80 FR 46610 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Delay of Implementation Related to the Volume-Based and Multi-Trigger Thresholds
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 150 (August 5, 2015)
Federal Register Volume 80, Issue 150 (August 5, 2015)
| Page Range | 46610-46612 | |
| FR Document | 2015-19128 |
[Federal Register Volume 80, Number 150 (Wednesday, August 5, 2015)] [Notices] [Pages 46610-46612] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-19128] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75558; File No. SR-Phlx-2015-67] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Delay of Implementation Related to the Volume-Based and Multi-Trigger Thresholds July 30, 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 July 21, 2015, NASDAQ OMX PHLX LLC (``Phlx'' 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 Substance of the Proposed Rule Change The Exchange proposes to extend the implementation timeframe for adopting two new Phlx Market Maker \3\ risk [[Page 46611]] protections, a volume-based threshold and a multi-trigger threshold. --------------------------------------------------------------------------- \3\ A ``Market Maker'' includes Registered Options Traders (``ROTs'') (Rule 1014(b)(i) and (ii)), which includes Streaming Quote Traders (``SQTs'') (See Rule 1014(b)(ii)(A)) and Remote Streaming Quote Traders (``RSQTs'') (See Rule 1014(b)(ii)(B)). An SQT is defined in Exchange Rule 1014(b)(ii)(A) as an ROT who has received permission from the Exchange to generate and submit option quotations electronically in options to which such SQT is assigned. An RSQT is defined in Exchange Rule 1014(b)(ii)(B) as an ROT that is a member or member organization with no physical trading floor presence who has received permission from the Exchange to generate and submit option quotations electronically in options to which such RSQT has been assigned. An RSQT may only submit such quotations electronically from off the floor of the Exchange. A Market Maker also includes a specialist, an Exchange member who is registered as an options specialist pursuant to Rule 1020(a). --------------------------------------------------------------------------- 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 proposal is to extend the implementation of the Exchange's amendments to Phlx Exchange Rule 1095 entitled ``Automated Removal of Market Maker Quotes.'' \4\ In its rule change regarding the two new risk protections, the Exchange stated that it proposes to ``. . . implement this rule within thirty (30) days of the operative date. The Exchange will issue an Options Trader Alert in advance to inform market participants of such date.'' \5\ At this time, the Exchange desires to extend the implementation of this rule change and request that it implement the rule within (60) days of the operative date. The Exchange will announce the date of implementation by issuing an Options Trader Alert. --------------------------------------------------------------------------- \4\ This rule became immediately effective on June 22, 2015. Securities Exchange Act Release No. 75372 (July 7, 2015), 80 FR 40107 (July 13, 2015) (SR-Phlx-2015-52). \5\ See note 4. --------------------------------------------------------------------------- By way of background, these risk protections are intended to assist Market Makers to control their trading risks.\6\ Specifically, the risk protections establish: (1) A threshold used to calculate each Market Maker's total volume executed in all series of an underlying security within a specified time period and to compare that to a pre-determined threshold (``Volume-Based Threshold''), and (2) a threshold used to measure the number of times the Phlx XL system (``System'') has triggered \7\ based on the Risk Monitor Mechanism (``Percentage-Based Threshold'') pursuant to Rule 1093 and Volume-Based Thresholds within a specified time period and to compare that total to a pre-determined threshold (``Multi-Trigger Threshold'').\8\ --------------------------------------------------------------------------- \6\ See Rule 1014 entitled ``Obligations and Restrictions Applicable to Specialists and Registered Options Traders.'' \7\ A trigger is defined as the event which causes the System to automatically remove all quotes in all options series in an underlying issue. \8\ The details of the two risk protections are described in the initial filing. See Securities Exchange Act Release No. 75372 (July 7, 2015), 80 FR 40107 (July 13, 2015) (SR-Phlx-2015-52). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \9\ in general, and furthers the objectives of Section 6(b)(5) of the Act \10\ in particular, in that it is designed to promote just and equitable principles of trade, 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, by enhancing the risk protections available to Exchange members. The proposal promotes policy goals of the Commission, which has encouraged execution venues, exchange and non-exchange alike, to enhance risk protection tools and other mechanisms to decrease risk and increase stability. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The delay of the implementation of Phlx Rule 1095 will permit the Exchange an additional thirty days within which to implement these risk protections that will be utilized by Phlx Market Makers. 