[Federal Register Volume 78, Number 33 (Tuesday, February 19, 2013)]
[Notices]
[Pages 11720-11724]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-03685]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68912; File No. SR-NYSEArca-2013-13]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending Exchange
Rule 7.11 To Establish Rules To Comply With the Requirements of the
Plan To Address Extraordinary Market Volatility Submitted to the
Commission Pursuant to Rule 608 of Regulation NMS
February 12, 2013.
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 January 31, 2013, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') 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 amend Exchange Rule 7.11 to establish
rules to comply with the requirements of Plan To Address Extraordinary
Market Volatility submitted to the Commission pursuant to Rule 608 of
Regulation NMS. 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, on the Commission's Web site at http://www.sec.gov, 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 amend Exchange Rule 7.11 to establish
rules to comply with the requirements of the Plan To Address
Extraordinary Market Volatility submitted to the Commission pursuant to
Rule 608 of Regulation NMS under the Act (the ``Plan''). The Exchange
proposes to adopt the changes for a pilot period that coincides with
the pilot period for the Plan, which is currently scheduled as a one-
year pilot to begin on April 8, 2013.
Background
Since May 6, 2010, when the markets experienced excessive
volatility in an abbreviated time period, i.e., the ``flash crash,''
the equities exchanges and FINRA have implemented market-wide measures
designed to restore investor confidence by reducing the potential for
excessive market volatility. Among the measures adopted include pilot
plans for stock-by-stock trading pauses \4\ and related changes to the
equities market clearly erroneous execution rules \5\ and
[[Page 11721]]
more stringent equities market maker quoting requirements.\6\ On May
31, 2012, the Commission approved the Plan, as amended, on a one-year
pilot basis.\7\ In addition, the Commission approved changes to the
equities market-wide circuit breaker rules on a pilot basis to coincide
with the pilot period for the Plan.\8\
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\4\ See, e.g., Exchange Rule 7.11.
\5\ See, e.g., Exchange Rule 7.10.
\6\ See, e.g., Exchange Rule 7.23.
\7\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012) (File No. 4-631) (Order Approving,
on a Pilot Basis, the National Market System Plan To Address
Extraordinary Market Volatility).
\8\ See Securities Exchange Act Release No. 67090 (May 31,
2012), 77 FR 33531 (June 6, 2012) (SR-BATS-2011-038; SR-BYX-2011-
025; SR-BX-2011-068; SR-CBOE-2011-087; SR-C2-2011-024; SR-CHX-2011-
30; SR-EDGA-2011-31; SR-EDGX-2011-30; SR-FINRA-2011-054; SR-ISE-
2011-61; SR-NASDAQ-2011-131; SR-NSX-2011-11; SR-NYSE-2011-48; SR-
NYSEAmex-2011-73; SR-NYSEArca-2011-68; SR-Phlx-2011-129).
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The Plan is designed to prevent trades in individual NMS Stocks
from occurring outside of specified Price Bands.\9\ As described more
fully below, the requirements of the Plan are coupled with Trading
Pauses to accommodate more fundamental price moves (as opposed to
erroneous trades or momentary gaps in liquidity). All trading centers
in NMS Stocks, including both those operated by Participants and those
operated by members of Participants, are required to establish,
maintain, and enforce written policies and procedures that are
reasonably designed to comply with the requirements specified in the
Plan.\10\ As set forth in more detail in the Plan, Price Bands
consisting of a Lower Price Band and an Upper Price Band for each NMS
Stock are calculated by the Processors.\11\ When the National Best Bid
(Offer) is below (above) the Lower (Upper) Price Band, the Processors
shall disseminate such National Best Bid (Offer) with an appropriate
flag identifying it as unexecutable. When the National Best Bid (Offer)
is equal to the Upper (Lower) Price Band, the Processors shall
distribute such National Best Bid (Offer) with an appropriate flag
identifying it as a Limit State Quotation.\12\ All trading centers in
NMS Stocks must maintain written policies and procedures that are
reasonably designed to prevent the display of offers below the Lower
Price Band and bids above the Upper Price Band for NMS Stocks.
Notwithstanding this requirement, the Processor shall display an offer
below the Lower Price Band or a bid above the Upper Price Band, but
with a flag that it is non-executable. Such bids or offers shall not be
included in the National Best Bid or National Best Offer
calculations.\13\
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\9\ Unless otherwise specified, capitalized terms used in this
rule filing are based on the defined terms of the Plan.
