80 FR 41517 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to SPY Position Limits
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 135 (July 15, 2015)
Federal Register Volume 80, Issue 135 (July 15, 2015)
| Page Range | 41517-41519 | |
| FR Document | 2015-17300 |
[Federal Register Volume 80, Number 135 (Wednesday, July 15, 2015)] [Notices] [Pages 41517-41519] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-17300] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75412; File No. SR-BX-2015-039] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to SPY Position Limits July 9, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on July 8, 2015, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') 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 the Substance of the Proposed Rule Change The Exchange's [sic] proposes to extend for another twelve (12) month time period the pilot program to eliminate position limits for options on the SPDR[supreg] S&P 500[supreg] exchange-traded fund (``SPY ETF'' or ``SPY''),\3\ which list and trade under the symbol SPY (``SPY Pilot Program''). --------------------------------------------------------------------------- \3\ ``SPDR[supreg],'' ``Standard & Poor's[supreg],'' ``S&P[supreg],'' ``S&P 500[supreg],'' and ``Standard & Poor's 500'' are registered trademarks of Standard & Poor's Financial Services LLC. The SPY ETF represents ownership in the SPDR S&P 500 Trust, a unit investment trust that generally corresponds to the price and yield performance of the SPDR S&P 500 Index. --------------------------------------------------------------------------- The text of the proposed rule change is 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 the proposed rule change is to amend the Supplementary Material at the end of Chapter III, Section 7 (Position Limits) to extend the current pilot which expires on July 12, 2015 for an additional twelve (12) month time period to July 12, 2016 (``Extended Pilot''). This filing does not propose any substantive changes to the SPY Pilot Program. In proposing to extend the SPY Pilot Program, the Exchange reaffirms its consideration of several factors that supported the original proposal of the SPY Pilot Program, including (1) the availability of economically equivalent products and their respective position limits; (2) the [[Page 41518]] liquidity of the option and the underlying security; (3) the market capitalization of the underlying security and the related index; (4) the reporting of large positions and requirements surrounding margin; and (5) the potential for market on close volatility. The Exchange submitted a report to the Commission on June 11, 2015, which report reflects, during the time period from May 2014 through May 2015, the trading of standardized SPY options with no position limits consistent with option exchange provisions.\4\ The report was prepared in the manner specified in BX's prior rule filing extending the SPY Pilot Program.\5\ The Exchange notes that it is unaware of any problems created by the SPY Pilot Program and does not foresee any as a result of the proposed extension. The proposed extension will allow the Exchange and the Commission additional time to further evaluate the pilot program and its effect on the market. --------------------------------------------------------------------------- \4\ The report is attached as Exhibit 3. \5\ See Securities Exchange Act Release No. 72143 (May 9, 2014), 79 FR 27963 (May 15, 2014) (SR-BX-2014-025). --------------------------------------------------------------------------- As with the original proposal to establish the SPY Pilot Program, the Exchange represents that a SPY Pilot Report will be submitted at least thirty (30) days before the end of the Extended Pilot and would analyze that period. The Pilot Report will detail the size and different types of strategies employed with respect to positions established as a result of the elimination of position limits in SPY. In addition, the report will note whether any problems resulted due to the no limit approach and any other information that may be useful in evaluating the effectiveness of the Extended Pilot. The Pilot Report will compare the impact of the SPY Pilot Program, if any, on the volumes of SPY options and the volatility in the price of the underlying SPY shares, particularly at expiration during the Extended Pilot. In preparing the report the Exchange will utilize various data elements such as volume and open interest. In addition the Exchange will make available to Commission staff data elements relating to the effectiveness of the SPY Pilot Program. Conditional on the findings in the SPY Pilot Report, the Exchange will file with the Commission a proposal to extend the pilot program, adopt the pilot program on a permanent basis or terminate the pilot. If the SPY Pilot Program is not extended or adopted on a permanent basis by the expiration of the Extended Pilot, the position limits for SPY options would revert to limits in effect prior to the commencement of the SPY Pilot Program. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \6\ in general, and furthers the objectives of Section 6(b)(5) of the Act \7\ 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, 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. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change would be beneficial to market participants, including market makers, institutional investors and retail investors, by permitting them to establish greater positions when pursuing their investment goals and needs. The Exchange also believes that economically equivalent products should be treated in an equivalent manner so as to avoid regulatory arbitrage, especially with respect to position limits. Treating SPY and SPX options differently by virtue of imposing different position limits is inconsistent with the notion of promoting just and equitable principles of trade and removing impediments to perfect the mechanisms of a free and open market. At the same time, the Exchange believes that the elimination of position limits for SPY options would not increase market volatility or facilitate the ability to manipulate the market. B. Self-Regulatory Organization's Statement on Burden on Competition The proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. In this regard, the Exchange notes that the rule change is being proposed as a competitive response to similar filings that the Exchange expects to be filed by other options exchanges. The Exchange believes this proposed rule change is necessary to permit fair competition among the options exchanges and to establish uniform position limits for a multiply listed options class. 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 Because the foregoing 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 for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6) thereunder.\8\ --------------------------------------------------------------------------- \8\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \9\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \10\ permits the Commission to 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 Exchange believes that waiver of the operative delay is consistent with the protection of investors and the public interest because it will permit the SPY Pilot Program to continue without interruption. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.\11\ --------------------------------------------------------------------------- \9\ 17 CFR 240.19b-4(f)(6). \10\ 17 CFR 240.19b-4(f)(6)(iii). \11\ For purposes only of waiving the 30-day operative delay, 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 necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the [[Page 41519]] Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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-BX-2015-039 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-BX-2015-039. 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 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will 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-2015-039, and should be submitted on or before August 5, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-17300 Filed 7-14-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 135 / Wednesday, July 15, 2015 / Notices 41517
POSTAL REGULATORY COMMISSION consider the Request pertaining to the publishing this notice to solicit
proposed Priority Mail Contract 130 comments on the proposed rule change
[Docket Nos. MC2015–64 and CP2015–95;
Order No. 2575]
product and the related contract, from interested persons.
