the Exchange's compliance with the Plan.
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\18\ The Exchange is also required by the Plan to develop
appropriate policies and procedures that provide for data collection
and reporting to the Commission of data described in Appendixes B
and C of the Plan. The Exchange plans to separately propose rules
that would require compliance by its member organizations with the
collection of data provisions of the Plan described in Section VII
of the Plan, and has reserved Paragraph (b) for such rules.
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Proposed paragraph (a)(1) of new Rule 67 would establish the
following defined terms:
``Plan'' means the Tick Size Pilot Plan submitted to the
Commission pursuant to Rule 608(a)(3) of Regulation NMS under the Act;
``Pilot Test Groups'' means the three test groups
established under the Plan, consisting of 400 Pilot Securities each,
which satisfy the respective criteria established by the Plan for each
such test group.
``Trading Center'' would have the meaning provided in Rule
600(b)(78) of Regulation NMS under the Exchange Act and, for purposes
of a Trading Center operated by a broker-dealer, means an independent
trading unit, as defined under Rule 200(f) of Regulation SHO, within
such broker-dealer.\19\
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\19\ 17 CFR 242.200. Independent trading unit aggregation is
available if traders in an aggregation unit pursue only the
particular trading objective(s) or strategy(s) of that aggregation
unit and do not coordinate that strategy with any other aggregation
unit. Therefore, a Trading Center cannot rely on quotations
displayed by that broker dealer from a different independent trading
unit. As an example, an agency desk of a broker-dealer cannot rely
on the quotation of a proprietary desk in a separate independent
trading unit at that same broker-dealer.
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``Retail Investor Order'' would mean an agency order or a
riskless principal order that meets the criteria of FINRA Rule 5320.03
that originates from a natural person and is submitted to the Exchange
by a retail member organization (a member organization, or a division
thereof, that has been approved by the Exchange under the Exchange's
retail liquidity program rule (Rule 107C) to submit Retail Investor
Orders), provided that no change is made to the terms of the order with
respect to price or side of market and the order does not originate
from a trading algorithm or any other computerized methodology. A
Retail Investor Order is an immediate or cancel order that operates in
accordance with the Exchange's retail liquidity program rule (Rule
107C). A Retail Investor Order may be an odd lot, round lot, or partial
round lot.\20\
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\20\ This definition is the approved definition for ``Retail
Investor Order'' as contemplated by the Plan. It is also the same
definition as given to ``Retail Orders'' pursuant to the approved
rules of other national securities exchanges. See NYSE Rule
107C(a)(3). See also NYSE Arca, Inc. Rule 7.44(a)(3), BATS Y-
Exchange, Inc. Rule 11.24(a)(2) and NASDAQ Stock Market LLC Rule
4780(a)(2).
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Paragraph (a)(1)(E) would provide that all capitalized
terms not otherwise defined in this rule shall have the meanings set
forth in the Plan, Regulation NMS under the Act, or Exchange rules, as
applicable.
Proposed Paragraph (a)(2) would state that the Exchange is a
Participant in,
[[Page 66067]]
and subject to the applicable requirements of, the Plan; proposed
Paragraph (a)(3) would require member organizations to establish,
maintain and enforce written policies and procedures that are
reasonably designed to comply with the applicable requirements of the
Plan, which would allow the Exchange to enforce compliance by its
member organizations with the provisions of the Plan, as required
pursuant to Section II(B) of the Plan.
In addition, Paragraph (a)(4) would provide that Exchange systems
would not display, quote or trade in violation of the applicable
quoting and trading requirements for a Pilot Security specified in the
Plan and this proposed rule, unless such quotation or transaction is
specifically exempted under the Plan.\21\
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\21\ The Exchange is still evaluating its internal policies and
procedures to ensure compliance with the Plan, and plans to
separately propose rules that would address violations of the Plan.
