Document ID: SEC-2014-0427-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2014-03-17T04:00Z

[Federal Register Volume 79, Number 51 (Monday, March 17, 2014)]
[Notices]
[Pages 14758-14761]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-05750]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71684; File No. SR-NYSE-2014-09]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Amending the NYSE Price List and To Make the Fee Changes Operative 
March 1, 2014

March 11, 2014.
    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 February 24, 2014, New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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 amend its Price List to (i) amend the fee 
for certain market at-the-close (``MOC'') and limit at-the-close 
(``LOC'') orders; (ii) amend the fee for Midpoint Passive Liquidity 
(``MPL'') orders; (iii) add a new credit for certain non-Floor broker 
transactions; (iv) increase the fee for certain non-Floor broker 
transactions; (v) increase the fee for certain Floor broker 
transactions; (vi) introduce additional credits for certain Floor 
broker transactions; (vii) increase the fee for certain Designated 
Market Maker (``DMM'') transactions; (viii) increase the credits for 
certain DMM transactions; (ix) introduce a monthly DMM credit for 
certain securities; and (x) revise the credits for Supplemental 
Liquidity Providers (``SLPs''). The proposed fees would be operative on 
March 1, 2014. The text of the proposed rule change is available on the 
Exchange's Web site at www.nyse.com, at the principal office of the 
Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and the 
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 Exchange proposes to amend its Price List to (i) amend the fee 
for certain MOC and LOC orders; (ii) amend the fee for MPL orders; 
(iii) add a new credit for certain non-Floor broker transactions; (iv) 
increase the fee for certain non-Floor broker transactions; (v) 
increase the fee for certain Floor broker transactions; (vi) introduce 
additional credits for certain Floor broker transactions; (vii) 
increase the fee for certain DMM transactions; (viii) increase the 
credits for certain DMM transactions; (ix) introduce a monthly DMM 
credit for certain securities; and (x) revise the credits for SLPs. The 
proposed fees would be operative on March 1, 2014.
MOC and LOC Orders
    Currently, the Exchange charges $0.00055 per share per transaction 
(charged to both sides) for all MOC and LOC orders if a member 
organization executes an average daily trading volume (``ADV'') of MOC 
and LOC activity on the Exchange in that month of at least 0.375% of 
consolidated ADV in NYSE-listed securities during the billing month 
(``NYSE CADV''). The Exchange proposes to add an alternative way to 
qualify for the $0.00055 per share per transaction fee. Specifically, 
the Exchange proposes to charge $0.00055 per share per transaction 
(charged to both sides) for all MOC and LOC orders if a member 
organization executes an ADV of MOC and LOC activity on the Exchange in 
that month of at least 0.300% of NYSE CADV plus an ADV of total close 
(MOC/LOC and executions at the close) activity on the Exchange in that 
month of at least 0.475% of NYSE CADV.
    The Exchange also proposes to make a non-substantive change to the 
Price List to delete the language specifically excluding odd lots 
through January 31, 2014, as that language is no longer operative.\3\
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    \3\ See Securities Exchange Act Release No. 70997 (Dec. 5, 
2013), 78 FR 75432 (Dec. 11, 2013) (SR-NYSE-2013-78).
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MPL Orders
    The Exchange currently charges $0.0025 per share for all MPL orders 
that remove liquidity from the Exchange if the security is priced $1.00 
or more, for all participants, including Floor brokers and DMMs. The 
Exchange proposes to increase the fee for MPL orders that remove 
liquidity from the Exchange if the security is priced $1.00 or more to 
$0.0026 per share. The Exchange notes that this fee increase is 
consistent with the other proposed fee increases for taking liquidity, 
discussed below.\4\
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    \4\ MPL Orders are not be eligible for any tiered or additional 
credits or reduced fees even if the MPL Orders contribute to a 
member organization qualifying for an additional credit. As such, 
the Exchange proposes to make conforming changes consistent with 
this approach. Where the MPL Order fee or credit does not differ 
from the current fee or credit, the Exchange has not proposed a 
change to the Price List.
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Non-Floor Brokers
    The Exchange proposes to establish a $0.0019 per share credit per 
transaction for all non-Floor broker transactions that add liquidity to 
the Exchange if the member organization executes an ADV during the 
billing month of at least 1 million shares in Retail Price Improvement 
Orders (``RPIs'') \5\ and a

