[Federal Register Volume 78, Number 144 (Friday, July 26, 2013)]
[Notices]
[Pages 45286-45287]
[FR Doc No: 2013-17969]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. PE-2013-28]

Petition for Exemption; Summary of Petition Received

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of petition for exemption received.

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SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of 14 CFR. The purpose of this notice is to
improve the public's awareness of, and participation in, this aspect of
FAA's regulatory activities. Neither publication of this notice nor the
inclusion or omission of information in the summary is intended to
affect the legal status of the petition or its final disposition.

DATES: Comments on this petition must identify the petition docket
number and must be received on or before August 15, 2013.

ADDRESSES: You may send comments identified by Docket Number FAA-2013-
0294 using any of the following methods:
     Government-wide rulemaking Web site: Go to http://www.regulations.gov and follow the instructions for sending your
comments electronically.
     Mail: Send comments to the Docket Management Facility;
U.S. Department of Transportation, 1200 New Jersey Avenue SE., West
Building Ground Floor, Room W12-140, Washington, DC 20590.
     Fax: Fax comments to the Docket Management Facility at
202-493-2251.
     Hand Delivery: Bring comments to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
    Privacy: We will post all comments we receive, without change, to
http://www.regulations.gov, including any personal information you
provide. Using the search function of our docket Web site, anyone can
find and read the comments received into any of our dockets, including
the name of the

individual sending the comment (or signing the comment for an
association, business, labor union, etc.). You may review DOT's
complete Privacy Act Statement in the Federal Register published on
April 11, 2000 (65 FR 19477-78).
    Docket: To read background documents or comments received, go to
http://www.regulations.gov at any time or to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Keira Jones<PHONE_NUMBER>, Office of
Rulemaking, Federal Aviation Administration, 800 Independence Avenue
SW., Washington, DC 20591.
    This notice is published pursuant to 14 CFR 11.85.

    Issued in Washington, DC, on July 23, 2013.
Lirio Liu,
Director, Office of Rulemaking.

Petition for Exemption

    Docket No.: FAA-2013-0294.
    Petitioner: Republic Airline, Inc.
    Section of 14 CFR Affected: 14 CFR 121.500 through 121.505.
    Description of Relief Sought: Republic Airline seeks an exemption
to conduct supplemental operations in accordance with the flight time
limitations and rest requirements prescribed for domestic operations
under part 121, Subpart Q.

[FR Doc. 2013-17969 Filed 7-25-13; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 82, Number 75 (Thursday, April 20, 2017)]
[Rules and Regulations]
[Pages 18558-18559]
[FR Doc No: 2017-07982]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2017-0227]
RIN 1625-AA00

Safety Zone; Annual Events Requiring Safety Zones in the Captain
of the Port Lake Michigan Zone--Rockets for Schools Rocket Launch

AGENCY: Coast Guard, DHS.

ACTION: Notice of enforcement of regulation.

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SUMMARY: The Coast Guard will enforce the safety zone on the Sheboygan
Harbor, near the Sheboygan South Pier in Sheboygan, WI for the Rockets
for Schools Rocket Launch on May 13, 2017. This action is necessary and
intended to ensure safety of life on navigable waters immediately prior
to, during, and after the rocket launch. During the aforementioned
period, the Coast Guard will enforce restrictions upon, and control
movement of, vessels in the safety zone. No person or vessel may enter
the safety zone while it is being enforced without permission of the
Captain of the Port Lake Michigan or a designated representative.

DATES: The regulations in 33 CFR 165.929 will be enforced for safety
zone (c)(3), Table 165.929, from 8:45 a.m. until 4:15 p.m. on May 13,
2017.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
document, call or email MST1 Kaleena D. Carpino, marine event
coordinator, Prevention Department, Coast Guard Sector Lake Michigan,
Milwaukee, WI at<PHONE_NUMBER>, email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Coast Guard will enforce the Rockets for
School Rocket Launch safety zone listed as item (c)(3) in Table 165.929
of 33 CFR 165.929. Section 165.929 lists many annual events requiring
safety zones in the Captain of the Port Lake Michigan zone. This safety
zone will encompass all waters of the Sheboygan Harbor within the arc
of a circle with a 1500-yard radius from a center point launch position
at 43[deg]44.914' N., 087[deg]41.869' W. (NAD 83). As specified in 33
CFR 165.929, all vessels must obtain permission from the Captain of the
Port Lake Michigan or a designated representative to enter, move
within, or exit the safety zone when it is enforced. Vessels and
persons granted permission to enter the safety zone must obey all
lawful orders or directions of the

