Document ID: SEC-2018-1641-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange, LLC
Posted Date: 2018-10-22T04:00Z

[Federal Register Volume 83, Number 204 (Monday, October 22, 2018)]
[Notices]
[Pages 53324-53326]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-22905]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84434; File No. SR-NYSE-2018-48]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change of 
Non-Substantive Amendments to Rules 1.1, 7.31, and 7.46

October 16, 2018.
    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, 2018, New York Stock Exchange LLC (``NYSE'' or 
the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I 
and II below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes non-substantive amendments to Rules 1.1, 
7.31, and 7.46. 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.

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 reorganize the terms defined in Rule 1.1, 
Definitions, to place them in alphabetical order. The Exchange does not 
propose to amend the definition of any term that is currently defined 
in Rule 1.1. The Exchange also proposes to adopt a definition of the 
term ``Exchange Act'' under Rule 1.1(h), which would be defined as 
``the Securities Exchange Act of 1934, as amended.'' This definition is 
identical

[[Page 53325]]

to the same definition in the rules of the Exchange's affiliate, NYSE 
Arca.\4\
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    \4\ See NYSE Arca Rule 1.1(q).
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    The Exchange also proposes to amend Rules 7.31 and 7.46 to re-name 
``Limit Non-Routable Order'' as ``Non-Routable Limit Order'' and 
``Limit Non-Displayed Order'' as ``Non-Displayed Limit Order.'' These 
proposed rule changes are based on the terms used by the Exchange's 
affiliates, NYSE American LLC (``NYSE American'') and NYSE Arca, for 
the same order types.\5\ In both cases, the Exchange believes that it 
promotes clarity and consistency in its rules to move the respective 
modifier for each of these rules before the term ``Limit Order.'' The 
Exchange does not propose to amend the operation of either order type.
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    \5\ See NYSE American Rules 7.31E(d)(2), 7.31E(e)(1)(E), 
7.46E(f)(5)(E), and 7.46-E(f)(5)(F). See also NYSE Arca Rule 7.31-
E(d)(2), 7.31-E(e)(1), 7.46-E(f)(5)(E), and 7.46-E(f)(5)(F).
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2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Securities Exchange Act of 1934 (the ``Act''),\6\ in general, and 
furthers the objectives of Section 6(b)(5),\7\ in particular, because 
it is designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in facilitating 
transactions in securities, to remove impediments to, and perfect the 
mechanism of, a free and open market and a national market system and, 
in general, to protect investors and the public interest.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that alphabetizing the defined terms under 
Rule 1.1 would remove impediments to, and perfect the mechanism of, a 
free and open market and a national market system because it add 
clarity to the Exchange's rules and make the defined terms easier to 
navigate. The Exchange does not propose to amend the definition of any 
term that is currently defined in Rule 1.1. In addition, the proposed 
definition of the term ``Exchange Act'' under Rule 1.1(h), is identical 
to the same definition in the rules of the Exchange's affiliate, NYSE 
Arca.\8\
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    \8\ See NYSE Arca Rule 1.1(q).
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    The Exchange also believes that renaming ``Limit Non-Displayed 
Order'' as ``Non-Displayed Limit Order'' and ``Limit Non-Routable 
Order'' as ``Non-Routable Limit Order'' would remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system because the proposed changes are designed to promote clarity and 
consistency in Exchange rules by moving the modifier describing the 
function of the order type before the term ``Limit Order.'' The 
Exchange does not propose any changes to the operation of either order 
type. These proposed rule changes are also based on the terms used by 
the Exchange's affiliates, NYSE American and NYSE Arca, for the same 
order types,\9\ and would, therefore, remove impediments to, and 
perfect the mechanism of, a free and open market and a national market 
system by ensuring consistent terms are use amongst the Exchange and 
its affiliates for the same order types.
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    \9\ See NYSE American Rules 7.31E(d)(2), 7.31E(e)(1)(E), 
7.46E(f)(5)(E), and 7.46-E(f)(5)(F). See also NYSE Arca Rule 7.31-
E(d)(2), 7.31-E(e)(1), 7.46-E(f)(5)(E), and 7.46-E(f)(5)(F).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The proposed rule change 
will not have any impact on competition because it simply alphabetize 
definitions and renames two order types and does not make any changes 
to the operation of those order types or to alter any existing 
definition. In addition, the proposed definition of ``Exchange Act'' 
will not have a competitive impact because the new definition is 
intended to simply add clarity to the Exchange's rules and is identical 
to the same definition in the rules of the Exchange's affiliate, NYSE 
Arca.\10\
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    \10\ See NYSE Arca Rule 1.1(q).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\ 
Because the foregoing proposed rule 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 if consistent with the protection of investors 
and the public interest, provided that the self-regulatory organization 
has given the Commission written notice of its intent to file 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\ the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(6) 
thereunder.\15\
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    \11\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ The Exchange has satisfied this requirement.
    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f)(6).
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    At any time within 60 days of the filing of such proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings under 
Section 19(b)(2)(B) \16\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \16\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     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-2018-48 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2018-48. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent

[[Page 53326]]

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-2018-48 and should be submitted on or before November 13, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-22905 Filed 10-19-18; 8:45 am]
 BILLING CODE 8011-01-P