81 FR 13425 - Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Options Order Protection and Locked/Crossed Market Plan To Add ISE Mercury LLC, as a Participant

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 49 (March 14, 2016)

[Federal Register Volume 81, Number 49 (Monday, March 14, 2016)]
[Notices]
[Pages 13425-13426]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-05599]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77324; File No. 4-546]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Options Order Protection and Locked/Crossed Market 
Plan To Add ISE Mercury LLC, as a Participant

March 8, 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 February 11, 2016, ISE Mercury, LLC (``ISE Mercury'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') an amendment to the Options Order Protection and 
Locked/Crossed Market Plan (``Plan'').\3\ The amendment adds ISE 
Mercury as a Participant \4\ to the Plan. The Commission is publishing 
this notice to solicit comments on the amendment from interested 
persons.
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    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ On July 30, 2009, the Commission approved the Plan, which 
was proposed by Chicago Board Options Exchange, Incorporated 
(``CBOE''), International Securities Exchange, LLC (``ISE''), The 
NASDAQ Stock Market LLC (``Nasdaq''), NASDAQ OMX BX, Inc. (``BX''), 
NASDAQ OMX PHLX, Inc. (``Phlx''), NYSE Amex, LLC (``NYSE Amex''), 
and NYSE Arca, Inc. (``NYSE Arca''). See Securities Exchange Act 
Release No. 60405 (July 30, 2009), 74 FR 39362 (August 6, 2009). See 
also Securities Exchange Act Release No. 61546 (February 19, 2010), 
75 FR 8762 (February 25, 2010)(adding BATS Exchange, Inc. (``BATS'') 
as a Participant; 63119 (October 15, 2010), 75 FR 65536 (October 25, 
2010)(adding C2 Options Exchange, Incorporated (``C2'') as a 
Participant); 66969 (May 12, 2015), 77 FR 29396 (May 17, 2012) 
(adding BOX Options Exchange LLC (``BOX Options'' as a Participant); 
70763 (October 28, 2013), 78 FR 65734 (November, 2013) (adding Topaz 
Exchange, LLC (``Topaz'') as a Participant; 70762 (October 28, 
2013), 78 FR 65733 (November 1, 2013) (adding MIAX International 
Securities Exchange, LLC (``MIAX'') as a Participant); 76823 
(January 5, 2016), 81 FR 1260 (January 11, 2016) (adding EDGX 
Exchange, Inc. (``EDGX'') as a Participant).
    \4\ The term ``Participant'' is defined as an Eligible Exchange 
whose participation in the Plan has become effective pursuant to 
Section 3(c) of the Plan.
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I. Description and Purpose of the Amendment

    The Plan requires the options exchanges to establish a framework 
for providing order protection and addressing locked and crossed 
markets in eligible options classes. The amendment to the Plan adds ISE 
Mercury as a Participant. The other Plan Participants are BATS, BOX, 
BX, C2, CBOE, EDGX, ISE, MIAX, Nasdaq, Phlx, NYSE MKT, NYSE Arca, and 
Topaz. ISE Mercury has submitted an executed copy of the Plan to the 
Commission in accordance with the procedures set forth in the Plan 
regarding new Participants. Section 3(c) of the Plan provides for the 
entry of new Participants to the Plan. Specifically, Section 3(c) of 
the Plan provides that an Eligible Exchange \5\ may become a 
Participant in the Plan by: (i) Executing a copy of the Plan, as then 
in effect; (ii) providing each current Participant with a copy of such 
executed Plan; and (iii) effecting an amendment to the Plan, as 
specified in Section 4(b) of the Plan.
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    \5\ Section 2(6) of the Plan defines an ``Eligible Exchange'' as 
a national securities exchange registered with the Commission 
pursuant to Section 6(a) of the Act, 15 U.S.C. 78f(a), that: (a) Is 
a ``Participant Exchange'' in the Options Clearing Corporation 
(``OCC'') (as defined in OCC By-laws, Section VII); (b) is a party 
to the Options Price Reporting Authority (``OPRA'') Plan (as defined 
in the OPRA Plan, Section 1); and (c) if the national securities 
exchange chooses not to become part to this Plan, is a participant 
in another plan approved by the Commission providing for comparable 
Trade-Through and Locked and Crossed Market protection. ISE Mercury 
has represented that it has met the requirements for being 
considered an Eligible Exchange. See letter from Michael Simon, 
Secretary, ISE, to Brent J. Fields, Secretary, Commission, dated 
February 9, 2016.
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    Section 4(b) of the Plan sets forth the process by which an 
Eligible Exchange may effect an amendment to the Plan. Specifically, an 
Eligible Exchange must: (a) Execute a copy of the Plan with the only 
change being the addition of the

[[Page 13426]]

new Participant's name in Section 3(a) of the Plan; and (b) submit the 
executed Plan to the Commission. The Plan then provides that such an 
amendment will be effective when the amendment is approved by the 
Commission or otherwise becomes effective pursuant to Section 11A of 
the Act and Rule 608 thereunder.

II. Effectiveness of the Proposed Linkage Plan Amendment

    The foregoing Plan 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 paragraph (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.
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    \6\ 17 CFR 242.608(b)(3)(iii).
    \7\ 17 CFR 242.608(a)(1).
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III. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the amendment 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 4-546 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number 4-546. 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 
amendment 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 ISE Mercury. 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 4-546 and should be submitted 
on or before April 4, 2016.

    By the Commission.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05599 Filed 3-11-16; 8:45 am]
 BILLING CODE 8011-01-P