49068 Federal Register / Vol. 82, No. 203 / Monday, October 23, 2017 / Notices 

200 15 U.S.C. 78s(b)(2). 

201 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. 

4Self-Trade Prevention is only applicable to 

electronic trading on the Exchange. 

5See Securities Exchange Act Release No. 66385 

(February 13, 2012), 77 FR 9719 (February 17, 2012) 

(SR–NYSEAmex–2012–03). 

6Self-Trade Prevention currently is applicable to 

the following order types used by Market Makers: 

‘‘PNP Orders’’ and ‘‘PNP–Blind Orders.’’ PNP 

Orders and PNP–Blind Orders are defined in NYSE 

American Options Rule 900.3NY, and each is a type 

of non-routable Limit Order that is only executed 

on the Exchange. The Exchange notes that Market 

Makers primarily use these order types, as opposed 

to other order types offered by the Exchange, 

because they are similar to quotes (i.e., they are 

non-routable Limit Orders). See Regulatory 

Information Bulletin RBO–AMEX–12–04 at https:// 

www.nyse.com/publicdocs/nyse/markets/americanoptions/rule-interpretations/2012/ 

NYSEAmex%20RBO-12-04%20Self%20Trade.pdf. 

7The Exchange uses a Market Maker’s TPID to 

monitor for self-trades. TPIDs are assigned to 

Market Makers, as well as other ATP Holders, to 

identify them in the Exchange’s systems. Market 

Makers on the Exchange are not able to submit 

orders on an agency basis. Thus, a Market Maker 

within a firm that conducts both an agency and 

market making business has a unique TPID that 

could only be used for that Market Maker’s quotes 

and orders. 

provides additional clarity in the rule 

text and additional analysis of several 

aspects of the proposal, thus facilitating 

the Commission’s ability to make the 

findings set forth above to approve the 

proposal. Accordingly, the Commission 

finds good cause for approving the 

proposed rule change, as modified by 

Amendment No. 1, on an accelerated 

basis. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,200 that the 

proposed rule change (SR–BatsEDGX– 

2017–29), as modified by Amendment 

No. 1, be, and hereby is, approved on an 

accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.201

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–22886 Filed 10–20–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81887; File No. SR– 

NYSEAMER–2017–21] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rule 964NY To 

Adopt Additional Self-Trade Prevention 

Modifiers 

October 17, 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 October 

3, 2017, NYSE American LLC (the 

‘‘Exchange’’ or ‘‘NYSE American’’) 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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend 

Rule 964NY (Display, Priority and Order 

Allocation—Trading Systems). 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the filing is to amend 

Commentary .02 to NYSE American 

Options Rule 964NY (Display, Priority 

and Order Allocation—Trading 

Systems) regarding the Exchange’s SelfTrade Prevention (‘‘STP’’) 

functionality.4 The Exchange currently 

offers a basic form of self-trade 

prevention 5 pursuant to which the 

Exchange cancels any resting Market 

Maker quote(s) and order(s) 6 to buy 

(sell) that are priced equal to or higher 

(lower) than an incoming Market Maker 

quote, order or both to sell (buy) entered 

under the same trading permit 

identification (‘‘TPID’’).7

The Exchange proposes to expand the 

self-trade functionality by adopting 

three STP modifiers. The proposed STP 

modifiers are designed to prevent 

incoming Market Maker order(s) or 

quote(s) designated with an STP 

modifier from executing against an 

opposite side resting Market Maker 

order(s) or quote(s) also designated with 

an STP modifier and entered from the 

same TPID. As proposed, the STP 

modifier on the incoming Market Maker 

order or quote would control the 

interaction between two orders and/or 

quotes marked with STP modifiers. The 

proposed STP modifiers are intended to 

prevent interaction between the same 

TPIDs. STP modifiers must be present 

on both the buy and the sell interest in 

order to prevent an interaction from 

occurring and to effect a cancel 

instruction. 

The Exchange believes the proposed 

functionality will allow ATP Holders to 

better manage order flow and prevent 

undesirable or unexpected executions 

with themselves. Given enhancements 

in technology in today’s trading 

environment, ATP Holders often have 

multiple connections into the Exchange. 

Orders, for example, routed by the same 

ATP Holder via different connections 

may, in certain circumstances, trade 

against each other. The proposed STP 

modifiers would provide ATP Holders 

the opportunity to prevent these 

potentially undesirable interactions 

occurring under the same TPID on both 

the buy and sell side of an execution. 

