80 FR 75155 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Tier Size Pilot of FINRA Rule 6433 (Minimum Quotation Size Requirements for OTC Equity Securities)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 230 (December 1, 2015)
Federal Register Volume 80, Issue 230 (December 1, 2015)
| Page Range | 75155-75157 | |
| FR Document | 2015-30413 |
[Federal Register Volume 80, Number 230 (Tuesday, December 1, 2015)] [Notices] [Pages 75155-75157] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-30413] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76519; File No. SR-FINRA-2015-051] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Tier Size Pilot of FINRA Rule 6433 (Minimum Quotation Size Requirements for OTC Equity Securities) November 24, 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 23, 2015, Financial Industry Regulatory Authority, Inc. (``FINRA'') 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 FINRA. FINRA has designated the proposed rule change as constituting a ``non-controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under the Act,\3\ which renders the proposal effective upon receipt of this filing by the Commission. 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. \3\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend FINRA Rule 6433 (Minimum Quotation Size Requirements for OTC Equity Securities) to extend the Tier Size Pilot, which currently is scheduled to expire on December 11, 2015, until June 10, 2016. The text of the proposed rule change is available on FINRA's Web site at http://www.finra.org, at the principal office of FINRA, on the Commission's Web site at http://www.sec.gov, 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, FINRA 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. FINRA 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 FINRA proposes to amend FINRA Rule 6433 (Minimum Quotation Size Requirements for OTC Equity Securities) (the ``Rule'') to extend, until June 10, 2016, the amendments set forth in File No. SR-FINRA-2011-058 (``Tier Size Pilot'' or ``Pilot''), which currently are scheduled to expire on December 11, 2015.\4\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 75639 (August 7, 2015), 80 FR 48615 (August 13, 2015) (Notice of Filing and Immediate Effectiveness of File No. SR-FINRA-2015-028); see also Securities Exchange Act Release No. 67208 (June 15, 2012), 77 FR 37458 (June 21, 2012) (Order Approving File No. SR-FINRA-2011-058, as amended). --------------------------------------------------------------------------- The Tier Size Pilot was filed with the SEC on October 6, 2011,\5\ to amend the minimum quotation sizes (or ``tier sizes'') for OTC Equity Securities.\6\ The goals of the Pilot were to simplify the tier structure, facilitate the display of customer limit orders, and expand the scope of the Rule to apply to additional quoting participants. During the course of the pilot, FINRA collected and provided to the SEC specified data with [[Page 75156]] which to assess the impact of the Pilot tiers on market quality and limit order display.\7\ On September 13, 2013, FINRA provided to the Commission an assessment on the operation of the Tier Size Pilot utilizing data covering the period from November 12, 2012 through June 30, 2013.\8\ As noted in the 2013 Assessment, FINRA believed that the analysis of the data generally showed that the Tier Size Pilot had a neutral to positive impact on OTC market quality for the majority of OTC Equity Securities and tiers; and that there was an overall increase of 13% in the number of customer limit orders that met the minimum quotation sizes to be eligible for display under the Pilot tiers. In the 2013 Assessment, FINRA recommended adopting the tiers as permanent, but extended the pilot period to allow more time to gather and analyze data after the November 12, 2012 through June 30, 2013 assessment period.\9\ On January 29, 2015, FINRA further extended the Pilot period to permit FINRA and the Commission to consider the implications of the data collected since June 30, 2013.\10\ FINRA has reviewed this post- June 30, 2013 data, and believes that the impact described in the 2013 Assessment has continued to hold (and has improved in certain areas). --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 65568 (October 14, 2011), 76 FR 65307 (October 20, 2011) (Notice of Filing of File No. SR-FINRA-2011-058). \6\ ``OTC Equity Security'' means any equity security that is not an ``NMS stock'' as that term is defined in Rule 600(b)(47) of SEC Regulation NMS; provided, however, that the term OTC Equity Security shall not include any Restricted Equity Security. See FINRA Rule 6420. \7\ FINRA ceased collecting Pilot data for submission to the Commission on February 13, 2015. \8\ The assessment is part of the SEC's comment file for SR- FINRA-2011-058 and also is available on FINRA's Web site at: http://www.finra.org/Industry/Regulation/RuleFilings/2011/P124615 (``Pilot Assessment''). \9\ See