[Federal Register Volume 84, Number 242 (Tuesday, December 17, 2019)]
[Notices]
[Pages 68995-68999]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27082]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87715; File No. SR-NYSE-2019-68]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Proposed Rule Change To Amend Its Rules To Add New
Rule 7.19 (Pre-Trade Risk Controls)
December 11, 2019.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on November 27, 2019, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III 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.
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\1\ 15 U.S.C.78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its rules to add new Rule 7.19 (Pre-
Trade Risk Controls). The proposed rule change is available on the
Exchange's website 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
In order to assist member organizations' efforts to manage their
risk, the Exchange proposes to amend
[[Page 68996]]
its rules to add new Rule 7.19 (Pre-Trade Risk Controls) to establish a
set of pre-trade risk controls by which Entering Firms and their
designated Clearing Firms (as defined below) may set credit limits and
other pre-trade risk controls for an Entering Firm's trading on the
Exchange and authorize the Exchange to take action if those credit
limits or other pre-trade risk controls are exceeded.
For purposes of this proposed rule change, the Exchange proposes to
define the term ``Entering Firm'' to mean a member organization that
either has a correspondent relationship with a Clearing Firm whereby it
executes trades and the clearing function is the responsibility of the
Clearing Firm or clears for its own account \4\ and to define the term
``Clearing Firm'' to mean a member organization that acts as principal
for clearing and settling a trade, whether for its own account or for
an Entering Firm.\5\
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\4\ See proposed Rule 7.19(a)(1).
\5\ See proposed Rule 7.19(a)(2). As required by Rule 7.14, a
member organization is required to give up the name of the clearing
firm through which each transaction on the Exchange will be cleared.
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1. Overview
In order to help firms manage their risk, the Exchange proposes to
offer optional pre-trade risk controls that would authorize the
Exchange to take automated actions if a designated credit limit or
other pre-trade risk control for a firm is breached. Because Clearing
Firms bear the risk on behalf of their correspondent Entering Firms,
the Exchange proposes to make the proposed pre-trade risk controls
available not only to Entering Firms, but also to their Clearing Firms,
if so authorized by the Entering Firm. These pre-trade risk controls
would provide Entering Firms and their Clearing Firms with enhanced
abilities to manage their risk with respect to orders on the Exchange.
As proposed, these optional controls would allow Entering Firms and
their Clearing Firms to each define different pre-set risk thresholds
and to choose the automated action the Exchange would take if those
thresholds are breached, which would range from notifying the Entering
Firm and Clearing Firm that a limit has been breached, blocking new
orders, or canceling orders until the Entering Firm has been reinstated
to trade on the Exchange.
Although use of the proposed Exchange-provided pre-trade risk
controls are optional, all orders on the Exchange will pass through
risk checks. As such, an Entering Firm that does not choose to set
limits or permit its Clearing Firm to set limits on its behalf will not
achieve any latency advantage with respect to its trading activity on
the Exchange. In addition, the Exchange expects that any latency added
by the pre-trade risk controls will be de minimis.
The proposed pre-trade risk controls described are meant to
supplement, and not replace, the member organizations' own internal
systems, monitoring and procedures related to risk management. The
Exchange does not guarantee that these controls will be sufficiently
comprehensive to meet all of a member organization's needs, the
controls are not designed to be the sole means of risk management, and
using these controls will not necessarily meet a member organization's
obligations required by Exchange or federal rules (including, without
limitation, the Rule 15c3-5 under the Act \6\ (``Rule 15c3-5'')). Use
of the Exchange's pre-trade risk controls will not automatically
constitute compliance with Exchange or federal rules and responsibility
for compliance with all Exchange and SEC rules remains with the member
organization.\7\
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\6\ See 17 CFR 240.15c3-5.
\7\ The Exchange proposes Commentary .01 to Rule 7.19 to provide
that ``[t]he pre-trade risk controls described in this Rule are
meant to supplement, and not replace, the member organization's own
internal systems, monitoring and procedures related to risk
management and are not designed for compliance with Rule 15c3-5
under the Exchange Act. Responsibility for compliance with all
Exchange and SEC rules remains with the member organization.''
