Notice2022-08282
Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt on a Permanent Basis the Pilot Rules for Market-Wide Circuit Breakers in Rule 11.280
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 19, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 75 (Tuesday, April 19, 2022)</title>
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[Federal Register Volume 87, Number 75 (Tuesday, April 19, 2022)]
[Notices]
[Pages 23283-23287]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-08282]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94709; File No. SR-LTSE-2022-03]
Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Adopt on a Permanent Basis the Pilot Rules for Market-Wide Circuit
Breakers in Rule 11.280
April 13, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on April 12, 2022, Long-Term Stock Exchange, Inc. (``LTSE'' 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\ 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
LTSE proposes a rule change to adopt on a permanent basis the Pilot
Rules for Market-Wide Circuit Breakers in Rule 11.280.
The text of the proposed rule change is available at the Exchange's
website at <a href="https://longtermstockexchange.com/">https://longtermstockexchange.com/</a>, at the principal office
of the Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On March 16, 2022, the Commission approved the proposal of the New
York Stock Exchange LLC (``NYSE'') to adopt on a permanent basis the
pilot program for Market-Wide Circuit Breakers (``MWCB'') in NYSE Rule
7.12.\3\ The Exchange proposes to adopt on a permanent basis the Pilot
Rules for Market-Wide Circuit Breakers in Rule 11.280.
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\3\ See Securities Exchange Act Release No. 94441 (March 16,
2022) (SR-NYSE-2021-40).
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Background
The Market-Wide Circuit Breaker (``MWCB'') rules, including the
Exchange's Rule 11.280, provide an important, automatic mechanism that
is invoked to promote stability and investor confidence during periods
of significant stress when cash equities securities experience extreme
market-wide declines. The MWCB rules are designed to slow the effects
of extreme price declines through coordinated trading halts across both
cash equity and equity options securities markets.
The cash equities rules governing MWCBs were first adopted in 1988
and, in 2012, all U.S. cash equity exchanges and FINRA amended their
cash equities uniform rules on a pilot basis (the ``Pilot Rules'').\4\
The Pilot Rules currently provide for trading halts in all cash equity
securities during a severe market decline as measured by a single-day
decline in theS&P 500 Index (``SPX'').\5\ Under the Pilot Rules, a
market-wide trading halt will be triggered if SPX declines in price by
specified percentages from the prior day's closing price of that index.
The triggers are set at three circuit breaker thresholds: 7%
[[Page 23284]]
(Level 1), 13% (Level 2), and 20% (Level 3). A market decline that
triggers a Level 1 or Level 2 halt after 9:30 a.m. and before 3:25 p.m.
would halt market-wide trading for 15 minutes, while a similar market
decline at or after 3:25 p.m. would not halt market-wide trading.
(Level 1 and Level 2 halts may occur only once a day.) A market decline
that triggers a Level 3 halt at any time during the trading day would
halt market-wide trading for the remainder of the trading day.
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\4\ 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) (``Pilot
Rules Approval Order''). LTSE adopted Pilot Rules as part of its
approval as a national securities exchange. See generally Securities
Exchange Act Release No. 85828 (May 10, 2019), 84 FR 21841 (May 15,
2019).
\5\ The rules of the equity options exchanges similarly provide
for a halt in trading if the cash equity exchanges invoke a MWCB
Halt. See, e.g., NYSE Arca Rule 6.65-O(d)(4).