Securities Exchange Act Release No. 70839 (November 8, 2013), 78 FR 68893 (November 15, 2013) (Notice of Filing and Immediate Effectiveness of File No. SR-FINRA-2013-049). \10\ See Securities Exchange Act Release No. 74251 (February 11, 2015), 80 FR 8741 (February 18, 2015) (Notice of Filing and Immediate Effectiveness of File No. SR-FINRA-2015-002). --------------------------------------------------------------------------- The purpose of this filing is to extend the operation of the Tier Size Pilot until June 10, 2016, to provide FINRA with additional time to finalize its recommendation with regard to the Tier Size Pilot. FINRA has filed the proposed rule change for immediate effectiveness. The operative date of the proposed rule change will be December 11, 2015. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,\11\ which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. FINRA also believes that the proposed rule change is consistent with the provisions of Section 15A(b)(11) of the Act.\12\ Section 15A(b)(11) requires that FINRA rules include provisions governing the form and content of quotations relating to securities sold otherwise than on a national securities exchange which may be distributed or published by any member or person associated with a member, and the persons to whom such quotations may be supplied. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78o-3(b)(6). \12\ 15 U.S.C. 78o-3(b)(11). --------------------------------------------------------------------------- FINRA believes that the extension of the Tier Size Pilot until June 10, 2016, is consistent with the Act in that it would provide the Commission and FINRA with additional time to determine whether the pilot tiers should be made permanent. B. Self-Regulatory Organization's Statement on Burden on Competition FINRA 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. 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 foregoing 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b- 4(f)(6) thereunder.\14\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4(f)(6). 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. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally does not become operative prior to 30 days after the date of filing. However, pursuant to Rule 19b-4(f)(6)(iii),\16\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. --------------------------------------------------------------------------- \15\ 17 CFR 240.19b-4(f)(6). \16\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- FINRA 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 waiver of the operative delay is consistent with the protection of investors and the public interest because such waiver will allow the pilot program to continue without interruption. Therefore, the Commission designates the proposal operative upon filing.\17\ --------------------------------------------------------------------------- \17\ For purposes only of waiving the 30-day operative delay, 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. 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 rule-comments@sec.gov. Please include File Number SR-FINRA-2015-051 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. All submissions should refer to File Number SR-FINRA-2015-051. 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 [[Page 75157]] 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 FINRA. 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 publicly available. All submissions should refer to File Number SR-FINRA-2015-051 and should be submitted on or before December 22, 2015. --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-30413 Filed 11-30-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 230 / Tuesday, December 1, 2015 / Notices 75155
thereunder, because it establishes a due, 10:00 a.m. and 3:00 p.m. Copies of such Requirements for OTC Equity
fee, or other charge imposed by the filing also will be available for Securities) to extend the Tier Size Pilot,
Exchange. inspection and copying at the principal which currently is scheduled to expire
At any time within 60 days of the offices of the Exchange. All comments on December 11, 2015, until June 10,
filing of such proposed rule change, the received will be posted without change; 2016.
Commission summarily may the Commission does not edit personal The text of the proposed rule change
temporarily suspend such rule change if identifying information from is available on FINRA’s Web site at
it appears to the Commission that such submissions. You should submit only http://www.finra.org, at the principal
action is necessary or appropriate in the information that you wish to make office of FINRA, on the Commission’s
public interest, for the protection of available publicly. All submissions Web site at http://www.sec.gov, and at
investors, or otherwise in furtherance of should refer to File Number SR– the Commission’s Public Reference
the purposes of the Act. If the NYSEMKT–2015–95, and should be Room.
