[Federal Register Volume 78, Number 169 (Friday, August 30, 2013)]
[Notices]
[Pages 53809-53812]
[FR Doc No: 2013-21231]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70259; File No. SR-Phlx-2013-89]

Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Change
the Expiration Date For Most Option Contracts to the Third Friday of
the Expiration Month Instead of the Saturday Following the Third Friday

August 26, 2013.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 21, 2013, NASDAQ OMX PHLX LLC (``Phlx'' 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 Exchange. 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 240.196-4.
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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 Exchange rules to change the
expiration date for most option contracts to the third Friday of the
expiration month instead of the Saturday following the third Friday.
The text of the proposed rule change is available on the Exchange's Web
site at http://nasdaqomxphlx.cchwallstreet.com/nasdaqomxphlx/phlx, 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 Exchange 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 these 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 aspects 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 is proposing to change the expiration date for most
option contracts to the third Friday of the expiration month instead of
the Saturday following the third Friday. More specifically, the
Exchange is proposing to amend rule text referencing Saturday
expirations. The Exchange notes, however, that this change will apply
to all standard expiration contracts including those in which the rules
are silent on the expiration date.\3\ The Exchange is making this
filing to harmonize its rules in connection with a recently approved
rule filing made by The Options Clearing Corporation (``OCC'') which
made substantially similar changes.\4\ The Exchange believes that the
industry must remain consistent in expiration dates, and, thus, is
proposing to update its rules to remain consistent with those of OCC.
In addition, the Exchange understands that other exchanges have and
will be filing similar rules to effect this industry-wide
initiative.\5\
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    \3\ These standard expiration contracts also include proprietary
products of the Exchange such as Alpha Index option contracts (Rule
1009A(f)), U.S. Dollar-Settled Foreign Currency option contracts
(Rule 1057) and PHLX FOREX option contracts (Rules 1000C-1009C).
Standard expiration contracts also include the MSCI EM Index option
contracts (Rule 1108A) and Full Value MSCI EAFE Index option
contracts (Rule 1109A) which are listed pursuant to a license
agreement with MSCI Inc. Mini Options expirations are the same as
those for standard expirations and would be amended as specified in
this proposal.
    \4\ See Securities Exchange Act Release No. 34-69772 (June 17,
2013), 78 FR 37645 (June 21, 2013) (order approving SR-OCC-2013-
004).
    \5\ See Securities Exchange Act Release Nos. 70091 (August 1,
2013), 78 FR 48212 (August 7, 2013) (SR-CBOE-2013-073) and 69996
(July 17, 2013), 78 FR 44183 (July 23, 2013) (SR-MIAX-2013-32).
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    Most option contracts (``standard expiration contracts'') currently
expire at the ``expiration time'' (11:59 p.m. Eastern Time) on the
Saturday following the third Friday of the specified expiration month
(the ``expiration date'').\6\ With this filing, the Exchange is
proposing to give advance notice to its members and member
organizations that the expiration date for standard expiration
contracts is changing to the third Friday of the expiration month.\7\
(The expiration time would continue to be 11:59 p.m. Eastern Time on
the expiration date.) The change would apply only to standard
expiration contracts expiring after February 1, 2015, and the Exchange,
similar to OCC, does not propose to change the expiration date for any
outstanding option contracts. The change will apply only to series of
option contracts opened for trading after the effective date of the OCC
rule change and having expiration dates later than February 1, 2015.
Option contracts having non-standard expiration dates (``non-standard
expiration contracts'') will be unaffected by this proposed rule
change, except that FLEX options having expiration dates later than
February 1, 2015 cannot expire on a Saturday unless they are specified
by OCC as grandfathered.\8\
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    \6\ Examples of options with non-standard expiration contracts
include: FLEX options (Rule 1079), Quarterly Equity and Exchange-
Traded Fund Shares (``ETFs'') Option Series (Rule 1012, Commentary
.08), Quarterly Expiring Index Options Series (Rule 1101A(b)(iv)),
Quarterly Options Index Series Program (Rule 1101A(b)(v)), Short
Term Option Series (Rule 1012, Commentary .11) and Short Term Option
Index Series (Rule 1101A(b)(vi)).
    \7\ The Exchange will provide notice to members and member
organizations regarding the anticipated change by issuing an Options
Trader Alert.
    \8\ See note 6 supra.
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    In order to provide a smooth transition to the Friday expiration
OCC has begun to move the expiration exercise procedures to Friday for
all standard expiration contracts even though the contracts would
continue to expire on Saturday.\9\ After February 1, 2015, virtually
all standard expiration contracts will actually expire on Friday. The
only standard expiration contracts that will expire on a Saturday after
February 1, 2015 are certain options that were listed prior to the
effectiveness of the OCC rule change, and a limited number of options
that may be listed prior to necessary systems changes of the options
exchanges, which are expected to be completed in August 2013. After
these systems changes are made, Phlx will not list any additional
options with Saturday expiration dates falling after February 1, 2015.
Phlx understands that the other exchanges are committed to the same
listing schedule.\10\
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    \9\ See SR-OCC-2013-04.
    \10\ See note 5 supra.
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    The Exchange notes that OCC, industry groups, clearing members and
the other exchanges have been active participants in planning for the
transition to the Friday expiration.\11\ In March 2012, OCC began to
discuss moving standard contract expirations to Friday expiration dates
with industry groups, including two Securities Industry and Financial
Markets Association (``SIFMA'') committees, the Operations and
Technology Steering Committee and the Options Committee, and at two
major industry conferences, the SIFMA Operations Conference and the
Options Industry Conference.\12\ OCC also discussed the project with
the Intermarket Surveillance Group and at an OCC Operations Roundtable.
In each case, there was broad support for the initiative.\13\
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    \11\ See note 9 supra.
    \12\ Id.
    \13\ Id.
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    Certain option contracts have already been listed with Saturday
expiration dates as distant as December 2015 (which is the furthest out
expiration as of the date of this filing). Additionally, until Phlx
completes certain systems enhancements in August 2013, it remains
possible that additional option contracts may be listed with Saturday
expiration dates beyond February 1, 2015. For these contracts,
transitioning to a Friday expiration for newly listed option contracts
expiring after February 1, 2015 would create a situation under which
certain options with open interest would expire on a Saturday while
other options with open interest would expire on a Friday in the same
expiration month.
    Clearing members have expressed a clear preference to not have a
mix of options with open interest that expire on different days in a
single month.\14\ Accordingly, OCC represented in its recently approved
filing that it will not issue and clear any new option contract with a
Friday expiration if existing option contracts of the same options
class expire on the Saturday following the third Friday of the same
month. However, Friday expiration processing will be in effect for
these Saturday expiration contracts. As with standard expiration
options during the transition period, exercise requests received after
Friday expiration processing is complete but before the Saturday
contract expiration time will continue to be processed without fines or
penalties.
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    \14\ Id.
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    Thus, the Exchange is proposing to update its rules to reflect the
above discussed change. More specifically, the Exchange is proposing to
amend Rules 1000(b)(21) and 1000A(b)(14), the definition of
``expiration date'' for each of options on stock or Exchange-Traded
Fund Shares and options on stock indexes, to be consistent with the
revised OCC definition.\15\ Thus, consistent with the OCC filing, the
Exchange is proposing to add language to these rules stating that any
series expiring prior to February 1, 2015 will have a Saturday
expiration date while any series expiring on or after February

