80 FR 74165 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Period for the Retail Price Improvement Program Until December 1, 2016
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 228 (November 27, 2015)
Federal Register Volume 80, Issue 228 (November 27, 2015)
| Page Range | 74165-74167 | |
| FR Document | 2015-30076 |
[Federal Register Volume 80, Number 228 (Friday, November 27, 2015)] [Notices] [Pages 74165-74167] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-30076] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76490; File No. SR-BX-2015-073] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Period for the Retail Price Improvement Program Until December 1, 2016 November 20, 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 November 12, 2015, NASDAQ OMX BX, Inc. (``BX'' 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 Substance of the Proposed Rule Change The [sic] to extend the pilot period for the Exchange's Retail Price Improvement (``RPI'') Program (the ``Program''), which is set to expire on December 1, 2015, for a period of one year, to expire on December 1, 2016. The Exchange has designated December 1, 2015 as the date the proposed rule change becomes effective. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxbx.cchwallstreet.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to extend the pilot period of the RPI Program,\3\ currently scheduled to expire on December 1, 2015, for an additional year, until December 1, 2016. --------------------------------------------------------------------------- \3\ Securities Exchange Act Release No. 73702 (November 28, 2014), 79 FR 72049 (December 4, 2014) (``RPI Approval Order'') (SR- BX-2014-048). --------------------------------------------------------------------------- Background In November 2014, the Commission approved the RPI Program on a pilot basis.\4\ The Program is designed to attract retail order flow to the Exchange, and allow such order flow to receive potential price improvement. The Program is currently limited to trades occurring at prices equal to or greater than $1.00 per share. Under the Program, a new class of market participant called a Retail Member Organization (``RMO'') is eligible to submit certain retail order flow (``Retail Orders'') \5\ to the Exchange. BX members (``Members'') are permitted to provide potential price improvement for Retail Orders in the form of non-displayed interest that is priced more aggressively than the Protected National Best Bid or Offer (``Protected NBBO'').\6\ --------------------------------------------------------------------------- \4\ See id. \5\ A ``Retail Order'' is defined in BX Rule 4780(a)(2) by referencing BX Rule 4702, and BX Rule 4702(b)(6) says it is an order type with a non-display order attribute submitted to the Exchange by a RMO. A Retail Order must be an agency order, or riskless principal order that satisfies the criteria of is an agency or riskless principal order that originates from a natural person and is submitted to BX by a RMO, provided that no change is made to the terms of the order with respect to price (except in the case that a market order is changed to a marketable limit order) or side of market and the order does not originate from a trading algorithm or any other computerized methodology. \6\ The term Protected Quotation is defined in Chapter XII, Sec. 1(19) and has the same meaning as is set forth in Regulation NMS Rule 600(b)(58). The Protected NBBO is the best-priced protected bid and offer. Generally, the Protected NBBO and the national best bid and offer (``NBBO'') will be the same. However, a market center is not required to route to the NBBO if that market center is subject to an exception under Regulation NMS Rule 611(b)(1) or if such NBBO is otherwise not available for an automatic execution. In such case, the Protected NBBO would be the best-priced protected bid or offer to which a market center must route interest pursuant to Regulation NMS Rule 611. --------------------------------------------------------------------------- The Program was approved by the Commission on a pilot basis running one-year from the date of implementation.\7\ The Commission approved the Program on November 28, 2014.\8\ The Exchange implemented the [[Page 74166]] Program on December 1, 2014. Thus, the pilot period for the Program is scheduled to end on December 1, 2015. --------------------------------------------------------------------------- \7\ See RPI Approval Order, supra note 3 at 72053. \8\ Id. at 72049. --------------------------------------------------------------------------- Proposal To Extend the Operation of the Program The Exchange established the RPI Program in an attempt to attract retail order flow to the Exchange by potentially providing price improvement to such order flow. The Exchange believes that the Program promotes competition for retail order flow by allowing Exchange members to submit Retail Price Improvement Orders (``RPI Orders'') \9\ to interact with Retail Orders. Such competition has the ability to promote efficiency by facilitating the price discovery process and generating additional investor interest in trading securities, thereby promoting capital formation. The Exchange believes that extending the pilot is appropriate because it will allow the Exchange and the Commission additional time to analyze data regarding the Program that the Exchange has committed to provide.\10\ As such, the Exchange believes that it is appropriate to extend the current operation of the Program.