Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices 46583 

11See Footnote 6, supra. 

12 17 CFR 240.19b–4(f)(6). As required under Rule 

19b-4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the 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. 

13 17 CFR 240.19b–4(f)(6). 

14 17 CFR 240.19b–4(f)(6)(iii). 

15For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6)(iii). 

issuers with additional time to finish 

developing and testing their internal 

systems and procedures prior to the 

implementation date. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange received a copy of a 

letter from the Investment Company 

Institute, on behalf of listed ETP issuers, 

to the SEC.11 As described in Item 3 

[sic], above, the Investment Company 

Institute detailed challenges that listed 

ETF issuers are facing in developing 

compliance systems to address the 

amendments contained in the Proposed 

Rule Change and have requested that 

the implementation date for such 

amendments be extended. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

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 from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act and Rule 19b– 

4(f)(6) thereunder.12

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 13 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4 (f)(6)(iii) 14

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 asked 

the Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission notes that 

waiver of the operative delay will allow 

the Exchange to immediately extend the 

implementation date of the Proposed 

Rule Change, and avoid the potential 

confusion and disruption that could 

result if the extension did not become 

operative until after October 1, 2017. 

The Commission believes that waiver of 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest. Therefore, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.15

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

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– 

NASDAQ–2017–101 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–NASDAQ–2017–101. 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 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; 

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– 

NASDAQ–2017–101 and should be 

submitted on or before October 26, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21408 Filed 10–4–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81777; File No. SR– 

BatsBZX–2017–63] 

Self-Regulatory Organizations; Bats 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change To Extend the 

Implementation Date for Certain 

Changes to Exchange Rules 14.11 and 

14.12 

September 29, 2017. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on 

September 28, 2017, Bats BZX 

Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’) 

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 Exchange. The 

Exchange has designated this proposal 

as a ‘‘non-controversial’’ proposed rule 

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

of the Act 3 and Rule 19b–4(f)(6)(iii) 

thereunder,4 which renders it effective 

upon filing with the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 


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46584 Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices 

5See SR–BatsBZX–2017–61, available at: http://

cdn.batstrading.com/resources/regulation/rule_

filings/approved/2017/SR-BatsBZX-2017-61.pdf. 

6The FAQs are available at: http://

cdn.batstrading.com/resources/listings/FAQs%20- 

%20New%20Cont%20List%20Standards

%20FINAL.pdf. 

7See Securities Exchange Act Release No. 80169 

(March 7, 2017), 82 FR 13536 (March 13, 2017) (SR– 

BatsBZX–2016–80). 

8See, for example, Letter, dated July 11, 2017, 

from Dorothy Donohue, Acting General Counsel, 

Investment Company Institute to Brent J. Fields, 

Secretary, Securities and Exchange Commission, 

available at https://www.sec.gov/comments/srnasdaq-2016-135/nasdaq2016135-1846208- 

155175.pdf. 

9 15 U.S.C. 78f. 

10 15 U.S.C. 78f(b)(5). 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange filed a proposal to 

extend the date on which certain 

changes to Exchange Rules 14.11 and 

14.12 would be implemented. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at www.bats.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 

Exchange 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 

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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On November 18, 2016 the Exchange 

filed a proposed rule change, as 

subsequently amended by Amendments 

No. 1 and 2 thereto (as amended, the 

‘‘Proposed Rule Change’’), to adopt 

certain changes to Exchange Rules 14.11 

and 14.12 to add additional continued 

listing standards for exchange-traded 

products (‘‘ETP’’) as well as clarify the 

procedures that the Exchange will 

undertake when an ETP is 

noncompliant with applicable rules. 

Given the scope of the amendments 

specified in the Proposed Rule Change, 

the Exchange proposed that such 

amendments not be implemented until 

October 1, 2017. On March 7, 2017, the 

Commission granted approval of the 

Proposed Rule Change, including the 

October 1, 2017 implementation date. 

