[Federal Register Volume 80, Number 137 (Friday, July 17, 2015)]
[Notices]
[Pages 42575-42579]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-17536]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75444; File No. SR-NYSE-2015-15]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Amendment No. 2 and Order Granting Accelerated
Approval of a Proposed Rule Change, as Modified by Amendment No. 2, To
Amend NYSE Rule 13 and Related Rules Governing Order Types and
Modifiers
July 13, 2015.
I. Introduction
On March 24, 2015, New York Stock Exchange LLC (``Exchange'' or
``NYSE'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend Exchange Rule 13, and related Exchange
rules, governing order types and modifiers. The proposed rule change
was published for comment in the Federal Register on April 14, 2015.\3\
On May 14, 2015, the Exchange filed Partial Amendment No. 1 to the
proposed rule change \4\ On May 27, 2015, pursuant to Section 19(b)(2)
of the Act,\5\ the Commission designated a longer period within which
to approve the proposed rule change, disapprove the proposed rule
change, or institute proceedings to determine whether to disapprove the
proposed rule change.\6\
[[Page 42576]]
On July 10, 2015, the Exchange filed Amendment No. 2 to the proposed
rule change.\7\ The Commission received no comment letters regarding
the proposed rule change. The Commission is publishing this notice to
solicit comments on Amendment No. 2 from interested persons and is
approving the proposed rule change, as modified by Amendment No. 2, on
an accelerated basis.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 74678 (April 8,
2015), 80 FR 20053 (``Notice''). Prior to filing this proposal, the
Exchange filed a similar proposal to amend Rule 13, and related
Exchange rules, governing order types and modifiers. See Securities
Exchange Act Release No. 73703 (November 28, 2014), 79 FR 72039
(December 4, 2014) (SR-NYSE-2014-59). For that proposal, the
Commission extended the time period for action, see Securities
Exchange Act Release No. 74051 (January 14, 2015), 80 FR 2983
(January 21, 2015) (SR-NYSE-2014-59), and for an almost identical
filing of NYSE MKT LLC (``NYSE MKT''), the Commission instituted
proceedings to determine whether to approve or disapprove NYSE MKT's
proposal, see Securities Exchange Act Release No. 74298 (February
18, 2015), 80 FR 9770 (February 24, 2015) (SR-NYSEMKT-2014-95).
Prior to the conclusion of those proceedings for NYSE MKT's
proposal, both NYSE and NYSE MKT withdrew their respective
proposals. See Securities Exchange Act Release Nos. 74642 (April 3,
2015), 80 FR 19096 (April 9, 2015) (SR-NYSE-2014-59) and 74643
(April 3, 2015), 80 FR 19102 (April 9, 2015) (SR-NYSEMKT-2014-95).
\4\ The Exchange subsequently withdrew Partial Amendment No. 1
on May 20, 2015.
\5\ 15 U.S.C. 78s(b)(2).
\6\ See Securities Exchange Act Release No. 75048, 80 FR 31419
(June 2, 2015). The Commission designated July 13, 2015, as the date
by which it should approve, disapprove, or institute proceedings to
determine whether to disapprove the proposed rule change.
\7\ For a description of the proposals contained within
Amendment No. 2, see infra Section V.
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II. Description of the Proposal, As Modified by Amendment No. 2
On June 5, 2014, in a speech entitled ``Enhancing Our Market Equity
Structure,'' Mary Jo White, Chair of the Commission, requested that the
equity exchanges conduct a comprehensive review of their order types
and how they operate in practice and, as part of this review, consider
appropriate rule changes to help clarify the nature of their order
types and how they interact with each other.\8\ Subsequent to the
Chair's speech, the Commission's Division of Trading and Markets
requested that the Exchange complete its review and submit any proposed
rule changes.\9\
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\8\ See Mary Jo White, Chair, Commission, Speech at the Sandler,
O'Neill & Partners, L.P. Global Exchange and Brokerage Conference
(June 5, 2014), available at http://www.sec.gov/News/Speech/Detail/Speech/1370542004312.