\11\ Through this filing, the Exchange seeks to extend the current pilot period of the Program until December 1, 2016. --------------------------------------------------------------------------- \9\ A Retail Price Improvement Order is defined in BX Rule 4780(a)(3) by referencing BX Rule 4702 and BX Rule 4702(b)(5) says that it is as an order type with a non-display order attribute that is held on the Exchange Book in order to provide liquidity at a price at least $0.001 better than the NBBO through a special execution process described in Rule 4780. \10\ See RPI Approval Order, supra note 3 at 72051. \11\ Concurrently with this filing, the Exchange has submitted a request for an extension of the exemption under Regulation NMS Rule 612 previously granted by the Commission that permits it to accept and rank the RPI orders in sub-penny increments. See Letter from Jeffrey S. Davis, Vice President and Deputy General Counsel and Secretary, NASDAQ OMX BX, Inc. to Brent J. Fields, Secretary, Securities and Exchange Commission dated November 12, 2015. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\12\ in general, and with Section 6(b)(5) of the Act,\13\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f. \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that extending the pilot period for the RPI Program is consistent with these principles because the Program is reasonably designed to attract retail order flow to the exchange environment, while helping to ensure that retail investors benefit from the better price that liquidity providers are willing to give their orders. Additionally, as previously stated, the competition promoted by the Program may facilitate the price discovery process and potentially generate additional investor interest in trading securities. The extension of the pilot period will allow the Commission and the Exchange to continue to monitor the Program for its potential effects on public price discovery, and on the broader market structure. 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. The proposed rule change extends an established pilot program for one year, thus allowing the RPI Program to enhance competition for retail order flow and contribute to the public price discovery process. 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(6) \15\ thereunder because the proposal does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) by its terms, 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.\16\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f)(6). \16\ In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change, along with a brief description and 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 Commission is waiving this this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally may not become operative prior to 30 days after the date of filing. However, Rule 19b-4(f)(6)(iii) \17\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay period. The Exchange states that waiving the operative delay would allow the pilot period to continue uninterrupted, which the Exchange argues would be beneficial to market participants and would help to eliminate the potential for investor confusion. --------------------------------------------------------------------------- \17\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Commission believes that waiver of the 30-day operative delay period is consistent with the protection of investors and the public interest. Specifically, the Commission believes that the proposal would allow the RPI Program to continue uninterrupted and to provide additional time for data about the program to be generated and analyzed. For these reasons, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, and designates the proposed rule change to be operative upon filing with the Commission.\18\ --------------------------------------------------------------------------- \18\ For purposes only of waiving the operative delay for this proposal, the Commission has 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.\19\ --------------------------------------------------------------------------- \19\ 15 U.S.C. 78s(b)(3)(C). --------------------------------------------------------------------------- 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-BX-2015-073 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. [[Page 74167]] All submissions should refer to File Number SR-BX-2015-073. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BX-2015-073 and should be submitted on or before December 18, 2015. --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12), (59). --------------------------------------------------------------------------- For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-30076 Filed 11-25-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 228 / Friday, November 27, 2015 / Notices 74165
BlackRock MuniYield Michigan SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
Quality Fund II, Inc. [File No. 811– COMMISSION Statement of the Purpose of, and
06501] Statutory Basis for, the Proposed Rule
[Release No. 34–76490; File No. SR–BX– Change
Summary: Applicant, a closed-end 2015–073]
investment company, seeks an order 1. Purpose
declaring that it has ceased to be an Self-Regulatory Organizations; The purpose of this filing is to extend
investment company. Applicant NASDAQ OMX BX, Inc.; Notice of Filing the pilot period of the RPI Program,3
transferred its assets to BlackRock and Immediate Effectiveness of a currently scheduled to expire on
MuniYield Michigan Quality Fund, Inc., Proposed Rule Change To Extend the December 1, 2015, for an additional
and effective September 14, 2015, made Pilot Period for the Retail Price year, until December 1, 2016.
