Document ID: SEC-2016-0406-0001
Agency: sec
Document Type: Notice
Title: Joint Industry Plan: Tick Size Pilot Program to Add National Stock Exchange, Inc. as a Participant
Posted Date: 2016-03-08T05:00Z

[Federal Register Volume 81, Number 45 (Tuesday, March 8, 2016)]
[Notices]
[Pages 12162-12163]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-05105]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77277; File No. 4-657]

Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Plan To Implement a Tick Size Pilot Program To Add 
National Stock Exchange, Inc. as a Participant

March 3, 2016.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Exchange Act'') \1\ and Rule 608 thereunder,\2\ notice is 
hereby given that on February 5, 2016, National Stock Exchange, Inc. 
(``NSX'' or the ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') \3\ an amendment to the Plan to Implement a 
Tick Size Pilot Program (``Plan'').\4\ The amendment

[[Page 12163]]

adds NSX as a Participant \5\ to the Plan. The Commission is publishing 
this notice to solicit comments on the amendment from interested 
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ See letter from James G. Buckley, Chief Regulatory Officer, 
National Stock Exchange, Inc., to Brent J. Fields, Secretary, 
Securities and Exchange Commission, dated February 4, 2016.
    \4\ On May 6, 2015, the Commission issued an order approving the 
Plan, as modified by the Commission, to be implemented within one 
year after the date of publication of the Order for a two-year Pilot 
Period (the ``Approval Order''). See Securities Exchange Act Release 
No. 74892 (May 6, 2015), 80 FR 27513 (May 13, 2015). Thereafter, in 
November 2015, the Commission issued an order granting the 
Participants an exemption from implementing the Plan until October 
3, 2016. See Securities Exchange Act Release No. 76382 (November 6, 
2015), 80 FR 70284 (November 13, 2015).
    \5\ The term ``Participant'' is defined as a party to the Plan.
---------------------------------------------------------------------------

I. Description and Purpose of the Plan Amendment

    As noted above, the sole proposed amendment to the Plan is to add 
the Exchange as a Participant. At the time that the Plan was initially 
filed, NSX had ceased trading operations pursuant to a rule filing with 
the Commission; \6\ however, even though it had ceased trading 
operations, NSX retained its status as a registered national securities 
exchange and self-regulatory organization. On December 5, 2015 [sic], 
the Commission issued an order approving a proposed rule change by NSX 
to enable trading activity to resume on the Exchange and make certain 
other rule changes.\7\ As of December 31, 2015, NSX resumed its status 
as a fully operational national securities exchange, trading equity 
securities and equity derivative products on the basis of unlisted 
trading privileges.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 72107 (May 6, 2014), 
79 FR 27017 (May 12, 2014) (SR-NSX-2014-14).
    \7\ See Securities Exchange Act Release No. 76640 (December 14, 
2015), 80 FR 79122 (December 18, 2015) (SR-NSX-2015-05).
---------------------------------------------------------------------------

    Under Section II(C) of the Plan, any entity registered as a 
national securities exchange or national securities association under 
the Exchange Act may become a Participant by: (1) Executing a copy of 
the Plan, as then in effect; (2) providing each then-current 
Participant with a copy of such executed Plan; and (3) effecting an 
amendment to the Plan as specified in Section III(B) of the Plan. 
Section III(B) sets forth the process for a prospective new Participant 
to effect an amendment of the Plan. Specifically, the Plan provides 
that such an amendment to the Plan may be effected by the new national 
securities exchange or national securities association executing a copy 
of the Plan as then in effect (with the only changes being the addition 
of the new Participant's name in Section II(A) of the Plan); and 
submitting such executed Plan to the Commission for approval. The 
amendment will be effective when it is approved by the Commission in 
accordance with Rule 608 of Regulation NMS, or otherwise becomes 
effective pursuant to Rule 608 of Regulation NMS.
    NSX has executed a copy of the Plan currently in effect, with the 
only change being the addition of its name in Section II(A) of the 
Plan, and has provided a copy of the Plan executed by NSX to each of 
the other Participants. Under the cover of this letter, NSX is 
submitting the executed Plan to the Commission for approval. 
Accordingly, all of the Plan requirements for effecting an amendment to 
the Plan to add NSX as a Participant have been satisfied.

II. Effectiveness of the Proposed Plan Amendment

    The foregoing Plan amendment has become effective pursuant to Rule 
608(b)(3)(iii) of the Exchange Act \8\ because it involves solely 
technical or ministerial matters. At any time within sixty days of the 
filing of this amendment, the Commission may summarily abrogate the 
amendment and require that it be refiled pursuant to paragraph (b)(1) 
of Rule 608,\9\ if it appears to the Commission that such action is 
necessary or appropriate in the public interest, for the protection of 
investors or the maintenance of fair and orderly markets, to remove 
impediments to, and perfect the mechanisms of, a national market system 
or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \8\ 17 CFR 242.608(b)(3)(iii).
    \9\ 17 CFR 242.608(b)(1).
---------------------------------------------------------------------------

III. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the amendment is 
consistent with the Exchange 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 4-657 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 4-657. 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 
amendment 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 NSX. 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 4-657 and should be submitted on or before 
March 29, 2016.

    By the Commission.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05105 Filed 3-7-16; 8:45 am]
 BILLING CODE 8011-01-P