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The Exchange also proposes to add Rule 67(a)(5) to provide for the
treatment of Pilot Securities that drop below a $1.00 value during the
Pilot Period.\22\ The Exchange proposes that if the price of a Pilot
Security drops below $1.00 during regular trading on any given business
day, such Pilot Security would continue to be subject to the Plan and
the requirements described below that necessitate member organizations
to comply with the specific quoting and trading obligations for each
respective Pilot Test Group under the Plan, and would continue to trade
in accordance with the proposed rules below as if the price of the
Pilot Security had not dropped below $1.00. However, if the Closing
Price of a Pilot Security on any given business day is below $1.00,
such Pilot Security would be moved out of its respective Pilot Test
Group into the control group (which consists of Pilot Securities not
placed into a Pilot Test Group), and may then be quoted and traded at
any price increment that is currently permitted by Exchange rules for
the remainder of the Pilot Period. Notwithstanding anything contained
herein to the contrary, the Exchange proposes that, at all times during
the Pilot Period, Pilot Securities (whether in the control group or any
Pilot Test Group) would continue to be subject to the data collection
rules, which will be enumerated in reserved Rule 67(b).
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\22\ In order to provide for such treatment, the Exchange, on
behalf of all Participants under the Plan, also plans to file a
request for exemption under Rule 608(e) of Regulation NMS from the
Plan.
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The Exchange proposes Rules 67(c)-(e), which would require member
organizations to comply with the specific quoting and trading
obligations for each Pilot Test Group under the Plan. With regard to
Pilot Securities in Test Group One, proposed Rule 67(c) would provide
that no member organization may display, rank, or accept from any
person any displayable or non-displayable bids or offers, orders, or
indications of interest in increments other than $0.05. However, orders
priced to trade at the midpoint of the National Best Bid and National
Best Offer (``NBBO'') or Best Protected Bid and Best Protect Offer
(``PBBO'') and orders entered in the Exchange's Retail Liquidity
Program as Retail Price Improvement Orders (``Retail Price Improvement
Order'') \23\ may be ranked and accepted in increments of less than
$0.05. Pilot Securities in Test Group One may continue to trade at any
price increment that is currently permitted by Rule 62.10.\24\
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\23\ A Retail Price Improvement Order consists of non-displayed
interest in NYSE-listed securities that is priced better than the
Best Protected Bid or Best Protected Offer, as such terms are
defined in Regulation NMS Rule 600(b)(57), by at least $0.001 and
that is identified as such. See NYSE Rule 107C(a)(4).
\24\ Rule 62.10 describes the minimum price variation for
quoting and entry of orders in equity securities admitted to
dealings on the Exchange.
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With regard to Pilot Securities in Test Group Two, proposed Rule
67(d)(1) would provide that such Pilot Securities would be subject to
all of the same quoting requirements as described above for Pilot
Securities in Test Group One, along with the applicable quoting
exceptions. In addition, proposed Rule 67(d)(2) would provide that,
absent one of the listed exceptions in proposed Rule 67(d)(3)
enumerated below, no member organization may execute orders in any
Pilot Security in Test Group Two in price increments other than $0.05.
The $0.05 trading increment would apply to all trades, including
Brokered Cross Trades.
Paragraph (d)(3) would set forth further requirements for Pilot
Securities in Test Group Two. Specifically, member organizations
trading Pilot Securities in Test Group Two would be allowed to trade in
increments less than $0.05 under the following circumstances:
(A) Trading may occur at the midpoint between the NBBO or PBBO;
(B) Retail Investor Orders may be provided with price improvement
that is at least $0.005 better than the Best Protected Bid or the Best
Protected Offer; and
(C) Negotiated Trades may trade in increments less than $0.05.
Paragraph (e)(1)-(e)(3) would set forth the requirements for Pilot
Securities in Test Group Three. Member organizations quoting or trading
such Pilot Securities would be subject to all of the same quoting and
trading requirements as described above for Pilot Securities in Test
Group Two, including the quoting and trading exceptions applicable to
Test Group Two Pilot Securities. In addition, proposed Paragraph (e)(4)
would provide for an additional prohibition on Pilot Securities in Test
Group Three referred to as the ``Trade-at Prohibition.'' \25\ Paragraph
(e)(4)(B) would provide that, absent one of the listed exceptions in
proposed Rule 67(e)(4)(C) enumerated below, no member organization may
execute a sell order for a Pilot Security in Test Group Three at the
price of a Protected Bid or execute a buy order for a Pilot Security in
Test Group Three at the price of a Protected Offer.
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\25\ Proposed Rule 67(e)(4)(A) would define the ``Trade-at
Prohibition'' to mean the prohibition against executions by a
Trading Center of a sell order for a Pilot Security at the price of
a Protected Bid or the execution of a buy order for a Pilot Security
at the price of a Protected Offer during regular trading hours.
