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Federal Register / Vol. 87, No. 89 / Monday, May 9, 2022 / Notices
opportunities. The Commission notes
that although the proposal will allow
bids and offers for stock-option orders to
be expressed in any decimal price the
Exchange determines, the option
component(s) of such an order will
continue to be executed in $0.01
increments. In addition, the Exchange’s
rules will continue to protect Priority
Customer interest by providing, among
other things, that if any component of a
complex strategy would be executed at
a price that is equal to a Priority
Customer bid or offer on the Simple
Book, at least one other option
component of the complex strategy must
trade at a price that is better than the
corresponding MBBO.43 The proposal
also protects investors by codifying in
the Exchange’s rules that a member that
submits a cQCC order to the Exchange
(with or without the stock component)
represents that the order satisfies the
requirements of a qualified contingent
trade and agrees to provide information
to the Exchange related to the execution
of the stock component of the order. For
these reasons, the Commission
designates the proposal operative upon
filing.44
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 rule-comments@
sec.gov. Please include File Number SR–
MIAX–2022–17.
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–MIAX–2022–17. 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–MIAX–2022–17, and
should be submitted on or before May
31, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.45
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–09853 Filed 5–6–22; 8:45 am]
BILLING CODE 8011–01–P
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43 See
proposed Exchange Rule 518(c)(1)(iii). See
also proposed Exchange Rule 518(c)(1)(iv) (stating
that a complex order will not be executed at a net
price that would cause any option component of the
complex strategy to be executed: (A) At a price of
zero; or (B) ahead of a Priority Customer order on
the Simple Order Book without improving the
MBBO of at least one option component of the
complex strategy).
44 For purposes only of accelerating the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
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SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: 87 FR 26251, May 3,
2022.
45 17
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CFR 200.30–3(a)(12), (59).
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PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Thursday, May 5, 2022 at
2:00 p.m.
The Closed
Meeting scheduled for Thursday, May 5,
2022 at 2:00 p.m., has been cancelled.
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
CHANGES IN THE MEETING:
(Authority: 5 U.S.C. 552b.)
Dated: May 5, 2022.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2022–10020 Filed 5–5–22; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–61, OMB Control No.
3235–0073]
Submission for OMB Review;
Comment Request
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
Extension:
Form S–3
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
request for extension of the previously
approved collection of information
discussed below.
Form S–3 (17 CFR 239.13) is used by
issuers to register securities pursuant to
the Securities Act of 1933 (15 U.S.C. 77a
et seq.). Form S–3 provides investors
with material information to make
investment decisions regarding
securities offered to the public. Form
S–3 takes approximately 466.4566 hours
per response and is filed by
approximately 1,651 issuers annually.
We estimate that 25% of the 466.4566
hours per response (116.6141 hours) is
prepared by the issuer for a total annual
reporting burden of 192,530 hours
(116.6141 hours per response × 1,651
responses).
An agency may conduct or sponsor,
and a person is not required to respond
to, a collection of information unless it
displays a currently valid control
number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
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Federal Register / Vol. 87, No. 89 / Monday, May 9, 2022 / Notices
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice by June 8, 2022 to (i)
www.reginfo.gov/public/do/PRAMain
and (ii) David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
[email protected].
Dated: May 3, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2022–09844 Filed 5–6–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
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[Release No. 34–94840; File No. SR–
NYSEAMER–2022–19]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing of
Proposed Rule Change To Modify Rule
7.31E To Add Subparagraph (f)(4)
Regarding Directed Orders
May 3, 2022.
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 April 20,
2022, NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify
Rule 7.31E to add subparagraph (f)(4)
regarding Directed Orders and make
other conforming changes. 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.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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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.
1. Purpose
The Exchange proposes to modify
Rule 7.31E (Orders and Modifiers) to
add new subparagraph (f)(4) to provide
for Directed Orders and to make other
conforming changes to its Rules in
connection with the addition of this
new order type on the Exchange. The
Directed Order, as further defined
below, would be an order sent to the
Exchange to be routed directly to an
alternative trading system (‘‘ATS’’)
specified by an ATP Holder.