Captain of the Port Lake Michigan or a designated representative.
    This document is issued under authority of 33 CFR 165.929, Safety
Zones; Annual events requiring safety zones in the Captain of the Port
Lake Michigan zone, and 5 U.S.C. 552(a). In addition to this
publication in the Federal Register, the Coast Guard plans to provide
the maritime community with advance notification for the enforcement of
this zone via Broadcast Notice to Mariners or Local Notice to Mariners.
The Captain of the Port Lake Michigan or a representative may be
contacted via Channel 16, VHF-FM.

    Dated: April 12, 2017.
A.B. Cocanour,
Captain, U.S. Coast Guard, Captain of the Port Lake Michigan.
[FR Doc. 2017-07982 Filed 4-19-17; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register Volume 79, Number 105 (Monday, June 2, 2014)]
[Notices]
[Pages 31368-31372]
[FR Doc No: 2014-12644]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72252; File No. SR-NYSEMKT-2014-46]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Amending NYSE MKT Rule
13--Equities to Introduce a New ``Retail'' Modifier for Orders and to
Make Related, Administrative Changes to Its Price List

May 27, 2014.
    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 May 13, 2014, NYSE MKT LLC (``NYSE MKT'' or ``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 amend NYSE MKT Rule 13--Equities to
introduce a new ``retail'' modifier for orders. The Exchange also
proposes to make related, administrative changes to its Price List that
would not impact transaction pricing on the Exchange. 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend NYSE MKT Rule 13--Equities to
introduce a new ``retail'' modifier for orders. The Exchange also
proposes to make related, administrative changes to its Price List that
would not impact transaction pricing on the Exchange.
    An order designated with a ``retail'' modifier would be an agency
order or a riskless principal order that meets the criteria of
Financial Industry Regulatory Authority, Inc. (``FINRA'') Rule 5320.03
that originates from a natural person and is submitted to the Exchange
by a member organization, provided that no change is made to the terms
of the order with respect to price or side of market and the order does
not originate from a trading algorithm or any other computerized
methodology.\4\ An order with a ``retail'' modifier would be separate
and distinct from a ``Retail Order'' within the Retail Liquidity
Program under Rule 107C--Equities, despite the characteristics being
substantially the same.\5\
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    \4\ See paragraph (a) of the proposed ``retail'' modifier text
under Rule 13--Equities, which, except for the non-applicability of
the Retail Member Organization (``RMO'') aspect, would be the same
as the definition of ``Retail Order'' for the Retail Liquidity
Program under Rule 107C(a)(3)--Equities.
    \5\ The Exchange currently operates the Retail Liquidity Program
as a pilot program that is designed to attract additional retail
order flow to the Exchange for Exchange-traded securities (including
but not limited to Exchange-listed securities and securities listed
on the Nasdaq Stock Market, LLC (``NASDAQ'') traded pursuant to
unlisted trading privileges). See Securities Exchange Act Release
No. 67347 (July 3, 2012), 77 FR 40673 (July 10, 2012) (SR-NYSEAmex-
2011-84). Retail order flow is submitted by an RMO through the
Retail Liquidity Program as a distinct order type called a ``Retail
Order,'' which is defined in Rule 107C(a)(3)--Equities in the same
manner as the requirements under paragraph (a) of the proposed
``retail'' modifier text. RMO is defined in Rule 107C(a)(2)--
Equities as a member organization (or a division thereof) that has
been approved by the Exchange under Rule 107C--Equities to submit
Retail Orders. A Retail Order is an Immediate or Cancel Order. See
Rule 107C(a)(3)--Equities. See also Rule 107C(k)--Equities for a
description of the manner in which a member or member organization
may designate how a Retail Order will interact with available
contra-side interest. An execution of a ``Retail Order'' is always
considered to remove liquidity, whether against contra-side interest
in the Retail Liquidity Program or against the Book. The proposed
``retail'' modifier is designed to identify retail order flow that
adds liquidity to the Exchange.
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    The Exchange has separately proposed transaction pricing related to
