Notice2022-18981
Submission for OMB Review; Comment Request; Extension: Display of Customer Limit Orders (17 CFR 242.604)
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
September 2, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 170 (Friday, September 2, 2022)</title>
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[Federal Register Volume 87, Number 170 (Friday, September 2, 2022)]
[Notices]
[Page 54270]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-18981]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-405, OMB Control No. 3235-0462]
Submission for OMB Review; Comment Request; Extension: Display of
Customer Limit Orders (17 CFR 242.604)
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget (``OMB'') a request for approval of extension of the
previously approved collection of information provided for in Rule 604
(17 CFR 242.604) under the Securities Exchange Act of 1934 (17 U.S.C.
78a et seq.) (``Exchange Act'').
Rule 604 requires specialists and market makers to publish customer
limit orders that are priced superior to the bids or offers being
displayed by each such specialist or market maker.\1\ Customer limit
orders that match the bid or offer being displayed by a specialist or
market maker must be published if the limit price also matches the
national best bid or offer (``NBBO'') and the size of the customer
limit order is more than de minimis (i.e., more than 10% of the
specialist's or market maker's displayed size).
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\1\ See Securities Exchange Act Release No. 37619A (September 6,
1996), 61 FR 48290 (September 12, 1996).
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The information collected pursuant to Rule 604 is necessary to
facilitate the establishment of a national market system for
securities. The publication of trading interests that improve
specialists' and market makers' quotes presents investors with improved
execution opportunities and improved access to the best available
prices when they buy or sell securities.
The Commission estimates that approximately 318 respondents will
respond to the collection of information requirements each time they
receive a displayable customer limit order. The Commission further
estimates that a respondent will receive a customer limit order, on
average, 15,136.767 times per trading day with an estimate average time
of 0.1 second per quote update. Accordingly, assuming 252 days in a
trading year, an average 105.957 hours per year per respondent, the
Commission estimates that the total annual burden for all respondents
is 33,694 hours.
The collection of information in Rule 604 is mandatory for all
respondents, but does not require the collection of confidential
information.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
The public may view background documentation for this information
collection at the following website: ><a href="http://www.reginfo.gov">www.reginfo.gov</a><. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent by October 3, 2022 to (i)
><a href="/cdn-cgi/l/email-protection#367b746e18797b7418797f647718657375695253455d695950505f55534476595b541853594618515940"><span class="__cf_email__" data-cfemail="501d12087e1f1d127e1f1902117e0315130f3435233b0f3f363639333522103f3d327e353f207e373f26">[email protected]</span></a> < and (ii) David Bottom,
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending
an email to: <a href="/cdn-cgi/l/email-protection#ffafadbea0b29e96939d9087bf8c9a9cd1989089"><span class="__cf_email__" data-cfemail="b8e8eaf9e7f5d9d1d4dad7c0f8cbdddb96dfd7ce">[email protected]</span></a>.
Dated: August 29, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-18981 Filed 9-1-22; 8:45 am]
BILLING CODE 8011-01-P
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