\9\ See Letter from James Burns, Deputy Director, Division of
Trading and Markets, Securities and Exchange Commission, to Jeffrey
C. Sprecher, Chief Executive Officer, Intercontinental Exchange,
Inc., dated June 20, 2014.
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The Exchange proposes to amend Rule 13 by re-grouping and re-
numbering existing order types and order modifiers. The Exchange also
proposes to amend Rule 13 to revise the definitions of certain order
types and modifiers in both substantive and non-substantive ways and to
add text stating that, unless otherwise specified in either Rules 13,
70 (applicable to Exchange Floor brokers), or 104 (applicable to
Exchange Designated Market Makers (``DMMs'')), orders and modifiers
listed in Rule 13 are available for all Exchange member organizations.
The Exchange represents that these revisions are not intended to
reflect changes to the functionality of any order type or modifier, but
rather to clarify Rule 13 to make it easier to navigate.\10\ In
addition, the Exchange proposes to amend related Exchange rules to
relocate rule text contained in current Rule 13; further explain the
functionality of certain Floor broker and DMM interest; further explain
the operation of non-displayed interest entered into the Exchange's
systems; add, update, or revise cross references; and make other non-
substantive technical amendments.
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\10\ See Notice, supra note 3, 80 FR at 20054.
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Under the proposal, Rule 13 would be reorganized into six
categories: (1) Primary Order Types; (2) Time in Force Modifiers; (3)
Auction-Only Orders; (4) Orders with Instructions Not to Display All or
a Portion of the Order; (5) Orders with Instructions Not to Route; and
(6) Additional Order Instructions and Modifiers. Currently, Rule 13
lists order types and modifiers alphabetically and does not categorize
order types and modifiers based on characteristic or function.
A. Primary Order Types
Proposed section (a) of Rule 13 would set forth two primary order
types--Market Orders and Limit Orders--and specify which orders are
eligible for automatic executions. The Exchange proposes to delete the
current definition of ``Auto Ex Order'' and proposes that all orders
entered electronically will be eligible for automatic execution.
Interest represented manually by a floor broker, however, would not be
eligible for automatic execution.
The Exchange is not changing the definition of ``Market Order'' and
would replace the current term ``Display Book'' with the proposed term
``Exchange systems.'' \11\ With respect to Limit Orders, current Rule
13 defines a ``marketable Limit Order'' as ``an order on the Exchange
that can be immediately executed; that is, an order to buy priced at or
above the Exchange best offer or an order to sell price at or below the
Exchange best bid.'' In the proposed rule change, the Exchange proposes
to add a definition for a Limit Order as an order to buy or sell a
stated amount of a security at a specified price or better. The
definition of a ``marketable Limit Order'' would be revised non-
substantively so that a marketable Limit Order would be defined as ``a
Limit Order to buy (sell) at or above (below) the Exchange best offer
(bid) for the security.''
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\11\ The Exchange proposes to replace the term ``Display Book''
with ``Exchange systems,'' when the term refers to Exchange systems
that receive and execute orders, and with ``Exchange book'' when the
term refers to the interest that has been entered and ranked in
Exchange systems, as applicable throughout the proposed rule text.
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B. Time in Force Modifiers
Proposed section (b) of Rule 13 would set forth three Time in Force
modifiers for orders: (1) Day; (2) Good til Cancelled (``GTC'') or
Open; and (3) Immediate or Cancel (``IOC''). For Day modifiers, the
Exchange proposes to allow only Limit Orders to be designated as Day
orders. Currently, any order could be designated as a Day order. For
the GTC or Open modifier, the Exchange is proposing to allow only Limit
Orders to be designated with the GTC or Open modifier. Currently, any
order could be a GTC or Open order.
With respect to IOC modifiers, the Exchange currently has three
different modifiers: (1) Regulation NMS-compliant IOC; (2) NYSE IOC;
and (3) IOC-MTS (minimum trade size). The Exchange is proposing to make
non-substantive changes to the definitions of all three IOC
modifiers.\12\
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\12\ Throughout the proposed rule text, the Exchange proposes to
capitalize terms, including, but not limited to, Limit Order and
Market Order.
