[Federal Register Volume 76, Number 142 (Monday, July 25, 2011)]
[Notices]
[Pages 44390-44394]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-18686]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64918; File No. SR-NYSE-2011-35]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending NYSE Rule 103 To Reduce the Net Liquid Asset Requirements for
DMM Units
July 19, 2011.
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 July 14, 2011, 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
and II below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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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 NYSE Rule 103 (``Registration and
Capital Requirements of DMMs and DMM Units'') to reduce the net liquid
asset requirements for DMM units. The text of the proposed rule change
is below. Proposed new language is italicized; proposed deletions are
in [brackets].
* * * * *
Rule 103. Registration and Capital Requirements of DMMs and DMM Units
(a)--(f) No change
Supplementary Material
.10-.11 No change
DMM Capital Requirements
.20
(a) Minimum Capital Requirements--No change
(b) DMM Units--Additional Capital Requirements.
(i) Each DMM unit subject to Rule 104 must maintain or have
allocated to it minimum net liquid assets equal to:
(A) [$250,000] $125,000 for each one tenth of one percent (.1%)
of Exchange transaction dollar volume in its registered securities,
exclusive of Exchange Traded Funds, plus $500,000 for each Exchange
Traded Fund; and
(B) A market risk add-on of [, which shall be calculated as
follows:
[[Page 44391]]
(1) The DMM unit may use an NYSE Regulation-approved value-at-
risk (VaR) model to calculate its market risk add-on. The VaR model
must have a 99%, one-tailed confidence level with price changes
equivalent to a ten business day movement in rates and prices. To
calculate the market risk add-on, the DMM unit multiplies the VaR of
DMM and related positions by the appropriate multiplication factor,
which is set at a minimum of three. The results of quarterly
backtesting determine which of the multiplication factors contained
in Table 1 of this rule a DMM unit must use; or
(2) For those DMM units not utilizing VaR or whose models have
not been approved by NYSE Regulation, three times] the average of
the prior twenty business days' securities haircuts on its DMM
dealer's positions computed pursuant to Rule 15c3-1(c)(2)(vi),
exclusive of paragraph (N), under the Exchange Act.
[(ii) A DMM unit may apply to NYSE Regulation for authorization
to use a VaR model to calculate its market risk add-on, in lieu of
calculating the average of the prior twenty business days' capital
requirement for securities haircuts under Exchange Act Rule 15c3-
1(c)(2)(vi), exclusive of paragraph (N). Once a DMM unit has been
granted approval by NYSE Regulation to use a VaR model, it shall
continue to compute its net liquid asset market risk add-on using
VaR, unless a change is approved upon application to the NYSE
Regulation. To apply for authorization to use a VaR model pursuant
to this rule, a DMM unit must submit in writing the following
information to NYSE Regulation with its application:
(A) A description of the mathematical models to be used to
compute its market risk add-on;
(B) A description of the requirements as set forth in paragraph
.20(c) of this rule; and
(C) Any other material NYSE Regulation may request.]
[(iii)] (ii) Notwithstanding the requirements of Rule 98, the
DMM unit's net liquid assets needed to meet the requirements in this
rule must be dedicated exclusively to DMM dealer activities, and
must not be used for any other purpose without the express written
consent of NYSE Regulation.
[(c) Definitions and Model Approval Process.--]
[(i)] (iii) For purposes of this rule, DMM units must define the
term ``Exchange transaction dollar volume'' consistent with the most
recent Statistical Data, calculated and provided by the NYSE on a
monthly basis.
[(ii) For a DMM unit's VaR model to be approved, it must meet
the following minimum qualitative and quantitative requirements:
(A) Qualitative Requirements.