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2. Proposed Rule Change
Proposed Rule 7.19(a) would set forth the definitions that would be
used for purposes of the Rule. In addition to the defined terms of
``Entering Firm'' and ``Clearing Firm,'' as described above, the
Exchange proposes the following definitions:
The term ``Single Order Maximum Notional Value Risk
Limit'' would mean a pre-established maximum dollar amount for a single
order before it can be traded.
The term ``Single Order Maximum Quantity Risk Limit''
would mean a pre-established maximum number of shares that may be
included in a single order before it can be traded.
The term ``Gross Credit Risk Limit'' would mean a pre-
established maximum daily dollar amount for purchases and sales across
all symbols, where both buy and sell orders are counted as positive
values. For purposes of calculating the Gross Credit Risk Limit,
unexecuted orders in the Exchange Book,\8\ orders routed on arrival
pursuant to Rule 7.37(a)(1), and executed orders are included.
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\8\ The term ``Exchange Book'' is defined in Rule 1.1(k) to
refer to the Exchange's electronic file of orders, which contains
all orders entered on the Exchange.
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The Exchange proposes to separately calculate Gross Credit Risk
Limits for: (i) All unexecuted and executed orders; (ii) unexecuted
orders only; and (iii) executed orders only.
Proposed Rule 7.19(b) would set forth the Pre-Trade Risk Controls
that would be available to Entering Firms and Clearing Firms. Under
proposed Rule 7.19(b)(1), an Entering Firm may select one or more of
the following optional pre-trade risk controls with respect to its
trading activity on the Exchange: (i) One or more Gross Credit Risk
Limits; (ii) Single Order Maximum Notional Value Risk Limits; and (iii)
Single Order Maximum Quantity Risk Limits, which would collectively be
referred to as the ``Pre-Trade Risk Controls.''
In addition, under proposed Rule 7.19(b)(2)(A), an Entering Firm
that does not self-clear may designate its Clearing Firm to (i) view
any Pre-Trade Risk Controls set by the Entering Firm, or (ii) set one
or more Pre-Trade Risk Controls on the Entering Firm's behalf, or both.
Proposed Rule 7.19(b)(2)(B) provides that an Entering Firm would be
able to view any Pre-Trade Risk Controls that its Clearing Firm sets
with respect to the Entering Firm's trading activity on the Exchange.
Because both an Entering Firm and Clearing Firm would be able to access
information about Pre-Trade Risk Controls, this mechanism would foster
transparency between an Entering Firm and its Clearing Firm regarding
which Pre-Trade Risk Control limits may have been set. For example, if
an Entering Firm designates its Clearing Firm to view the Pre-Trade
Risk Controls set by that Entering Firm, its Clearing Firm may
determine that it does not need to separately set Pre-Trade Risk
Controls on behalf of such Entering Firm.
Because the Entering Firm is the member organization that is
entering orders on the Exchange, the Exchange will not take action
based on a Clearing Firm's instructions about the Entering Firm's
trading activities on the Exchange without first receiving consent from
the Entering Firm. Accordingly, proposed Rule 7.19(b)(2)(C) would
provide that if an Entering Firm designates a Clearing Firm to set Pre-
Trade Risk Controls for the Entering Firm, the Entering Firm would be
consenting to the Exchange taking certain prescribed actions (discussed
further below) with respect to the Entering Firm's trading activity as
provided for in proposed Rules 7.19(c)
[[Page 68997]]
and (d), described below. The Exchange would consider an Entering Firm
to provide such consent by authorizing a Clearing Firm to enter Pre-
Trade Risk Controls via the risk management tool that will be provided
to Entering Firms in connection with this proposed rule change. Once
such authorization is provided by the Entering Firm, the Clearing Firm
would have access to the Pre-Trade Risk Controls on behalf of that
Entering Firm. The proposed Rule makes clear that by designating a
Clearing Firm to set limits on its trading activities, the Entering
Firm will have authorized the Exchange to act pursuant to the Clearing
Firm's instructions if the limits set by the Clearing Firm are
breached.
