[Federal Register Volume 80, Number 160 (Wednesday, August 19, 2015)]
[Notices]
[Pages 50350-50354]
[FR Doc No: 2015-20415]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75696; File No. SR-NYSEMKT-2015-58]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Amending Rule 79A--
Equities To Delete Supplementary Material .20 Requiring Prior Floor
Official Approval Before a Designated Market Maker Can Initiate Certain
Trades More Than One or Two Dollars Away From the Last Sale

August 13, 2015.
    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 July 29, 2015, NYSE MKT LLC (``Exchange'' or ``NYSE MKT'')
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 amend Rule 79A--Equities to delete
Supplementary Material .20 requiring prior Floor Official approval
before a Designated Market Maker (``DMM'') can initiate certain trades
more than one or two dollars away from the last sale. 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
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 79A--Equities (``Rule 79A'') to
delete Supplementary Material .20, which requires prior Floor Official
approval for certain DMM dealer trades more than one or two dollars
away from the last sale, and to make conforming amendments to Rules
48--Equities (``Rule 48''), 80C--Equities (``Rule 80C'') and Rule 476A
to delete references to Rule 79A.20.
    Background
    Currently, except with respect to inactively traded securities the
Exchange shall from time to time identify, Rule 79A.20(a) requires DMMs
to obtain prior Floor Official approval for all transactions in stocks
by the DMM as dealer (when the market is slow) \4\ or transactions in
which the DMM as dealer is reaching across the market \5\ (when the
market is fast) that are made at (i) $1.00 or more away from the last
sale when such last sale is under $20 per share or (ii) $2.00 or more
away from the last sale when such last sale is at $20 per share or
over. The Rule also provides that in unusual market situations, a Floor
Governor, Senior Floor Official, or Executive Floor Official \6\ has
the discretion to determine that a different price parameter other than
that required in subdivision (a) of the Rule is appropriate when the
last sale is at $100 per share or over.\7\
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    \4\ For purposes of the Rule, the Exchange is considered a
``slow'' market when displaying a bid or offer (or both) that is not
entitled to protection of Rule 611 under Regulation NMS. See Rule
79A.20(a). DMM dealer transactions in slow markets include the
opening, reopening, and closing transactions.
    \5\ A DMM reaches across the market when the DMM buys from the
Exchange offer or sells to the Exchange bid.
    \6\ Pursuant to Rules 46--Equities and 46A--Equities, Floor
Governors, Senior Floor Officials and Executive Floor Officials are
one of several ranks of the broader category of Floor Officials,
including, in order of increasing seniority, Floor Officials, Senior
Floor Officials, Executive Floor Officials, Floor Governors and
Executive Floor Governors.
    \7\ See Rule 79A.20(b).
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    The principles embodied in Rule 79A.20 are based on New York Stock
Exchange LLC (``NYSE'') Rule 79A.20 and were originally aimed at
preventing undue price dislocation by the specialist at the opening.\8\
Gradually, the NYSE rule was extended to all trades significantly away
from the last sale.\9\ The NYSE rule also functioned in part as a
safeguard against market manipulation by specialists and Floor brokers
as well as a control on price volatility by requiring a Floor Official
who was not party to the transaction to review and approve all proposed
transactions exceeding the rule's parameters before the trade was
published to the consolidated tape, thereby ensuring that specialists
were maintaining appropriate price continuity and depth, and that Floor
brokers were not transacting in the trading crowd at unduly wide
variations from the last sale.\10\
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    \8\ On October 1, 2008, the Commission approved the Exchange's
rule proposal to establish new membership, member firm conduct, and
equity trading rules that were based on the existing NYSE rules to
reflect that equities trading on the Exchange would be supported by
the NYSE's trading system. See Securities Exchange Act Release Nos.
58705 (Oct. 1, 2008), 73 FR 58995 (Oct. 8. 2008) (SR-Amex-2008-63)
(approval order) and 59022 (Nov. 26, 2008), 73 FR 73683 (Dec. 3,
2008) (SR-NYSEALTR-2008-10) (amending equity rules to conform to
NYSE New Market Model Pilot rules) (``Release No. 59022''). Because
the Exchange's rules are based on the existing NYSE rules, the
Exchange believes that pre-October 1, 2008 NYSE rule filings provide
guidance concerning Exchange equity rules.
    \9\ See Securities Exchange Act Release No. 56209 (August 6,
2007), 72 FR 45290, 45291 (August 13, 2007) (SR-NYSE-2007-65)
(``Release No. 56209'').
    \10\ See id.
