80 FR 66100 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Pilot Period Applicable to Rule 521 and Rule 530 Relating To Limit Up/Limit Down
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 208 (October 28, 2015)
Federal Register Volume 80, Issue 208 (October 28, 2015)
| Page Range | 66100-66102 | |
| FR Document | 2015-27356 |
[Federal Register Volume 80, Number 208 (Wednesday, October 28, 2015)] [Notices] [Pages 66100-66102] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-27356] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76237; File No. SR-MIAX-2015-60] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Pilot Period Applicable to Rule 521 and Rule 530 Relating To Limit Up/Limit Down October 22, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on October 20, 2015, Miami International Securities Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and Exchange Commission (``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 is filing a proposal to amend (i) Exchange Rule 530 (Limit Up-Limit Down) to extend the pilot period for the treatment of erroneous transactions during a Limit or Straddle State and (ii) Interpretations and Policies .01 to Rule 521 (Nullification and Adjustment of Options Transactions Including Obvious Errors) to clarify that the pilot period during which an execution will not be subject to review as an Obvious Error or Catastrophic Error will coincide with the pilot period for the LULD Plan (as defined below). The text of the proposed rule change is available on the Exchange's Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at MIAX's principal office, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 530 (Limit Up-Limit Down) in order to extend the pilot period for the treatment of erroneous transactions that occur in a Limit or Straddle State to coincide with the proposed extension of the pilot period for the LULD Plan (as defined below), including any extensions to the pilot period for the LULD Plan. Exchange Rule 530(j) provides for the treatment of erroneous transactions occurring during Limit and Straddle States. Specifically, once an NMS Stock has entered a Limit or Straddle State, the Exchange will nullify a transaction in an option overlying such an NMS Stock as provided in Rule 530(j). This provision was adopted for a one year pilot period beginning on the date of the implementation of the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS, April 8, 2013 (the ``LULD Plan'').\3\ The Exchange previously extended the pilot period for Rule 530(j) until October 23, 2015.\4\ The Exchange now proposes to extend the pilot period for Rule 530(j) to coincide with the proposed extension of the pilot period for the LULD Plan, including any extensions to the pilot [[Page 66101]] period for the LULD Plan, in order to allow the Exchange and the Commission additional time to collect and analyze data regarding the impact of Rule 530(j) on liquidity and market quality in the options markets.\5\ --------------------------------------------------------------------------- \3\ See Exchange Rule 503(j). See also Securities Exchange Act Release Nos. 69210 (March 22, 2013), 78 FR 18637 (March 27, 2013) (SR-MIAX-2013-12); 69342 (April 8, 2013), 78 FR 22017 (April 12, 2013) (SR-MIAX-2013-12); 69234 (March 25, 2013), 78 FR 19344 (March 29, 2013) (SR-MIAX-2013-15); 69354 (April 9, 2013), 78 FR 22357 (April 15, 2013) (SR-MIAX-2013-15). \4\ See Securities Exchange Act Release No. 74307 (February 19, 2015), 80 FR 10196 (February 25, 2015) (SR-MIAX-2015-11). \5\ Currently the pilot period for the LULD Plan is proposed to be extended until April 22, 2016. See Joint Industry Plan; Notice of Filing of the Ninth Amendment to the National Market System Plan to Address Extraordinary Market Volatility by BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Inc., Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, The Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE MKT LLC, and NYSE Arca, Inc., Securities Exchange Act Release No. 75917 (September 14, 2015), 80 FR 56515 (September 18, 2015). --------------------------------------------------------------------------- To assist the Commission in its analysis, the Exchange will provide the Commission and the public with data and analysis during the duration of the pilot in order to evaluate the impact of Limit and Straddle States on liquidity and market quality in the options markets. Specifically, on a date not later than five (5) months prior to the pilot expiration date, including any extensions of the pilot period, the Exchange represents that it shall provide the Commission and the public assessments relating to the impact of the obvious error Rules during Limit and Straddle States that (i) evaluate the statistical and economic impact of Limit and Straddle States on liquidity and market quality in the options markets; and (ii) assess