distributions to its shareholders based Improvement Program Until December
1, 2016 Background
on net asset value. Expenses of
approximately $331,358 incurred in November 20, 2015. In November 2014, the Commission
connection with the reorganization were Pursuant to Section 19(b)(1) of the approved the RPI Program on a pilot
paid by Applicant and Applicant’s Securities Exchange Act of 1934 basis.4 The Program is designed to
investment adviser. (‘‘Act’’),1 and Rule 19b–4 thereunder,2 attract retail order flow to the Exchange,
notice is hereby given that on November and allow such order flow to receive
Filing Dates: The application was
12, 2015, NASDAQ OMX BX, Inc. (‘‘BX’’ potential price improvement. The
filed on November 16, 2015. Program is currently limited to trades
or ‘‘Exchange’’) filed with the Securities
Applicant’s Address: 100 Bellevue and Exchange Commission (‘‘SEC’’ or occurring at prices equal to or greater
Parkway, Wilmington, Delaware 19809. ‘‘Commission’’) the proposed rule than $1.00 per share. Under the
change as described in Items I and II Program, a new class of market
Asian Small Companies Portfolio [File
below, which Items have been prepared participant called a Retail Member
No. 811–07529]
by the Exchange. The Commission is Organization (‘‘RMO’’) is eligible to
Summary: Applicant seeks an order publishing this notice to solicit submit certain retail order flow (‘‘Retail
declaring that it has ceased to be an comments on the proposed rule change Orders’’) 5 to the Exchange. BX members
investment company. On January 27, from interested persons. (‘‘Members’’) are permitted to provide
2015 and January 28, 2015, applicant potential price improvement for Retail
I. Self-Regulatory Organization’s Orders in the form of non-displayed
made liquidating distributions to its Statement of the Terms of Substance of interest that is priced more aggressively
shareholders, based on net asset value. the Proposed Rule Change than the Protected National Best Bid or
Applicant incurred no expenses in
The [sic] to extend the pilot period for Offer (‘‘Protected NBBO’’).6
connection with the liquidation.
the Exchange’s Retail Price The Program was approved by the
Filing Dates: The application was Improvement (‘‘RPI’’) Program (the Commission on a pilot basis running
filed on November 6, 2015, and ‘‘Program’’), which is set to expire on one-year from the date of
amended on November 18, 2015. December 1, 2015, for a period of one implementation.7 The Commission
Applicant’s Address: Two year, to expire on December 1, 2016. approved the Program on November 28,
International Place, Boston, MA 02110. The Exchange has designated 2014.8 The Exchange implemented the
December 1, 2015 as the date the
Parametric Market Neutral Portfolio proposed rule change becomes effective. 3 Securities Exchange Act Release No. 73702
[File No. 811–22597] The text of the proposed rule change (November 28, 2014), 79 FR 72049 (December 4,
2014) (‘‘RPI Approval Order’’) (SR–BX–2014–048).
Summary: Applicant seeks an order is available on the Exchange’s Web site 4 See id.
at http://
declaring that it has ceased to be an 5 A ‘‘Retail Order’’ is defined in BX Rule
nasdaqomxbx.cchwallstreet.com, at the 4780(a)(2) by referencing BX Rule 4702, and BX
investment company. On September 19,
principal office of the Exchange, and at Rule 4702(b)(6) says it is an order type with a non-
2014, applicant made a liquidating display order attribute submitted to the Exchange
the Commission’s Public Reference
distribution to its shareholders, based Room. by a RMO. A Retail Order must be an agency order,
on net asset value. Applicant incurred or riskless principal order that satisfies the criteria
II. Self-Regulatory Organization’s of is an agency or riskless principal order that
no expenses in connection with the originates from a natural person and is submitted
liquidation. Statement of the Purpose of, and to BX by a RMO, provided that no change is made
Statutory Basis for, the Proposed Rule to the terms of the order with respect to price
Filing Dates: The application was
Change (except in the case that a market order is changed
filed on November 6, 2015, and to a marketable limit order) or side of market and
amended on November 18, 2015. In its filing with the Commission, the the order does not originate from a trading
Exchange included statements algorithm or any other computerized methodology.