1, 2015 will have a Friday expiration date.\16\
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    \15\ Id.
    \16\ With the exception of expirations that were listed prior to
the effective date of the OCC filing and have open interest.
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    The Exchange also is proposing to change Exchange Rules 1037,
1042(c) and (h), 1057, 1006A, 1009A(f), 1042A(b), 1101A(c), Rule 1101A,
Commentary .01, 1006C(a) and Options Floor Procedure Advice B-10 for
consistency to reflect the change in the expiration date definitions.
To the extent applicable to the timeframes herein, the Exchange is also
proposing, with this filing, to replace any reference in the purpose
section of any past Exchange rule filings or alerts to any expiration
date other than Friday for a standard options contract with the new
Friday standard. Essentially, the Exchange is now proposing to replace
any relevant historic references to expiration dates to be replaced
with the proposed Friday expiration. As stated above, the Exchange
believes the proposed change will keep the Exchange consistent with the
processing at OCC and will enable the Exchange to give effect to the
industry-wide initiative. In addition, the Exchange understands that
other exchanges will be filing similar rules, thus creating a uniform
expiration date for standard options on listed classes.\17\
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    \17\ See note 5 supra.
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    The Exchange plans to release an Options Trader Alert to its
members and member organizations to inform them of this change prior to
the implementation of the rule.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\18\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \19\ requirements that the rules of an exchange be
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
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \20\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
    \20\ Id.
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    In particular, the Exchange believes that keeping its rules
consistent with those of the industry will protect all participants in
the market by eliminating confusion. The proposed changes thus allow
for a more orderly market by allowing all options markets, including
the clearing agencies, to have the same expiration date for standard
options.
    In addition, the proposed changes will foster cooperation and
coordination with persons engaged in regulating clearing, settling,
processing information with respect to, and facilitating transactions
in securities by aligning a pivotal part of the options processing to
be consistent industry wide. If the industry were to differ, investors
would suffer from confusion and be more vulnerable to violate different
exchange rules. The proposed changes do not permit unfair
discrimination between any members because they are applied to all
members equally. In the alternative, the Exchange believes that it
helps all members by keeping the Exchange consistent with OCC practices
and those of other Exchanges.

