80 FR 37347 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Extension of the Exchange's Penny Pilot Program and Replacement of Penny Pilot Issues That Have Been Delisted
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 125 (June 30, 2015)
Federal Register Volume 80, Issue 125 (June 30, 2015)
| Page Range | 37347-37349 | |
| FR Document | 2015-15980 |
[Federal Register Volume 80, Number 125 (Tuesday, June 30, 2015)] [Notices] [Pages 37347-37349] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-15980] [[Page 37347]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75283; File No. SR-NASDAQ-2015-063] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Extension of the Exchange's Penny Pilot Program and Replacement of Penny Pilot Issues That Have Been Delisted June 24, 2015. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given that on June 18, 2015, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II, which Items have been prepared by NASDAQ. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change NASDAQ is filing with the Commission a proposal to amend chapter VI, section 5 (Minimum Increments) of the rules of the NASDAQ Options Market (``NOM'') to extend through June 30, 2016 or the date of permanent approval, if earlier, the Penny Pilot Program in options classes in certain issues (``Penny Pilot'' or ``Pilot''), and to change the date when delisted classes may be replaced in the Penny Pilot.\3\ --------------------------------------------------------------------------- \3\ The Penny Pilot was established in March 2008 and was last extended in 2014. See Securities Exchange Act Release Nos. 57579 (March 28, 2008), 73 FR 18587 (April 4, 2008) (SR-NASDAQ-2008-026) (notice of filing and immediate effectiveness establishing Penny Pilot); and 73686 (November 25, 2014), 79 FR 71477 (December 2, 2014)(SR-NASDAQ-2014-115) (notice of filing and immediate effectiveness extending the Penny Pilot through June 30, 2015). --------------------------------------------------------------------------- The text of the amended Exchange rule is set forth immediately below. Proposed new language is in italics and proposed deleted language is [bracketed]. NASDAQ Stock Market Rules Options Rules * * * * * Chapter VI Trading Systems * * * * * Sec. 5 Minimum Increments (a) The Board may establish minimum quoting increments for options contracts traded on NOM. Such minimum increments established by the Board will be designated as a stated policy, practice, or interpretation with respect to the administration of this Section within the meaning of Section 19 of the Exchange Act and will be filed with the SEC as a rule change for effectiveness upon filing. Until such time as the Board makes a change in the increments, the following principles shall apply: (1)--(2) No Change. (3) For a pilot period scheduled to expire on June 30, [2015]2016 or the date of permanent approval, if earlier, if the options series is trading pursuant to the Penny Pilot program one (1) cent if the options series is trading at less than $3.00, five (5) cents if the options series is trading at $3.00 or higher, unless for QQQQs, SPY and IWM where the minimum quoting increment will be one cent for all series regardless of price. A list of such options shall be communicated to membership via an Options Trader Alert (``OTA'') posted on the Exchange's Web site. The Exchange may replace any pilot issues that have been delisted with the next most actively traded multiply listed options classes that are not yet included in the pilot, based on trading activity in the previous six months. The replacement issues may be added to the pilot on the second trading day following July 1, 2015 and January 1, [2015]2016. (4) No Change. (b) No Change. * * * * * The text of the proposed rule change is available from NASDAQ's Web site at http://nasdaq.cchwallstreet.com, at NASDAQ's principal office, 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, NASDAQ 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 these statements may be examined at the places specified in Item IV below. NASDAQ has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to amend chapter VI, section 5 to extend the Penny Pilot through June 30, 2016 or the date of permanent approval, if earlier, and to change the date when delisted classes may be replaced in the Penny Pilot. The Exchange believes that extending the Penny Pilot will allow for further analysis of the Penny Pilot and a determination of how the program should be structured in the future. Under the Penny Pilot, the minimum price variation for all participating options classes, except for the Nasdaq-100 Index Tracking Stock (``QQQQ''), the SPDR S&P 500 Exchange Traded Fund (``SPY'') and the iShares Russell 2000 Index Fund (``IWM''), is $0.01 for all quotations in options series that are quoted at less than $3 per contract and $0.05 for all quotations in options series that are quoted at $3 per contract or greater. QQQQ, SPY and IWM are quoted in $0.01 increments for all options series. The Penny Pilot is currently scheduled to expire on June 30, 2015. The Exchange proposes to extend the time period of the Penny Pilot through June 30, 2016 or the date of permanent approval, if earlier, and to provide a revised date for adding replacement issues to the Penny Pilot. The Exchange proposes that any Penny Pilot Program issues that have been delisted may be replaced on the second trading day following July 1, 2015 and January 1, 2016. The replacement issues will be selected based on trading activity in the previous six months.