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    In 2006, the Commission approved the NYSE's adoption of a ``hybrid
market'' under which NYSE systems assumed the function of matching and
executing electronically-entered orders but specialists remained the
responsible broker-dealer for orders on the Exchange's limit order
book.\11\ In 2007, as a result of the increasing automation of trading
and the accompanying decentralization of pricing decisions away from
specialists, the NYSE comprehensively amended Rule 79A.20. In that
filing, the NYSE virtually eliminated Rule 79A.20 approvals in all
situations except those prescribed in the current Rule.\12\
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    \11\ See Securities Exchange Act Release No. 53539 (March 22,
2006), 71 FR 16353 (March 31, 2006) (SR-NYSE-2004-05).
    \12\ See Release No. 56209, supra note 9, at 45291. At the time,
the rule was set forth in Supplementary Material .30 of Rule 79A.
The rule was re-numbered as Supplementary Material .20 in 2008. See
Securities Exchange Act Release No. 58184 (July 17, 2008), 73 FR
42853 (July 23, 2008) (SR-NYSE-2008-46); see also Release No. 59022,
supra note 8.
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    Since that time, additional, significant market structure changes
have continued to obviate the need for Rule 79A.20. In particular, in
2008, the NYSE and the Exchange adopted the New Market Model, which
transformed specialists into DMMs, who are no longer agents for the
Exchange's limit order book and whose trading activity on the Exchange
is limited to proprietary trading.\13\ Also in 2008, the NYSE greatly
enhanced the transparency of its marketplace and improved the quality
of the opening and closing auctions by introducing a real-time order
imbalance information data feed (``Order Imbalance Information'').\14\
Further, DMMs now also have the ability to electronically open and
close trading on the Exchange, which was not available to specialists
in 2007.\15\ In 2015, the Exchange eliminated Liquidity Replenishment
Points (``LRP'') and the Gap Quote Policy and amended Rule

79A.20 to remove references to these Exchange-specific volatility
mechanisms. Rule 79A.20 had previously required Floor Official review
and approval of DMMs dealer trades one or two points away from the last
sale following these intra-day ``slow'' market scenarios.\16\ Finally,
also in 2015, the Exchange amended Rule 1000 to reject marketable
orders of over 1,000,000 shares upon arrival. Such orders were
ineligible for automatic execution and caused the Exchange to suspend
automatic executions and disseminate a ``slow'' quote condition.\17\
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    \13\ See Securities Exchange Act Release No. 58845(October 24,
2008), 73 FR 64379, 64381 (October 29, 2008) (SR-NYSE-2008-46). See
also Release No. 59022, supra note 8.
    \14\ See Securities Exchange Act Release No. 57861 (May 23,
2008), 73 FR 31905 (June 4, 2008) (SR-NYSE-2008-42). See also
Securities Exchange Act Release No. 59816 (April 23, 2009), 74 FR
19614 (April 29, 2009) (SR-NYSEAmex-2009-13) (modifying the
reference price at which the Exchange reports Order Imbalance
Information and clarifying what information is included in and
excluded from the Order Imbalance Information Reports). In 2009, the
Exchange further enhanced the transparency of its informational data
feed for imbalances by including d-Quotes and all other e-Quotes
containing pegging instructions eligible to participate in the
closing transaction in the Order Imbalance Information data feed.
See Rule 70(1)--Equities & Supplementary Material .25; Securities
Exchange Act Release No. 60151 (June 19, 2009), 74 FR 30653 (June
26, 2009) (SR-NYSEAmex-2009-29).
    \15\ See Rule 123D--Equities (openings); Rule 123C.10--Equities
(closings). See generally Rule 104(b)--Equities.
    \16\ See Securities Exchange Act Release No. 74064 (January 15,
2015), 80 FR 3273 (January 22, 2015) (SR-NYSEMKT-2015-02). See also
note 4, supra.
    \17\ See Securities Exchange Act Release No. 74650 (April 6,
2015), 80 FR 19389 (April 10, 2015) (SR-NYSEMKT-2015-21).
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Proposed Rule Change
    The Exchange proposes to delete Rule 79A.20. As discussed below,
the situations where the Rule would be invoked are now limited to the
open, reopenings and the close, where market transparency and existing
safeguards render the Rule unnecessary and duplicative of other rules
requiring Floor Official approval.
    As noted above, the recent elimination of LRPs and the Gap Quote
Policy removed the remaining intra-day events when the Exchange's
market was ``slow'' and DMM pricing decisions that could trigger Rule
79A.20 approvals. As such, trading circumstances warranting Rule 79A.20
review are now limited to manual DMM participation when a security
moves one or two dollars from the last sale (based on whether the
security is under $20 or $20 and over) at either the open, close or,
more rarely, intraday during reopenings.
