Chicago Board Options Exchange

  • Accelerated Approval Granted to Arbitration Proposal.

On December 5th, the SEC granted accelerated approval to the Chicago Board Options Exchange's ("CBOE") proposed amendment of CBOE Rule 18.2 to provide that arbitrators in controversies between parties who are Trading Permit Holders ("TPHs") or associated persons of TPHs may be selected from CBOE's Arbitration Committee or, if necessary, from rosters provided by the Financial Industry Regulatory Authority Inc. SEC Release No. 34-70996.

Financial Industry Regulatory Authority

  • Addition of New ADF Proposed.

On December 11th, the SEC provided notice of the Financial Industry Regulatory Authority's ("FINRA") filing of a proposal to add a new entrant to the Alternative Display Facility ("ADF"). The new ADF entrant, LavaFlow, is a quotation collection and trade reporting facility that provides ADF Market Participants the ability to post quotations, display orders and report transactions in NMS stocks for submission to the Securities Information Processors for consolidation and dissemination to vendors and other market participants. In addition, the ADF delivers real-time data to FINRA for regulatory purposes, including enforcement of requirements imposed by SEC Regulation NMS. Comments should be submitted within 21 days after publication in the Federal Register, which is expected during the week of December 16. SEC Release No. 34-71042.

Municipal Securities Rulemaking Board

  • Amendments to Primary Offering Practices Rule Approved.

On December 5th, the SEC approved the Municipal Securities Rulemaking Board's ("MSRB") proposed amendment of MSRB Rule G-11, Primary Offering Practices, to prohibit brokers, dealers and municipal securities dealers from providing consents to any amendment to authorizing documents for municipal securities, either as an underwriter, a remarketing agent, or as agent for or in lieu of bond owners, except in certain limited circumstances. SEC Release No. 34-70990.

National Securities Clearing Corporation

  • Supplemental Liquidity Deposits Approved.

On December 5th, the SEC approved the National Securities Clearing Corporation's proposed institution of supplemental liquidity deposits to its Clearing Fund to increase liquidity resources to meet its liquidity needs. SEC Release No. 34-70999.

NYSE Euronext

  • Quarterly Expiration Day.

On December 13th, New York Stock Exchange ("NYSE") Regulation reminded members that Friday, December 20, 2013 will be a quarterly Expiration Day for stock and index options and futures products whose settlement pricing is based upon New York Stock Exchange and NYSE MKT opening or closing prices on that day. NYSE Regulation issued an Information Memorandum reminding members and member organizations of certain NYSE and NYSE MKT rules and policies regarding opening imbalance publications, entry and cancellation of market-on-close/limit-on-close and closing offset orders, publication of on-the-close imbalances, and printing the closing transaction.

  • Transaction Settlements.

On December 10th, NYSE Regulation issued an Information Memo concerning settling transactions in securities during the holiday season.

  • Longer Period Designated to Consider Proposed Changes to Order Types and Modifiers.

On December 5th, the SEC designated January 20, 2014 as the date by which it will approve, disapprove, or institute disapproval procedures regarding NYSE Arca's proposed amendment of Rules 7.31, 7.32, 7.37, and 7.38 which would comprehensively update the Exchange's order types and modifiers. SEC Release No. 34-70995.