Proposed Rule 7.19(b)(3) would set forth how the Pre-Trade Risk
Controls could be set or adjusted. Proposed Rule 7.19(b)(3)(A) would
provide that Pre-Trade Risk Controls may be set before the beginning of
a trading day and may be adjusted during the trading day. Proposed Rule
7.19(b)(3)(B) would provide that Entering Firms and Clearing Firms may
set Pre-Trade Risk Controls at the MPID level or at a sub-ID of an
MPID, as designated by an Entering Firm. The Exchange believes that
supporting Pre-Trade Risk Controls at both an MPID and sub-ID level
would provide both Entering Firms, and if designated, their Clearing
Firms, more granular control over how such risk controls are determined
and monitored.
Proposed Rule 7.19(b)(4) would provide that with respect to Gross
Credit Risk Limits, both an Entering Firm and its designated Clearing
Firm may enable alerts to signal when an Entering Firm is approaching
its designated credit limit(s). The Exchange believes that by providing
such alerts, the Entering Firm, and if designated, its Clearing Firm,
would have advance notice that the Entering Firm is approaching a
designated limit and could take steps to mitigate the potential that an
automated breach action would be triggered.
Proposed Rule 7.19(c) would set forth the actions the Exchange
would be authorized to take when a Pre-Trade Risk Control set by an
Entering Firm or a Clearing Firm is breached, which would be referred
to as ``Automated Breach Actions.'' These proposed actions would be
automated; if a Pre-Trade Risk Control is breached, the Exchange would
automatically take the designated action and would not need further
direction from either the Entering Firm or Clearing Firm to take such
action.
At the outset, proposed Rule 7.19(c)(1) would provide that if both
an Entering Firm and its Clearing Firm set the same type of Pre-Trade
Risk Control for the Entering Firm but have set different limits, the
Exchange would enforce the more restrictive limit. For example, if an
Entering Firm sets a Single Order Maximum Notional Value Risk Limit of
$20 million and its Clearing Firm sets the same risk limit at $15
million, the Exchange will take action when the more restrictive limit
is breached--i.e., $15 million.
Proposed Rule 7.19(c)(2) would set forth the Automated Breach
Action the Exchange would take if an order would breach the designated
limit of either a Single Order Maximum Notional Value Risk Limit or
Single Order Maximum Quantity Risk Limit. As proposed, the Exchange
would reject the incoming order that would have breached the applicable
limit.
Proposed Rule 7.19(c)(3)(A) would set forth the Automated Breach
Actions the Exchange would take if a designated Gross Credit Risk Limit
is breached. The Exchange proposes to provide options of which
Automated Breach Action the Exchange would be authorized to take if a
Gross Credit Risk Limit is breached. Such Automated Breach Actions
would be taken at the MPID or sub-ID level that is associated with the
designated Gross Credit Risk Limit. As proposed, when setting Gross
Credit Risk Limits, the Entering Firm or Clearing Firm setting the
limit would be required to indicate one of the following actions that
the Exchange would take if such limit is breached:
``Notification Only.'' As set forth in proposed Rule
7.19(c)(3)(A)(i), if this option is selected, the Exchange would notify
the Entering Firm or Clearing Firm that a limit has been breached and
continue to accept new orders and order instructions and would not
cancel any unexecuted orders in the Exchange Book.
``Block Only.'' As set forth in proposed Rule
7.19(c)(3)(A)(ii), if this option is selected, the Exchange would
reject new orders and order instructions but would not cancel any
unexecuted orders in the Exchange Book. The Exchange would continue to
accept instructions from the Entering Firm to cancel one or more orders
in full (including Auction-Only Orders) or any instructions specified
in proposed Rule 7.19(e) (described below), but would not take any
automated action to cancel orders.
``Cancel and Block.'' As set forth in proposed Rule
7.19(c)(3)(A)(iii), if this option is selected, in addition to the
Block actions described above, the Exchange would also cancel all
unexecuted orders in the Exchange Book other than Auction-Only Orders.