Applicant’s Address: Two 6 The term Protected Quotation is defined in
concerning the purpose of and basis for
International Place, Boston, MA 02110. the proposed rule change and discussed Chapter XII, Sec. 1(19) and has the same meaning
as is set forth in Regulation NMS Rule 600(b)(58).
For the Commission, by the Division of any comments it received on the The Protected NBBO is the best-priced protected
Investment Management, pursuant to proposed rule change. The text of these bid and offer. Generally, the Protected NBBO and
delegated authority. statements may be examined at the the national best bid and offer (‘‘NBBO’’) will be the
same. However, a market center is not required to
mstockstill on DSK4VPTVN1PROD with NOTICES
Robert W. Errett, places specified in Item IV below. The route to the NBBO if that market center is subject
Deputy Secretary. Exchange has prepared summaries, set to an exception under Regulation NMS Rule
[FR Doc. 2015–30093 Filed 11–25–15; 8:45 am]
forth in sections A, B, and C below, of 611(b)(1) or if such NBBO is otherwise not available
the most significant aspects of such for an automatic execution. In such case, the
BILLING CODE 8011–01–P Protected NBBO would be the best-priced protected
statements. bid or offer to which a market center must route
interest pursuant to Regulation NMS Rule 611.
1 15 U.S.C. 78s(b)(1). 7 See RPI Approval Order, supra note 3 at 72053.
2 17 CFR 240.19b–4. 8 Id. at 72049.
VerDate Sep<11>2014 19:01 Nov 25, 2015 Jkt 238001 PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 E:\FR\FM\27NON1.SGM 27NON1](https://thefederalregister.org/doc/80_FR_74393/page/1.svg)
![Federal Register / Vol. 80, No. 228 / Friday, November 27, 2015 / Notices 74167
All submissions should refer to File on November 13, 2015, Miami the size of the order exceeds the order
Number SR–BX–2015–073. This file International Securities Exchange LLC size protection designated by the
number should be included on the (‘‘MIAX’’ or ‘‘Exchange’’) filed with the Member submitting the order.5
subject line if email is used. To help the Securities and Exchange Commission Additionally, the System currently
Commission process and review your (‘‘Commission’’) a proposed rule change rejects any orders that exceed the
comments more efficiently, please use as described in Items I, II, and III below, maximum number of open orders held
only one method. The Commission will which Items have been prepared by the in the System on behalf of a particular
post all comments on the Commission’s Exchange. The Commission is Member (the ‘‘Open Order Protection’’).
Internet Web site (http://www.sec.gov/ publishing this notice to solicit The System also currently rejects any
rules/sro.shtml). Copies of the comments on the proposed rule change orders that cause the number of open
submission, all subsequent from interested persons. contracts represented by orders held in
amendments, all written statements the System on behalf of a particular
with respect to the proposed rule I. Self-Regulatory Organization’s
Member (the ‘‘Open Contract
change that are filed with the Statement of the Terms of the Substance
Protection’’) to exceed a specified
Commission, and all written of the Proposed Rule Change
maximum number of contracts. For each
communications relating to the The Exchange proposes to amend of these protections, the maximum
proposed rule change between the Exchange Rule 519, MIAX Order number (of open orders and open
Commission and any person, other than Monitor (‘‘MOM’’) to codify the Open contracts) is designated (or may be
those that may be withheld from the Order and Open Contract Protection disabled) by the Member. The Exchange
public in accordance with the features included in MOM. is proposing to codify the Open Order
provisions of 5 U.S.C. 552, will be The text of the proposed rule change and Open Contract Protections in Rule
available for Web site viewing and is available on the Exchange’s Web site 519.
