What's going on everyone? How's it going? Market's looking terrible today. Anyways,
we have a new rule filing sitting on the books. SR-NYSEArca-2021-47. Notice of filing of proposed
rule change for new rules.
Now, I left it vague for a reason. Brief timeline on this one. It was first filed on June 21st,
2021. Showed up on public inspection today, meaning that if it shows up in the recently
published section tomorrow morning, it will be approved or disapproved 45 days from tomorrow.
Now, this is over 100 pages long, so I'm gonna have to break this up into several different
videos. I will create a playlist, take it from the top, and go and explain this as best
as I can.
Now, in this one, I'm gonna give you a brief background, go over what these rules are,
and then I will start breaking them down one at a time. So the rules, we have 6.1P-0, Applicability.
We have 6.37P-0, Market Maker Quotations. We have 6.40p-0, Pre-trade and Activity Based
Risk Controls. We have 6.41p-0, Price Reasonability Checks - Orders and Quotes. 6.62P-0, Orders
and Modifiers, 6.64P-0, Option Process,
(heavy breathing lol)
6.76AP-0, Order Execution and Routing, and last but not least, 6.76P-0, Order Ranking
and Display. Holy tits, so much work! (just kidding)
It's okay though. I do it because I love you, and I need to know myself what this means.
So in this one, I'm gonna give you a little bit of a background. So this basically is
a bunch of new rules and they're also going to amend some current rules to allow for the
implementation or the transition from its' current platform, "OX", or OX, which refers
to the exchange's current electronic delivery execution and reporting system. Now, it's
going to be transitioning to the Pillar technologies platform, and this is not just for the NYSEArca.
All of the NYSE exchanges are going to file for this, and the exchanges being NYSEARCA,
AMEX, CHICAGO, the NYSEFLOOR, and the NYSENATIONAL.
And this is anticipated to be implemented sometime in the fourth quarter of this year,
which would be October at the earliest. So that's basically it for the background of
this. Now, I'm gonna go through and start breaking these down one at a time. In this
video, I will go ahead and break down 6.1P-0, which is Applicability.
So it says to promote clarity and transparency, the Exchange further proposes to add a Preamble
to the following current rules specifying that they would not be applicable to trading
on pillar. So these new rules are basically like a "Bill of Rights", I guess for this
platform. It's like a preamble. You cannot do these things listed in the new rules.
So basically, 6.1P-0, or Applicability, would be based on the current rule with differences
that would streamline the proposed rule and reduce duplication of terms defined in rule
1.1. It would be based on part rule 6.1-0(e) regarding "Applicability of other Exchange
rules" with changes to eliminate obsolete and duplicate text, and to clarify the proposed
rule to provide that unless stated otherwise, the Exchange rules would be applicable to
transactions on the Exchange in option contracts.
So the Pillar platform already was setup for equities. They're transitioning to have it
work for options as well. So basically, the Preamble, again, is designed to promote clarity
and transparency in the exchange rules, that 6.1-0 would not be applicable to trading on
Pillar.
So that's it for this one. I will start breaking these down in order. So next, I will probably
do it two or three rules at a time. We're gonna talk about definitions and references
for 'market maker quotations', and 'risk limitation mechanisms.'
So this is gonna be fun. I'll let you all know when I get the next one out. Give me
awhile to type up the transcript on this one for the different languages, and I will talk
to you all later.
If you made it this far, JACKED TO THE TITS! I LOVE YOU!