80 FR 66603 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period Applicable to Rule 6.65A(c), Which Addresses How the Exchange Treats Obvious and Catastrophic Errors During Periods of Extreme Market Volatility To Coincide With the Pilot Period for the Plan To Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 209 (October 29, 2015)
Federal Register Volume 80, Issue 209 (October 29, 2015)
| Page Range | 66603-66605 | |
| FR Document | 2015-27516 |
[Federal Register Volume 80, Number 209 (Thursday, October 29, 2015)] [Notices] [Pages 66603-66605] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-27516] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76246; File No. SR-NYSEArca-2015-101] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period Applicable to Rule 6.65A(c), Which Addresses How the Exchange Treats Obvious and Catastrophic Errors During Periods of Extreme Market Volatility To Coincide With the Pilot Period for the Plan To Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS October 23, 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 22, 2015, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') 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 self-regulatory organization. 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 period applicable to Rule 6.65A(c), which addresses how the Exchange treats Obvious and Catastrophic Errors during periods of extreme market volatility to coincide with the pilot period for the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS. The pilot period is currently set to expire on October 23, 2015. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.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 self-regulatory organization 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 those 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 parts 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 extend the pilot period applicable to Rule 6.65A(c), which addresses how the Exchange treats Obvious and Catastrophic Errors during periods of extreme market volatility to coincide with the pilot period for the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS, as it may be amended from time to time (``LULD Plan''), including any extensions to the pilot period for the LULD Plan. The pilot period is currently set to expire on October 23, 2015. In April 2013, in connection with the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS (the ``Plan''),\3\ the Exchange adopted Rule 6.65A(c) to provide that options executions would not be adjusted or nullified if the execution occurs during periods of extreme market volatility.\4\ Specifically, Rule 6.65A(c) provides that, during the pilot period, electronic transactions in options that overlay an NMS Stock that occur during a Limit State or a Straddle State (as defined by the Plan) are not subject to review under Rule 6.87(c) for Obvious Errors or Rule 6.87(d) for Catastrophic Errors. Nothing in Rule 6.65A(c) prevents electronic transactions in options that overlay an NMS Stock that occur during a Limit State or a Straddle State from being reviewed on Exchange motion pursuant to Rule 6.87(c)(3), or a bust or adjust pursuant to paragraphs (e) through (j) of Rule 6.87.\5\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012) (File No. 4-631) (Order Approving, on a Pilot Basis, the Plan). The Plan is designed to prevent trades in individual NMS Stocks from occurring outside of specified Price Bands, which are described in more detail in the Plan. \4\ See Securities and Exchange Act Release No. 69340 (April 8, 2013), 78 FR 22004 (April 12, 2013) (SR-NYSEArca-2013-10) (``Approval Order''). \5\ See Rule 6.87, Commentary .03. --------------------------------------------------------------------------- The Plan has been amended several times since inception and was implemented on February 24, 2014. On May 28, 2015, the Participants submitted to the Commission a Supplemental Joint Assessment that recommended that the Plan be adopted as permanent with certain modifications.\6\ The purpose of this proposed extension is to allow the Participants to conduct, and the Commission to consider, further analysis of data in support of the recommendations made in the Supplemental Joint Assessment, including around the attributes of limit states; the length of trading pauses; the use of an alternative reference price at the open of trading; and the alignment of the percentage parameters with the Clearly Erroneous Execution (CEE) thresholds (with the goal of largely eliminating the Participants' CEE authority). --------------------------------------------------------------------------- \6\ See Letter from Christopher B. Stone, Vice President, FINRA, to Brent J. Fields, Secretary, SEC, dated May 28, 2015. In addition, the Participants to the Plan recently filed to extend the Plan's pilot period until April 22, 2016 (the ``Ninth Amendment''). See Securities Exchange Act Release No. 75917 (September 14, 2015), 80 FR 56515 (September 18, 2015) (File No. 4-631) (notice of proposed Ninth Amendment to the Plan). --------------------------------------------------------------------------- In order to align the pilot period for Rule 6.65A(c) with the proposed pilot [[Page 66604]] period for the Plan, the Exchange similarly proposes to extend the pilot period. The Exchange has committed to provide the Commission with its data assessments five months prior to the expiration of the