whether the lack of obvious error rules in effect during the Straddle and Limit States are problematic. If the LULD Plan extension is approved the next data assessment will be due no later than December 18, 2015. Additionally, each month during the pilot period the Exchange shall provide to the Commission and the public a dataset containing the data for each Straddle and Limit State in optionable stocks. For each stock that reaches a Straddle or Limit State, the number of options included in the dataset can be reduced by selecting options in which at least one (1) trade occurred on the Exchange during the Straddle or Limit State. For each of those options affected, each data record should contain the following information: (i) 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; and (ii) for activity on the exchange--(A) executed volume, time-weighted quoted bid-ask spread, time-weighted average quoted depth at the bid, time-weighted average quoted depth at the offer, (B) high execution price, low execution price, (C) number of trades for which a request for review for error was received during Straddle and Limit States, (D) 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) and 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. The Exchange also proposes to amend Interpretations and Policies .01 to Rule 521 (Nullification and Adjustment of Options Transactions Including Obvious Errors) to take out the actual end date of the pilot period during which an execution will not be subject to review as an Obvious Error or Catastrophic Error pursuant to paragraph (c) or (d) of Rule 521 if it occurred while the underlying security was in a ``Limit State'' or ``Straddle State,'' as defined in the LULD Plan, and instead clarify that the pilot period will coincide with the pilot period for the LULD Plan, including any extensions to the pilot period for the LULD Plan. 2. Statutory Basis MIAX believes that its proposed rule change is consistent with Section 6(b) of the Act \6\ in general, and furthers the objectives of Section 6(b)(5) of the Act \7\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. Specifically, the proposal supports the objectives of perfecting the mechanism of a free and open market and the national market system because it promotes uniformity across markets concerning when and how to halt trading in all stock options as a result of extraordinary market volatility. In addition, the Exchange believes that the extension of the pilot to coincide with the pilot period for the LULD Plan will help ensure that market participants continue to benefit from the protections of the Limit Up- Limit Down Rules which will protect investors and the public interest while allowing the Exchange and the Commission additional time to collect and analyze data regarding the impact of Rules on liquidity and market quality in the options markets. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed changes are being made to extend the pilot program that provides for how the Exchange shall treat orders and quotes in options overlying NMS stocks when the Limit Up-Limit Down Plan is in effect and will not impose any burden on competition while providing certainty of treatment and execution of options orders during periods of extraordinary volatility in the underlying NMS stock, and facilitating appropriate liquidity during a Limit State or Straddle State. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the 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 \8\ and Rule 19b- 4(f)(6)(iii) thereunder.\9\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 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 [[Page 66102]] program to continue uninterrupted while the industry gains further experience operating under the LULD 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.\10\ --------------------------------------------------------------------------- \10\ 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 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-MIAX-2015-60 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. All submissions should refer to File Number SR-MIAX-2015-60. 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-MIAX-2015-60, and should be submitted on or before November 18, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). Brent J. Fields, Secretary. [FR Doc. 2015-27356 Filed 10-27-15; 8:45 am] BILLING CODE 8011-01-P
![66100 Federal Register / Vol. 80, No. 208 / Wednesday, October 28, 2015 / Notices
Appendix B and recommended that the IV. Conclusion at http://www.miaxoptions.com/filter/
Plan be adopted on a permanent basis It is therefore ordered, pursuant to wotitle/rule_filing, at MIAX’s principal
with certain modifications.10 Section 11A of the Act 16 and Rule 608 office, and at the Commission’s Public
The Participants propose to amend thereunder,17 that the Ninth Reference Room.
