58 Federal Register / Vol. 80, No. 1 / Friday, January 2, 2015 / Notices 

1 15 U.S.C.78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 58877 

(October 29, 2008), 73 FR 65904 (November 5, 2008) 

(SR–NYSE–2008–108) (establishing the SLP Pilot). 

See also Securities Exchange Act Release Nos. 

59869 (May 6, 2009), 74 FR 22796 (May 14, 2009) 

(SR–NYSE–2009–46) (extending the operation of 

the SLP Pilot to October 1, 2009); 60756 (October 

1, 2009), 74 FR 51628 (October 7, 2009) (SR–NYSE– 

2009–100) (extending the operation of the NMM 

and the SLP Pilots to November 30, 2009); 61075 

(November 30, 2009), 74 FR 64112 (December 7, 

2009) (SR–NYSE–2009–119) (extending the 

operation of the SLP Pilot to March 30, 2010); 

61840 (April 5, 2010), 75 FR 18563 (April 12, 2010) 

(SR–NYSE–2010–28) (extending the operation of 

the SLP Pilot to September 30, 2010); 62813 

(September 1, 2010), 75 FR 54686 (September 8, 

2010) (SR–NYSE–2010–62) (extending the 

operation of the SLP Pilot to January 31, 2011); 

63616 (December 29, 2010), 76 FR 612 (January 5, 

2011) (SR–NYSE–2010–86) (extending the 

operation of the SLP Pilot to August 1, 2011); 64762 

(June 28, 2011), 76 FR 39145 (July 5, 2011) (SR– 

NYSE–2011–30) (extending the operation of the 

SLP Pilot to January 31, 2012); 66045 (December 23, 

2011), 76 FR 82342 (December 30, 2011) (SR– 

NYSE–2011–66) (extending the operation of the 

SLP Pilot to July 31, 2012); 67493 (July 25, 2012), 

77 FR 45388 (July 31, 2012) (SR–NYSE–2012–27) 

(extending the operation of the SLP Pilot to January 

31, 2013); 68560 (January 2, 2013), 78 FR 1280 

(January 8, 2013) (SR–NYSE–2012–76) (extending 

the operation of the SLP Pilot to July 31, 2013); 

69819 (June 21, 2013), 78 FR 38764 (June 27, 2013) 

(SR–NYSE–2013–44) (extending the operation of 

the SLP Pilot to January 31, 2014); 71362 (January 

21, 2014), 79 FR 4371 (January 27, 2014) (SR– 

NYSE–2014–03) (extending the operation of the 

SLP Pilot to July 31, 2014); and 72628 (July 16, 

2014), 79 FR 42588 (July 22, 2014) (SR–NYSE– 

2014–34) (extending the operation of the SLP Pilot 

to December, 31, 2014). 

5The information contained herein is a summary 

of the ‘‘New Market Model’’ Pilot and the SLP Pilot. 

See supra note 4 for a fuller description of those 

pilots. 

6See Securities Exchange Act Release No. 58845 

(October 24, 2008), 73 FR 64379 (October 29, 2008) 

(SR–NYSE–2008–46). 

7See NYSE Rule 103. 

8See NYSE Rule 107B. The Exchange amended 

the monthly volume requirements to an average 

daily volume (‘‘ADV’’) that is a specified percentage 

of NYSE consolidated ADV. See Securities 

Exchange Act Release No. 67759 (August 30, 2012), 

77 FR 54939 (September 6, 2012) (SR–NYSE–2012– 

38). 

9The NMM Pilot was scheduled to expire on 

December 31, 2014. On December 18, 2014, the 

Exchange filed to extend the NMM Pilot until July 

The exceptions to the general 

principle are applicable whenever an 

applicant references a 10 CFR part 52 

license (e.g., an early site permit) and/ 

or NRC regulatory approval (e.g., a 

design certification rule) with specified 

issue finality provisions. The staff does 

not, at this time, intend to impose the 

positions represented in the SRP in a 

manner that is inconsistent with any 

issue finality provisions. If, in the 

future, the staff seeks to impose a 

position in the SRP in a manner which 

does not provide issue finality as 

described in the applicable issue finality 

provision, then the staff must address 

the criteria for avoiding issue finality as 

described in the applicable issue finality 

provision. 