    In light of the transparency surrounding the open and close and the
involvement of Floor Officials in those processes, the Exchange
believes that there is no longer a need for Floor Officials to
separately approve individual DMM transactions under Rule 79A.20.
First, as described above, the NYSE significantly enhanced the
transparency surrounding the open and close with the introduction of a
real-time Order Imbalance Information data feed in 2008, which the
Exchange adopted. This proprietary data feed, disseminated prior to the
open pursuant to Rule 15(c)(1)--Equities \18\ and prior to close
pursuant to Rule 123C(6)--Equities,\19\ reflects real-time order
imbalances that accumulate prior to the opening and closing
transactions on the Exchange and the price at which interest eligible
to participate in the opening or closing transactions may be executed
in full.
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    \18\ Pursuant to Rule 15(c)(1)--Equities, Order Imbalance
Information disseminated prior to the open includes all interest
eligible for execution in the opening transaction of the security in
Exchange systems, i.e., electronic interest, including Floor broker
electronic interest, entered into Exchange systems prior to the
opening. Pre-opening Order Imbalance Information is disseminated
approximately every five minutes between 8:30 a.m. Eastern Time
(``ET'') and 9:00 a.m. ET.; approximately every minute between 9:00
a.m. ET and 9:20 a.m. ET; and approximately every 15 seconds between
9:20 a.m. ET and the opening of trading in that security. See Rule
15(c)(3)--Equities.
    \19\ Pursuant to Rule 123C(6)--Equities, Order Imbalance
Information disseminated prior to the close includes, among other
things: (1) The Mandatory Market on Close (``MOC'')/Limit on Close
(``LOC'') Imbalance Publication; (2) a data field indicating the
price at which closing-only interest (i.e., MOC orders, marketable
LOC orders, and CO orders opposite the imbalance) may be executed in
full; and, (3) a data field indicating the price at which interest
in the Display Book (e.g., Minimum Display Reserve Orders, Floor
broker reserve e-Quotes not designated to be excluded from the
aggregated agency interest information available to the DMM, d-
Quotes and pegged e-Quotes at the price indicated on the order as
the base price to be used to calculate the range of discretion and
Stop orders) as well as all closing-only orders (MOC, marketable
LOC, and CO orders opposite the imbalance) may be executed in full.
Pre-closing Order Imbalance Information is disseminated every
fifteen seconds between 3:40 p.m. and 3:50 p.m.; thereafter, it is
disseminated every five seconds between 3:50 p.m. and 4:00 p.m.
Commencing at 3:55 p.m., the Order Imbalance Information
disseminated by the Exchange also includes d-Quotes and all other e-
Quotes containing pegging instructions eligible to participate in
the closing transaction and Stop orders.
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    Second, in addition to disseminating Order Imbalance Information,
the Exchange's Rules require the timely communication of price
dislocations and unusual market situations, including delayed openings,
to the marketplace. Rule 15(a)--Equities provides that if the opening
transaction in a security will be at a price that represents a change
of more than the ``applicable price change'' specified in the Rule
(representing a numerical or percentage change from the security's
closing price per share or, in the case of an IPO, the security's
offering price), the DMM arranging the opening transaction or the
Exchange must issue a pre-opening indication (a ``Rule 15
Indication''), which represents a range of where a security may open.
The Rule 15 Indication is a price range that is published on the
Exchange's proprietary data feeds prior to the scheduled opening time.
A Rule 15 Indication includes the security and the price range within
which the DMM anticipates the opening transaction will occur, and would
include any orally-represented Floor broker interest for the open.
    Similarly, Rule 123D--Equities Mandatory Indications are required
for an opening that will result in a ``significant'' price change from
the previous close. For securities priced under $10, indications are
required under Rule 123D(1) if the price change is one dollar or more;
for securities between $10 and $99.99, indications are required for
price movements of the lesser of 10% or three dollars; and for
securities over $100, indications are required for price movements of
five dollars or more. Rule 123D(1)--Equities requires DMMs to
disseminate one or more indications in connection with any delayed
opening where a security has not opened or been quoted by 10 a.m.
(``Rule 123D Mandatory Indication''). The DMM is responsible for
publishing the Rule 123D Mandatory Indication and, when determining the
price range for the indication, take into consideration Floor broker
interest that has been orally entered and what, at a given time, the
DMM anticipates the dealer participation in the opening transaction
would be. Rule 123D Mandatory Indications are published to the
Consolidated Tape.