The three new STP modifiers are 

discussed more thoroughly below. 

STP Cancel Newest (‘‘STPN’’) 

An incoming order or quote marked 

with the STPN modifier will not execute 

against opposite side resting interest 

marked with any STP modifier from the 

same TPID. The incoming order or quote 

marked with the STPN modifier will be 

cancelled back to the originating TPID. 

The resting order(s) or quote(s) will 

remain on the Consolidated Book. 

STPN Example 1: Market Maker 1 is 

configured for one of the three proposed 

STP modifiers and submits a quote to 

sell 100 contracts @ $5.50. A Customer 

order to sell 5 contracts @ $5.49 is 

resting on the Consolidated Book. 

Market Maker 1 enters an order to buy 

100 contracts @ $5.60 with an STPN 

modifier. 

STPN Result 1: Market Maker 1 buys 

5 contracts @ $5.49 because Market 

Maker 1 has no interest at $5.49. The 

remaining quantity of Market Maker 1’s 

order will be cancelled due to Market 

Maker 1’s quote at $5.50. 

STPN Example 2: Market Maker 1 is 

configured for one of the three proposed 


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Federal Register / Vol. 82, No. 203 / Monday, October 23, 2017 / Notices 49069 

8Market Markers on the Exchange would not 

have the ability to deactivate Self-Trade Prevention 

or change any settings related to it. 

9See, e.g., NYSE American Options Rule 952NY. 

10See supra, note 5. The Exchange also 

previously noted that it would be difficult to 

implement STP from a technological and 

operational perspective because it would require 

the Exchange to cancel resting, executable Market 

Maker trading interest as it is calculating the price 

at which to conduct the Trading Auction. 

11See supra, note 5. 

12A QCC Order is comprised of an originating 

order to buy or sell at least 1,000 contracts, or 

10,000 mini-options contracts, that is identified as 

being part of a qualified contingent trade, as that 

term is defined in Commentary .01 to Rule 

900.3NY, coupled with a contra-side order or orders 

totaling an equal number of contracts. See NYSE 

American Options Rule 900.3NY(y). 

13CUBE is the Exchange’s price improvement 

auction mechanism that allows an ATP Holder to 

electronically submit a limit order it represents as 

agent on behalf of a public customer, broker dealer, 

or any other entity (‘‘CUBE Order’’) provided that 

the Initiating Participant guarantees the execution 

of the CUBE Order by submitting a contra-side 

order representing principal interest or interest it 

has solicited to trade with the CUBE Order at a 

specified price or by utilizing auto-match or automatch limit features provided in the Rule. See 

NYSE American Options Rule 971.1NY. 

14See Bats Rule 21.1(g). 

STP modifiers and submits a quote to 

sell 100 contracts @ $5.50. A Customer 

order to sell 5 contracts @ $5.50 is 

resting on the Consolidated Book. 

Market Maker 1 enters an order to buy 

200 contracts @ $5.60 with an STPN 

modifier. 

STPN Result 2: Market Maker 1’s 

entire order to buy 200 contracts is 

cancelled due to Market Maker 1’s quote 

at $5.50. No execution with any other 

interest at $5.50 occurs. 

STP Cancel Oldest (‘‘STPO’’) 

An incoming order or quote marked 

with the STPO modifier will not execute 

against opposite side resting interest 

market with any STP modifier from the 

same TPID. The resting order(s) or 

quote(s) marked with the STP modifier 

will be cancelled back to the originating 

TPID. The incoming order or quote 

marked with the STPO modifier will 

remain on the Consolidated Book. 

STPO Example 1: Market Maker 1 is 

configured for one of the three proposed 

STP modifiers and submits a quote to 

sell 100 contracts @ $5.50. Market 

Maker 1 enters an order to buy 100 

contracts @ $5.50 with an STPO 

modifier. 

STPO Result 1: Market Maker 1’s buy 

order cannot trade with Market Maker 

1’s quote because the buy order is 

marked for STP and the quotes are 

configured for STP. Market Maker 1’s 

quote to sell is cancelled and removed 

from the Consolidated Book. Market 

Maker 1’s buy order will post to the 

Consolidated Book at $5.50. 

STPO Example 2: Market Maker 1 has 

a resting order on the Consolidated 

Book to sell 10 contracts @ 5.51 with an 

STPN modifier. Market Maker 1 is 

configured for one of the three proposed 

STP modifiers and submits a quote to 

sell 100 contracts @ $5.50. Customer 1 

has an order to sell 5 contracts @ $5.50 

resting on the Consolidated Book. 