III. Congressional Review Act 

In accordance with the Congressional 

Review Act, the NRC has determined 

that this action is not a major rule and 

has verified this determination with the 

Office of Information and Regulatory 

Affairs of the Office of Management and 

Budget. 

Dated at Rockville, Maryland, this 18th day 

of December, 2014. 

For the Nuclear Regulatory Commission. 

Joseph Colaccino, 

Chief, New Reactor Rulemaking and 

Guidance Branch, Division of Advanced 

Reactors and Rulemaking, Office of New 

Reactors. 

[FR Doc. 2014–30770 Filed 12–31–14; 8:45 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73945; File No. SR–NYSE– 

2014–72] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Extending the 

Operation of Its Supplemental Liquidity 

Providers Pilot, Until the Earlier of the 

Securities and Exchange 

Commission’s Approval To Make Such 

Pilot Permanent or July 31, 2015 

December 24, 2014. 

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 

18, 2014, New York Stock Exchange 

LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to extend the 

operation of its Supplemental Liquidity 

Providers Pilot (‘‘SLP Pilot’’ or ‘‘Pilot’’) 

(see Rule 107B), currently scheduled to 

expire on December 31, 2014, until the 

earlier of the Securities and Exchange 

Commission’s (‘‘Commission’’) approval 

to make such Pilot permanent or July 

31, 2015. The text of the proposed rule 

change is available on the Exchange’s 

Web site at www.nyse.com, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to extend the 

operation of its SLP Pilot,4 currently 

scheduled to expire on December 31, 

2014, until the earlier of Commission 

approval to make such Pilot permanent 

or July 31, 2015. 

Background 5

In October 2008, the NYSE 

implemented significant changes to its 

market rules, execution technology and 

the rights and obligations of its market 

participants all of which were designed 

to improve execution quality on the 

Exchange. These changes are all 

elements of the Exchange’s enhanced 

market model referred to as the ‘‘New 

Market Model’’ (‘‘NMM Pilot’’).6 The 

SLP Pilot was launched in coordination 

with the NMM Pilot (see Rule 107B). 

As part of the NMM Pilot, NYSE 

eliminated the function of specialists on 

the Exchange creating a new category of 

market participant, the Designated 

Market Maker or ‘‘DMM.’’ 7 Separately, 

the NYSE established the SLP Pilot, 

which established SLPs as a new class 

of market participants to supplement 

the liquidity provided by DMMs.8

The SLP Pilot is scheduled to end 

operation on December 31, 2014 or such 

earlier time as the Commission may 

determine to make the rules permanent. 

The Exchange is currently preparing a 

rule filing seeking permission to make 

the SLP Pilot permanent, but does not 

expect that filing to be completed and 

approved by the Commission before 

December 31, 2014.9


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 1 / Friday, January 2, 2015 / Notices 59 

31, 2015. See SR–NYSE–2014–71. See also 

Securities Exchange Act Release Nos. 72627 (July 

16, 2014), 79 FR 42598 (July 22, 2014) (SR–NYSE– 

2014–33) (extending operation of NMM Pilot to 

December 31, 2014); 71345 (January 17, 2014), 79 

FR 4221 (January 24, 2014) (SR–NYSE–2014–01) 

(extending operation of the NMM Pilot to July 31, 

2014); 69813 (June 20, 2013), 78 FR 38753 (June 27, 

2013) (SR–NYSE–2013–43) (extending the 

operation of the NMM Pilot to January 31, 2014); 

68558 (January 2, 2013), 78 FR 1288 (January 8, 

2013) (SR–NYSE–2012–75) (extending the 

operation of the NMM Pilot to July 31, 2013); 67494 

(July 25, 2012), 77 FR 45408 (July 31, 2012) (SR– 

NYSE–2012–26) (extending the operation of the 

NMM Pilot to January 31, 2013); 66046 (December 

23, 2011), 76 FR 82340 (December 30, 2011) (SR– 

NYSE–2011–65) (extending the operation of the 

NMM Pilot to July 31, 2012); 64761 (June 28, 2011) 

76 FR 39147 (July 5, 2011) (SR–NYSE–2011–29) 

(extending the operation of the NMM Pilot to 

January 31, 2012); 63618 (December 29, 2010) 76 FR 

617 (January 5, 2011) (SR–NYSE–2010–85) 