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. With respect to the risk protections, the proposal will not impose a burden on intra-market or inter-market competition; rather it provides Market Makers with the opportunity to avail themselves of similar risk tools that are currently available on other exchanges.\11\ The proposal does not impose a burden on inter-market competition, because members may choose to become market makers on a number of other options exchanges, which may have similar but not identical features.\12\ The proposed rule change is meant to protect Market Makers from inadvertent exposure to excessive risk. Accordingly, the proposed rule change will have no impact on competition. --------------------------------------------------------------------------- \11\ See Section 8 of Form 19b-4 with respect to this proposed rule change. \12\ See BATS Rule 21.16, BOX Rules 8100 and 8110, C2 Rule 8.12, CBOE Rule 8.18, ISE Rule 804(g), MIAX Rule 612, NYSE MKT Rule 928NY and NYSE Arca Rule 6.40. --------------------------------------------------------------------------- The delay of the implementation of Phlx Rule 1095 will permit the Exchange additional time to implement these risk protections that will be utilized by Phlx Market Makers. 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)(ii) of the Act \13\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\14\ The Exchange has requested that the Commission waive the thirty-day operative delay so that the proposal may become operative immediately. The Exchange states that waiving the thirty-day operative delay will enable it to implement these risk protections within the new timeframe. The Commission believes that waiving the thirty day delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the thirty- [[Page 46612]] day operative delay and designates the proposal effective upon filing.\15\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(a)(ii). \14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. \15\ For purposes 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings 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-Phlx-2015-67 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-2015-67. 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-2015-67 and should be submitted on or before August 26, 2015. --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-19128 Filed 8-4-15; 8:45 am] BILLING CODE 8011-01-P
![46610 Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices
Authorization
Agency name Organization name Position title Vacate date
No.
Department of Justice .................... Office of Legislative Affairs ............ Attorney Advisor ............................. DJ130073 5/2/15
Department of Labor ...................... Office of the Secretary ................... Special Assistant to the Secretary DL130043 5/2/15
Special Assistant ............................ DL100020 5/9/15
Wage and Hour Division ................ Policy Advisor ................................ DL140007 5/2/15
Small Business Administration ....... Office of Investment ....................... Special Advisor .............................. SB130025 5/2/15
Department of State ....................... Office of the Deputy Secretary for Senior Advisor ................................ DS110135 5/2/15
Management and Resources.
Office of the Under Secretary for Staff Assistant ................................ DS130124 5/2/15
Management.
Department of Transportation ........ Office of the Secretary ................... White House Liaison ...................... DT130041 5/2/15
Deputy White House Liaison ......... DT140050 5/2/15
Authority: 5 U.S.C. 3301 and 3302; E.O. Services 3 (GEPS 3) negotiated service By the Commission.
10577, 3 CFR, 1954–1958 Comp., p. 218. agreement (Agreement).1 Shoshana M. Grove,
U.S. Office of Personnel Management. To support its Notice, the Postal Secretary.
Beth F. Cobert, Service filed a copy of the Agreement, [FR Doc. 2015–19117 Filed 8–4–15; 8:45 am]
Acting Director. a copy of the Governors’ Decision BILLING CODE 7710–FW–P
[FR Doc. 2015–19215 Filed 8–4–15; 8:45 am] authorizing the product, a certification
BILLING CODE 6325–39–P of compliance with 39 U.S.C. 3633(a),
and an application for non-public SECURITIES AND EXCHANGE
treatment of certain materials. It also COMMISSION
filed supporting financial workpapers. [Release No. 34–75558; File No. SR–Phlx–
POSTAL REGULATORY COMMISSION
II. Notice of Commission Action 2015–67]
[Docket No. CP2015–115; Order No. 2627] The Commission establishes Docket Self-Regulatory Organizations;
No. CP2015–115 for consideration of NASDAQ OMX PHLX LLC; Notice of
New Postal Product Filing and Immediate Effectiveness of
matters raised by the Notice.
Proposed Rule Change Relating to a
AGENCY: Postal Regulatory Commission. The Commission invites comments on Delay of Implementation Related to the
ACTION: Notice. whether the Postal Service’s filing is Volume-Based and Multi-Trigger
consistent with 39 U.S.C. 3632, 3633, or Thresholds
SUMMARY: The Commission is noticing a 3642, 39 CFR part 3015, and 39 CFR
recent Postal Service filing concerning part 3020, subpart B. Comments are due July 30, 2015.
