Specifications | Rule 10b-18, issuer repurchases Division of Trading and Markets Interpretive Letter: NYSE, LLC and NYSE Amex LLC Date: 2010-02-03; TP File No. 10-01 U.S. Securities and Exchange Commission |
Business section |

Specifications | Rule 10b-18, issuer repurchases Division of Trading and Markets Interpretive Letter: NYSE, LLC and NYSE Amex LLC Date: 2010-02-03; TP File No. 10-01 U.S. Securities and Exchange Commission |
Business section |
Specifications | Rule 10b-18, issuer repurchases Division of Trading and Markets Interpretive Letter: NYSE, LLC and NYSE Amex LLC Date: 2010-02-03; TP File No. 10-01 U.S. Securities and Exchange Commission |
Suggested Link Details/Purchase | |
Content | Daniel M. Labovitz NYSE Regulation February 3, 2010 Page 2 • Pegging e-Quotes are reactive; they do not become active until there is another, independent order at the National best bid. They do not establish the National best bid, nor do they become the National best bid when no other independent interest is at that price; • Pegging e-Quotes can peg only to·other non-pegging displayed interest within the pegging range selected by the Floor broker. A pegging e-Quote cannot peg to another pegging e-Quote. Also, a pegging e-Quote can itself be undisplayed, but cannot peg to undisplayed interest; • The execution resulting from a pegging e-Quote will never exceed the highest independent bid quoted or reported in the Consolidated Quotation System. The pegging e-Quote can only join the highest independent bid quoted by the NYSE or by another market, and cannot ever bid at a higher price than the highest independent bid.3 Response: Under Rule IOb-18(b)(3)(i), Rule 1Ob-18 purchases must be effected at a purchase price that does not exceed the highest independent bid or the last independent transaction price, whichever is higher, quoted or reported in the consolidated system at the time the Rule lOb-18 purchase is effected.4 On the basis of your representations and the facts presented, but without necessarily concurring in your analysis, the Division ofTrading and Markets ( Division ) hereby confirms that using pegging e-Quotes to effect Rule 1Ob-18 purchases, as described in your letter, would enable Floor brokers to stay within the safe harbor price provision in Rule 1Ob-18(b)(3)(i), provided that the Rule 1Ob-18 purchase is effected at a purchase price that does not exceed the highest independent bid or the last independent transaction price, whichever is higher, quoted or reported in the consolidated system at the time the Rule 1Ob-18 purchase is effected. We note that Rule 1Ob-18 s price provisions require an independent reference price that has not been set or influenced by the issuer (or by the Floor broker effecting purchases on behalf of an issuer), but instead is based on independent market prices. We also note that, regardless of whether an issuer s repurchases technically satisfy the 3 Thus, an e-Quote pegged to the National best bid will be executed only ifthere is independent interest at the same time at the National best bid. 4 17 CFR 240.1 Ob-18(b)(3)(i). Rule lOb-18(a) defines consolidated system as a consolidated transaction or quotation reporting system that collects and publicly disseminates on a current and continuous basis transaction or quotation information in common equity securities pursuant to an effective transaction reporting plan or an effective national market system plan (as those terms are defined in 17 CFR 242.600). |
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