81 FR 1251 - Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Plan for the Purpose of Developing and Implementing Procedures Designed To Facilitate the Listing and Trading of Standardized Options To Add EDGX Exchange, Inc. (“EDGX”) as a Plan Sponsor
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 6 (January 11, 2016)
Federal Register Volume 81, Issue 6 (January 11, 2016)
| Page Range | 1251-1252 | |
| FR Document | 2016-00257 |
[Federal Register Volume 81, Number 6 (Monday, January 11, 2016)] [Notices] [Pages 1251-1252] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-00257] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76822; File No. 4-443] Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Plan for the Purpose of Developing and Implementing Procedures Designed To Facilitate the Listing and Trading of Standardized Options To Add EDGX Exchange, Inc. (``EDGX'') as a Plan Sponsor January 5, 2016. Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given that on October 27, 2015, EDGX Exchange, Inc. (``EDGX'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') an amendment to the Plan for the Purpose of Developing and Implementing Procedures Designed to Facilitate the Listing and Trading of Standardized Options (``OLPP'').\3\ The amendment proposes to add EDGX as a Sponsor of the OLPP. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78k-1(a)(3). \2\ 17 CFR 242.608. \3\ On July 6, 2001, the Commission approved the OLPP, which was proposed by the American Stock Exchange LLC (``Amex''), Chicago Board Options Exchange, Incorporated (``CBOE''), International Securities Exchange LLC (``ISE''), Options Clearing Corporation (``OCC''), Philadelphia Stock Exchange, Inc. (``Phlx''), and Pacific Exchange, Inc. (n/k/a ``NYSE Arca''). See Securities Exchange Act Release No. 44521, 66 FR 36809 (July 13, 2001). See also Securities Exchange Act Release Nos. 49199 (February 5, 2004), 69 FR 7030 (February 12, 2004) (adding Boston Stock Exchange, Inc. as a Sponsor to the OLPP); 57546 (March 21, 2008), 73 FR 16393 (March 27, 2008) (adding Nasdaq Stock Market, LLC (``Nasdaq'') as a Sponsor to the OLPP); 61528 (February 17, 2010), 75 FR 8415 (February 24, 2010) (adding BATS Exchange, Inc. (``BATS'') as a Sponsor to the OLPP); 63162 (October 22, 2010), 75 FR 66401 (October 28, 2010) (adding C2 Options Exchange Incorporated (``C2'') as a sponsor to the OLPP); 66952 (May 9, 2012), 77 FR 28641 (May 15, 2012) (adding BOX Options Exchange LLC (``BOX'') as a Sponsor to the OLPP); 67327 (June 29, 2012), 77 FR 40125 (July 6, 2012) (adding Nasdaq OMX BX, Inc. (``BX'') as a Sponsor to the OLPP); 70765 (October 28, 2013), 78 FR 65739 (November 1, 2013) (adding Topaz Exchange, LLC as a Sponsor to the OLPP (``Topaz''); and 70764 (October 28, 2013), 78 FR 65733 (November 1, 2013) (adding Miami International Securities Exchange, LLC (``MIAX'') as a Sponsor to the OLPP). --------------------------------------------------------------------------- I. Description and Purpose of the Amendment The current Sponsors of the OLPP are Amex, BATS, BOX, BX, CBOE, C2, ISE, MIAX, Nasdaq, NYSE Arca, OCC, Phlx, and Topaz. The proposed amendment to the OLPP would add EDGX as a Sponsor of the OLPP. A national securities exchange may become a Sponsor if it satisfies the requirement of Section 7 of the OLPP. Specifically an Eligible Exchange \4\ may become a Sponsor of the OLPP by: (i) Executing a copy of the OLPP, as then in effect; (ii) providing each current Plan Sponsor with a copy of such executed Plan; and (iii) effecting an amendment to the OLPP, as specified in Section 7(ii) of the OLPP. --------------------------------------------------------------------------- \4\ The OLPP defines an ``Eligible Exchange'' as a national securities exchange registered with the Commission pursuant to Section 6(a) of the Exchange Act, 15 U.S.C. 78f(a), that (1) has effective rules for the trading of options contracts issued and cleared by the OCC approved in accordance with the provisions of the Exchange Act and the rules and regulations thereunder and (2) is a party to the Plan for Reporting Consolidated Options Last Sale Reports and Quotation Information (the ``OPRA Plan''). EDGX has represented that it has met both the requirements for being considered an Eligible Exchange. --------------------------------------------------------------------------- Section 7(ii) of the OLPP sets forth the process by which an Eligible Exchange may effect an amendment to the OLPP. Specifically, an Eligible Exchange must: (a) Execute a copy of the OLPP with the only change being the addition of the new sponsor's name in Section 8 of the OLPP; \5\ and (b) submit the executed OLPP to the Commission. The OLPP then provides that such an amendment will be effective when it has