an additional Global Expedited Package no later than August 6, 2015. The public Pursuant to Section 19(b)(1) of the
Services 3 negotiated service agreement. portions of the filing can be accessed via Securities Exchange Act of 1934
This notice informs the public of the the Commission’s Web site (http:// (‘‘Act’’),1 and Rule 19b–4 thereunder,2
filing, invites public comment, and www.prc.gov). notice is hereby given that on July 21,
takes other administrative steps. 2015, NASDAQ OMX PHLX LLC
The Commission appoints John P. (‘‘Phlx’’ or ‘‘Exchange’’) filed with the
DATES: Comments are due: August 6, Klingenberg to serve as an officer of the Securities and Exchange Commission
2015. Commission to represent the interests of (‘‘SEC’’ or ‘‘Commission’’) the proposed
the general public in this proceeding rule change as described in Items I and
ADDRESSES: Submit comments
electronically via the Commission’s (Public Representative). II, below, which Items have been
Filing Online system at http:// III. Ordering Paragraphs prepared by the Exchange. The
www.prc.gov. Those who cannot submit Commission is publishing this notice to
comments electronically should contact It is ordered: solicit comments on the proposed rule
the person identified in the FOR FURTHER 1. The Commission establishes Docket change from interested persons.
INFORMATION CONTACT section by No. CP2015–115 for consideration of the I. Self-Regulatory Organization’s
telephone for advice on filing matters raised by the Postal Service’s Statement of the Terms of Substance of
alternatives. Notice. the Proposed Rule Change
FOR FURTHER INFORMATION CONTACT: 2. Pursuant to 39 U.S.C. 505, John P. The Exchange proposes to extend the
David A. Trissell, General Counsel, at Klingenberg is appointed as the Public implementation timeframe for adopting
202–789–6820. Representative in this proceeding. two new Phlx Market Maker 3 risk
SUPPLEMENTARY INFORMATION: 3. Comments are due no later than
1 15U.S.C. 78s(b)(1).
Table of Contents August 6, 2015. 2 17CFR 240.19b–4.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
I. Introduction 4. The Secretary shall arrange for 3 A ‘‘Market Maker’’ includes Registered Options
II. Notice of Commission Action publication of this order in the Federal Traders (‘‘ROTs’’) (Rule 1014(b)(i) and (ii)), which
III. Ordering Paragraphs Register. includes Streaming Quote Traders (‘‘SQTs’’) (See
Rule 1014(b)(ii)(A)) and Remote Streaming Quote
I. Introduction Traders (‘‘RSQTs’’) (See Rule 1014(b)(ii)(B)). An
1 Notice of United States Postal Service of Filing SQT is defined in Exchange Rule 1014(b)(ii)(A) as
On July 29, 2015, the Postal Service a Functionally Equivalent Global Expedited an ROT who has received permission from the
Package Services 3 Negotiated Service Agreement Exchange to generate and submit option quotations
filed notice that it has entered into an and Application for Non-Public Treatment of electronically in options to which such SQT is
additional Global Expedited Package Materials Filed Under Seal, July 29, 2015 (Notice). assigned. An RSQT is defined in Exchange Rule
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![46612 Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices
day operative delay and designates the 10:00 a.m. and 3:00 p.m. Copies of the EDT on August 3, 2015, through 11:59
proposal effective upon filing.15 filing also will be available for p.m. EDT on August 14, 2015.
At any time within 60 days of the inspection and copying at the principal By the Commission.
filing of the proposed rule change, the office of the Exchange. All comments Brent J. Fields,
Commission summarily may received will be posted without change;
Secretary.
temporarily suspend such rule change if the Commission does not edit personal
[FR Doc. 2015–19311 Filed 8–3–15; 11:15 am]
it appears to the Commission that such identifying information from
action is: (i) Necessary or appropriate in BILLING CODE 8011–01–P
submissions. You should submit only
the public interest; (ii) for the protection information that you wish to make
of investors; or (iii) otherwise in available publicly.
SECURITIES AND EXCHANGE
furtherance of the purposes of the Act. All submissions should refer to File
COMMISSION
If the Commission takes such action, the Number SR–Phlx–2015–67 and should
Commission shall institute proceedings be submitted on or before August 26, [Release No. 34–75566; File No. SR–
to determine whether the proposed rule 2015. NYSEArca–2015–42]
should be approved or disapproved. For the Commission, by the Division of Self-Regulatory Organizations; NYSE
IV. Solicitation of Comments Trading and Markets, pursuant to delegated
Arca, Inc.; Order Approving a
authority.16
Interested persons are invited to Proposed Rule Change, as Modified by
Robert W. Errett,
submit written data, views, and Amendments No. 1 and No. 2, To List
Deputy Secretary. and Trade of Shares of Newfleet Multi-
arguments concerning the foregoing,
[FR Doc. 2015–19128 Filed 8–4–15; 8:45 am] Sector Unconstrained Bond ETF Under
including whether the proposed rule
change is consistent with the Act. BILLING CODE 8011–01–P NYSE Arca Equities Rule 8.600
Comments may be submitted by any of July 30, 2015.
the following methods:
SECURITIES AND EXCHANGE I. Introduction
Electronic Comments COMMISSION
On June 5, 2015, NYSE Arca, Inc.
