81 FR 17527 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Rule 964.2NY Regarding the Participation Entitlement Formula for Specialists and e-Specialists
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 60 (March 29, 2016)
Federal Register Volume 81, Issue 60 (March 29, 2016)
| Page Range | 17527-17529 | |
| FR Document | 2016-06999 |
[Federal Register Volume 81, Number 60 (Tuesday, March 29, 2016)] [Notices] [Pages 17527-17529] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-06999] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77435; File No. SR-NYSEMKT-2016-41] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Rule 964.2NY Regarding the Participation Entitlement Formula for Specialists and e- Specialists March 23, 2016. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on March 21, 2016, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to Rule 964.2NY regarding the participation entitlement formula for Specialists and e-Specialists. The proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization 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 those 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 parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing changes to Rule 964.2NY regarding the participation entitlement formula for Specialists and e-Specialists as described below.\4\ --------------------------------------------------------------------------- \4\ A Specialist is ``an individual or entity that has been deemed qualified by the Exchange for the purpose of making transactions on the Exchange in accordance with the provisions of Rule 920NY [Market Makers], and who meets the qualification requirements of Rule 927NY(b) [Specialists]. Each Specialist must be registered with the Exchange as a Market Maker. Any ATP Holder registered as a Market Maker with the Exchange is eligible to be qualified as a Specialist. See Rule 900.2NY(76). Rule 923NY(b) also provides that ``[t]he Exchange may designate e-Specialists in an option class in accordance with Rule 927.4NY[e-Specialists].'' Id. --------------------------------------------------------------------------- Rule 964NY sets forth the priority for the allocation of incoming orders to resting interest at a particular price in the System,\5\ which includes the allocation to the Specialist Pool.\6\ Rule 964.2NY sets forth the participant entitlement formula applicable to the Specialist Pool and provides that, on a quarterly basis, the Exchange will determine a Primary Specialist in each option class. --------------------------------------------------------------------------- \5\ The term ``System'' refers to the Exchange's electronic order delivery, execution and reporting system through which orders and quotes for listed options are consolidated for execution and/or display. See Rule 900.2NY(48) (defining ``Exchange System'' or ``System''). \6\ The Specialist Pool refers to the aggregated size of the best bid and best offer, in a given series, amongst the Specialist and e-Specialists that match in price. See Rule 900.2NY(75). --------------------------------------------------------------------------- To select the Primary Specialist, the Exchange objectively evaluates the relative quote performance of each Specialist and e- Specialist focusing on one or more of the following optional factors: time and size at the NBBO, average quote width, average quote size, and the relative share of electronic volume in a given class of options (the Primary Specialist Criteria'').\7\ Per current Rule 964.2NY(a), the Exchange will publish the Primary Specialist Criteria, including the relative weighting of each factor, by Regulatory Bulletin at least 5 business days prior to an evaluation period. The Exchange adopted the quarterly contest for Primary Specialist in 2012 to enhance quote competition among the Specialist Pool participants.\8\ --------------------------------------------------------------------------- \7\ See Rule 964.2NY(a). The Primary Specialist's size pro-rata participation in the Specialist Pool also receives additional weighting amongst Specialist Pool participants, which is determined by the Exchange and announced via Regulatory Bulletin. See Rule 964.2NY(b)(3)(A). \8\ See Securities Exchange Release No. 34-67421 (July 12, 2012), 77 FR 42349 (July 18, 2012) (SR-NYSEAmex-2012-31) (approval order). --------------------------------------------------------------------------- The Exchange proposes to modify the Primary Specialist Criteria to include the electronic volumes from resting quotes and orders in the Consolidated Book \9\ for each Specialist and e-Specialist. While the current Primary Specialist Criteria includes ``electronic volume,'' this can be composed of liquidity-taking volume. The Exchange believes the new criterion would enable the Exchange to better account for the liquidity-making volume of each Specialist and e-Specialist. The Exchange believes this proposal also provides the Exchange the ability to reward Specialists and e-Specialists that contribute significant volumes through market making activity. The Exchange believes that having the ability to reward such participants would incentivize Specialist Pool Participants to increase their posted volume on the Exchange, which benefits other market participants through the improvement of the price and size of the displayed market. --------------------------------------------------------------------------- \9\ The Consolidated Book is ``the Exchange's electronic book of limit orders for the accounts of Customers and broker-dealers, and Quotes with Size. All orders and Quotes with Size that are entered into the Book will be ranked and maintained in accordance with the rules of priority as provided in Rule 964NY.'' See Rule 900.2NY(14). --------------------------------------------------------------------------- The Exchange also proposes at this time to make a procedural change for announcements regarding the Primary Specialist Criteria and any additional weighting to the Primary Specialist amongst the Specialist Pool. Presently the Exchange issues Regulatory Bulletins when making such announcements. Going forward, the Exchange proposes to issue a Trader Update in lieu of a Regulatory Bulletin. Regulatory Bulletins generally contain information regarding legal and regulatory matters while Trader Updates deal with issues such as trading, systems changes and real-time market [[Page 17528]] announcements. The Exchange believes that it is more appropriate to make announcements regarding the Primary Specialist via Trader Update. Trader Updates, like Regulatory Bulletins, are electronically distributed to ATP Holders and posted on the Exchange's Web site. Accordingly, the Exchange proposes to amend current Rule 964.2NY(a) and (b)(3)(A) by replacing reference to ``Regulatory Bulletin'' with ``Trader Update.'' Thus, for example, the Exchange will publish the Primary Specialist Criteria, including the relative weighting of each factor, by Trader Update at least 5 business days prior to an evaluation period.