been approved by the Commission or otherwise becomes effective pursuant to Section 11A of the Act. EDGX has submitted a signed copy of the OLPP to the Commission and to each Plan Sponsor in accordance with the procedures set forth in the OLPP regarding new Plan Sponsors. --------------------------------------------------------------------------- \5\ The Commission notes that the list of plan sponsors is set forth in Section 9 of the OLPP. --------------------------------------------------------------------------- II. Effectiveness of the Proposed OLPP Amendment The foregoing proposed OLPP amendment has become effective pursuant to Rule 608(b)(3)(iii) \6\ because it involves solely technical or ministerial matters. At any time within sixty days of the filing of this amendment, the Commission may summarily abrogate the amendment and require that it be refiled pursuant to paragraphs (a)(1) of Rule 608,\7\ if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors or the maintenance of fair and orderly markets, to remove impediments to, and perfect the mechanisms of, a national market system or otherwise in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \6\ 17 CFR 242.608(b)(3)(iii). \7\ 17 CFR 242.608(a)(1). --------------------------------------------------------------------------- III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed amendment 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 4-443 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 4-443. 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 [[Page 1252]] 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 EDGX's principal office. 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 No. 4-443 and should be submitted on or before February 1, 2016. By the Commission. Robert W. Errett, Deputy Secretary. [FR Doc. 2016-00257 Filed 1-8-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 6 / Monday, January 11, 2016 / Notices 1251
proposed rule change between the amendment proposes to add EDGX as a otherwise becomes effective pursuant to
Commission and any person, other than Sponsor of the OLPP. The Commission Section 11A of the Act. EDGX has
those that may be withheld from the is publishing this notice to solicit submitted a signed copy of the OLPP to
public in accordance with the comments on the proposed rule change the Commission and to each Plan
provisions of 5 U.S.C. 552, will be from interested persons. Sponsor in accordance with the
available for Web site viewing and procedures set forth in the OLPP
I. Description and Purpose of the
printing in the Commission’s Public regarding new Plan Sponsors.
Amendment
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official The current Sponsors of the OLPP are II. Effectiveness of the Proposed OLPP
business days between the hours of Amex, BATS, BOX, BX, CBOE, C2, ISE, Amendment
10:00 a.m. and 3:00 p.m. Copies of the MIAX, Nasdaq, NYSE Arca, OCC, Phlx, The foregoing proposed OLPP
filing also will be available for and Topaz. The proposed amendment to amendment has become effective
inspection and copying at the principal the OLPP would add EDGX as a Sponsor pursuant to Rule 608(b)(3)(iii) 6 because
office of the Exchange. All comments of the OLPP. A national securities it involves solely technical or
received will be posted without change; exchange may become a Sponsor if it ministerial matters. At any time within
the Commission does not edit personal satisfies the requirement of Section 7 of sixty days of the filing of this
identifying information from the OLPP. Specifically an Eligible amendment, the Commission may
submissions. You should submit only Exchange 4 may become a Sponsor of summarily abrogate the amendment and
information that you wish to make the OLPP by: (i) Executing a copy of the require that it be refiled pursuant to
available publicly. All submissions OLPP, as then in effect; (ii) providing paragraphs (a)(1) of Rule 608,7 if it
should refer to File Number SR– each current Plan Sponsor with a copy appears to the Commission that such
NASDAQ–2015–164 and should be of such executed Plan; and (iii) effecting action is necessary or appropriate in the
submitted on or before February 1, 2016. an amendment to the OLPP, as specified public interest, for the protection of
For the Commission, by the Division of in Section 7(ii) of the OLPP. investors or the maintenance of fair and
Trading and Markets, pursuant to delegated Section 7(ii) of the OLPP sets forth the orderly markets, to remove impediments
authority.14 process by which an Eligible Exchange to, and perfect the mechanisms of, a
Robert W. Errett, may effect an amendment to the OLPP. national market system or otherwise in
Deputy Secretary. Specifically, an Eligible Exchange must: furtherance of the purposes of the Act.
