[Federal Register Volume 76, Number 247 (Friday, December 23, 2011)]
[Notices]
[Pages 80445-80446]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-32879]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66003; File Nos. SR-NYSE-2011-55; SR-NYSEAmex-2011-84]
Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE
Amex LLC; Notice of Designation of a Longer Period for Commission
Action on Proposed Rule Changes Adopting New NYSE Rule 107C To
Establish a Retail Liquidity Program on a Pilot Basis To Attract
Additional Retail Order Flow to the Exchange for NYSE-listed Securities
and New NYSE Amex Equities Rule 107C To Establish a Retail Liquidity
Program on a Pilot Basis To Attract Additional Retail Order Flow to the
Exchange for NYSE Amex Equities Traded Securities
December 19, 2011.
On October 19, 2011, New York Stock Exchange LLC (``NYSE'') and
NYSE Amex LLC (``NYSE Amex'') (collectively the ``Exchanges'') 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
[[Page 80446]]
thereunder,\2\ proposed rule changes to adopt a pilot program intended
to attract additional retail order flow to the Exchanges while also
providing the potential for price improvement to such order flow. The
proposed rule changes were published for comment in the Federal
Register on November 9, 2011.\3\ To date, the Commission has received
27 comments on the NYSE proposal \4\ and 4 comments on the NYSE Amex
proposal.\5\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release Nos. 65671 (November 2,
2011), 76 FR 69774; 65672 (November 2, 2011), 76 FR 69788.
\4\ See Letters to the Commission from Sal Arnuk, Joe Saluzzi
and Paul Zajac, Themis Trading LLC, dated October 17, 2011; Garret
Cook, dated November 4, 2011; James Johannes, dated November 27,
2011; Ken Voorhies, dated November 28, 2011; William Wuepper, dated
November 28, 2011; A. Joseph, dated November 28, 2011; Leonard
Amoruso, General Counsel, Knight Capital, Inc., dated November 28,
2011; Kevin Basic, dated November 28, 2011, J. Fournier, dated
November 28, 2011; Ullrich Fischer, CTO, PairCo, dated November 28,
2011; James Angel, Associate Professor of Finance, McDonough School
of Business, Georgetown University, dated November 28, 2011; Jordan
Wollin, dated November 29, 2011; Aaron Schafter, President, Great
Mountain Capital Management LLC, dated November 29, 2011; Wayne
Koch, Trader, Bright Trading, dated November 29, 2011; Kurt Schact,
CFA, Managing Director, and James Allen, CFA, Head, Capital Markets
Policy, CFA Institute, dated November 30, 2011; David Green, Bright
Trading, dated November 30, 2011; Robert Bright, Chief Executive
Officer, and Dennis Dick, CFA, Market Structure Consultant, Bright
Trading LLC, dated November 30, 2011; Bodil Jelsness, dated November
30, 2011; Christopher Nagy, Managing Director, Order Routing and
Market Data Strategy, TD Ameritrade, dated November 30, 2011; Laura
Kenney, dated November 30, 2011; Suhas Daftuar, Hudson River Trading
LLC, dated November 30, 2011; Bosier Parsons, Bright Trading LLC,
dated November 30, 2011; Mike Stewart, Head of Global Equities, UBS,
dated November 30, 2011; Dr. Larry Paden, Bright Trading, dated
December 1, 2011; Thomas Dercks, dated December 1, 2011; Eric
Swanson, Secretary, BATS Global Markets, Inc., dated December 6,
2011; and Ann Vlcek, Director and Associate General Counsel,
Securities Industry and Financial Markets Association, dated
December 7, 2011.
\5\ See Letters to the Commission from Leonard Amoruso, General
Counsel, Knight Capital, Inc., dated November 28, 2011; Kurt Schact,
CFA, Managing Director, and James Allen, CFA, Head, Capital Markets
Policy, CFA Institute, dated November 30, 2011; Christopher Nagy,
Managing Director, Order Routing and Market Data Strategy, TD
Ameritrade, dated November 30, 2011; and Shannon Jennewein, dated
November 30, 2011.
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Section 19(b)(2) of the Act \6\ 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 for these filings is December 24, 2011.
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\6\ 15 U.S.C. 78s(b)(2).
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The Commission is extending the 45-day time period for Commission
action on the proposed rule changes. The Commission finds that it is
appropriate to designate a longer period to take action on the proposed
rule changes so that it has sufficient time to consider the Exchanges'
proposals, which would allow the Exchanges to utilize non-displayed
orders that offered price improvement to retail order flow potentially
in sub-penny increments, and the comment letters that have been
submitted in connection with them.
Accordingly, pursuant to Section 19(b)(2) of the Act,\7\ the
Commission designated February 7, 2012 as the date by which the
Commission should either approve or disapprove, or institute
proceedings to determine whether to disapprove, the proposed rule
changes.
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\7\ 15 U.S.C. 78s(b)(2).
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. 2011-32879 Filed 12-22-11; 8:45 am]
BILLING CODE 8011-01-P