Notice2022-28299
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Rules 900.2NY, 925NY and 993NY
Primary source
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Published
December 29, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 249 (Thursday, December 29, 2022)</title>
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[Federal Register Volume 87, Number 249 (Thursday, December 29, 2022)]
[Notices]
[Pages 80240-80245]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-28299]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96572; File No. SR-NYSEAMER-2022-57]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend Rules
900.2NY, 925NY and 993NY
December 22, 2022.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on December 21, 2022, NYSE American LLC (``NYSE American'' 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\ 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 Rule 900.2NY (Definitions), with
conforming change to Rules 925NY (Obligations of Market Makers) and
993NY (Operation of Routing Broker). The proposed rule change is
available on the Exchange's website at <a href="http://www.nyse.com">www.nyse.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 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.
[[Page 80241]]
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 Rule 900.2NY (Definitions),
including to clarify and alphabetize existing definitions. As described
in detail below, certain of the proposed modifications to existing
definitions would update the Exchange's definitions regarding options
trading to be substantively identical to the same defined terms as set
forth in Rule 1.1 (referred to herein as ``Rule 1.1'') of NYSE Arca,
Inc. (``NYSE Arca''), which is the Exchange's affiliated SRO.\4\ The
Exchange is also proposing to make conforming change to Rules 925NY
(Obligations of Market Makers) and 993NY (Operation of Routing Broker).
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\4\ The proposed definitions that are based on NYSE Arca Rule
1.1 (as identified herein) relate solely to options trading and,
unlike Rule 1.1, do not include a description of how such terms
relate to equities trading. Thus, when the Exchange states that the
proposed definitions are substantively identical to the definitions
in Rule 1.1, the Exchange means solely as relates to options
trading. The Exchange believes this distinction is immaterial as
Rule 900.2NY pertains solely to options trading, whereas Rule 1.1
applies to both options and equities trading.
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Rule 900.2NY sets forth definitions applicable to the trading of
option contracts on the Exchange. The Exchange proposes to modify Rule
900.2NY in a number of ways. First, the Exchange proposes to modify
Rule 900.2NY to remove the numbering (of 1-88) associated with each
defined term and to re-locate those definitions that are out of
alphabetical order (which change impacts existing definitions:
``Exchange System,'' ``ICE,'' and ``Short Term Option Series'').\5\ The
Exchange does not believe that the sub-paragraph numbering is necessary
because the definitions are (mostly) organized in alphabetical order
and would continue to be organized in alphabetical order. In addition,
removing the sub-paragraph numbering would make any future amendments
to Rule 900.2NY easier to process as any new definitions would simply
be added in alphabetical order. The Exchange believes this proposed
change would add more clarity and transparency to Exchange rules making
them easier to navigate and comprehend. The Exchange also proposes to
change ``which'' to ``that'' in the proposed definitions of ``Clearing
Member'' and ``Outstanding,'' as well as changing ``shall refer to''
with ``means'' to streamline the proposed definitions of ``BBO'' and
``NBBO,'' which are stylistic preferences that would add consistency to
Exchange rules.
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\5\ The Exchange is not proposing any textual changes to the
definition of ``Exchange System'' or ``ICE,'' but is merely
relocating the definitions. The Exchange is not proposing to
relocate the definition of ``Short Term Options Series'' in the
proposed rule because it is duplicative of Rule 903(h) (describing
the Short Term Option Series Program).
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Second, the Exchange proposes to modify certain existing
definitions as follows.
<bullet> The Exchange proposes to amend certain definitions to use
the term ``underlying security'' rather than referring separately to an
``underlying stock or Exchange-Traded Fund Share.'' The Exchange
believes that this proposed change would not make any substantive
changes because an Exchange-Traded Fund Share is a ``security'' as that
term is defined in Rule 900.2NY(71) (i.e., that ``security'' refers to
``any security as defined in Rule 3(a)(10) under the Securities
Exchange Act of 1934''). Accordingly, the term ``underlying security,''
by definition, would include stock or Exchange-Traded Fund Shares. The
Exchange proposes to make this change to the following definitions:
``Aggregate Exercise Price,'' ``Call,'' ``Class of Options,''
``Covered,'' ``Exercise Price,'' ``Primary Market,'' ``Put,'' ``Option
Issue,'' and ``Underlying Stock or Underlying Security.'' \6\ These
proposed changes are substantively identical to how these terms are
defined in NYSE Arca Rule 1.1.
