80_FR_79638 80 FR 79394 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Rule 108

80 FR 79394 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Rule 108

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 244 (December 21, 2015)

Page Range79394-79396
FR Document2015-31928

Federal Register, Volume 80 Issue 244 (Monday, December 21, 2015) 
[Federal Register Volume 80, Number 244 (Monday, December 21, 2015)]
[Notices]
[Pages 79394-79396]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-31928]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76657; File No. SR-Phlx-2015-104]


Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Delete 
Rule 108

December 15, 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 December 9, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I, II,

[[Page 79395]]

and III, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to delete Rule 108, Bids and Offers to Be 
Made Within Six Feet of Post.
    The text of the proposed rule change is below; proposed new 
language is in italics; proposed deletions are in brackets.
* * * * *
Rule 108. Reserved. [Bids and Offers to Be Made Within Six Feet of Post
    All bids and offers in any security on the floor shall be made 
within six feet of the post assigned to such security by the Exchange.]
* * * * *

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to update its rules to delete Rule 108, Bids 
and Offers to Be Made Within Six Feet of Post. Rule 108 applied to both 
the equity and options trading floors for a long time. Now, there is no 
equity trading floor and the options trading floor is configured in a 
way that this provision does not make sense. The number of people on 
the options floor has decreased over time due to increased automation 
such that the layout of the floor is more compact. The Exchange does 
not believe that the number of feet is the relevant measure of where 
bids and offers should be made, because the number of feet is not 
determinative of whether crowd participants are aware of and can 
reasonably participate in crowd trades.
    Instead, the Exchange relies on a number of other rules to ensure 
that the options trading floor operates in a fair and orderly manner. 
Specifically, Rules 110 and 1000(g) provide that bids and offers must 
be made in an audible tone of voice. In addition, Options Floor 
Procedure Advice C-7(b) provides that a Floor Broker must be loud and 
audible when representing a market and/or representing an order in the 
trading crowd. A Floor Broker must make reasonable efforts to position 
himself in the trading crowd to be heard by the majority of the trading 
crowd. A number of other provisions also refer to similar requirements, 
such as the loud and audible requirement.\3\
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    \3\ See Rules 1014(g)(v)(D)(1)(a) and 1064(a)(i).
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    Accordingly, the Exchange believes that the rules relating to 
exposing orders in the options trading crowd in an audible manner are 
sufficient and that Rule 108 can be deleted.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \4\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \5\ in particular, in that it is designed to promote 
just and equitable principles of trade and to protect investors and the 
public interest by making clear that the bids and offers made on the 
options trading floor are not subject to a ``six foot'' rule but rather 
to the requirement that bids and offers occur in a loud and audible 
fashion. This should promote just and equitable principles of trade by 
helping ensure maximum participation from the trading crowd, including 
the opportunity for price improvement. The opportunity for price 
improvement should, in turn, protect investors and the public interest.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
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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 not necessary or appropriate in 
furtherance of the purposes of the Act. The proposal applies equally to 
all participants in the options trading crowd.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the 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)(iii) of the Act \6\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\7\
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    \6\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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 satisfied this requirement.
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    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: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-Phlx-2015-104 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-Phlx-2015-104. 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/

[[Page 79396]]

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-
Phlx-2015-104 and should be submitted on or before January 11, 2016.
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    \8\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-31928 Filed 12-18-15; 8:45 am]
BILLING CODE 8011-01-P