On September 20, 2017, the Exchange 

submitted an interpretive filing (the 

‘‘Interpretive Filing’’) 5 and on 

September 21, 2017 published a 

document that answers a series of 

frequently asked questions (the 

‘‘FAQs’’).6 The Interpretive Filing and 

FAQs are intended to provide guidance 

as it relates to ETP issuers complying 

with the Proposed Rule Change upon 

implementation. The Exchange 

continues to engage with issuers about 

the Proposed Rule Change and will 

update the FAQs as needed based on 

those conversations. The Exchange now 

proposes to extend the implementation 

date of the amendments specified in the 

Proposed Rule Change to January 1, 

2018.7

Since the Proposed Rule Change was 

approved, the Exchange has engaged in 

extensive conversations with issuers of 

listed ETPs, industry advocacy groups 

and index providers to discuss the new 

rule requirements and offer guidance on 

rule interpretation and application, and, 

as noted above, the Exchange recently 

submitted the Interpretive Filing and 

distributed the FAQs. As part of these 

conversations, the Exchange has learned 

that many issuers have already engaged 

in building and testing the necessary 

compliance systems, but that they have 

been unable to finalize implementation 

without this additional guidance. As 

such, ETP issuers have expressed 

concern about their ability to have in 

place well-tested systems and 

procedures to ensure compliance by the 

current October 1, 2017 implementation 

date. ETP issuers, and industry 

advocacy groups on their behalf, have 

explained that issuers will require time 

to design and test new compliance 

systems as well as engage in discussions 

with third-party providers to source and 

track new data elements required for 

rule compliance.8 An additional three 

months prior to implementation will 

allow ETP issuers to finish building, 

more thoroughly test, and enhance the 

systems and procedures that they’ve 

already developed in advance of the 

current October 1, 2017 implementation 

date. Further, the additional time prior 

to implementation will further facilitate 

the ongoing discussion, which will 

include progress updates, between the 

Exchange, ETP issuers, and index 

providers. 

The Exchange believes it is 

appropriate to extend the 

implementation date of the Proposed 

Rule Change to January 1, 2018 to 

provide ETP issuers with the time 

needed to finish developing and test 

their compliance procedures. In support 

of its proposal, the Exchange notes that 

the Proposed Rule Change imposes 

significant new compliance 

requirements on issuers that they have 

not been subject to previously. To meet 

these new compliance requirements, 

issuers must develop internal systems as 

well as coordinate with third-party 

service providers, such as index 

providers, to develop procedures by 

which they can obtain essential data, 

which includes the form, timing, and 

means by which such data is conveyed. 

Listed issuers have informed the 

Exchange that they are unable to 

complete and sufficiently test this 

extensive project by the pending 

October 1, 2017 implementation date. 

The Exchange believes that it is critical 

for ETP issuers to have the appropriate 

procedures and systems in place to 

monitor and evidence ETP compliance 

with the new continued listing rules 

before such rules are implemented in 

order to ensure meaningful compliance 

upon initial implementation, which 

could help avoid trading disruption in 

the ETPs. Therefore, the Exchange 

proposes to extend the implementation 

date for the Proposed Rule Change until 

January 1, 2018. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with Section 6(b) 

of the Act 9 in general and Section 

6(b)(5) of the Act 10 in particular in that 

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. 

The Exchange believes that the 

proposed amendment is consistent with 

the protection of investors because it 

will provide additional time for issuers 

to finish building, more thoroughly test, 

and enhance the systems and 

procedures prior to the initial 

implementation of the Proposed Rule 

Change which will help ensure 

compliance upon initial implementation 

which will further promote the policy 

goals underlying the Proposed Rule 

Change and would help avoid trading 

disruption in the ETPs. Since the 

Proposed Rule Change was approved, 

the Exchange has engaged in extensive 


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Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices 46585 

11See, for example, Letter, dated July 11, 2017, 

from Dorothy Donohue, Acting General Counsel, 

Investment Company Institute to Brent J. Fields, 

Secretary, Securities and Exchange Commission, 

available at https://www.sec.gov/comments/srnasdaq-2016-135/nasdaq2016135-1846208- 

155175.pdf. 

12See Footnote 5, infra [sic]. 