orders designated as ``retail'' that add liquidity to the Book.\6\ A
member organization that wishes to be eligible for such proposed
pricing would be required to designate its orders as ``retail,'' as
described herein.\7\ However, a member or member organization that does
not wish to be eligible for the proposed pricing would be free to
choose not to designate orders as ``retail.'' Both the proposed
``retail'' modifier and the existing ``Retail Order'' within the Retail
Liquidity Program, along with pricing related to each, are designed to
incentivize the submission of additional retail order flow to a public
market, like the Exchange. A ``Retail Order'' is eligible for a credit
for removing existing, price-improved liquidity from the Exchange. In
contrast, an order designated with the proposed ``retail'' modifier
would be eligible for a credit for adding liquidity to the Exchange.
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    \6\ See Securities Exchange Act Release No. 71878 (April 4,
2014), 79 FR 19936 (April 10, 2014) (SR-NYSEMKT-2014-25).
Specifically, a credit of $0.0030 per share would be available for
executions of orders designated as ``retail'' that add liquidity on
the Book. Existing rates in the Price List would apply to executions
of Mid-Point Passive Liquidity (``MPL'') Orders (e.g., $0.0016 per
share). A Supplemental Liquidity Provider (``SLP'') market maker
(``SLMM'') could designate orders as ``retail'' and be eligible for
the proposed new credit.
    \7\ The Price List currently includes references to Rule 107C--
Equities with respect to the pricing applicable to orders designated
as ``retail.'' The Exchange proposes to replace those references
with references to the proposed ``retail'' modifier under Rule 13--
Equities. These proposed changes would merely be administrative and
would not impact transaction pricing on the Exchange.
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    A member organization would be required to designate an order as
``retail'' in a form and/or manner prescribed by the Exchange.\8\
Currently, a member organization may designate an order as ``retail''
either by means of a specific tag in the order entry message, as with
other order modifiers, or alternatively by designating a particular
member or member organization mnemonic used at the Exchange as a
``retail mnemonic.'' \9\ To submit a ``retail'' order, a member
organization must also submit an attestation, in a form prescribed by
the Exchange, that substantially all orders submitted as ``retail''
will qualify as such.\10\
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    \8\ See paragraph (b) of the proposed ``retail'' modifier text
under Rule 13--Equities.
    \9\ This would be similar to the manner in which an Exchange
Trading Permit (``ETP'') Holder on NYSE Arca Equities, Inc. (``NYSE
Arca Equities'') may designate orders as ``retail'' outside of the
NYSE Arca Equities Retail Liquidity Program. See, e.g., Securities
Exchange Act Release No. 68322 (November 29, 2012), 77 FR 72425
(December 5, 2012) (SR-NYSEArca-2012-129).
    \10\ See paragraph (c) of the proposed ``retail'' modifier text
under Rule 13--Equities, which would be the same as the attestation
requirement for the Retail Liquidity Program under Rule
107C(b)(2)(C)--Equities.
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    A member organization must have written policies and procedures
reasonably designed to assure that it will only designate orders as
``retail'' if all requirements are met.\11\ Such written policies and
procedures must require the member organization to (i) exercise due
diligence before entering a ``retail'' order to assure that entry as a
``retail'' order is in compliance with the applicable requirements, and
(ii) monitor whether orders entered as ``retail'' orders meet the
applicable requirements. If a member organization represents ``retail''
orders from another broker-dealer customer, the member organization's
supervisory procedures must be reasonably designed to assure that the
orders it receives from such broker-dealer customer that it designates
as ``retail'' orders meet the definition of a ``retail'' order. The
member organization must (i) obtain an annual written representation,
in a form acceptable to the Exchange, from each broker-dealer customer
that sends it orders to be designated as ``retail'' orders that entry
of such orders as ``retail'' orders will be in compliance with the
applicable requirements; and