If an Entering Firm and its Clearing Firm each set different limits
for a Gross Credit Risk Limit for the Entering Firm's activities on the
Exchange, proposed Rule 7.19(c)(3)(B) would provide that the Exchange
would enforce the action that was chosen by the party that set the
limit that was breached. For example, if a Clearing Firm sets a lower
limit and designates the ``Cancel and Block'' Automated Breach Action,
if that limit is breached, the Exchange will implement that ``Cancel
and Block'' action even if the Entering Firm designated a different
Automated Breach Action.
Proposed Rule 7.19(c)(3)(C) would provide that if both the Entering
Firm and Clearing Firm set the same Gross Credit Risk Limit and that
limit is breached, the Exchange would enforce the most restrictive
Automated Breach Action. As further proposed, for purposes of this
Rule, the ``Cancel and Block'' action would be more restrictive than
``Block Only,'' which would be more restrictive than ``Notification
Only.'' For example, if the Entering Firm selects the ``Block Only''
action for a Gross Credit Risk Limit and its Clearing Firm selects the
``Cancel and Block'' action for the same Gross Credit Risk Limit, if
the limit is breached, the Exchange would take the ``Cancel and Block''
action for the Entering Firm's orders.
Proposed Rule 7.19(d) concerns how an Entering Firm's ability to
enter orders and order instructions would be reinstated after a ``Block
Only'' or ``Cancel and Block'' Automated Breach Action has been
triggered. In such case, proposed Rule 7.19(d) provides that the
Exchange would not reinstate the Entering Firm's ability to enter
orders and order instructions on the Exchange (other than instructions
to cancel one or more orders (including Auction-Only Orders) in full)
until it has received notification that the Entering Firm can be
reinstated. Proposed Rule 7.19(d)(1) provides that if the Gross Credit
Risk Limit that was breached was set by the Entering Firm, the Entering
Firm must seek reinstatement on the Exchange. Proposed Rule 7.19(d)(2)
provides that if the Gross Credit Risk Limit that was breached was set
by a Clearing Firm, the Entering Firm must seek reinstatement on the
Exchange, unless the Clearing Firm designates that it must approve the
Entering Firm's reinstatement, in which case both the Entering Firm and
Clearing Firm must seek reinstatement. The Exchange proposes to include
this functionality because the Clearing Firm bears the risk of any
exposure of its correspondent Entering Firms.
[[Page 68998]]
Finally, proposed Rule 7.19(e) would set forth member organization-
directed actions, i.e., ``kill switch'' functionality. As proposed,
member organizations would be provided with the ability to direct the
Exchange to take bulk action with respect to orders, which differs from
the Automated Breach Actions described above. The Exchange previously
filed a proposed rule change describing risk management tools designed
to allow member organizations to monitor and address exposure to
risk.\9\ Those tools function on a post-trade basis: Member
organizations that choose to use this tool can monitor exposure as
their trades execute, set limits, and receive alerts if such limits are
breached. However, if a limit is breached, the member organization
needs to direct the Exchange to take an action, which could include
either a bulk block or bulk cancel message, or both.
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\9\ See Securities Exchange Act Release No. 71164 (December 20,
2013), 78 FR 79044 (December 27, 2013) (SR-NYSE-2013-80) (Notice of
filing and immediate effectiveness of proposed rule change) (the
``2013 Risk Control Filing'').
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The Exchange proposes to specify certain member organization-
directed actions in proposed Rule 7.19(e). As described above, the risk
management tool that would be provided to member organizations in
connection with this proposed rule change would include information
about an Entering Firm's Gross Credit Risk Limits at either an MPID or
sub-ID level (at the direction of the Entering Firm). As further
described above, these limits would be updated with information about
an Entering Firm's unexecuted orders in the Exchange Book, orders
routed on arrival, and executed orders. Because this tool would provide
information to member organizations to determine whether to direct the
Exchange to take action with respect to their orders, the Exchange
proposes that proposed Rule 7.19 would supersede and replace the
description of risk controls as set forth in the 2013 Risk Control
Filing.