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The Commission approved the Pilot Rules, the term of which was to
coincide with the pilot period for the Plan to Address Extraordinary
Market Volatility Pursuant to Rule 608 of Regulation NMS (the ``LULD
Plan''),\6\ including any extensions to the pilot period for the LULD
Plan.\7\ In April 2019, the Commission approved an amendment to the
LULD Plan for it to operate on a permanent, rather than pilot,
basis.\8\ In conjunction with the proposal to make the LULD Plan
permanent, the Exchange amended Rule 11.280 to untie the Pilot Rules'
effectiveness from that of the LULD Plan and to extend the Pilot Rules'
effectiveness to the close of business on October 18, 2020.\9\ The
Exchange subsequently amended Rule 11.280, to extend the Pilot Rules'
effectiveness for an additional year to the close of business on
October 18, 2021.\10\ The Exchange then further amended Rule 11.280, to
extend the Pilot Rules' effectiveness for another five months to the
close of business on March 18, 2022,\11\ and for another month to the
close of business on April 18, 2022.\12\
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\6\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012). The LULD Plan provides a
mechanism to address extraordinary market volatility in individual
securities.
\7\ See e.g. Securities Exchange Act Release Nos. 67090 (May 31,
2012), 77 FR 33531 (June 6, 2012) (SR-NYSE-2011-48) (Approval
Order); and 68784 (January 31, 2013), 78 FR 8662 (February 6, 2013)
(SR-NYSE-2013-10).
\8\ See Securities Exchange Act Release No. 85623 (April 11,
2019), 84 FR 16086 (April 17, 2019).
\9\ See Securities Exchange Act Release 87357 (October 18, 2019)
84 FR 57070 (October 24, 2019) (SR-LTSE-2019-03).
\10\ See Securities Exchange Act Release No. 90125 (October 8,
2020), 85 FR 65114 (October 14, 2020) (SR-LTSE-2020-18).
\11\ See Securities Exchange Act Release No. 93376 (October 18,
2021), 86 FR 58713 (October 22, 2021) (SR-LTSE-2021-06).
\12\ See Securities Exchange Act Release No. 34-94403 (March 11,
2022), 87 FR 15279 (March 17, 2022) (SR-LTSE-2022-01)
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The MWCB Working Group's Study
Beginning in February 2020, at the outset of the COVID-19 pandemic,
the markets experienced increased volatility, culminating in four MWCB
Level 1 halts on March 9, 12, 16, and 18, 2020. In each instance,
pursuant to the Pilot Rules, the markets halted as intended upon a 7%
drop in SPX and did not start the process to resume trading until the
prescribed 15-minute halt period ended.
On September 17, 2020, the Director of the Commission's Division of
Trading and Markets asked the SROs to conduct a study of the design and
operation of the Pilot Rules and the LULD Plan during the period of
volatility in March 2020. In response to the request, the SROs created
a MWCB ``Working Group'' composed of SRO representatives and industry
advisers that included members of the advisory committees to both the
LULD Plan and the NMS Plans governing the collection, consolidation,
and dissemination of last-sale transaction reports and quotations in
NMS Stocks. The Working Group met regularly from September 2020 through
March 2021 to consider the Commission's request, review data, and
compile its study.
On March 31, 2021, the MWCB Working Group submitted its study (the
``Study'') to the Commission.\13\ The Study included an evaluation of
the operation of the Pilot Rules during the March 2020 events and an
evaluation of the design of the current MWCB system. In the Study, the
Working Group concluded: (1) The MWCB mechanism set out in the Pilot
Rules worked as intended during the March 2020 events; (2) the MWCB
halts triggered in March 2020 appear to have had the intended effect of
calming volatility in the market, without causing harm; (3) the design
of the MWCB mechanism with respect to reference value (SPX), trigger
levels (7%/13%/20%), and halt times (15 minutes) is appropriate; (4)
the change implemented in Amendment 10 to the LULD Plan did not likely
have any negative impact on MWCB functionality; and (5) no changes
should be made to the mechanism to prevent the market from halting
shortly after the opening of regular trading hours at 9:30 a.m.
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\13\ See Report of the Market-Wide Circuit Breaker (``MWCB'')
Working Group Regarding the March 2020 MWCB Events, submitted March
31, 2021 (the ``Study''), available at <a href="https://www.nyse.com/publicdocs/nyse/markets/nyse/Report_of_the_Market-Wide_Circuit_Breaker_Working_Group.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse/Report_of_the_Market-Wide_Circuit_Breaker_Working_Group.pdf</a>.