\4\ --------------------------------------------------------------------------- \4\ The replacement issues will be announced to the Exchange's membership via an Options Trader Alert (OTA) posted on the Exchange's Web site. The Exchange proposes in its Penny Pilot rule that replacement issues will be selected based on trading activity in the previous six months. The replacement issues would be identified based on The Options Clearing Corporation's trading volume data. For example, for the July replacement, trading volume from December 1, 2014 through May 30, 2015 would be analyzed. The month immediately preceding the replacement issues' addition to the Pilot Program (i.e., June) would not be used for purposes of the six-month analysis. --------------------------------------------------------------------------- This filing does not propose any substantive changes to the Penny Pilot Program; all classes currently participating in the Penny Pilot will remain the same and all minimum increments will remain unchanged. The Exchange believes the benefits to public customers and other market participants who will be able to express their true prices to buy and sell options have been [[Page 37348]] demonstrated to outweigh the potential increase in quote traffic. 2. Statutory Basis The Exchange believes that its proposal is consistent with section 6(b) of the Act,\5\ in general, and furthers the objectives of section 6(b)(5) of the Act,\6\ in particular, in that 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 facilitating transactions in securities, and 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. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- In particular, the proposed rule change, which extends the Penny Pilot for an additional twelve months through June 30, 2016 or the date of permanent approval, if earlier, and changes the date for replacing Penny Pilot issues that were delisted to the second trading day following July 1, 2015 and January 1, 2016, will enable public customers and other market participants to express their true prices to buy and sell options for the benefit of all market participants. This is consistent with the Act. 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 not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, this proposal is pro-competitive because it allows Penny Pilot issues to continue trading on the Exchange. Moreover, the Exchange believes that the proposed rule change will allow for further analysis of the Pilot and a determination of how the Pilot should be structured in the future; and will serve to promote regulatory clarity and consistency, thereby reducing burdens on the marketplace and facilitating investor protection. The Pilot is an industry-wide initiative supported by all other option exchanges. The Exchange believes that extending the Pilot will allow for continued competition between market participants on the Exchange trading similar products as their counterparts on other exchanges, while at the same time allowing the Exchange to continue to compete for order flow with other exchanges in option issues trading as part of the Pilot. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to section 19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(6) thereunder.\8\ Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A)(iii). \8\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally does not become operative prior to 30 days after the date of the filing.\10\ However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because doing so will allow the Pilot Program to continue without interruption in a manner that is consistent with the Commission's prior approval of the extension and expansion of the Pilot Program and will allow the Exchange and the Commission additional time to analyze the impact of the Pilot Program. Accordingly, the Commission designates the proposed rule change as operative upon filing with the Commission.\12\ --------------------------------------------------------------------------- \9\ 17 CFR 240.19b-4(f)(6). \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this pre-filing requirement. \11\ 17 CFR 240.19b-4(f)(6)(iii). \12\ For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under section 19(b)(2)(B) \13\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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 CommentsUse 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-NASDAQ-2015-063 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-NASDAQ-2015-063. 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 Web site (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 Web site viewing and [[Page 37349]] printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549-1090 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing will also be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NASDAQ-2015-063 and should be submitted on or before July 21, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-15980 Filed 6-29-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 125 / Tuesday, June 30, 2015 / Notices 37347
SECURITIES AND EXCHANGE Sec. 5 Minimum Increments A. Self-Regulatory Organization’s
COMMISSION Statement of the Purpose of, and
(a) The Board may establish minimum Statutory Basis for, the Proposed Rule
[Release No. 34–75283; File No. SR– quoting increments for options contracts Change
NASDAQ–2015–063] traded on NOM. Such minimum
increments established by the Board 1. Purpose
Self-Regulatory Organizations; The will be designated as a stated policy, The purpose of this filing is to amend
NASDAQ Stock Market LLC; Notice of practice, or interpretation with respect chapter VI, section 5 to extend the
Filing and Immediate Effectiveness of to the administration of this Section Penny Pilot through June 30, 2016 or the
a Proposed Rule Change Relating to within the meaning of Section 19 of the date of permanent approval, if earlier,
Extension of the Exchange’s Penny Exchange Act and will be filed with the and to change the date when delisted
Pilot Program and Replacement of SEC as a rule change for effectiveness classes may be replaced in the Penny
Penny Pilot Issues That Have Been upon filing. Until such time as the Pilot. The Exchange believes that
Delisted Board makes a change in the extending the Penny Pilot will allow for
June 24, 2015. increments, the following principles further analysis of the Penny Pilot and
shall apply: a determination of how the program
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (1)—(2) No Change. should be structured in the future.