• Use the Commission’s Internet (‘‘Exchange’’) filed with the Securities
comment form (http://www.sec.gov/ [File No. 500–1]
and Exchange Commission
rules/sro.shtml); or (‘‘Commission’’), pursuant to section
• Send an email to rule-comments@ In the Matter of Wonder International
19(b)(1) of the Securities Exchange Act
sec.gov. Please include File Number SR– Education and Investment Group
Corp.; Order of Suspension of Trading of 1934 (‘‘Exchange Act’’) 1 and Rule
Phlx–2015–67 on the subject line. 19b–4 thereunder,2 a proposed rule
Paper Comments August 3, 2015. change to list and trade shares
It appears to the Securities and (‘‘Shares’’) of the Newfleet Multi-Sector
• Send paper comments in triplicate
Exchange Commission (‘‘Commission’’) Unconstrained Bond ETF (‘‘Fund’’), a
to Secretary, Securities and Exchange
that there is a lack of current and series of the ETFis Series Trust I
Commission, 100 F Street NE.,
accurate information concerning the (‘‘Trust’’) under NYSE Arca Equities
Washington, DC 20549–1090.
securities of Wonder International Rule 8.600, which governs the listing
All submissions should refer to File Education and Investment Group Corp. and trading of Managed Fund Shares.
Number SR–Phlx–2015–67. This file (CIK No. 0001456137) (‘‘WIEI’’) because On June 15, 2015, the Exchange filed
number should be included on the WIEI has not filed any periodic reports Amendment No. 1 to the proposed rule
subject line if email is used. To help the since it filed a Form 10–Q for the change.3 The Commission published
Commission process and review your quarter ended September 30, 2013 on notice of the proposed rule change, as
comments more efficiently, please use November 14, 2013. The company has modified by Amendment No. 1 thereto,
only one method. The Commission will not filed audited financials since July in the Federal Register on June 24,
post all comments on the Commission’s 25, 2013, when it filed its amended 2015.4 On July 23, 2015, the Exchange
Internet Web site (http://www.sec.gov/ Form 10–K for the year ended December filed Amendment No. 2 to the proposed
rules/sro.shtml). 31, 2012. In particular, it appears to the rule change.5 The Commission received
Copies of the submission, all Commission that there is a lack of no comments on the proposal. This
subsequent amendments, all written accurate and reliable information
statements with respect to the proposed concerning WIEI’s financial condition 1 15 U.S.C. 78s(b)(1).
rule change that are filed with the and the current status of its business. 2 17 CFR 240.19b–4.
Commission, and all written WIEI is an Arizona corporation
3 Amendment No. 1 to the proposed rule change
communications relating to the replaced and superseded the original filing in its
originally based in Scottsdale, Arizona. entirety.
proposed rule change between the Its stock is quoted on OTC Link, 4 See Securities Exchange Act Release No. 75247
Commission and any person, other than operated by OTC Markets Group Inc., (June 18, 2015), 80 FR 36372 (‘‘Notice’’).
those that may be withheld from the under the ticker: WIEI. The Commission 5 Amendment No. 2 clarified that the Adviser
public in accordance with the is of the opinion that the public interest expects that, under normal market conditions, the
provisions of 5 U.S.C. 552, will be Fund will seek to invest at least 75% of its
and the protection of investors require corporate bond assets in issuances that have at least
available for Web site viewing and a suspension of trading in the securities
asabaliauskas on DSK5VPTVN1PROD with NOTICES
$100,000,000 par amount outstanding in developed
printing in the Commission’s Public of the above-listed company. countries or at least $200,000,000 par amount
Reference Room, 100 F Street NE., Therefore, it is ordered, pursuant to outstanding in emerging market countries. Because
Washington, DC 20549, on official it only makes this clarification and does not
Section 12(k) of the Securities Exchange materially affect the substance of the proposed rule
business days between the hours of Act of 1934, that trading in the change or raise unique or novel regulatory issues,
securities of the above-listed company is Amendment No. 2 to the proposed rule change does
15 For purposes of waiving the 30-day operative not require notice and comment. The text of
suspended for the period from 9:30 a.m.
delay, the Commission has considered the proposed Amendment No. 2 is available at: http://
rule’s impact on efficiency, competition, and capital www.sec.gov/comments/sr-nysearca-2015-42/
formation. See 15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12). nysearca201542-2.pdf.
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Document Created: 2018-02-23 10:53:25
Document Modified: 2018-02-23 10:53:25
| 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 46610 |
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