\10\ The Exchange is a Participant in the Plan.
\11\ See Section V(A) of the Plan.
\12\ See Section VI(A) of the Plan.
\13\ See Section VI(A)(3) of the Plan.
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Trading in an NMS Stock immediately enters a Limit State if the
National Best Offer (Bid) equals but does not cross the Lower (Upper)
Price Band.\14\ Trading for an NMS stock exits a Limit State if, within
15 seconds of entering the Limit State, all Limit State Quotations were
executed or canceled in their entirety. If the market does not exit a
Limit State within 15 seconds, then the Primary Listing Exchange would
declare a five-minute trading pause pursuant to Section VII of the LULD
Plan, which would be applicable to all markets trading the
security.\15\ In addition, the Plan defines a Straddle State as when
the National Best Bid (Offer) is below (above) the Lower (Upper) Price
Band and the NMS Stock is not in a Limit State. For example, assume the
Lower Price Band for an NMS Stock is $9.50 and the Upper Price Band is
$10.50, such NMS stock would be in a Straddle State if the National
Best Bid were below $9.50, and therefore non-executable, and the
National Best Offer were above $9.50 (including a National Best Offer
that could be above $10.50). If an NMS Stock is in a Straddle State and
trading in that stock deviates from normal trading characteristics, the
Primary Listing Exchange may declare a trading pause for that NMS
Stock.
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\14\ See Section VI(B)(1) of the Plan.
\15\ The primary listing market would declare a trading pause in
an NMS Stock; upon notification by the primary listing market, the
Processor would disseminate this information to the public. No
trades in that NMS Stock could occur during the trading pause, but
all bids and offers may be displayed. See Section VII(A) of the
Plan.
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Proposed Amendment to Rule 7.11
The Exchange is required by the Plan to establish, maintain, and
enforce written policies and procedures that are reasonably designed to
comply with the limit up-limit down and trading pause requirements
specified in the Plan. In response to the new Plan, the Exchange
proposes to amend its Rules accordingly.
The Exchange proposes to add Rule 7.11(a)(1) to define that
``Plan'' means the Plan to Address Extraordinary Market Volatility
Submitted to the Securities and Exchange Commission Pursuant to Rule
608 of Regulation NMS under the Securities Exchange Act of 1934,
Exhibit A to Securities Exchange Act Release No. 67091 (May 31, 2012),
77 FR 33498 (June 6, 2012), as it may be amended from time to time. The
Exchange proposes to add Rule 7.11(a)(2) to state that the Exchange is
a Participant in, and subject to the applicable requirements of, the
Plan, which establishes procedures to address extraordinary volatility
in NMS Stocks. In addition, proposed Rule 7.11(a)(1) provides that all
capitalized terms not otherwise defined in this Rule shall have the
meanings set forth in the Plan or Exchange rules, as applicable.
The Exchange proposes to add Rule 7.11(a)(3) to provide that ETP
Holders shall comply with the applicable provisions of the Plan. The
Exchange believes that this requirement will help ensure compliance by
its members with the provisions of the Plan as required pursuant to
Section II(B) of the Plan.\16\
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\16\ See Section II(B) of the Plan.
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The Exchange proposes to add Rule 7.11(a)(4) to provide that
Exchange systems shall not display or execute buy (sell) interest above
(below) the Upper (Lower) Price Bands, unless such interest is
specifically exempted under the Plan. The Exchange believes that this
requirement is reasonably designed to enable compliance with the limit
up-limit down and trading pause requirements specified in the Plan, by
preventing executions outside the Price Bands as required pursuant to
Section VI(A)(1) of the Plan.\17\
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\17\ See Section VI(A)(1) of the Plan.
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The Exchange proposes Rules regarding the treatment of certain
trading interest on the Exchange in order to prevent executions outside
the Price Bands and to comply with the new LULD Plan. In particular,
the Exchange proposes to add Rule 7.11(a)(5) that provides that
Exchange systems shall cancel buy (sell) interest that is priced or
could be executed above (below) the Upper (Lower) Price Band.\18\
Specifically, the Exchange proposes the following provision regarding
the canceling of certain trading interest:
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\18\ Sell short orders that are not eligible for repricing
instructions will be treated as any other order pursuant to Rule
7.11(a)(5). See proposed Exchange Rule 7.11(a)(6)(D).