LULD Plan pilot period, including any extensions. If the Plan extension is approved, the Exchange will deliver its next data assessment to the Commission by December 18, 2015. In connection with the proposed change, the Exchange proposes to modify the text of Rule 6.65A to make clear that paragraph (c), like paragraphs (a) and (b), will be in effect for a pilot period to coincide with the pilot period for the LULD Plan, including any extensions to the pilot period for the LULD Plan. The Exchange believes the benefits afforded to market participants under Rule 6.65A(c) should continue on a pilot basis during the same period as the Plan pilot. The Exchange continues to believe that adding certainty to the execution of orders in Limit or Straddle States would encourage market participants to continue to provide liquidity to the Exchange, and thus, promote a fair and orderly market during those periods. Thus, the Exchange believes that the protections of current Rule 6.65A(c) should continue while the industry gains further experience operating the Plan. In addition, the Exchange believes that extending the pilot period for Rule 6.65A(c) would allow the Exchange to continue to collect and evaluate data, as well as to conduct further data analyses, related to this provision. Specifically, in connection with the adoption of Rule 6.65A (c), the Exchange committed to review the operation of this provision and to analyze the impact of Limit and Straddle States accordingly.\7\ The Exchange agreed to and has been providing to the Commission and the public data for each Straddle State and Limit State in NMS Stocks underlying options traded on the Exchange beginning in April 2013, limited to those option classes that have at least one (1) trade on the Exchange during a Straddle State or Limit State.\8\ For each of those option classes affected, each data record contains the following information: --------------------------------------------------------------------------- \7\ Specifically, the Exchange committed to: ``(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.'' See Approval Order, 78 FR at 22008. \8\ See Securities Exchange Act Release No. 71869 (April 4, 2014), 79 FR 19689 (April 9, 2014) (SR-NYSEArca-2014-36). ---------------------------------------------------------------------------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. The Exchange believes that the extension of the pilot period of Rule 6.65A(c) would allow the Exchange to continue to observe the operation of the pilot and conduct its assessments relating to the impact of the operation of the Rule during Limit and Straddle States, which information will continue to be shared with the Commission and the public as set forth above. Finally, the Exchange proposes to amend 6.65A(c) to update cross- references to Rule 6.87 that reflect the recent amendments of that rule, which add clarity and consistency to Exchange rules. The Exchange also proposes to similarly amend Commentary .03 to Rule 6.87 regarding the Limit Up-Limit Down State to reflect the extension of the pilot to coincide with the pilot period for the LULD Plan, including any extensions to the pilot period for the LULD Plan. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with Section 6(b) of the Act \9\ in general, and furthers the objectives of Section 6(b)(5),\10\ in particular, in that it is designed to promote just and equitable principles of trade, 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f (b). \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Specifically, the proposal to extend the pilot program of Rule 6.65A(c) and Commentary .03 to Rule 6.87 to coincide with the pilot period for the LULD Plan, as it may be amended from time to time, including any extensions to the pilot period for the LULD Plan would align that pilot program with the Pilot Period for the Plan, as proposed in the Ninth Amendment to the Plan. The Exchange believes that aligning the pilot periods would ensure that trading in options that overlay NMS Stocks continues to be appropriately modified to reflect market conditions that occur during a Limit State or a Straddle State in a manner that promotes just and equitable principles of trade and removes impediments to, and perfects the mechanism of, a free and open market and a national market system. The Exchange believes that the extension of Rule 6.65A(c) and Commentary .03 to Rule 6.87 would help encourage market participants to continue to provide liquidity during extraordinary market volatility. Moreover, the Exchange believes that extending the pilot period for Rule 6.65A(c) and Commentary .03 to Rule 6.87 would remove impediments to, and perfect the mechanisms of, a free and open market because it would enable the Exchange to continue to conduct its assessments relating to the impact of the operation of the Obvious Error rules during Limit and Straddle States as set forth above, which, in turn, provides the Exchange with more information from which to assess the impact of Rule 6.65A(c) and Commentary .03 to Rule 6.87. Finally, the Exchange believes that amending 6.65A(c) to update cross-references to Rule 6.87 to reflect the recent amendments of that rule would remove impediments to, and perfect the mechanisms of, a free and open market by adding clarity and consistency to Exchange rules to the benefit of all market participants. 