80 FR 66060 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Obvious Error Pilot Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 208 (October 28, 2015)
Federal Register Volume 80, Issue 208 (October 28, 2015)
| Page Range | 66060-66063 | |
| FR Document | 2015-27345 |
[Federal Register Volume 80, Number 208 (Wednesday, October 28, 2015)] [Notices] [Pages 66060-66063] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-27345] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76225; File No. SR-Phlx-2015-86] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Obvious Error Pilot Program October 22, 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 October 20, 2015, NASDAQ OMX PHLX LLC [[Page 66061]] (``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 the Substance of the Proposed Rule Change The Exchange proposes to extend the pilot program regarding Exchange Rule 1047(f)(v), which provides for how the Exchange treats obvious and catastrophic options errors in response to the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the ``Limit Up-Limit Down Plan'' or the ``Plan'').\3\ The Exchange proposes to extend the pilot period to coincide with the pilot period for the Limit Up-Limit Down Plan, including any extensions to the pilot period for the Plan. --------------------------------------------------------------------------- \3\ Securities Exchange Act Release Nos. 69141 (March 15, 2013), 78 FR 17262 (March 20, 2013); and 69344 (April 8, 2013), 78 FR 22001 (April 12, 2013) (SR-Phlx-2013-29). --------------------------------------------------------------------------- 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 In April 2013,\4\ the Commission approved a proposal, on a one year pilot basis, to adopt Exchange Rule 1047(f)(v) to provide for how the Exchange will treat obvious and catastrophic options errors in response to the Plan, which is applicable to all NMS stocks, as defined in Regulation NMS Rule 600(b)(47).\5\ The Plan is designed to prevent trades in individual NMS stocks from occurring outside of specified Price Bands.\6\ The requirements of the Plan are coupled with Trading Pauses to accommodate more fundamental price moves (as opposed to erroneous trades or momentary gaps in liquidity). --------------------------------------------------------------------------- \4\ Securities Exchange Act Release No. 69344 (April 8, 2013), 78 FR 22001 (April 12, 2013) (SR-Phlx-2013-29). \5\ The Plan was extended until February 20, 2015. The Plan was initially approved for a one-year pilot period, which began on April 8, 2013. Securities Exchange Act Release No. 71649 (March 5, 2014), 79 FR 13696 (March 11, 2014). \6\ Unless otherwise specified, capitalized terms used in this rule filing are based on the defined terms of the Plan. --------------------------------------------------------------------------- The Exchange extended the operation of Rule 1047(f)(v), which provides that trades are not subject to an obvious error or catastrophic error review pursuant to Rule 1092(c) or (d) during a Limit State or Straddle State in 2014,\7\ and again in 2015.\8\ The current pilot period expires October 23, 2015. Currently, the pilot period for the Plan is proposed to be extended until April 22, 2016.\9\ The Exchange now proposes to extend the pilot program for an additional pilot period to coincide with the pilot period for the Limit Up-Limit Down Plan, including any extensions to the pilot period for the Plan. The Exchange believes conducting an obvious error or catastrophic error review is impracticable given the lack of a reliable National Best Bid/ Offer (``NBBO'') in the options market during Limit States and Straddle States, and that the resulting actions (i.e., nullified trades or adjusted prices) may not be appropriate given market conditions. Under the pilot, limit orders that are filled during a Limit State or Straddle State have certainty of execution in a manner that promotes just and equitable principles of trade, removes impediments to, and perfects the mechanism of a free and open market and a national market system. Moreover, given that options prices during brief Limit States or Straddle States may deviate substantially from those available shortly following the Limit State or Straddle State, the Exchange believes giving market participants time to re-evaluate a transaction would create an unreasonable adverse selection opportunity that would discourage participants from providing liquidity during Limit States or Straddle States. On balance, the Exchange believes that removing the potential inequity of nullifying or adjusting executions occurring during Limit States or Straddle States outweighs any potential benefits from applying those provisions during such unusual market conditions. --------------------------------------------------------------------------- \7\ Securities Exchange Act Release No. 71901 (April 8, 2014), 79 FR 20955 (April 14, 2014) (SR-Phlx-2014-21). \8\ Securities Exchange Act Release No. 74337 (February 20, 2015), 80 FR 10536 (February 26, 2015) (SR-Phlx-2015-19). \9\ Securities Exchange Act Release No. 75917 (September 14, 2015), 80 FR 56515 (September 18, 2015). --------------------------------------------------------------------------- The Exchange believes the benefits to market participants from the pilot program should continue on a pilot basis to coincide with the operation of the Limit Up-Limit Down Plan. The Exchange believes that continuing the pilot will protect against any unanticipated consequences and permit the industry to gain further experience operating the Plan. The Exchange will conduct an analysis concerning the elimination of obvious