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Marketable Trading Interest. Incoming marketable interest,
including market orders, IOC orders, and limit orders, shall be
executed, or if applicable, routed to an away market, to the fullest
extent possible, subject to Rules 7.31(a)(1)-(3) (Trading Collars for
market orders) and 7.31(b)(2) (price check for limit orders), at prices
at or within the Price Bands. Any unexecuted portion of such incoming
marketable interest that cannot be executed at prices at or within the
Price Bands shall be cancelled and the ETP Holder shall be notified of
the reason for the cancellation.
[[Page 11722]]
The Exchange believes this provision is reasonably designed to
prevent executions outside the Price Bands as required by the limit up-
limit down and trading pause requirements specified in the Plan. The
Exchange believes that allowing marketable trading interest to execute
to the extent possible within the Price Bands and cancelling any
unexecuted portion of such interest that cannot be executed at prices
at or within the Price Bands, is reasonably designed to prevent
executions in violation with the limit up-limit down and trading pause
requirements. The Exchange believes that adding certainty to the
treatment of marketable trading interest in these situations will
encourage market participants to continue to provide liquidity to the
Exchange and thus promote a fair and orderly market.
In addition, the Exchange proposes to add 7.11(a)(6) that provides
that Exchange systems shall reprice certain specified limit orders for
which ETP Holders have entered an instruction for the Exchange to
reprice a buy (sell) order that is priced above (below) the Upper
(Lower) Price Band to the Upper (Lower) Price Band rather than cancel
the order. Specifically, the Exchange proposes the following provisions
regarding the repricing certain specified limit orders:
Instructions to Reprice. Instructions to reprice eligible
orders shall be applicable to both incoming and resting orders. If the
Price Bands move and the original limit price of a repriced order is at
or within the Price Bands, Exchange systems shall reprice such limit
order to its original limit price.
Time Priority of Repriced Orders. Each time an eligible
order is repriced, it shall receive a new time priority.
Eligible Limit Order Types. The following order types are
eligible for repricing instructions: Adding Liquidity Only Orders (Rule
7.31(nn)), Discretion Limit Order (Rule 7.31(h)(2)(B)), Discretionary
Order (Rule 7.31(h)(2)), Limit Order (7.31(b)), Passive Discretionary
Order (Rule 7.31(h)(2)(A)), PNP ISO (Rule 7.31(w)), PNP Order (Rule
7.31(w)), Proactive if Locked Reserve Order (Rule 7.31(hh)), Random
Reserve Order (Rule 7.31(h)(3)(B)), Reserve Order (Rule 7.31(h)(3)),
Sweep Reserve Order (Rule 7.31(h)(3)(A)), Primary Until 9:45 Order
(Rule 7.31(oo)), Primary After 3:55 Order (Rule 7.31(pp)), and Primary
Sweep Order (Rule 7.31(kk)).
Sell Short Orders. For an order type eligible for
repricing instructions that is also a short sell order, during a Short
Sale Price Test, as set forth in Rule 7.16(f), short sale orders priced
below the Lower Price Band shall be repriced to the higher of the Lower
Price Band or the Permitted Price, as defined in Rule 7.16(f)(ii). Sell
short orders that are not eligible for repricing instructions will be
treated as any other order pursuant to Rule 7.11(a)(5).
Original Order Instructions. Any interest repriced
pursuant to Exchange Rule 7.11(a)(6) shall return to its original order
instructions for purposes of a re-opening transaction following a
Trading Pause.
The Exchange believes these provisions are reasonably designed to
prevent executions outside the Price Bands as required by the limit up-
limit down and trading pause requirements specified in the Plan. The
Exchange believes that allowing certain specified limit orders for
which ETP Holders have entered instructions that would otherwise
execute outside the Prices Bands to reprice and receive a new time
stamp, is reasonably designed to prevent executions in violation of the
limit up-limit down and trading pause requirements. The Exchange notes
that the receiving of a new timestamp instead of retaining the original
during repricing should have no impact on the priority amongst the
orders repriced, because their ranking after repricing will be in the
same time order as before repricing, based on the order time when
initially entered.\19\ Similarly, when orders repriced pursuant to
proposed Rule 7.11(a)(6) return to their original order instructions
for purposes of the re-opening transaction following a Trading Pause,
their ranking will continue to be in the same time order as before
repricing, based on the order time when initially entered.\20\
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\19\ Example 1--the Exchange receives three limit orders to buy
that are eligible for repricing instructions--A, B, C. The orders
are received in that time order. Order A and B, are priced outside
of the Price Bands (higher than the Upper Band), but Order C has a
limit price within the Price Bands. Orders A and B will be repriced
to the Upper Band and receive a new timestamp. The new order
priority would be A, B, C, because A and B are repriced sequentially
in the order originally received at the price of the Upper Band,
while Order C has a lower limit price within the Price Bands.