\10\ --------------------------------------------------------------------------- \10\ See proposed Rule 964.2NY(a). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes the proposed rule change is consistent with Section 6(b) \11\ of the Securities Exchange Act of 1934 (the ``Act''), in general, and furthers the objectives of Section 6(b)(5),\12\ in particular, in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- As noted by the Exchange, the proposed rule change would promote just and equitable principles of trade as it is intended to enhance quote competition among the Specialist Pool participants by enabling the Exchange to include liquidity-making electronic volume among the objective factors considered in the Primary Specialist Criteria. The Exchange believes this proposal also provides the Exchange the ability to reward Specialists and e-Specialists who contribute significant volumes through market making activity. The Exchange believes that having the ability to reward such participants would incentivize Specialist Pool Participants to increase their posted volume on the Exchange, which benefits other market participants through the improvement of the price and size of the displayed market. The proposal would remove impediments to and perfect the mechanism of a free and open market and a national market system because enhanced quote competition should lead to narrower spreads and more liquid markets, which should attract more order flow to the Exchange, thereby benefiting investors. Finally, the replacement of references to Regulatory Bulletin with references to Trader Updates, would foster cooperation and coordination with persons engaged in facilitating transactions in securities as Trader Updates deal with issues such as trading, systems changes and real-time market announcements and are electronically distributed to ATP Holders and posted on the Exchange's Web site. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed change is designed to enhance quote competition among Specialist Pool participants and would not have any adverse impact on quote competition within the Exchange. In addition, the proposal permits the Exchange to consider an additional objective factor in determining the Primary Specialist. Should the Exchange decide to use such a factor, it would announce the modified Primary Specialist Criteria in advance of the evaluation period. As is the case today, Specialists Pool participants would have ample notice of the modified Primary Specialist Criteria and could opt to modify their market making activities to better compete for the Primary Specialist designation. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the 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 if consistent with the protection of investors and the public interest, the proposed rule change 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). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally does not become operative for 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. The Exchange has requested that the Commission waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange states that this waiver would enable the Exchange to apply the proposed modified Primary Specialist Criteria for the second quarter starting April 1, 2016. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. As stated in the filing, the Exchange believes that the proposed rule change would promote quote competition among the Specialist Pool participants by enabling the Exchange to consider liquidity-making electronic volume among the objective factors considered in the Primary Specialist Criteria. The waiver of the operative delay will enable the Exchange to apply the proposed modified Primary Specialist Criteria for the second quarter starting April 1, 2016, and to announce the modified Primary Specialist Criteria by Trader Update at least five days before the start of the April 1st evaluation period, to help ensure that Specialists and e-Specialists are given ample notice of the proposed change. The Exchange notes that while the modified Primary Specialist Criteria would be announced for the second quarter, starting April 1st, the actual evaluation would not be conducted until the start of the third quarter (i.e., July 1, 2016). Accordingly, the Commission designates the proposed rule change to be operative upon filing.\17\ --------------------------------------------------------------------------- \15\ 17 CFR 240.19b-4(f)(6). \16\ 17 CFR 240.19b-4(f)(6)(iii). \17\ For purposes only of waiving the 30-day operative delay, the Commission has also 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 [[Page 17529]] 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 [email protected]. Please include File Number SR-NYSEMKT-2016-41 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-NYSEMKT-2016-41. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEMKT-2016-41, and should be submitted on or before April 19, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2016-06999 Filed 3-28-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 60 / Tuesday, March 29, 2016 / Notices 17527
printing in the Commission’s Public at www.nyse.com, at the principal office and the relative share of electronic
Reference Room, 100 F Street NE., of the Exchange, and at the volume in a given class of options (the
Washington, DC 20549–1090, on official Commission’s Public Reference Room. Primary Specialist Criteria’’).7 Per
business days between the hours of current Rule 964.2NY(a), the Exchange
II. Self-Regulatory Organization’s
10:00 a.m. and 3:00 p.m. Copies of the will publish the Primary Specialist
Statement of the Purpose of, and
filing also will be available for Criteria, including the relative
Statutory Basis for, the Proposed Rule
inspection and copying at the principal weighting of each factor, by Regulatory
Change
office of the Exchange. All comments Bulletin at least 5 business days prior to
received will be posted without change; In its filing with the Commission, the an evaluation period. The Exchange
the Commission does not edit personal self-regulatory organization included adopted the quarterly contest for
identifying information from statements concerning the purpose of, Primary Specialist in 2012 to enhance
submissions. You should submit only and basis for, the proposed rule change quote competition among the Specialist
information that you wish to make and discussed any comments it received Pool participants.8
available publicly. on the proposed rule change. The text The Exchange proposes to modify the
All submissions should refer to File of those statements may be examined at Primary Specialist Criteria to include
Number SR–NASDAQ–2016–038 and the places specified in Item IV below. the electronic volumes from resting
should be submitted on or before April The Exchange has prepared summaries, quotes and orders in the Consolidated
19, 2016. set forth in sections A, B, and C below, Book 9 for each Specialist and e-
of the most significant parts of such Specialist. While the current Primary
For the Commission, by the Division of statements.
