Document ID: SEC-2013-1394-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Order Granting an Extension to Limited Exemptions from Rule: New York Stock Exchange LLC
Posted Date: 2013-08-06T04:00Z

[Federal Register Volume 78, Number 151 (Tuesday, August 6, 2013)]
[Notices]
[Page 47807]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-18899]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70085; File Nos. SR-NYSE-2011-55; SR-NYSEAmex-2011-84]

Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE 
MKT LLC; Order Granting an Extension to Limited Exemptions From Rule 
612(c) of Regulation NMS In Connection With the Exchanges' Retail 
Liquidity Programs

July 31, 2013.
    On July 3, 2012, the Commission issued an order pursuant to its 
authority under Rule 612(c) of Regulation NMS (``Sub-Penny Rule'') \1\ 
that granted the New York Stock Exchange LLC (``NYSE'' or ``Exchange'') 
and NYSE MKT LLC \2\ (``NYSE MKT'' and, together with NYSE, the 
``Exchanges'') limited exemptions from the Sub-Penny Rule in connection 
with the operation of each Exchange's Retail Liquidity Program 
(``Programs'').\3\ The limited exemptions were granted concurrently 
with the Commission's approval of the Exchanges' proposals to adopt 
their respective Retail Liquidity Programs for one-year pilot terms.\4\ 
The exemptions were granted coterminous with the effectiveness of the 
pilot Programs; both the pilot Programs and exemptions are scheduled to 
expire on July 31, 2013.
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    \1\ 17 CFR 242.612(c).
    \2\ At the time it filed the original proposal to adopt the 
Retail Liquidity Program, NYSE MKT went by the name NYSE Amex LLC. 
On May 14, 2012, the Exchange filed a proposed rule change, 
immediately effective upon filing, to change its name from NYSE Amex 
LLC to NYSE MKT LLC. See Securities Exchange Act Release No. 67037 
(May 21, 2012), 77 FR 31415 (May 25, 2012) (SR-NYSEAmex-2012-32).
    \3\ See Securities Exchange Act Release No. 67347, 77 FR 40673 
(July 10, 2012) (SR-NYSE-2011-55; SR-NYSEAmex-2011-84) (``Order'').
    \4\ See id.
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    The Exchanges now seek to extend the exemptions until July 31, 
2014.\5\ The Exchanges' request was made in conjunction with 
immediately effective filings that extend the operation of the Programs 
for one year, until July 31, 2014.\6\ In their request to extend the 
exemptions, the Exchanges note that the Programs took some time after 
they were adopted to develop and implement fully. Accordingly, the 
Exchanges have asked for additional time to allow themselves and the 
Commission to analyze more robust data concerning the Programs, which 
the Exchanges committed to provide to the Commission.\7\ For this 
reason and the reasons stated in the Order originally granting the 
limited exemptions, the Commission finds that extending the exemptions, 
pursuant to its authority under Rule 612(c) of Regulation NMS, is 
appropriate in the public interest and consistent with the protection 
of investors.
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    \5\ See Letter from Janet McGinness, SVP and Corporate 
Secretary, NYSE Euronext, to Elizabeth M. Murphy, Secretary, 
Securities and Exchange Commission, dated July 30, 2013.
    \6\ See SR-NYSE-2013-48 and SR-NYSEMKT-2013-60.
    \7\ See Order, supra note 3, 77 FR at 40681.
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    Therefore, it is hereby ordered that, pursuant to Rule 612(c) of 
Regulation NMS, each Exchange is granted a one-year extension of the 
limited exemption from Rule 612 of Regulation NMS that allows it to 
accept and rank orders priced equal to or greater than $1.00 per share 
in increments of $0.001, in connection with the operation of its Retail 
Liquidity Program.
    The limited and temporary exemptions extended by this Order are 
subject to modification or revocation if at any time the Commission 
determines that such action is necessary or appropriate in furtherance 
of the purposes of the Exchange Act. Responsibility for compliance with 
any applicable provisions of the federal securities laws must rest with 
the persons relying on the exemptions that are the subject of this 
Order.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(83).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-18899 Filed 8-5-13; 8:45 am]
BILLING CODE 8011-01-P