
[Federal Register Volume 79, Number 41 (Monday, March 3, 2014)]
[Notices]
[Pages 11845-11849]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-04553]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71613; File No. SR-NYSEMKT-2014-06]


Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing of 
Proposed Rule Change Amending Section 17, Which Are Rules Applicable to 
Securities Known as Fixed Return Options, To Reflect a Name Change to 
Binary Return Derivatives, a Change to the Calculation of the 
Settlement Price, Updating Rule References, Adding New Text for ByRDs 
Series Available for Trading, Amending the Quoting and Trading 
Increment Applicable to ByRDs, and Adding a New Paragraph 8 to Rule 
975NY(a) and Amending Rule 975NY(b)(1) To Address Obvious Errors in 
ByRDs

February 25, 2014.
    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 February 14, 2014, NYSE MKT LLC (the ``Exchange'' or 
``NYSE MKT'') 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Section 17, which are rules 
applicable to securities known as Fixed Return Options, to reflect a 
name change to Binary Return Derivatives (``ByRDs''), a change to the 
calculation of the Settlement Price, updating rule references, adding 
new text for ByRDs series available for trading, amending the quoting 
and trading increment applicable to ByRDs, and adding a new paragraph 8 
to Rule 975NY(a) and amending Rule 975NY(b)(1) to address Obvious 
Errors in ByRDs. 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is proposing to amend Section 17, which are rules 
applicable to securities currently known as Fixed Return Options, to 
reflect a name change to ByRDs, a change to the calculation of the 
Settlement Price, updating rule references, adding new text for ByRDs 
series available for trading, amending the quoting and trading 
increment applicable to ByRDs, and adding a new paragraph 8 to Rule 
975NY(a) and amending Rule 975NY(b)(1) to address Obvious Errors in 
ByRDs.
Overview
    In 2007, the Exchange received approval to trade a type of binary 
option referred to as Fixed Return Options.\4\ In March 2009, when the 
Exchange migrated to a new trading system as part of its integration 
with NYSE Euronext, because the new trading system was not optimized to 
accommodate the trading of Fixed Return Options, the Exchange 
restricted the opening of new series of Fixed Return Options and 
limited transactions to closing only.\5\ Subsequently, all open 
interest in Fixed Return Options was either closed or expired and the 
contracts became dormant.\6\ Since first migrating over in 2009, the 
Exchange has regularly enhanced its systems in efforts to support new 
products and meet business demands. The Exchange's systems now have the 
necessary functionality and capacity to support the trading of ByRDs 
contracts.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 56251 (August 14, 
2007), 72 FR 46523 (August 20, 2007) (Approval Order for SR-Amex-
2004-27, as amended).
    \5\ See Information Circular 08-0210 http://www.amex.com/amextrader/dailylist/data/options/infoCir/2008/ic080210.pdf.
    \6\ See Information Circular 09-0024 http://www.nyse.com/pdfs/ic090024.pdf.
---------------------------------------------------------------------------

    The Exchange is now in a position to re-launch these securities and 
is proposing to update its rules to reflect the re-branding of Fixed 
Return Options (``FRO'') as Binary Return Derivatives, also referred to 
as ByRDs. The Exchange also proposes to update various rule cites to 
reflect the adoption of Section 900NY, which are the rules that govern 
trading of options contracts at the Exchange, and which replaced the 
rules in place prior to March 2009 that previously governed the trading 
of Fixed Return Options, and delete the reference to the Constitution, 
which no longer exists.\7\ Additionally, based on its experience from 
having trading Fixed Return Options and based on participant feedback, 
the Exchange is proposing to make changes to the manner in which the 
Settlement Price is calculated to ensure either the Finish High or 
Finish Low ByRDs contract pays off at expiration; adding text to 
clarify permissible strike price intervals and expiration series for 
ByRDs; adding text to specify the minimum price variation (``MPV'') 
applicable to quoting and trading in ByRDs; and adding new text to Rule 
975NY to address Obvious Error transactions in ByRDs. The Exchange is 
also proposing non-substantive technical changes to certain rules 
associated with the trading of ByRDs.
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 59472 (February 27, 
2009) 74 FR 9843 (March 6, 2009), (Approval Order for SR-NYSEALTR-
2008-14 as amended); See also Securities Exchange Act Release No. 
59454 (March 31, 2009) 74 FR 15802 (April 7, 2009) (Notice of Filing 
and Immediate Effectiveness of SR-NYSEALTR-2009-17).

