80 FR 48592 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the Public Disclosure of Sources of Data Utilized by PSX
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 156 (August 13, 2015)
Federal Register Volume 80, Issue 156 (August 13, 2015)
| Page Range | 48592-48594 | |
| FR Document | 2015-19870 |
[Federal Register Volume 80, Number 156 (Thursday, August 13, 2015)] [Notices] [Pages 48592-48594] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-19870] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75640; File No. SR-Phlx-2015-70] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the Public Disclosure of Sources of Data Utilized by PSX August 7, 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 August 6, 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, II, and III, 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 update the public disclosure of the sources of data that PHLX utilizes when performing (1) order handling and execution; (2) order routing; and (3) related compliance processes through the inclusion of the National Stock Exchange (``NSX''). The text of the proposed rule change is below. Proposed new language is italicized. * * * * * 3304. Data Feeds Utilized The PSX System utilizes the below proprietary and network processor feeds [utilized by the System] for the handling, routing, and execution of orders, as well as for the regulatory compliance processes related to those functions. The Secondary Source of data is, where applicable, utilized only in emergency market conditions and only until those emergency conditions are resolved. ---------------------------------------------------------------------------------------------------------------- Market center Primary source Secondary source ---------------------------------------------------------------------------------------------------------------- A--NYSE MKT (AMEX)....................... [CQS/UQDF] NYSE MKT OpenBook [n/a] CQS/UQDF Ultra. B--NASDAQ OMX BX......................... BX ITCH 5.0..................... CQS/UQDF C--NSX................................... CQS/UQDF........................ n/a D--FINRA ADF............................. CQS/UQDF........................ n/a J--DirectEdge A.......................... [EdgeBook] BATS PITCH........... CQS/UQDF K--DirectEdge X.......................... [EdgeBook] BATS PITCH........... CQS/UQDF M--CSX................................... CQS/UQDF........................ n/a N--NYSE.................................. NYSE OpenBook Ultra............. CQS/UQDF P--NYSE Arca............................. [ArcaBook Binary uncompacted] CQS/UQDF NYSE ARCA XDP. T/Q--NASDAQ.............................. ITCH 5.0........................ CQS/UQDF X--NASDAQ OMX PSX........................ PSX ITCH 5.0.................... CQS/UQDF [[Page 48593]] Y--BATS Y-Exchange....................... BATS PITCH...................... CQS/UQDF Z--BATS Exchange......................... BATS PITCH...................... CQS/UQDF ---------------------------------------------------------------------------------------------------------------- * * * * * (b) Not applicable. (c) Not applicable. 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 Exchange proposes to update and amend the table in Exchange Rule 3304 that sets forth on a market-by-market basis the specific network processor and proprietary data feeds that the Exchange utilizes for the handling, routing, and execution of orders, and for performing the regulatory compliance checks related to each of those functions. Specifically, the table will be amended to include National Stock Exchange (``NSX''), which has informed the UTP Securities Information Processor (``UTP SIP'') that, subject to regulatory approval, it is projecting to reactivate its status as an operating participant for quotation and trading of NASDAQ-listed securities under the Unlisted Trading Privileges (``UTP'') Plan on or about August 31, 2015. The other changes to the table merely reflect updates to mirror the current network processor and proprietary data feeds utilized by the Exchange for the handling, routing, and execution of orders, and for performing the regulatory compliance checks related to each of those functions. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\3\ in general and with Sections 6(b)(5) of the Act,\4\ 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 regulating, clearing, settling, processing information with respect to, and 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. --------------------------------------------------------------------------- \3\ 15 U.S.C. 78f. \4\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that its proposal to update the table in Exchange Rule 3304 to make certain it is current, as well as to amend the table to include NSX, would ensure that Exchange Rule 3304 correctly identifies and publicly states on a market-by-market basis all of the specific network processor and proprietary data feeds that the Exchange utilizes for the handling, routing, and execution of orders, and for performing the regulatory compliance checks related to each of those functions, and that the proposed rule change removes impediments to and perfects the mechanism of a free and open market and protects investors and the public interest because it provides additional specificity, clarity and transparency. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. To the contrary, the Exchange believes the proposal would enhance competition because including all of the exchanges enhances transparency and enables investors to better assess the quality of the Exchange's execution and routing services. 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) \5\ of the Act and Rule 19b- 4(f)(6) thereunder.\6\ The Exchange believes that this proposed rule change is properly designated as non-controversial because it enhances clarity and operational transparency without modifying members' rights or obligations. The Exchange provided notice of the proposed rule change on July 27, 2015. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(3)(A). \6\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- 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-2015-70 on the subject line. [[Page 48594]] 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-Phlx-2015-70. 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-2015-70 and should be submitted on or before September 3, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ Jill M. Peterson, Assistant Secretary. --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2015-19870 Filed 8-12-15; 8:45 am] BILLING CODE 8011-01-P
![48592 Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices
consistent with the protection of amendments, all written statements (‘‘Act’’),1 and Rule 19b–4 thereunder,2
investors and the public interest. with respect to the proposed rule notice is hereby given that on August 6,
Therefore, the Commission hereby change that are filed with the 2015, NASDAQ OMX PHLX LLC
waives the thirty-day operative delay Commission, and all written (‘‘PHLX’’ or ‘‘Exchange’’) filed with the
and designates the proposal effective communications relating to the Securities and Exchange Commission
upon filing.15 proposed rule change between the (‘‘SEC’’ or ‘‘Commission’’) the proposed
At any time within 60 days of the Commission and any person, other than rule change as described in Items I, II,
filing of the proposed rule change, the those that may be withheld from the and III, below, which Items have been
Commission summarily may public in accordance with the prepared by the Exchange. The
temporarily suspend such rule change if provisions of 5 U.S.C. 552, will be Commission is publishing this notice to
it appears to the Commission that such available for Web site viewing and
action is: (i) Necessary or appropriate in solicit comments on the proposed rule
printing in the Commission’s Public change from interested persons.
the public interest; (ii) for the protection Reference Room, 100 F Street NE.,
of investors; or (iii) otherwise in Washington, DC 20549, on official I. Self-Regulatory Organization’s
furtherance of the purposes of the Act. business days between the hours of 10 Statement of the Terms of Substance of
If the Commission takes such action, the a.m. and 3:00 p.m. Copies of the filing the Proposed Rule Change
Commission shall institute proceedings also will be available for inspection and
to determine whether the proposed rule copying at the principal office of the The Exchange proposes to update the
should be approved or disapproved. Exchange. All comments received will public disclosure of the sources of data
IV. Solicitation of Comments be posted without change; the that PHLX utilizes when performing (1)
Commission does not edit personal order handling and execution; (2) order
Interested persons are invited to identifying information from routing; and (3) related compliance
submit written data, views, and
submissions. You should submit only processes through the inclusion of the
arguments concerning the foregoing,
information that you wish to make National Stock Exchange (‘‘NSX’’).
including whether the proposed rule
available publicly. All submissions The text of the proposed rule change
change is consistent with the Act.
should refer to File Number SR–BX– is below. Proposed new language is
Comments may be submitted by any of
2015–049 and should be submitted on
the following methods: italicized.
or before September 3, 2015.
Electronic Comments * * * * *
For the Commission, by the Division of
• Use the Commission’s Internet Trading and Markets, pursuant to delegated 3304. Data Feeds Utilized
comment form (http://www.sec.gov/ authority.16
rules/sro.shtml); or Jill M. Peterson, The PSX System utilizes the below
• Send an email to rule-comments@ Assistant Secretary. proprietary and network processor feeds
sec.gov. Please include File Number SR– [FR Doc. 2015–19873 Filed 8–12–15; 8:45 am] [utilized by the System] for the
BX–2015–049 on the subject line. BILLING CODE 8011–01–P handling, routing, and execution of
Paper Comments orders, as well as for the regulatory
compliance processes related to those
• Send paper comments in triplicate SECURITIES AND EXCHANGE functions. The Secondary Source of data
to Brent J. Fields, Secretary, Securities COMMISSION is, where applicable, utilized only in
and Exchange Commission, 100 F Street emergency market conditions and only
NE., Washington, DC 20549–1090. [Release No. 34–75640; File No. SR–Phlx–
2015–70] until those emergency conditions are
All submissions should refer to File resolved.
