80 FR 58322 - Investor Advisory Committee Meeting
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 187 (September 28, 2015)
Federal Register Volume 80, Issue 187 (September 28, 2015)
| Page Range | 58322-58323 | |
| FR Document | 2015-24514 |
[Federal Register Volume 80, Number 187 (Monday, September 28, 2015)] [Notices] [Pages 58322-58323] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-24514] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release Nos. 33-9924; 34-75961; File No. 265-28] Investor Advisory Committee Meeting AGENCY: Securities and Exchange Commission. ACTION: Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. ----------------------------------------------------------------------- SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is providing notice that it will hold a public meeting. The public is invited to submit written statements to the Committee. DATES: The meeting will be held on Thursday, October 15, 2015 from 10:00 a.m. until 4:00 p.m. (ET). Written statements should be received on or before October 15, 2015. ADDRESSES: The meeting will be held in Multi-Purpose Room LL-006 at the Commission's headquarters, 100 F Street, NE., Washington, DC 20549. The meeting will be webcast on the Commission's Web site at www.sec.gov. Written statements may be submitted by any of the following methods: Electronic Statements [ssquf] Use the Commission's Internet submission form(http://www.sec.gov/rules/other.shtml); or [ssquf] Send an email message to rules-comments@sec.gov. Please include File No. 265-28 on the subject line; or Paper Statements [ssquf] Send paper statements to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. [[Page 58323]] All submissions should refer to File No. 265-28. This file number should be included on the subject line if email is used. To help us process and review your statement more efficiently, please use only one method. Statements also will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Room 1580, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. All statements received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: Marc Oorloff Sharma, Senior Special Counsel, Office of the Investor Advocate, at (202) 551-3302, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. SUPPLEMENTARY INFORMATION: The meeting will be open to the public, except during that portion of the meeting reserved for an administrative work session during lunch. Persons needing special accommodations to take part because of a disability should notify the contact person listed in FOR FURTHER INFORMATION CONTACT. The agenda for the meeting includes: Remarks from Commissioners; a discussion of recent market structure developments; a discussion of exchange-traded fund pricing; a report of the Committee chair regarding Committee matters; a discussion of SEC enforcement priorities; and a nonpublic administrative work session during lunch. Dated: September 22, 2015. Brent J. Fields, Secretary. [FR Doc. 2015-24514 Filed 9-25-15; 8:45 am] BILLING CODE 8011-01-P
![58322 Federal Register / Vol. 80, No. 187 / Monday, September 28, 2015 / Notices
Exchange does not believe that the due, fee, or other charge imposed by ISE the Commission does not edit personal
proposed changes are unfairly Gemini. identifying information from
discriminatory. A Priority Customer is At any time within 60 days of the submissions. You should submit only
by definition not a broker or dealer in filing of such proposed rule change, the information that you wish to make
securities, and does not place more than Commission summarily may available publicly. All submissions
390 orders in listed options per day on temporarily suspend such rule change if should refer to File Number SR–ISE
average during a calendar month for its it appears to the Commission that such Gemini–2015–16 and should be
own beneficial account(s). This action is necessary or appropriate in the submitted by October 19, 2015.
limitation does not apply to participants public interest, for the protection of For the Commission, by the Division of
whose behavior is substantially similar investors, or otherwise in furtherance of Trading and Markets, pursuant to delegated
to that of market professionals, the purposes of the Act. If the authority.18
including Professional Customers, who Commission takes such action, the Robert W. Errett,
will generally submit a higher number Commission shall institute proceedings
Deputy Secretary.
of orders (many of which do not result to determine whether the proposed rule
[FR Doc. 2015–24515 Filed 9–25–15; 8:45 am]
in executions) than Priority Customers. should be approved or disapproved.
BILLING CODE 8011–01–P
Thus, as has historically been the case, IV. Solicitation of Comments
Priority Customer orders remain entitled
to more favorable fees than other market Interested persons are invited to
submit written data, views, and SECURITIES AND EXCHANGE
participants. COMMISSION
arguments concerning the foregoing,
B. Self-Regulatory Organization’s including whether the proposed rule [Release Nos. 33–9924; 34–75961; File No.
Statement on Burden on Competition change is consistent with the Act. 265–28]
In accordance with Section 6(b)(8) of Comments may be submitted by any of
the Act,15 the Exchange does not believe the following methods: Investor Advisory Committee Meeting
that the proposed rule change will Electronic Comments AGENCY: Securities and Exchange
impose any burden on intermarket or Commission.