respectively.
I. Self-Regulatory Organization’s
New Postal Product The Commission invites comments on
Statement of the Terms of the Substance
whether the Postal Service’s filings in
AGENCY: Postal Regulatory Commission. of the Proposed Rule Change
the captioned dockets are consistent
ACTION: Notice. with the policies of 39 U.S.C. 3632, The Exchange’s [sic] proposes to
3633, or 3642, 39 CFR part 3015, and 39 extend for another twelve (12) month
SUMMARY: The Commission is noticing a time period the pilot program to
CFR part 3020, subpart B. Comments are
recent Postal Service filing concerning eliminate position limits for options on
due no later than July 16, 2015. The
the addition of Priority Mail Contract the SPDR® S&P 500® exchange-traded
public portions of these filings can be
130 to the competitive product list. This fund (‘‘SPY ETF’’ or ‘‘SPY’’),3 which list
accessed via the Commission’s Web site
notice informs the public of the filing, and trade under the symbol SPY (‘‘SPY
(http://www.prc.gov).
invites public comment, and takes other Pilot Program’’).
The Commission appoints Kenneth R.
administrative steps. The text of the proposed rule change
Moeller to serve as Public
DATES: Comments are due: July 16, is available on the Exchange’s Web site
Representative in these dockets.
2015. at http://
ADDRESSES: Submit comments
III. Ordering Paragraphs nasdaqomxbx.cchwallstreet.com/, at the
electronically via the Commission’s It is ordered: principal office of the Exchange, and at
Filing Online system at http:// 1. The Commission establishes Docket the Commission’s Public Reference
www.prc.gov. Those who cannot submit Nos. MC2015–64 and CP2015–95 to Room.
comments electronically should contact consider the matters raised in each II. Self-Regulatory Organization’s
the person identified in the FOR FURTHER docket. Statement of the Purpose of, and
INFORMATION CONTACT section by 2. Pursuant to 39 U.S.C. 505, Kenneth Statutory Basis for, the Proposed Rule
telephone for advice on filing R. Moeller is appointed to serve as an Change
alternatives. officer of the Commission to represent
In its filing with the Commission, the
FOR FURTHER INFORMATION CONTACT: the interests of the general public in
Exchange included statements
David A. Trissell, General Counsel, at these proceedings (Public
concerning the purpose of and basis for
202–789–6820. Representative).
the proposed rule change and discussed
SUPPLEMENTARY INFORMATION:
3. Comments are due no later than
any comments it received on the
July 16, 2015.
Table of Contents proposed rule change. The text of these
4. The Secretary shall arrange for
statements may be examined at the
I. Introduction publication of this order in the Federal
places specified in Item IV below. The
II. Notice of Commission Action Register.
Exchange has prepared summaries, set
III. Ordering Paragraphs By the Commission. forth in sections A, B, and C below, of
I. Introduction Shoshana M. Grove, the most significant aspects of such
In accordance with 39 U.S.C. 3642 Secretary. statements.