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

    Phlx does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended. Specifically, the
Exchange does not believe the proposed rule change will impose a burden
on intramarket competition because it will be applied to all members
equally. In addition, the Exchange does not believe the proposed rule
change will impose any burden to intermarket competition because it
will be applied industry wide and apply to all market participants. The
proposed rule change is structured to enhance competition because the
shift from an expiration date of the Saturday following the third
Friday to the third Friday is anticipated to be adopted industry-wide
and will apply to all multiply listed classes. This in turn will allow
Phlx to compete more effectively with other exchanges making similar
rule changes.

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

    Written comments were neither solicited nor received. The Exchange
notes, however, that a favorable comment was submitted to the OCC
filing.

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

    Because the foregoing 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 for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \21\ and Rule 19b-4(f)(6) \22\
thereunder.
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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 Exchange has satisfied this requirement.
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    At any time within 60 days of the filing of the 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 to
determine whether the proposed rule should be approved or disapproved.

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-Phlx-2013-89 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission,

100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-Phlx-2013-89. 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 publicly available. All
submissions should refer to File Number SR-Phlx-2013-89 and should be
submitted on or before September 20, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-21231 Filed 8-29-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 235 (Friday, December 6, 2019)]
[Notices]
[Pages 66953-66955]
[FR Doc No: 2019-26305]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87645; File No. SR-NYSE-2019-65]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rule 71

December 2, 2019.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on November 18, 2019, New York Stock Exchange LLC (``NYSE''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``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 Rule 71 to remove the preamble that
such rule is not applicable to trading on the Pillar trading platform.
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 amend Rule 71 (Precedence of Highest Bid
and Lowest Offer) to remove the preamble that such rule is not
applicable to trading on the Pillar trading platform.
    Rule 71 is applicable only to manual trading on the Trading Floor
\4\ and governs bids and offers verbally represented by Floor brokers
at the point of sale. Paragraph (a) of that rule provides that all bids
made and accepted, and all offers made and accepted, in accordance with
Exchange Rules shall be binding. Accordingly, if a Floor broker bids or
offers at the point of sale and another member accepts that bid or
offer, the original bid or offer is binding. With respect to the close
of trading, because bids and offers represented orally by a Floor
broker must be represented at the point of sale by the end of Core
Trading Hours,\5\ in accordance with Exchange rules, the last
representation of verbal interest by the end of Core Trading Hours is
binding on a Floor broker and cannot be modified or cancelled after the
end of Core Trading Hours.\6\
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    \4\ ``Trading Floor'' is defined as the restricted-access
physical areas designated by the Exchange for the trading of
securities. See Rule 6A.
    \5\ See Rule 7.34(a)(2)(B).
    \6\ Rule 7.35B(a)(1)(C) provides an exception to this
requirement because, subject to Floor Official approval,
electronically-entered Floor Broker Interest can be cancelled in
full to correct a Legitimate Error.
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    In 2017, in anticipation of the transition to the Pillar trading
platform, the Exchange amended Rule 71 to include a preamble that it
was not applicable to trading UTP Securities \7\