Section VIII(C) of the Plan to extend the Amendment to the Plan (File No. 4–631) II. Self-Regulatory Organization’s
pilot period through April 22, 2016, to be, and it hereby is approved. Statement of the Purpose of, and
allow the Participants to conduct, and For the Commission, by the Division of Statutory Basis for, the Proposed Rule
the Commission to consider, further Trading and Markets, pursuant to delegated Change
analysis of data in support of the authority.18
In its filing with the Commission, the
recommendations made in the Brent J. Fields,
Exchange included statements
Supplemental Joint Assessment. The Secretary. concerning the purpose of and basis for
Participants note that an extension of [FR Doc. 2015–27396 Filed 10–27–15; 8:45 am] the proposed rule change and discussed
the pilot period would allow the BILLING CODE 8011–01–P any comments it received on the
Participants to finalize and file with the proposed rule change. The text of these
Commission any proposed amendments statements may be examined at the
to the Plan resulting from such SECURITIES AND EXCHANGE places specified in Item IV below. The
COMMISSION Exchange has prepared summaries, set
recommendations and further
analysis.11 [Release No. 34–76237; File No. SR–MIAX– forth in sections A, B, and C below, of
The Commission believes that it is
2015–60] the most significant aspects of such
statements.
appropriate in the public interest, for Self-Regulatory Organizations; Miami
the protection of investors and the International Securities Exchange LLC; A. Self-Regulatory Organization’s
maintenance of a fair and orderly Notice of Filing and Immediate Statement of the Purpose of, and
market to approve the amendment to Effectiveness of a Proposed Rule Statutory Basis for, the Proposed Rule
extend the pilot period to April 22, 2016 Change to Extend the Pilot Period Change
so that the Participants can conduct Applicable to Rule 521 and Rule 530 1. Purpose
further analysis to support any Relating To Limit Up/Limit Down
recommendations to amend the Plan.12 The Exchange proposes to amend
October 22, 2015. Rule 530 (Limit Up-Limit Down) in
In addition, because CBOE no longer
Pursuant to Section 19(b)(1) of the order to extend the pilot period for the
operates a facility for NMS Stocks, the Securities Exchange Act of 1934 (the treatment of erroneous transactions that
Commission believes it is appropriate ‘‘Act’’),1 and Rule 19b–4 thereunder,2 occur in a Limit or Straddle State to
for CBOE to be removed from the Plan. notice is hereby given that on October coincide with the proposed extension of
For the reasons noted above, the 20, 2015, Miami International Securities the pilot period for the LULD Plan (as
Commission finds that the amendment Exchange LLC (‘‘MIAX’’ or ‘‘Exchange’’) defined below), including any
to the Plan is consistent with Section filed with the Securities and Exchange extensions to the pilot period for the
11A of the Act 13 and Rule 608 Commission (‘‘Commission’’) the LULD Plan.
thereunder.14 The Commission proposed rule change as described in Exchange Rule 530(j) provides for the
reiterates its expectation that the Items I and II below, which Items have treatment of erroneous transactions
Participants will continue to monitor been prepared by the Exchange. The occurring during Limit and Straddle
the scope and operation of the Plan and Commission is publishing this notice to States. Specifically, once an NMS Stock
study the data produced, and will solicit comments on the proposed rule has entered a Limit or Straddle State,
change from interested persons. the Exchange will nullify a transaction
propose any modifications to the Plan
that may be necessary or appropriate.15 I. Self-Regulatory Organization’s in an option overlying such an NMS
Statement of the Terms of the Substance Stock as provided in Rule 530(j). This
10 See Letter from Christopher B. Stone, Vice of the Proposed Rule Change provision was adopted for a one year
President, FINRA, to Brent J. Fields, Secretary, SEC, pilot period beginning on the date of the
dated May 28, 2015. The Supplemental Joint
The Exchange is filing a proposal to implementation of the Plan to Address
Assessment is available at http://www.sec.gov/ amend (i) Exchange Rule 530 (Limit Up- Extraordinary Market Volatility
comments/4-631/4631-39.pdf. Limit Down) to extend the pilot period Pursuant to Rule 608 of Regulation
The areas of analysis in Appendix B are intended for the treatment of erroneous NMS, April 8, 2013 (the ‘‘LULD Plan’’).3
to capture the key measures necessary to assess the transactions during a Limit or Straddle
impact of the Plan and to support recommendations The Exchange previously extended the
relating to the calibration of the Percentage
State and (ii) Interpretations and pilot period for Rule 530(j) until October
Parameters to help ensure that the stated objectives Policies .01 to Rule 521 (Nullification 23, 2015.4 The Exchange now proposes
of the Plan are achieved—particularly: liquidity and Adjustment of Options Transactions to extend the pilot period for Rule 530(j)
when approaching price bands; clearly erroneous Including Obvious Errors) to clarify that
trades; the appropriateness of the percentage to coincide with the proposed extension
the pilot period during which an of the pilot period for the LULD Plan,
parameters; the attributes of limit states; the impact
of limit states on the options markets; whether execution will not be subject to review including any extensions to the pilot
process adjustments are needed when entering/ as an Obvious Error or Catastrophic
exiting a limit state; and the length of trading Error will coincide with the pilot period 3 See Exchange Rule 503(j). See also Securities
pauses. for the LULD Plan (as defined below). Exchange Act Release Nos. 69210 (March 22, 2013),
