NYSE’s Proposed Retail Liquidity Program for NYSE-Listed Securities & NYSE AMEX Equities Traded Securities


SIFMA provides comments to the Securities and Exchange Commission (SEC) on its order instituting proceedings to determine  whether to disapprove proposed rule changes related to the New York Stock Exchange LLC (NYSE) and NYSE Amex LLC (NYSE Amex) proposed Retail Liquidity Program (Program), Securities Exchange Act Release No. 34-66346 (File No. SR NYSE-2011-55 and File No. SR-NYSEAmex-2011-84).  SIFMA believes that the Program is inconsistent with certain provisions of the Exchange Act and the SEC should therefore disapprove the Exchanges’ proposed rule changes.  SIFMA maintains that the Program and related request for an exemption from the prohibitions against sub-penny accepting and ranking under Regulation NMS raise significant market structure concerns that the SEC itself has raised in recent releases.