More specifically, proposed Rule 7.19(e) would specify that an
Entering Firm, or if authorized pursuant to proposed Rule
7.19(b)(2)(A), its Clearing Firm, could direct the Exchange to take one
or more of the following actions with respect to orders at either an
MPID, or if designated, sub-ID Level: (1) Cancel all Auction-Only
Orders; (2) Cancel all unexecuted orders in the Exchange Book other
than Auction-Only Orders; or (3) Reject entry of any new orders and
order instructions, provided that the Exchange would continue to accept
instructions from Entering Firms to cancel one or more orders
(including Auction-Only Orders) in full.
A member organization can currently direct the Exchange to take
these actions with respect to its orders and with this proposed rule
change, Clearing Firms designated by the Entering Firm could also take
such action. A member organization that wants more control over when
and which actions are taken with respect to its orders may choose to
use these controls instead of the ``Block'' or ``Cancel and Block''
Automated Breach Actions described above. For example, for a member
organization that selects the ``Notification Only'' Automated Breach
Action, if it receives notification of a credit breach, it could choose
to direct the Exchange to take an action described in proposed Rule
7.19(e).
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\10\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\11\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest,
and because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
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Specifically, the Exchange believes that the proposed rule will
remove impediments to and perfect the mechanism of a free and open
market and a national market system because the proposed optional Pre-
Trade Risk Controls would provide both Entering Firms, and if
designated, Clearing Firms, with the ability to manage risk, while also
providing an alert system that would help to ensure that such firms are
aware of developing issues. In addition, the Pre-Trade Risk Controls
would provide Clearing Firms, who have assumed certain risks of the
Entering Firms, greater control and flexibility over setting risk
tolerance and exposure on behalf of their correspondent Entering Firms.
As such, the Exchange believes that the Pre-Trade Risk Controls would
provide a means to address potentially market-impacting events, helping
to ensure the proper functioning of the market.
In addition, the Exchange believes that the proposed rule change is
designed to protect investors and the public interest because the Pre-
Trade Risk Controls are a form of impact mitigation that will aid
Entering Firms and Clearing Firms in minimizing their risk exposure and
reduce the potential for disruptive, market-wide events. The Exchange
understands that member organizations implement a number of different
risk-based controls, including those required by Rule 15c3-5. The
proposed controls will serve as an additional tool for Entering Firms
and Clearing Firms to assist them in identifying any risk exposure. The
Exchange believes the Pre-Trade Risk Controls will assist Entering
Firms and Clearing Firms in managing their financial exposure which, in
turn, could enhance the integrity of trading on the securities markets
and help to assure the stability of the financial system.
Further, the Exchange believes that the proposed rule will foster
cooperation and coordination with persons facilitating transactions in
securities because the Exchange will provide alerts to Entering Firms
and their Clearing Firms when the Entering Firm's trading reaches
certain thresholds. As such, the Exchange will help Clearing Firms
monitor the risk levels of their correspondent Entering Firms and
provide tools for Clearing Firms, if designated, to take action.
Finally, the Exchange believes that the proposed rule change does
not unfairly discriminate among the Exchange's member organizations
because use of the Pre-Trade Risk Controls is optional and is not a
prerequisite for participation on the Exchange. In addition, because
all orders on the Exchange would pass through the risk checks, there
would be no difference in the latency experienced by member
organizations who have opted to use the Pre-Trade Risk Controls versus
those who have not opted to use them.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. In fact, the Exchange
believes that the proposal will have a positive effect on competition
because, by providing Entering Firms and their Clearing Firms
additional means to monitor and control risk, the proposed rule will
increase confidence in the proper functioning of the markets.
[[Page 68999]]
The Exchange believes the proposed Pre-Trade Risk Controls will assist
Entering Firms and Clearing Firms in managing their financial exposure
which, in turn, could enhance the integrity of trading on the
securities markets and help to assure the stability of the financial
system. As a result, the level of competition should increase as public
confidence in the markets is solidified.
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 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 [email protected]. Please include
File Number SR-NYSE-2019-68 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSE-2019-68. 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 website (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 website 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 the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSE-2019-68 and should be submitted on
or before January 7, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019-27082 Filed 12-16-19; 8:45 am]
BILLING CODE 8011-01-P