(1) The VaR model used to calculate the market risk add-on for a
position, along with a system of internal risk management controls
to assist the DMM unit in managing the risks associated with its
business activities, must be integrated into the daily internal risk
management system of the DMM unit;
(2) The VaR model must be reviewed both periodically and
annually by qualified independent member unit personnel or a
qualified third party; and
(3) For purposes of computing the market risk add-on, the DMM
unit must determine the appropriate multiplication factor as
follows:
(I) As soon as possible, but no later than three months after
the DMM unit begins using the VaR model to calculate their market
risk add-on, the DMM unit must conduct backtesting of the model by
comparing its actual daily net trading profit or loss with the
corresponding VaR measure generated by the VaR model, using a 99
percent, one-tailed confidence level with price changes equivalent
to a one business day movement in rates and prices, for each of the
past 250 business days, or other period as may be appropriate for
the first year of its use;
(II) On the last business day of each quarter, the DMM unit must
identify the number of backtesting exceptions of the VaR model, that
is, the number of business days in the past 250 business days, or
other period as may be appropriate for the first year of its use,
for which the actual net trading loss, if any, exceeds the
corresponding VaR measure; and
(III) The DMM unit must use the multiplication factor indicated
in Table 1 below in determining its market risk add-on until it
obtains the next quarter's backtesting results;
Table 1--Multiplication Factor Based on the Number of Backtesting
Exceptions of the VaR Model
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Multiplication
Number of exceptions factor
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4 or fewer............................................ 3.00
5..................................................... 3.40
6..................................................... 3.50
7..................................................... 3.65
8..................................................... 3.75
9..................................................... 3.85
10 or more............................................ 4.00
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(4) For purposes of incorporating specific risk into a VaR
model, a DMM unit must demonstrate that it has methodologies in
place to capture liquidity, event, and default risk adequately for
each position. Furthermore, the models used to calculate deductions
for specific risk must:
(I) Explain the historical price variation in the portfolio;
(II) Capture concentration (magnitude and changes in
composition);
(III) Be robust to an adverse environment; and
(IV) Be validated through backtesting.
(B) Quantitative Requirements.
(1) For purposes of determining market risk add-on, the VaR
model must use a 99 percent, one-tailed confidence level with price
changes equivalent to a ten-business day movement in rates and
prices;
(2) The VaR model must use an effective historical observation
period of at least one year. The DMM unit must consider the effects
of market stress in its construction of the model. Historical data
sets must be updated at least monthly and reassessed whenever market
prices or volatilities change significantly; and
(3) The VaR model must take into account and incorporate all
significant, identifiable market risk factors applicable to
positions in the accounts of the DMM unit, including:
(I) Risks arising from the non-linear price characteristics of
derivatives and the sensitivity of the market value of those
positions to changes in the volatility of the derivatives'
underlying rates and prices;
(II) Empirical correlations with and across risk factors or,
alternatively, risk factors sufficient to cover all the market risk
inherent in the positions in the dealer accounts of the DMM unit;
and
(III) Specific risk for individual positions.]
[(d)] (c) Maintaining a Fair and Orderly Market.
Solely for the purpose of maintaining a fair and orderly market,
NYSE Regulation may, for a period not to exceed 5 business days,
allow a DMM unit to continue to operate despite such DMM unit's non-
compliance with the provisions of the minimum requirements of this
rule.
* * * * *
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 amend Rule 103.20 to reduce the net liquid
asset requirements for DMM units.\4\ NYSE Rule 103.20 requires each DMM
unit to maintain ``net liquid assets'' (that is, assets readily
convertible to cash) pursuant to a formula that results in total net
liquid assets of all DMM units equal to $250 million, plus a ``market
risk add-on'' equal to three times securities position haircuts
(deductions from market value) calculated under the net capital rules
of the SEC.\5\ The
[[Page 44392]]
requirements of Rule 103.20 are in addition to the net capital
requirements applicable to all broker dealers as prescribed in Rule
15c3-1,\6\ promulgated under the Securities Exchange Act of 1934 (the
``Act'').\7\ The purpose of this requirement is to assure that DMM
units maintain sufficient liquidity to carry out their obligations to
maintain an orderly market in their assigned securities in times of
market stress.
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\4\ Pursuant to NYSE Rule 2(j), a DMM unit is defined as a
member organization or unit within a member organization that has
been approved to act as a DMM unit under Rule 98.
\5\ Rule 103.20(b)(ii) allows DMM units to use an alternative
market risk add-on calculation equal to three times value-at-risk
(``VaR'') calculated pursuant to Exchange-approved risk models, but
no DMM unit currently uses VaR to compute this requirement.
\6\ 17 CFR 240.15c3-1.
\7\ 15 U.S.C. 78a et seq.