Customer 2 has an order to sell 10 

contracts @ $5.51 resting on the 

Consolidated Book. Market Maker 1 

enters an order to buy 100 contracts @ 

$5.51 with an STPO modifier. 

STPO Result 2: Market Maker 1’s buy 

order cannot trade with Market Maker 

1’s quote because the buy order is 

marked for STP and the quotes are 

configured for STP. Market Maker 1’s 

quote to sell 100 contracts @ $5.50 is 

cancelled and removed from the 

Consolidated Book. Market Maker 1’s 

buy order will trade 5 contracts with 

Customer 1 at $5.50, leaving 95 

contracts. The remaining 95 contracts 

will now attempt to trade at the $5.51 

price level. Market Maker 1’s buy order, 

however, cannot trade with Market 

Maker 1’s resting sell order and the sell 

order is therefore cancelled and 

removed from the Consolidated Book. 

Market Maker 1’s buy order will then 

trade 10 contracts with the Customer 2 

@ $5.51. The remaining 85 contracts of 

Market Maker 1’s buy order will post to 

the Consolidated Book at $5.51. 

STP Cancel Both (‘‘STPC’’) 

An incoming order or quote marked 

with the STPC modifier will not execute 

against opposite side resting interest 

marked with any STP modifier from the 

same TPID. The entire size of both 

orders and/or quotes will be cancelled 

back to the originating TPID. 

STPC Example 1: Market Maker 1 is 

configured for one of the three proposed 

STP modifiers and submits a quote to 

sell 100 contracts @ $5.50. Market 

Maker 1 enters an order to buy 100 

contracts @ $5.50 with an STPC 

modifier. 

STPC Result 1: No execution occurs. 

Both Market Maker 1’s buy order and 

Market Maker 1’s quote to sell are 

cancelled and removed from the 

Consolidated Book. 

STPC Example 2: Market Maker 1 has 

a resting order on the Consolidated 

Book to sell 10 contracts @ $5.51 with 

an STPN modifier. Market Maker 1 is 

configured for one of the three proposed 

STP modifiers and submits a quote to 

sell 100 contracts @ $5.50. Market 

Maker 1 enters an additional order to 

buy 100 contracts @ $5.51 with an STPC 

modifier. 

STPC Result 2: Market Maker 1’s buy 

order cannot trade with Market Maker 

1’s quote to sell 100 contracts @ $5.50 

because the buy order is marked for STP 

and the quotes are configured for STP. 

Both the Market Maker 1 buy order and 

the Market Maker 1 quote to sell are 

cancelled and removed from the 

Consolidated Book. Market Maker 1’s 

resting order to sell 10 contracts @ $5.51 

is not impacted as the incoming Market 

Maker 1 buy order never attempts to 

trade at the $5.51 price level and 

therefore, Market Maker 1’s resting sell 

order remains on the Consolidated 

Book. 

Additional Discussion 

As with the current functionality, the 

enhanced STP functionality would be in 

effect throughout the trading day for all 

Market Makers on the Exchange,8 but 

not during Trading Auctions.9 In this 

regard, the Exchange believes, as it 

previously noted when STP was first 

adopted, it is highly unlikely that a 

Market Maker would trade against its 

own resting interest during a Trading 

Auction.10 The enhanced STP 

functionality would also not apply to 

individual legs of Complex Orders. As 

previously noted by the Exchange, 

senders of Complex Orders, including 

Market Makers, view them as discrete 

orders with a desire to execute all legs 

and to prevent the execution of one leg 

would be contrary to the investment 

purpose of the Complex Order.11

As proposed, the enhanced STP 

functionality would not be applicable to 

Qualified Contingent Cross (‘‘QCC’’) 

Orders,12 and to orders executed in the 

Exchange’s Customer Best Execution 

(‘‘CUBE’’) Auction by ATP Holders.13

Both QCC Orders and CUBE Orders are 

paired orders intended to serve a 

particular investment purpose that are 

contingent on the execution of the 

options leg, in the case of a QCC Order, 

and the execution of both sides of a 

CUBE Order. Because the non-execution 

of one or more legs of a QCC Order or 

a CUBE Order is contrary to the 

investment purpose of such orders, the 

Exchange has determined not to apply 

STP in a manner that would prevent the 

execution of a QCC Order or a CUBE 

Order. The Exchange notes that the 

enhanced STP functionality proposed 

herein would not relieve or modify a 

Market Maker’s obligations under the 

Exchange’s Rules, such as the Market 

Maker’s quoting obligations, or any 

other rules and regulations to which the 

Market Maker is subject. 