[[Page 14759]]

Customer Electronic Adding ADV \6\ during the billing month of at least 
5 million shares.\7\ The Exchange notes that a member organization's 
provide volume in RPIs would also count toward the 5 million share 
Customer Electronic Adding ADV threshold if the RPIs meet the 
definition of Customer Electronic Adding ADV. For example, if a member 
organization executes an ADV of 1.1 million shares in RPIs and only 
500,000 shares of that provide volume adds liquidity in customer 
electronic orders to the Exchange, excluding any liquidity added by a 
Floor broker, DMM, or SLP, then only those 500,000 shares would count 
toward the 5,000,000 share threshold.
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    \5\ ``RPI'' is defined in NYSE Rule 107C(a)(4) and consists of 
non-displayed interest in NYSE-listed securities that is priced 
better than the best protected bid or best protected offer, as such 
terms are defined in Regulation NMS Rule 600(b)(57), by at least 
$0.001 and that is identified as such.
    \6\ ``Customer Electronic Adding ADV'' is ADV that adds 
liquidity in customer electronic orders to the Exchange and excludes 
any liquidity added by a Floor broker, DMM, or SLP. See Price List.
    \7\ The applicable $0.0015 MPL order credit would not change as 
a result of this proposal.
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    Currently, the Exchange charges $0.0025 per share for all non-Floor 
broker transactions that take liquidity from the Exchange if the 
security is priced $1.00 or more. The Exchange proposes to increase 
this fee to $0.0026 per share.
Floor Brokers
    Currently, the Exchange charges $0.0020 per share for all Floor 
broker transactions that take liquidity from the Exchange from any 
member organization executing an ADV in such Floor broker transactions 
that is at least 10% more than their May 2013 ADV for such Floor broker 
transaction if the security is priced $1.00 or more. The Exchange 
currently charges $0.0022 per share for all other Floor broker 
transactions that take liquidity from the Exchange if the security is 
priced $1.00 or more. The Exchange proposes to increase these fees from 
$0.0020 to $0.0021 per share and $0.0022 to $0.0023 per share, 
respectively.\8\
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    \8\ The applicable $0.0026 MPL order fee would not [sic] change 
as a result of this proposal.
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    In addition, the Exchange currently offers a $0.0019 credit per 
share for executions of orders sent to the Floor broker for 
representation on the Exchange when adding liquidity to the Exchange. 
The Exchange proposes to offer additional tiered credits for executions 
of orders sent to the Floor broker for representation on the Exchange 
when adding liquidity to the Exchange if the member organization adds 
liquidity to the Exchange by the Floor broker during the billing month 
that meets the following thresholds: (i) A $0.0020 credit for adding at 
least 2 million shares ADV; (ii) a $0.0021 credit for adding at least 4 
million shares ADV; and (iii) a $0.0023 credit for adding at least 14 
million shares ADV.\9\
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    \9\ The applicable $0.0015 MPL order credit would not change as 
a result of this proposal.
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DMMs
    Currently, the Exchange charges $0.0025 per share for all DMM 
transactions that take liquidity from the Exchange if the security is 
priced $1.00 or more. The Exchange proposes to increase this fee to 
$0.0026 per share.
    In addition, DMMs are currently eligible for a per share credit 
when adding liquidity in shares of each More Active Security \10\ if 
the More Active Security has a stock price of $1.00 or more, the DMM 
meets both the More Active Securities Quoting Requirement \11\ and the 
More Active Securities Quoted Size Ratio Requirement,\12\ and the DMM's 
providing liquidity meets certain thresholds, as follows: $0.0026 per 
share if the DMM's providing liquidity is 15% or less of the NYSE's 
total intraday adding liquidity in each such security for that month; 
\13\ or $0.0030 per share if the DMM's providing liquidity is more than 
15% of the NYSE's total intraday adding liquidity in each such security 
for that month. The Exchange proposes to raise the $0.0026 per share 
credit to $0.0029 per share and raise the $0.0030 per share credit to 