(extending the operation of the NMM Pilot to 

August 1, 2011); 62819 (September 1, 2010), 75 FR 

54937 (September 9, 2010) (SR–NYSE–2010–61) 

(extending the operation of the NMM Pilot to 

January 31, 2011); 61724 (March 17, 2010), 75 FR 

14221 (SR–NYSE–2010–25) (extending the 

operation of the NMM Pilot to September 30, 2010); 

and 61031 (November 19, 2009), 74 FR 62368 (SR– 

NYSE–2009–113) (extending the operation of the 

NMM Pilot to March 30, 2010). 

10The NYSE MKT LLC SLP Pilot (NYSE MKT 

Rule 107B—Equities) is also being extended until 

July 31, 2015 or until the Commission approves it 

as permanent (See SR–NYSEMKT–2014–110). 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(5). 

13 15 U.S.C. 78f(b)(8). 

14 15 U.S.C. 78s(b)(3)(A). 

15 17 CFR 240.19b–4(f)(6). 

16 In addition, Rule 19b–4(f)(6)(iii) requires the 

Exchange to give the Commission written notice of 

the Exchange’s 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. 

17 17 CFR 240.19b–4(f)(6)(iii). 

Proposal To Extend the Operation of the 

SLP Pilot 

The NYSE established the SLP Pilot to 

provide incentives for quoting, to 

enhance competition among the existing 

group of liquidity providers, including 

the DMMs, and add new competitive 

market participants. The Exchange 

believes that the SLP Pilot, in 

coordination with the NMM Pilot, 

allows the Exchange to provide its 

market participants with a trading 

venue that utilizes an enhanced market 

structure to encourage the addition of 

liquidity, facilitate the trading of larger 

orders more efficiently and operates to 

reward aggressive liquidity providers. 

As such, the Exchange believes that the 

rules governing the SLP Pilot (Rule 

107B) should be made permanent. 

Through this filing the Exchange 

seeks to extend the current operation of 

the SLP Pilot until July 31, 2015, in 

order to allow the Exchange to formally 

submit a filing to the Commission to 

convert the SLP Pilot rule to a 

permanent rule.10

The proposed change is not otherwise 

intended to address any other issues 

and the Exchange is not aware of any 

problems that member organizations 

would have in complying with the 

proposed change. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,11 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act,12 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 

regulating, clearing, settling, processing 

information with respect to, and 

facilitating transactions in securities, to 

remove impediments to, and perfect the 

mechanisms of, a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest and because it is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange believes the proposed 

rule change is designed to prevent 

fraudulent and manipulative acts and 

practices and to promote just and 

equitable principles of trade because it 

seeks to extend a pilot program that has 

already been approved by the 

Commission. The Exchange believes the 

proposed rule change is designed to 

facilitate transactions in securities and 

to remove impediments to, and perfect 

the mechanisms of, a free and open 

market and a national market system 

because the SLP Pilot provides its 

market participants with a trading 

venue that utilizes an enhanced market 

structure to encourage the addition of 

liquidity and operates to reward 

aggressive liquidity providers. 

Moreover, requesting an extension of 

the SLP Pilot will permit adequate time 

for: (i) The Exchange to prepare and 

submit a filing to make the rules 

governing the SLP Pilot permanent; (ii) 

public notice and comment; and (iii) 

completion of the 19b–4 approval 

process. Finally, the Exchange believes 

that it is subject to significant 

competitive forces, as described below 

in the Exchange’s statement regarding 

the burden on competition. For these 

reasons, the Exchange believes that the 

proposal is consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,13 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange believes that extending the 

operation of the SLP Pilot will enhance 

competition among liquidity providers 

and thereby improve execution quality 

on the Exchange. The Exchange will 

continue to monitor the efficacy of the 

program during the proposed extended 

pilot period. 

Finally, the Exchange notes that it 

operates in a highly competitive market 

in which market participants can 

readily favor competing venues. In such 

an environment, the Exchange must 

continually review, and consider 

adjusting the services it offers and the 

requirements it imposes to remain 

competitive with other U.S. equity 

exchanges. For the reasons described 

above, the Exchange believes that the 

proposed rule change reflects this 

competitive environment. 