• Use the Commission’s Internet
intramarket competition that is not ACTION: Notice of Meeting of Securities
comment form (http://www.sec.gov/
necessary or appropriate in furtherance and Exchange Commission Dodd-Frank
rules/sro.shtml); or
of the purposes of the Act. The • Send an Email to rule-comments@ Investor Advisory Committee.
proposed fees are competitive with fees sec.gov. Please include File No. SR–ISE
offered to orders executed on other Gemini–2015–16 on the subject line. SUMMARY: The Securities and Exchange
options exchanges. The Exchange Commission Investor Advisory
operates in a highly competitive market Paper Comments Committee, established pursuant to
in which market participants can • Send paper comments in triplicate Section 911 of the Dodd-Frank Wall
readily direct their order flow to to Secretary, Securities and Exchange Street Reform and Consumer Protection
competing venues. In such an Commission, 100 F Street NE., Act of 2010, is providing notice that it
environment, the Exchange must Washington, DC 20549–1090. will hold a public meeting. The public
continually review, and consider All submissions should refer to File is invited to submit written statements
adjusting, its fees to remain competitive Number SR–ISE Gemini–2015–16. This to the Committee.
with other exchanges. For the reasons file number should be included on the DATES: The meeting will be held on
described above, the Exchange believes subject line if email is used. To help the Thursday, October 15, 2015 from 10:00
that the proposed fee changes reflect Commission process and review your a.m. until 4:00 p.m. (ET). Written
this competitive environment. comments more efficiently, please use statements should be received on or
C. Self-Regulatory Organization’s only one method. The Commission will before October 15, 2015.
Statement on Comments on the post all comments on the Commission’s ADDRESSES: The meeting will be held in
Proposed Rule Change Received From Internet Web site (http://www.sec.gov/ Multi-Purpose Room LL–006 at the
Members, Participants or Others rules/sro.shtml). Copies of the Commission’s headquarters, 100 F
submission, all subsequent Street, NE., Washington, DC 20549. The
The Exchange has not solicited, and amendments, all written statements
does not intend to solicit, comments on meeting will be webcast on the
with respect to the proposed rule Commission’s Web site at www.sec.gov.
this proposed rule change. The change that are filed with the
Exchange has not received any Written statements may be submitted by
Commission, and all written any of the following methods:
unsolicited written comments from communications relating to the
members or other interested parties. proposed rule change between the Electronic Statements
III. Date of Effectiveness of the Commission and any person, other than D Use the Commission’s Internet
Proposed Rule Change and Timing for those that may be withheld from the submission form(http://www.sec.gov/
Commission Action public in accordance with the rules/other.shtml); or
The foregoing rule change has become
provisions of 5 U.S.C. 552, will be D Send an email message to rules-
available for Web site viewing and comments@sec.gov. Please include File
effective pursuant to Section
printing in the Commission’s Public No. 265–28 on the subject line; or
19(b)(3)(A)(ii) of the Act,16 and
Reference Room, 100 F Street NE.,
subparagraph (f)(2) of Rule 19b–4 Paper Statements
tkelley on DSK3SPTVN1PROD with NOTICES
Washington, DC 20549 on official
thereunder,17 because it establishes a
business days between the hours of D Send paper statements to Brent J.
10:00 a.m. and 3:00 p.m. Copies of such Fields, Secretary, Securities and
Tier 1 and $0.81 for Tiers 2–5 and a $0.82 Fee for
Responses to Crossing Orders. filing also will be available for Exchange Commission, 100 F Street NE.,
15 15 U.S.C. 78f(b)(8). inspection and copying at the principal Washington, DC 20549–1090.
16 15 U.S.C. 78s(b)(3)(A)(ii). office of the Exchange. All comments
17 17 CFR 240.19b–4(f)(2). received will be posted without change; 18 17 CFR 200.30–3(a)(12).
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![Federal Register / Vol. 80, No. 187 / Monday, September 28, 2015 / Notices 58323
All submissions should refer to File No. thereunder,2 notice is hereby given that Currently Rule 503(f) provides that
265–28. This file number should be on September 21, 2015, Miami when there are quotes and orders that
included on the subject line if email is International Securities Exchange LLC lock or cross an order, the System will
used. To help us process and review (‘‘MIAX’’ or ‘‘Exchange’’) filed with the use the highest bid and the lowest offer
your statement more efficiently, please Securities and Exchange Commission among valid width quotations received
use only one method. (‘‘Commission’’) a proposed rule change that have a bid/ask differential that is
Statements also will be available for as described in Items I, II, and III below, compliant with Rule 603(b)(4) to
Web site viewing and printing in the which Items have been prepared by the determine the highest quote bid and
Commission’s Public Reference Room, Exchange. The Commission is lowest quote offer.3 If that price is
100 F Street NE., Room 1580, publishing this notice to solicit within the highest valid width quote bid
Washington, DC 20549, on official comments on the proposed rule change and lowest valid width quote offer and
business days between the hours of from interested persons. leaves no imbalance, the Exchange will
10:00 a.m. and 3:00 p.m. All statements open at that price, executing marketable
I. Self-Regulatory Organization’s trading interest, as long as the opening
received will be posted without change;
Statement of the Terms of Substance of price includes only Exchange interest.