and catastrophic error provisions during Limit States and Straddle States and agrees to provide the Commission with relevant data to assess the impact of this proposed rule change. As part of its analysis, the Exchange will: (1) Evaluate the options market quality during Limit States and Straddle States; (2) assess the character of incoming order flow and transactions during Limit States and Straddle States; and (3) review any complaints from members and their customers concerning executions during Limit States and Straddle States. Additionally, the Exchange agrees to provide to the Commission data requested to evaluate the impact of the elimination of the obvious and catastrophic error provisions, including data relevant to assessing the various analyses noted above. No later than five months prior to the expiration of the pilot period, including any extensions to the pilot period for the Plan,\10\ the Exchange shall provide to the Commission and the public assessments relating to the impact of the operation of the obvious error rules during Limit and Straddle States as follows: \11\ --------------------------------------------------------------------------- \10\ If the Plan extension is approved, the next data assessment will be due no later than December 18, 2015. \11\ The Exchange submitted a pilot report on September 30, 2014 and May 29, 2015. --------------------------------------------------------------------------- 1. Evaluate the statistical and economic impact of Limit and Straddle States on liquidity and market quality in the options markets. 2. Assess whether the lack of obvious error rules in effect during the Straddle and Limit States are problematic. Each month the Exchange shall provide to the Commission and the public a dataset containing the data for each Straddle and Limit State in optionable stocks that had at least one trade on the Exchange during a Straddle [[Page 66062]] or Limit State. For each of those options affected, each data record should contain the following information:Stock symbol, option symbol, time at the start of the Straddle or Limit State, an indicator for whether it is a Straddle or Limit State, For activity on the Exchange: Executed volume, time-weighted quoted bid-ask spread, time- weighted average quoted depth at the bid, time-weighted average quoted depth at the offer, high execution price, low execution price, number of trades for which a request for review for error was received during Straddle and Limit States, an indicator variable for whether those options outlined above have a price change exceeding 30% during the underlying stock's Limit or Straddle State compared to the last available option price as reported by OPRA before the start of the Limit or Straddle State (1 if observe 30% and 0 otherwise). Another indicator variable for whether the option price within five minutes of the underlying stock leaving the Limit or Straddle State (or halt if applicable) is 30% away from the price before the start of the Limit or Straddle State.\12\ --------------------------------------------------------------------------- \12\ The Exchange agreed to provide similar data in the original proposal. See Securities Exchange Act Release No. 69344 (April 8, 2013), 78 FR 22001 (April 12, 2013) (SR-Phlx-2013-29) at notes 4 and 12. However, that data included two additional filters pertaining to the top 10 options and an in-the-money amount, which no longer apply. The Exchange provided historical data in the new form pursuant to this proposed rule change, going back to the beginning of the original pilot period. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the provisions of Section 6 of the Act,\13\ in general, and with Section 6(b)(5) of the Act,\14\ in particular, which requires that the rules of an exchange be designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system, and protect investors and the public interest, because it should continue to provide certainty about how errors involving options orders and trades will be handled during periods of extraordinary volatility in the underlying security. The Exchange believes that it continues to be necessary and appropriate in the interest of promoting fair and orderly markets to exclude transactions executed during a Limit State or Straddle State from certain aspects of Rule 1092. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f. \14\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Although the Limit Up-Limit Down Plan is operational, the Exchange believes that maintaining the pilot will help the industry gain further experience operating the Plan as well as the pilot provisions. Based on the foregoing, the Exchange believes the benefits to market participants should continue on a pilot basis to coincide with the operation of the Limit Up-Limit Down Plan. 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. Specifically, the proposal does not impose an intra-market burden on competition, because it will apply to all members. Nor will the proposal impose a burden on competition among the options exchanges, because, in addition to the vigorous competition for order flow among the options exchanges, the proposal addresses a regulatory situation common to all options exchanges. To the extent that market participants disagree with the particular approach taken by the Exchange herein, market participants can easily and readily direct order flow to competing venues. The Exchange believes this proposal will not impose a burden on competition and will help provide certainty during periods of extraordinary volatility in an NMS stock. 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 proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \15\ and Rule 19b- 4(f)(6)(iii) thereunder.