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 foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 14 and Rule 19b–4(f)(6) 15

thereunder because the proposal does 

not: (i) Significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) by its 

terms, become operative for 30 days 

from the date on which it was filed, or 

such shorter time as the Commission 

may designate if consistent with the 

protection of investors and the public 

interest.16

A proposed rule change filed under 

Rule 19b–4(f)(6) normally may not 

become operative prior to 30 days after 

the date of filing. However, Rule 19b– 

4(f)(6)(iii) 17 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay period so that the proposal may 

become operative before the pilot’s 

expiration. The Exchange stated that an 

immediate operative date is necessary in 

order to immediately implement the 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
60 Federal Register / Vol. 80, No. 1 / Friday, January 2, 2015 / Notices 

18For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

19 15 U.S.C. 78s(b)(3)(C). 

20 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4NYSE Euronext acquired The Amex 

Membership Corporation (‘‘AMC’’) pursuant to an 

Agreement and Plan of Merger, dated January 17, 

2008 (the ‘‘Merger’’). In connection with the Merger, 

the Exchange’s predecessor, the American Stock 

Exchange LLC (‘‘Amex’’), a subsidiary of AMC, 

became a subsidiary of NYSE Euronext called NYSE 

Alternext US LLC. See Securities Exchange Act 

Release No. 58673 (September 29, 2008), 73 FR 

57707 (October 3, 2008) (SR–NYSE–2008–60 and 

SR–Amex–2008–62) (approving the Merger); see 

also Securities Exchange Act Release Nos. 58705 

(Oct. 1, 2008), 73 FR 58995 (Oct. 8, 2008) 

(approving adoption of equities rules based on 

those of NYSE) and 59022 (Nov. 26, 2008), 73 FR 

73683 (Dec. 3, 2008) (amending equity rules to 

conform to NYSE NMM Pilot rules). Subsequently, 

NYSE Alternext US LLC was renamed NYSE Amex 

LLC, which was then renamed NYSE MKT LLC and 

continues to operate as a national securities 

exchange registered under Section 6 of the 

Securities Exchange Act of 1934, as amended (the 

‘‘Act’’). See Securities Exchange Act Release Nos. 

59575 (March 13, 2009), 74 FR 11803 (March 19, 

proposed rule change so that member 

organizations could continue to benefit 

from the pilot program without 

interruption after December 31, 2014. 

The Commission believes that waiver 

of the 30-day operative delay period is 

consistent with the protection of 

investors and the public interest. 

Specifically, the Commission believes 

that the proposal would allow the pilot 

to continue uninterrupted, thereby 

avoiding any potential investor 

confusion that could result from the 

temporary interruption in the pilot 

program. For these reasons, the 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest, and designates the 

proposed rule change to be operative on 

December 31, 2014.18

At any time within 60 days of the 

filing of the 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.19

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSE–2014–72 on the subject line. 

Paper Comments 

• 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–NYSE–2014–72. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–NYSE– 

2014–72 and should be submitted on or 

before January 26, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Brent J. Fields, 

Secretary. 

[FR Doc. 2014–30704 Filed 12–31–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73946; File No. SR– 

NYSEMKT–2014–109] 

Self-Regulatory Organizations; NYSE 

MKT, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Extending the Operation 

of Its New Market Model Pilot, Until the 

Earlier of Securities and Exchange 

Commission Approval To Make Such 

Pilot Permanent or July 31, 2015 

December 24, 2014. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on December 

18, 2014, NYSE MKT LLC (the 

‘‘Exchange’’ or ‘‘NYSE MKT’’) 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to extend the 

operation of its New Market Model 

Pilot, currently scheduled to expire on 

December 31, 2014, until the earlier of 

Securities and Exchange Commission 

(‘‘Commission’’) approval to make such 

pilot permanent or July 31, 2015. The 

text of the proposed rule change is 

available on the Exchange’s Web site at 

www.nyse.com, at the principal office of 

the Exchange, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to extend the 

operation of its New Market Model Pilot 

(‘‘NMM Pilot’’) that was adopted 

pursuant to its merger with the New 

York Stock Exchange LLC (‘‘NYSE’’).4


asabaliauskas on DSK5VPTVN1PROD with NOTICES