---------------------------------------------------------------------------

[[Page 11846]]

Renaming and Renumbering of Existing Rules
    The Exchange proposes to re-title existing Section 17, Fixed Return 
Options, (and the rules therein), as Section 17, Binary Return 
Derivatives (ByRDs) so as to be consistent with the proposed new name 
of the product and make it easier for Exchange participants to identify 
the rules applicable to the trading of ByRDs. Similarly, the Exchange 
proposes to replace the terms ``Fixed Return Option'' or ``FRO'' in the 
existing rule text with the terms Binary Return Derivatives, or ByRDs. 
Other proposed changes to the rules within Section 17 are described in 
more detail below.
    The Exchange is proposing to add clarifying text to existing Rule 
900FRO, which is being amended as Rule 900ByRDs, to make clear that 
unless otherwise specified in Section 17, the Section 900NY series of 
rules is applicable to the trading of ByRDs. ByRDs options contracts 
will be available for both electronic and floor based trading.
    The Exchange is proposing minor changes to clarify existing Rule 
901FRO, which is being amended as Rule 901ByRDs, to specify that ByRDs 
contracts shall be designated by the expiration date (day, month and 
year) strike price, exercise settlement and the underlying security 
when ByRDs series are listed for trading. Existing rule text only 
requires specifying expiration month and year. However, because the 
Exchange now lists and trades Short Term Option Series and Quarterly 
Option Series, which may have an expiration date that is not a month or 
year, the Exchange believes that the rule text for ByRDs should specify 
expiration date as well.
    The Exchange is proposing to amend Rule 462(d).10 by updating 
references to Fixed Return Options and/or FRO and rebranding them as 
Binary Return Derivative and/or ByRDs. These prosed [sic] revisions are 
technical in nature and do not in any way make substantive changes to 
Rule 462.
Series of ByRDs Open for Trading
    The Exchange is proposing to amend Rule 903FRO-Series of FROs Open 
for Trading in its entirety and rename it as Rule 903ByRDs--Series of 
ByRDs Open for Trading. Presently, the rule simply cites to Rule 903, 
in order to describe which series may be opened for trading for Fixed 
Return Options. The Exchange is proposing to delete that reference and 
adopt new paragraphs (a) (b) and (c) to propose Rule 903ByRDs to 
specify which series of ByRDs option contract may be opened for trading 
by the Exchange and the permitted strike price intervals for ByRDs.
    Proposed paragraph (a) specifies that the Exchange shall open for 
trading a minimum of one expiration month for each class of ByRDs 
options listed, except for Consecutive Week Expiration Series, which 
are described in proposed paragraph (b). Consecution [sic] Week 
Expiration Series are expiration series that will expire at the end of 
the week, normally a Friday, with consecutive week expirations covering 
the next five (5) calendar weeks. New expiration week series will be 
added for trading on Thursday each week, unless Friday is an Exchange 
holiday in which case new expiration series would be added for trading 
on Wednesday. Based on feedback from participants who have expressed a 
desire to see ByRDs listed with generally shorter expirations, as 
opposed to utilizing the cycle month series, the Exchange believes it 
is appropriate to permit the listing of ByRDs with five consecutive 
weeks of expirations so as to maximize hedging opportunities 
surrounding near-term events like corporate actions, news releases, 
corporate earnings and the like.
    The Exchange is proposing new paragraph (c) to specify that the 
strike interval for ByRDs shall be $1 for strike prices between $3 and 
$200 and $5 for strike prices above $200. The proposed rule further 
specifies that at the time of listing, strike prices may not be listed 
more than 30% away from the price of the underlying security. The 
Exchange notes that this is more conservative than the 50% permitted 
under the Options Listing Procedures Plan (``OLPP'') \8\ for strike 
prices on securities trading over $20 in price generally, and 
considerably more conservative than what the OLPP permits for 
securities trading below $20 where strike prices within 100% of the 
underlying security price may be added. As further proposed, the 
Exchange may list additional series if the furthest out of the money 
strike is less than 10% out of the money. At such time, the Exchange 
would be able to list additional series that are not more than 30% away 
from the price of the underlying security.
---------------------------------------------------------------------------