(‘‘Act’’),1 and Rule 19b–4 2 thereunder, (3) For a pilot period scheduled to Under the Penny Pilot, the minimum
notice is hereby given that on June 18, expire on June 30, [2015]2016 or the price variation for all participating
2015, The NASDAQ Stock Market LLC date of permanent approval, if earlier, if options classes, except for the Nasdaq-
(‘‘NASDAQ’’ or ‘‘Exchange’’) filed with the options series is trading pursuant to 100 Index Tracking Stock (‘‘QQQQ’’),
the Securities and Exchange the Penny Pilot program one (1) cent if the SPDR S&P 500 Exchange Traded
Commission (‘‘SEC’’ or ‘‘Commission’’) the options series is trading at less than Fund (‘‘SPY’’) and the iShares Russell
the proposed rule change as described $3.00, five (5) cents if the options series 2000 Index Fund (‘‘IWM’’), is $0.01 for
in Items I and II, which Items have been is trading at $3.00 or higher, unless for all quotations in options series that are
prepared by NASDAQ. The Commission QQQQs, SPY and IWM where the quoted at less than $3 per contract and
is publishing this notice to solicit minimum quoting increment will be one $0.05 for all quotations in options series
comments on the proposed rule change cent for all series regardless of price. A that are quoted at $3 per contract or
from interested persons. list of such options shall be greater. QQQQ, SPY and IWM are
communicated to membership via an quoted in $0.01 increments for all
I. Self-Regulatory Organization’s Options Trader Alert (‘‘OTA’’) posted on options series. The Penny Pilot is
Statement of the Terms of Substance of the Exchange’s Web site. currently scheduled to expire on June
the Proposed Rule Change 30, 2015.
The Exchange may replace any pilot
NASDAQ is filing with the issues that have been delisted with the The Exchange proposes to extend the
Commission a proposal to amend next most actively traded multiply time period of the Penny Pilot through
chapter VI, section 5 (Minimum listed options classes that are not yet June 30, 2016 or the date of permanent
Increments) of the rules of the NASDAQ included in the pilot, based on trading approval, if earlier, and to provide a
Options Market (‘‘NOM’’) to extend activity in the previous six months. The revised date for adding replacement
through June 30, 2016 or the date of replacement issues may be added to the issues to the Penny Pilot. The Exchange
permanent approval, if earlier, the pilot on the second trading day proposes that any Penny Pilot Program
Penny Pilot Program in options classes following July 1, 2015 and January 1, issues that have been delisted may be
in certain issues (‘‘Penny Pilot’’ or [2015]2016. replaced on the second trading day
‘‘Pilot’’), and to change the date when following July 1, 2015 and January 1,
(4) No Change. 2016. The replacement issues will be
delisted classes may be replaced in the
Penny Pilot.3 (b) No Change. selected based on trading activity in the
The text of the amended Exchange * * * * * previous six months.4
rule is set forth immediately below. The text of the proposed rule change This filing does not propose any
Proposed new language is in italics is available from NASDAQ’s Web site at substantive changes to the Penny Pilot
and proposed deleted language is http://nasdaq.cchwallstreet.com, at Program; all classes currently
[bracketed]. NASDAQ’s principal office, and at the participating in the Penny Pilot will
Commission’s Public Reference Room. remain the same and all minimum
NASDAQ Stock Market Rules increments will remain unchanged. The
Options Rules II. Self-Regulatory Organization’s Exchange believes the benefits to public
Statement of the Purpose of, and customers and other market participants
* * * * * Statutory Basis for, the Proposed Rule who will be able to express their true