[FR Doc. 2016–00255 Filed 1–8–16; 8:45 am]
(a) Execute a copy of the OLPP with the
only change being the addition of the III. Solicitation of Comments
BILLING CODE 8011–01–P
new sponsor’s name in Section 8 of the Interested persons are invited to
OLPP; 5 and (b) submit the executed submit written data, views, and
SECURITIES AND EXCHANGE OLPP to the Commission. The OLPP arguments concerning the foregoing,
COMMISSION then provides that such an amendment including whether the proposed
will be effective when it has been amendment is consistent with the Act.
[Release No. 34–76822; File No. 4–443] approved by the Commission or Comments may be submitted by any of
the following methods:
Joint Industry Plan; Notice of Filing ‘‘NYSE Arca’’). See Securities Exchange Act Release
and Immediate Effectiveness of No. 44521, 66 FR 36809 (July 13, 2001). See also Electronic Comments
Amendment to the Plan for the Securities Exchange Act Release Nos. 49199 • Use the Commission’s Internet
Purpose of Developing and (February 5, 2004), 69 FR 7030 (February 12, 2004)
(adding Boston Stock Exchange, Inc. as a Sponsor comment form (http://www.sec.gov/
Implementing Procedures Designed To to the OLPP); 57546 (March 21, 2008), 73 FR 16393 rules/sro.shtml); or
Facilitate the Listing and Trading of (March 27, 2008) (adding Nasdaq Stock Market, LLC • Send an email to rule-
Standardized Options To Add EDGX (‘‘Nasdaq’’) as a Sponsor to the OLPP); 61528 comments@sec.gov. Please include File
Exchange, Inc. (‘‘EDGX’’) as a Plan (February 17, 2010), 75 FR 8415 (February 24, 2010)
(adding BATS Exchange, Inc. (‘‘BATS’’) as a
Number 4–443 on the subject line.
Sponsor Sponsor to the OLPP); 63162 (October 22, 2010), 75 Paper Comments
FR 66401 (October 28, 2010) (adding C2 Options
January 5, 2016.
Exchange Incorporated (‘‘C2’’) as a sponsor to the • Send paper comments in triplicate
Pursuant to Section 11A(a)(3) of the OLPP); 66952 (May 9, 2012), 77 FR 28641 (May 15, to Secretary, Securities and Exchange
Securities Exchange Act of 1934 2012) (adding BOX Options Exchange LLC (‘‘BOX’’)
Commission, 100 F Street NE.,
(‘‘Act’’) 1 and Rule 608 thereunder,2 as a Sponsor to the OLPP); 67327 (June 29, 2012),
77 FR 40125 (July 6, 2012) (adding Nasdaq OMX Washington DC 20549–1090.
notice is hereby given that on October BX, Inc. (‘‘BX’’) as a Sponsor to the OLPP); 70765 All submissions should refer to File
27, 2015, EDGX Exchange, Inc. (‘‘EDGX’’ (October 28, 2013), 78 FR 65739 (November 1, 2013)
Number 4–443. This file number should
or ‘‘Exchange’’) filed with the Securities (adding Topaz Exchange, LLC as a Sponsor to the
OLPP (‘‘Topaz’’); and 70764 (October 28, 2013), 78 be included on the subject line if email
and Exchange Commission
FR 65733 (November 1, 2013) (adding Miami is used. To help the Commission
(‘‘Commission’’) an amendment to the International Securities Exchange, LLC (‘‘MIAX’’) as process and review your comments
Plan for the Purpose of Developing and a Sponsor to the OLPP).
