NYSE Arca, Inc. (NYSE Arca) filed with the Securities and Exchange Commission a proposed rule change to amend Rule 6.76A to allow marketable orders to be exposed to market participants for a brief period of time before routing to an away market center for execution at the national best bid/offer (NBBO). Under the current rule, if an order that is marketable against the NBBO is received, it is matched against any possible contra side interest in the display order process and in the working order process. If the order is still unexecuted, or if only partially unexecuted, the order is then routed away to the market or markets at the NBBO.  

The proposed rule change will provide for the NYSE Arca System to expose the order, at the NBBO price, to any Options Trading Permit Holders who wish to subscribe to such notices, for a brief period of time not to exceed one second (exposure period). During the exposure period, orders and quotes that are equal to the NBBO and on the opposite side of the market will be matched against the exposed order and immediately executed as they are received. Orders and quotes that are better than the NBBO and on the opposite side of the market will also be matched against the exposed order, and immediately executed as they are received at the exposed price. At the end of the exposure period, the System will again attempt to match the balance of the order, if any, against any available Tracking Orders. If the order is still unexecuted, or if only partially unexecuted, it will be routed to the market(s) at the NBBO for execution  

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