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C. Auction-Only Orders
Proposed section (c) of Rule 13 would set forth five Auction-Only
Orders: (1) Closing Offset (``CO'') Orders; (2) Limit-on-Close
(``LOC'') Orders; (3) Limit-on-Open (``LOO'') Orders; (4) Market-on
Close (``MOC'') Orders; and (5) Market-on-Open (``MOO'') Orders. The
Exchange is proposing to make non-substantive changes to these
definitions.
D. Non-Displayable Orders (All or a Portion of the Order)
Proposed section (d) of Rule 13 contains orders that are partially
or fully undisplayed. There are two types of non-displayable orders:
(1) Mid-Point Passive Liquidity Orders (``MPL Orders'') and (2) Reserve
Orders. The Exchange proposes to make non-substantive changes to the
definition of MPL Orders.
With respect to Reserve Orders, the Exchange proposes to make non-
substantive changes to the definition. The Exchange also proposes to
add new rule text to state that a Minimum Display Reserve Order, which
is a Limit Order that has a portion of the interest displayed when the
order is or becomes the Exchange best bid or offer (``Exchange BBO'')
and a portion not displayed (the reserve interest), would participate
in both automatic and manual executions. The Exchange also proposes to
add new rule text to state that a Non-Displayed Reserve Order, which is
a Limit Order that is not displayed, would not participate in manual
executions. The Exchange represents that these changes would reflect
how those orders currently operate on the Exchange.\13\ Moreover, the
Exchange proposes to change the circumstances in which the reserve
interest of a Reserve Order would be
[[Page 42577]]
available for execution. Currently, the Exchange's rule text specifies
that reserve interest of a Non-Displayed Reserve Order is available for
execution only after all displayed interest at the price has been
executed. The Exchange proposes to amend the rule text to specify that
reserve interest of all Reserve Orders is available for execution only
after all displayed interest at the price has been executed.
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\13\ See Notice, supra note 3, 80 FR at 20055.
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E. Do Not Route Orders
Proposed section (e) of Rule 13 would set forth order modifiers and
order types that would not be routed: (1) The Add Liquidity Only
(``ALO'') modifier; (2) Do Not Ship (``DNS'') orders; and (3)
Intermarket Sweep (``ISO'') orders. For the ALO modifier, the Exchange
proposes to make non-substantive changes and to update cross
references. The Exchange also proposes to add new rule text to specify
that Limit Orders with the ALO modifier may participate in re-openings,
but that the ALO designation would be ignored. This proposed change
would expand the text of current Rule 13, which states that Limit
Orders with the ALO modifier may participate in the Exchange's open or
close, but that the ALO designation would be ignored. The Exchange is
also proposing to make non-substantive changes to the DNS order and ISO
definitions.
F. Other Modifiers
Proposed section (f) of Rule 13 would include the Exchange's other
order instructions and modifiers: (1) Do Not Reduce (``DNR'') modifier;
(2) Do Not Increase (``DNI'') modifier; (3) Pegging interest; (4)
Retail modifier; (5) Self-Trade Prevention (``STP'') modifier; (6) Sell
``Plus''--Buy ``Minus'' instruction; and (7) Stop order. The Exchange
proposes to make non-substantive changes to the DNR and DNI modifiers.
With respect to Pegging interest, the Exchange proposes to specify
that Pegging interest must be a Floor broker agency interest file (``e-
Quote'') or a discretionary e-Quote (``d-Quote'') and proposes to
delete the reference to the term ``Primary Pegging Interest'' in
proposed Rule 13(f)(3)(B) because the Exchange represents that it only
has one form of Pegging interest.\14\
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\14\ See Notice, supra note 3, 80 FR at 20055.
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The Exchange proposes to make non-substantive changes to the Retail
modifier, STP modifier, and the Sell ``Plus''--Buy ``Minus''
instruction definitions. With respect to the STP modifier, the Exchange
proposes to add rule text specifying that the STP modifier is not
available for DMM interest, and with respect to Stop orders, the
Exchange proposes to make non-substantive changes and to replace the
term ``Exchange's automated order routing system'' with ``Exchange
systems.''