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The structure of the rule was established in July 2006 when the
total requirement applicable to specialists was set at $1 billion. In
February 2008, the amount was reduced to $250 million. In view of the
significant changes since 2008 in the NYSE's market structure, as well
as market-wide regulatory and trading developments and trends, the
Exchange proposes that the DMM units' total net liquid assets
requirement be further reduced to $125 million and that the market risk
add-on be reduced from three times haircuts to one time haircuts. In
addition, the Exchange proposes eliminating the value at risk (``VaR'')
market risk add-on alternative, which is currently not being used by
any DMM firms.
Background
On July 25, 2006, the SEC approved amendments to NYSE Rule 104 (the
predecessor to the current Rule 103.20)\8\ to revise the capital
requirement applicable to specialist member organizations.\9\ The
amendments restructured the capital requirement for specialist
organizations from an approach based on minimum dollar thresholds for
each specialist stock, irrespective of position size or attendant
market risk, to an approach based on specialist market share that is
measured by total dollar volume traded combined with market stress and
volatility risk analysis.
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\8\ The capital requirement rule was kept intact but re-numbered
as Rule 103 in connection with the adoption of the rules generally
known as the Exchange's New Market Model. See Securities Exchange
Act Release No. 58845 (October 24, 2008), 74 FR 64379 (October 29,
2008) (SR-NYSE- 2008-46).
\9\ See Securities Exchange Act Release No. 54205 (July 25,
2006); 71 FR 43260 (July 31, 2006) (SR-NYSE-2005-38) (approving
amendments to NYSE Rules 104 and 123E (``Specialist Combination
Review Policy'') that changed the capital requirements of specialist
organizations). See also NYSE Information Memo 06-56 (August 2,
2006).
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Pursuant to the 2006 amendments, then NYSE Rule 104.21 required
that each specialist organization maintain minimum net liquid assets
equal to $1 million for each one tenth of one percent (.1%) of the
Exchange transaction dollar volume in its registered securities,
exclusive of Exchange Traded Funds, plus $500,000 for each Exchange
Traded Fund. Under this formula, the total base net liquid assets
requirement for all specialists was fixed at $1 billion (before
application of market risk add-ons). The market risk add-on under Rule
104.21 was an amount equal to three times the average of the prior
twenty business days' securities haircuts on its dealer's positions
computed pursuant to Rule 15c3-1(c)(2)(vi) under the Act, exclusive of
the specialist exemption contained in the rule. The NYSE rule allowed
an alternate method for computing the market risk add-on by using an
Exchange-approved model for valuing the risk in its securities
positions over a 20-day period. In such case, the specialist unit's
market risk add-on was equal to three times VaR.
The NYSE stated in the 2006 SEC filing that, as a result of ongoing
changes to the structure of the marketplace, it would be assessing
specialist market risks annually to determine the continuing adequacy
of the net liquid asset requirements. In connection with such
assessment, in February 2008, Rule 104.21 was amended to reduce the
total base net liquid assets requirement for all specialists from $1
billion to $250 million.\10\ The Exchange's rationale for this
reduction was based on (i) the specialist's reduced role in the NYSE's
Hybrid Market \11\ resulting in reduced participation and position
levels; and (ii) specialists' performance during recent periods of high
market volatility. Based upon that analysis, the Exchange determined
that the reduced base net liquid assets requirement would be adequate
to support the liquidity needs of the specialist organizations.
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\10\ See Securities Exchange Act Release No. 57272 (February 5,
2008); 73 FR 8098 (February 12, 2008) (SR-NYSE-2007-101).
\11\ See Securities Exchange Act Release No. 53539 (March 22,
2006); 71 FR 16353 (March 31, 2006) (SR-NYSE-2004-05) (approving the
proposed rule change to establish the NYSE Hybrid Market). The rule
change created a ``Hybrid Market'' by, among other things,
increasing the availability of automatic executions in its existing
automatic execution facility, NYSE Direct+, and providing a means
for participation in the expanded automated market by its floor
members. The change altered the way NYSE's market operates by
allowing more orders to be executed directly in Direct+, which in
essence moved NYSE from a floor-based auction market with limited
automation order interaction to a more automated market with limited
floor-based auction market availability.