Commission takes such action, the submitted on or before December 22,
Commission shall institute proceedings 2015. II. Self-Regulatory Organization’s
under Section 19(b)(2)(B) 34 of the Act to Statement of the Purpose of, and
For the Commission, by the Division of Statutory Basis for, the Proposed Rule
determine whether the proposed rule Trading and Markets, pursuant to delegated
change should be approved or Change
authority.35
disapproved. Brent J. Fields, In its filing with the Commission,
Secretary. FINRA included statements concerning
IV. Solicitation of Comments
[FR Doc. 2015–30480 Filed 11–30–15; 8:45 am]
the purpose of and basis for the
Interested persons are invited to proposed rule change and discussed any
BILLING CODE 8011–01–P
submit written data, views, and comments it received on the proposed
arguments concerning the foregoing, rule change. The text of these statements
including whether the proposed rule may be examined at the places specified
SECURITIES AND EXCHANGE
change is consistent with the Act. COMMISSION in Item IV below. FINRA has prepared
Comments may be submitted by any of summaries, set forth in sections A, B,
the following methods: [Release No. 34–76519; File No. SR–FINRA– and C below, of the most significant
2015–051] aspects of such statements.
Electronic Comments
• Use the Commission’s Internet Self-Regulatory Organizations; A. Self-Regulatory Organization’s
comment form (http://www.sec.gov/ Financial Industry Regulatory Statement of the Purpose of, and
rules/sro.shtml); or Authority, Inc.; Notice of Filing and Statutory Basis for, the Proposed Rule
• Send an email to rule-comments@ Immediate Effectiveness of a Proposed Change
sec.gov. Please include File Number SR– Rule Change To Extend the Tier Size
Pilot of FINRA Rule 6433 (Minimum 1. Purpose
NYSEMKT–2015–95 on the subject line.
Quotation Size Requirements for OTC FINRA proposes to amend FINRA
Paper Comments Equity Securities) Rule 6433 (Minimum Quotation Size
• Send paper comments in triplicate Requirements for OTC Equity
to Brent J. Fields, Secretary, Securities November 24, 2015. Securities) (the ‘‘Rule’’) to extend, until
and Exchange Commission, 100 F Street Pursuant to Section 19(b)(1) of the June 10, 2016, the amendments set forth
NE., Washington, DC 20549–1090. Securities Exchange Act of 1934 in File No. SR–FINRA–2011–058 (‘‘Tier
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Size Pilot’’ or ‘‘Pilot’’), which currently
All submissions should refer to File
notice is hereby given that on November are scheduled to expire on December 11,
Number SR–NYSEMKT–2015–95. This
23, 2015, Financial Industry Regulatory 2015.4
file number should be included on the
Authority, Inc. (‘‘FINRA’’) filed with the The Tier Size Pilot was filed with the
subject line if email is used. To help the
Securities and Exchange Commission SEC on October 6, 2011,5 to amend the
Commission process and review your
(‘‘SEC’’ or ‘‘Commission’’) the proposed minimum quotation sizes (or ‘‘tier
comments more efficiently, please use
rule change as described in Items I and sizes’’) for OTC Equity Securities.6 The
only one method. The Commission will
II below, which Items have been goals of the Pilot were to simplify the
post all comments on the Commission’s
prepared by FINRA. FINRA has tier structure, facilitate the display of
Internet Web site (http://www.sec.gov/
designated the proposed rule change as customer limit orders, and expand the
rules/sro.shtml). Copies of the
constituting a ‘‘non-controversial’’ rule scope of the Rule to apply to additional
submission, all subsequent
change under paragraph (f)(6) of Rule quoting participants. During the course
amendments, all written statements
19b–4 under the Act,3 which renders of the pilot, FINRA collected and
with respect to the proposed rule
the proposal effective upon receipt of provided to the SEC specified data with
change that are filed with the
this filing by the Commission. The
Commission, and all written
Commission is publishing this notice to 4 See Securities Exchange Act Release No. 75639
communications relating to the
solicit comments on the proposed rule (August 7, 2015), 80 FR 48615 (August 13, 2015)
proposed rule change between the (Notice of Filing and Immediate Effectiveness of
change from interested persons.
Commission and any person, other than File No. SR–FINRA–2015–028); see also Securities
those that may be withheld from the I. Self-Regulatory Organization’s Exchange Act Release No. 67208 (June 15, 2012), 77
public in accordance with the Statement of the Terms of Substance of FR 37458 (June 21, 2012) (Order Approving File No.
SR–FINRA–2011–058, as amended).
provisions of 5 U.S.C. 552, will be the Proposed Rule Change 5 See Securities Exchange Act Release No. 65568
tkelley on DSK3SPTVN1PROD with NOTICES
available for Web site viewing and FINRA is proposing to amend FINRA (October 14, 2011), 76 FR 65307 (October 20, 2011)
printing in the Commission’s Public Rule 6433 (Minimum Quotation Size (Notice of Filing of File No. SR–FINRA–2011–058).