Number SR–BX–2015–049. This file Self-Regulatory Organizations;
number should be included on the NASDAQ OMX PHLX LLC; Notice of
subject line if email is used. To help the Filing and Immediate Effectiveness of
Commission process and review your Proposed Rule Change To Update the
comments more efficiently, please use Public Disclosure of Sources of Data
only one method. The Commission will Utilized by PSX
post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ August 7, 2015.
rules/sro.shtml). Copies of the Pursuant to Section 19(b)(1) of the
submission, all subsequent Securities Exchange Act of 1934
Market center Primary source Secondary source
A—NYSE MKT (AMEX) .......................... [CQS/UQDF] NYSE MKT OpenBook Ultra ............................................................ [n/a] CQS/UQDF
B—NASDAQ OMX BX ........................... BX ITCH 5.0 ........................................................................................................... CQS/UQDF
C—NSX .................................................. CQS/UQDF ............................................................................................................. n/a
D—FINRA ADF ....................................... CQS/UQDF ............................................................................................................. n/a
J—DirectEdge A ..................................... [EdgeBook] BATS PITCH ....................................................................................... CQS/UQDF
K—DirectEdge X ..................................... [EdgeBook] BATS PITCH ....................................................................................... CQS/UQDF
M—CSX .................................................. CQS/UQDF ............................................................................................................. n/a
N—NYSE ................................................ NYSE OpenBook Ultra ........................................................................................... CQS/UQDF
tkelley on DSK3SPTVN1PROD with NOTICES
P—NYSE Arca ........................................ [ArcaBook Binary uncompacted] NYSE ARCA XDP ............................................. CQS/UQDF
T/Q—NASDAQ ....................................... ITCH 5.0 ................................................................................................................. CQS/UQDF
X—NASDAQ OMX PSX ......................... PSX ITCH 5.0 ......................................................................................................... CQS/UQDF
15 For purposes of waiving the 30-day operative rule’s impact on efficiency, competition, and capital 1 15 U.S.C. 78s(b)(1).
delay, the Commission has considered the proposed formation. See 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
16 17 CFR 200.30–3(a)(12).
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![48594 Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices
Paper Comments SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
COMMISSION Statement of the Purpose of, and
• Send paper comments in triplicate Statutory Basis for, the Proposed Rule
to Brent J. Fields, Secretary, Securities Change
[Release No. 34–75642; File No. SR–
and Exchange Commission, 100 F Street
NYSEMKT–2015–55] 1. Purpose
NE., Washington, DC 20549–1090.
The Exchange proposes to amend
All submissions should refer to File Self-Regulatory Organizations; NYSE
Rule 961 to establish Exchange rules
Number SR–Phlx–2015–70. This file MKT LLC; Notice of Filing and
governing the ‘‘give up’’ of a Clearing
number should be included on the Immediate Effectiveness of Proposed Member 4 by ATP Holders. In addition,
subject line if email is used. To help the Rule Change Amending Rule 961 To the Exchange proposes changes to Rules
Commission process and review your Establish Exchange Rules Governing 960 and 954NY to reflect proposed
comments more efficiently, please use the Give Up of a Clearing Member by amendments to Rule 961. The Exchange
only one method. The Commission will ATP Holders and Conforming Changes believes that this proposal to include
post all comments on the Commission’s to Rules 960 and 954NY the give-up process in Exchange rules
Internet Web site (http://www.sec.gov/ August 7, 2015
would result in the fair and reasonable
rules/sro.shtml). use of resources by both the Exchange
Pursuant to Section 19(b)(1) 1 of the and ATP Holders. In addition, the
Copies of the submission, all
Securities Exchange Act of 1934 (the proposed change would align the
subsequent amendments, all written
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Exchange with competing options
statements with respect to the proposed
notice is hereby given that on July 27, exchanges that have recently adopted
rule change that are filed with the
2015, NYSE MKT LLC (the ‘‘Exchange’’ rules consistent with this proposal.5
Commission, and all written By way of background, to enter
or ‘‘NYSE MKT’’) filed with the
communications relating to the transactions on the Exchange, an ATP
Securities and Exchange Commission
proposed rule change between the Holder must either be a Clearing
(the ‘‘Commission’’) the proposed rule
Commission and any person, other than Member or must have a Clearing
change as described in Items I and II
those that may be withheld from the below, which Items have been prepared Member agree to accept financial
public in accordance with the by the self-regulatory organization. The responsibility for all of its transactions.
provisions of 5 U.S.C. 552, will be Commission is publishing this notice to Specifically, Rule 961 provides that
available for Web site viewing and solicit comments on the proposed rule every Clearing Member will be
printing in the Commission’s Public responsible for the clearance of
change from interested persons.