    Importantly, all Rule 123D Mandatory Indications require the
supervision and approval of a Floor Official. Rule 123D approvals are
therefore similar to Rule 79A.20 approvals. In fact, on NYSE, almost
half of Floor Official approvals under Rule 79A.20 also occur in
situations where a mandatory indication was published pursuant to Rule
123D. In these circumstances, requiring the Floor Official to
separately approve a price movement under Rule 79A.20 would be
duplicative.
    The Exchange further notes that the Floor Official approval
requirements of Rule 79A.20 impede the ability of a DMM to open or
close a security electronically at the Exchange if the security were to
open one or two points away from the last sale. As a practical matter,
the only way for Floor Officials to approve trades more than one or two
dollars away from the last sale in the case of an electronic open or
close would be to turn a fast market into a ``slow'' one and
potentially open the security after 9:30 a.m., which was one of the
rationales for eliminating virtually all Rule 79A.20 approvals in 2007
on the NYSE.\20\
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    \20\ See Release No. 56209, supra note 9, at 45291.
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    With respect to the separate Rule 79A.20 requirement that the DMM
obtain Floor Official approvals when the market is fast and the DMM as
dealer is reaching across the market, i.e., selling at the bid and
buying at the offer, the Exchange similarly believes that such
approvals are unnecessary and duplicative of other safeguards. As

noted above, the application of Rule 79A.20 is limited to the opening,
reopenings and the close, where this scenario would not arise.
Moreover, the Exchange believes that obtaining Floor Official approval
when a DMM is reaching across a fast market is impractical in today's
market place because, especially in the most actively traded Exchange
securities, the automated marketplace simply moves too fast.
    Even if obtaining Floor Official approvals were practical, the
Exchange believes that the combination of volatility and system
controls in place that were unavailable in 2007 render such approvals
unnecessary. DMM dealer trades one or two points away from the last
sale that reach across the market would continue to be subject to the
Limit Up/Limit Down (``LULD'') price controls, as provided for in Rule
80C(a)(4)--Equities, the Trading Collars, as provided for in Rule
1000(c)--Equities, and the numerical guidelines for determining whether
a clearly erroneous execution has occurred under Rule 128--Equities. In
addition, as the NYSE noted in a different context,\21\ as the
marketplace has become more electronic, DMM units have increased their
utilization of technology to reduce risk exposure by using algorithms
to adjust prices quickly in response to market dynamics, which in turn
has contributed to reducing the potential for significant and/or rapid
movements in the market and help DMMs satisfy their obligation to
maintain a fair and orderly market in assigned securities pursuant to
Rule 104--Equities, particularly in times of market stress. The
Exchange believes that these risk controls provide a further
significant limitation on the ability of DMMs to initiate a move of
more than one or two dollars away from the last sale trade in fast
markets, especially in light of the tight spreads on the NYSE, which is
similarly proposing to delete Rule 79A.20.\22\
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    \21\ See Securities Exchange Act Release No. 71360 (January 21,
2014), 79 FR 4366, 4367 (January 27, 2014) (SR-NYSE-2014-02).
    \22\ For instance, in May 2015, the quoted spread on the NYSE
for stocks below $20 a share was $0.048; the quoted spread for
stocks above $20 was $0.466. For all NYSE-listed securities, the
quoted spread in May 2015 was $0.314. See SR-NYSE-2015-33.
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    Finally, DMM pricing decisions at the open and close and during
fast markets are subject to specific DMM obligations with respect to
the quality of the markets in securities to which they are assigned. In
general, transactions on the Exchange by a DMM for the DMM's account
must be effected in a reasonable and orderly manner in relation to the
condition of the general market and the market in the particular stock.
    As noted, DMMs have affirmative obligations under Rule 104(a)--
Equities to engage in a course of dealings for their own account to
assist in the maintenance of a fair and orderly market insofar as
reasonably practicable. Specifically, Rule 104(f)(ii)--Equities sets
forth the DMM's obligation to act as reasonably necessary to ensure
appropriate depth and maintain reasonable price variations between
transactions (also known as price continuity) and prevent unexpected
variations in trading. Further, under Rule 123D(1)--Equities, openings
and reopenings must be fair and orderly, reflecting the DMM's
professional assessment of market conditions at the time, and
appropriate consideration of the balance of supply and demand as
reflected by orders represented in the market. The Exchange also
supplies DMMs with suggested Depth Guidelines for each security in
which a DMM is registered, and DMMs are expected to quote and trade
with reference to the Depth Guidelines. Further, the DMM's affirmative
obligation includes obligations to re-enter the market when reaching
across to execute against available interest. For instance, under Rule
104(h)--Equities, DMMs can engage in conditional transactions that
establish or increase a position and that reach across the market
without restriction provided such transactions are followed by
appropriate re-entry on the opposite side of the market commensurate
with the size of the DMM's transaction.\23\ The Exchange issues
guidelines, called price participation points (``PPP''), that identify
the price at or before which a DMM is expected to re-enter the market
after effecting a conditional transaction.\24\ DMM trading activity on
the Exchange is actively monitored for compliance with each of these
obligations.