more efficiently, please use only one
Implementing Procedures Designed to 4 The OLPP defines an ‘‘Eligible Exchange’’ as a
method. The Commission will post all
Facilitate the Listing and Trading of national securities exchange registered with the
Commission pursuant to Section 6(a) of the comments on the Commission’s Internet
Standardized Options (‘‘OLPP’’).3 The
Exchange Act, 15 U.S.C. 78f(a), that (1) has effective Web site (http://www.sec.gov/rules/
rules for the trading of options contracts issued and sro.shtml). Copies of the submission, all
14 17 CFR 200.30–3(a)(12). cleared by the OCC approved in accordance with
subsequent amendments, all written
ebenthall on DSK6SPTVN1PROD with NOTICES
1 15 U.S.C. 78k–1(a)(3). the provisions of the Exchange Act and the rules
2 17 CFR 242.608. and regulations thereunder and (2) is a party to the statements with respect to the proposed
3 On July 6, 2001, the Commission approved the Plan for Reporting Consolidated Options Last Sale rule change that are filed with the
OLPP, which was proposed by the American Stock Reports and Quotation Information (the ‘‘OPRA Commission, and all written
Exchange LLC (‘‘Amex’’), Chicago Board Options Plan’’). EDGX has represented that it has met both
Exchange, Incorporated (‘‘CBOE’’), International the requirements for being considered an Eligible communications relating to the
Securities Exchange LLC (‘‘ISE’’), Options Clearing Exchange.
6 17 CFR 242.608(b)(3)(iii).
Corporation (‘‘OCC’’), Philadelphia Stock Exchange, 5 The Commission notes that the list of plan
Inc. (‘‘Phlx’’), and Pacific Exchange, Inc. (n/k/a sponsors is set forth in Section 9 of the OLPP. 7 17 CFR 242.608(a)(1).
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![1252 Federal Register / Vol. 81, No. 6 / Monday, January 11, 2016 / Notices
proposed rule change between the I. Self-Regulatory Organization’s ‘‘IPO Auction’’ would be defined under
Commission and any person, other than Statement of the Terms of Substance of proposed paragraph (l)(2)(B) as ‘‘the
those that may be withheld from the the Proposed Rule Change initial pricing procedures described in
public in accordance with the The Exchange filed a proposal to Rule 11.23(d).’’ ‘‘Stabilizing’’ would be
provisions of 5 U.S.C. 552, will be amend Rule 11.22 to describe a new defined under proposed paragraph
available for Web site viewing and market data product known as IPO (l)(2)(C) as ‘‘Stabilizing as defined in
printing in the Commission’s Public Auction Viewer. The proposed rule Rule 100 of Regulation M of the
Reference Room, 100 F Street NE., change is based on Nasdaq Stock Market Securities Exchange Act of 1934,
Washington, DC 20549, on official LLC’s (‘‘Nasdaq’’) Rule 7015(j).5 including engaging in syndicate
business days between the hours of The text of the proposed rule change covering transactions.’’ Lastly,
10:00 a.m. and 3:00 p.m. Copies of such is available at the Exchange’s Web site ‘‘Stabilizing Agent’’ would be defined
filing also will be available for at www.batstrading.com, at the under proposed paragraph (l)(2)(D) as ‘‘a
inspection and copying at EDGX’s principal office of the Exchange, and at Member that will engage in Stabilizing
principal office. All comments received the Commission’s Public Reference with respect to an IPO Security on the
will be posted without change; the Room. day of its initial public offering.’’
Commission does not edit personal IPO Auction Viewer would assist
identifying information from II. Self-Regulatory Organization’s Members who are acting as a Stabilizing
submissions. You should submit only Statement of the Purpose of, and Agent in monitoring the orders they
information that you wish to make Statutory Basis for, the Proposed Rule have entered for execution in the
available publicly. All submissions Change auction process for an IPO Security. The
should refer to File No. 4–443 and In its filing with the Commission, the auction process under Exchange Rule
should be submitted on or before Exchange included statements 11.23(d) is designed to provide an
February 1, 2016. concerning the purpose of and basis for orderly, single priced opening of
By the Commission. the proposed rule change and discussed securities subject to an intra-day halt,
Robert W. Errett, any comments it received on the including securities that are the subject
proposed rule change. The text of these of an IPO. Prior to the execution of the
Deputy Secretary.