(ii) monitor whether its broker-dealer customer's ``retail'' order flow
meets the applicable requirements.
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    \11\ See paragraph (d) of the proposed ``retail'' modifier text
under Rule 13--Equities, which would be the same as the policies and
procedures requirement for the Retail Liquidity Program under Rule
107C(b)(6)--Equities.
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    If a member organization designates orders submitted to the
Exchange as ``retail'' orders and the Exchange determines, in its sole
discretion, that such orders fail to meet any of the applicable
requirements, the Exchange may disqualify a member organization from
submitting ``retail'' orders.\12\ This could occur, for example, if a
member organization (i) designates greater than a de minimis quantity
of orders to the Exchange as ``retail'' that fail to meet any of the
applicable requirements, (ii) fails to make the required attestation to
the Exchange, or (iii) fails to maintain the required policies and
procedures. The Exchange would determine if and when a member
organization is disqualified from submitting ``retail'' orders and,
when disqualification determinations are made, the Exchange would
provide a written disqualification notice to the member
organization.\13\ A member organization that is disqualified may (A)
appeal such disqualification, as provided below, and/or (B) resubmit
the attestation described above 90 days after the date of the
disqualification notice from the Exchange.\14\
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    \12\ See paragraph (e)(1) of the proposed ``retail'' modifier
text under Rule 13--Equities, which would be substantially the same
as the provision for the Retail Liquidity Program under Rule
107C(h)(1)--Equities.
    \13\ See paragraph (e)(2) of the proposed ``retail'' modifier
text under Rule 13--Equities, which would be substantially the same
as the provision for the Retail Liquidity Program under Rule
107C(h)(2)--Equities.
    \14\ See paragraph (e)(3) of the proposed ``retail'' modifier
text under Rule 13--Equities, which would be substantially the same
as the provision for the Retail Liquidity Program under Rule
107C(h)(3)--Equities. Rule 107C(h)(3)--Equities currently refers to
``reapplication,'' which relates to the RMO status within the Retail
Liquidity Program, but which would not be applicable to designating
orders as ``retail.''
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    If a member organization disputes the Exchange's decision to
disqualify it from submitting ``retail'' orders, the member
organization may request, within five business days after notice of the
decision is issued by the Exchange, that the ``retail'' order ``Hearing
Panel'' review the decision to determine if it was correct.\15\ The
Hearing Panel would consist of the Exchange's Chief Regulatory Officer
(``CRO''), or a designee of the CRO, and two officers of the Exchange
designated by the Chief Executive Officer of IntercontinentalExchange
Group, Inc. (``ICE Group'').\16\ The Hearing Panel would review the
facts and render a decision within the time frame prescribed by the
Exchange.\17\ The Hearing Panel may overturn or modify an action taken
by the Exchange, and a determination by the Hearing Panel would
constitute final action by the Exchange.\18\
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    \15\ See paragraph (f)(1) of the proposed ``retail'' modifier
text under Rule 13--Equities, which would be substantially the same
as the provision for the Retail Liquidity Program under Rule
107C(i)(1)--Equities.
    \16\ See paragraph (f)(2) of the proposed ``retail'' modifier
text under Rule 13--Equities, which would be substantially the same
as the provision for the Retail Liquidity Program under Rule
107C(i)(2)--Equities. Rule 107C(i)(2)--Equities currently refers to
the ``Co-Head of U.S. Listings and Cash Execution,'' which is a
legacy title that predates the corporation transaction involving
NYSE Euronext (``NYSE Euronext'') and IntercontinentalExchange, Inc.
(``ICE''). See Securities Exchange Act Release No. 70210 (August 15,
2013), 78 FR 51758 (August 21, 2013) (SR-NYSE-2013-42; SR-NYSEMKT-
2013-50; SR-NYSEArca-2013-62) (Order Granting Approval of Proposed
Rule Change Relating to a Corporate Transaction in Which NYSE
Euronext Will Become a Wholly-Owned Subsidiary of
IntercontinentalExchange Group, Inc.). The Exchange anticipates
updating the existing reference in Rule 107C(i)(2)--Equities to the
``Co-Head of U.S. Listings and Cash Execution'' in a separate
proposed rule change so that it similarly references the ``Chief
Executive Officer of ICE Group,'' as is proposed herein.
    \17\ See paragraph (f)(3) of the proposed ``retail'' modifier
text under Rule 13--Equities, which would be the same as the
provision for the Retail Liquidity Program under Rule 107C(i)(3)--
Equities.
    \18\ See paragraph (f)(4) of the proposed ``retail'' modifier
text under Rule 13--Equities, which would be the same as the
provision for the Retail Liquidity Program under Rule 107C(i)(4)--
Equities.
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    The proposed change is not otherwise intended to address any other
issues, and the Exchange is not aware of any problems that members and
member organizations would have in complying with the proposed change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\19\ in general, and furthers the
objectives of Sections 6(b)(5) of the Act,\20\ 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 regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to, and
perfect the mechanisms of, a free and open market and a national market
system and, in general, to protect investors and the public interest
and because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed change is consistent with
these principles because it would increase competition among execution
venues and encourage additional liquidity by creating a process, and
related transaction pricing pursuant to a separate proposal,\21\ that
would incentivize the submission of additional retail order flow to a
public market. The Exchange notes that a significant percentage of the
orders of individual investors are executed over-the-counter.\22\ The
Exchange believes that it is appropriate to create a process to bring
additional retail order flow to a public market and that such a process
would contribute to perfecting the mechanisms of a free and open market
and a national market system.
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    \21\ See SR-NYSEMKT-2014-25, supra note 6.
    \22\ See Concept Release on Equity Market Structure, Securities
Exchange Act Release No. 61358 (January 14, 2010), 75 FR 3594
(January 21, 2010) (``Concept Release'') (noting that dark pools and
internalizing broker-dealers executed approximately 25.4% of share
volume in September 2009). See also Mary Jo White, Focusing on
Fundamentals: The Path to Address Equity Market Structure (Speech at
the Security Traders Association 80th Annual Market Structure
Conference, Oct. 2, 2013) (available on the Security and Exchange
Commission (``Commission'') Web site) (``White Speech''); Mary L.
Schapiro, Strengthening Our Equity Market Structure (Speech at the
Economic Club of New York, Sept. 7, 2010) (available on the
Commission's Web site) (``Schapiro Speech''). In her speech, Chair
White noted a steadily increasing percentage of trading that occurs
in ``dark'' venues, which appear to execute more than half of the
orders of long-term investors. Similarly, in her speech, only three
years earlier, Chair Schapiro noted that nearly 30 percent of volume
in U.S.-listed equities was executed in venues that do not display
their liquidity or make it generally available to the public and the
percentage was increasing nearly every month.
---------------------------------------------------------------------------