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 will not impose any burden on competition and will instead provide certainty regarding the treatment and execution of options orders, specifically the treatment of Obvious and Catastrophic Errors during periods of extraordinary volatility in the underlying NMS Stock, and will [[Page 66605]] facilitate 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 No written comments were solicited or received with respect to the proposed rule change. 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 \11\ and Rule 19b- 4(f)(6)(iii) thereunder.\12\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 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.\13\ --------------------------------------------------------------------------- \13\ 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-NYSEArca-2015-101 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-NYSEArca-2015-101. 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-NYSEArca-2015-101, and should be submitted on or before November 19, 2015. --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-27516 Filed 10-28-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 209 / Thursday, October 29, 2015 / Notices 66603
post all comments on the Commission’s ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with In April 2013, in connection with the
Internet Web site (http://www.sec.gov/ the Securities and Exchange Plan to Address Extraordinary Market
rules/sro.shtml). Copies of the Commission (‘‘Commission’’) the Volatility Pursuant to Rule 608 of
submission, all subsequent proposed rule change as described in Regulation NMS (the ‘‘Plan’’),3 the
amendments, all written statements Items I and II below, which Items have Exchange adopted Rule 6.65A(c) to
with respect to the proposed rule been prepared by the self-regulatory provide that options executions would
change that are filed with the organization. The Commission is not be adjusted or nullified if the
Commission, and all written publishing this notice to solicit execution occurs during periods of
communications relating to the comments on the proposed rule change extreme market volatility.4 Specifically,
proposed rule change between the from interested persons. Rule 6.65A(c) provides that, during the
Commission and any person, other than pilot period, electronic transactions in
those that may be withheld from the I. Self-Regulatory Organization’s options that overlay an NMS Stock that
public in accordance with the Statement of the Terms of the Substance occur during a Limit State or a Straddle
provisions of 5 U.S.C. 552, will be of the Proposed Rule Change State (as defined by the Plan) are not
available for Web site viewing and The Exchange proposes to extend the subject to review under Rule 6.87(c) for
printing in the Commission’s Public pilot period applicable to Rule 6.65A(c), Obvious Errors or Rule 6.87(d) for
Reference Section, 100 F Street NE., which addresses how the Exchange Catastrophic Errors. Nothing in Rule
Washington, DC 20549–1090. Copies of treats Obvious and Catastrophic Errors 6.65A(c) prevents electronic
the filing will also be available for during periods of extreme market transactions in options that overlay an
inspection and copying at the volatility to coincide with the pilot NMS Stock that occur during a Limit
Exchange’s principal office. All period for the Plan to Address State or a Straddle State from being
comments received will be posted Extraordinary Market Volatility reviewed on Exchange motion pursuant
without change; the Commission does Pursuant to Rule 608 of Regulation to Rule 6.87(c)(3), or a bust or adjust
not edit personal identifying pursuant to paragraphs (e) through (j) of
NMS. The pilot period is currently set
information from submissions. You Rule 6.87.5
to expire on October 23, 2015. The text
should submit only information that The Plan has been amended several
of the proposed rule change is available
you wish to make available publicly. All times since inception and was
on the Exchange’s Web site at
submissions should refer to File implemented on February 24, 2014. On
www.nyse.com, at the principal office of
Number SR–CHX–2015–06 and should May 28, 2015, the Participants
the Exchange, and at the Commission’s
be submitted on or before November 19, submitted to the Commission a
Public Reference Room.
2015. Supplemental Joint Assessment that
For the Commission, by the Division of II. Self-Regulatory Organization’s recommended that the Plan be adopted
Trading and Markets, pursuant to delegated Statement of the Purpose of, and as permanent with certain
authority.31 Statutory Basis for, the Proposed Rule modifications.6 The purpose of this
Robert W. Errett, Change proposed extension is to allow the
Deputy Secretary. Participants to conduct, and the
In its filing with the Commission, the Commission to consider, further
[FR Doc. 2015–27519 Filed 10–28–15; 8:45 am]
self-regulatory organization included analysis of data in support of the
BILLING CODE 8011–01–P
statements concerning the purpose of, recommendations made in the
and basis for, the proposed rule change Supplemental Joint Assessment,
SECURITIES AND EXCHANGE and discussed any comments it received including around the attributes of limit
COMMISSION on the proposed rule change. The text states; the length of trading pauses; the
of those statements may be examined at use of an alternative reference price at
[Release No. 34–76246; File No. SR– the places specified in Item IV below.