    \8\ The OLPP is a national market system plan sponsored by all 
US options exchanges and the OCC which describes procedures to be 
followed by the parties in connection with selecting specified 
underlying interests for listing purposes and requesting a review of 
such selections.
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule on when the Exchange 
may list ByRDs options strikes the right balance between offering 
investors the maximum hedging opportunities with ByRDs options while 
being mindful of creating series that are not likely to offer 
meaningful trading opportunities. The Exchange believes that offering 
ByRDs options with $1 strike price intervals is necessary given the 
economics of a product that only pays $100 per contract if it is in the 
money at expiration. The $1 strike price interval means that investors 
will have strike prices reasonably close to the current price of the 
underlying security such that they have an opportunity to buy or sell a 
ByRDs contract best able to hedge near-term movements in the underlying 
security price.
    The Exchange is proposing to amend rule text in Rule 904FRO, which 
is being amended as Rule 904ByRDs, to use the term underlying 
``security'' instead of underlying ``stock or Exchange-Traded Fund 
Share.'' The Exchange is making this change to ensure consistency with 
changes proposed for Rule 903ByRDS, and other rule text found elsewhere 
in Exchange rules, which generally refer to underlying securities when 
discussing options.
Settlement Price
    The Exchange is proposing to add new commentary .02 to existing 
Rule 910FRO, which is being amended as Rule 910ByRDs, based on feedback 
from participants who traded Fixed Return Options. Proposed commentary 
.02 specifies that the Settlement Price \9\ at expiration shall be 
calculated so as to always round up $0.01 in those instances where the 
Settlement Price exactly equals an expiring ByRDs option strike price. 
For example, if the calculated Settlement Price is $20.00, and there 
are expiring ByRDs Finish High and Finish Low contracts with a strike 
price of $20.00, the Settlement Price will be rounded up to $20.01. The 
effect of rounding will be to have long $20 strike Finish High holders 
receiving $100 and long $20 strike Finish Low holders receiving $0.
---------------------------------------------------------------------------

    \9\ See proposed Rule 900ByRDS(b)(4) & (5), which collectively 
define both the Settlement Price and how it is calculated based upon 
volume weighted average price (``VWAP'') for the entire day of 
trading on expiration.
---------------------------------------------------------------------------

    Absent this rounding, a participant may potentially have a position 
that appears to guarantee a pay-off of $100 at expiration, but would 
instead receive $0. For example, assume an investor holds both a $20 
strike Finish High contract and $20 strike Finish Low contract. 
Previously, it was more than likely that either the Finish High or 
Finish Low contract would expire in the money and consequently the 
holder would receive $100 at expiration. However, in the unlikely event 
that the

[[Page 11847]]