    The Exchange understands that Section 6(b)(5) of the Act prohibits
an exchange from establishing rules that treat market participants in
an unfairly discriminatory manner. However, Section 6(b)(5) of the Act
does not prohibit exchange members or other broker-dealers from
discriminating, so long as their activities are otherwise consistent
with the federal securities laws. While the Exchange believes that
markets and price discovery optimally function through the interactions
of diverse flow types, it also believes that growth in internalization
has required differentiation of retail order flow from other order flow
types. The differentiation proposed herein by the Exchange is not
designed to permit unfair discrimination, but instead to promote a
competitive process around retail executions. The Exchange operating a
process like the one proposed herein on an exchange market would result
in greater transparency and competitiveness surrounding executions of
retail flow.

    The Exchange believes that the proposed change is designed to
prevent fraudulent and manipulative acts and practices and to promote
just and equitable principles of trade because it would contribute to
maintaining or increasing the proportion of retail flow in exchange-
listed securities that are executed on a registered national securities
exchange (rather than relying on certain available off-exchange
execution methods). The proposed change also would protect investors
and the public interest because it would contribute to investors'
confidence in the fairness of their transactions and because it would
benefit all investors by deepening the Exchange's liquidity pool,
supporting the quality of price discovery, promoting market
transparency and improving investor protection.
    The Exchange also believes that the proposed change would remove
impediments to, and perfect the mechanisms of, a free and open market
and a national market system because it would be similar to the manner
in which NASDAQ provides a process for ``Designated Retail Orders''
that provide liquidity.\23\
---------------------------------------------------------------------------

    \23\ See NASDAQ Rule 7018.
---------------------------------------------------------------------------