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\6\ The Exchange proposes to make a similar non-substantive
change to delete the term ``Exchange-Trade Fund Share'' in Rule
925NY(b) and (c).
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<bullet> The Exchange proposes to streamline the definitions of
``Closing Purchase Transaction,'' ``Closing Sale Transaction,''
``Opening Purchase Transaction,'' and ``Opening Writing Transaction''
without any substantive differences, consistent with how these terms
are defined per NYSE Arca Rule 1.1, as follows:
[cir] The term ``Closing Purchase Transaction'' is currently
defined in Rule 900.2NY(12) to mean ``an option transaction in which
the purchaser's intention is to reduce or eliminate a short position in
the series of options involved in such transaction.'' The proposed Rule
900.2NY definition of this term would be ``a transaction in a series in
which the purchaser intends to reduce or eliminate a short position in
such series.''
[cir] The term ``Closing Sale Transaction'' is currently defined in
Rule 900.2NY(13) to mean an ``option transaction in which the seller's
intention is to reduce or eliminate a long position in the series of
options involved in such transaction.'' The proposed Rule 900.2NY
definition of this term would be ``a transaction in a series in which
the seller intends to reduce or eliminate a long position in such
series.''
[cir] The term ``Opening Purchase Transaction'' is currently
defined in Rule 900.2NY(51) to mean ``an option transaction in which
the purchaser's intention is to create or increase a long position in
the series of options involved in such transaction.'' The proposed Rule
900.2NY definition of this term would be ``a transaction in a series in
which the purchaser intends to create or increase a long position in
such series.''
[cir] The term ``Opening Writing Transaction'' is currently defined
in Rule 900.2NY(52) to mean ``an option transaction in which the
seller's (writer's) intention is to create or increase a short position
in the series of options involved in such transaction.'' The proposed
Rule 900.2NY definition of this term would be ``a transaction in a
series in which the seller (writer) intends to create or increase a
short position in such series.''
<bullet> The Exchange proposes to revise the definition of ``ATP''
and ``ATP Holder'' to remove reference to 86 Trinity Holders as being
included in these definitions because these permits are no longer valid
and no participants of the Exchange hold such permits. Accordingly, the
Exchange proposes to remove reference to this concept to add clarity
and transparency to Exchange rules.
<bullet> The Exchange proposes to revise the definition of BBO,
which is currently defined in Rule 900.2NY(7)(a) as ``the best bid or
offer on the System,'' to instead be defined as ``the best displayed
bid or best displayed offer on the Exchange.'' \7\ The Exchange
believes that the proposed difference would add granularity to be clear
that non-displayed quotes and orders would not be included in the BBO,
which is consistent with current functionality. This proposed change is
substantively identical to how this term is defined in NYSE Arca Rule
1.1.
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\7\ The Exchange is not proposing any changes to the definitions
of Complex BBO or Derived BBO as set forth in Rule 900.2NY(7)(a).
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<bullet> The Exchange proposes to revise the definition of ``Class
of Options,'' which is currently defined in Rule 900.2NY(10), to
include ``class,'' and to refer to ``all series of options, both puts
and calls, overlying the same underlying security. This proposed change
is substantively identical to how this term is defined in NYSE Arca
Rule 1.1.
