80 FR 44172 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Add Interpretive Material to BOX Rule 8050 To Indicate That Market Makers Will Not Be Obligated To Quote in Adjusted Option Series and To Define What Qualifies as an Adjusted Options Series
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 142 (July 24, 2015)
Federal Register Volume 80, Issue 142 (July 24, 2015)
| Page Range | 44172-44174 | |
| FR Document | 2015-18133 |
[Federal Register Volume 80, Number 142 (Friday, July 24, 2015)] [Notices] [Pages 44172-44174] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-18133] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75489; File No. SR-BOX-2015-26] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Add Interpretive Material to BOX Rule 8050 To Indicate That Market Makers Will Not Be Obligated To Quote in Adjusted Option Series and To Define What Qualifies as an Adjusted Options Series July 20, 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 10, 2015, BOX Options Exchange LLC (the ``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 self-regulatory organization. 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 proposes to add Interpretive Material (``IM-8050-2'') to BOX Rule 8050 (Market Maker Quotations) to indicate that Market Makers will not be obligated to quote in adjusted option series and to define what qualifies as an adjusted options series. The text of the proposed rule change is available from the principal office of the Exchange, at the Commission's Public Reference Room and also on the Exchange's Internet Web site at http://boxexchange.com. 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 self-regulatory organization 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 self-regulatory organization 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 Exchange proposes to add Interpretive Material (``IM-8050-2'') to BOX Rule 8050 (Market Maker Quotations) to indicate that Market Makers will not be obligated to quote in adjusted option series and to define what qualifies as an adjusted options series. This is a competitive filing that is based on a proposal submitted by NYSE Arca, Inc. (``NYSE Arca'') and approved by the Commission.\3\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 65573 (October 14, 2011), 76 FR 65305 (October 20, 2011) (Order Approving SR-NYSEArca- 2011-59). See also NYSE Arca Rule 6.37B Market Maker Quotations--OX. --------------------------------------------------------------------------- BOX Rule 8050 discusses the quoting obligations that are applicable to Market Makers on the Exchange. The Rule states that, in addition to other requirements, Market Makers must post valid quotes throughout the trading day in its appointed classes at least sixty percent (60%) of the time the classes are open for trading. The Exchange proposes to define ``adjusted series'' for the purpose of BOX Rule 8050. An ``adjusted series'' under the Rule would be defined as an option series wherein, as a result of a corporate action by the issuer of the underlying security, one option contract in the series represents the delivery of other than 100 shares of underlying stock or Exchange Traded Fund Shares. After a corporate action and a subsequent adjustment to the existing options, the series in question are identified by the Options Price Reporting Authority (``OPRA'') and at Options Clearing Corporation (``OCC'') with a separate symbol consisting of the underlying symbol and a numerical appendage. As a standard procedure, exchanges listing options on an underlying security which undergoes a corporate action resulting in adjusted series will list new standard option series across all appropriate expiration months the day after the existing series are adjusted. The adjusted series are generally active for a short period of time following adjustment, but orders to open an options position in the underlying are almost exclusively placed in the new standard contracts. Although the adjusted series may not expire for as much as 27 months, in a short time the adjusted series become inactive. Thus, the burden of quoting these series generally outweighs the benefit of being appointed in the class because of the lack of interest in the series by various market participants. The proposed rule change is similar to the NYSE Arca rule, in that the Exchange is merely proposing to exclude the adjusted series from the continuous quoting obligation, but not from other obligations under BOX Rule 8050. The NYSE Arca rule excludes adjusted option series, and series with a time to expiration of nine months or greater, for options on equities and Exchange Traded Fund Shares, and series with a time to expiration of twelve months or greater for Index options. Similar to NYSE Arca, BOX already excludes from continuous quoting requirements options series where the time to expiration is greater than nine (9) months,\4\ and is now proposing to add the exclusion of adjusted series. Of particular note, the proposal would not excuse a Market [[Page 44173]] Maker from the obligation, when called upon by an Exchange Official, to submit a single valid two-sided quote or maintain continuous quotes in one or more series of an option class within the Market Maker's appointment whenever, in the judgment of such Exchange Official, it is necessary to do so in the interest of maintaining fair and orderly markets.