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    \23\ See Rule 104(h)(iii)--Equities. Immediate re-entry is
required after certain Conditional Transactions.
    \24\ See Rule 104(h)(iii)(A)--Equities.
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    The Exchange believes that the availability and dissemination of
Order Imbalance Information, Rule 15 Indications and 123D Mandatory
Indications, together with the DMM's existing affirmative and other
obligations pursuant to Rule 104, provide an appropriate framework in
today's market structure for ensuring that opening or closing
transactions that occur at a price significantly away from the last
sale price are communicated to all market participants. In particular,
because of this transparency, the open and close are subject to greater
scrutiny by all market participants, which in of itself serves as a
check on where a DMM opens or closes a security. The Exchange therefore
believes that the need for a Floor Official to review a DMM's actions
at the open or close, which was adopted in a time when there was no
market-wide transparency regarding pricing of the open or close, is
redundant of existing oversight of the open and close.
    For all of these reasons, the Exchange believes that requiring
separate Floor Official approvals for one and two dollar price
movements is no longer necessary.
    The Exchange also proposes to delete references to Rule 79A.20 from
Rules 48, 80C and 476A. In the case of Rule 48, the reference to be
removed would be to Rule 79A.30--Equities. Rule 48 was not updated when
the text of the Rule was moved from Supplementary Material .30 to
.20.\25\ The Exchange believes these proposed changes will add
transparency and clarity to the Exchange's rules.
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    \25\ See note 12 supra.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\26\ in general, and furthers the
objectives of section 6(b)(5) of the Act,\27\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
promote just and equitable principles of trade, remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and protect investors and the public interest. In
particular, the Exchange believes that eliminating Rule 79A.20 would
remove impediments to and perfect the mechanism of a free and open
market and a national market system by eliminating redundant approvals
from the remaining manual processes at the open and close of trading.
The Exchange believes that eliminating Rule 79A.20 approvals would not
be inconsistent with the public interest and the protection of
investors because the transparency surrounding the open and close and
the information available to the marketplace enables investors and the
public to assess whether a security would open or close outside the one
or two point parameter, thereby obviating the need for a single Floor
Official to oversight the open and close. Further, the Exchange
believes that eliminating Rule

79A.20 approvals would not be inconsistent with the public interest and
the protection of investors because other safeguards will remain in
place to ensure that DMMs maintain appropriate price continuity and
depth and do not transact at unduly wide price variations, thereby
establishing substantially the same result. As noted above, pursuant to
Rule 123D--Equities, Floor Officials would remain involved in
supervising when the open would occur at a price significantly away
from the last sale, which is when the majority of Rule 79A.20 approvals
currently occur, and DMM trading will also remain subject to Exchange
rules, including the obligation to maintain a fair and orderly market
under Rule 104--Equities.
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    \26\ 15 U.S.C. 78f(b).
    \27\ 15 U.S.C. 78f(b)(5).
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    The Exchange further believes that deleting corresponding
references to Rule 79A.20 in other rules would remove impediments to
and perfects the mechanism of a free and open market by reducing
potential confusion and adding transparency and clarity to the
Exchange's rules, thereby ensuring that members, regulators and the
public can more easily navigate and understand the Exchange's rulebook.

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 is
not intended to address competitive issues but rather to eliminate
redundant approvals of manual trades on its trading Floor.

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 \28\ and Rule 19b-4(f)(6) thereunder.\29\
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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    \28\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \29\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) \30\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\31\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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    \30\ 17 CFR 240.19b-4(f)(6).
    \31\ 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) \32\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \32\ 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-NYSEMKT-2015-58 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-2015-58. 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 available publicly. All
submissions should refer to File Number SR-NYSEMKT-2015-58 and should
be submitted on or before September 9, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
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    \33\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-20415 Filed 8-18-15; 8:45 am]
BILLING CODE 8011-01-P