80 FR 44174 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Exchange Rule 515A to Extend the Pilot Period for Certain Aspects of the PRIME Auction to July 18, 2016
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 142 (July 24, 2015)
Federal Register Volume 80, Issue 142 (July 24, 2015)
| Page Range | 44174-44176 | |
| FR Document | 2015-18136 |
[Federal Register Volume 80, Number 142 (Friday, July 24, 2015)] [Notices] [Pages 44174-44176] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-18136] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75486; File No. SR-MIAX-2015-48] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Exchange Rule 515A to Extend the Pilot Period for Certain Aspects of the PRIME Auction to July 18, 2016 July 20, 2015. Pursuant to the provisions of 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 July 16, 2015, Miami International Securities Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') a 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 The Exchange is filing a proposal to amend Exchange Rule 515A. The text of the proposed rule change is available on the Exchange's Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at MIAX's principal office, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, 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 Exchange proposes to extend the pilot period applicable to certain aspects of the PRIME Auction which is currently set to expire on July 18, 2015, until July 18, 2016. The current pilot allows PRIME Agency Orders of any size to initiate a PRIME Auction on MIAX at a price which is at or better than the national best bid or offer (``NBBO'').\3\ The Exchange notes that other exchanges provide the same functionality.\4\ The Exchange implemented the pilot in order to benefit customers through the encouragement of the entry of more orders into the PRIME Auction, thus making it more likely that such orders may receive price improvement. The Exchange believes that the pilot attracts order flow and promotes competition and price improvement opportunities for Agency Orders of fewer than 50 contracts. The Exchange believes that extending the pilot period is appropriate because it would allow the Exchange and the Commission additional time to analyze data regarding the pilot that the Exchange has committed to provide. --------------------------------------------------------------------------- \3\ The Exchange notes that prior to the pilot, for PRIME Agency Orders for less than 50 standard option contracts or 500 mini-option contracts, the Initiating Member must stop the entire PRIME Agency Order as principal or with a solicited order at the better of the NBBO price improved by a $0.01 increment or the PRIME Agency Order's limit price (if the order is a limit order). In addition, to initiate the PRIME Auction for auto-match submissions, the Initiating Member must stop the PRIME Agency Order for less than 50 standard option contracts or 500 mini-option contracts at better of the NBBO price improved by a $0.01 increment or the PRIME Agency Order's limit price. See Securities Exchange Act Release No. 73590 (November 13, 2014), 79 68919 (November 19, 2014) (SR-MIAX-2014-56). See also Securities Exchange Act Release Nos. 72009 (April 23, 2014), 79 FR 24032 (April 29, 2014) (SR-MIAX-2014-20); 72418 (June 18, 2014), 79 FR 35833 (June 24, 2014) (SR-MIAX-2014-23). \4\ See PHLX Rule 1080(n). --------------------------------------------------------------------------- In the original filing, the Exchange committed to periodically submitting reports based on the comprehensive list of the data that the Exchange represented that it will collect in order to aid the Commission in its evaluation of the PRIME that incorporates the changes proposed.\5\ As of August 1, 2015, the Exchange will submit periodic reports based on the revised list of data detailed in Exhibit 3 of this proposal. Any raw data which is submitted to the Commission pursuant to the pilot will be provided on a confidential basis. In further support of this proposal, the Exchange represents that it will provide certain additional data requested by the Commission regarding trading in the PRIME Auction for the six (6) month period from January 1, 2015 to June 30, 2015. The Exchange agrees to provide this data by January 18, 2016 and to make the summary of the data provided to the Commission publicly available. The Exchange continues to believe that there remains meaningful competition for all size orders and that there is an active and liquid market functioning on the Exchange outside of the PRIME Auction. The Exchange also continues to believe that there are significant opportunities for price improvement available in the PRIME Auction. The Exchange believes the additional data will substantiate the Exchange's belief and provide further evidence in support of permanent approval of the pilot. --------------------------------------------------------------------------- \5\ See Proposed Rule 515A, Interpretations and Policies .08. A comprehensive list of the data that the Exchange represented that it will collect is available in Exhibit 3 of SR-MIAX-2014-23. See also Securities Exchange Act Release Nos. 72009 (April 23, 2014), 79 FR 24032 (April 29, 2014) (SR-MIAX-2014-20); 72418 (June 18, 2014), 79 FR 35833 (June 24, 2014) (SR-MIAX-2014-23). --------------------------------------------------------------------------- 2. Statutory Basis MIAX believes that its proposed rule change 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 [[Page 44175]] cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanisms 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 extending the pilot is consistent with these principles because the pilot is reasonably designed to create tighter