\5\ --------------------------------------------------------------------------- \4\ See BOX Rule 5070(a). \5\ See BOX Rule 8050(c)(4). --------------------------------------------------------------------------- The current quoting obligation in such illiquid series is a minor part of a Market Maker's overall obligation, and the proposed modicum of relief is mitigated by the obligation to respond to a request for quote from an Exchange Official. Because of the lack of interest in such series, there is little demonstrable benefit to being a Market Maker in them other than the ability to maintain Market Maker margins for what little activity may occur. In addition, the burden of continuous quoting in these series is counter to efforts to mitigate the number of quotes collected and disseminated. The Exchange believes that the proposed rule change should incent Market Makers to continue appointments and thereby expand liquidity in options classes listed on the Exchange to the benefit of the Exchange and its Participants and public customers. Additionally, the Exchange recently amended BOX Rule 7300 (Preferenced Orders) \6\ by adding, among other things, the language of ``non-adjusted options series'' to indicate that a Preferred Market Maker will not be obligated to maintain continuous quotes in adjusted series and to define the term adjusted options series. The Exchange believes that this proposed rule change will harmonize the quoting obligations in adjusted series for Preferred Market Makers and Market Makers on the Exchange. --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 74952 (May 13, 2015), 80 FR 28738 (May 19, 2015) (Notice of Filing and Immediate Effectiveness of SR-BOX-2015-19). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\7\ in general, and section 6(b)(5) of the Act,\8\ 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. In particular, the Exchange believes that, on balance, the elimination of the continuous quoting obligations in adjusted series is a minor change and should not impact the quality of BOX's market. Among other things, adjusted series are not common, and trading interest is often very low after the corporate event has passed. Consequently, continuous quotes in such series increases quote traffic and burdens systems without a corresponding benefit. By not requiring Market Makers to continuously quote in such series, the Exchange's proposal would further its goal of measured quote mitigation. Further, while they will not be tasked with continually quoting such series, Market Makers will be obligated to quote the series when called upon by an Exchange Official. Accordingly, the proposal supports the quality of BOX's market by helping to ensure that Market Makers will continue to be obligated to quote in adjusted series when the need arises. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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. In this regard and as indicated above, the Exchange notes that the rule change is being proposed as a competitive response to a filing submitted by NYSE Arca and approved by the Commission.\9\ Accordingly, the Exchange believes that the proposed rule change should incent Market Makers to continue appointments and thereby expand liquidity in options classes listed on the Exchange to the benefit of the Exchange and its Participants and public customers. --------------------------------------------------------------------------- \9\ See supra, note 3. --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action 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 for 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 \10\ and Rule 19b-4(f)(6) thereunder.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 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. --------------------------------------------------------------------------- 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 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-BOX-2015-26 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-BOX-2015-26. 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 [[Page 44174]] 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-BOX-2015-26, and should be submitted on or before August 14, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-18133 Filed 7-23-15; 8:45 am] BILLING CODE 8011-01-P
![44172 Federal Register / Vol. 80, No. 142 / Friday, July 24, 2015 / Notices
proposed rule text promotes 2015, BOX Options Exchange LLC (the Makers on the Exchange. The Rule
transparency through the use of ‘‘Exchange’’) filed with the Securities states that, in addition to other
consistent terminology that will serve as and Exchange Commission requirements, Market Makers must post
the foundation for additional Pillar- (‘‘Commission’’) the proposed rule valid quotes throughout the trading day
related rule proposals, and by providing change as described in Items I and II in its appointed classes at least sixty
notice of when orders would be below, which Items have been prepared percent (60%) of the time the classes are
accepted, routed, rejected, cancelled, or by the self-regulatory organization. The open for trading.