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Proposed Amendment to Rule 103.20
The Exchange proposes to reduce the total base net liquid assets
requirement for all DMM units by 50% from $250 million to $125 million,
and the market risk add-on from three times securities position
haircuts to one time the haircuts. In addition, the Exchange proposes
eliminating the VaR market risk add-on alternative, which is currently
not being used by any DMM units. Based on an analysis of market
structure changes at NYSE and across the U.S. equities markets
generally, the Exchange believes that the DMM unit market risk has been
sufficiently reduced and that the proposed new liquid assets
requirements will be adequate to support the liquidity needs of DMM
units to perform their obligations to the market during periods of
market stress.
In particular, the Exchange believes that the proposed changes to
the DMM units' net liquid assets requirements are appropriate given the
many changes to equity trading in the U.S. since February 2008. For
example, the implementation of Regulation NMS in 2007 has resulted in
new exchanges such as BATS Exchange, Inc., BATS Y-Exchange, Inc., and
Direct Edge's EDGA and EDGX joining the market. These new exchanges, as
well as the proliferation of off-exchange trading venues, have captured
trading volume in NYSE-listed securities, which has dramatically
reduced the Exchange's market share.\12\
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\12\ The Commission noted the extraordinary changes in the
nature of trading in NYSE-listed stocks in its 2010 Concept Release
on equity market structure. See Securities Exchange Act Release No.
61358 (January 14, 2010), 75 FR 3594 (January 21, 2010) (File No.
S7-02-10).
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In addition, in October 2008, the Exchange adopted the New Market
Model, which made significant market structure changes, including
replacing the specialist category of market participant with DMMs.\13\
Among other changes, DMMs are not subject to the so-called ``negative
obligations'' previously applicable to specialists to refrain from
trading unless reasonably necessary to maintain a fair and orderly
market. DMMs continue to have affirmative obligations to maintain a
fair and orderly market in assigned securities. Moreover, to reflect
the fact that Exchange electronic trading systems execute the vast
majority of trades, the DMM is not agent for a trading ``book,'' but
instead trades proprietarily subject to such obligations. DMMs were
also provided new trading capabilities, including the ability to add
liquidity to the market through new
[[Page 44393]]
order and quotation types, and parity to execute against incoming
orders. In addition, NYSE amended Rule 98 to, among other things,
expand DMM units' ability to hedge intra-day and overnight market risk.
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\13\ See supra note 8.
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Market-wide changes have also served to dampen volatility and thus
reduce DMM unit risk. These include the implementation of single-stock
volatility circuit breakers and short sale price restrictions. The
single-stock volatility circuit breakers seek to prevent extreme price
movement by pausing trading in a covered security (currently all S&P
500 Index and Russell 1000 Index securities) for five minutes if it
moves more than 10% within a five-minute window.\14\ In addition,
Regulation SHO short sale price restrictions were implemented on
February 28, 2010, which help to reduce downside risk in securities
falling more than 10% from the previous day's close.\15\ The Exchange
also recently filed with the SEC, together with other markets, a plan
pursuant to Rule 608 of Regulation NMS under the Act to address
extraordinary market volatility by adopting market-wide limit up-limit
down requirements that would prevent trades in individual NMS stocks
from occurring outside of specified price bands.\16\ If implemented,
the limit up-limit down plan would help reduce error trades and further
mitigate risk.
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\14\ See NYSE Rule 80C. The Exchange and other markets recently
filed to extend the single-stock circuit breakers to all other NMS
stocks, See Securities Exchange Act Release No. 64420 (May 6, 2011),
76 FR 27675 (May 12, 2011) (SR-NYSE-2011-21).
\15\ See Securities Exchange Act Release No. 61595 (February 26,
2010), 75 FR 11232 (March 10, 2010) (File No. S7-08-09; Amendments
to Regulation SHO) and NYSE Rule 440B.
\16\ See Securities Exchange Act Release No. 64547 (May 25,
2011), 76 FR 31647 (June 1, 2011) (File No. 4-631).
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A comparison of recent data against the 2007 data that was used to
support the reduction in the net liquid assets test in February 2008,
illustrates the degree to which the developments noted above have
reduced overall DMM risk.
1. Market fragmentation has reduced the amount of trading on the
NYSE from 48% market share in 2007 to 24% market share in 2010, and
the amount of NYSE dollar value traded declined by half over the
same period. There are 13 competing exchanges trading NYSE-listed
securities and one third of NYSE consolidated volume is traded off-
exchange on over 30 dark pools and over 200 upstairs trading desks.