mstockstill on DSK4VPTVN1PROD with NOTICES
11 See Notice, supra note 4 at 56516.
12 Extending the pilot period will allow the
The text of the proposed rule change 78 FR 18637 (March 27, 2013) (SR–MIAX–2013–
is available on the Exchange’s Web site 12); 69342 (April 8, 2013), 78 FR 22017 (April 12,
Participants time to consider various substantive 2013) (SR–MIAX–2013–12); 69234 (March 25,
issues regarding the operation of the Plan, such as 2013), 78 FR 19344 (March 29, 2013) (SR–MIAX–
16 15 U.S.C. 78k–1.
those raised in the IEX Letter, supra note 5. 2013–15); 69354 (April 9, 2013), 78 FR 22357 (April
13 15 U.S.C. 78k–1. 17 17 CFR 242.608. 15, 2013) (SR–MIAX–2013–15).
14 17 CFR 242.608. 18 17 CFR 200.30–3(a)(29). 4 See Securities Exchange Act Release No. 74307
15 See Securities Exchange Act Release No. 67091 1 15 U.S.C. 78s(b)(1).
(February 19, 2015), 80 FR 10196 (February 25,
(May 31, 2012), 77 FR 33498 (June 6, 2012). 2 17 CFR 240.19b–4. 2015) (SR–MIAX–2015–11).
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![66102 Federal Register / Vol. 80, No. 208 / Wednesday, October 28, 2015 / Notices
program to continue uninterrupted public in accordance with the Options Transactions including Obvious
while the industry gains further provisions of 5 U.S.C. 552, will be Errors). The text of the proposed rule
experience operating under the LULD available for Web site viewing and change is available on the Exchange’s
Plan, and avoid any investor confusion printing in the Commission’s Public Web site (http://www.cboe.com/About
that could result from a temporary Reference Room, 100 F Street NE., CBOE/CBOELegalRegulatory
interruption in the pilot program. For Washington, DC 20549 on official Home.aspx), at the Exchange’s Office of
this reason, the Commission designates business days between the hours of the Secretary, and at the Commission’s
the proposed rule change to be operative 10:00 a.m. and 3:00 p.m. Copies of such Public Reference Room.
upon filing.10 filing also will be available for
At any time within 60 days of the II. Self-Regulatory Organization’s
inspection and copying at the principal
filing of the proposed rule change, the Statement of the Purpose of, and
office of the Exchange. All comments
Commission summarily may Statutory Basis for, the Proposed Rule
received will be posted without change;
temporarily suspend such rule change if Change
the Commission does not edit personal
it appears to the Commission that such identifying information from In its filing with the Commission, the
action is necessary or appropriate in the submissions. You should submit only Exchange included statements
public interest, for the protection of information that you wish to make concerning the purpose of and basis for
investors, or otherwise in furtherance of available publicly. All submissions the proposed rule change and discussed
the purposes of the Act. If the should refer to File Number SR–MIAX– any comments it received on the
Commission takes such action, the 2015–60, and should be submitted on or proposed rule change. The text of these
Commission shall institute proceedings before November 18, 2015. statements may be examined at the
to determine whether the proposed rule For the Commission, by the Division places specified in Item IV below. The
should be approved or disapproved. of Trading and Markets, pursuant to Exchange has prepared summaries, set
IV. Solicitation of Comments delegated authority.11 forth in sections A, B, and C below, of
the most significant aspects of such
Interested persons are invited to Brent J. Fields, statements.