be assigned a working time by the Commission is publishing this notice to The Exchange proposes to define
Exchange.24 solicit comments on the proposed rule ‘‘adjusted series’’ for the purpose of
Based on the Exchange’s change from interested persons. BOX Rule 8050. An ‘‘adjusted series’’
representations, the Commission under the Rule would be defined as an
believes that the proposed rule change I. Self-Regulatory Organization’s option series wherein, as a result of a
does not raise any novel regulatory Statement of the Terms of the Substance corporate action by the issuer of the
considerations and should provide of the Proposed Rule Change underlying security, one option contract
greater specificity with respect to the The Exchange proposes to add in the series represents the delivery of
functionality available on the Exchange Interpretive Material (‘‘IM–8050–2’’) to other than 100 shares of underlying
as symbols are migrated to the Pillar BOX Rule 8050 (Market Maker stock or Exchange Traded Fund Shares.
platform. For these reasons, the Quotations) to indicate that Market After a corporate action and a
Commission believes that the proposal Makers will not be obligated to quote in subsequent adjustment to the existing
should help to prevent fraudulent and adjusted option series and to define options, the series in question are
manipulative acts and practices, what qualifies as an adjusted options identified by the Options Price
promote just and equitable principles of series. The text of the proposed rule Reporting Authority (‘‘OPRA’’) and at
trade, remove impediments to and change is available from the principal Options Clearing Corporation (‘‘OCC’’)
perfect the mechanism of a free and office of the Exchange, at the with a separate symbol consisting of the
open market and a national market Commission’s Public Reference Room underlying symbol and a numerical
system, and, in general, protect and also on the Exchange’s Internet Web appendage. As a standard procedure,
investors and the public interest. site at http://boxexchange.com. exchanges listing options on an
underlying security which undergoes a
IV. Conclusion II. Self-Regulatory Organization’s corporate action resulting in adjusted
It is therefore ordered, pursuant to Statement of the Purpose of, and series will list new standard option
section 19(b)(2) of the Act,25 that the Statutory Basis for, the Proposed Rule series across all appropriate expiration
proposed rule change (SR–NYSEArca– Change months the day after the existing series
2015–38) be, and hereby is, approved. In its filing with the Commission, the are adjusted. The adjusted series are
self-regulatory organization included generally active for a short period of
For the Commission, by the Division of
Trading and Markets, pursuant to delegated statements concerning the purpose of, time following adjustment, but orders to
authority.26 and basis for, the proposed rule change open an options position in the
Robert W. Errett, and discussed any comments it received underlying are almost exclusively
Deputy Secretary. on the proposed rule change. The text placed in the new standard contracts.
of these statements may be examined at Although the adjusted series may not
[FR Doc. 2015–18128 Filed 7–23–15; 8:45 am]
the places specified in Item IV below. expire for as much as 27 months, in a
BILLING CODE 8011–01–P
The self-regulatory organization has short time the adjusted series become
prepared summaries, set forth in inactive. Thus, the burden of quoting
sections A, B, and C below, of the most these series generally outweighs the
SECURITIES AND EXCHANGE
significant aspects of such statements. benefit of being appointed in the class
COMMISSION
because of the lack of interest in the
[Release No. 34–75489; File No. SR–BOX– A. Self-Regulatory Organization’s series by various market participants.
2015–26] Statement of the Purpose of, and The proposed rule change is similar to
Statutory Basis for, the Proposed Rule the NYSE Arca rule, in that the
Self-Regulatory Organizations; BOX Change Exchange is merely proposing to
Options Exchange LLC; Notice of exclude the adjusted series from the
Filing and Immediate Effectiveness of 1. Purpose
continuous quoting obligation, but not
a Proposed Rule Change To Add The Exchange proposes to add from other obligations under BOX Rule
Interpretive Material to BOX Rule 8050 Interpretive Material (‘‘IM–8050–2’’) to 8050. The NYSE Arca rule excludes
To Indicate That Market Makers Will BOX Rule 8050 (Market Maker adjusted option series, and series with
Not Be Obligated To Quote in Adjusted Quotations) to indicate that Market a time to expiration of nine months or
Option Series and To Define What Makers will not be obligated to quote in greater, for options on equities and
Qualifies as an Adjusted Options adjusted option series and to define Exchange Traded Fund Shares, and
Series what qualifies as an adjusted options series with a time to expiration of
series. This is a competitive filing that twelve months or greater for Index
July 20, 2015.