Chapter VI Trading Systems Change prices to buy and sell options have been
* * * * * In its filing with the Commission, 4 The replacement issues will be announced to
NASDAQ included statements the Exchange’s membership via an Options Trader
1 15
U.S.C. 78s(b)(1). concerning the purpose of and basis for Alert (OTA) posted on the Exchange’s Web site. The
2 17
CFR 240.19b–4. the proposed rule change and discussed
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Exchange proposes in its Penny Pilot rule that
3 The Penny Pilot was established in March 2008 replacement issues will be selected based on
any comments it received on the
and was last extended in 2014. See Securities trading activity in the previous six months. The
Exchange Act Release Nos. 57579 (March 28, 2008),
proposed rule change. The text of these replacement issues would be identified based on
73 FR 18587 (April 4, 2008) (SR–NASDAQ–2008– statements may be examined at the The Options Clearing Corporation’s trading volume
026) (notice of filing and immediate effectiveness places specified in Item IV below. data. For example, for the July replacement, trading
establishing Penny Pilot); and 73686 (November 25, NASDAQ has prepared summaries, set volume from December 1, 2014 through May 30,
2014), 79 FR 71477 (December 2, 2014)(SR– 2015 would be analyzed. The month immediately
NASDAQ–2014–115) (notice of filing and
forth in sections A, B, and C below, of preceding the replacement issues’ addition to the
immediate effectiveness extending the Penny Pilot the most significant aspects of such Pilot Program (i.e., June) would not be used for
through June 30, 2015). statements. purposes of the six-month analysis.
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![Federal Register / Vol. 80, No. 125 / Tuesday, June 30, 2015 / Notices 37349
printing in the Commission’s Public date, VNTI has failed to cure its II. Self-Regulatory Organization’s
Reference Room, 100 F Street NE., delinquencies. Statement of the Purpose of, and
Washington, DC 20549–1090 on official The Commission is of the opinion that Statutory Basis for, the Proposed Rule
business days between the hours of the public interest and the protection of Change
10:00 a.m. and 3:00 p.m. Copies of the investors require a suspension of trading In its filing with the Commission, the
filing will also be available for in the securities of the above-listed Exchange included statements
inspection and copying at the principal company. Therefore, it is ordered, concerning the purpose of and basis for
office of the Exchange. All comments pursuant to Section 12(k) of the the proposed rule change and discussed
received will be posted without change; Securities Exchange Act of 1934, that any comments it received on the
the Commission does not edit personal trading in the securities of the above- proposed rule change. The text of these
identifying information from listed company is suspended for the statements may be examined at the
submissions. You should submit only period from 9:30 a.m. EDT on June 26, places specified in Item IV below. The
information that you wish to make 2015, through 11:59 p.m. EDT on July Exchange has prepared summaries, set
available publicly. All submissions 10, 2015. forth in sections A, B, and C below, of
should refer to File Number SR– By the Commission. the most significant aspects of such
NASDAQ–2015–063 and should be statements.
Jill M. Peterson,
submitted on or before July 21, 2015.
Assistant Secretary. A. Self-Regulatory Organization’s
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
[FR Doc. 2015–16146 Filed 6–26–15; 4:15 pm] Statement of the Purpose of, and
authority.14 BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
Robert W. Errett, Change
Deputy Secretary.