Settlement Price was calculated to exactly equal the $20 strike price, 
such holder of the two contracts would receive $0. Although the risk of 
the Settlement Price equaling the strike price was small, the Exchange 
believes that this could cause problems both for hedging and explaining 
to investors what would happen in the unusual circumstance where the 
Settlement Price matched the strike price of an expiring ByRDs contract 
exactly. Therefore, the Exchange is proposing this change to ensure 
that either the Finish High or the Finish Low ByRDs option contracts 
will always pay off at expiration. The Exchange believes this will 
result in less opportunity for investor confusion and less uncertainty 
for participants as a whole.
Underlying Securities
    The Exchange is proposing to revise Commentary .02 to Rule 915FRO, 
which is being amended as Rule 915ByRDs, to include Section 107 
Securities \10\ as eligible underlying securities upon which ByRDs 
contracts may be listed, provided all other listing criteria for ByRDs 
have been met. The Exchange notes that approval to list options on 
Section 107 Securities came subsequent to the time when Fixed Return 
Options were first offered and traded.\11\ Given the success and 
popularity of options on Section 107 Securities, such as those on the 
iPath S&P 500 VIX Short Term Futures TM ETN (symbol:VXX), 
the Exchange believes it is appropriate to offer investors the 
opportunity to hedge those instruments with ByRDs option contracts as 
well.
---------------------------------------------------------------------------

    \10\ See NYSE MKT Rule 915 Commentary .11.
    \11\ See Securities Exchange Act Release No. 57150 (January 15, 
2008) 73 FR 3765 (January 22, 2008) (Approval Order for SR-Amex-
2007-130, as amended).
---------------------------------------------------------------------------

    Similarly, the Exchange is proposing to amend Commentary .03 to 
existing Rule 916FRO, which is being amended as Rule 916ByRDs, to 
include Section 107 Securities. Rule 916ByRDs discusses the criteria 
necessary for the continued approval to introduce new series of ByRDs 
for trading. Failing to meet the criteria shall mean that no new series 
of ByRDs on that underlying security will be introduced for trading.
    The Exchange is proposing to delete Rule 918FRO, Trading Rotations, 
Halts and Suspensions as it referenced deleted Rule 918 which has since 
been replaced by the rules in Section 900NY,\12\ which as noted above, 
have specifically been incorporated by reference in Rule 900ByRDs.
---------------------------------------------------------------------------

    \12\ See Rule 952NY which addresses Trading Auctions (a/k/a 
``rotations'') and Rule 953NY which addresses Trading Halts and 
Suspensions.
---------------------------------------------------------------------------

Minimum Price Variation for ByRDs
    The Exchange is proposing to delete an obsolete rule reference in 
existing Rule 951FRO, which is being amended as Rule 951ByRDs, and 
adding new text to state that the Minimum Price Variation (``MPV'') for 
quoting and trading of ByRDs option contracts is $0.01 for all series. 
The Exchange believes that given the maximum pay off at expiration for 
a ByRDs contract is $100, adopting an MPV with a $0.01 value is 
appropriate. If the Exchange were to quote and trade ByRDs in $0.05 
MPV's [sic], the resulting $5 incremental price of a ByRDs option 
contact would represent 5% of the potential payout at expiration, which 
would unnecessarily erode profits or add to losses. Therefore, the 
Exchange believes that the optimal MPV for these securities in [sic] 
$0.01. The Exchange notes that other securities, such as foreign 
currency options, traded on other exchanges also have $0.01 MPV's 
[sic].\13\
---------------------------------------------------------------------------

    \13\ See ISE Rule 710, Supplementary Material .02, which states, 
``Notwithstanding any other provision of this Rule 710, the Exchange 
will permit foreign currency options and options on a Foreign 
Currency Index to be quoted and traded in one-cent increments.''
---------------------------------------------------------------------------