79394 Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices Revised Index weight is composed of The value of the Revised Index will be Revised Index components than for maturities that are part of a minimum widely disseminated by one or more Index components.19 original principal amount outstanding major market data vendors at least once The Commission notes that the of $100 million or more, and in view of per day, as required by NYSE Arca Exchange represents that: (1) The Shares the substantial total dollar amount Equities Rule 5.2(j)(3), Commentary and the Revised Index satisfy all of the outstanding and the average dollar .02(b)(ii). The IIV for the Shares will be requirements for generic listing amount outstanding of Revised Index disseminated by one or more major standards under NYSE Arca Equities issues, as referenced above. In addition, market data vendors, updated at least Rule 5.2(j)(3) except for Commentary the Exchange notes that the average every 15 seconds during the Exchange’s .02(a)(2) to NYSE Arca Equities Rule daily notional trading volume for Core Trading Session, as required by 5.2(j)(3); and (2) except as noted, all Revised Index components for the NYSE Arca Equities Rule 5.2(j)(3), other representations made in support period from June 30, 2014 to June 30, Commentary .02(c). of the Release remain unchanged. 2015 was approximately $323.6 million, For the foregoing reasons, the III. Discussion and Commission Commission finds that the proposed and the sum of the notional trading Findings rule change is consistent with section volumes for the same period was $82.2 billion. After careful review, the Commission 6(b)(5) of the Exchange Act 20 and the The Revised Index value, calculated finds that the Exchange’s proposal to rules and regulations thereunder and disseminated at least once daily, as permit the Fund to track the Revised applicable to a national securities well as the components of the Revised Index is consistent with the Exchange exchange. Index and their percentage weighting, Act and the rules and regulations IV. Conclusion will be available from major market data thereunder applicable to a national securities exchange.14 In particular, the It is therefore ordered, pursuant to vendors. In addition, the portfolio of Commission finds that the proposed section 19(b)(2) of the Exchange Act,21 securities held by the Fund will be rule change is consistent with section that the proposed rule change (SR– disclosed daily on the Fund’s Web site 6(b)(5) of the Exchange Act,15 which NYSEArca–2015–74), be, and it hereby at www.marketvectorsetfs.com. The Exchange represents that: (1) requires, among other things, that the is, approved. Except for Commentary .02(a)(2) to Exchange’s rules be designed to promote For the Commission, by the Division of NYSE Arca Equities Rule 5.2(j)(3), the just and equitable principles of trade, to Trading and Markets, pursuant to delegated Shares currently satisfy all of the remove impediments to and perfect the authority.22 generic listing standards under NYSE mechanism of a free and open market Robert W. Errett, Arca Equities Rule 5.2(j)(3); (2) the and a national market system, and, in Deputy Secretary. continued listing standards under NYSE general, to protect investors and the [FR Doc. 2015–31932 Filed 12–18–15; 8:45 am] Arca Equities Rules 5.2(j)(3) and public interest. BILLING CODE 8011–01–P 5.5(g)(2) applicable to Units shall apply The Commission believes that the to the Shares; and (3) the Trust is Revised Index is unlikely to be more required to comply with Rule 10A–3 susceptible to manipulation than the SECURITIES AND EXCHANGE under the Act 11 for the initial and existing Index. The weight of the COMMISSION continued listing of the Shares. In Revised Index components with a [Release No. 34–76657; File No. SR–Phlx– addition, the