markets and ensure that each order receives the best possible price, which benefits investors by increasing competition thereby maximizing opportunities for price improvement. The proposed extension would allow the pilot to continue uninterrupted, thereby avoiding any potential investor confusion that could result from a temporary interruption in the pilot. Because the pilot is applicable to all PRIME Agency Orders for fewer than 50 contracts, the proposal to extend the pilot merely acts to maintain status quo on the Exchange, which promotes just and equitable principles of trade and removes impediments to, and perfects the mechanism of, a free and open market and a national market system. The extension of the pilot period will allow the Commission and the Exchange to continue to monitor the pilot to ascertain whether there is meaningful competition for all size orders and whether there is an active and liquid market functioning on the Exchange outside of the PRIME Auction. The extension of the pilot period would also enable market participants to continue to benefit from the significant opportunities for price improvement available in the PRIME Auction. 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 that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change simply extends an established pilot program for an additional period and would allow for further analysis of the pilot. In addition, the proposed extension would allow the pilot to continue uninterrupted, thereby avoiding any potential investor confusion that could result from a temporary interruption in the pilot. Thus, the proposal would also serve to promote regulatory clarity and consistency, thereby reducing burdens on the marketplace and facilitating investor protection. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action 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 \8\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\9\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 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 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. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange requested that the Commission waive the 30-day operative delay. The Exchange noted that waiver of the 30-day operative delay will allow the Exchange to extend the pilot program before it expires on July 18, 2015. The Exchange believes that the proposal to extend the pilot merely acts to maintain status quo on the Exchange and waiver of the operative delay would allow for the pilot to continue uninterrupted. According to the Exchange, the extension of the pilot period would allow the Commission and the Exchange to continue to assess the effect of the pilot. --------------------------------------------------------------------------- \10\ 17 CFR 240.19b-4(f)(6). \11\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, as it will allow the pilot program to continue uninterrupted, thereby avoiding any potential investor confusion that could result from a temporary interruption in the pilot program. Therefore, the Commission designates the proposed rule change to be operative on July 18, 2015.\12\ --------------------------------------------------------------------------- \12\ For purposes only of waiving the 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 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 rule-comments@sec.gov. Please include File Number SR-MIAX-2015-48 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-MIAX-2015-48. 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 [[Page 44176]] 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-MIAX-2015-48 and should be submitted on or before August 14, 2015. --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-18136 Filed 7-23-15; 8:45 am] BILLING CODE 8011-01-P
![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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![44176 Federal Register / Vol. 80, No. 142 / Friday, July 24, 2015 / Notices
10:00 a.m. and 3:00 p.m. Copies of the II. Self-Regulatory Organization’s generated from the ORF, when
filing also will be available for Statement of the Purpose of, and combined with all of the Exchange’s
inspection and copying at the principal Statutory Basis for, the Proposed Rule other regulatory fees and fines, will
office of the Exchange. All comments Change cover a material portion, but not all, of
received will be posted without change; In its filing with the Commission, the the Exchange’s regulatory costs. The
the Commission does not edit personal Exchange included statements Exchange notes that its regulatory
identifying information from concerning the purpose of and basis for responsibilities with respect to Permit
submissions. You should submit only the proposed rule change and discussed Holder compliance with options sales
information that you wish to make any comments it received on the practice rules have largely been
available publicly. All submissions proposed rule change. The text of these allocated to FINRA under a 17d–2
should refer to File Number SR–MIAX– statements may be examined at the agreement. The ORF is not designed to
2015–48 and should be submitted on or places specified in Item IV below. The cover the cost of that options sales
Exchange has prepared summaries, set practice regulation.
before August 14, 2015. The Exchange will continue to
forth in sections A, B, and C below, of
For the Commission, by the Division of
the most significant aspects of such monitor the amount of revenue
Trading and Markets, pursuant to delegated
statements. collected from the ORF to ensure that it,
authority.13 in combination with its other regulatory
Robert W. Errett, A. Self-Regulatory Organization’s fees and fines, does not exceed the
Deputy Secretary.