The enhanced STP functionality 

proposed herein is similar to 

functionality currently offered by the 

Bats Exchange, Inc. (‘‘Bats’’).14 In 


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15See NYSE American Rule 7.31E(i)(2). 

16Bats currently offers MTP Decrement and 

Cancel (‘‘MDC’’) where an incoming order with the 

MDC modifier is prevented from executing against 

opposite side resting interest marked with any MTP 

modifier originating from the same user on that 

exchange. If both orders are equal in size, both 

orders are canceled. For those not equivalent in 

size, the smaller order is canceled and the larger 

order is decremented by the size of the smaller 

order with the balance remaining on the order book. 

Bats also currently offers MTP Cancel Smallest 

(‘‘MCS’’) where an incoming order with the MCS 

modifier is prevented from executing against 

opposite side resting interest marked with any MTP 

modifier originating from the same user. If both 

orders are equal in size, both orders are cancelled. 

For those not equivalent in size, the smaller order 

is canceled and the larger order remains on the 

book. 

17The NYSE American equities market also 

currently offers STP Decrement and Cancel 

(‘‘STPD’’) that provides similar self-trade 

prevention functionality as the Bats offering. At this 

time, the Exchange is not proposing to adopt the 

STPD modifier for the options market. 

18See NOM, Chapter VI, Section 10(6). The NOM 

anti-internalization (‘‘AIQ’’) functionality works 

similar to the proposed STPO modifier in that 

quotes and orders entered by NOM market makers 

using the same market participant identifier are 

automatically prevented from interacting with each 

other. Rather than executing quotes and orders from 

the same market participant identifier, the AIQ 

functionality cancels the oldest of the quotes and 

orders. 19 15 U.S.C. 78f(b). 

20 15 U.S.C. 78f(b)(5). 

21See supra, notes 14, 15 and 18. 

22See NYSE American Options Rule 966NY. 

particular, Bats offers Match Trade 

Prevention (‘‘MTP’’), a self-trade 

prevention functionality where any 

incoming order designated with an MTP 

modifier is prevented from executing 

against a resting opposite side order also 

designated with an MTP modifier and 

originating from the same market 

participant identifier. Additionally, 

NYSE American, the Exchange’s 

equities market, provides for self-trade 

prevention order modifiers that prevent 

orders so designated from executing 

against resting opposite side orders 

entered under the same equity trading 

permit identification that are also 

designated with the modifier.15 With 

two exceptions, the Exchange is 

proposing to adopt all the STP modifiers 

that are currently available on Bats.16

And with one exception, the Exchange 

is proposing to adopt all the STP 

modifiers that are currently available on 

the Exchange’s equities market.17 The 

Exchange notes that while the Bats rule 

and the NYSE American equities rule 

apply to orders, and not to orders and 

quotes, the Exchange’s proposal is 

otherwise similar to functionality 

offered on Bats and on the Exchange’s 

equities market. 

The NASDAQ Options Market 

(‘‘NOM’’) currently offers functionality 

that applies to orders and quotes, but in 

a limit manner.18 Notwithstanding the 

fact that the STPN and STPC modifiers, 

as proposed for orders and quotes, are 

not currently available on an options 

market, the Exchange does not believe 

the proposed functionality is novel and 

does not raise any new regulatory 

concerns. Further, the STP functionality 

currently available on the Exchange 

applies to both orders and quotes, and 

Market Makers are therefore generally 

familiar with the application of selftrade prevention to orders and quotes. 

The Exchange further believes the 

proposed adoption of the STPN and 

STPC modifiers would add further 

specificity to the rule while aligning the 

proposed functionality with Market 

Makers’ expectation. Self-trade 

prevention is a risk mechanism tool to 

prevent inadvertent trading of both 

orders and quotes that has been widely 

used for many years in both the equities 

and options markets. The enhanced 

functionality proposed herein would 

provide Market Makers with a method 

of managing their trading interest that is 

similar to functionality currently 

available on other markets. 

The Exchange also proposes at this 

time to make a procedural change for 

announcements regarding the STP 

functionality. Presently the Exchange 

issues Regulatory Information Bulletins 

when making announcements related to 

STP functionality. Going forward, the 

Exchange proposes to issue a Trader 

Update in lieu of a Regulatory 

Information Bulletin. Regulatory 

Information Bulletins generally contain 

information regarding legal and 

regulatory matters while a Trader 

Update deals with issues such as 

trading, systems changes and real-time 

market announcements. The Exchange 

believes that it is more appropriate to 

make announcements regarding the STP 

functionality via Trader Update. Trader 

Updates, like Regulatory Information 

Bulletins, are electronically distributed 

to ATP Holders and posted on the 

Exchange’s Web site. Accordingly, the 

Exchange proposes to amend 

Commentary .02 to current Rule 964NY 

by replacing reference to ‘‘Regulatory 

Information Bulletin’’ with ‘‘Trader 

Update.’’ 

Implementation 

Because of the technology changes 

associated with this proposed rule 

change, the Exchange will announce by 

Trader Update the implementation date 

of the proposed rule change, which will 

be no later than 60 days from the 

effective date of this rule filing. 

2.Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 19 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’), in general, and furthers the 

objectives of Section 6(b)(5),20 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, and to remove 

impediments to and perfect the 

mechanisms of a free and open market 

and a national market system. 

As discussed above, the Exchange 

believes that the proposed rule change 

is designed to promote just and 

equitable principles of trade because it 

would provide Market Makers with a 

functionality that is similar to 

functionality currently available on 

other markets.21 Additionally, the 

Exchange believes that the proposed 

rule change is designed to prevent 

fraudulent and manipulative acts and 

practices, 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, 

because it would allow Market Makers 

to better manage their trading interest 

and provide a means to prevent 

executions against their own trading 

interest. 

The Exchange notes that Market 

Makers have expressed an interest in the 

proposed functionality as it would 

prevent them from inadvertently trading 

with their own interest. In such a 

situation, ATP Holders currently ask the 

Exchange to nullify such inadvertent 

trades, which they are permitted to do 

under the Exchange’s rules because the 

ATP Holder is on both sides of the 

trade.22 While the proposed STP 

functionality would prevent inadvertent 

self-trading, the Exchange notes that the 

functionality would also prevent 

intentional self-trading. In this regard, 

the proposed rule change provides a 

means to prevent manipulative conduct 

such as ‘‘wash trading.’’ 

Finally, the replacement of reference 

to Regulatory Information Bulletin with 

Trader Update, would foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities as Trader 

Updates deal with issues such as 

trading, systems changes and real-time 

market announcements and are 

electronically distributed to ATP 

Holders and posted on the Exchange’s 

Web site. 


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Federal Register / Vol. 82, No. 203 / Monday, October 23, 2017 / Notices 49071 

23 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. 

24 17 CFR 240.19b–4(f)(6). 

25 17 CFR 240.19b–4(f)(6)(iii). 

26For 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). 27 17 CFR 200.30–3(a)(12). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is designed to 

enhance STP functionality provided to 

Exchange Market Makers, and will 

benefit members that wish to protect 

their orders and quotes against trading 

with other orders and quotes that 

originate from the same TPID. The new 

functionality, which is similar to 

functionality currently offered on other 

markets, is also voluntary, and the 

Exchange therefore does not believe that 

providing an enhanced offering to 

prevent against self-trading will have 

any significant impact on competition. 

The Exchange believes that the 

proposed rule change is evidence of the 

competitive environment in the options 

industry where exchanges must 

continually improve their offerings to 

maintain competitive standing. 

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 

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.23

A proposed rule change filed 

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

Act 24 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 25

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 Exchange can 

implement the enhanced functionality 

without delay. The Exchange believes 

that waiver of the operative delay is 

consistent with the protection of 

investors and the public interest 

because it would enable the Exchange to 

implement the change when the 

technology supporting the change is 

available, which the Exchange 

anticipates will be no later than 60 days 

from the effective date of this rule filing. 

The Commission believes that waiving 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest because the new 

functionality is designed to provide 

market makers with a tool to prevent 

undesirable executions against 

themselves and therefore may assist 

market makers in managing their order 

flow. Therefore, the Commission hereby 

waives the operative delay and 

designates the proposed rule change 

operative upon filing.26

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 

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– 

NYSEAMER–2017–21 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–NYSEAMER–2017–21. 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– 

NYSEAMER–2017–21, and should be 

submitted on or before November 13, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–22882 Filed 10–20–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736 

Extension: 

Form N–17f–2, SEC File No. 270–317, 

OMB Control No. 3235–0360 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 350l et seq.), the Securities 

and Exchange Commission (the 

‘‘Commission’’) has submitted to the 


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