Exchange represents that minimum original principal amount 2015–104] the Shares will comply with all other outstanding of $100 million or more was requirements applicable to Units 30.10% as of June 30, 2015,16 which is Self-Regulatory Organizations; including, but not limited to, heavier than the weight of such NASDAQ OMX PHLX LLC; Notice of requirements relating to the components in the Index as of Filing and Immediate Effectiveness of dissemination of key information such November 27, 2012.17 Additionally, the Proposed Rule Change To Delete Rule as the value of the Revised Index and number of components and the number 108 the applicable Intraday Indicative Value of unique issuers is greater for the December 15, 2015. (‘‘IIV’’); 12 rules governing the trading of Revised Index than for the Index.18 Pursuant to Section 19(b)(1) of the equity securities, trading hours, trading Further, the average daily notional Securities Exchange Act of 1934 halts, surveillance, and the Information trading volume was much greater for (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Bulletin to Equity Trading Permit notice is hereby given that on December Holders (‘‘ETP Holders’’), as set forth in approving generic listing standards for Units and Portfolio Depositary Receipts); 41983 (October 6, 9, 2015, NASDAQ OMX PHLX LLC Exchange rules applicable to Units; and 1999), 64 FR 56008 (October 15, 1999) (SR–PCX– (‘‘Phlx’’ or ‘‘Exchange’’) filed with the prior Commission orders approving the 98–29) (order approving rules for listing and trading Securities and Exchange Commission generic listing rules applicable to the of Units). (‘‘SEC’’ or ‘‘Commission’’) the proposed listing and trading of Units.13 14 In approving this proposed rule change, the Commission has considered the proposed rule’s rule change as described in Items I, II, 11 17 CFR 240.10A–3. impact on efficiency, competition, and capital 19 Between June 30, 2014, and June 30, 2015, the 12 The IIV will be widely disseminated by one or formation. See 15 U.S.C. 78c(f). 15 15 U.S.C. 78f(b)(5). average daily notional trading volume for Revised more major market data vendors at least every 15 16 See Notice, supra note 3, 80 FR at 55703. Index components was approximately $323.6 seconds during the Exchange’s Core Trading million. See Notice, supra note 3, 80 FR at 55704. Session of 9:30 a.m. to 4:00 p.m., Eastern time. 17 See Order, supra note 4, 79 FR at 1663–4 (‘‘only The average daily notional trading volume for Index Currently, it is the Exchange’s understanding that 15.66% of the weight of the Index components, as mstockstill on DSK4VPTVN1PROD with NOTICES components between October 31, 2011, and October several major market data vendors display or make of November 27, 2012, had a minimum original 31, 2012 was $2,839,895. See Securities Exchange widely available IIVs taken from the Consolidated principal amount outstanding of $100 million or Act Release No. 71232, supra note 4, 78 FR at Tape Association or other data feeds. more’’). 13 See, e.g., Securities Exchange Act Release Nos. 18 As of June 30, 2015, the Revised Index was 69505. 20 15 U.S.C. 78f(b)(5). 55783 (May 17, 2007), 72 FR 29194 (May 24, 2007) composed of 9,481 issues and 900 unique issuers. 21 15 U.S.C. 78s(b)(2). (SR–NYSEArca–2007–36) (order approving NYSE See Notice, supra note 3, 80 FR at 55704. As of 22 17 CFR 200.30–3(a)(12). Arca generic listing standards for Units based on a November 27, 2012, the Index was composed of 1 15 U.S.C. 78s(b)(1). fixed income index); 44551 (July 12, 2001), 66 FR 1,935 issues and 530 unique issuers. See Order, 37716 (July 19, 2001) (SR–PCX–2001–14) (order supra note 4, 79 FR at 1664. 2 17 CFR 240.19b–4. VerDate Sep<11>2014 17:38 Dec 18, 2015 Jkt 238001 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 E:\FR\FM\21DEN1.SGM 21DEN1

Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices 79395 and III, below, which Items have been Instead, the Exchange relies on a III. Date of Effectiveness of the prepared by the Exchange. The number of other rules to ensure that the Proposed Rule Change and Timing for Commission is publishing this notice to options trading floor operates in a fair Commission Action solicit comments on the proposed rule and orderly manner. Specifically, Rules Because the foregoing proposed rule change from interested persons. 110 and 1000(g) provide that bids and change does not: (i) Significantly affect I. Self-Regulatory Organization’s offers must be made in an audible tone the protection of investors or the public Statement of the Terms of Substance of of voice. In addition, Options Floor interest; (ii) impose any significant the Proposed Rule Change Procedure Advice C–7(b) provides that burden on competition; and (iii) become a Floor Broker must be loud and audible operative for 30 days from the date on The Exchange proposes to delete Rule when representing a market and/or which it was filed, or such shorter time 108, Bids and Offers to Be Made Within representing an order in the trading as the Commission may designate, it has Six Feet of Post. crowd. A Floor Broker must make become effective pursuant to Section The text of the proposed rule change reasonable efforts to position himself in 19(b)(3)(A)(iii) of the Act 6 and is below; proposed new language is in the trading crowd to be heard by the subparagraph (f)(6) of Rule 19b–4 italics; proposed deletions are in majority of the trading crowd. A number thereunder.7 brackets. of other provisions also refer to similar At any time within 60 days of the * * * * * requirements, such as the loud and filing of the proposed rule change, the Rule 108. Reserved. [Bids and Offers to audible requirement.3 Commission summarily may Be Made Within Six Feet of Post temporarily suspend such rule change if Accordingly, the Exchange believes it appears to the Commission that such All bids and offers in any security on that the rules relating to exposing orders action is: (i) Necessary or appropriate in the floor shall be made within six feet in the options trading crowd in an the public interest; (ii) for the protection of the post assigned to such security by audible manner are sufficient and that of investors; or (iii) otherwise in the Exchange.] Rule 108 can be deleted. furtherance of the purposes of the Act. * * * * * 2. Statutory Basis If the Commission takes such action, the II. Self-Regulatory Organization’s Commission shall institute proceedings Statement of the Purpose of, and The Exchange believes that its to determine whether the proposed rule Statutory Basis for, the Proposed Rule proposal is consistent with Section 6(b) should be approved or disapproved. Change of the Act 4 in general, and furthers the objectives of Section 6(b)(5) of the Act 5 IV. Solicitation of Comments In its filing with the Commission, the in particular, in that it is designed to Interested persons are invited to Exchange included statements promote just and equitable principles of submit written data, views, and concerning the purpose of and basis for trade and to protect investors and the arguments concerning the foregoing, the proposed rule change and discussed public interest by making clear that the including whether the proposed rule any comments it received on the bids and offers made on the options change is consistent with the Act. proposed rule change. The text of these trading floor are not subject to a ‘‘six Comments may be submitted by any of statements may be examined at the foot’’ rule but rather to the requirement the following methods: places specified in Item IV below. The that bids and offers occur in a loud and Electronic Comments Exchange has prepared summaries, set audible fashion. This should promote forth in sections A, B, and C below, of • Use the Commission’s Internet just and equitable principles of trade by the most significant aspects of such comment form (http://www.sec.gov/ helping ensure maximum participation statements. rules/sro.shtml); or from the trading crowd, including the • Send an email to rule-comments@ A. Self-Regulatory Organization’s opportunity for price improvement. The sec.gov. Please include File Number SR– Statement of the Purpose of, and opportunity for price improvement Phlx–2015–104 on the subject line. Statutory Basis for, the Proposed Rule should, in turn, protect investors and Change the public interest. Paper Comments 1. Purpose B. Self-Regulatory Organization’s • Send paper comments in triplicate to Secretary, Securities and Exchange The Exchange proposes to update its Statement on Burden on Competition Commission, 100 F Street NE., rules to delete Rule 108, Bids and Offers Washington, DC 20549–1090. to Be Made Within Six Feet of Post. The Exchange does not believe that Rule 108 applied to both the equity and the proposed rule change will impose All submissions should refer to File options trading floors for a long time. any burden on competition not Number SR–Phlx–2015–104. This file Now, there is no equity trading floor necessary or appropriate in furtherance number should be included on the and the options trading floor is of the purposes of the Act. The proposal subject line if email is used. To help the configured in a way that this provision applies equally to all participants in the Commission process and review your does not make sense. The number of options trading crowd. comments more efficiently, please use people on the options floor has only one method. The Commission will C. Self-Regulatory Organization’s post all comments on the Commission’s decreased over time due to increased Statement on Comments on the automation such that the layout of the Internet Web site (http://www.sec.gov/ Proposed Rule Change Received From mstockstill on DSK4VPTVN1PROD with NOTICES floor is more compact. The Exchange Members, Participants, or Others 6 15 U.S.C. 78s(b)(3)(A)(iii). does not believe that the number of feet 7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– is the relevant measure of where bids No written comments were either 4(f)(6) requires a self-regulatory organization to give and offers should be made, because the solicited or received. the Commission written notice of its intent to file number of feet is not determinative of the proposed rule change at least five business days prior to the date of filing of the proposed rule whether crowd participants are aware of 3 See Rules 1014(g)(v)(D)(1)(a) and 1064(a)(i). change, or such shorter time as designated by the and can reasonably participate in crowd 4 15 U.S.C. 78f(b). Commission. The Exchange has satisfied this trades. 5 15 U.S.C. 78f(b)(5). requirement. VerDate Sep<11>2014 17:38 Dec 18, 2015 Jkt 238001 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 E:\FR\FM\21DEN1.SGM 21DEN1