is based on a proposal submitted by options. Similar to NYSE Arca, BOX
Pursuant to section 19(b)(1) of the NYSE Arca, Inc. (‘‘NYSE Arca’’) and already excludes from continuous
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Securities Exchange Act of 1934 (the approved by the Commission.3
‘‘Act’’),1 and Rule 19b–4 thereunder,2 quoting requirements options series
BOX Rule 8050 discusses the quoting where the time to expiration is greater
notice is hereby given that on July 10, obligations that are applicable to Market than nine (9) months,4 and is now
24 See id. proposing to add the exclusion of
3 See Securities Exchange Act Release No. 65573
25 15 U.S.C. 78s(b)(2). adjusted series. Of particular note, the
(October 14, 2011), 76 FR 65305 (October 20, 2011)
26 17 CFR 200.30–3(a)(12).
(Order Approving SR–NYSEArca–2011–59). See proposal would not excuse a Market
1 15 U.S.C. 78s(b)(1).
also NYSE Arca Rule 6.37B Market Maker
2 17 CFR 240.19b–4. Quotations—OX. 4 See BOX Rule 5070(a).
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![44174 Federal Register / Vol. 80, No. 142 / Friday, July 24, 2015 / Notices
Commission, and all written I. Self-Regulatory Organization’s making it more likely that such orders
communications relating to the Statement of the Terms of Substance of may receive price improvement. The
proposed rule change between the the Proposed Rule Change Exchange believes that the pilot attracts
Commission and any person, other than The Exchange is filing a proposal to order flow and promotes competition
those that may be withheld from the amend Exchange Rule 515A. and price improvement opportunities
public in accordance with the The text of the proposed rule change for Agency Orders of fewer than 50
provisions of 5 U.S.C. 552, will be is available on the Exchange’s Web site contracts. The Exchange believes that
available for Web site viewing and at http://www.miaxoptions.com/filter/ extending the pilot period is appropriate
printing in the Commission’s Public wotitle/rule_filing, at MIAX’s principal because it would allow the Exchange
Reference Room, 100 F Street NE., office, and at the Commission’s Public and the Commission additional time to
Washington, DC 20549 on official Reference Room. analyze data regarding the pilot that the
business days between the hours of Exchange has committed to provide.
10:00 a.m. and 3:00 p.m. Copies of such II. Self-Regulatory Organization’s In the original filing, the Exchange
filing also will be available for Statement of the Purpose of, and committed to periodically submitting
inspection and copying at the principal Statutory Basis for, the Proposed Rule reports based on the comprehensive list
office of the Exchange. All comments Change of the data that the Exchange
received will be posted without change; In its filing with the Commission, the represented that it will collect in order
the Commission does not edit personal Exchange included statements to aid the Commission in its evaluation
identifying information from concerning the purpose of and basis for of the PRIME that incorporates the
submissions. You should submit only the proposed rule change and discussed changes proposed.5 As of August 1,
information that you wish to make any comments it received on the 2015, the Exchange will submit periodic
available publicly. All submissions proposed rule change. The text of these reports based on the revised list of data
should refer to File Number SR–BOX– statements may be examined at the detailed in Exhibit 3 of this proposal.
2015–26, and should be submitted on or places specified in Item IV below. The Any raw data which is submitted to the
before August 14, 2015. Exchange has prepared summaries, set Commission pursuant to the pilot will
For the Commission, by the Division of forth in sections A, B, and C below, of be provided on a confidential basis. In
Trading and Markets, pursuant to delegated the most significant aspects of such further support of this proposal, the
authority.12 statements. Exchange represents that it will provide
Robert W. Errett, A. Self-Regulatory Organization’s certain additional data requested by the
Deputy Secretary. Statement of the Purpose of, and Commission regarding trading in the
[FR Doc. 2015–18133 Filed 7–23–15; 8:45 am] Statutory Basis for, the Proposed Rule PRIME Auction for the six (6) month
Change period from January 1, 2015 to June 30,
BILLING CODE 8011–01–P
2015. The Exchange agrees to provide
1. Purpose this data by January 18, 2016 and to
SECURITIES AND EXCHANGE The Exchange proposes to extend the make the summary of the data provided
COMMISSION pilot period applicable to certain to the Commission publicly available.