Reference Room, 100 F Street NE., 6 ‘‘OTC Equity Security’’ means any equity
Washington, DC 20549 on official 35 17
security that is not an ‘‘NMS stock’’ as that term is
CFR 200.30–3(a)(12). defined in Rule 600(b)(47) of SEC Regulation NMS;
business days between the hours of 1 15 U.S.C. 78s(b)(1). provided, however, that the term OTC Equity
2 17 CFR 240.19b–4.
Security shall not include any Restricted Equity
34 15 U.S.C. 78s(b)(2)(B). 3 17 CFR 240.19b–4(f)(6). Security. See FINRA Rule 6420.
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![Federal Register / Vol. 80, No. 230 / Tuesday, December 1, 2015 / Notices 75157
communications relating to the I. Self-Regulatory Organization’s Mechanism for all-electronic BX
proposed rule change between the Statement of the Terms of Substance of Options whereby a buy and sell order
Commission and any person, other than the Proposed Rule Change may be submitted in one order message
those that may be withheld from the The Exchange proposes to amend its to initiate an auction at a ‘stop price’
public in accordance with the Options Pricing at Chapter XV, Section and seek potential price improvement.
provisions of 5 U.S.C. 552, will be 2, entitled ‘‘BX Options Market—Fees Options are traded electronically on BX
available for Web site viewing and and Rebates,’’ which governs pricing for Options, and all options participants
printing in the Commission’s Public BX members using the BX Options may respond to a PRISM Auction,4 the
Reference Room, 100 F Street NE., Market (‘‘BX Options’’). The Exchange duration of which will be set at 200
milliseconds.5 PRISM includes auto-
Washington, DC 20549, on official proposes to adopt new subsection (5) to
match functionality in which a
business days between the hours of add fees and rebates for BX Price
Participant (an ‘‘Initiating Participant’’)
10:00 a.m. and 3:00 p.m. Copies of such Improvement Auction (‘‘PRISM’’),
may electronically submit for execution
filing also will be available for which is a mechanism for price
an order it represents as agent on behalf
inspection and copying at the principal improvement on BX Options (‘‘Price
of a Public Customer,6 Professional
office of FINRA. All comments received Improvement Mechanism’’).
customer, broker dealer, or any other
will be posted without change; the While the changes proposed herein
entity (‘‘PRISM Order’’) against
Commission does not edit personal are effective upon filing, the Exchange
principal interest or against any other
identifying information from has designated that the amendments be
order it represents as agent (an
submissions. You should submit only operative on November 16, 2015.
‘‘Initiating Order’’) provided it submits
The text of the proposed rule change
information that you wish to make the PRISM Order for electronic
is available on the Exchange’s Web site
publicly available. All submissions execution into the PRISM Auction
at http://nasdaqomxbx.cchwallstreet
should refer to File Number SR–FINRA– pursuant to Chapter VI, Section 9.7 The
.com/, at the principal office of the
2015–051 and should be submitted on PRISM Rule describes the circumstances
Exchange, and at the Commission’s
or before December 22, 2015. under which an Initiating Participant
Public Reference Room.
may initiate an Auction. A PRISM Order
For the Commission, by the Division of
II. Self-Regulatory Organization’s that is for a Non-Customer (account of
Trading and Markets, pursuant to delegated
Statement of the Purpose of, and a broker-dealer or any other person or
authority.18
Statutory Basis for, the Proposed Rule entity that is not a Public Customer) is
Robert W. Errett, Change always required to improve the same
Deputy Secretary. side of the BX BBO even if there is no
In its filing with the Commission, the
[FR Doc. 2015–30413 Filed 11–30–15; 8:45 am] resting limit order on the book. PRISM
Exchange included statements
BILLING CODE 8011–01–P Orders that do not comply with the
concerning the purpose of and basis for
the proposed rule change and discussed
remove Price Improving and Post-Only Orders and
any comments it received on the removes the ability to submit Price Improving and
SECURITIES AND EXCHANGE proposed rule change. The text of these Post-Only Orders into the auction. In the event the
COMMISSION statements may be examined at the Exchange determines to amend its order types to
allow the entry of non-displayed order types, e.g.