The net liquid asset requirement should be correlated to the amount
of trading that DMM units transact within the NYSE's market share
and dollar value traded. As NYSE share and dollar volume has
declined, the amount of net liquid assets required to meet the DMM
unit's obligations should similarly decline.
2. End-of-day DMM/specialist inventory positions on average have
declined 80% from 2007 to present, reducing overnight risk exposure.
DMM unit inventory positions fell from an average of $280 million
during the week of September 10-14, 2007 (the time period used in
the 2008 filing to support the previous reduction) to $57 million
based on the 6-month average in the second half of 2010. Looking at
May 2010, a volatile period, the DMM's average daily inventory was
$78 million, 72% lower than the week of September 10-14, 2007.
3. DMM units are putting fewer dollars at risk on a given trade,
and less capital is needed to support the resultant positions. The
average dollar value per trade for DMMs declined 70% from $15,000 in
2007 to $4,600 in 2010. This trend partly reflects the decline in
the average NYSE stock price (down 35% from 2007 to 2010), but is
largely the result of the DMM units' increased use of algorithms to
trade in smaller order sizes to reduce risk exposure. Algorithms are
increasingly used by many market participants to trade in retail-
sized increments and, as a result, the average NYSE trade size was
only 357 shares ($9,924) in 2010.
4. The DMM units increasing use of trading technology and faster
NYSE execution speeds enable DMMs to reduce order exposure time and
better manage the risks of positions held. Faster NYSE executions
speeds and DMM units' use of algorithms allow them to adjust
positions quickly in response to changing market dynamics. NYSE has
also reduced the time needed to incorporate market information into
quotes, thereby allowing for better risk controls mechanisms by
DMMs.
Based on the foregoing, the Exchange believes that it is
appropriate to require DMM units to maintain base net liquid assets of
$125 million, plus market risk add-ons. As proposed, the individual DMM
unit percentage of this requirement will be fixed monthly based on a
fraction for which the denominator is the total dollar value of all
Exchange traded securities for the 20 trading days preceding the first
day of a calendar month and the numerator is the DMM unit's total
dollar value of securities traded for such period. In addition, the
market risk add-on under Rule 103.20(b)(i)(B)(2), currently amounting
to three times the average of the prior twenty business days securities
haircut on its DMM unit positions computed pursuant to SEA Rule 15c3-
1(2)(v)(1), exclusive of paragraph (N), as proposed would be set at
one-times these haircuts and renumbered 103.20(b)(i)(B). Finally,
because no DMM unit uses the VaR methodology to determine the market
risk add-on, the Exchange proposes to remove this alternative.
The Exchange notes that FINRA will continue to assess DMM capital
requirements in relationship to the New Market Model and monitor their
capital positions on a daily basis.
The Exchange will notify DMM units of the implementation date of
this rule change via a Member Education Bulletin.
2. Statutory Basis
The statutory basis for the proposed rule change is Section 6(b)(5)
of the Exchange Act \17\ which requires, among other things, that the
rules of the Exchange are 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 perfect the mechanism of a free
and open market and national market system, and in general to protect
investors and the public interest. The Exchange believes that the
proposed rule change will reduce the burden on DMM units to maintain
net liquidity while still ensuring adequate protection of DMM units
during periods of market stress. Each of the DMM units have sources of
funding that will provide necessary liquidity during a period of market
stress and thus, it is no longer necessary for this liquidity to be
maintained as capital, as DMM unit positions and the likelihood of
losses have been reduced dramatically due to changes in the structure
of the market.
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\17\ 15 U.S.C. 78f(b)(5).
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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.
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 \18\ and Rule 19b-4(f)(6) thereunder.\19\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on
[[Page 44394]]
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.
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\18\ 15 U.S.C. 78s(b)(3)(A)(iii).
\19\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6)\20\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\21\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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\20\ 17 CFR 240.19b-4(f)(6).
\21\ 17 CFR 240.19b-4(f)(6)(iii).
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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 e-mail to [email protected]. Please include
File Number SR-NYSE-2011-35 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-2011-35. This file
number should be included on the subject line if e-mail 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. 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 http://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-2011-35
and should be submitted on or before August 15, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-18686 Filed 7-22-11; 8:45 am]
BILLING CODE 8011-01-P