[[Page 80242]]
<bullet> The Exchange proposes to revise the definition of
``Consolidated Book,'' which is currently defined in Rule 900.2NY(14)
as ``the Exchange's electronic book of limit orders for the accounts of
Customers and broker-dealers, and Quotes with Size,'' and further
provides that ``[a]ll orders and Quotes with Size that are entered into
the Book will be ranked and maintained in accordance with the rules of
priority as provided in Rule 964NY'' to include the shorthand ``Book''
in the title and to replace reference to ``Quotes with Size'' to
``quotes,'' as the former concept incorporates to the definition of
quotes set forth in Rule 925.1NY(a)(1)) and would thus streamline the
proposed definition. The Exchange also proposes to refer simply to
``orders'' and to remove reference to ``limit'' orders and ``orders for
the accounts of Customers and broker-dealers,'' because the proposed
use of the phrase ``electronic book of orders and quotes'' makes clear
that the Consolidated Book would include all orders and quotes,
including orders from both ``Customers and broker-dealers,'' and it is
not necessary to separately reference what entity may be entering
orders. This proposed change is substantively identical to how this
term is defined in NYSE Arca Rule 1.1.\8\
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\8\ The Exchange also proposes to remove as duplicative the
definition of ``Book, Consolidated Book'' which is currently defined
in Rule 900.2NY(46), as ``the System's electronic file of orders and
quotes, which contains all of the orders in the Display Order
Process and the Working Order File and all of the Market Makers'
quotes in the Display Order Process,'' so as to avoid investor
confusion and help streamline Exchange rules making them easier to
follow and comprehend.
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[cir] Relatedly, consistent with the foregoing argument to replace
reference to ``Quotes with Size'' with ``quotes'' in the proposed
definition of Consolidate Book, the Exchange proposes to delete as
duplicative the definition of ``Quote with Size,'' which is currently
defined in Rule 900.2NY(65) to mean ``a quotation (as defined in Rule
925.1NY(a)(1)) to buy or sell a specific number of option contracts at
a specific price that a Market Maker has submitted to the System
through an electronic interface.'' Because the concept of Quote with
Size cross-references and incorporates the definition of quotes set
forth in Rule 925.1NY(a)(1)), the Exchange believes this proposed
deletion would streamline and add internal consistent to Exchange
rules.
<bullet> The Exchange proposes to revise the definition of ``Crowd
Participants,'' which is currently defined in Rule 900.2NY(17) to mean
``the Market Makers appointed to an option issue under Rule 923NY, and
any Floor Brokers actively representing orders at the best bid or offer
on the Exchange for a particular option series,'' to not include the
clause ``for a particular option series'' as unnecessary text. This
proposed change is substantively identical to how this term is defined
in NYSE Arca Rule 1.1.
<bullet> The Exchange proposes to revise the definition of
``Electronic Order Capture System,'' which is currently defined in Rule
900.2NY(20), to include the shorthand ``EOC'' in the title and to
eliminate reference to the Commission's order Instituting Public
Administrative Proceedings Pursuant to Section 19(h)(1) of the
Securities Exchange Act of 1934, Making Findings and Imposing Remedial
Sanctions, which was the initial authority for the Exchange to specify
requirements relating to the Electronic Order Capture System. The
Exchange will continue to include requirements for the Electronic Order
Capture System in its rules and does not believe it is necessary to
continue to cite to the original authority for this requirement in
Exchange rules. The Exchange also proposes to correct/delete the
erroneous references to ``ATP Firms,'' which is not a defined concept
on the Exchange. This proposed change is substantively identical to how
this term is defined in NYSE Arca Rule 1.1.
<bullet> The Exchange proposes to streamline the definition of
``Expiration Date,'' which is currently defined in Rule 900.2NY(26), to
eliminate now obsolete language limiting the definition to options
expiring before, on, or after February 15, 2015. In addition, the
Exchange does not propose to include the following text in the proposed
Rule 900.2NY definition of ``Expiration Date'': ``Notwithstanding the
foregoing, in the case of certain long-term options expiring on or
after February 1, 2015 that the Options Clearing Corporation has
designated as grandfathered, the term ``expiration date'' shall mean
the Saturday immediately following the third Friday of the expiration
month.'' This rule text is now obsolete as the Exchange does not have
any series trading on the Exchange with such Saturday expiration dates.
This proposed change is substantively identical to how this term is
defined in NYSE Arca Rule 1.1.
<bullet> The Exchange proposes to amend the definition of ``NBBO,''
which is currently defined in Rule 900.2NY(41)(a), to add language
stating that ``[t]he terms `NBB' mean the national best bid and `NBO'
means the national best offer,'' which would add clarity to Exchange
rules.\9\
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\9\ The Exchange notes that, unlike Rule 1.1, the proposed
definition of NBBO does not include reference to the Exchange's
adjustment of its calculation of the NBBO, as this language applies
to options trading on the Pillar platform. The Exchange believes
this distinction is immaterial and inapplicable as the Exchange has
not migrated to the Pillar trading platform.