and 39 CFR 3020.30 et seq., the Postal [FR Doc. 2015–17277 Filed 7–14–15; 8:45 am] A. Self-Regulatory Organization’s
Service filed a formal request and BILLING CODE 7710–FW–P Statement of the Purpose of, and
associated supporting information to Statutory Basis for, the Proposed Rule
add Priority Mail Contract 130 to the Change
competitive product list.1 SECURITIES AND EXCHANGE
The Postal Service COMMISSION 1. Purpose
contemporaneously filed a redacted The purpose of the proposed rule
[Release No. 34–75412; File No. SR–BX–
contract related to the proposed new 2015–039]
change is to amend the Supplementary
product under 39 U.S.C. 3632(b)(3) and Material at the end of Chapter III,
39 CFR 3015.5. Id. Attachment B. Self-Regulatory Organizations; Section 7 (Position Limits) to extend the
To support its Request, the Postal NASDAQ OMX BX, Inc.; Notice of Filing current pilot which expires on July 12,
Service filed a copy of the contract, a and Immediate Effectiveness of 2015 for an additional twelve (12)
copy of the Governors’ Decision Proposed Rule Change to SPY month time period to July 12, 2016
authorizing the product, proposed Position Limits (‘‘Extended Pilot’’). This filing does not
changes to the Mail Classification propose any substantive changes to the
Schedule, a Statement of Supporting July 9, 2015. SPY Pilot Program. In proposing to
Justification, a certification of Pursuant to Section 19(b)(1) of the extend the SPY Pilot Program, the
compliance with 39 U.S.C. 3633(a), and Securities Exchange Act of 1934 (the Exchange reaffirms its consideration of
an application for non-public treatment ‘‘Act’’),1 and Rule 19b–4 thereunder,2 several factors that supported the
of certain materials. It also filed notice is hereby given that on July 8, original proposal of the SPY Pilot
supporting financial workpapers. 2015, NASDAQ OMX BX, Inc. (‘‘BX’’ or Program, including (1) the availability of
II. Notice of Commission Action ‘‘Exchange’’) filed with the Securities economically equivalent products and
mstockstill on DSK4VPTVN1PROD with NOTICES
and Exchange Commission (‘‘SEC’’ or their respective position limits; (2) the
The Commission establishes Docket ‘‘Commission’’) the proposed rule
Nos. MC2015–64 and CP2015–95 to change as described in Items I and II 3 ‘‘SPDR®,’’ ‘‘Standard & Poor’s®,’’ ‘‘S&P®,’’ ‘‘S&P
below, which Items have been prepared 500®,’’ and ‘‘Standard & Poor’s 500’’ are registered
1 Request of the United States Postal Service to trademarks of Standard & Poor’s Financial Services
Add Priority Mail Contract 130 to Competitive
by the Exchange. The Commission is LLC. The SPY ETF represents ownership in the
Product List and Notice of Filing (Under Seal) of SPDR S&P 500 Trust, a unit investment trust that
1 15 U.S.C. 78s(b)(1).
Unredacted Governors’ Decision, Contract, and generally corresponds to the price and yield
Supporting Data, July 8, 2015 (Request). 2 17 CFR 240.19b–4. performance of the SPDR S&P 500 Index.
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![Federal Register / Vol. 80, No. 135 / Wednesday, July 15, 2015 / Notices 41519
Commission takes such action, the For the Commission, by the Division of the proposed rule change and discussed
Commission shall institute proceedings Trading and Markets, pursuant to delegated any comments it received on the
to determine whether the proposed rule authority.12 proposed rule change. The text of these
should be approved or disapproved. Brent J. Fields, statements may be examined at the
Secretary. places specified in Item IV below. The
IV. Solicitation of Comments [FR Doc. 2015–17300 Filed 7–14–15; 8:45 am] Exchange has prepared summaries, set
Interested persons are invited to BILLING CODE 8011–01–P forth in sections A, B, and C below, of
submit written data, views, and the most significant aspects of such
arguments concerning the foregoing, statements.
SECURITIES AND EXCHANGE
including whether the proposed rule COMMISSION A. Self-Regulatory Organization’s
change is consistent with the Act. Statement of the Purpose of, and
Comments may be submitted by any of [Release No. 34–75413; File No. SR– Statutory Basis for, the Proposed Rule
the following methods: NASDAQ–2015–072] Change
Electronic Comments Self-Regulatory Organizations; The 1. Purpose
NASDAQ Stock Market LLC; Notice of The purpose of the proposed rule
• Use the Commission’s Internet Filing and Immediate Effectiveness of change is to amend the Supplementary
comment form (http://www.sec.gov/ Proposed Rule Change to SPY Material at the end of Chapter III,
rules/sro.shtml); or Position Limits Section 7 (Position Limits) to extend the
• Send an email to rule-comments@ July 9, 2015. current pilot which expires on July 12,
sec.gov. Please include File Number SR– Pursuant to Section 19(b)(1) of the 2015 for an additional twelve (12)
BX–2015–039 on the subject line. Securities Exchange Act of 1934 (the month time period to July 12, 2016
‘‘Act’’),1 and Rule 19b–4 thereunder,2 (‘‘Extended Pilot’’). This filing does not
Paper Comments
notice is hereby given that on July 8, propose any substantive changes to the
• Send paper comments in triplicate 2015, The NASDAQ Stock Market LLC SPY Pilot Program. In proposing to
to Brent J. Fields, Secretary, Securities (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the extend the SPY Pilot Program, the
and Exchange Commission, 100 F Street Securities and Exchange Commission Exchange reaffirms its consideration of
NE., Washington, DC 20549–1090. (‘‘SEC’’ or ‘‘Commission’’) the proposed several factors that supported the
rule change as described in Items I and original proposal of the SPY Pilot
All submissions should refer to File Program, including (1) the availability of
II below, which Items have been
Number SR–BX–2015–039. This file economically equivalent products and
prepared by the Exchange. The
number should be included on the Commission is publishing this notice to their respective position limits; (2) the
subject line if email is used. To help the solicit comments on the proposed rule liquidity of the option and the
Commission process and review your change from interested persons. underlying security; (3) the market
comments more efficiently, please use capitalization of the underlying security
only one method. The Commission will I. Self-Regulatory Organization’s and the related index; (4) the reporting
post all comments on the Commission’s Statement of the Terms of the Substance of large positions and requirements
Internet Web site (http://www.sec.gov/ of the Proposed Rule Change surrounding margin; and (5) the
rules/sro.shtml). Copies of the The Exchange proposes to extend for potential for market on close volatility.
submission, all subsequent another twelve (12) month time period The Exchange submitted a report to
amendments, all written statements the pilot program to eliminate position the Commission on June 11, 2015,
with respect to the proposed rule limits for options on the SPDR® S&P which report reflects, during the time
change that are filed with the 500® exchange-traded fund (‘‘SPY ETF’’ period from May 2014 through May
Commission, and all written or ‘‘SPY’’),3 which list and trade under 2015, the trading of standardized SPY
communications relating to the the symbol SPY (‘‘SPY Pilot Program’’). options with no position limits
proposed rule change between the The text of the proposed rule change consistent with option exchange
Commission and any person, other than is available on the Exchange’s Web site provisions.4 The report was prepared in
those that may be withheld from the at http://nasdaq.cchwallstreet.com, at the manner specified in the Exchange’s
public in accordance with the the principal office of the Exchange, and prior filing extending the SPY Pilot
provisions of 5 U.S.C. 552, will be at the Commission’s Public Reference Program.5 The Exchange notes that it is
available for Web site viewing and Room. unaware of any problems created by the
printing in the Commission’s Public SPY Pilot Program and does not foresee
II. Self-Regulatory Organization’s any as a result of the proposed
Reference Room, 100 F Street NE., Statement of the Purpose of, and
Washington, DC 20549 on official extension. The proposed extension will
Statutory Basis for, the Proposed Rule allow the Exchange and the Commission
business days between the hours of Change
10:00 a.m. and 3:00 p.m. Copies of such additional time to further evaluate the
filing also will be available for In its filing with the Commission, the pilot program and its effect on the
inspection and copying at the principal Exchange included statements market.
office of the Exchange. All comments concerning the purpose of and basis for As with the original proposal to
received will be posted without change; establish the SPY Pilot Program, the
the Commission does not edit personal
12 17
CFR 200.30–3(a)(12). Exchange represents that a SPY Pilot
mstockstill on DSK4VPTVN1PROD with NOTICES
1 15
U.S.C. 78s(b)(1).
identifying information from Report will be submitted at least thirty
2 17 CFR 240.19b–4.
submissions. You should submit only (30) days before the end of the Extended
3 ‘‘SPDR®,’’ ‘‘Standard & Poor’s®,’’ ‘‘S&P®,’’ ‘‘S&P
information that you wish to make 500®,’’ and ‘‘Standard & Poor’s 500’’ are registered
Pilot and would analyze that period.
available publicly. All submissions trademarks of Standard & Poor’s Financial Services
4 The report is attached as Exhibit 3.
should refer to File Number SR–BX– LLC. The SPY ETF represents ownership in the
SPDR S&P 500 Trust, a unit investment trust that 5 SeeSecurities Exchange Act Release No. 72142
2015–039, and should be submitted on generally corresponds to the price and yield (May 9, 2014), 79 FR 27961 (May 15, 2014) (SR–
or before August 5, 2015. performance of the SPDR S&P 500 Index. NASDAQ–2014–052).
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Document Created: 2015-12-15 13:32:36
Document Modified: 2015-12-15 13:32:36
| 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 41517 |
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