$0.0032 per share.\14\
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    \10\ A ``More Active Security'' is one with a consolidated ADV 
in the previous month equal to or greater than one million shares. 
See Price List.
    \11\ A DMM meets the ``More Active Securities Quoting 
Requirement'' when a More Active Security has a stock price of $1.00 
or more and the DMM quotes at the National Best Bid or Offer 
(``NBBO'') in the applicable security at least 10% of the time in 
the applicable month. See Price List.
    \12\ A DMM meets the ``More Active Securities Quoted Size Ratio 
Requirement'' when the DMM Quoted Size for an applicable month is at 
least 15% of the NYSE Quoted Size. The ``NYSE Quoted Size'' is 
calculated by multiplying the average number of shares quoted on the 
NYSE at the NBBO by the percentage of time the NYSE had a quote 
posted at the NBBO. The ``DMM Quoted Size'' is calculated by 
multiplying the average number of shares of the applicable security 
quoted at the NBBO by the DMM by the percentage of time during which 
the DMM quoted at the NBBO. See Price List at n. 8.
    \13\ The NYSE total intraday adding liquidity is totaled monthly 
and includes all NYSE adding liquidity, excluding NYSE open and NYSE 
close volume, by all NYSE participants, including SLPs, customers, 
Floor brokers and DMMs. See Price List.
    \14\ The applicable $0.0015 MPL order credit would not change as 
a result of this proposal.
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    The Exchange is also proposing to pay DMMs a monthly credit of 
$200, in addition to the current rate on transactions, for each 
security that has a consolidated ADV of less than 250,000 shares during 
the billing month in any month in which the DMM meets the Less Active 
Securities Quoting Requirement.\15\ This additional flat dollar credit 
will supplement the DMM credit in securities that do not trade actively 
and will be applicable to all Exchange-listed securities regardless of 
price.
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    \15\ The DMM meets the ``Less Active Securities Quoting 
Requirement'' when a security has a consolidated ADV of less than 
1,000,000 shares per month in the previous month and a stock price 
of $1.00 or more, and the DMM quotes at the NBBO in the applicable 
security at least 15% of the time in the applicable month.
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SLPs
    The Exchange currently offers a $0.0023 ($0.0018 for Non-Displayed 
Reserve Orders) credit per share per transaction for SLPs that add 
liquidity to the Exchange in securities with a per share price of $1.00 
or more, if the SLP (i) meets the 10% average or more quoting 
requirement in an assigned security pursuant to Rule 107B (quotes of an 
SLP-Prop and an SLMM of the same member organization shall not be 
aggregated) (``Assigned Security Quoting Requirement'') and (ii) adds 
liquidity for all assigned SLP securities in the aggregate (including 
shares of both an SLP-Prop and an SLMM of the same member organization) 
of an ADV of more than 0.22% of NYSE CADV. The Exchange also offers a 
$0.0027 ($0.0022 for Non-Displayed Reserve Orders) credit per share per 
transaction for SLPs that add liquidity to the Exchange in securities 
with a per share price of $1.00 or more, if the SLP (i) meets the 10% 
average or more Assigned Security Quoting Requirement, (ii) adds 
liquidity for all assigned SLP securities in the aggregate (including 
shares of both an SLP-Prop and an SLMM of the same member organization) 
of an ADV of more than 0.22% of NYSE CADV, (iii) adds liquidity for all 
assigned SLP securities in the aggregate (including shares of both an 
SLP-Prop and an SLMM of the same member organization) of an ADV during 
the billing month that is at least a 0.18% increase over the SLP's 
September 2012 Adding ADV, and (iv) has a minimum provide ADV for all 
assigned SLP securities of 12 million shares.
    The Exchange proposes to revise these SLP credits and offer an 
additional credit. First, the Exchange proposes to reduce the second 
requirement to receive the $0.0023 ($0.0018 for Non-Displayed Reserve 
Orders) credit per share from an ADV of more than 0.22% of NYSE CADV to 
an ADV of more than 0.20% of NYSE CADV. Second, the Exchange proposes 
to add an additional credit of $0.0025 ($0.0020 for Non-Displayed 
Reserve Orders) per share per