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Proposed Rule 67(e)(4)(C) would allow member organizations to
execute a sell order for a Pilot Security in Test Group Three at the
price of a Protected Bid or execute a buy order for a Pilot Security in
Test Group Three at the price of a Protected Offer if any of the
following circumstances exist:
(A) The order is executed by a Trading Center within a member
organization that has a displayed quotation for the account of that
Trading Center on a principal basis, via either a processor or an SRO
Quotation Feed,\26\ at a price equal to the traded-at Protected
Quotation, that was displayed before the order was received,\27\ but
only up to the full displayed size of the Trading Center's previously
displayed quote;
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\26\ By requiring the displayed quotation to be for the account
of ``that Trading Center,'' the Trading Center cannot rely on any
quotations it may put up on an agency basis, including a riskless
principal basis. A Trading Center that is a broker-dealer also
cannot rely on any quotation that is not a displayed quotation for
its own account, such as the quotation of another broker-dealer, or
customer of such broker-dealer.
\27\ The Exchange is proposing to adopt this limitation to
ensure that a Trading Center does not display a quotation after the
time of order receipt solely for the purpose of trading at the price
of a protected quotation without routing to that protected
quotation.
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(B) The order consists of odd lot orders and odd lot portions of
partial round lot (``PRL'') orders that are displayed on an SRO
Quotation Feed, at a price equal to the traded-at Protected
[[Page 66068]]
Quotation, but only up to the size of the displayed quotation; \28\
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\28\ Proposed Supplementary Material .10 to Rule 67(e)(4)(C)(ii)
would further provide that, for purposes of sub-paragraph (ii), a
member organization is prohibited from breaking a round lot order or
round lot portion of a PRL into odd lot orders to avoid the
restrictions contained in this Rule.
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(C) The order is of Block Size \29\ at the time of origin and may
not be:
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\29\ ``Block Size'' is defined in the Plan as an order (1) of at
least 5,000 shares or (2) for a quantity of stock having a market
value of at least $100,000.
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(i) An aggregation of non-block orders;
(ii) broken into orders smaller than Block Size prior to submitting
the order to a Trading Center for execution; or
(iii) executed on multiple Trading Centers; \30\
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\30\ Once a Block Size order or portion of such Block Size order
is routed from one Trading Center to another Trading Center in
compliance with Rule 611 of Regulation NMS, the Block Size order
would lose the Trade-at exemption provided under proposed Rule
67(e)(4)(C)(C), unless the Block Size remaining after the first
route and execution meets the Block Size definition under the Plan
(See footnote 28). For example, if an exchange has a Protected Bid
of 3,000 shares, with 2,000 shares in reserve, and receives a 5,000
share order to sell, the exchange would be able to execute the
entire 5,000 share order without having to route to an away market
at any other Protected Bid at the same price. If, however, that
exchange only has 1,000 shares in reserve, the entire order would
not be able to be executed on that exchange, and the exchange would
only be able to execute 3,000 shares and route the rest to away
markets at other Protected Bids at the same price, before executing
the 1,000 shares in reserve. The same analysis would hold true at
the next price point, if the size of the incoming order would exceed
all available shares at the first price, and the remaining shares to
be executed would be 5,000 shares or more.