13 17 CFR 240.19b–4(f)(6). As required under Rule 

19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the 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. 

14 17 CFR 240.19b–4(f)(6). 

15 17 CFR 240.19b–4(f)(6)(iii). 

16For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

conversations with issuers of listed 

ETPs, industry advocacy groups and 

index providers to discuss the new rule 

requirements and offer guidance on rule 

interpretation and application, and, as 

noted above, the Exchange recently 

submitted the Interpretive Filing and 

distributed the FAQs. As a result of 

these conversations and the recent 

distribution of interpretive guidance, 

ETP issuers have expressed concern 

about their ability to have in place welltested systems and procedures to ensure 

compliance by the current October 1, 

2017 implementation date. ETP issuers, 

and industry advocacy groups on their 

behalf, have explained that issuers will 

require time to design and test new 

compliance systems as well as engage in 

discussions with third-party providers 

to source and track new data elements 

required for rule compliance.11 An 

additional three months prior to 

implementation will allow ETP issuers 

to more thoroughly test and enhance the 

systems and procedures that they’ve 

already developed in advance of the 

current October 1, 2017 implementation 

date. Further, the additional time prior 

to implementation will further facilitate 

the ongoing dialogue between the 

Exchange, ETP issuers, and index 

providers. 

Providing listed issuers with 

additional time before the 

implementation of the Proposed Rule 

Change furthers the protection of 

investors and the public interest 

because it will enhance investor 

confidence that listed issuers are 

complying with Exchange rules by 

providing sufficient time to finish 

building, more thoroughly test, and 

enhance the systems and procedures 

prior to the initial implementation, 

which could help avoid trading 

disruption in the ETPs. 

For the above reasons, the Exchange 

believes that the proposed rule change 

is consistent with the requirements of 

Section 6(b)(5) of 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 that is not 

necessary or appropriate in furtherance 

of the purpose of the Act. The Exchange 

notes that the proposed rule change will 

facilitate ETP issuers’ ability to monitor 

and evidence compliance with 

approved continued listing rules by 

providing issuers with additional time 

to finish developing and testing their 

internal systems and procedures prior to 

the implementation date. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange received a copy of a 

letter from the Investment Company 

Institute, on behalf of ETP issuers, to the 

Securities [sic] Exchange Commission.12

As described in Item 3 [sic], above, the 

Investment Company Institute detailed 

challenges that ETP issuers are facing in 

developing compliance systems to 

address the amendments contained in 

the Proposed Rule Change and have 

requested that the implementation date 

for such amendments be extended. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

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 from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act and Rule 19b– 

4(f)(6) thereunder.13

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 14 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 15

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 asked 

the Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission notes that 

waiver of the operative delay will allow 

the Exchange to immediately extend the 

implementation date of the Proposed 

Rule Change, and avoid the potential 

confusion and disruption that could 

result if the extension did not become 

operative until after October 1, 2017. 

The Commission believes that waiver of 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest. Therefore, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.16

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

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– 

BatsBZX–2017–63 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–BatsBZX–2017–63. 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 


ethrower on DSK3G9T082PROD with NOTICES
46586 Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices 

17 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. 

4See Securities Exchange Act Release No. 79902 

(January 30, 2017), 82 FR 9258 (February 3, 2017) 

(SR–NSX–2016–16). Prior to the Acquisition, the 

Exchange was named ‘‘National Stock Exchange, 

Inc.’’ NYSE Group is a wholly-owned subsidiary of 

NYSE Holdings LLC, which is wholly owned by 

Intercontinental Exchange Holdings, Inc., a direct 

wholly-owned subsidiary of ICE. ICE is a public 

company listed on the New York Stock Exchange 

LLC (the ‘‘NYSE’’). 

5See Securities Exchange Act Release No. 80018 

(February 10, 2017), 82 FR 10947 (February 16, 

2017) (SR–NSX–2017–04). 

6See 82 FR 9258, supra note 4. 

7See Trader Update dated January 18, 2017, 

available here: https://www.nyse.com/publicdocs/ 

nyse/markets/nyse/NYSE_Group_NSX_Member_

Notice.pdf. 