printing in the Commission’s Public at http://www.miaxoptions.com/filter/ Currently, Rule 519 only provides
Reference Room, 100 F Street NE., wotitle/rule_filing, at MIAX’s principal details regarding the System’s Order
Washington, DC 20549, on official office, and at the Commission’s Public Price Protections and Order Size
business days between the hours of Reference Room. Protections. However, in addition to
10:00 a.m. and 3:00 p.m. Copies of the order protections based on price and
II. Self-Regulatory Organization’s
filing also will be available for order size, the System also employs
Statement of the Purpose of, and
inspection and copying at the principal order protections based on the number
Statutory Basis for, the Proposed Rule
office of the Exchange. All comments of open orders held in the System and
Change
received will be posted without change; on the number of contracts represented
the Commission does not edit personal In its filing with the Commission, the by open orders held in the System. The
identifying information from Exchange included statements Exchange now proposes to codify these
submissions. You should submit only concerning the purpose of and basis for existing order protections into Rule 519.
information that you wish to make the proposed rule change and discussed Members may designate or disable the
available publicly. All submissions any comments it received on the Open Order and/or the Open Contract
should refer to File Number SR–BX– proposed rule change. The text of these Protections on a firm wide basis. If the
2015–073 and should be submitted on statements may be examined at the maximum number of open orders or
or before December 18, 2015. places specified in Item IV below. The contracts is not designated by the
Exchange has prepared summaries, set Member, the Exchange will set a
For the Commission, by the Division of forth in sections A, B, and C below, of maximum number of open orders or
Trading and Markets, pursuant to delegated the most significant aspects of such contracts on behalf of the Member by
authority.20 statements. default. The default maximum number
Robert W. Errett, A. Self-Regulatory Organization’s of open orders and open contracts are
Deputy Secretary. Statement of the Purpose of, and determined by the Exchange and
[FR Doc. 2015–30076 Filed 11–25–15; 8:45 am] Statutory Basis for, the Proposed Rule announced to Members through a
BILLING CODE 8011–01–P Change Regulatory Circular.6 The Open Order
and Open Contract Protections provide
1. Purpose market participants the flexibility to
SECURITIES AND EXCHANGE The Exchange proposes to amend designate the level of protection they
COMMISSION Rule 519, MIAX Order Monitor, to need to help prevent the potential
[Release No. 34–76491; File No. SR–MIAX– provide details regarding Open Order submission of a number of orders and/
2015–64] and Open Contract protections. The or a number of contracts to the
proposal codifies existing functionality Exchange that would cause them to be
Self-Regulatory Organizations: Notice applicable to orders on the Exchange. at unintended risk levels.
of Filing and Immediate Effectiveness The Exchange is also proposing a The Exchange is also proposing a
of a Proposed Rule Change by Miami clarifying amendment to current Rule clarifying amendment to current Rule
International Securities Exchange LLC 519(b) to provide consistency in that 519(b), Order Size Protections, to state
To Amend Exchange Rule 519 Rule with the proposed new rules. that if the maximum size of orders is not
The MOM is a risk management designated by the Member, the
November 20, 2015. feature of the Exchange’s System 3 that Exchange will set a maximum size of
mstockstill on DSK4VPTVN1PROD with NOTICES
Pursuant to the provisions of Section prevents certain orders from executing orders on behalf of the Member by
19(b)(1) of the Securities Exchange Act or being placed on the Book at prices default. This is consistent with
of 1934 (‘‘Act’’) 1 and Rule 19b–4 outside pre-set standard limits 4 and if proposed new Rules 519(c) and (d), and
thereunder,2 notice is hereby given that
3 The term ‘‘System’’ means the automated 5 See Exchange Rule 519(b).
20 17 CFR 200.30–3(a)(12), (59). trading system used by the Exchange for the trading 6 The Exchange notes that the current default
1 15 U.S.C. 78s(b)(1). of securities. See Exchange Rule 100. maximum number of open orders is 30,000 and the
2 17 CFR 240.19b–4. 4 See Exchange Rule 519(a). default number of open contracts is 1,000,000.
VerDate Sep<11>2014 19:01 Nov 25, 2015 Jkt 238001 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 E:\FR\FM\27NON1.SGM 27NON1](https://thefederalregister.org/doc/80_FR_74393/page/3.svg)
Document Created: 2015-12-14 14:04:43
Document Modified: 2015-12-14 14:04:43
| 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 74165 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR