80 FR 42566 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Various References to Rule 1080.08

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 137 (July 17, 2015)

Page Range		42566-42567
FR Document		2015-17491
Federal Register, Volume 80 Issue 137 (Friday, July 17, 2015)
[Federal Register Volume 80, Number 137 (Friday, July 17, 2015)]
[Notices]
[Pages 42566-42567]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-17491]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75436; File No. SR-Phlx-2015-55]


Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend 
Various References to Rule 1080.08

July 13, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on June 30, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend various options rules to reflect the 
recent renumbering of Rule 1080.08 as Rule 1080.07, as described 
further below.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqomxphlx.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 filing is to correct various references to Rule 
1080.08, which was recently renumbered as Rule 1080.07.\3\
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    \3\ See Securities Exchange Act Release No. 73719 (December 2, 
2014), 79 FR 72740 (December 8, 2014) (SR-Phlx-2014-76).
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    First, the Exchange proposes to amend Rule 1000(b)(14), which 
defines the term ``professional'' as any person or entity that (i) is 
not a broker or dealer in securities, and (ii) places more than 390 
orders in listed options per day on average during a calendar month for 
its own beneficial account(s). It further provides that a professional 
will be treated in the same manner as an off-floor broker-dealer for 
purposes of Rules 1014(g) (except with respect to all-or-none orders, 
which will be treated like customer orders, except that orders 
submitted pursuant to Rule 1080(n) for the beneficial account(s) of 
professionals with an all-or-none designation will be treated in the 
same manner as off-floor broker-dealer orders), 1033(e), 1064.02 
(except professional orders will be considered customer orders subject 
to facilitation), 1080(n) and 1080.08 as well as Options Floor 
Procedure Advices B-6, B-11 \4\ and F-5. The reference to Rule 1080.08 
is being changed to Rule 1080.07.
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    \4\ The Exchange is proposing to delete reference to Options 
Floor Procedure Advice B-11, which has been deleted. See Securities 
Exchange Act Release No. 69471 (April 29, 2013), 78 FR 26096 (May 3, 
2013) (SR-Phlx-2013-09).
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    Second, the Exchange proposes to amend Rule 1047(f)(ii), which 
currently provides that after the opening, the Exchange shall reject 
Market Orders, as defined in Rule 1066(a) (including Complex Orders, as 
defined in Rule 1080.08, and shall notify Participants of the reason 
for such rejection. The

[[Page 42567]]

reference to Rule 1080.08 is being changed to Rule 1080.07.
    Next, the Exchange proposes to amend Rule 1066(f)(7) and (8), which 
defines various types of multi-leg orders, including Complex Orders and 
DNA Orders, both of which are defined in Rule 1080.07(a). Accordingly, 
Rule 1066(f)(7) and (8) are being corrected to properly refer to Rule 
1080.07(a) rather than to Rule 1080.08(a).
    Finally, the Exchange proposes to amend Rule 1080.07 itself, which 
contains several references to Rule 1080.08, which are incorrect. Each 
of the following provisions in Rule 1080 are proposed to be changed to 
refer to the same subsection in Rule 1080.07: Rule 1080(m)(iii)(A), 
Rule 1080(n)(i)(C), Rule 1080(n)(ii)(A)(9), Rule 1080.07(a)(i), Rule 
1080.07(e)(i)(B)(1), Rule 1080.07(e)(vi)(B), Rule 
1080.07(f)(iii)(C)(2), and Rule 1080.07(f)(iii)(C)(4).
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 promote 
just and equitable principles of trade by correcting the references to 
Rule 1080 regarding complex orders, which should help market 
participants better understand how their orders are handled.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
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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. The proposal merely corrects 
rule references.

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: (1) Does not 
significantly affect the protection of investors or the public 
interest; (2) does not impose any significant burden on competition; 
and (3) by its terms does not become operative for 30 days after the 
date of this filing, 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 \7\ and Rule 19b-4(f)(6) thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to provide the Commission 
with written notice of its intent to file the proposed rule change, 
along with a brief description and 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 requirement.
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    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 Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule change 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 Comments

     Use 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-Phlx-2015-55 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-Phlx-2015-55. 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 the 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-Phlx-2015-55 and should be 
submitted on or before August 7, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-17491 Filed 7-16-15; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 80, No. 137 / Friday, July 17, 2015 / Notices 42567