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In light of those conclusions, the MWCB Working Group also made
several recommendations, including that (1) the Pilot Rules should be
made permanent without any changes, and (2) SROs should adopt a rule
requiring all designated Regulation SCI firms to participate in at
least one Level 1/Level 2 MWCB test each year and to verify their
participation via attestation.\14\
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\14\ See id. at 46.
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Proposal To Make the Pilot Rules Permanent
On July 16, 2021, NYSE proposed a rule change to make the Pilot
Rules permanent, consistent with the Working Group's
recommendations.\15\ On March 16, 2022, the Commission approved NYSE's
proposal.\16\
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\15\ See Securities Exchange Act Release No. 92428 (July 16,
2021), 86 FR 38776 (July 22, 2021) (SR-NYSE-2021-40).
\16\ See supra note 3.
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Consistent with the Commission's approval of NYSE's proposal, the
Exchange now proposes that its MWCB Pilot Rules (i.e., paragraphs (a)-
(e) of Rule 11.280) be made permanent. To accomplish this, the Exchange
proposes to remove language in paragraph (a) describing the MWCB as
part of a pilot. The Exchange does not propose any changes to
paragraphs (b)-(e) of the Rule.
Consistent with the Commission's approval of NYSE's proposal, the
Exchange proposes to add new paragraphs (f), (g), and (h) to Rule
11.280, as follows:
(f) Market-Wide Circuit Breaker (``MWCB'') Testing
(1) The Exchange will participate in all industry-wide tests of
the MWCB mechanism. Members designated pursuant to Rule 2.250 to
participate in mandatory testing of backup systems are required to
participate in at least one industry-wide MWCB test each year and to
verify their participation in that test by attesting that they are
able to or have attempted to:
(A) Receive and process MWCB halt messages from the securities
information processors (``SIPs'');
(B) receive and process resume messages from the SIPs following
a MWCB halt;
(C) receive and process market data from the SIPs relevant to
MWCB halts; and
(D) send orders following a Level 1 or Level 2 MWCB halt in a
manner consistent with their usual trading behavior.
(2) To the extent that a Member participating in a MWCB test is
unable to receive and process any of the messages identified in
paragraph (f)(1)(A)-(D) of this Rule, its attestation should notify
the Exchange which messages it was unable to process and, if known,
why.
(3) Members not designated pursuant to standards established in
Rule 2.250 are permitted to participate in any MWCB test.
(g) In the event that a halt is triggered under this Rule
following a Level 1, Level 2, or Level 3 Market Decline, the
Exchange, together with other SROs and industry representatives (the
``MWCB Working Group''), will review such event. The MWCB Working
Group will prepare a report that documents its analysis and
recommendations and will provide that report to the Commission
within 6 months of the event.
[[Page 23285]]
(h) In the event that there is (1) a Market Decline of more than
5%, or (2) an SRO implements a rule that changes its reopening
process following a MWCB Halt, the Exchange, together with the MWCB
Working Group, will review such event and consider whether any
modifications should be made to this Rule. If the MWCB Working Group
recommends that a modification should be made to this Rule, the MWCB
Working Group will prepare a report that documents its analysis and
recommendations and provide that report to the Commission.
2. Statutory Basis
The Exchange believes that the proposal to make the Pilot Rules
permanent is consistent with Section 6(b) of the Act,\17\ in general,
and furthers the objectives of Section 6(b)(5) of the Act,\18\ in
particular, in that it is designed to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in general
to protect investors and the public interest.
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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
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The Pilot Rules set out in Rule 11.280(a)-(e) are an important,
automatic mechanism that is invoked to promote stability and investor
confidence during periods of significant market stress when securities
markets experience broad-based declines. The four MWCB halts that
occurred in March 2020 provided the exchanges, other SROs, and market
participants with real-world experience as to how the Pilot Rules
actually function in practice. Based on the Working Group's Study and
the Exchange's own analysis of those events, the Exchange believes that
making the Pilot Rules permanent would benefit market participants,
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 protect investors and the public interest.