NYSEArca–2015–101] the open of trading; and the alignment
The Exchange has prepared summaries, of the percentage parameters with the
set forth in sections A, B, and C below, Clearly Erroneous Execution (CEE)
Self-Regulatory Organizations; NYSE
of the most significant parts of such thresholds (with the goal of largely
Arca, Inc.; Notice of Filing and
statements. eliminating the Participants’ CEE
Immediate Effectiveness of Proposed
Rule Change Extending the Pilot A. Self-Regulatory Organization’s authority).
Period Applicable to Rule 6.65A(c), Statement of the Purpose of, and In order to align the pilot period for
Which Addresses How the Exchange Statutory Basis for, the Proposed Rule Rule 6.65A(c) with the proposed pilot
Treats Obvious and Catastrophic Change
3 See Securities Exchange Act Release No. 67091
Errors During Periods of Extreme
Market Volatility To Coincide With the 1. Purpose (May 31, 2012), 77 FR 33498 (June 6, 2012) (File
No. 4–631) (Order Approving, on a Pilot Basis, the
Pilot Period for the Plan To Address The Exchange proposes to extend the Plan). The Plan is designed to prevent trades in
Extraordinary Market Volatility pilot period applicable to Rule 6.65A(c), individual NMS Stocks from occurring outside of
Pursuant to Rule 608 of Regulation specified Price Bands, which are described in more
which addresses how the Exchange detail in the Plan.
NMS treats Obvious and Catastrophic Errors 4 See Securities and Exchange Act Release No.
October 23, 2015. during periods of extreme market 69340 (April 8, 2013), 78 FR 22004 (April 12, 2013)
volatility to coincide with the pilot (SR–NYSEArca–2013–10) (‘‘Approval Order’’).
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Pursuant to Section 19(b)(1) of the 5 See Rule 6.87, Commentary .03.
Securities Exchange Act of 1934 (the period for the Plan to Address 6 See Letter from Christopher B. Stone, Vice
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Extraordinary Market Volatility President, FINRA, to Brent J. Fields, Secretary, SEC,
notice is hereby given that on October Pursuant to Rule 608 of Regulation dated May 28, 2015. In addition, the Participants to
22, 2015, NYSE Arca, Inc. (the NMS, as it may be amended from time the Plan recently filed to extend the Plan’s pilot
to time (‘‘LULD Plan’’), including any period until April 22, 2016 (the ‘‘Ninth
Amendment’’). See Securities Exchange Act Release
31 17 CFR 200.30–3(a)(12). extensions to the pilot period for the No. 75917 (September 14, 2015), 80 FR 56515
1 15 U.S.C. 78s(b)(1). LULD Plan. The pilot period is currently (September 18, 2015) (File No. 4–631) (notice of
2 17 CFR 240.19b–4. set to expire on October 23, 2015. proposed Ninth Amendment to the Plan).
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![Federal Register / Vol. 80, No. 209 / Thursday, October 29, 2015 / Notices 66605
facilitate appropriate liquidity during a Commission shall institute proceedings For the Commission, by the Division of
Limit State or Straddle State. to determine whether the proposed rule Trading and Markets, pursuant to delegated
should be approved or disapproved. authority.14
C. Self-Regulatory Organization’s Robert W. Errett,
Statement on Comments on the IV. Solicitation of Comments Deputy Secretary.
Proposed Rule Change Received From Interested persons are invited to [FR Doc. 2015–27516 Filed 10–28–15; 8:45 am]
Members, Participants, or Others submit written data, views, and BILLING CODE 8011–01–P
No written comments were solicited arguments concerning the foregoing,
or received with respect to the proposed including whether the proposed rule
rule change. change is consistent with the Act. SECURITIES AND EXCHANGE
Comments may be submitted by any of COMMISSION
III. Date of Effectiveness of the the following methods:
Proposed Rule Change and Timing for [Release No. 34–76247; File No. SR–CBOE–
Commission Action Electronic Comments 2015–094]
Because the proposed rule change • Use the Commission’s Internet
comment form (http://www.sec.gov/ Self-Regulatory Organizations;
does not (i) significantly affect the Chicago Board Options Exchange,
protection of investors or the public rules/sro.shtml); or
• Send an email to rule-comments@ Incorporated; Notice of Filing and
interest; (ii) impose any significant Immediate Effectiveness of a Proposed
burden on competition; and (iii) become sec.gov. Please include File Number SR–
NYSEArca–2015–101 on the subject Rule Change Relating To Qualification
operative for 30 days from the date on and Registration of Trading Permit
which it was filed, or such shorter time line.