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<bullet> The Exchange proposes to amend the definition of ``Options
Trading,'' which is currently defined in Rule 900.2NY(56), to delete
the phrase ``issued by the Options Clearing Corporation.'' Accordingly,
the proposed Rule 900.2NY definition of ``options trading'' would be as
follows: ``when not preceded by the word `Exchange,' means trading in
any option contract, whether or not approved for trading on the
Exchange.'' The Exchange believes that this proposed change is
immaterial because the Exchange trades only options that have been
issued by the Options Clearing Corporation, and therefore reference to
the OCC is redundant and unnecessary. The Exchange also proposes to
delete as superfluous the reference to any ``class or series'' of
option contract traded whether or not approved by the Exchange. This
proposed change is substantively identical to how this term is defined
in NYSE Arca Rule 1.1.
<bullet> The Exchange proposes to modify the definition of
``Outstanding'' to replace the following (seemingly incomplete) Rule
900.2NY(58) text, ``has neither been the subject of a closing sale
transaction on the Exchange or a comparable expiration date,'' with the
following, ``has not been the subject of a closing sale transaction,
exercised, or expired.'' The Exchange believes that the proposed
revised text is more complete. This proposed change is substantively
identical to how this term is defined in NYSE Arca Rule 1.1.
<bullet> The Exchange proposes to modify the definition of
``Trading Crowd,'' which is currently defined in Rule 900.2NY(80), to
remove the text that limits Market Makers covered by the definition to
those ``who hold an appointment in the option classes'' and to expand
the definition to include Floor Brokers, which modified definition is
substantially identical to how this term is defined in NYSE Arca Rule
1.1, with the one difference that Rule 1.1 refers to the ``trading
post'' whereas the proposed definition refers to the conceptually
identical defined term ``Trading Zone.'' \10\
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\10\ Including Floor Brokers in the definition of Trading Crowd
is also consistent with how this concept is defined on other options
exchanges. See also Cboe Exchange Inc. Rule 1.1 (defining the terms
``in-crowd market participant'' and ``ICMP'' to include ``an in-
crowd Market-Maker, an on-floor DPM or LMM with an allocation in a
class, or a Floor Broker or PAR Official representing an order in
the trading crowd on the trading floor'').
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[[Page 80243]]
<bullet> The Exchange proposes to modify the definition of
``Trading Facilities,'' which is currently defined in Rule 900.2NY(81),
to remove the reference to ``11 Wall Street, New York, NY'' (i.e., the
physical location of the Trading Floor) such that ``Trading
Facilities'' would mean ``the Exchange's facilities for the trading of
options, office space provided by the Exchange to ATP Holders in
connection with their floor trading activities, and any and all
electronic or automated order execution systems and reporting services
provided by the Exchange to ATP Holders.'' \11\ This proposed change is
substantively identical to how this term is defined in NYSE Arca Rule
1.1.
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\11\ See Rule 900.2NY(30) (defining the terms ``Floor'' and
``Trading Floor'' as referring to ``the options trading floor
located at 11 Wall Street, New York, NY.'').
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<bullet> The Exchange proposes to modify the definition of an
``Uncovered'' position, which is currently defined in Rule 900.2NY(85)
as ``in respect of a short position in an option contract means that
the short position is not covered.'' Because a ``covered'' position is
also defined in proposed Rule 900.2NY, the Exchange proposes to add
quotation marks around ``covered'' and, immediately after this term, to
add ``as defined above,'' to make clear the cross-reference is to
another defined term, which would add transparency to the rule text and
is consistent with how this term is defined in NYSE Arca Rule 1.1.
In addition, the Exchange proposes to clarify, expand and/or
streamline certain existing definitions, including to specify
variations or abbreviations of the defined term, as follows.
