80 FR 38481 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; 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 128 (July 6, 2015)
Federal Register Volume 80, Issue 128 (July 6, 2015)
| Page Range | 38481-38483 | |
| FR Document | 2015-16416 |
[Federal Register Volume 80, Number 128 (Monday, July 6, 2015)] [Notices] [Pages 38481-38483] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-16416] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75326; File No. SR-BX-2015-037] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; 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 29, 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 19, 2015, NASDAQ OMX BX, Inc. (``Exchange'' or ``BX'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II, below, which Items have been prepared by the Exchange. 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 BX is filing with the Commission a proposal to amend Chapter VI, Section 5 (Minimum Increments) 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 June 2012 and extended in 2014. See Securities Exchange Act Release Nos. 67256 (June 26, 2012), 77 FR 39277 (July 2, 2012) (SR-BX-2012-030) (order approving BX option rules and establishing Penny Pilot); and 73689 (November 25, 2014), 79 FR 71488 (December 2, 2014) (SR-BX-2014-057) (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 OMX BX Rules Options Rules * * * * * Chapter VI Trading Systems * * * * * Sec. 5 Minimum Increments (a) The Board may establish minimum quoting increments for options contracts traded on BX Options. 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 also available on the Exchange's Web site at http://nasdaqomxbx.cchwallstreet.com, at the principal office of the Exchange, 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, the Exchange 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. The Exchange 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. [[Page 38482]] 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 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 No written comments were either solicited or 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).\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) \9\ of the Act and subparagraph (f)(6) of Rule 19b-4 thereunder.\10\ --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A)(iii). \8\ 17 CFR 240.19b-4(f)(6). \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally does not become operative prior to 30 days after the date of the filing.\12\ However, pursuant to Rule 19b-4(f)(6)(iii),\13\ 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.\14\ --------------------------------------------------------------------------- \11\ 17 CFR 240.19b-4(f)(6). \12\ 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. \13\ 17 CFR 240.19b-4(f)(6)(iii). \14\ 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 the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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) of the Act \15\ to determine whether the proposed rule should be approved or disapproved. --------------------------------------------------------------------------- \15\ 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: [[Page 38483]] 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-BX-2015-037 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-BX-2015-037. 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 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-BX-2015-037 and should be submitted on or before July 27, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-16416 Filed 7-2-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 128 / Monday, July 6, 2015 / Notices 38481
information unless it displays a I. Self-Regulatory Organization’s listed options classes that are not yet
currently valid control number. Statement of the Terms of Substance of included in the pilot, based on trading
Written comments are invited on: (a) the Proposed Rule Change activity in the previous six months. The
Whether the proposed collection of BX is filing with the Commission a replacement issues may be added to the
information is necessary for the proper proposal to amend Chapter VI, Section pilot on the second trading day
performance of the functions of the 5 (Minimum Increments) to extend following July 1, 2015 and January 1,
agency, including whether the through June 30, 2016 or the date of [2015]2016.
information will have practical utility; permanent approval, if earlier, the (4) No Change.
(b) the accuracy of the agency’s estimate Penny Pilot Program in options classes (b) No Change.
of the burden of the collection of in certain issues (‘‘Penny Pilot’’ or * * * * *
information; (c) ways to enhance the ‘‘Pilot’’), and to change the date when The text of the proposed rule change
quality, utility, and clarity of the delisted classes may be replaced in the is also available on the Exchange’s Web
information collected; and (d) ways to Penny Pilot.3 site at http://
minimize the burden of the collection of The text of the amended Exchange nasdaqomxbx.cchwallstreet.com, at the
information on respondents, including rule is set forth immediately below. principal office of the Exchange, and at
through the use of automated collection Proposed new language is in italics the Commission’s Public Reference
techniques or other forms of information and proposed deleted language is Room.
technology. Consideration will be given [bracketed].
to comments and suggestions submitted II. Self-Regulatory Organization’s
in writing within 60 days of this NASDAQ OMX BX Rules Statement of the Purpose of, and
publication. Options Rules Statutory Basis for, the Proposed Rule
Please direct your written comments * * * * * Change
to Pamela Dyson, Director/Chief
Information Officer, Securities and Chapter VI Trading Systems In its filing with the Commission, the
Exchange Commission, C/O Remi Exchange included statements
* * * * * concerning the purpose of and basis for
Pavlik-Simon, 100 F Street NE.,
Washington, DC 20549; or send an email Sec. 5 Minimum Increments the proposed rule change and discussed
to: PRA_Mailbox@sec.gov. any comments it received on the
(a) The Board may establish minimum
proposed rule change. The text of these
Dated: June 29, 2015. quoting increments for options contracts
statements may be examined at the
Robert W. Errett, traded on BX Options. Such minimum
places specified in Item IV below. The
increments established by the Board
Deputy Secretary. Exchange has prepared summaries, set
will be designated as a stated policy,
[FR Doc. 2015–16408 Filed 7–2–15; 8:45 am] forth in sections A, B, and C below, of
practice, or interpretation with respect
BILLING CODE 8011–01–P the most significant aspects of such
to the administration of this Section
statements.