Specifically, the Exchange believes that making the Pilot Rules
permanent would benefit market participants, 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 protect
investors and the public interest, because the Pilot Rules worked as
intended during the March 2020 events. As detailed above, the markets
were in communication before, during, and after each of the MWCB Halts
that occurred in March 2020. All 9,000+ equity symbols were
successfully halted in a timely manner when SPX declined 7% from the
previous day's closing value, as designed. The Exchange believes that
market participants would benefit from having the Pilot Rules made
permanent because such market participants are familiar with the design
and operation of the MWCB mechanism set out in the Pilot Rules, and
know from experience that it has functioned as intended on multiple
occasions under real-life stress conditions. Accordingly, the Exchange
believes that making the Pilot Rules permanent would enhance investor
confidence in the ability of the markets to successfully halt as
intended when under extreme stress.
The Exchange further believes that making the Pilot Rules permanent
would benefit market participants, 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 protect
investors and the public interest, because the halts that were
triggered pursuant to the Pilot Rules in March 2020 appear to have had
the intended effect of calming volatility in the market without causing
harm. As detailed above, after studying a variety of metrics concerning
opening and reopening auctions, quote volatility, and other factors,
the Exchange concluded that there was no significant difference in the
percentage of securities that opened on a trade versus on a quote for
the four days in March 2020 with MWCB Halts, versus the other periods
studied. In addition, while the post-MWCB Halt reopening auctions were
smaller than typical opening auctions, the size of those post-MWCB Halt
reopening auctions plus the earlier initial opening auctions in those
symbols was on average equal to opening auctions in January 2020. The
Exchange believes this indicates that the MWCB Halts on the four March
2020 days did not cause liquidity to evaporate. Finally, the Exchange
observes that while quote volatility was generally higher on the four
days in March 2020 with MWCB Halts as compared to the other periods
studied, quote volatility stabilized following the MWCB Halts at levels
similar to the January 2020 levels, and LULD Trading Pauses worked as
designed to address any additional volatility later in the day. From
this evidence, the Exchange concludes that the Pilot Rules actually
calmed volatility on the four MWCB Halt days in March 2020, without
causing liquidity to evaporate or otherwise harming the market. As
such, the Exchange believes that making the Pilot Rules permanent would
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and protect investors and the
public interest.
The Exchange believes that that making the Pilot Rules permanent
without any changes would benefit market participants, 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
protect investors and the public interest, because the current design
of the MWCB mechanism as set out in the Pilot Rules remains
appropriate. As detailed above, the Exchange considered whether SPX
should be replaced as the reference value, whether the current trigger
levels (7%/13%/20%) and halt times (15 minutes for Level 1 and 2 halts)
should be modified, and whether changes should be made to prevent the
market from halting shortly after the opening of regular trading hours
at 9:30 a.m., and concluded that the MWCB mechanism set out in the
Pilot Rules remains appropriate, for the reasons cited above. The
Exchange believes that public confidence in the MWCB mechanism would be
enhanced by the Pilot Rules being made permanent without any changes,
given investors' familiarity with the Pilot Rules and their successful
functioning in March 2020.
The Exchange believes that proposed paragraph (f) regarding MWCB
testing is designed to promote just and equitable principles of trade,
to remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general to protect
investors and the public interest. The Working Group recommended that
all cash equities exchanges adopt a rule requiring all designated
Regulation SCI firms to participate in MWCB testing and to attest to
their participation. The Exchange believes that these requirements
would promote the stability of the markets and enhance investor
confidence in the MWCB mechanism and the protections that it provides
to the markets and to investors. The Exchange further believes that
requiring firms participating in a MWCB test to identify any inability
to process messages pertaining to such MWCB test would contribute to a
fair and orderly market by flagging potential issues that should be
corrected. The Exchange would preserve such attestations pursuant to
its obligations to retain books and records of the Exchange.\19\
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\19\ See 17 CFR 240.17a-1.