<bullet> The Exchange proposes to revise the definition of
``Board,'' which is currently defined in Rule 900.2NY(8) and refers to
the Board of Directors of the Exchange to include the synonymous
defined term ``Board of Directors,'' which term is used throughout
existing Exchange rules and make two changes to add the article ``the''
immediately before ``Board of Directors'' and to remove the
(superfluous) term ``shall.'' These proposed changes would add clarity
and consistency to Exchange rules.
<bullet> The Exchange proposes to revise the definition of
``Customer,'' which is currently defined in Rule 900.2NY(18), to
include reference to the sub-category (and separate and distinct
definition) of ``Professional Customer'' in the title. The Exchange
also proposes to modify the definition of Professional Customer to
align with how this term is defined in NYSE Arca Rule 1.1, i.e., to
remove as superfluous the sub-heading ``Calculation of Professional
Customer Orders,'' to modify the wording and numbering in the portion
of the proposed definition that describes how the Exchange calculates
orders for purposes of determining whether a market participant
qualifies as a ``Professional Customer.''
<bullet> The Exchange proposes to revise the definition of
``Floor,'' which is currently defined in Rule 900.2NY(30) and refers to
the options trading floor, to include the synonymous defined terms
``Trading Floor'' and ``Options Trading Floor,'' which terms are used
throughout existing Exchange rules and make one change to remove the
term ``shall.'' These proposed changes would add clarity and
consistency to Exchange rules. which would add clarity and transparency
to Exchange rules.
<bullet> The Exchange proposes to correct a typographical error in
the definition of Marketable, which is currently defined in Rule
900.2NY(39), to capitalize the reference to ``Orders'' as pertains to
``Market Orders,'' which are defined in Rule 900.3NY(a). This proposed
change would add transparency and internal consistency to Exchange
rules.
<bullet> The Exchange proposes to revise the definition of ``Market
Center,'' which is currently defined in Rule 900.2NY(36) and refers a
national securities exchange that has qualified for participation in
the Options Clearing Corporation pursuant to the provisions of the
rules of the Options Clearing Corporation, to include the term
``Trading Center.''
<bullet> The Exchange proposes to revise the definition of
``Minimum Price Variation,'' which is currently defined in Rule
900.2NY(40) and means the variations established by the Exchange
pursuant to Rule 960NY(a), to include reference to the shorthand
``MPV'' in the title. This proposed change would add transparency and
internal consistency to Exchange rules.
<bullet> The Exchange proposes to revise the definition of ``Non-
Resident Organization,'' which is currently defined in Rule
900.2NY(43), to revise the numbering of the sub-paragraphs to be
consistent with the balance of the proposed rule. This proposed change
would add internal consistency to Exchange rules.
<bullet> The Exchange proposes to revise the definition of ``NYSE
American Options,'' which is currently defined in Rule 900.2NY(47), to
include reference to the shorthand ``NYSE American'' in the title. This
proposed change would add internal consistency to Exchange rules.
<bullet> The Exchange proposes to revise the definition of
``Options Clearing Corporation,'' which is currently defined in Rule
900.2NY(55), to include reference to the shorthand ``OCC'' in the
title. This proposed change would add internal consistency to Exchange
rules.
<bullet> The Exchange proposes to revise the definition of ``Order
Flow Provider,'' which is currently defined in Rule 900.2NY(57), to
include reference to the shorthand ``OFP'' in the title. This proposed
change would add internal consistency to Exchange rules.
<bullet> The Exchange proposes to revise the definition of
``Related Person,'' which is currently defined in Rule 900.2NY(67), to
revise the numbering of the sub-paragraphs to be consistent with the
balance of the proposed rule. This proposed change would add
transparency and internal consistency to Exchange rules.
<bullet> The Exchange proposes to revise the definition of ``Series
of Options,'' which is currently defined in Rule 900.2NY(73), to
include ``option series'' or ``series,'' which change would add
transparency and internal consistency to Exchange rules.
<bullet> The Exchange proposes to revise the definition of
``Trading Official,'' which is currently defined in Rule 900.2NY(82),
to add quotation marks around the defined term, which correction would
add transparency and internal consistency to Exchange rules.