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(D) The order is a Retail Investor Order executed with at least
$0.005 price improvement;
(E) The order is executed when the Trading Center displaying the
Protected Quotation that was traded at was experiencing a failure,
material delay, or malfunction of its systems or equipment;
(F) The order is executed as part of a transaction that was not a
``regular way'' contract;
(G) The order is executed as part of a single-priced opening,
reopening, or closing transaction on the Exchange;
(H) The order is executed when a Protected Bid was priced higher
than a Protected Offer in the Pilot Security in Test Group Three;
(I) The order is identified as a Trade-at Intermarket Sweep Order;
(J) The order is executed by a Trading Center that simultaneously
routed Trade-at Intermarket Sweep Orders to execute against the full
displayed size of the Protected Quotation that was traded at;
(K) The order is executed as part of a Negotiated Trade;
(L) The order is executed when the Trading Center displaying the
Protected Quotation that was traded at had displayed, within one second
prior to execution of the transaction that constituted the Trade-at, a
Best Protected Bid or Best Protected Offer, as applicable, for the
Pilot Security in Test Group Three with a price that was inferior to
the price of the Trade-at transaction;
(M) The order is executed by a Trading Center which, at the time of
order receipt, the Trading Center had guaranteed an execution at no
worse than a specified price (a ``stopped order''), where:
(i) The stopped order was for the account of a customer;
(ii) The customer agreed to the specified price on an order-by-
order basis; and
(iii) The price of the Trade-at transaction was, for a stopped buy
order, equal to the National Best Bid in the Pilot Security in Test
Group Three at the time of execution or, for a stopped sell order,
equal to the National Best Offer in the Pilot Security in Test Group
Three at the time of execution; or
(N) The order is for a fractional share of a Pilot Security in Test
Group Three, provided that such fractional share order was not the
result of breaking an order for one or more whole shares of a Pilot
Security in Test Group Three into orders for fractional shares or was
not otherwise effected to evade the requirements of the Trade-at
Prohibition or any other provisions of the Plan.
Finally, Proposed Rule 67(e)(4)(D) would prevent member
organizations from breaking an order into smaller orders or otherwise
effecting or executing an order to evade the requirements of the Trade-
at Prohibition or any other provisions of the Plan.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\31\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\32\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, 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
Exchange believes that the proposed rule change is consistent with the
Act because it ensures that the Exchange and its member organizations
would be in compliance with a Plan approved by the Commission pursuant
to an order issued by the Commission in reliance on Section 11A of the
Act.\33\ Such approved Plan gives the Exchange authority to establish,
maintain, and enforce written policies and procedures that are
reasonably designed to comply with applicable quoting and trading
requirements specified in the Plan. The Exchange believes that the
proposed rule change is consistent with the authority granted to it by
the Plan to establish specifications and procedures for the
implementation and operation of the Plan that are consistent with the
provisions of the Plan. Likewise, the Exchange believes that the
proposed rule change provides interpretations of the Plan that are
consistent with the Act, in general, and furthers the objectives of the
Act, in particular.
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\31\ 15 U.S.C. 78f(b).
\32\ 15 U.S.C. 78f(b)(5).
\33\ 15 U.S.C. 78k-1.
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Furthermore, the Exchange is a Participant under the Plan and
subject, itself, to the provisions of the Plan. The proposed rule
change ensures that the Exchange's systems would not display or execute
trading interests outside the requirements specified in such Plan. The
proposal would also help allow market participants to continue to trade
NMS Stocks within quoting and trading requirements that are in
compliance with the Plan, with certainty on how certain orders and
trading interests would be treated. This, in turn, will help encourage
market participants to continue to provide liquidity in the
marketplace.
Because the Plan supports further examination and analysis on the
impact of tick sizes on the trading and liquidity of the securities of
small capitalization companies, and the Commission believes that
altering tick sizes could result in significant market-wide benefits
and improvements to liquidity and capital formation, adopting rules
that enforce compliance by its member organizations with the provisions
of the Plan would help promote liquidity in the marketplace and perfect
the mechanism of a free and open market and national market system.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed changes are
being made to establish, maintain, and enforce written policies and
procedures that are reasonably designed to comply with the trading and
quoting requirements
[[Page 66069]]
specified in the Plan, of which other equities exchanges are also
Participants. Other competing national securities exchanges are subject
to the same trading and quoting requirements specified in the Plan.
Therefore, the proposed changes would not impose any burden on
competition, while providing certainty of treatment and execution of
trading interests on the Exchange to market participants in NMS Stocks
that are acting in compliance with the requirements specified in the
Plan.
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
Within 45 days of the date of publication of this notice in the
Federal Register or up to 90 days (i) as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or (ii) as to which the self-regulatory
organization consents, the Commission will:
(A) By order approve or disapprove the proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be 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 (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NYSE-2015-46 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSE-2015-46. 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 Section, 100 F Street
NE., Washington, DC 20549-1090 on official business days between the
hours of 10:00 a.m. and 3:00 p.m. Copies of the filing will also be
available for inspection and copying at the NYSE's principal office and
on its Internet Web site at www.nyse.com. 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-2015-46 and
should be submitted on or before November 18, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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\34\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-27349 Filed 10-27-15; 8:45 am]
BILLING CODE 8011-01-P