Document ID: SEC-2018-1050-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange, LLC
Posted Date: 2018-07-06T04:00Z

[Federal Register Volume 83, Number 130 (Friday, July 6, 2018)]
[Notices]
[Pages 31585-31589]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-14465]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83560; File No. SR-NYSE-2018-30]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change To Provide for the Listing of 
Exchange Traded Products With No Component NMS Stock Listed on the 
Exchange, Amend Its Rules Regarding Unlisted Trading Privileges, and 
Make Corresponding Changes

June 29, 2018.
    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 June 15, 2018, New York Stock Exchange LLC (``NYSE'' or the 
``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.
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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 to [sic] amend its rules to (1) provide 
for the listing of exchange traded products (``ETPs'') that do not have 
any component NMS Stock \4\ that is listed on the Exchange or that is 
based on, or represents an interest in, an underlying index or 
reference asset that includes an NMS Stock listed on the Exchange; (2) 
delete certain redundant listing rules that would be superseded by 
these initial and continued listing and trading requirements for the 
listing of ETPs; and (3) make changes to its unlisted trading 
privileges (``UTP'') Rule 5.1(a)(2), as well as certain supplementary 
changes throughout Rules 5P and 8P, to conform to the rules of the 
Exchange's affiliate, NYSE National, Inc. (``NYSE National''). The 
proposed rule change is available on the Exchange's website at 
www.nyse.com, at the principal office of the Exchange, and at the 
Commission's Public Reference Room.
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    \4\ NMS Stock is defined in Rule 600 of Regulation NMS, 17 CFR 
242.600(b)(47).
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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 amend its rules to provide for the listing 
of Exchange Traded Products (``ETPs'') that do not have any component 
NMS Stock that is listed on the Exchange or that is based on, or 
represents an interest in, an underlying index or reference asset that 
includes an NMS Stock listed on the Exchange; (2) delete certain 
redundant listing rules that would be superseded by these initial and 
continued listing and trading requirements for the listing of ETPs; and 
(3) make changes to its unlisted trading privileges (``UTP'') Rule 
5.1(a)(2), as well as certain supplementary changes throughout Rules 5P 
and 8P, to conform to the rules of the Exchange's affiliate, NYSE 
National, Inc. (``NYSE National'').
Background
    Currently, the Exchange trades ETPs on an UTP basis only pursuant 
to Rules 5P and 8P.\5\ In the NYSE ETP Listing Rules Filing, the 
Exchange represented that Rules 5P and 8P would contain initial and 
continued listing and trading requirements for ETPs, but that they 
would apply only to the trading pursuant to UTP of ETPs on the 
Exchange.\6\ Accordingly, the Exchange included preambles to both Rules 
5P and 8P that provide that ``the provisions of this Rule [5P/8P] shall 
apply to the trading pursuant to UTP of Exchange Traded Products on the 
Exchange. This Rule [5P/8P] shall not apply to the listing of Exchange 
Traded Products on the Exchange.'' Rule 5.1(a)(1), which was adopted in 
the NYSE ETP Listing Rules Filing, further provides that ``the 
provisions of Rules 5P and 8P that permit the listing of Exchange 
Traded Products would not be effective until the Exchange files a 
proposed rule change to amend its rules to comply with Rules 10A-3 and 
10C-1 under the Exchange Act and to incorporate qualitative listing 
criteria, and such proposed rule change is approved by the 
Commission.'' Because Rules 5P and 8P were designed to support the 
trading of ETPs on a UTP basis only, the Exchange did not change any of 
its rules relating to the listing of ETPs.
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    \5\ See, Securities Exchange Act Release No. 80214 (March 10, 
2017), 82 FR 14050 (March 16, 2017) (SR-NYSE-2016-44) (Approval 
Order) (``NYSE ETP Listing Rules Filing''). In connection with the 
Exchange's implementation of Pillar for Tape B and C securities, 
NYSE filed several additional rule changes. See Securities Exchange 
Act Release Nos. 76803 (December 30, 2015), 81 FR 536 (January 6, 
2016) (SR-NYSE-2015-67) (Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change); 81225 (July 27, 2017), 82 FR 
36033 (August 2, 2017) (SR-NYSE-2017-35) (Notice of Filing and 
Immediate Effectiveness of Proposed Rule Change); and 82945 (March 
26, 2018), 83 FR 13553 (March 29, 2018) (SR-NYSE-2017-36) (Approval 
Order) (``NYSE Trading Rules Filing'').