we do not edit personal identifying
the Proposed Rule Change Current Rule 503(f) also provides that
information from submissions. You
should submit only information that The Exchange is filing a proposal to the EQR 4 is only calculated when an
you wish to make available publicly. amend Exchange Rule 503. imbalance occurs due to insufficient
FOR FURTHER INFORMATION CONTACT: The text of the proposed rule change liquidity to satisfy all trading interest
Marc Oorloff Sharma, Senior Special is available on the Exchange’s Web site due an execution at a certain price.5 In
Counsel, Office of the Investor at http://www.miaxoptions.com/filter/ contrast, the System calculates and uses
Advocate, at (202) 551–3302, Securities wotitle/rule_filing, at MIAX’s principal an EQR in all situations during the
and Exchange Commission, 100 F Street office, and at the Commission’s Public Exchange’s Opening Process when there
NE., Washington, DC 20549. Reference Room. are quotes and orders that lock or
cross—whether the lock or cross
SUPPLEMENTARY INFORMATION: The II. Self-Regulatory Organization’s involves an order or a quote and
meeting will be open to the public, Statement of the Purpose of, and whether or not there is an order
except during that portion of the Statutory Basis for, the Proposed Rule imbalance.
meeting reserved for an administrative Change While the System calculates EQR in
work session during lunch. Persons In its filing with the Commission, the either situation, it does not necessarily
needing special accommodations to take Exchange included statements use the EQR in determining the
part because of a disability should concerning the purpose of and basis for calculated opening price where the
notify the contact person listed in FOR the proposed rule change and discussed maximum quantity of contracts may
FURTHER INFORMATION CONTACT. trade. For example, proposed Rule
any comments it received on the
The agenda for the meeting includes: proposed rule change. The text of these 503(f)(2)(iii) would state that in
Remarks from Commissioners; a statements may be examined at the situations where there is matched
discussion of recent market structure places specified in Item IV below. The interest that does not represent an
developments; a discussion of Exchange has prepared summaries, set imbalance and there is no valid width
exchange-traded fund pricing; a report forth in sections A, B, and C below, of NBBO, the System will calculate a
of the Committee chair regarding the most significant aspects of such ‘‘quality opening market range’’ (as
Committee matters; a discussion of SEC statements. defined in a table to be determined by
enforcement priorities; and a nonpublic
administrative work session during A. Self-Regulatory Organization’s 3 See Exchange Rule 603(b)(4). See also Exchange
lunch. Statement of the Purpose of, and Rule 503(e)(3), which states that ‘‘valid width
Statutory Basis for, the Proposed Rule quotations’’ are quotations that are compliant with
Dated: September 22, 2015. Rule 603(b)(4) which provides the following
Change criteria: (i) To price option contracts fairly by,
Brent J. Fields,
among other things, bidding and offering so as to
Secretary. 1. Purpose create differences of no more than $5 between the
[FR Doc. 2015–24514 Filed 9–25–15; 8:45 am] The Exchange proposes to amend bid and offer (‘‘bid/ask differentials’’) following the
opening rotation in an equity option contract; and
BILLING CODE 8011–01–P Rule 503 to codify existing functionality (ii) Exchange may establish differences other than
during the Exchange’s Opening Process. the bid/ask differentials described in (i) above for
Specifically, the Exchange is amending one or more option series or classes.
SECURITIES AND EXCHANGE Rule 503(f) to address a discrepancy 4 See Exchange Rule 503(f)(5).
COMMISSION between the rule text description of how 5 See Exchange Rule 503(f)(5). Where there is an
imbalance at the price at which the maximum
this process works and how it is number of contracts can trade that is also at or
[Release No. 34–75962; File No. SR–MIAX–
2015–57]
actually working in production. within the highest valid width quote bid and lowest
Specifically, the Exchange proposes to valid width quote offer, the System will calculate
amend the rule to provide that the an EQR. The EQR will be recalculated any time a
Self-Regulatory Organizations: Miami Route Timer or Imbalance Timer expires if material
International Securities Exchange LLC; System will use the Expanded Quote conditions of the market (imbalance size, ABBO
Notice of Filing and Immediate Range (‘‘EQR’’) when there are quotes price or size, liquidity price or size, etc.) have
Effectiveness of a Proposed Rule and orders that lock or cross each other. changed during the timer. Once calculated, the EQR
The proposal codifies the actual existing will represent the limits of the range in which
Change To Amend Exchange Rule 503 transactions may occur during the opening process.
tkelley on DSK3SPTVN1PROD with NOTICES
functionality during the Exchange’s The EQR calculation itself varies depending upon
September 22, 2015. Opening Process. In addition, the the specific situation, as specified in current Rule
Pursuant to the provisions of section Exchange proposes to relocate the EQR 503(f)(5). The EQR calculation will differ depending
19(b)(1) of the Securities Exchange Act subsection that is currently in Rule upon whether one or more away markets have
of 1934 (‘‘Act’’) 1 and Rule 19b–4 disseminated valid width quotes in the affected
503(f)(5) to proposed Rule 503(f)(2)(i). series (or) no away markets have disseminated valid
width quotes in the affected series. See Exchange
1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. Rule 503(f).
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Document Created: 2018-02-26 10:21:32
Document Modified: 2018-02-26 10:21:32
| 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 | |
| Action | Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. | |
| Dates | The meeting will be held on Thursday, October 15, 2015 from 10:00 a.m. until 4:00 p.m. (ET). Written statements should be received on or before October 15, 2015. | |
| Contact | Marc Oorloff Sharma, Senior Special Counsel, Office of the Investor Advocate, at (202) 551-3302, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. | |
| FR Citation | 80 FR 58322 |
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