\16\ --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. 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 obvious error pilot program to continue uninterrupted while the industry gains further experience operating under the Plan, and avoid any investor confusion that could result from a temporary interruption in the pilot program. For this reason, the Commission designates the proposed rule change to be operative upon filing.\17\ --------------------------------------------------------------------------- \17\ For purposes only of waiving the 30-day operative delay, the Commission has also 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 Comments Use 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-2015-86 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. [[Page 66063]] All submissions should refer to File Number SR-Phlx-2015-86. 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 such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-Phlx-2015-86, and should be submitted on or before November 18, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-27345 Filed 10-27-15; 8:45 am] BILLING CODE 8011-01-P
![66060 Federal Register / Vol. 80, No. 208 / Wednesday, October 28, 2015 / Notices
Straddle State from certain aspects of of the Act 15 and Rule 19b–4(f)(6)(iii) All submissions should refer to File
Chapter V, Section 6. thereunder.16 Number SR–BX–2015–062. This file
Although the Limit Up-Limit Down The Exchange has asked the number should be included on the
Plan is operational, the Exchange Commission to waive the 30-day subject line if email is used. To help the
believes that maintaining the pilot to operative delay so that the proposal may Commission process and review your
coincide with the pilot period for the become operative immediately upon comments more efficiently, please use
Plan will help the industry gain further filing. The Commission believes that only one method. The Commission will
experience operating the Plan as well as waiving the 30-day operative delay is post all comments on the Commission’s
consistent with the protection of Internet Web site (http://www.sec.gov/
the pilot provisions.
investors and the public interest, as it rules/sro.shtml). Copies of the
Based on the foregoing, the Exchange will allow the obvious error pilot submission, all subsequent
believes the benefits to market program to continue uninterrupted amendments, all written statements
participants should continue on a pilot while the industry gains further with respect to the proposed rule
basis to coincide with the operation of experience operating under the Plan, change that are filed with the
the Limit Up-Limit Down Plan. and avoid any investor confusion that Commission, and all written
could result from a temporary communications relating to the
B. Self-Regulatory Organization’s
interruption in the pilot program. For proposed rule change between the
Statement on Burden on Competition
this reason, the Commission designates Commission and any person, other than
The Exchange does not believe that the proposed rule change to be operative those that may be withheld from the
the proposed rule change will result in upon filing.17 public in accordance with the
any burden on competition that is not At any time within 60 days of the provisions of 5 U.S.C. 552, will be
necessary or appropriate in furtherance filing of the proposed rule change, the available for Web site viewing and
of the purposes of the Act, as amended. Commission summarily may printing in the Commission’s Public
Specifically, the proposal does not temporarily suspend such rule change if Reference Room, 100 F Street NE.,
impose an intra-market burden on it appears to the Commission that such Washington, DC 20549 on official
competition, because it will apply to all action is necessary or appropriate in the business days between the hours of
members. Nor will the proposal impose public interest, for the protection of 10:00 a.m. and 3:00 p.m. Copies of such
a burden on competition among the investors, or otherwise in furtherance of filing also will be available for
options exchanges, because, in addition the purposes of the Act. If the inspection and copying at the principal
Commission takes such action, the office of the Exchange. All comments
to the vigorous competition for order
Commission shall institute proceedings received will be posted without change;
flow among the options exchanges, the
to determine whether the proposed rule the Commission does not edit personal
proposal addresses a regulatory
should be approved or disapproved. identifying information from
situation common to all options
submissions. You should submit only
exchanges. To the extent that market IV. Solicitation of Comments information that you wish to make
participants disagree with the particular available publicly. All submissions
approach taken by the Exchange herein, Interested persons are invited to
submit written data, views, and should refer to file Number SR–BX–
market participants can easily and 2015–062, and should be submitted on
readily direct order flow to competing arguments concerning the foregoing,
including whether the proposed rule or before November 18, 2015.
venues. The Exchange believes this
proposal will not impose a burden on change is consistent with the Act. For the Commission, by the Division of
Comments may be submitted by any of Trading and Markets, pursuant to delegated
competition and will help provide authority.18
certainty during periods of the following methods:
Brent J. Fields,
extraordinary volatility in an NMS Electronic Comments Secretary.
stock.
• Use the Commission’s Internet [FR Doc. 2015–27347 Filed 10–27–15; 8:45 am]
C. Self-Regulatory Organization’s comment form (http://www.sec.gov/ BILLING CODE 8011–01–P
Statement on Comments on the rules/sro.shtml); or
Proposed Rule Change Received From • Send an email to rule-comments@
Members, Participants, or Others sec.gov. Please include File Number SR– SECURITIES AND EXCHANGE
BX–2015–062 on the subject line. COMMISSION
No written comments were either
solicited or received. Paper Comments [Release No. 34–76225; File No. SR–Phlx–
2015–86]
• Send paper comments in triplicate
III. Date of Effectiveness of the
to Brent J. Fields, Secretary, Securities Self-Regulatory Organizations;
Proposed Rule Change and Timing for
and Exchange Commission, 100 F Street NASDAQ OMX PHLX LLC; Notice of
Commission Action
NE., Washington, DC 20549–1090. Filing and Immediate Effectiveness of
Because the proposed rule change Proposed Rule Change Regarding the
15 15 U.S.C. 78s(b)(3)(A).
does not (i) significantly affect the 16 17
Obvious Error Pilot Program
CFR 240.19b–4(f)(6)(iii). As required under
protection of investors or the public Rule 19b–4(f)(6)(iii), the Exchange provided the October 22, 2015.
interest; (ii) impose any significant Commission with written notice of its intent to file
Pursuant to Section 19(b)(1) of the
burden on competition; and (iii) become the proposed rule change, along with a brief
mstockstill on DSK4VPTVN1PROD with NOTICES
description and the text of the proposed rule Securities Exchange Act of 1934
operative for 30 days from the date on
change, at least five business days prior to the date (‘‘Act’’), 1 and Rule 19b–4 thereunder,2
which it was filed, or such shorter time of filing of the proposed rule change, or such notice is hereby given that, on October
as the Commission may designate if shorter time as designated by the Commission.
20, 2015, NASDAQ OMX PHLX LLC
consistent with the protection of 17 For purposes only of waiving the 30-day
investors and the public interest, the operative delay, the Commission has also
18 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on
proposed rule change has become efficiency, competition, and capital formation. See 1 15 U.S.C. 78s(b)(1).
effective pursuant to Section 19(b)(3)(A) 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 80, No. 208 / Wednesday, October 28, 2015 / Notices 66063
All submissions should refer to File 20, 2015, the International Securities transactions executed during a Limit
Number SR–Phlx–2015–86. This file Exchange, LLC (the ‘‘Exchange’’ or the State 5 or Straddle State 6 from the
number should be included on the ‘‘ISE’’) filed with the Securities and obvious error provisions of Rule 720. On
subject line if email is used. To help the Exchange Commission the proposed February 19, 2015, the Exchange filed to
Commission process and review your rule change, as described in Items I and extend this pilot program to its current
comments more efficiently, please use II below, which items have been end date of October 23, 2015.7 The
only one method. The Commission will prepared by the self-regulatory purpose of this filing is to extend the
post all comments on the Commission’s organization. The Commission is effectiveness of the pilot program to
Internet Web site (http://www.sec.gov/ publishing this notice to solicit coincide with the proposed extension of
rules/sro.shtml). Copies of the comments on the proposed rule change the Limit Up-Limit Down Plan,
submission, all subsequent from interested persons. including any extensions to the pilot
amendments, all written statements period for the Plan.8 The Exchange
I. Self-Regulatory Organization’s
with respect to the proposed rule notes that nothing in .01 of
Statement of the Terms of the Substance
change that are filed with the Supplementary Material to Rule 720
of the Proposed Rule Change
Commission, and all written prevents such execution from being
communications relating to the The ISE proposes to extend a pilot reviewed on an Official’s 9 own motion
proposed rule change between the program under .01 of Supplementary pursuant to sub-paragraph (c)(3) of this
Commission and any person, other than Material to Rule 720 regarding obvious Rule, or a bust or adjust pursuant to
those that may be withheld from the errors during Limit and Straddle States paragraphs (e) through (j) of this Rule.
public in accordance with the in securities that underlie options The Exchange believes the benefits to
provisions of 5 U.S.C. 552, will be traded on the Exchange and proposes to market participants from this provision
available for Web site viewing and further harmonize a related provision in should continue on a pilot basis. The
printing in the Commission’s Public its rulebook. The text of the proposed Exchange continues to believe that
Reference Room, 100 F Street NE., rule change is available on the adding certainty to the execution of
Washington, DC 20549 on official Exchange’s Web site (http:// orders in Limit or Straddle States will
business days between the hours of www.ise.com), at the principal office of encourage market participants to
10:00 a.m. and 3:00 p.m. Copies of such the Exchange, and at the Commission’s continue to provide liquidity to the
filing also will be available for Public Reference Room. Exchange, and, thus, promote a fair and
inspection and copying at the principal II. Self-Regulatory Organization’s orderly market during these periods.