Statement of the Purpose of, and Exchange’s total regulatory costs. The
Statutory Basis for, the Proposed Rule Exchange monitors its regulatory costs
[FR Doc. 2015–18136 Filed 7–23–15; 8:45 am]
Change and revenues at a minimum on a semi-
BILLING CODE 8011–01–P
1. Purpose annual basis. If the Exchange
determines regulatory revenues exceed
The Exchange proposes to increase or are insufficient to cover a material
SECURITIES AND EXCHANGE the Options Regulatory Fee (‘‘ORF’’) portion of its regulatory costs, the
COMMISSION from $.0002 to $.0051 per contract in Exchange will adjust the ORF by
order to help offset increased regulatory submitting a fee change filing to the
[Release No. 34–75492; File No. SR–C2– costs. The proposed fee change would Commission. The Exchange notifies
2015–019] be operative on August 1, 2015. Permit Holders of adjustments to the
The ORF is assessed by the Exchange ORF via regulatory circular. The
Self-Regulatory Organizations; C2 to each Permit Holder for all options Exchange endeavors to provide Permit
Options Exchange, Incorporated; transactions executed or cleared by the Holders with such notice at least 30
Notice of Filing and Immediate Permit Holder that are cleared by The calendar days prior to the effective date
Effectiveness of a Proposed Rule Options Clearing Corporation (‘‘OCC’’) of the change.
Change Relating to the Options in the customer range (i.e., transactions
Regulatory Fee that clear in a customer account at OCC) 2. Statutory Basis
regardless of the exchange on which the The Exchange believes the proposed
July 20, 2015. transaction occurs. In other words, the rule change is consistent with the
Pursuant to section 19(b)(1) of the Exchange imposes the ORF on all Securities Exchange Act of 1934 (the
Securities Exchange Act of 1934,1 and customer-range transactions executed by ‘‘Act’’) and the rules and regulations
Rule 19b–4 thereunder,2 notice is a Permit Holder, even if the transactions thereunder applicable to the Exchange
hereby given that on July 10, 2015, C2 do not take place on the Exchange. The and, in particular, the requirements of
Options Exchange, Incorporated (the ORF also is charged for transactions that section 6(b) of the Act.3 Specifically, the
‘‘Exchange’’ or ‘‘C2’’) filed with the are not executed by a Permit Holder but Exchange believes the proposed rule
Securities and Exchange Commission are ultimately cleared by a Permit change is consistent with section 6(b)(4)
(the ‘‘Commission’’) the proposed rule Holder. In the case where a Permit of the Act,4 which provides that
change as described in Items I, II, and Holder executes a transaction and a Exchange rules may provide for the
different Permit Holder clears the equitable allocation of reasonable dues,
III below, which Items have been
transaction, the ORF is assessed to the fees, and other charges among its Permit
prepared by the Exchange. The
Permit Holder who executed the Holders and other persons using its
Commission is publishing this notice to
transaction. In the case where a non- facilities. Additionally, the Exchange
solicit comments on the proposed rule
Permit Holder executes a transaction believes the proposed rule change is
change from interested persons.
and a Permit Holder clears the consistent with the section 6(b)(5) 5
I. Self-Regulatory Organization’s transaction, the ORF is assessed to the requirement that the rules of an
Statement of the Terms of Substance of Permit Holder who clears the exchange not be designed to permit
the Proposed Rule Change transaction. The ORF is collected unfair discrimination between
indirectly from Permit Holders through customers, issuers, brokers, or dealers.
The Exchange proposes to amend the their clearing firms by OCC on behalf of The Exchange believes the proposed
Options Regulatory Fee. The text of the the Exchange. fee change is reasonable because it
proposed rule change is available on the The ORF is designed to recover a would help the Exchange offset
Exchange’s Web site (http:// material portion of the costs to the
asabaliauskas on DSK5VPTVN1PROD with NOTICES
increased regulatory costs but would not
www.c2exchange.com/Legal/), at the Exchange of the supervision and result in total regulatory revenue
Exchange’s Office of the Secretary, and regulation of Permit Holder customer exceeding total regulatory costs.
at the Commission’s Public Reference options business, including performing Moreover, the Exchange believes the
Room. routine surveillances, investigations, ORF ensures fairness by assessing
examinations, financial monitoring, as
13 17 CFR 200.30–3(a)(12). well as policy, rulemaking, interpretive 3 15 U.S.C. 78f(b).
1 15 U.S.C. 78s(b)(1). and enforcement activities. The 4 15 U.S.C. 78f(b)(4).
2 17 CFR 240.19b–4. Exchange believes that revenue 5 Id.
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Document Created: 2018-02-23 09:25:09
Document Modified: 2018-02-23 09:25:09
| 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 44174 |
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