However, the Exchange also notes that because repriced orders
will receive a new time priority, such orders would not necessarily
retain their previous priority in the order queue when compared to
orders that do not get repriced. A later arriving order that is
priced at the Price Bands could have time priority compared to an
order that was repriced pursuant to the order instructions because
the original order pricing was outside the Price Bands.
Example 2--the Exchange receives three limit orders to buy that
are eligible for repricing instructions--A, B, C. The orders are
received in that time order. Order A and B, are priced outside of
the Price Bands (higher than the Upper Band), but Order C has a
limit price at the Upper Band. The new order priority would be C, A,
B, because C is not getting repriced it keeps its original
timestamp, while Orders A and B are repriced sequentially in the
order originally received at the price of the Upper Band.
\20\ Assume the same scenario as Example 1 in note 18. Order A
and B, are priced outside of the Price Bands (higher than the Upper
Band), but Order C has a limit price within the Price Bands. Orders
A and B will be repriced to the Upper Band and receive a new time
stamp. With the new order priority being A, B, C, because A and B
are repriced sequentially in the order originally received at the
price of the Upper Band, while Order C has a lower limit price
within the Price Bands. After a Trading Pause, Orders A and B return
to their original price pursuant to their original order
instructions. The new order priority for the reopening auction will
be A, B, C, because A and B are repriced sequentially in the order
originally received at the higher original limit price, while C has
a lower limit price.
Assume the same scenario as Example 2. Order A and B, are priced
outside of the Price Bands (higher than the Upper Band), but Order C
has a limit price at the Upper Band. With the new order priority
would be C, A, B, because C is not getting repriced it keeps its
original timestamp, while Orders A and B are repriced sequentially
in the order originally received at the price of the Upper Band.
After a Trading Pause, Orders A and B return to their original price
pursuant to their original order instructions. The new order
priority for the reopening auction will be A, B, C, because A and B
are repriced sequentially in the order originally received at the
higher original limit price, while C has a lower limit price.
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The Exchange believes that the proposal provides a transparent
methodology that encourages participants to price orders within the
Price Bands and treats repriced orders in a fair and consistent manner.
The Exchange believes that adding certainty to the treatment and
priority of trading interest in these situations will encourage market
participants to continue to provide liquidity to the Exchange and thus
promote a fair and orderly market.
The Exchange proposes Rule 7.11(a)(7) that provides that the
Exchange systems shall not route buy (sell) interest to an away market
displaying a sell (buy) quote that is above (below) the Upper (Lower)
Price Band. However, the Exchange shall route orders with a primary
market modifier regardless of price, specifically the Primary Only
Order (Rule 7.31(x)), Primary Until 9:45 Order (Rule 7.31(oo)), Primary
After 3:55 Order (Rule 7.31(pp)), and Primary Sweep Order (Rule
7.31(kk)). Since the Exchange does not control the timing of the
execution of the order on the primary market, it would be difficult for
the Exchange to anticipate when the order may violate a Price Band when
such order is on the Primary Market. For these specific orders, the
Exchange believes that the primary market is best positioned to prevent
an execution of the order outside the Price Bands. The Exchange
believes that this provision is reasonably designed to prevent an
execution outside the Price Bands in a
[[Page 11723]]
manner that promotes compliance with the limit up-limit down and
trading pause requirements specified in the Plan.
In addition, the Exchange proposes Rule 7.11(a)(8) that provides
that the Exchange may declare a Trading Pause for a NMS Stock listed on
the Exchange when (i) the National Best Bid (Offer) is below (above)
the Lower (Upper) Price Band and the NMS Stock is not in a Limit State;
and (ii) trading in that NMS Stock deviates from normal trading
characteristics. An Exchange Official may declare such Trading Pause
during a Straddle State if such Trading Pause would support the Plan's
goal to address extraordinary market volatility.\21\ The Exchange
believes that this provision is reasonably designed to comply with
Section VII(A)(2) of the Plan.\22\
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\21\ The Exchange will develop written policies and procedures
to determine when to declare a Trading Pause in such circumstances.