submit written data, views, and Secretary.
arguments concerning the foregoing, [FR Doc. 2015–27356 Filed 10–27–15; 8:45 am]
A. Self-Regulatory Organization’s
including whether the proposed rule Statement of the Purpose of, and
BILLING CODE 8011–01–P
change is consistent with the Act. Statutory Basis for, the Proposed Rule
Comments may be submitted by any of Change
the following methods: SECURITIES AND EXCHANGE 1. Purpose
Electronic Comments COMMISSION
The purpose of this filing is to extend
• Use the Commission’s Internet [Release No. 34–76223; File No. SR–CBOE– the effectiveness of the Exchange’s
comment form (http://www.sec.gov/ 2015–097] current rule applicable to obvious
rules/sro.shtml); or errors. Interpretation and Policy .01 to
• Send an email to rule-comments@ Self-Regulatory Organizations; Rule 6.25, explained in further detail
sec.gov. Please include File Number SR– Chicago Board Options Exchange, below, is currently operating on a pilot
MIAX–2015–60 on the subject line. Incorporated; Notice of Filing and program set to expire on October 23,
Immediate Effectiveness of a Proposed 2015. The Exchange proposes to extend
Paper Comments Rule Change Relating to Exchange the pilot program so that it coincides
• Send paper comments in triplicate Rule 6.25 with the pilot period for the Plan to
to Brent J. Fields, Secretary, Securities Address Extraordinary Market Volatility
October 22, 2015.
and Exchange Commission, 100 F Street Pursuant to Rule 608 of Regulation NMS
NE., Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the under the Act (‘‘Limit Up-Limit Down
All submissions should refer to File Plan’’ or ‘‘Plan’’), including any
‘‘Act’’),1 and Rule 19b–4 thereunder,2
Number SR–MIAX–2015–60. This file extensions to the pilot period for the
notice is hereby given that on October
number should be included on the Plan. Currently the Plan Participants
21, 2015, Chicago Board Options
subject line if email is used. To help the have proposed the 9th amendment to
Exchange, Incorporated (the ‘‘Exchange’’
Commission process and review your the Plan which, if approved, would
or ‘‘CBOE’’) filed with the Securities
comments more efficiently, please use extend the pilot period of the Plan to
and Exchange Commission (the
only one method. The Commission will April 22, 2016.3
‘‘Commission’’) the proposed rule
post all comments on the Commission’s On April 5, 2013, the Commission
change as described in Items I and II
Internet Web site (http://www.sec.gov/ approved, on a pilot basis, amendments
below, which Items have been prepared
rules/sro.shtml). Copies of the to Exchange Rule 6.25 that stated that
by the Exchange. The Commission is
submission, all subsequent options executions will not be adjusted
publishing this notice to solicit
amendments, all written statements or nullified if the execution occurs
comments on the proposed rule change
with respect to the proposed rule while the underlying security is in a
from interested persons.
change that are filed with the limit or straddle state as defined by the
Commission, and all written I. Self-Regulatory Organization’s Plan.4 Under the terms of this current
communications relating to the Statement of the Terms of the Substance pilot program, though options
proposed rule change between the of the Proposed Rule Change
mstockstill on DSK4VPTVN1PROD with NOTICES
executions will generally not be subject
Commission and any person, other than The Exchange proposes to extend a to review as an Obvious Error or
those that may be withheld from the pilot program related to Rule 6.25
3 See Securities Exchange Act Release No. 75917
10 For
(Nullification and Adjustment of (September 14, 2015), 80 FR 56515 (September 18,
purposes only of waiving the 30-day
operative delay, the Commission has also 2015) (File No. 4–631).
11 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on 4 Securities Exchange Act Release No. 69328
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See (April 5, 2013), 78 FR 21642 (April 11, 2013) (SR–
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. CBOE–2013–030). See also Exchange Rule 6.25.01.
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Document Created: 2018-02-27 08:58:16
Document Modified: 2018-02-27 08:58:16
| 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 66100 |
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