[Federal Register: November 14, 2007 (Volume 72, Number 219)]
[Notices]
[Page 64108-64109]
[DOCID:fr14no07-96]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket No. FRA-2000-7257; Notice No. 39]

Railroad Safety Advisory Committee (RSAC); Working Group Activity
Update

AGENCY: Federal Railroad Administration (FRA), Department of
Transportation (DOT).

ACTION: Announcement of Railroad Safety Advisory Committee (RSAC)
Working Group Activities.

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SUMMARY: The FRA is updating its announcement of RSAC's Working Group
activities to reflect its current status.

FOR FURTHER INFORMATION CONTACT: Larry Woolverton, RSAC Coordinator,
FRA, 1120 Vermont Avenue, NW., Mailstop 25, Washington, DC 20590, (202)
493-6212 or Grady Cothen, Deputy Associate Administrator for Safety,
FRA, 1120 Vermont Avenue, NW., Mailstop 25, Washington, DC 20590, (202)
493-6302.

SUPPLEMENTARY INFORMATION: This notice serves to update FRA's last
announcement of working group activities and status reports of October

30, 2007, in Vol. 72, No. 209/Notices. In the section of the update
under the heading of Task 06-03: Medical Standards for Safety-Critical
Personnel, an incorrect meeting date was published.
    The correct meeting date for the next Medical Standards for Safety-
Critical Personnel working group is December 4-5, 2007, and not
December 3-4, 2007, as originally published.

    Issued in Washington, DC, on November 7, 2007.
Michael J. Logue,
Deputy Associate Administrator for Safety Compliance and Program
Implementation.
[FR Doc. E7-22208 Filed 11-13-07; 8:45 am]

BILLING CODE 4910-06-P


[Federal Register Volume 83, Number 240 (Friday, December 14, 2018)]
[Notices]
[Pages 64412-64414]
[FR Doc No: 2018-27077]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84767; File No. SR-NYSE-2018-59]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Extend the Pilot Period for the Exchange's Retail Liquidity Program
Until the Earlier of Approval of the Filing To Make the Program
Permanent or June 30, 2019

December 10, 2018.
    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 November

30, 2018, 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\ 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 extend the pilot period for the Exchange's
Retail Liquidity Program (the ``Retail Liquidity Program'' or the
``Program''), which is currently scheduled to expire on December 31,
2018, until the earlier of approval of the filing to make the Program
permanent or June 30, 2019. 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 extend the pilot period for the Retail
Liquidity Program, currently scheduled to expire on December 31,
2018,\4\ until the earlier of approval of the filing to make the
Program permanent or June 30, 2019.
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    \4\ See Securities Exchange Act Release No. 83540 (June 28,
2018), 83 FR 31234 (July 3, 2018) (SR-NYSE-2018-29).
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Background
    In July 2012, the Commission approved the Retail Liquidity Program
on a pilot basis.\5\ The Program is designed to attract retail order
flow to the Exchange, and allows such order flow to receive potential
price improvement. The Program is currently limited to trades occurring
at prices equal to or greater than $1.00 per share. Under the Program,
Retail Liquidity Providers (``RLPs'') are able to provide potential
price improvement in the form of a non-displayed order that is priced
better than the Exchange's best protected bid or offer (``PBBO''),
called a Retail Price Improvement Order (``RPI''). When there is an RPI
in a particular security, the Exchange disseminates an indicator, known
as the Retail Liquidity Identifier, indicating that such interest
exists. Retail Member Organizations (``RMOs'') can submit a Retail
Order to the Exchange, which would interact, to the extent possible,
with available contra-side RPIs.
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    \5\ See Securities Exchange Act Release No. 67347 (July 3,
2012), 77 FR 40673 (July 10, 2012) (SR-NYSE-2011-55) (``RLP Approval
Order'').
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    The Retail Liquidity Program was approved by the Commission on a
pilot basis. Pursuant to NYSE Rule 107C(m), the pilot period for the
Program is scheduled to end on December 31, 2018.
Proposal To Extend the Operation of the Program
    The Exchange established the Retail Liquidity Program in an attempt
to attract retail order flow to the Exchange by potentially providing
price improvement to such order flow. The Exchange believes that the
Program promotes competition for retail order flow by allowing Exchange
members to submit RPIs to interact with Retail Orders. Such competition
has the ability to promote efficiency by facilitating the price
discovery process and generating additional investor interest in
trading securities, thereby promoting capital formation. The Exchange
believes that extending the pilot is appropriate because it will allow
the Exchange and the Commission additional time to analyze data
regarding the Program that the Exchange has committed to provide and
consider the Exchange's filing to make the filing permanent.\6\ As
such, the Exchange believes that it is appropriate to extend the
current operation of the Program.\7\ Through this filing, the Exchange
seeks to amend NYSE Rule 107C(m) \8\ and extend the current pilot
period of the Program until the earlier of approval of the filing to
make the Program permanent or June 30, 2019.
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    \6\ See id. at 40681; see also SR-NYSE-2018-28 (filing to make
Rule 107C, which sets forth the Exchange's Retail Liquidity Program,
permanent).
    \7\ Concurrently with this filing, the Exchange has submitted a
request for an extension of the exemption under Regulation NMS Rule
612 previously granted by the Commission that permits it to accept
and rank the undisplayed RPIs. See Letter from Martha Redding,
Associate General Counsel and Asst. Corporate Secretary, NYSE Group,
Inc., to Brent J. Fields, Secretary, Securities and Exchange
Commission, dated November 30, 2018.
    \8\ The Exchange notes that the proposed amendment to Rule
107C(m) would amend the current version of Rule 107C(m), which the
Exchange also proposes to amend as part of the Exchange's filing to
make Rule 107C permanent. See SR-NYSE-2018-28.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\9\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\10\ in particular, in that it
is designed to promote just and equitable principles of trade, 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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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that extending the pilot period for the
Retail Liquidity Program is consistent with these principles because
the Program is reasonably designed to attract retail order flow to the
exchange environment, while helping to ensure that retail investors
benefit from the better price that liquidity providers are willing to
give their orders. Additionally, as previously noted, the competition
promoted by the Program may facilitate the price discovery process and
potentially generate additional investor interest in trading
securities. The extension of the pilot period will allow the Commission
and the Exchange to continue to monitor the Program for its potential
effects on public price discovery, and on the broader market structure.

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
simply extends an established pilot program for an additional six
months, thus allowing the Retail Liquidity Program to enhance
competition for retail order flow and contribute to the public price
discovery process.

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 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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    \11\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \12\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ 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.
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    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
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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) \15\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \15\ 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_ADDRESS>Please include
File Number SR-NYSE-2018-59 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-2018-59. 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 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-2018-59 and should be submitted on
or before January 4, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018-27077 Filed 12-13-18; 8:45 am]
 BILLING CODE 8011-01-P