8See Securities Exchange Act Release No. 81419 

(August 17, 2017), 82 FR 40044 (August 23, 2017) 

(SR–NYSEArca–2017–40), at 40046. Because the 

Exchange only has an equities market, the proposed 

rule framework would not require the ‘‘–E’’ 

designation for Rules 4 through 9. 

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; 

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– 

BatsBZX–2017–63 and should be 

submitted on or before October 26, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21412 Filed 10–4–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81782; File No. SR– 

NYSENat–2017–04] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Adopt Rules To 

Establish a Rule Numbering 

Framework in Connection With the ReLaunch of Trading on the Exchange 

September 29, 2017. 

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 

September 28, 2017, NYSE National, 

Inc. (the ‘‘Exchange’’ or ‘‘NYSE 

National’’) filed with the Securities and 

Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III 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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to adopt rules 

to establish a rule numbering framework 

in connection with the re-launch of 

trading on the Exchange. 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 

NYSE National, in connection with 

the re-launch of its trading operations, 

proposes to adopt rules to establish a 

rule numbering framework. The 

Exchange proposes to establish this 

framework in order to facilitate the 

amendment and re-publication of its 

new rule book in advance of the relaunch of trading operations on the 

Exchange. 

On January 31, 2017, Intercontinental 

Exchange, Inc. (‘‘ICE’’), through its 

wholly-owned subsidiary NYSE Group, 

acquired all of the outstanding capital 

stock of the Exchange (the 

‘‘Acquisition’’).4

Immediately following the closing of 

the Acquisition, effective February 1, 

2017, NYSE National ceased trading 

operations.5 NYSE National continues 

to be registered as a national securities 

exchange and has rules that are distinct 

from the rules of the three other 

registered national securities exchanges 

owned by NYSE Group, namely, NYSE, 

NYSE American LLC, and NYSE Arca, 

Inc. (‘‘NYSE Arca’’, and together, the 

‘‘NYSE Exchanges’’).6

In connection with the Acquisition, 

NYSE Group announced its plans to 

migrate NYSE National to the NYSE 

Pillar platform, which is an integrated 

trading technology platform designed to 

use a single specification for connecting 

to the equities and options markets 

operated by the NYSE Exchanges.7 The 

Exchange now proposes to re-launch 

trading using the NYSE Pillar platform. 

To that end, in connection with the 

re-launch of trading operations 

following the migration to Pillar, the 

Exchange proposes to adopt the rule 

numbering framework of the rules 

governing the NYSE Arca equities 

market. The Exchange believes that if it 

and its affiliates are operating on the 

same trading platform, using the same 

rule numbering scheme across all 

markets using the NYSE Pillar platform 

will make it easier for members, the 

public and the Commission to navigate 

the rules of each market. The Exchange 

therefore proposes to adopt a framework 

of rule numbering that is based on the 

current rules governing the NYSE Arca 

equities market: NYSE Arca Rules 0 

through 3, 4–E through 9–E, and 10 

through 14.8

As proposed, this framework would 

use the current rule numbering scheme 

of the rules governing the NYSE Arca 

equities market, and would consist of 

the following proposed rules: 

RULE 0 REGULATION OF THE 

EXCHANGE AND ETP HOLDERS 

RULE 1 DEFINITIONS 

RULE 2 TRADING PERMITS 

RULE 3 ORGANIZATION AND 

ADMINISTRATION 

RULE 4 CAPITAL REQUIREMENTS, 

FINANCIAL REPORTS, MARGIN 

RULE 5 EQUITIES LISTINGS 

RULE 6 ORDER AUDIT TRAIL 

SYSTEM 

RULE 7 EQUITIES TRADING 

RULE 8 TRADING OF CERTAIN 

EXCHANGE DERIVATIVES 

RULE 9 CONDUCTING BUSINESS 

WITH THE PUBLIC 

RULE 10 DISCIPLINARY 

PROCEEDINGS, OTHER HEARINGS 

AND APPEALS 

RULE 11 BUSINESS CONDUCT 

RULE 12 ARBITRATION 


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