
[Federal Register Volume 79, Number 10 (Wednesday, January 15, 2014)]
[Notices]
[Pages 2738-2739]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-00577]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71267; File Nos. SR-NYSE-2013-72; SR-NYSEMKT-2013-91]


Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE 
MKT LLC; Notice of Designation of a Longer Period for Commission Action 
on Proposed Rule Changes To Establish an Institutional Liquidity 
Program on a One-Year Pilot Basis

January 9, 2014.
    On November 7, 2013, New York Stock Exchange LLC (``NYSE'') and 
NYSE MKT LLC (``NYSE MKT'' and together with NYSE, the ``Exchanges'') 
each filed with the Securities and Exchange Commission (``Commission'') 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to 
establish an Institutional Liquidity Program (``Program'') on a one-
year pilot basis. The proposed rule changes were published for comment 
in the Federal Register on November 27, 2013.\3\ To date, the 
Commission has received three comments on the NYSE Proposal.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release Nos. 70909 (November 21, 
2013), 78 FR 71002 (SR-NYSE-2013-72) (``NYSE Proposal''); and 70910 
(November 21, 2013), 78 FR 70992 (SR-NYSEMKT-2013-91) (``NYSE MKT 
Proposal'') (collectively, the ``Proposals'').
    \4\ See Letters to the Commission from James Allen, Head, and 
Rhodri Pierce, Director, Capital Markets Policy, CFA Institute (Dec. 
18, 2013); Clive Williams, Vice President and Global Head of 
Trading, Andrew M. Brooks, Vice President and Head of U.S. Equity 
Trading, and Christopher P. Hayes, Vice President and Legal Counsel, 
T. Rowe Price Associates, Inc. (Dec. 18, 2013); and Theodore R. 
Lazo, Managing Director and Associate General Counsel, Securities 
Industry and Financial Markets Association (SIFMA) (Dec. 20, 2013). 
The Commission notes that, while these comment letters address the 
NYSE proposal only, the Proposals are nearly identical, and the 
Commission will consider the letters to address the NYSE MKT 
Proposal as well.
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    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day for these filings is January 11, 2014.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule changes. The Commission finds that it is 
appropriate to designate a longer period to take action on the proposed 
rule changes so that it has sufficient time to consider the Proposals 
and the issues raised by the comment letters that have been submitted 
in connection with the Proposals.
    Accordingly, pursuant to Section 19(b)(2) of the Act,\6\ the 
Commission designates February 25, 2014 as the date by which the 
Commission should either

[[Page 2739]]

approve or disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule changes (File Numbers SR-NYSE-2013-72 and 
SR-NYSEMKT-2013-91).
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-00577 Filed 1-14-14; 8:45 am]
BILLING CODE 8011-01-P