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The Exchange believes that proposed paragraph (g) would benefit
market participants, promote just and equitable
[[Page 23286]]
principles of trade, remove impediments to and perfect the mechanism of
a free and open market and a national market system, and protect
investors and the public interest. Having the MWCB Working Group review
any halt triggered under Rule 11.280 and prepare a report of its
analysis and recommendations would permit the Exchange, along with
other market participants and the Commission, to evaluate such event
and determine whether any modifications should be made to Rule 11.280
in the public interest. Preparation of such a report within 6 months of
the event would permit the Exchange, along with the MWCB Working Group,
sufficient time to analyze such halt and prepare their recommendations.
The Exchange believes that proposed paragraph (h) would benefit
market participants, 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 protect investors and the
public interest. Having the MWCB Working Group review instances of a
Market Decline of more than 5% or an SRO implementing a rule that
changes its reopening process following a MWCB Halt would allow the
MWCB Working Group to identify situations where it recommends that Rule
11.280 be modified in the public interest. In such situations where the
MWCB Working Group recommends that a modification should be made to
Rule 11.280, the MWCB Working Group would prepare a report that
documents its analysis and recommendations and provide that report to
the Commission, thereby removing impediments to and perfecting the
mechanism of a free and open market and a national market system while
protecting investors and the public interest.
For the foregoing reasons, the Exchange believes that the proposed
change is consistent with the Act.
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 not necessary or appropriate in
furtherance of the purposes of the Act. The proposed change is not
intended to address competition, but rather, makes permanent the
current MWCB Pilot Rules for the protection of the markets. The
Exchange believes that making the current MWCB Pilot Rules permanent
would have no discernable burden on competition at all, since the Pilot
Rules have already been in effect since 2012 and would be made
permanent without any changes. Moreover, because the MWCB mechanism
contained in the Pilot Rules requires all exchanges and all market
participants to cease trading at the same time, making the Pilot Rules
permanent would not provide a competitive advantage to any exchange or
any class of market participants.
Further, the Exchange understands that the other SROs will submit
substantively identical proposals to the Commission. Thus, the proposed
rule change will help to ensure consistency across SROs without
implicating any competitive issues.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(iii) \20\ of the Act and Rule 19b-4(f)(6) thereunder \21\
in that it effects a change that: (i) Does not significantly affect the
protection of investors or the public interest; (ii) does not impose
any significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.
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\20\ 15 U.S.C. 78s(b)(3)(A)(iii).
\21\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) \22\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\23\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange asked
that the Commission waive the 30 day operative delay so that the
proposal may become operative immediately upon filing. Waiver of the
30-day operative delay would allow the Exchange to immediately provide
the protections included in this proposal in the event of a MWCB halt,
which is consistent with the protection of investors and the public
interest. Therefore, the Commission hereby waives the 30-day operative
delay and designates the proposed rule change as operative upon
filing.\24\
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\22\ 17 CFR 240.19b-4(f)(6).
\23\ 17 CFR 240.19b-4(f)(6)(iii).
\24\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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) \25\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\25\ 15 U.S.C. 78s(b)(2)(B).
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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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#5725223b327a34383a3a323923241724323479303821"><span class="__cf_email__" data-cfemail="daa8afb6bff7b9b5b7b7bfb4aea99aa9bfb9f4bdb5ac">[email protected]</span></a>. Please include
File Number SR-LTSE-2022-03 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-LTSE-2022-03. 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 website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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 website 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
[[Page 23287]]
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions.
You should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-LTSE-2022-03
and should be submitted on or before May 10, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-08282 Filed 4-18-22; 8:45 am]
BILLING CODE 8011-01-P
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