on the Pillar trading platform.\8\ At that time, it was contemplated
that UTP Securities would not be eligible for Floor-based trading.
Accordingly, it was appropriate at that time that a rule governing
Floor-based trading conduct would not be applicable to trading on
Pillar. The Exchange did not amend the preamble to Rule 71 when UTP
Securities began trading on Pillar, which included Floor-based crossing
transactions.\9\
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    \7\ The term ``UTP Securities'' means a security that is listed
on a national securities exchange other than the Exchange and that
trades on the Exchange pursuant to unlisted trading privileges.
    \8\ See Securities Exchange Act Release No. 81225 (July 27,
2017), 82 FR 26033 (August 2, 2017) (SR-NYSE-2017-35) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change).
    \9\ See Securities Exchange Act Release No. 82945 (March 26,
2018), 83 FR 13553, 13555 (March 29, 2018) (SR-NYSE-2017-36)
(Approval Order).
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    In preparation for the transition of Exchange-listed securities to
the Pillar trading platform, the Exchange amended the preambles to
specified rules to provide that such rules were not applicable to
trading on the Pillar trading platform.\10\ In other words, the
preamble is applicable to both UTP Securities and Exchange-listed
securities. The Exchange inadvertently included Rule 71 in this filing,
and that preamble now provides that the rule is not applicable to
trading on the Pillar trading platform, which includes Exchange-listed
securities.
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    \10\ See Securities Exchange Act Release No. 85962 (May 29,
2019), 84 FR 26188 (June 5, 2019) (SR-NYSE-2019-05) (Approval
Order).
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    Because on the Pillar trading platform, Exchange-listed securities
continue to be eligible for manual trading on the Trading Floor and UTP
Securities are eligible for crossing transactions, the Exchange
proposes to amend Rule 71 to delete the preamble in its entirety. The
Exchange believes that deleting the preamble will promote transparency
in Exchange rules that the rules governing manual trading on the
Trading Floor have not changed even with the transition to the Pillar
trading platform.
    To further promote transparency, the Exchange proposes to amend
Rule 71 to specify that the bids and offers referenced in that Rule
that are binding are ``verbal'' bids and offers. Orders entered
electronically on the Exchange are governed by Rule 7P under the Pillar
platform rules. The Exchange believes that this proposed amendment will
promote transparency and clarity in Exchange rules that Rule 71
addresses manual trading only, and is not applicable to the electronic
entry of orders.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\11\ in general, and furthers the objectives of Section
6(b)(5),\12\ 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 facilitating transactions in securities, 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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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that deleting the preamble to Rule 71 would
remove impediments to and perfect the mechanism of a free and open
market and a national market system because manual trading continues on
the Exchange, even after the transition to the Pillar trading platform,
and Rule 71 governs such trading. Removing the preamble would therefore
promote clarity and transparency in Exchange rules that the rules
governing manual trading on the Trading Floor have not changed with the
transition to the Pillar trading platform. The Exchange further
believes that amending the rule to add the term ``verbal'' before
``bids'' and ``offers'' would remove impediments to and perfect the
mechanism of a free and open market and a national market system
because it would promote clarity and transparency in Exchange rules
that Rule 71 concerns only manual trading, and is not applicable to the
electronic entry of orders.

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 Exchange believes that
the proposed rule change is not designed to address any competitive
issues. Rather, the proposed rule change is designed to promote clarity
and transparency that with the transition to the Pillar trading
platform, the rules governing manual trading have not changed.
Accordingly, the proposed rule change removes a preamble that was
inadvertently included for securities that continue to be eligible for
manual trading.

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

    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 for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6) thereunder.\14\
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the 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.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \15\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \16\ permits the
Commission to 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. According to
the Exchange, waiver of the operative delay would clarify, without
undue delay, that Rule 71 continues to be applicable to Floor-based
trading. The Commission believes the waiver of the operative delay is
consistent with the protection of investors and the public interest.
Therefore, the Commission hereby waives the operative delay and
designates the proposal operative upon filing.\17\
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    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ 17 CFR 240.19b-4(f)(6)(iii).
    \17\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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 the 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 to determine whether the
proposed rule change should be approved or disapproved.

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-2019-65 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-2019-65. 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-2019-65 and should be submitted on
or before December 27, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-26305 Filed 12-5-19; 8:45 am]
 BILLING CODE 8011-01-P