[[Page 14760]]

transaction for SLPs that add liquidity to the Exchange in securities 
with a per share price of $1.00 or more, if the SLP (i) meets the 10% 
average or more Assigned Security Quoting Requirement and (ii) adds 
liquidity for all assigned SLP securities in the aggregate (including 
shares of both an SLP-Prop and an SLMM of the same member organization) 
of an ADV of more than 0.30% of NYSE CADV. Lastly, the Exchange 
proposes to raise the $0.0027 ($0.0022 for Non-Displayed Reserve 
Orders) credit to $0.0029 ($0.0024 for Non-Displayed Reserve Orders), 
increase the second requirement from an ADV of more than 0.22% of NYSE 
CADV to an ADV of more than 0.55% of NYSE CADV, and eliminate the third 
and fourth requirements to receive the credit.\16\ The Exchange notes 
that the first requirement for the proposed credits would be the same, 
but the second requirement would increase as the credits increase. The 
Exchange would also make a conforming change to footnote 8 in the Price 
List to reflect the proposed revisions to the thresholds.
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    \16\ The applicable $0.0015 MPL order credit would not change as 
a result of this proposal.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\17\ in general, and furthers the 
objectives of Sections 6(b)(4) and (5) of the Act,\18\ in particular, 
because it provides for the equitable allocation of reasonable dues, 
fees, and other charges among its members, issuers and other persons 
using its facilities and does not unfairly discriminate between 
customers, issuers, brokers or dealers.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes that the proposed new method to qualify for 
the $0.00055 per share per transaction fee for MOC and LOC orders is 
reasonable because it would provide member organizations with an 
alternative way in which to qualify for the reduced fee, thereby 
encouraging member organizations to provide higher volumes of MOC and 
LOC orders and total close activity, which will contribute to the 
quality of the Exchange's closing auction and provide market 
participants with MOC and LOC orders, or whose orders are swept into 
the close, with a greater opportunity for execution. The Exchange 
believes that the proposed tier is equitable and not unfairly 
discriminatory because all member organizations will be subject to the 
same fee structure, which will automatically adjust based on prevailing 
market conditions. The Exchange believes that it is equitable and not 
unfairly discriminatory to charge a lower fee to member organizations 
that make significant contributions to market quality by providing 
higher volumes of liquidity, which benefits all market participants.
    The Exchange believes that raising the taking liquidity fee for MPL 
orders is reasonable because the fee would be the same as the fee that 
would otherwise apply for all other non-Floor broker transactions. The 
Exchange notes that the proposed fee is less than the fee charged by at 
least one other exchange for MPL orders.\19\ The Exchange also believes 
that the proposed fee increase is equitable and not unfairly 
discriminatory because all market participants that use the MPL order 
type will pay the same fee.
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    \19\ For Tape A Securities under its Tier 1, Tier 2, and Basic 
Rate Tier, the Exchange's affiliate, NYSE Arca Equities, Inc., 
currently charges $0.0030 per share for all MPL orders that remove 
liquidity. See NYSE Arca Equities, Inc. Schedule of Fees and 
Charges, available at https://usequities.nyx.com/sites/usequities.nyx.com/files/nyse_arca_marketplace_fees__for_2-1-14.pdf.
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    The Exchange believes that the proposed credit for member 
organizations that execute an ADV during the billing month of at least 
1 million shares in RPIs and a Customer Electronic Adding ADV during 
the billing month of at least 5 million shares is reasonable, 
equitable, and not unfairly discriminatory because it will incentivize 
member organizations to submit RPIs and, therefore, contribute to 
robust amounts of RPI liquidity being available for interaction with 
retail orders submitted by other market participants. The proposed 
credit would also encourage overall liquidity in customer electronic 
orders that add liquidity to the Exchange. The Exchange believes that 
raising the taking liquidity fee for non-Floor brokers is reasonable in 
light of the increased credits the Exchange is proposing in order to 
increase liquidity on the Exchange. The Exchange believes the increased 
fee is equitable and not unfairly discriminatory because all similarly 
situated non-Floor brokers will be subject to the same fee structure.
    The Exchange believes that the proposed tiered credits for 
executions of orders sent to the Floor broker for representation on the 
Exchange are reasonable because they encourage additional displayed 
liquidity on the Exchange. The Exchange believes the new credits are 
equitable and not unfairly discriminatory because they allocate a 
higher rebate to Floor brokers that make significant contributions to 
market quality and that contribute to price discovery by providing 
higher volumes of liquidity. The Exchange believes that raising the 
taking liquidity fees for Floor brokers is reasonable because it is 
designed to strike a balance in the fees and incentives offered by the 
Exchange for taking and providing liquidity. The Exchange believes the 
increased fees are equitable and not unfairly discriminatory because 
all similarly situated Floor brokers will be subject to the same fee 
structure.
    The Exchange believes that increasing the credits for DMM 
transactions in More Active Securities is reasonable because it will 
encourage greater liquidity and competition in such securities on the 
Exchange. The Exchange believes that the proposed monthly credit of 
$200 is reasonable because it will increase the incentive to add 
liquidity across thinly traded securities where there may be fewer 
liquidity providers. The Exchange believes it is equitable and not 
unfairly discriminatory to allocate higher or additional credits to 
DMMs rather than to other market participants because DMMs have higher 
quoting obligations, and in turn provide higher volumes of liquidity, 
which contributes to price discovery and benefits all market 
participants. The Exchange believes that raising the taking liquidity 
fee for DMMs is reasonable in light of the increased credits the 
Exchange is proposing in order to increase liquidity on the Exchange. 
The Exchange believes the increased fee is equitable and not unfairly 
discriminatory because all similarly situated DMMs will be subject to 
the same fee structure.
    The Exchange believes that the proposed credits for SLPs that add 
liquidity to the Exchange with a per share price of $1.00 or more if 
the SLP meets certain requirements is reasonable because it would 
create an added incentive for SLPs to provide liquidity in assigned 
securities. This is reasonable because the added incentive created by 
the availability of the increased credits is reasonably related to an 
SLP's liquidity obligations on the Exchange. The corresponding increase 
in the credit applicable to Non-Displayed Reserve Orders is also 
reasonable because it would maintain the existing $0.0005 difference 
between these order types and all other order types (excluding MPL 
orders). The Exchange believes that the proposed increase in the 
credits is equitable and not unfairly discriminatory because, as is 
currently the case under the existing rates, the credits are available 
to all qualifying SLPs on an equal basis and because the