Finally, the Exchange proposes to relocate (and revise) the
definition of ``Routing Broker,'' which is currently defined in Rule
900.2NY(69) to mean ``the broker-dealer affiliate of the Exchange and/
or any other non-affiliate third-party broker-dealer that acts as a
facility of the Exchange for routing orders entered into the System of
ATP Holders and Sponsored Participants to other Market Centers for
execution whenever such routing is required by Exchange Rules.'' The
Exchange proposes to re-locate this term to Rule 993NY (Operation of a
Routing Broker) to mean ``the broker-dealer affiliate of the Exchange
and/or any other non-affiliate that acts as a facility of the Exchange
for routing orders submitted to the Exchange to other Market Centers
for execution whenever such routing is required by Exchange Rules and
federal securities laws.'' \12\ The proposed rule text is based on the
current definition in Rule 900.2NY(69), with differences to
[[Page 80244]]
streamline the definition (i.e., by removing reference to the ATP
Holder or Sponsoring Participant submitting the order). The Exchange
notes that the proposal to include the definition of ``Routing Broker''
in its rule governing the operation of the routing broker (as well as
the content of the revised definition) is consistent with the NYSE Arca
Rule 6.96-O (Operation of Routing Broker).
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\12\ See proposed Rule 993NY(a). The Exchange also proposes non-
substantive amendments to Rule 993NY to renumber current paragraphs
(a), (b), and (c), as paragraphs (b), (c), and (d).
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2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\13\ in general, and
furthers the objectives of Section 6(b)(5),\14\ in particular, because
it is 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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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed amendments to Rule 900.2NY
would remove impediments to and perfect the mechanism of a free and
open market and a national market system because the proposed changes
are designed to promote clarity, transparency, and internal consistency
in Exchange rules. The Exchange believes that the proposed changes to
eliminate duplicative definitions that are used elsewhere in Exchange
rules and to modify the text of certain existing definitions would
further remove impediments to and perfect the mechanism of a free and
open market and a national market system because it would ensure that
the definitions used in Exchange rules are updated to accurately
reflect (or more clearly describe) functionality and are internally
consistent. In particular, the Exchange believes that the proposed
updates to existing definitions would add further granularity, clarity
and transparency to Exchange rules making them easier for the investing
public to navigate. The proposed changes to existing definitions would
also remove impediments to, and perfect the mechanism of, a free and
open market and a national market system because the definitions, as
modified, are substantively identical to how the same concepts are
described in NYSE Arca Rule 1.1.
Finally, the Exchange believes that the clarifying changes,
including non-substantive and conforming changes, would remove
impediments to and perfect the mechanism of a free and open market and
a national market system, not significantly affect the protection of
investors or the public interest because such changes add clarity,
transparency, and internal consistency to Exchange rules to the benefit
of all market participants.\15\ The Exchange believes that organizing
Rule 900.2NY alphabetically and eliminating sub-paragraph numbering
would make the proposed rules easier to navigate.
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\15\ See e.g., notes 5, 6, 7 and 12, supra.
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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 rule change is
not intended to address competitive issues but is rather designed to
add clarity, transparency, and internal consistency to Exchange rules
making them easier to comprehend and navigate. Since the proposal does
not substantively modify system functionality or processes on the
Exchange, the proposed changes will not impose any burden on
competition.
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 \16\ and Rule 19b-4(f)(6) thereunder.\17\
Because the foregoing 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 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, the proposed rule change has become
effective pursuant to 19(b)(3)(A) of the Act \18\ and Rule 19b-4(f)(6)
\19\ thereunder.
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\16\ 15 U.S.C. 78s(b)(3)(A)(iii).
\17\ 17 CFR 240.19b-4(f)(6).
\18\ 15 U.S.C. 78s(b)(3)(A).
\19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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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) \20\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\20\ 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#9be9eef7feb6f8f4f6f6fef5efe8dbe8fef8b5fcf4ed"><span class="__cf_email__" data-cfemail="6b191e070e46080406060e051f182b180e08450c041d">[email protected]</span></a>. Please include
File Number SR-NYSEAMER-2022-57 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-NYSEAMER-2022-57. 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
[[Page 80245]]
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 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-NYSEAMER-2022-57 and
should be submitted on or before January 19, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-28299 Filed 12-28-22; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on December 29, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.