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  Rule 64T

Rule 64T. Bonds, Rights and 100-Share-Unit Stocks

The Exchange will file separate proposed rule changes to establish the operative date of Rule 64T, to delete "Rule 64. Bonds, Rights and 100-Share-Unit Stocks" and the preamble text from Rule 64, and to remove the preamble text from the version of Rule 64T. Until such time, "Rule 64. Bonds, Rights and 100-Share-Unit Stocks" will remain operative. In addition to filing the necessary proposed rule changes, the Exchange will announce via Information Memo the implementation of this Rule and the operative date of the deletion of "Rule 64. Bonds, Rights and 100-Share-Unit Stocks."

(a) (a) (i) Except as provided in (ii) below, bids and offers in securities admitted to dealings on an "issued" basis, shall be made as "regular way," i.e., for delivery on the second business day following the day of the contract. In addition, the Exchange may allow for any such additional settlement instructions and periods as the Exchange may from time to time determine. (See Rule 14 (Non-Regular Way Settlement Instructions for Orders) for additional permissible settlement instructions.)

(ii) On the second business day preceding the final day for subscription, bids and offers in rights to subscribe shall be made only "next day," i.e., for delivery on the next business day following the day of the contract; and shall be made only for "cash" on the day preceding the final day for subscription.

(b) All trades effected for other than "regular way" settlement that are more than 0.10 point away from the "regular way" bid or offer must be approved by a Floor Official, except during the last calendar week of the year at which time Floor Official approval is required only for sales more than 0.25 point away from the "regular way" bid or offer. In considering whether or not to grant such approval, the Floor Official should take into consideration whether the price of the transaction is reasonable in relation to the "regular way" market.

(c) All "seller's option" trades, for delivery between three and 60 business days, should be reported to the tape only in calendar days. For example, a trade settling in six business days would print as a "seller's 8" unless there is an intervening holiday (in which case it would print as a "seller's 9"). Weekends and holidays are counted and the trade date is not included when calculating the print for "seller's option" trades. The settlement date of a "seller's option" transaction printed as calendar days cannot coincide with the normal two business day "regular way" settlement.

Adopted: February 10, 2017 (NYSE-2016-87).