within the meaning of Section 19 of the
Exchange Act and will be filed with the A. Self-Regulatory Organization’s
SECURITIES AND EXCHANGE
SEC as a rule change for effectiveness Statement of the Purpose of, and
COMMISSION
upon filing. Until such time as the Statutory Basis for, the Proposed Rule
Board makes a change in the Change
[Release No. 34–75326; File No. SR–BX– increments, the following principles
2015–037] 1. Purpose
shall apply:
(1)–(2) No Change. The purpose of this filing is to amend
Self-Regulatory Organizations; (3) For a pilot period scheduled to
NASDAQ OMX BX, Inc.; Notice of Filing Chapter VI, Section 5 to extend the
expire on June 30, [2015]2016 or the Penny Pilot through June 30, 2016 or the
and Immediate Effectiveness of a date of permanent approval, if earlier, if
Proposed Rule Change Relating to date of permanent approval, if earlier,
the options series is trading pursuant to and to change the date when delisted
Extension of the Exchange’s Penny the Penny Pilot program one (1) cent if
Pilot Program and Replacement of classes may be replaced in the Penny
the options series is trading at less than Pilot. The Exchange believes that
Penny Pilot Issues That Have Been $3.00, five (5) cents if the options series
Delisted extending the Penny Pilot will allow for
is trading at $3.00 or higher, unless for further analysis of the Penny Pilot and
June 29, 2015. QQQQs, SPY and IWM where the a determination of how the program
Pursuant to Section 19(b)(1) of the minimum quoting increment will be one should be structured in the future.
Securities Exchange Act of 1934 cent for all series regardless of price. A Under the Penny Pilot, the minimum
(‘‘Act’’),1 and Rule 19b–4 2 thereunder, list of such options shall be price variation for all participating
notice is hereby given that on June 19, communicated to membership via an options classes, except for the Nasdaq-
2015, NASDAQ OMX BX, Inc. Options Trader Alert (‘‘OTA’’) posted on 100 Index Tracking Stock (‘‘QQQQ’’),
(‘‘Exchange’’ or ‘‘BX’’) filed with the the Exchange’s Web site. the SPDR S&P 500 Exchange Traded
Securities and Exchange Commission The Exchange may replace any pilot Fund (‘‘SPY’’) and the iShares Russell
(‘‘SEC’’ or ‘‘Commission’’) the proposed issues that have been delisted with the 2000 Index Fund (‘‘IWM’’), is $0.01 for
rule change as described in Items I and next most actively traded multiply all quotations in options series that are
II, below, which Items have been quoted at less than $3 per contract and
Lhorne on DSK7TPTVN1PROD with NOTICES
3 The Penny Pilot was established in June 2012
prepared by the Exchange. The and extended in 2014. See Securities Exchange Act
$0.05 for all quotations in options series
Commission is publishing this notice to Release Nos. 67256 (June 26, 2012), 77 FR 39277 that are quoted at $3 per contract or
solicit comments on the proposed rule (July 2, 2012) (SR–BX–2012–030) (order approving greater. QQQQ, SPY and IWM are
change from interested persons. BX option rules and establishing Penny Pilot); and quoted in $0.01 increments for all
73689 (November 25, 2014), 79 FR 71488
(December 2, 2014) (SR–BX–2014–057) (notice of
options series. The Penny Pilot is
1 15 U.S.C. 78s(b)(1). filing and immediate effectiveness extending the currently scheduled to expire on June
2 17 CFR 240.19b–4. Penny Pilot through June 30, 2015). 30, 2015.
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![Federal Register / Vol. 80, No. 128 / Monday, July 6, 2015 / Notices 38483
Electronic Comments SECURITIES AND EXCHANGE resources and operational capability as
COMMISSION considerations in its periodic evaluation
• Use the Commission’s Internet of Market Maker performance, which
comment form (http://www.sec.gov/ [Release No. 34–75323; File No. SR– factors currently are considered when a
rules/sro.shtml); or NYSEArca–2015–17] Market Maker applies for an
• Send an email to rule-comments@ Self-Regulatory Organizations; NYSE
appointment.
sec.gov. Please include File Number SR– Arca, Inc.; Order Approving Proposed A. Background
BX–2015–037 on the subject line. Rule Change Amending Rule 6.35 to Currently, a registered Market Maker
Paper Comments Modify the Appointment Process may seek an appointment in one or
Utilized by the Exchange more option classes pursuant to Rule
• Send paper comments in triplicate 6.35. Specifically, Rule 6.35(a) provides
June 29, 2015.