G. Other Proposed Changes
The Exchange proposes to move the definition of ``Routing Broker''
to Rule 17(c) because the Exchange states that Rule 17(c) governs the
operations of Routing Brokers.\15\
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\15\ See id.
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The Exchange also proposes to amend the definition of Not Held
orders and relocate that definition to Supplementary Material .20 to
Rule 13 because the Exchange states that Supplementary material .20 of
Rule 13 reflects the obligations that members have in handling customer
orders and Not Held instructions are instructions from a customer to a
member or member organization regarding the handling of an order.\16\
Rule 13 currently defines a Not Held order as a market or limited price
order marked ``not held,'' ``disregard tape,'' ``take time,'' ``buy or
sell on print,'' or which bears any such qualifying notation. Under the
proposed rule change, a Not Held order would refer to an unpriced,
discretionary order voluntarily categorized as such by the customer and
with respect to which the customer has granted the member or member
organization price and time discretion.
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\16\ See id.
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The Exchange proposes several amendments to Rule 70, which governs
the execution of Exchange Floor Broker interest. The Exchange proposes
to amend Rule 70(a)(i) to (1) delete current rule text indicating that
Floor Brokers can only enter e-Quotes at or outside the Exchange BBO
because, in Amendment No. 2, the Exchange explains that Floor brokers
may use e-Quotes to enter non-displayed orders, such as Non-Display
Reserve e-Quotes or MPL Orders, priced between the Exchange BBO, and
(2) add rule text stating that e-Quotes would not include unelected
Stop Orders, Market Orders, ISOs, GTC modifiers, DNR modifiers, or DNI
modifiers. Furthermore, the Exchange proposes to add text to Rule
70.25(a)(ii) explaining that discretionary instructions may include
instructions to participate in the Exchange's opening or closing
transaction only. The Exchange also proposes to amend Rule 70.25(c) to
clarify that certain functionality set forth in the Rule is no longer
available. Specifically, Rule 70.25(c)(ii) currently provides that a
Floor broker may designate a maximum size of contra-side volume with
which it is willing to trade using discretionary pricing instructions.
Because this functionality is not available, the Exchange proposes to
delete references to the maximum discretionary size parameter from
Rules 70.25(c)(ii) and (c)(v). Additionally, the Exchange proposes to
amend Rule 70.25(c)(iv) to clarify that the circumstances under which
the Exchange would consider interest displayed by other market centers
at the price at which a d-Quote may trade are not limited to
determining when a d-Quote's minimum or maximum size range is met.
Accordingly, the Exchange proposes to delete the clause ``when
determining if the d-Quote's minimum and/or maximum size range is
met.'' The Exchange also proposes to make non-substantive changes to
Rules 70(a)(i) and 70(b)(i) by replacing the term ``Display Book'' with
the term ``Exchange systems,'' and in Rule 70(f), the Exchange proposes
to update cross references.
The Exchange proposes several amendments to amend Rule 72, which
governs the priority of bids and offers and allocation of executions on
the Exchange. First, the Exchange proposes to amend Rule 72(c)(i) to
(1) replace the term ``reserve interest'' with the term ``non-
displayable interest'' so that the rule sets forth that all non-
displayable interest, which includes certain types of reserve interest
and MPL Orders, trades on parity in accordance with the order
allocation provisions of Rule 72 and (2) change the phrase ``the
displayed bid (offer)'' to ``displayable bids (offers)'' and change the
phrase ``displayed volume'' to ``displayable volume'' to specify that
an automatically executing order will trade first with displayable bids
(offers) and, if there is insufficient displayable volume to fill the
order, will trade next with non-displayable interest. The Exchange also
proposes to amend Rule 72(c)(x) to add MPL Orders to the orders
identified as being eligible to trade at price points between the
Exchange BBO and delete a cross reference to Rule 13.