aspects of the PRIME Auction which is The Exchange continues to believe that
[Release No. 34–75486; File No. SR–MIAX– currently set to expire on July 18, 2015, there remains meaningful competition
2015–48] until July 18, 2016. for all size orders and that there is an
The current pilot allows PRIME active and liquid market functioning on
Self-Regulatory Organizations; Miami the Exchange outside of the PRIME
Agency Orders of any size to initiate a
International Securities Exchange LLC; Auction. The Exchange also continues
PRIME Auction on MIAX at a price
Notice of Filing and Immediate to believe that there are significant
which is at or better than the national
Effectiveness of a Proposed Rule opportunities for price improvement
best bid or offer (‘‘NBBO’’).3 The
Change to Amend Exchange Rule 515A available in the PRIME Auction. The
Exchange notes that other exchanges
to Extend the Pilot Period for Certain Exchange believes the additional data
provide the same functionality.4 The
Aspects of the PRIME Auction to July will substantiate the Exchange’s belief
Exchange implemented the pilot in
18, 2016 and provide further evidence in support
order to benefit customers through the
July 20, 2015. encouragement of the entry of more of permanent approval of the pilot.
Pursuant to the provisions of section orders into the PRIME Auction, thus 2. Statutory Basis
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4 3 The Exchange notes that prior to the pilot, for MIAX believes that its proposed rule
thereunder,2 notice is hereby given that PRIME Agency Orders for less than 50 standard change is consistent with section 6(b) of
option contracts or 500 mini-option contracts, the the Act 6 in general, and furthers the
on July 16, 2015, Miami International Initiating Member must stop the entire PRIME
Securities Exchange LLC (‘‘MIAX’’ or Agency Order as principal or with a solicited order
objectives of section 6(b)(5) of the Act 7
‘‘Exchange’’) filed with the Securities at the better of the NBBO price improved by a $0.01 in particular, in that it is designed to
and Exchange Commission increment or the PRIME Agency Order’s limit price prevent fraudulent and manipulative
(if the order is a limit order). In addition, to initiate acts and practices, to promote just and
(‘‘Commission’’) a proposed rule change the PRIME Auction for auto-match submissions, the
as described in Items I and II below, Initiating Member must stop the PRIME Agency
equitable principles of trade, to foster
Order for less than 50 standard option contracts or
asabaliauskas on DSK5VPTVN1PROD with NOTICES
which Items have been prepared by the 5 See Proposed Rule 515A, Interpretations and
500 mini-option contracts at better of the NBBO
Exchange. The Commission is price improved by a $0.01 increment or the PRIME Policies .08. A comprehensive list of the data that
publishing this notice to solicit Agency Order’s limit price. See Securities Exchange the Exchange represented that it will collect is
comments on the proposed rule change Act Release No. 73590 (November 13, 2014), 79 available in Exhibit 3 of SR–MIAX–2014–23. See
from interested persons. 68919 (November 19, 2014) (SR–MIAX–2014–56). also Securities Exchange Act Release Nos. 72009
See also Securities Exchange Act Release Nos. (April 23, 2014), 79 FR 24032 (April 29, 2014) (SR–
72009 (April 23, 2014), 79 FR 24032 (April 29, MIAX–2014–20); 72418 (June 18, 2014), 79 FR
12 17 CFR 200.30–3(a)(12). 35833 (June 24, 2014) (SR–MIAX–2014–23).
2014) (SR–MIAX–2014–20); 72418 (June 18, 2014),
1 15 U.S.C. 78s(b)(1). 79 FR 35833 (June 24, 2014) (SR–MIAX–2014–23). 6 15 U.S.C. 78f(b).
2 17 CFR 240.19b–4. 4 See PHLX Rule 1080(n). 7 15 U.S.C. 78f(b)(5).
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Document Created: 2018-02-23 09:24:56
Document Modified: 2018-02-23 09:24:56
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 80 FR 44172 |
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