to Secretary, Securities and Exchange that ‘‘[o]n a form or forms prescribed by
Commission, 100 F Street NE., I. Introduction the Exchange, a Market Maker must
Washington, DC 20549–1090. On March 20, 2015, NYSE Arca, Inc. apply for an appointment in one or
(the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed more classes of option contracts.’’ 7 In
All submissions should refer to File
with the Securities and Exchange addition to having the authority to
Number SR–BX–2015–037. This file
Commission (‘‘Commission’’), pursuant appoint one Lead Market Maker
number should be included on the (‘‘LMM’’) per option class,8 Rule 6.35(b)
subject line if email is used. To help the to section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule provides that ‘‘[t]he Exchange may
Commission process and review your appoint an unlimited number of Market
comments more efficiently, please use 19b–4 thereunder,2 a proposed rule
change to modify the Market Maker Makers in each class unless the number
only one method. The Commission will of Market Makers appointed to a
appointment and withdrawal process
post all comments on the Commission’s particular option class should be
used by the Exchange. The proposed
Internet Web site (http://www.sec.gov/ rule change was published for comment limited’’ based on the Exchange’s
rules/sro.shtml). Copies of the in the Federal Register on April 8, judgment.9 Further, current Rule 6.35(c)
submission, all subsequent 2015.3 On May 21, 2015, pursuant to provides that ‘‘Market Makers may
amendments, all written statements section 19(b)(2) of the Act,4 the select from among any option issues
with respect to the proposed rule Commission designated a longer period traded on the Exchange for inclusion in
change that are filed with the within which to approve the proposed their appointment, subject to the
Commission, and all written rule change, disapprove the proposed approval of the Exchange.’’ 10 In
communications relating to the rule change, or institute proceedings to considering the approval of the
proposed rule change between the determine whether to approve or appointment of a Market Maker in each
Commission and any person, other than disapprove the proposed rule change.5 security, ‘‘the Exchange will consider
those that may be withheld from the The Commission received no comment the Market Maker’s preference; the
public in accordance with the letters on the proposed rule change. financial resources available to the
This order approves the proposed rule Market Maker; the Market Maker’s
provisions of 5 U.S.C. 552, will be
change. experience, expertise and past
available for Web site viewing and
performance in making markets,
printing in the Commission’s Public II. Description of the Proposed Rule including the Market Maker’s
Reference Room, 100 F Street NE., Change performance in other securities; the
Washington, DC 20549–1090 on official Market Maker’s operational capability;
business days between the hours of The Exchange proposes to amend
Rule 6.35 to modify the options Market and the maintenance and enhancement
10:00 a.m. and 3:00 p.m. Copies of the of competition among Market Makers in
filing will also be available for Maker appointment and withdrawal
process used by the Exchange. Under each security in which they are
inspection and copying at the principal appointed.’’ 11 Current Rule 6.35 also
the proposal, once an option trading
office of the Exchange. All comments sets forth the number of OTPs that the
permit (‘‘OTP’’) holder has been
received will be posted without change; approved as a Market Maker under Market Maker must have in order to
the Commission does not edit personal Exchange Rule 6.33,6 the Market Maker have a specified number of option
identifying information from would, subject to certain conditions, be issues included in the Market Maker’s
submissions. You should submit only permitted to register rather than apply appointment.12
information that you wish to make for an appointment in one or more Under current Rule 6.35, ‘‘Market
available publicly. All submissions option classes, and would be permitted Makers may change the option issues in
should refer to File Number SR–BX– to select or withdraw option issues their appointment, subject to the
2015–037 and should be submitted on included in its appointment using an approval of the Exchange,’’ provided
or before July 27, 2015. Exchange-approved electronic interface. such requests are ‘‘made in a form and
The Exchange also proposes to include 7 See Notice, supra note 3, at 18909.
a Market Maker’s available financial 8 See Rule 6.82(a)(1) (defining ‘‘LMM’’). Any OTP
For the Commission, by the Division of
Trading and Markets, pursuant to delegated Holder or OTP Firm registered as a Market Maker
1 15
U.S.C. 78s(b)(1). with the Exchange is eligible to be qualified as an
authority.16 2 17
CFR 240.19b–4. LMM. Id. The Exchange is not proposing to change
Robert W. Errett, 3 See Securities Exchange Act Release No. 74635 Rule 6.82.
Lhorne on DSK7TPTVN1PROD with NOTICES
(April 2, 2015), 80 FR 18909 (‘‘Notice’’). 9 See Notice, supra note 3, at 18909.
Deputy Secretary. 4 15 U.S.C. 78s(b)(2). 10 See id.
[FR Doc. 2015–16416 Filed 7–2–15; 8:45 am] 5 See Securities Exchange Act Release No. 75032, 11 See id.
BILLING CODE 8011–01–P 80 FR 30511 (May 28, 2015). 12 See id. For example, 1 OTP affords a Market
6 See Rule 6.33 (‘‘Registration of Market Makers’’). Maker up to 100 option issues included in their
See also Rule 6.32(a) (defining ‘‘Market Maker’’). appointment, whereas 4 OTPS would enable a
The Exchange is not proposing any changes to Rule Market Maker to have all option issues traded on
16 17 CFR 200.30–3(a)(12). 6.33. the Exchange included in their appointment. See id.
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Document Created: 2015-12-15 13:17:56
Document Modified: 2015-12-15 13:17:56
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 80 FR 38481 |
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