office of the Exchange. All comments Statement of the Purpose of, and Barring this provision, the obvious error
received will be posted without change; Statutory Basis for, the Proposed Rule provisions of Rule 720 would likely
the Commission does not edit personal Change apply in many instances during Limit
identifying information from and Straddle States. The Exchange
submissions. You should submit only In its filing with the Commission, the believes that continuing the pilot will
information that you wish to make self-regulatory organization included protect against any unanticipated
available publicly. All submissions statements concerning the purpose of, consequences in the options markets
should refer to File Number SR–Phlx– and basis for, the proposed rule change during a Limit or Straddle State. Thus,
2015–86, and should be submitted on or and discussed any comments it received the Exchange believes that the
before November 18, 2015. on the proposed rule change. The text protections of current rule should
of these statements may be examined at continue while the industry gains
For the Commission, by the Division of the places specified in Item IV below.
Trading and Markets, pursuant to delegated further experience operating the Plan.
authority.18 The self-regulatory organization has In connection with this proposed
prepared summaries, set forth in extension, each month the Exchange
Brent J. Fields,
sections A, B and C below, of the most shall provide to the Commission, and
Secretary.
significant aspects of such statements. the public, a dataset containing the data
[FR Doc. 2015–27345 Filed 10–27–15; 8:45 am]
A. Self-Regulatory Organization’s for each Straddle and Limit State in
BILLING CODE 8011–01–P
Statement of the Purpose of, and optionable stocks that had at least one
Statutory Basis for, the Proposed Rule trade on the Exchange. For each trade
SECURITIES AND EXCHANGE Change
5 The term ‘‘Limit State’’ means the condition
COMMISSION 1. Purpose when the national best bid or national best offer for
[Release No. 34–76232; File No. SR–ISE– an underlying security equals an applicable price
On April 5, 2013,3 the Commission band, as determined by the primary listing
2015–34]
approved a proposed rule change exchange for the underlying security. See Rule
designed to address certain issues 703A.
Self-Regulatory Organizations; 6 The term ‘‘Straddle State’’ means the condition
International Securities Exchange, related to the Plan to Address
when the national best bid or national best offer for
LLC; Notice of Filing and Immediate Extraordinary Market Volatility an underlying security is non-executable, as
Effectiveness of Proposed Rule Pursuant to Rule 608 of Regulation NMS determined by the primary listing exchange for the
Change To Extend the Limit Up-Limit under the Act (the ‘‘Limit Up-Limit underlying security, but the security is not in a
Down Plan’’ or the ‘‘Plan’’).4 The rules Limit State. See Rule 703A.
Down Obvious Error Pilot 7 Securities Exchange Act Release No. 74335
adopted in that filing established a one (February 20, 2015), 80 FR 10549 (February 26,
October 22, 2015. year pilot program to exclude 2015) (SR–ISE–2015–07).
mstockstill on DSK4VPTVN1PROD with NOTICES
Pursuant to Section 19(b)(1) of the 8 Currently, the pilot period for the Plan is
Securities Exchange Act of 1934 (the 3 See Securities Exchange Act Release No. 69329 proposed to be extended to April 22, 2016. See
‘‘Act’’),1 and Rule 19b–4 thereunder,2 (April 5, 2013), 78 FR 21657 (April 11, 2014) (SR– Exchange Act Release No. 75917 (September 14,
ISE–2013–22) (Approval Order); 69110 (March 11, 2015), 80 FR 56515 (September 18, 2015) (Ninth
notice is hereby given that on October 2013) 78 FR 16726 (March 18, 2013) (SR–ISE–2013– Amendment to the Limit-Up Limit-Down Plan).
22) (Notice of Filing). 9 For purposes of Rule 720, an Official is an
18 17 CFR 200.30–3(a)(12). 4 See Securities Exchange Act Release No. 67091 Officer of the Exchange or such other employee
1 15 U.S.C. 78s(b)(1). (May 31, 2012), 77 FR 33498 (June 6, 2012) (the designee of the Exchange that is trained in the
2 17 CFR 240.19b–4. ‘‘Limit Up-Limit Down Release’’). application of this Rule.
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Document Created: 2018-02-27 08:58:13
Document Modified: 2018-02-27 08:58:13
| 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 66060 |
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