Bid-Ask Differentials
    The Exchange is also proposing to delete an obsolete rule reference 
in existing Rule 958FRO, which is being amended as Rule 958ByRDs, which 
describes bid-ask differentials for ByRDs. The Exchange is not 
proposing any change with respect to Market Maker quoting obligations 
for ByRDs--other than to simply propose a change to update an obsolete 
rule cite. Market Makers will continue to be obligated to quote ByRDs 
no more than $0.25 wide, except during the last trading day before 
expiration when they may quote ByRDs $0.50 wide.
    The Exchange is also proposing to eliminate a provision in Rule 
958FRO, (Rule 958ByRDs), which provides that the permissible price 
differential for any in-the-money series may be identical to that of 
the underlying security market. Because the bid-ask differential of an 
underlying security is not necessarily a determining factor in the 
theoretical value of an in-the-money ByRDs options contract the 
Exchange does not believe that wider bid-ask differentials are needed 
simply because the underlying security may be greater than maximum bid-
ask differentials provided for above. As provided for in existing 
Commentary .01, the Exchange may continue to establish permissible 
price differences other than those noted above for one or more series 
or classes of ByRDs, as warranted by market conditions.
Obvious Errors and Catastrophic Errors in ByRDs
    Finally, the Exchange proposes to revise Rule 975NY (a)(1), adopt 
new subsection (a)(8) to address the handling of transactions in ByRDs 
option contracts that qualify for treatment under the Obvious Error 
provisions of Rule 975NY and add new text to paragraph (d) to address 
the handling of Catastrophic Errors in ByRDs. Unless otherwise 
specified, the provisions of Rule 975NY will continue to apply.
    Proposed paragraph (a)(8) states, ``Binary Return Derivatives: Not 
withstanding subsection (a)(1) of this rule, any transaction in a 
Binary Return Derivatives contract that is higher or lower than the 
Theoretical Price by $.25 or more shall be deemed an Obvious Error, 
subject to the adjustment procedures of paragraph (a)(3), unless such 
adjustment would result in a price higher than $1.02, in which case the 
adjustment price shall be $1.02.'' As ByRDs will either pay $0 or $100 
at expiration, a single ByRDs contract should not have a value greater 
than $1.00, therefore the Exchange believes that any adjustment under 
the provisions of the Obvious Error rule should be capped at a price no 
higher than $1.02. Further, the Exchange is making changes to paragraph 
(d)(1) to explicitly state that transactions in ByRDs contracts over 
$1.02 shall qualify as Catastrophic Errors if participants request a 
review under the existing provisions of paragraph (d)(3)(A). 
Transactions in ByRDs contracts that qualify as Catastrophic Errors 
will be adjusted in accordance with the procedures of new subsection 
(i) of paragraph (d)(3)(C) such that any Catastrophic Error in ByRDs 
contracts will result in an adjustment to $1.02, unless both parties 
mutually agree to a different adjustment price.
    The Exchange believes that using $1.02 as the maximum price by 
which an Obvious Error involving a ByRDs contract shall be adjusted is 
appropriate as it is not unreasonable for someone looking to close a 
position (for example, for tax loss purposes) to have to pay a slight 
premium to do so--similar to how an investor might choose to sell an 
option under parity or buy back an option position for more than its 
theoretical maximum value. For the same reason, the Exchange believes 
that using $1.02 as the threshold for determining whether a 
Catastrophic

[[Page 11848]]

Error has occurred in a ByRDs contract is also appropriate.
    By adjusting all ByRDs Catastrophic Error transactions over $1.02 
to a price of $1.02, the certainty of having a trade is retained, while 
the party that caused the error experiences some small penalty for 
having created the error; this is similar to the manner in which non-
Customer to non-Customer transactions involved in Obvious Errors are 
handled presently.\14\
---------------------------------------------------------------------------

    \14\ See Rule 975NY(a)(3)(A).
---------------------------------------------------------------------------