Reference Room, 100 F Street NE., Exchange option transactions of ATP
Washington, DC 20549, on official I. Self-Regulatory Organization’s Holder that gives up the Clearing
business days between the hours of Statement of the Terms of the Substance Member’s name in an Exchange option
10:00 a.m. and 3:00 p.m. Copies of the of the Proposed Rule Change transaction, provided the clearing
filing also will be available for member has authorized such member or
The Exchange proposes to amend member organization to give up its
inspection and copying at the principal
Rule 961 to establish Exchange rules name with respect to Exchange option
office of the Exchange. All comments
governing the give up of a Clearing transactions.6 In addition, Rule
received will be posted without change;
Member by ATP Holders and proposes 954NY(a) (Order Identification)
the Commission does not edit personal
conforming changes to Rules 960 and provides that for each transaction in
identifying information from
954NY. The text of the proposed rule which an ATP Holder participates, the
submissions. You should submit only
change is available on the Exchange’s ATP Holder must give up the name of
information that you wish to make
Web site at www.nyse.com, at the the Clearing Member through whom the
available publicly. transaction will be cleared. The
principal office of the Exchange, and at
All submissions should refer to File the Commission’s Public Reference
Number SR–Phlx–2015–70 and should Room. 4 Rule 900.2NY (11) defines ‘‘Clearing Member’’
be submitted on or before September 3, as an Exchange ATP Holder which has been
II. Self-Regulatory Organization’s admitted to membership in the Options Clearing
2015. Corporation pursuant to the provisions of the Rules
Statement of the Purpose of, and of the Options Clearing Corporation.
For the Commission, by the Division of Statutory Basis for, the Proposed Rule 5 See Securities and Exchange Act Release No.
Trading and Markets, pursuant to delegated
Change 72668 (July 24, 2014), 79 FR 44229 (July 30, 2014)
authority.7 (SR–CBOE–2014–048) (order approving proposed
Jill M. Peterson, In its filing with the Commission, the rule change relating to the ‘‘give up’’ process, the
self-regulatory organization included process by which a Trading Permit Holder ‘‘gives
Assistant Secretary. up’’ or selects and indicates the Clearing Trading
[FR Doc. 2015–19870 Filed 8–12–15; 8:45 am] statements concerning the purpose of, Permit Holder responsible for the clearance of an
BILLING CODE 8011–01–P
and basis for, the proposed rule change Exchange transaction). See also Securities Exchange
and discussed any comments it received Act Release No. 72325 (June 5, 2014), 79 FR 33614
(June 11, 2014) (Notice). The Exchange notes that
on the proposed rule change. The text this proposal is a copycat filing, which is
of those statements may be examined at substantially similar in all material respects to the
the places specified in Item IV below. give-up process approved on CBOE, except as noted
The Exchange has prepared summaries, herein. See infra n. 14 (regarding rule text in
amended Rule 961(f) explicitly describing
tkelley on DSK3SPTVN1PROD with NOTICES
set forth in sections A, B, and C below, procedures for Guarantors to reject a trade).
of the most significant parts of such 6 See also Rule 960 (General Comparison and
statements. Clearance Rule) (providing that all Exchange
transactions shall be submitted to the Exchange for
comparison of trade information, and all compared
1 15 U.S.C. 78s(b)(1). transactions shall be cleared through the Options
2 15 U.S.C. 78a. Clearing Corporation and shall be subject to the
7 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. Rules of the Options Clearing Corporation).
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Document Created: 2018-02-23 10:57:30
Document Modified: 2018-02-23 10:57:30
| 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 48592 |
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