reference to Rule 1080.08 is being with the protection of investors and the those that may be withheld from the
changed to Rule 1080.07. public interest, the proposed rule public in accordance with the
Next, the Exchange proposes to change has become effective pursuant to provisions of 5 U.S.C. 552, will be
amend Rule 1066(f)(7) and (8), which Section 19(b)(3)(A) of the Act 7 and Rule available for Web site viewing and
defines various types of multi-leg 19b–4(f)(6) thereunder.8 printing in the Commission’s Public
orders, including Complex Orders and At any time within 60 days of the Reference Room, 100 F Street NE.,
DNA Orders, both of which are defined filing of the proposed rule change, the Washington, DC 20549, on official
in Rule 1080.07(a). Accordingly, Rule Commission summarily may business days between the hours of
1066(f)(7) and (8) are being corrected to temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of the
properly refer to Rule 1080.07(a) rather it appears to the Commission that such filing also will be available for
than to Rule 1080.08(a). action is necessary or appropriate in the inspection and copying at the principal
Finally, the Exchange proposes to public interest, for the protection of office of the Exchange. All comments
amend Rule 1080.07 itself, which investors, or otherwise in furtherance of received will be posted without change;
contains several references to Rule the purposes of the Act. If the the Commission does not edit personal
1080.08, which are incorrect. Each of Commission takes such action, the identifying information from
the following provisions in Rule 1080 Commission shall institute proceedings submissions. You should submit only
are proposed to be changed to refer to to determine whether the proposed rule information that you wish to make
the same subsection in Rule 1080.07: change should be approved or available publicly. All submissions
Rule 1080(m)(iii)(A), Rule 1080(n)(i)(C), disapproved. should refer to File Number SR–Phlx–
Rule 1080(n)(ii)(A)(9), Rule IV. Solicitation of Comments 2015–55 and should be submitted on or
1080.07(a)(i), Rule 1080.07(e)(i)(B)(1), before August 7, 2015.
Rule 1080.07(e)(vi)(B), Rule Interested persons are invited to
For the Commission, by the Division of
1080.07(f)(iii)(C)(2), and Rule submit written data, views, and Trading and Markets, pursuant to delegated
1080.07(f)(iii)(C)(4). arguments concerning the foregoing, authority.9
including whether the proposed rule Brent J. Fields,
2. Statutory Basis change is consistent with the Act.
Secretary.
The Exchange believes that its Comments may be submitted by any of
[FR Doc. 2015–17491 Filed 7–16–15; 8:45 am]
proposal is consistent with Section 6(b) the following methods:
BILLING CODE 8011–01–P
of the Act 5 in general, and furthers the Electronic Comments
objectives of Section 6(b)(5) of the Act 6
• Use the Commission’s Internet
in particular, in that it is designed to SECURITIES AND EXCHANGE
comment form (http://www.sec.gov/
promote just and equitable principles of COMMISSION
rules/sro.shtml); or
trade by correcting the references to • Send an email to rule-comments@
Rule 1080 regarding complex orders, [Release No. 34–75442; File No. SR–CBOE–
sec.gov. Please include File Number SR– 2015–066]
which should help market participants Phlx–2015–55 on the subject line.
better understand how their orders are Self-Regulatory Organizations;
handled. Paper Comments Chicago Board Options Exchange,
B. Self-Regulatory Organization’s • Send paper comments in triplicate Incorporated; Notice of Filing and
Statement on Burden on Competition to Secretary, Securities and Exchange Immediate Effectiveness of Proposed
Commission, 100 F Street NE., Rule Change To Amend the Fees
The Exchange does not believe that Washington, DC 20549–1090. Schedule
the proposed rule change will impose All submissions should refer to File
any burden on competition not Number SR–Phlx–2015–55. This file July 13, 2015.
necessary or appropriate in furtherance number should be included on the Pursuant to Section 19(b)(1) of the
of the purposes of the Act. The proposal subject line if email is used. To help the Securities Exchange Act of 1934
merely corrects rule references. Commission process and review your (‘‘Act’’),1 and Rule 19b–4 thereunder, 2
comments more efficiently, please use notice is hereby given that, on July 1,
C. Self-Regulatory Organization’s
only one method. The Commission will 2015, Chicago Board Options Exchange,
Statement on Comments on the
post all comments on the Commission’s Incorporated (the ‘‘Exchange’’ or
Proposed Rule Change Received From
Internet Web site (http://www.sec.gov/ ‘‘CBOE’’) filed with the Securities and
Members, Participants or Others
rules/sro.shtml). Copies of the Exchange Commission (‘‘Commission’’)
No written comments were either the proposed rule change as described
submission, all subsequent
solicited or received. in Items I, II, and III below, which Items
amendments, all written statements
III. Date of Effectiveness of the with respect to the proposed rule have been prepared by the Exchange.
Proposed Rule Change and Timing for change that are filed with the The Commission is publishing this
Commission Action Commission, and all written notice to solicit comments on the
communications relating to the proposed rule change from interested
Because the foregoing proposed rule persons.
change: (1) Does not significantly affect proposed rule change between the
the protection of investors or the public Commission and any person, other than I. Self-Regulatory Organization’s
interest; (2) does not impose any Statement of the Terms of Substance of
7 15
U.S.C. 78s(b)(3)(A). the Proposed Rule Change
srobinson on DSK5SPTVN1PROD with NOTICES

significant burden on competition; and 8 17
CFR 240.19b–4(f)(6). In addition, Rule 19b–
(3) by its terms does not become 4(f)(6)(iii) requires a self-regulatory organization to The Exchange proposes to amend its
operative for 30 days after the date of provide the Commission with written notice of its Fees Schedule. The text of the proposed
this filing, or such shorter time as the intent to file the proposed rule change, along with rule change is available on the
a brief description and text of the proposed rule
Commission may designate if consistent change, at least five business days prior to the date
9 17 CFR 200.30–3(a)(12).
of filing of the proposed rule change, or such
5 15 U.S.C. 78f(b). 1 15 U.S.C. 78s(b)(1).
shorter time as designated by the Commission. The
6 15 U.S.C. 78f(b)(5). Exchange has satisfied this requirement. 2 17 CFR 240.19b–4.

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Document Created: 2018-02-23 09:21:17
Document Modified: 2018-02-23 09:21:17
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 42566