Holders and Associated Persons
as the Commission may designate if Paper Comments
consistent with the protection of October 23, 2015.
• Send paper comments in triplicate
investors and the public interest, the Pursuant to Section 19(b)(1) of the
to Brent J. Fields, Secretary, Securities
proposed rule change has become Securities Exchange Act of 1934 (the
and Exchange Commission, 100 F Street
effective pursuant to Section 19(b)(3)(A) ‘‘Act’’),1 and Rule 19b–4 thereunder,2
NE., Washington, DC 20549–1090.
of the Act 11 and Rule 19b–4(f)(6)(iii) notice is hereby given that on October
thereunder.12 All submissions should refer to File 9, 2015, Chicago Board Options
The Exchange has asked the Number SR–NYSEArca–2015–101. This Exchange, Incorporated (the ‘‘Exchange’’
Commission to waive the 30-day file number should be included on the
or ‘‘CBOE’’) filed with the Securities
operative delay so that the proposal may subject line if email is used. To help the
and Exchange Commission (the
become operative immediately upon Commission process and review your
‘‘Commission’’) the proposed rule
filing. The Commission believes that comments more efficiently, please use
change as described in Items I, II, and
waiving the 30-day operative delay is only one method. The Commission will
III below, which Items have been
consistent with the protection of post all comments on the Commission’s
prepared by the Exchange. The
investors and the public interest, as it Internet Web site (http://www.sec.gov/
Exchange filed the proposal as a ‘‘non-
will allow the obvious error pilot rules/sro.shtml). Copies of the
controversial’’ proposed rule change
program to continue uninterrupted submission, all subsequent
pursuant to Section 19(b)(3)(A)(iii) of
while the industry gains further amendments, all written statements
the Act 3 and Rule 19b–4(f)(6)
experience operating under the Plan, with respect to the proposed rule
thereunder.4 The Commission is
and avoid any investor confusion that change that are filed with the
publishing this notice to solicit
could result from a temporary Commission, and all written
comments on the proposed rule change
interruption in the pilot program. For communications relating to the
from interested persons.
this reason, the Commission designates proposed rule change between the
Commission and any person, other than I. Self-Regulatory Organization’s
the proposed rule change to be operative
those that may be withheld from the Statement of the Terms of Substance of
upon filing.13
At any time within 60 days of the public in accordance with the the Proposed Rule Change
filing of the proposed rule change, the provisions of 5 U.S.C. 552, will be The Exchange proposes to amend
Commission summarily may available for Web site viewing and Interpretation and Policy .08 to Rule
temporarily suspend such rule change if printing in the Commission’s Public 3.6A (Qualifications and Registration of
it appears to the Commission that such Reference Room, 100 F Street NE., Trading Permit Holders and Associated
action is necessary or appropriate in the Washington, DC 20549 on official Persons) regarding the categories of
public interest, for the protection of business days between the hours of registration and respective qualification
investors, or otherwise in furtherance of 10:00 a.m. and 3:00 p.m. Copies of such examinations required for Trading
the purposes of the Act. If the filing also will be available for Permit Holders (‘‘TPHs’’) and associated
Commission takes such action, the inspection and copying at the principal persons that engage in trading activities
office of the Exchange. All comments on the Exchange. Specifically, the
11 15 U.S.C. 78s(b)(3)(A). received will be posted without change; Exchange proposes to replace the
12 17 CFR 240.19b–4(f)(6)(iii). As required under the Commission does not edit personal Proprietary Trader registration category
Rule 19b–4(f)(6)(iii), the Exchange provided the identifying information from and the Series 56 Proprietary Trader
Commission with written notice of its intent to file submissions. You should submit only
asabaliauskas on DSK5VPTVN1PROD with NOTICES
the proposed rule change, along with a brief registration qualification examination
description and the text of the proposed rule
information that you wish to make for Proprietary Traders with the
change, at least five business days prior to the date available publicly. All submissions Securities Trader category of registration
of filing of the proposed rule change, or such should refer to File Number SR– and the Series 57 Securities Trader
shorter time as designated by the Commission. NYSEArca–2015–101, and should be
13 For purposes only of waiving the 30-day
submitted on or before November 19, 1 15 U.S.C. 78s(b)(1).
operative delay, the Commission has also
considered the proposed rule’s impact on 2015. 2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 14 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6).
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Document Created: 2015-12-14 15:21:03
Document Modified: 2015-12-14 15:21:03
| 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 66603 |
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