SECURITIES AND EXCHANGE 1. Purpose
[FR Doc. 2015–15980 Filed 6–29–15; 8:45 am] The Exchange is a participant in an
COMMISSION
BILLING CODE 8011–01–P industry-wide pilot program that
[Release No. 34–75284; File No. SR–MIAX– provides for the quoting and trading of
2015–40]
certain option classes in penny
SECURITIES AND EXCHANGE increments (the ‘‘Penny Pilot Program’’
COMMISSION Self-Regulatory Organizations; Miami
International Securities Exchange LLC; or ‘‘Program’’). Specifically, the Penny
[ File No. 500–1] Notice of Filing and Immediate Pilot Program allows the quoting and
Effectiveness of a Proposed Rule trading of certain option classes in
In the Matter of Vantone International minimum increments of $0.01 for all
Change To Amend Exchange Rule 510
Group, Inc.; Order of Suspension of series in such option classes with a
To Extend the Penny Pilot Program
Trading price of less than $3.00; and in
June 24, 2015. minimum increments of $0.05 for all
June 26, 2015.
Pursuant to the provisions of Section series in such option classes with a
It appears to the Securities and
19(b)(1) of the Securities Exchange Act price of $3.00 or higher. Options
Exchange Commission (‘‘Commission’’)
of 1934 (‘‘Act’’) 1 and Rule 19b–4 overlying the PowerShares QQQ Trust
that there is a lack of current and
thereunder,2 notice is hereby given that, (‘‘QQQQ’’)®, SPDR S&P 500 Exchange
accurate information concerning the
on June 18, 2015, Miami International Traded Funds (‘‘SPY’’), and iShares
securities of Vantone International
Securities Exchange LLC (‘‘MIAX’’ or Russell 2000 Index Funds (‘‘IWM’’),
Group, Inc. (‘‘VNTI 1’’) (CIK No.
‘‘Exchange’’) filed with the Securities however, are quoted and traded in
1101423), a revoked Nevada corporation
and Exchange Commission minimum increments of $0.01 for all
whose principal place of business is
(‘‘Commission’’) a proposed rule change series regardless of the price. The Penny
listed as Shenyang, Liaoning Province,
as described in Items I and II below, Pilot Program was initiated at the then
China because it is delinquent in its
periodic filings with the Commission, which Items have been prepared by the existing option exchanges in January
having not filed any periodic reports Exchange. The Commission is 2007 and currently includes more than
since it filed a Form 10–Q for the period publishing this notice to solicit 300 of the most active option classes.
ended December 31, 2011. As of June comments on the proposed rule change The Penny Pilot Program is currently
18, 2015, VNTI’s common stock was from interested persons. scheduled to expire on June 30, 2015.
quoted on OTC Link (previously ‘‘Pink The purpose of the proposed rule
I. Self-Regulatory Organization’s change is to extend the Penny Pilot
Sheets’’) operated by OTC Markets Statement of the Terms of Substance of
Group Inc. On May 7, 2015, the Program in its current format through
the Proposed Rule Change June 30, 2016.
Commission’s Division of Corporation
Finance sent a delinquency letter to The Exchange is filing a proposal to In addition to the extension of the
VNTI at the address shown in its then- amend Rule 510, Interpretations and Penny Pilot Program through June 30,
most recent filing in the Commission’s Policies .01 to extend the pilot program 2016, the Exchange will replace any
EDGAR system requesting compliance for the quoting and trading of certain Penny Pilot issues that have been
with its periodic filing requirements, options in pennies (the ‘‘Penny Pilot delisted with the next most actively
which VNTI failed to receive because . Program’’). traded multiply listed option classes
that are not yet included in the Penny
asabaliauskas on DSK5VPTVN1PROD with NOTICES
VNTI thus failed to maintain a valid The text of the proposed rule change
address on file with the Commission as is available on the Exchange’s Web site Pilot Program. The replacement issues
required by Commission rules (Rule 301 at http://www.miaxoptions.com/filter/ will be selected based on trading
of Regulation S–T, 17 CFR 232.301 and wotitle/rule_filing, at MIAX’s principal activity in the previous six months and
Section 5.4 of EDGAR Filer Manual). To office, and at the Commission’s Public will be added to the Penny Pilot
Reference Room. Program on the second trading day
14 17 CFR 200.30–3(a)(12). following July 1, 2015 and January 1,
1 The short form of the issuer’s name is also its 1 15 U.S.C. 78s(b)(1). 2016. Please note, the month
ticker symbol. 2 17 CFR 240.19b–4. immediately preceding a replacement
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Document Created: 2018-02-22 11:17:22
Document Modified: 2018-02-22 11:17:22
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 37347 |
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