79396 Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices rules/sro.shtml). Copies of the solicit comments on the proposed rule Charter with the Secretary of State of the submission, all subsequent change from interested persons. State of Delaware to amend Article First amendments, all written statements of the Charter to reflect the new name.4 I. Self-Regulatory Organization’s with respect to the proposed rule In addition, the Exchange proposes to Statement of the Terms of the Substance change that are filed with the amend the title and Article I(k) of the of the Proposed Rule Change Commission, and all written By-Laws to reflect the new name. The communications relating to the The Exchange is filing this proposed Exchange also proposes to amend the proposed rule change between the rule change with respect to amendments first paragraph of the By-Laws to refer Commission and any person, other than of its Certificate of Formation (the to the Exchange’s Second Amended those that may be withheld from the ‘‘Charter’’), By-Laws (the ‘‘By-Laws’’) Limited Liability Company Agreement, public in accordance with the and First Amended Limited Liability which it will enter into in connection provisions of 5 U.S.C. 552, will be Company Agreement (the ‘‘LLC with the name change and which will available for Web site viewing and Agreement’’) to change its name to replace the current LLC Agreement. printing in the Commission’s Public NASDAQ PHLX LLC. The proposed With respect to the current LLC Reference Room, 100 F Street NE., amendments will be implemented on a Agreement, the Exchange proposes to Washington, DC 20549, on official date designated by the Exchange, which amend the title, the first paragraph, the business days between the hours of shall be at least 30 days from the date recitals and the signature page to reflect 10:00 a.m. and 3:00 p.m. Copies of the of this filing. The text of the proposed the Exchange’s proposed name change, filing also will be available for rule change is available on the the Parent’s recent name change and the inspection and copying at the principal Exchange’s Web site at http:// entry by the Parent into the Second office of the Exchange. All comments nasdaqomxphlx.cchwallstreet.com, at Amended Limited Liability Company received will be posted without change; the principal office of the Exchange, and Agreement to effectuate both of the the Commission does not edit personal at the Commission’s Public Reference aforementioned changes. The Exchange identifying information from Room. also proposes to update section 1 and submissions. You should submit only Schedule A to reflect its proposed name information that you wish to make II. Self-Regulatory Organization’s change, sections 13 and 17 to use the available publicly. All submissions Statement of the Purpose of, and defined term ‘‘Stockholder’’ for the should refer to File Number SR–Phlx– Statutory Basis for, the Proposed Rule Parent and Schedules A and B to reflect 2015–104 and should be submitted on Change the Parent’s recent name change. or before January 11, 2016. In its filing with the Commission, the Exchange included statements 2. Statutory Basis For the Commission, by the Division of Trading and Markets, pursuant to delegated concerning the purpose of and basis for The Exchange believes that its authority.8 the proposed rule change and discussed proposal is consistent with section 6(b) Robert W. Errett, any comments it received on the of the Act,5 in general, and furthers the Deputy Secretary. proposed rule change. The text of these objectives of section 6(b)(5) of the Act,6 [FR Doc. 2015–31928 Filed 12–18–15; 8:45 am] statements may be examined at the in particular, in that it is designed to BILLING CODE 8011–01–P places specified in Item IV below. The promote just and equitable principles of Exchange has prepared summaries, set trade, to remove impediments to and forth in sections A, B, and C below, of perfect the mechanism of a free and SECURITIES AND EXCHANGE the most significant aspects of such open market and a national market COMMISSION statements. system, and, in general to protect investors and the public interest. The [Release No. 34–76654; File No. SR–Phlx– A. Self-Regulatory Organization’s Exchange is proposing amendments to 2015–105] Statement of the Purpose of, and its Charter, By-Laws and LLC Statutory Basis for, the Proposed Rule Agreement to effectuate its name change Self-Regulatory Organizations; Change NASDAQ OMX PHLX LLC; Notice of to NASDAQ PHLX LLC and to reflect Filing and Immediate Effectiveness of 1. Purpose the Parent’s recent name change to Proposed Rule Change To Amend the As part of an ongoing global Nasdaq, Inc. The Exchange believes that Exchange’s Certificate of Formation, rebranding initiative, the Exchange’s the changes will protect investors and By-Laws and First Amended Limited parent company and sole member (the the public interest by eliminating Liability Company Agreement ‘‘Parent’’) recently changed its legal confusion that may exist because of name from The NASDAQ OMX Group, differences between its corporate name December 15, 2015. and the current global branding of the Inc. to Nasdaq, Inc.3 For purposes of Pursuant to section 19(b)(1) of the Parent and its affiliated entities, Securities Exchange Act of 1934 consistency, the Parent also has decided to change the legal names of certain of including the Exchange. (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on December its subsidiaries to eliminate references B. Self-Regulatory Organization’s 9, 2015, NASDAQ OMX PHLX LLC to OMX. The Exchange therefore Statement on Burden on Competition (‘‘Phlx’’ or ‘‘Exchange’’) filed with the proposes to amend its Charter, By-Laws Because the proposed rule change Securities and Exchange Commission and LLC Agreement to change its legal relates to the governance and not to the (‘‘SEC’’ or ‘‘Commission’’) the proposed name from NASDAQ OMX PHLX LLC operations of the Exchange, the to NASDAQ PHLX LLC. mstockstill on DSK4VPTVN1PROD with NOTICES rule change as described in Items I, II, and III, below, which Items have been Specifically, the Exchange proposes to 4 On the Exchange’s Web site (http:// prepared by the Exchange. The file a Certificate of Amendment to its nasdaqomxphlx.cchwallstreet.com), the Certificate of Formation and Certificate of Amendment will Commission is publishing this notice to 3 See Securities Exchange Act Release No. 75421 appear as two separate documents, which is (July 10, 2015), 80 FR 42136 (July 16, 2015) (SR– consistent with how they will appear in the records 8 17 CFR 200.30–3(a)(12). of the Secretary of State of the State of Delaware. BSECC–2015–001, SR–BX–2015–030, SR– 1 15 U.S.C. 78s(b)(1). 5 15 U.S.C. 78f(b). NASDAQ–2015–058, SR–Phlx–2015–46, SR–SCCP– 2 17 CFR 240.19b–4. 2015–01). 6 15 U.S.C. 78f(b)(5). VerDate Sep<11>2014 17:38 Dec 18, 2015 Jkt 238001 PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 E:\FR\FM\21DEN1.SGM 21DEN1


Document Created: 2015-12-19 02:57:24
Document Modified: 2015-12-19 02:57:24
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 79394 
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