    The Exchange is also proposing minor technical changes to Rule 
980FRO, which is being amended as Rule 980ByRDs, to capitalize the 
defined term Settlement Price.
    With regard to any systems impact, NYSE Amex Options represents 
that Exchange systems have the functionality to support the trading of 
Binary Return Derivatives. The Exchange has analyzed its capacity and 
represents that it and the Options Price Reporting Authority (``OPRA'') 
have the necessary systems capacity to handle the potential additional 
traffic associated with the re-listing and trading of ByRDs contracts. 
The Exchange has further discussed the proposed listing and trading of 
ByRDs contracts with the OCC, which has represented that it is able to 
accommodate the clearing and settlement of ByRDs contracts. The 
Exchange will monitor any increased trading volume associated with the 
listing of new series of ByRDs and will analyze the effect, if any, 
that the additional volume has on the capacity of the Exchange's, 
OPRA's, and the OCC's automated systems. In addition, the Exchange does 
not believe the listing of Binary Return Derivatives will cause 
fragmentation to liquidity in the options markets.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section 
6(b) of the Act,\15\ in general, and furthers the objectives of Section 
6(b)(5),\16\ 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, in general, to protect 
investors and the public interest.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Specifically, the Exchange believes that amending the existing 
rules governing Fixed Return Options and replacing them with rules 
specific for Binary Return Derivative Options removes impediments to 
and perfects the mechanism of a free and open market by conforming 
Exchange rules to the new branding for this form of options contract, 
which the Exchange plans to reintroduce. Similarly, the Exchange 
believes that updating Exchange rules governing ByRDs to include cross-
references to rules that have been updated since March 2009, e.g., the 
amendments to cross-reference the Rule 900NY Series, will remove 
impediments to and perfect the mechanism of a free and open market by 
reducing any confusion in Exchange rules regarding which rules govern 
the trading of ByRDs options contracts.
    More specifically, the Exchange believes that augmenting the rules 
governing ByRDs to adopt new paragraphs (a) (b) and (c) to proposed 
Rule 903ByRDs to specify which series of ByRDs option contract may be 
opened for trading by the Exchange and the permitted strike price 
intervals for ByRDs will also remove impediments to and perfect the 
mechanism of a free and open market because it will consolidate in a 
single location the rules governing the trading of ByRDs and therefore 
provide clarity into [sic] the process for listing ByRDs options. In 
addition, the Exchange believes that adding the listing of ByRDs on 
Section 107 Securities will offer investors the opportunity to hedge 
those instruments with ByRDs option contracts, thus further removing 
impediments to the mechanism of a free and open market.
    The Exchange believes that the proposed change to calculating the 
Settlement Price so that it will always round up $0.01 when the 
Settlement Price matches an existing strike price is designed to avert 
a situation where neither the Finish High nor the Finish Low Binary 
Return Derivative option contract pays off at expiration. The Exchange 
believes that providing the certainty of a payout on at least one side 
of a ByRDs option protects investors and the public interest in 
general.
    The Exchange notes that that adopting a $0.01 MPV is consistent 
with pricing of other products at competing exchanges \17\ and believes 
that the proposed rule will help investors maximize profits and/or 
minimize loses and therefore is designed to promote just and equitable 
principles of trade.
---------------------------------------------------------------------------

    \17\ Supra Footnote No. 13.
---------------------------------------------------------------------------

    Finally the Exchange believes that amending rules governing Obvious 
Error and Catastrophic Error in order to adjust ByRDs transitions that 
occur at prices greater than $1.02, is designed to promote just and 
equitable principles of trade and the protection of investors by 
averting situations where a market participant might potentially pay 
significantly more than the maximum value for of [sic] ByRDs option.

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

    The Exchange believes the proposed rule change will not impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. The proposed revisions to 
existing Exchange rules and the adoption of new ones are intended to 
make trading ByRDs options more attractive to investors, which should 
help the Exchange to compete with other market centers. In addition, 
the Exchange has found that offering ATP Holders a wide variety of 
investment products attracts new market participants to the Exchange, 
which may lead to greater competition and increased liquidity which 
benefits any investor choosing to trade on NYSE Amex Options.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule 
change should be 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-NYSEMKT-2014-06 on the subject line.

[[Page 11849]]

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-NYSEMKT-2014-06. 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-2014-06, and should 
be submitted on or before March 24, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-04553 Filed 2-28-14; 8:45 am]
BILLING CODE 8011-01-P