places specified in Item IV below. The Price Improving or Post-Only Orders, the Exchange
[Release No. 34–76520; File No. SR–BX– Exchange has prepared summaries, set will file a proposed rule change pursuant to Section
2015–071] forth in sections A, B, and C below, of 19(b)(2) with the Commission to seek approval for
the most significant aspects of such such rule change. See also Options Technical
Self-Regulatory Organizations; Update #2015–6.
statements. 4 PRISM Auction eligibility requirements and the
NASDAQ OMX BX, Inc.; Notice of Filing early conclusion of the PRISM Auction are, with
and Immediate Effectiveness of A. Self-Regulatory Organization’s
certain other PRISM features, subject to a pilot
Proposed Rule Change To Establish Statement of the Purpose of, and program scheduled to expire July 18, 2016. See BX
Fees and Rebates Related to BX Price Statutory Basis for, the Proposed Rule Chapter VI, Section 9.
Change 5 Other exchanges that have price improvement
Improvement Auction (PRISM) auctions have developed different durations. See,
1. Purpose e.g., CBOE Rule 6.74A(b)(1)(C) (CBOE’s AIM
November 24, 2015. auction has a duration of one second); and BOX
The Exchange proposes to amend its Rule 7150(f)(1) (BOX’s PIP auction has a duration
Pursuant to Section 19(b)(1) of the Chapter XV, Section 2 to adopt new of one hundred milliseconds, commencing on the
Securities Exchange Act of 1934 subsection (5) to add fees and rebates for dissemination of the PIP broadcast).
(‘‘Act’’) 1, and Rule 19b–4 thereunder,2 PRISM. 6 For purposes of the PRISM Rule in Chapter XV,
notice is hereby given that on November Section 2, a Public Customer order does not include
Effective on or about November 16, a Professional order, and therefore a Professional
12, 2015, NASDAQ OMX BX, Inc. (‘‘BX’’ 2015, BX Options is introducing PRISM, would not be entitled to Public Customer priority
or ‘‘Exchange’’) filed with the Securities which is codified in BX Chapter VI, as described herein. A Public Customer means a
and Exchange Commission (‘‘SEC’’ or Section 9 (also known as the ‘‘PRISM person that is not a broker or dealer in securities.
See BX Options Rules at Chapter I, Section 1(a)(50).
‘‘Commission’’) the proposed rule Rule’’).3 PRISM is a Price Improvement A Public Customer order does not include a
change as described in Items I, II, and Professional order for purposes of BX Rule at
3 See Securities Exchange Act Release Nos. 76301 Chapter VI, Section 10(a)(C)(1)(a), which governs
III, below, which Items have been
(October 29, 2015), 80 FR 68347 (November 4, 2015) allocation priority. A ‘‘Professional’’ means any
prepared by the Exchange. The (SR–BX–2015–032) (approval order) (‘‘PRISM person or entity that (i) is not a broker or dealer in
Commission is publishing this notice to Approval’’); and 75827 (September 3, 2015), 80 FR securities, and (ii) places more than 390 orders in
tkelley on DSK3SPTVN1PROD with NOTICES
solicit comments on the proposed rule 54601 (September 10, 2015) (SR–BX–2015–032) listed options per day on average during a calendar
(‘‘PRISM Filing’’). In the PRISM Approval the month for its own beneficial account(s). A
change from interested persons. Exchange noted that it will file a rule change Participant or a Public Customer may, without
separately with the Commission to remove Price limitation, be a Professional. All Professional orders
18 17
Improving and Post-Only Order types from its shall be appropriately marked by Participants. See
CFR 200.30–3(a)(12). BX Rules at Chapter I, Section 1(a)(49).
Rules. The Exchange will not commence offering
1 15 U.S.C. 78s(b)(1). BX PRISM until such time as it has an effective and 7 BX PRISM will only conduct an auction for
2 17 CFR 240.19b–4. operative rule in place from the Commission to simple (non-complex) Orders.
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Document Created: 2018-03-02 09:11:06
Document Modified: 2018-03-02 09:11:06
| 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 75155 |
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