    \6\ See id. NYSE ETP Listing Rules Filing.
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Proposed Rule Changes To Provide for Listing of Certain ETPs
    The Exchange is proposing to list certain ETPs. Specifically, the 
Exchange proposes to list ETPs that meet the requirements of Rules 5P 
and 8P, provided such ETPs do not have any component NMS Stock that is 
listed on the Exchange or that is based on, or represents an interest 
in, an underlying index or reference asset that includes an

[[Page 31586]]

NMS Stock listed on the Exchange.\7\ ETPs listed on the Exchange would 
be a ``Tape A'' listing and would be traded pursuant to the rules 
applicable to NYSE-listed securities. To allow the Exchange to list 
these ETPs, the Exchange proposes the changes described below.
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    \7\ The Exchange's proposed rules for these products are 
substantially identical (other than with certain non-substantive and 
technical amendments) as the rules of NYSE Arca, Inc. (``NYSE 
Arca'') and the Exchange's other affiliates, for the qualification, 
listing and trading of such products. See NYSE ETP Listing Rules 
Filing, supra note 5.
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    To allow the listing of certain ETPs, the Exchange proposes to 
delete the preambles to Rules 5P and 8P, which currently state that the 
rules shall apply to the trading pursuant to UTP of ETPs only, and that 
the Rules shall not apply to the listing of ETPs on the Exchange. By 
deleting these preambles, the Exchange would be permitted to list ETPs 
that meet the initial and continued listing requirements in these 
Rules. Further, the Exchange proposes to add new preambles to Rules 5P 
and 8P that would state that the Exchange would not list any ETPs under 
either Rules 5P or 8P ``that have any component NMS Stock that is 
listed on the Exchange or that is based on, or represents an interest 
in, an underlying index or reference asset that includes an NMS Stock 
listed on the Exchange.''
    In addition, because the Exchange proposes to list certain ETPs, it 
proposes to add text to the preamble to Rules 1P-13P that provides that 
Rules 5P and 8P, and related definitions in Rule 1P, would be 
applicable to listing of ETPs on the Exchange.
    The Exchange also proposes to amend Rule 5.1(a)(1), which is the 
Exchange's general rule that allows the Exchange to extend UTP to any 
security that is an NMS Stock, as follows:
     First, the Exchange proposes to delete the following 
clause: ``notwithstanding the requirements for listing set forth in the 
Rules.'' This clause is no longer necessary because the Exchange is 
proposing to list securities under Rule 5P.\8\
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    \8\ The rules of other exchanges that list ETPs do not contain 
such a clause. See, e.g., NYSE Arca Rule 5.1-E(a) and Nasdaq Stock 
Market LLC Rule 5740.
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     Second, because ETPs listed on the Exchange would not be 
traded on the Pillar platform at this time, the Exchange is proposing 
to delete the reference to ``Pillar trading platform'' and replace it 
with a reference to the ``Exchange.'' Accordingly, any security listed 
or traded pursuant to UTP under Rule 5P would be subject to all 
Exchange trading rules applicable to securities trading on the 
Exchange.\9\
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    \9\ The Exchange also proposes to delete the reference to Pillar 
Platform in the title of these rules. As proposed, the title for 
these rules would be ``Rules 1P-13P.''
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     Third, the Exchange proposes to delete the sentence in 
Rule 5.1(a)(1) that states that the Exchange may not list any ETPs.
    Finally, the Exchange proposes to add the words ``Unlisted Trading 
Privileges'' to the title of Rule 5.1, to better describe the 
provisions in that rule.
Compliance With Rules 10A-3 and 10C-1 Under the Act
    Rule 5.1(a)(1) currently includes a clause that states that the 
provisions of Rules 5P and 8P that permit the listing of Exchange 
Traded Products would not be effective until the Exchange files a 
proposed rule change to amend its rules to comply with Rules 10A-3 and 
10C-1 under the Act and to incorporate qualitative listing criteria, 
and such proposed rule change is approved by the Commission. These 
Commission rules require exchanges to establish rules that require 
their listed companies' audit and compensations committees meet 
specified standards.
    The Exchange implemented the requirements of Rules 10A-3 and 10C-1 
under the Act by adding Section 303A to the NYSE Listed Company Manual 
(``LCM'').\10\ All NYSE-listed companies must comply with Section 303A, 
including any ETPs listed on the Exchange. Consistent with the 
requirements of the Sarbanes-Oxley Act of 2002 and Rules 10A-3 and 10C-
1 of the Act, Section 303A does not apply to some listed companies.\11\ 
The Commission found that Section 303A of the LCM was consistent with 
the Act and the rules and regulations thereunder applicable to a 
national securities exchange.\12\ Accordingly, the Exchange is 
proposing to delete the last sentence of Rule 5.1(a)(1).
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    \10\ NYSE Listed Company Manual, http://nysemanual.nyse.com/LCM/Sections/.
    \11\ See Rule 10C-1(b)(5) under the Act allows national 
securities exchanges to exempt from the requirements of Rule 10C-1 
certain categories of issuers, as the national securities exchange 
determines is appropriate, taking into consideration, among other 
relevant factors, the potential impact of such requirements on 
smaller reporting issuers.
    \12\ See Securities Exchange Act Release No. 48745 (November 4, 
2003), 68 FR 64154 (November 12, 2003) (SR-NYSE-2002-33).
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Deletion of Obsolete Listing Rules for ETPs
    The Exchange also proposes to delete certain listing rules that 
would be superseded by the ETP listing and trading requirements in 
Rules 5P and 8P.
    As discussed above, the Exchange is proposing today to list certain 
ETPs under Rules 5P and 8P. In connection with this proposed change, 
the Exchange is also proposing to delete certain ETP listing rules that 
are not currently used. Because the Exchange only intends to list ETPs 
under Rules 5P and 8P, it proposes to delete the following rules:
     Rule 414 (Index and Currency Warrants);
     Rule 1100 (Investment Company Units);
     Rules 1200-1202 (Trust Issued Receipts);
     Rules 1300-1301 (Gold Shares);
     Rules 1300A-1301A (Currency Trust Shares); and
     Rules 1300B-1301B (Commodity Trust Shares).
     LCM Section 703.15 (Foreign Currency Warrants and Currency 
Index Warrants);
     LCM Section 703.16 (Investment Company Units);
     LCM Section 703.17 (Stock Index Warrants Listing 
Standards);
     LCM Section 703.20 (Trust Issued Receipts);
     LCM Section 703.21 (Equity-Linked Debt Securities); and
     LCM Section 703.22 (Equity Index-Linked Securities, 
Commodity-Linked Securities and Currency-Linked Securities).
    The Exchange is also proposing to make the following cross-
reference changes to the rules of the Exchange to correspond to the 
above deletions:
     First, the Exchange proposes to amend cross-references in 
Supplementary Material .30 to Rule 36 because the initial and continued 
listing and trading standards and definitions for (1) Investment 
Company Units would now be described in Rule 5.2(j)(3), not in Section 
703.16 of the LCM and (2) Trust Issued Receipts would now be described 
in Rule 8.200, not in Rule 1200. Therefore, in Supplementary Material 
.30 to Rule 36, the Exchange is proposing to change the cross-reference 
to Section 703.16 of the LCM to Rule 5.2(j)(3), and the cross-reference 
to Rule 1200 to Rule 8.200.
     Second, the Exchange proposes to amend Rule 1400(2)(c) to 
reflect the deletion of Section 703.21 of the LCM. Rule 1400(2)(c) 
states that Debt Securities \13\ do not include securities

[[Page 31587]]

that, if listed on the Exchange, would have been listed under Section 
703.21 of the LCM (Equity-Linked Debt Securities). Since the Exchange 
is proposing to delete this section from the LCM, it is also proposing 
to delete all cross-references to it in Rule 1400(2)(c). Further, to 
account for the deletion of references to Section 703.21 of the LCM, 
which pertains to equity-linked debt securities, the Exchange proposes 
to clarify in Rule 1400(2)(c) that Debt Securities do not include 
equity-linked debt securities listed under Rule 5P.
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    \13\ As used in Rule 1400, the term ``Debt Security'' or ``Debt 
Securities'' means any unlisted note, bond, debenture or evidence of 
indebtedness that is:
    (1) Statutorily exempt from the registration requirements of 
Section 12(b) of the Act, or
    (2) eligible to be traded absent registration under Section 
12(b) of the Act pursuant to the order granted by the Securities and 
Exchange Commission in Exchange Act Release Number 34-54766 
(November 16, 2006) (the ``2006 Order'').
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     Third, for the avoidance of doubt, the Exchange is also 
proposing to include the following introductory preamble language at 
the beginning of Section 7 of the LCM, which pertains to Listing 
Applications and currently includes the relevant ETP listing rules of 
the manual that the Exchange is proposing to delete:
    ``See Exchange Rules 5P and 8P for the initial and continued 
listing and trading requirements for Exchange Traded Products (as 
defined in Rule 1.1(bbb)).'' \14\
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    \14\ Rule 1.1(bbb) defines the term ``Exchange Traded Product'' 
to mean a security that meets the definition of ``derivative 
securities product'' in Rule 19b-4(e) under the Securities Exchange 
Act of 1934 and a ``UTP Exchange Traded Product to mean an Exchange 
Traded Product that trades on the Exchange pursuant to unlisted 
trading privileges.
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Certain Changes To Conform Rules 5P and 8P to the Rules of NYSE 
National
    To conform the Exchange's rules to that of its affiliate, NYSE 
National,\15\ the Exchange is proposing to delete all of the references 
in Rules 5P and 8P that would imply that the initial and continued 
listing standards contained in Rules 5P and 8P may apply to the trading 
pursuant to UTP of such ETPs. In the National Rule Filing, NYSE 
National stated that it does not believe that it is necessary for an 
exchange that trades securities on a UTP basis to have listing rules 
for ETPs.\16\ Accordingly, the Exchange proposes that clauses in Rules 
5P and 8P that would make the initial and continued listing standards 
contained in such rules apply not only to the listing of such ETPs, but 
also to the trading of such ETPs pursuant to UTP (such as the clause 
``whether by listing or pursuant to unlisted trading privileges'' when 
referencing that such rule would apply to the listing of the relevant 
ETP or the trading pursuant to UTP of such ETP), be deleted. In 
conjunction therewith, the Exchange proposes to include the words 
``listing and'' before the word ``trading'' in each of the rules from 
which such clauses are deleted, so as to clarify that the rules would 
apply to the listing and trading of such relevant ETP on the Exchange 
once that ETP is listed on the Exchange.
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    \15\ See, Securities Exchange Act Release No. 83289 (May 17, 
2018), 83 FR 23968 (May 23, 2018) (SR-NYSENat-2018-02) (the ``NYSE 
National Rule Filing'').
    \16\ Id.
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    In addition, consistent with rules approved for NYSE National in 
the NYSE National Rule Filing, the Exchange is proposing to delete Rule 
5.1(a)(2)(A), which currently requires the Exchange to file with the 
Commission a Form 19b-4(e) with respect to each UTP Exchange Traded 
Product within five business days after commencement of trading.\17\ To 
account for this deleted sub-paragraph, the Exchange is also proposing 
to re-number each of the sub-paragraphs in Rule 5.1(a)(2).
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    \17\ Id.
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    The Exchange believes that it is unnecessary for an exchange to 
apply initial and continued listing rules to ETPs it trades pursuant to 
UTP. To the extent ETP listing rules include initial and continued 
listing standards, the Exchange would not be in a position to evaluate 
issuer compliance with such rules. Because the Exchange would not be in 
a position to enforce any ETP listing rules, the Exchange does not 
believe it is necessary to have such rules. Similarly, the Exchange 
does not believe it is necessary for a non-listing venue to file a Form 
19b-4(e) if it begins trading an ETP on a UTP basis. Rule 19b-4(e)(1) 
under the Act refers to the ``listing and trading'' of a ``new 
derivative securities product.'' \18\ The Exchange therefore believes 
that the requirements of that rule refer to when an exchange lists and 
trades an ETP, and not when an exchange seeks to trade such product on 
a UTP basis pursuant to Rule 12f-2 under the Act.\19\
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    \18\ 17 CFR 240.19b-4(e).
    \19\ 17 CFR 240.12f-2.
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    Finally, the Exchange proposes to amend Rule 5.1(a)(2)(D) to 
conform to the comparable NYSE National rule. Both NYSE National's and 
the Exchange's rules pertaining to trading halts are in Rule 7.18. Like 
NYSE National, the Exchange proposes to halt trading in a UTP Exchange 
Traded Product as provided for in Rule 7.18. Accordingly, the Exchange 
proposes to delete the rule text in paragraph (D) of Rule 5.1(a)(2) 
that is duplicative of trading halt authority in Rule 7.18. The 
Exchange also proposes to add a cross reference stating that the 
Exchange would halt trading in a UTP ETP as provided for in Rule 
7.18.\20\
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    \20\ Paragraph (D) of Rule 5.1(a)(2) would become paragraph (C) 
when paragraph (A) to Rule 5.1(a)(2) is deleted, and all the sub-
paragraphs of Rule 5.1(a)(2) are re-numbered accordingly, as 
described above.
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Listing ETPs on the Exchange & Surveillance
    The Exchange represents that listed ETPs would be subject to the 
existing trading surveillances administered by the Exchange for ETPs 
trading UTP, as well as cross-market surveillances administered by the 
Financial Industry Regulatory Authority (``FINRA'') on behalf of the 
Exchange, which are designed to detect violations of Exchange rules and 
applicable federal securities laws. The Exchange represents that these 
procedures are adequate to properly monitor the Exchange's listing and 
trading of ETPs in all trading sessions and to deter and detect 
violations of Exchange rules and federal securities laws applicable to 
trading on the Exchange.\21\
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    \21\ FINRA conducts cross-market surveillances on behalf of the 
Exchange pursuant to a regulatory services agreement. The Exchange 
is responsible for FINRA's performance under this regulatory 
services agreement.
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    The surveillances referred to above generally focus on detecting 
securities trading outside their normal patterns which could be 
indicative of manipulative or other violative activity. When such 
situations are detected, surveillance analysis follows and 
investigations are opened, where appropriate, to review the behavior of 
relevant parties for relevant trading violations.
    The Exchange or FINRA, on behalf of the Exchange, or both, will 
communicate as needed regarding trading in ETPs, as well as certain 
other securities and financial instruments underlying such ETPs, with 
other markets and other entities that are members of the Intermarket 
Surveillance Group (``ISG''). The Exchange or FINRA, on behalf of the 
Exchange, or both, may obtain trading information regarding trading in 
ETPs and financial instruments from such markets and other entities. In 
addition, the Exchange may obtain information regarding trading in 
ETPs, as well as certain other securities and financial instruments 
underlying such ETPs from markets and other entities that are members 
of ISG or with which the Exchange has in place a comprehensive 
surveillance sharing agreement (``CSSA'').
    Further, the Exchange's affiliate, NYSE Arca, currently lists ETPs 
pursuant to rules that are substantially

[[Page 31588]]

identical to Rules 5P and 8P.\22\ NYSE Arca conducts initial and 
continued listing reviews for ETPs listed on its exchange. The Exchange 
represents that the initial and continued listing reviews of ETPs 
listed on the Exchange will be conducted in the same manner as they are 
on NYSE Arca.
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    \22\ See NYSE ETP Listing Rules Filing, supra note 5. Rules 5P 
and 8P are based on the rules of NYSE Arca.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\23\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\24\ in particular, in that it is designed to 
prevent fraudulent and manipulative acts and practices, to promote just 
and equitable principles of trade, 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 by 
providing for the listing of Exchange Traded Products, subject to 
consistent and reasonable standards. Accordingly, the proposed rule 
change would contribute to the protection of investors and the public 
interest because it may provide a better listing and trading 
environment for investors and, generally, encourage greater competition 
between markets.
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    \23\ 15 U.S.C. 78f(b).
    \24\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change is consistent 
with the above principles. By providing for the listing of ETPs, the 
Exchange believes its proposal would lead to the addition of liquidity 
to the broader market and to increased competition among the existing 
group of liquidity providers. The Exchange also believes that, by so 
doing, the proposed rule change would encourage the additional 
utilization of, and interaction with, the exchange market, and provide 
market participants with improved price discovery, increased liquidity, 
more competitive quotes and greater price improvement for listed ETPs.
    The Exchange further believes that listing ETPs would help raise 
investors' confidence in the fairness of the market, generally, and 
their transactions in particular. As such, the listing of ETPs would 
foster cooperation and coordination with persons engaged in 
facilitating securities transactions, enhance the mechanism of a free 
and open market, and promote fair and orderly markets in securities on 
the Exchange.
    The proposal is also designed to promote just and equitable 
principles of trade by way of initial and continued listing standards 
which, if not maintained, would result in the discontinuation of 
trading in the affected products. These requirements, together with the 
applicable Exchange trading rules (which apply to the proposed 
products), ensure that no investor would have an unfair advantage over 
another respecting the trading of the subject products. On the 
contrary, all investors would have the same access to, and use of, 
information concerning the specific products and trading in the 
specific products, all to the benefit of public customers and the 
marketplace as a whole.
    Furthermore, the proposal is designed to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system by adopting rules that would lead ultimately to the listing and 
trading of new products on the Exchange. The proposed changes do 
nothing more than match Exchange rules with what is currently available 
on other exchanges for the listing of ETPs. The Exchange believes that 
by allowing for listing opportunities on the Exchange that are already 
allowed by rule on another market, the proposal would offer another 
venue for listing ETPs and thereby promote broader competition among 
exchanges. The Exchange believes that individuals and entities 
permitted to list ETPs on the Exchange should enhance competition 
within the mechanism of a free and open market and a national market 
system, and customers and other investors in the national market system 
should benefit from more depth and liquidity in the market for the 
ETPs.
    The proposed change is not designed to address any competitive 
issue, but rather to allow the Exchange to list ETPs. These rules are 
identical to the rules of NYSE Arca (other than with respects to 
certain non-substantive and technical amendments described above), 
which currently lists ETPs on its exchange pursuant to these rules. 
These proposed rules support competition by allowing for ETP listings 
on the Exchange.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change would 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. Since Rules 5P and 8P are 
already adopted on the Exchange pursuant to approval from the 
Commission, the Exchange believes that the proposed rule change to 
allow for these rules to also apply to the listing of ETPs on the 
Exchange, would have no impact on competition. To the contrary, 
limiting Rules 5P and 8P to only apply to the trading pursuant to UTP 
of ETPs, limits competition in that there are certain products that the 
Exchange cannot list, while other exchanges, with identical listing 
rules, can list such products. Thus, approval of the proposed rule 
change would promote competition because it would allow the Exchange to 
compete with other national securities exchanges for the listing and 
trading of ETPs.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission will:
    (A) By order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be 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 [email protected]. Please include 
File Number SR-NYSE-2018-30 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-2018-30. 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

[[Page 31589]]

only one method. The Commission will post all comments on the 
Commission's internet website (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 website 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. 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-NYSE-2018-30 and should be submitted on 
or before July 27, 2018.
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    \25\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\25\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-14465 Filed 7-5-18; 8:45 am]
 BILLING CODE 8011-01-P