    Orders designated as ``retail'' would increase the pool of robust
liquidity available on the Exchange, thereby contributing to the
quality of the Exchange's market and to the Exchange's status as a
premier destination for liquidity and order execution. The Exchange
believes that, because retail flow is likely to reflect long-term
investment intentions, it promotes price discovery and dampens
volatility. Accordingly, the presence of retail flow on the Exchange
has the potential to benefit all market participants. For this reason,
the Exchange believes that encouraging greater retail participation on
the Exchange would facilitate transactions in securities while also
protecting investors and the public interest.
    The Exchange believes that the process for designating orders as
``retail'' and the requirements surrounding such designations, such as
attestations and procedures, are consistent with the Act because they
would reasonably ensure that substantially all of those orders would
satisfy the applicable requirements. These processes and requirements
are also consistent with the Act because they are substantially similar
to those in effect on the Exchange for the Retail Liquidity Program and
on NYSE Arca Equities related to pricing for certain retail flow.\24\
More specifically, the Exchange understands that some members and
member organizations represent both retail flow as well as other agency
and riskless principal flow that may not meet the strict requirements
proposed herein. The Exchange further understands that limitations in
order management systems and routing networks used by such members and
member organizations may make it infeasible for them to isolate 100% of
retail flow from other agency or riskless principal, non-retail flow
that they would direct to the Exchange. Unable to make the categorical
attestation required by the Exchange, some members and member
organizations may not attempt to utilize the proposed new modifier,
notwithstanding that they have substantial retail flow. The Exchange
believes that it is consistent with the Act to permit a de minimis
amount of orders to be designated as ``retail,'' despite not satisfying
the applicable requirements, because it would allow for enough
flexibility to accommodate member and member organization system
limitations while still reasonably ensuring that no more than a de
minimis amount of orders submitted to the Exchange would not satisfy
the applicable requirements. This is also consistent with the Act
because it will reasonably ensure that similarly situated members and
member organizations that have only slight differences in the
capability of their systems would be able to equally utilize the
modifier for orders designated as ``retail.''
---------------------------------------------------------------------------

    \24\ See supra note 9.
---------------------------------------------------------------------------

    The Price List currently includes references to Rule 107C--Equities
with respect to the pricing applicable to orders designated as
``retail.'' The Exchange believes that it is consistent with the Act to
replace those references with references to the proposed ``retail''
modifier under Rule 13--Equities because this would avoid potential
confusion between orders designated as ``retail'' outside of the Retail
Liquidity Program and ``Retail Orders'' within the Retail Liquidity
Program. This would also be consistent with the Act because the
proposed new ``retail'' modifier could be utilized by all members and
member organizations to identify retail flow outside of the Retail
Liquidity Program and thereby differentiate such flow from Retail
Orders within the Retail Liquidity Program.
    Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
    For these reasons, the Exchange believes that the proposal is
consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\25\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, the Exchange believes that the proposed
change would increase competition among execution venues and encourage
additional liquidity. In this regard, the Exchange believes that the
transparency and competitiveness of attracting additional executions on
an exchange market would encourage competition. The proposed change
would also permit the Exchange to compete with other markets, including
NASDAQ, which similarly provides a process for ``Designated Retail
Orders'' that provide liquidity.\26\ The proposal would also promote
competition on the Exchange because the ability to designate an order
as ``retail'' would be available to all members and member
organizations that submit qualifying orders and satisfy the other
related requirements.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78f(b)(8).
    \26\ See supra note 233.
---------------------------------------------------------------------------

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 \27\ and Rule 19b-4(f)(6) thereunder.\28\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
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, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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    \27\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \28\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of 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. The
Commission has waived that requirement for this proposed rule
change.
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    A proposed rule change filed under Rule 19b-4(f)(6) \29\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\30\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because it would allow
the Exchange immediately to adopt clear and transparent criteria
concerning the submission of orders that are designated as ``retail''
and eligible to receive fee credits under the Exchange's current fee
schedule. Accordingly, the Commission hereby grants the Exchange's
request and designates the proposal operative upon filing.\31\
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    \29\ 17 CFR 240.19b-4(f)(6).
    \30\ 17 CFR 240.19b-4(f)(6)(iii).
    \31\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of this proposed rule
change, the Commission summarily may temporarily suspend this 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.

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_ADDRESS>Please include
File Number SR-NYSEMKT-2014-46 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-NYSEMKT-2014-46. 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 Section, 100 F Street
NE., Washington, DC 20549-1090. Copies of the filing will also be
available for Web site viewing and printing at the NYSE's principal
office and on its Internet Web site at www.nyse.com. 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-NYSEMKT-2014-46 and should
be submitted on or before June 23, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
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    \32\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-12644 Filed 5-30-14; 8:45 am]
BILLING CODE 8011-01-P