The Exchange proposes two amendments to Rule 104, which governs the
dealings and responsibilities of DMMs. First, the Exchange proposes to
add text to Rule 104(b)(ii) explaining that the Exchange's systems will
prevent incoming DMM interest from trading with resting DMM interest.
Specifically, proposed Rule 104(b)(ii) would now provide that if an
incoming DMM interest would trade with resting DMM interest only, the
incoming DMM interest would be cancelled, and if the incoming DMM
interest would trade with interest other than DMM interest,
[[Page 42578]]
the resting DMM interest would be cancelled. Furthermore, the Exchange
proposes to add new Rule 104(b)(vi) to specify that DMMs may not enter
the following orders and modifiers: (1) Market Orders; (2) GTC
modifiers; (3) MOO orders; (4) CO orders; (5) MOC orders; (6) LOC
orders; (7) DNR modifiers; (8) DNI modifiers; (9) Sell ``Plus''--Buy
``Minus'' instructions; and (10) Stop orders.
Finally, the Exchange proposes to amend Rule 1000, which governs
automatic executions, by adding cross references to other Exchange
rules applicable to automatic executions in Rule 1000(a).
III. Discussion and Commission Findings
After careful review, the Commission finds that the proposed rule
change, as modified by Amendment No. 2, is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a national securities exchange.\17\ In particular, the
Commission finds that the proposed rule change is consistent with
Section 6(b)(5) of the Act,\18\ which requires, among other things,
that the rules of a national securities exchange be 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 facilitating transactions in securities, 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.
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\17\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\18\ 15 U.S.C. 78f(b)(5).
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The Exchange represents that it continually assesses its rules
governing order types \19\ and that this proposal is part of that
continued effort to review and clarify its rules governing order
types.\20\ In addition, the Commission notes that the Exchange asserts
that the proposal is consistent with Section 6(b)(5) of the Act because
it would, among other things, clarify existing functionality of the
Exchange's order types and ensure that Exchange members, regulators,
and the public can both more easily navigate the Exchange's rulebook
and better understand the order types available for trading on the
Exchange.\21\
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\19\ See Notice, supra note 3, 80 FR at 20053.
\20\ See Notice, supra note 3, 80 FR at 20053-54.
\21\ See Notice, supra note 3, 80 FR at 20056.
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The Exchange's proposal would restructure and reorganize Rule 13 so
that order types with similar functionality are grouped together by
subsection. The Commission also notes that the proposal contains
several revisions to the Exchange's current rule text to clarify the
descriptions of how certain orders, modifiers, and the ``not held''
instruction function and to specify which member organizations can and
cannot enter certain order types. The Commission believes that the
proposed rule change should provide greater specificity, clarity, and
transparency with respect to the order type and modifier
functionalities available on the Exchange, as well as the Exchange's
methodology for handling certain order types, when compared to the
existing rule text today. Accordingly, the Commission believes that the
proposal is designed to prevent fraudulent and manipulative acts and
practices, promote just and equitable principles of trade, remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, protect investors and the
public interest.
IV. Solicitation of Comments on Amendment No. 2
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether Amendment No. 2
to 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-2015-15 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-2015-15. 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 this filing will also 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 Number SR-NYSE-2015-15 and should be
submitted on or before August 7, 2015.
V. Accelerated Approval of Proposed Rule Change, as Modified by
Amendment No. 2
The Commission finds good cause to approve the proposed rule
change, as modified by Amendment No. 2, prior to the 30th day after the
date of publication of notice of Amendment No. 2 in the Federal
Register. In Amendment No. 2, the Exchange proposes to add to Rule 13
text that: (1) States that, unless otherwise specified in either Rules
13, 70, or 104, orders and modifiers listed in Rule 13 are available
for all Exchange member organizations; and (2) specifies that the STP
modifier is not available for DMM interest. The Exchange also proposes
to delete a proposed change to the definition of MPL Orders that would
have required the Exchange's systems to: (1) Reject an MPL Order on
entry if it has a Minimum Triggering Volume larger than the size of the
order and (2) to reject a request to partially cancel a resting MPL
Order when the partial cancellation would result in a Minimum
Triggering Volume that is larger than the size of the order.