statements may be examined at the auction process for an IPO Security
[FR Doc. 2016–00257 Filed 1–8–16; 8:45 am]
places specified in Item IV below. The (‘‘IPO Auction’’), Members enter orders
BILLING CODE 8011–01–P eligible for participation in the IPO
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of Auction, and the Exchange disseminates
the most significant parts of such certain information regarding buying
SECURITIES AND EXCHANGE
statements. and selling interest and indicative
COMMISSION
execution price information. The
(A) Self-Regulatory Organization’s quotation only period with respect to an
[Release No. 34–76832; File No. SR–BATS–
2015–119]
Statement of the Purpose of, and IPO Auction currently commences
Statutory Basis for, the Proposed Rule fifteen (15) minutes plus a short random
Self-Regulatory Organizations; BATS Change period prior to the IPO Auction
Exchange, Inc.; Notice of Filing and 1. Purpose (‘‘Quote-Only Period’’).8 Coinciding
Immediate Effectiveness of a Proposed with the beginning of the Quote-Only
Rule Change To Amend Rule 11.22, The Exchange proposes to amend
Rule 11.22 describing a new market data Period for a security and updated every
Data Products, To Describe IPO five seconds thereafter, the Reference
Auction Viewer product known as IPO Auction Viewer,
which would be provided free of charge. Price,9 Indicative Price,10 Auction Only
January 5, 2016. IPO Auction Viewer would be a data Price,11 and the lesser of Reference Buy
feed that is available to designated Shares 12 and Reference Sell Shares 13
Pursuant to Section 19(b)(1) of the
associated persons of a Member 6 that is associated with the IPO Auction will be
Securities Exchange Act of 1934 (the
disseminated.14 The IPO Auction
‘‘Act’’),1 and Rule 19b–4 thereunder,2 acting as the Stabilizing Agent for an
IPO Security. ‘‘IPO Security’’ would be executes and regular market trading
notice is hereby given that on December
defined under proposed paragraph commences in the IPO Security at the
23, 2015, BATS Exchange, Inc. (the
(l)(2)(A) to Exchange Rule 11.22 as ‘‘a conclusion of the IPO Auction.15 The
‘‘Exchange’’ or ‘‘BATS’’) filed with the
BATS listed security in an initial public representative of the underwriting
Securities and Exchange Commission
offering for which the initial pricing syndicate that serves as lead
(‘‘Commission’’) the proposed rule
procedures described in Rule 11.23(d) underwriter also serves as the
change as described in Items I, II and III
are available.’’ 7 The proposed rule Stabilizing Agent for the IPO Security.
below, which Items have been prepared
As discussed above, the Stabilizing
by the Exchange. The Exchange has change also adds to Rule 11.22(l)
Agent has responsibility for monitoring
designated this proposal as a ‘‘non- definitions of ‘‘IPO Auction’’,
the submission of buying and selling
controversial’’ proposed rule change ‘‘Stabilizing’’, and ‘‘Stabilizing Agent’’.
interest into the IPO Auction and
pursuant to Section 19(b)(3)(A) of the
informing the Exchange when the IPO
Act 3 and Rule 19b–4(f)(6)(iii) 5 See also Securities Exchange Act Release No.
75863 (September 9, 2015), 80 FR 55406 (September Security is ready to initiate trading.
thereunder,4 which renders it effective
15, 2015) (SR–Nasdaq–2015–082) (Order Approving Thus, the Stabilizing Agent stands ready
upon filing with the Commission. The Proposed Rule Change to Introduce an Additional
ebenthall on DSK6SPTVN1PROD with NOTICES
Commission is publishing this notice to Data Element to the IPO Indicator Service). 8 See Exchange Rule 11.23(a)(17).
solicit comments on the proposed rule 6 The term ‘‘Member’’ is defined as ‘‘any
9 See Exchange Rule 11.23(a)(19).
change from interested persons. registered broker or dealer that has been admitted 10 See Exchange Rule 11.23(a)(10).
to membership in the Exchange.’’ See Exchange 11 See Exchange Rule 11.23(a)(2).
Rule 1.5(n).
1 15 U.S.C. 78s(b)(1). 12 See Exchange Rule 11.23(a)(18).
7 Exchange Rule 11.23(d) sets forth the
2 17 CFR 240.19b–4. 13 See Exchange Rule 11.23(a)(21).
Exchange’s procedures for conducting an auction
3 15 U.S.C. 78s(b)(3)(A). 14 See Exchange Rule 11.23(d)(1) and (2).
for a BATS listed security in an initial public
4 17 CFR 240.19b–4(f)(6)(iii). offering. 15 See Exchange Rule 11.23(d)(3).
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Document Created: 2016-01-16 01:07:14
Document Modified: 2016-01-16 01:07:14
| 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 | 81 FR 1251 |
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