\22\ See Section VII(A)(2) of the Plan.
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Consistent with the Plan's requirements for the Exchange to
establish, maintain, and enforce policies and procedures that are
reasonably designed to comply with the trading pause requirements
specified in the Plan, the Exchanges also proposes to amend the Rules
regarding Trading Pauses to correspond with the LULD Plan. The Exchange
proposes to provide that during Phase 1 of the Plan, a Trading Pause in
Tier 1 NMS Stocks subject to the requirements of the Plan, shall be
subject to Plan requirements and Rule 7.11(b)(2); a Trading Pause in
Tier 1 NMS Stocks not yet subject to the requirements of the Plan shall
be subject to the requirements in paragraphs (b)(1)-(6) of this Rule;
and a Trading Pause in Tier 2 NMS Stocks shall be subject to the
requirements set forth in Rule 7.11(b)(1)(B)-(6). The proposed change
will allow the Trading Pause requirements in Rule 7.11(b)(1) to
continue to apply to Tier 1 NMS Stocks during the beginning of Phase I
until they are subject to the Plan requirements. Once the Plan has been
fully implemented and all NMS Stocks are subject to the Plan, a Trading
Pause under the Plan shall be subject to Exchange Rule 7.11(b)(2).
These proposed changes are designed to comply with Section VIII of the
Plan to ensure implementation of the Plan's requirements.\23\
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\23\ See Section VIII of the Plan.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Act \24\ in general, and furthers the objectives of
Section 6(b)(5),\25\ in particular, in that it is designed to promote
just and equitable principles of trade, remove impediments to and
perfect the mechanisms of a free and open market and a national market
system and, in general, to protect investors and the public interest.
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\24\ 15 U.S.C. 78f(b).
\25\ 15 U.S.C. 78f(b)(5).
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The proposal promotes just and equitable principles of trade and
removes impediments to, and perfects the mechanism of, a free and open
market and a national market system by ensuring that the Exchange
systems will not display or execute trading interest outside the Price
Bands as required by the limit up-limit down and trading pause
requirements specified in the Plan. Specifically, the proposal is
reasonably designed to ensure that the trading interest on the Exchange
is either repriced or canceled in a manner that promotes just and
equitable principles of trade and removes impediments to, and perfects
the mechanism of, a free and open market and a national market system.
Further, the proposal is designed to enable market participants to
continue to trade NMS Stocks within the Price Bands in compliance with
the Plan with certainty on how certain orders and trading interest will
be treated. Thus, reducing uncertainty regarding the treatment and
priority of trading interest with the Price Bands should help encourage
market participants to continue to provide liquidity during times of
extraordinary market volatility that occur during Regular Trading
Hours.
The proposal also promotes just and equitable principles of trade
and removes impediments to, and perfects the mechanism of, a free and
open market and a national market system by ensuring that orders in NMS
Stocks are not routed to other exchanges in situations where an
execution may occur outside Price Bands, and thereby is reasonably
designed to prevent an execution outside the Price Bands in a manner
that promotes compliance with the limit up-limit down and trading pause
requirements specified in the Plan.
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 limit up-
limit down and trading pause requirements specified in the Plan, of
which other equities exchanges are also Participants of. Other
competing equity exchanges are subject to the same limit up-limit down
and trading pause requirements specified in the Plan. Thus, the
proposed changes will not impose any burden on competition while
providing certainty of treatment and execution of trading interest on
the Exchange to market participants during periods of extraordinary
volatility in NMS stock while in compliance with the limit up-limit
down and trading pause 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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \26\ and Rule 19b-4(f)(6) thereunder.\27\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on 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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\26\ 15 U.S.C. 78s(b)(3)(A)(iii).
\27\ 17 CFR 240.19b-4(f)(6).
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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. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) of the Act \28\ to determine whether the proposed
rule change should be approved or disapproved.
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\28\ 15 U.S.C. 78s(b)(2)(B).
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[[Page 11724]]
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 No. SR-NYSEArca-2013-13 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 No. SR-NYSEArca-2013-13. 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 such 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 No. SR-NYSEArca-2013-13 and should be
submitted on or before March 12, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
Kevin M. O'Neill,
Deputy Secretary.
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\29\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2013-03685 Filed 2-15-13; 8:45 am]
BILLING CODE 8011-01-P