[[Page 14761]]

credits are reasonably related to the value to the Exchange's market 
quality associated with higher volumes. In addition, the Exchange 
believes that the proposed credits are reasonable, equitable, and not 
unfairly discriminatory because they would provide a simplified 
approach that will automatically adjust based on prevailing market 
conditions.

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

    In accordance with Section 6(b)(8) of the Act,\20\ 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.
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    \20\ 15 U.S.C. 78f(b)(8).
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    The Exchange believes that the proposed fees for certain MOC and 
LOC orders will not place a burden on competition because the Exchange 
is establishing an alternative way for member organizations to achieve 
the reduced fee, which would allow more member organizations to compete 
and qualify for the fee. The Exchange believes that the new and revised 
fees and credits for non-Floor brokers, Floor brokers, and DMMs would 
not burden competition. Rather, the Exchange believes that the proposed 
changes strike an appropriate balance between fees and credits, which 
will create an incentive to submit orders to the Exchange, thereby 
promoting competition. The revised credits for certain SLP executions 
would not burden competition because all SLPs would have the 
opportunity to qualify for the credits. The credits would create an 
added incentive for SLPs to provide liquidity on the Exchange, thereby 
also contributing to the Exchange's competitiveness with other markets.
    Finally, the Exchange notes that it operates in a highly 
competitive market in which market participants can readily favor 
competing venues if they deem fee or credit levels at a particular 
venue to be unattractive. In such an environment, the Exchange must 
continually review, and consider adjusting, its fees and credits to 
remain competitive with other exchanges. For these reasons, the 
Exchange believes that the proposed rule change reflects this 
competitive environment and is therefore consistent with the Act.

 C. Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received From Members, Participants, or Others

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

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

    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \21\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \22\ thereunder, because it establishes a due, fee, or other 
charge imposed by the Exchange.
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 17 CFR 240.19b-4(f)(2).
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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) \23\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \23\ 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 rule-comments@sec.gov. Please include 
File Number SR-NYSE-2014-09 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2014-09. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSE-2014-09 and should be 
submitted on or before April 7, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-05750 Filed 3-14-14; 8:45 am]
BILLING CODE 8011-01-P