The Exchange proposes to add Rule
7.31E(f)(4), which would define a
Directed Order as a Limit Order with
instructions to route on arrival at its
limit price to a specified ATS with
which the Exchange maintains an
electronic linkage. Proposed Rule
7.31E(f)(4) would further provide that
Directed Orders would be available for
all securities eligible to trade on the
Exchange. Proposed Rule 7.31E(f)(4)
would also provide that a Directed
Order would not be assigned a working
time or interact with interest on the
Exchange Book. The Exchange also
proposes to provide in Rule 7.31E(f)(4)
that the ATS to which a Directed Order
is routed would be responsible for
validating whether the order is eligible
to be accepted, and if such ATS
determines to reject the order, the order
would be cancelled.
Proposed Rule 7.31E(f)(4)(A) would
provide that a Directed Order must be
designated for the Exchange’s Core
Trading Session, as defined in Rule
7.34E(a)(2).4
4 Because the Exchange proposes that Directed
Orders may only be designated for the Core Trading
Session, the Exchange also proposes conforming
changes to Rule 7.34E (Trading Sessions).
Specifically, the Exchange proposes to modify Rule
7.34E(c)(1)(E) to provide that Directed Orders
designated for the Early Trading Session would be
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Proposed Rule 7.31E(f)(4)(A) would
further provide that a Directed Order
must be designated with a Time in
Force modifier of IOC 5 or Day 6 and
would be routed to the specified ATS
with such modifier. The Exchange
proposes that a Directed Order
designated IOC would be traded in
whole or in part on the ATS to which
it is routed after receipt of the order, and
any untraded quantity would be
cancelled. The Exchange proposes that
a Directed Order designated Day would
expire at the end of the Core Trading
Session on the day it is entered.
Proposed Rule 7.31E(f)(1)(A) would also
provide that a Directed Order may not
be designated with any other modifiers
defined in Rule 7.31E.
Proposed Rule 7.31E(f)(4)(B) would
provide that a Directed Order in a
security that is having its initial listing
on the Exchange would be rejected if
received before the IPO Auction
concludes.
Proposed Rule 7.31E(f)(4)(C) would
provide that, during a trading halt or
pause, an incoming Directed Order
would be rejected.
Proposed Rule 7.31E(f)(4)(D) would
provide that a request to cancel a
Directed Order designated Day would be
routed to the ATS to which the order
was routed.
The Exchange also proposes a
conforming change to Rule 7.19E (PreTrade Risk Controls). The Exchange
proposes to modify Rule 7.19E(a)(5),
which sets forth the definition of Gross
Credit Risk Limit and currently provides
that unexecuted orders in the Exchange
Book, orders routed on arrival pursuant
to Rule 7.37E(a)(1), and executed orders
are included for purposes of calculating
the Gross Credit Risk Limit. The
Exchange proposes to modify Rule
7.19E(a)(5) to specify that orders routed
on arrival pursuant to Rule 7.31E(f)(4)
would also be included for purposes of
the Gross Credit Risk Limit calculation.
The Exchange believes that the
proposed rule change would facilitate
additional trading opportunities by
offering ATP Holders the ability to
designate orders submitted to the
rejected and Rule 7.34E(c)(3)(C) to provide that
Directed Orders designated for the Late Trading
Session would be rejected. The Exchange also
proposes an additional change to correct a
typographical error in Rule 7.34E(c)(1), to update
the reference to ‘‘paragraphs (c)(1)(A)–(E)’’ to
‘‘paragraphs (c)(1)(A)–(F)’’ to accurately reflect the
number of subparagraphs under Rule 7.34E(c)(1).
5 See Rule 7.31E(b)(2), which provides that a
Limit Order may be designated with an Immediateor-Cancel (‘‘IOC’’) modifier.
6 See Rule 7.31E(b)(1), which provides that orders
may be designated with a Day modifier, and that an
order to buy or sell designated Day, if not traded,
will expire at the end of the designated session on
the day on which it was entered.
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File Modified | 2022-05-07 |
File Created | 2022-05-07 |