NYSE Change to Rule 98 Proposed
On April 1st, the SEC provided notice of New York Stock Exchange, LLC and NYSE MKT, LLC proposed changes to Rule 98, Equities to Adopt a Principles-based Approach to Prohibit the Misuse of Material Nonpublic Information and Make Conforming Changes to Other Exchange Rules. The proposed amendments would adopt a principles-based approach to prohibit the misuse of material nonpublic information by a member organization that operates a DMM unit and make conforming changes to other Exchange rules. The proposed rule changes would provide more flexibility for how a member organization may organize its DMM unit. Comments should be submitted within 21 days after publication in the Federal Register, which is expected soon. SEC Release 34-71837; SEC Release 34-71838.
NYSE Proposes Making Pilot Program Permanent
On April 1st, the SEC provided notice of NYSE Arca, Inc. and NYSE MKT, LLC proposed rule change to make permanent its Pilot Program regarding minimum value sizes for opening transactions in new series of flexible exchange options and establish new minimum value sizes applicable to other FLEX Transactions and FLEX Quotes. By making the Pilot Program permanent, market participants would continue to have greater flexibility in determining whether to execute their customized options in an exchange environment or in the OTC market. Comments should be submitted within 21 days after publication in the Federal Register, which is expected soon. SEC Release 34-71839; SEC Release 34-71840.