Furthermore, the Exchange proposes several non-substantive technical
amendments to the filing so that the proposed text in Rules 13(a)(1)
(definition of Market Order) and 13(d)(1)(A) (definition of MPL Order),
and the current Rule 13 text marked for deletion under the present
alphabetically listed format, accurately reflect the proposed rule
changes to the current rule text and the proposed rule text that is not
being changed from the current rule text.
[[Page 42579]]
The Exchange also proposes to amend Rule 70 to: (1) Delete current
rule text in Rule 70(a)(i) indicating that Floor Brokers can only enter
e-Quotes at or outside the Exchange BBO; (2) add text to Rule 70(a)(i)
stating that e-Quotes shall not include unelected Stop orders, Market
Orders, ISOs, GTC modifiers, DNR modifiers, or DNI modifiers; (3) add
text to Rule 70.25(a)(ii) explaining that discretionary instructions
may include instructions to participate in the Exchange's opening or
closing transaction only; (4) make non-substantive changes to Rules
70(a)(i) and 70(b)(i) by replacing the term ``Display Book'' with the
term ``Exchange systems;'' and (5) update cross references in Rule
70(f).
The Exchange proposes to amend Rule 72(c)(i) to: (1) Set forth that
all non-displayable interest, which includes certain types of reserve
interest and MPL Orders, trades on parity; and (2) to change the phrase
``the displayed bid (offer)'' to ``displayable bids (offers)'' and
change the phrase ``displayed volume'' to ``displayable volume.'' The
Exchange also proposes to amend Rule 72(c)(x) to add MPL Orders to the
orders identified as being eligible to trade at price points between
the Exchange BBO and delete a cross reference to Rule 13.
The Exchange also proposes to add text to Rule 104(b)(ii)
explaining that the Exchange's systems will prevent incoming DMM
interest from trading with resting DMM interest. Furthermore, the
Exchange proposes to add new Rule 104(b)(vi) to specify that DMMs may
not enter the following orders and modifiers: (1) Market Orders; (2)
GTC modifiers; (3) MOO orders; (4) CO orders; (5) MOC orders; (6) LOC
orders; (7) DNR modifiers; (8) DNI modifiers; (9) Sell ``Plus''--Buy
``Minus'' instructions; and (10) Stop orders.
Finally, the Exchange proposes to amend Rule 1000(a) to provide
cross references to other Exchange rules applicable to automatic
executions.
The Commission believes that the revisions proposed in Amendment
No. 2 do not raise any novel regulatory issues. The Commission further
believes that the proposed revisions to the rule text set forth in
Amendment No. 2 do not represent any significant changes to the current
functionality of the Exchange's order types and modifiers. Rather,
these proposed rule text changes primarily help clarify and better
explain how the Exchange's order types and modifiers currently operate
and interact. For instance, the Commission believes that the Exchange's
proposal to add text at the beginning of Rule 13 stating that, unless
otherwise specified in Rules 13, 70, or 104, orders and modifiers are
available for all member organizations, coupled with the proposed
addition of subparagraph (b)(vi) to Rule 104 that specifically
enumerates which orders and modifiers a DMM may not enter into the
Exchange's systems, should help member organizations better understand
which orders and modifiers they can and cannot enter into the
Exchange's systems. Therefore, the Commission finds that Amendment No.
2 is consistent with the protection of investors and the public
interest.
Accordingly, the Commission finds good cause, pursuant to Section
19(b)(2) of the Act,\22\ to approve the proposed rule change, as
modified by Amendment No. 2, on an accelerated basis.
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\22\ 15 U.S.C. 78s(b)(2).
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VI. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\23\ that the proposed rule change (NYSE-2015-15), as modified by
Amendment No. 2, be, and it hereby is, approved on an accelerated
basis.
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\23\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-17536 Filed 7-16-15; 8:45 am]
BILLING CODE 8011-01-P