Trading and Markets, pursuant to delegated Specialist Criteria includes ‘‘electronic
authority.9 A. Self-Regulatory Organization’s volume,’’ this can be composed of
Brent J. Fields, Statement of the Purpose of, and the liquidity-taking volume. The Exchange
Secretary. Statutory Basis for, the Proposed Rule believes the new criterion would enable
Change the Exchange to better account for the
[FR Doc. 2016–06993 Filed 3–28–16; 8:45 am]
liquidity-making volume of each
BILLING CODE 8011–01–P 1. Purpose Specialist and e-Specialist. The
The Exchange is proposing changes to Exchange believes this proposal also
Rule 964.2NY regarding the provides the Exchange the ability to
SECURITIES AND EXCHANGE
participation entitlement formula for reward Specialists and e-Specialists that
COMMISSION
Specialists and e-Specialists as contribute significant volumes through
[Release No. 34–77435; File No. SR– described below.4 market making activity. The Exchange
NYSEMKT–2016–41] Rule 964NY sets forth the priority for believes that having the ability to
the allocation of incoming orders to reward such participants would
Self-Regulatory Organizations; NYSE incentivize Specialist Pool Participants
resting interest at a particular price in
MKT LLC; Notice of Filing and to increase their posted volume on the
the System,5 which includes the
Immediate Effectiveness of Proposed Exchange, which benefits other market
allocation to the Specialist Pool.6 Rule
Rule Change to Rule 964.2NY participants through the improvement
964.2NY sets forth the participant
Regarding the Participation of the price and size of the displayed
entitlement formula applicable to the
Entitlement Formula for Specialists market.
Specialist Pool and provides that, on a
and e-Specialists The Exchange also proposes at this
quarterly basis, the Exchange will
March 23, 2016. determine a Primary Specialist in each time to make a procedural change for
Pursuant to Section 19(b)(1) 1 of the option class. announcements regarding the Primary
Securities Exchange Act of 1934 (the To select the Primary Specialist, the Specialist Criteria and any additional
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Exchange objectively evaluates the weighting to the Primary Specialist
notice is hereby given that on March 21, relative quote performance of each amongst the Specialist Pool. Presently
2016, NYSE MKT LLC (the ‘‘Exchange’’ Specialist and e-Specialist focusing on the Exchange issues Regulatory
or ‘‘NYSE MKT’’) filed with the one or more of the following optional Bulletins when making such
Securities and Exchange Commission factors: time and size at the NBBO, announcements. Going forward, the
(the ‘‘Commission’’) the proposed rule average quote width, average quote size, Exchange proposes to issue a Trader
change as described in Items I and II Update in lieu of a Regulatory Bulletin.
below, which Items have been prepared
4 A Specialist is ‘‘an individual or entity that has Regulatory Bulletins generally contain
by the self-regulatory organization. The
been deemed qualified by the Exchange for the information regarding legal and
purpose of making transactions on the Exchange in regulatory matters while Trader Updates
Commission is publishing this notice to accordance with the provisions of Rule 920NY
solicit comments on the proposed rule [Market Makers], and who meets the qualification deal with issues such as trading,
change from interested persons. requirements of Rule 927NY(b) [Specialists]. Each systems changes and real-time market
Specialist must be registered with the Exchange as
I. Self-Regulatory Organization’s a Market Maker. Any ATP Holder registered as a 7 See Rule 964.2NY(a). The Primary Specialist’s
Market Maker with the Exchange is eligible to be size pro-rata participation in the Specialist Pool
Statement of the Terms of Substance of qualified as a Specialist. See Rule 900.2NY(76). also receives additional weighting amongst
the Proposed Rule Change Rule 923NY(b) also provides that ‘‘[t]he Exchange Specialist Pool participants, which is determined
may designate e-Specialists in an option class in by the Exchange and announced via Regulatory
The Exchange proposes to Rule accordance with Rule 927.4NY[e-Specialists].’’ Id. Bulletin. See Rule 964.2NY(b)(3)(A).
964.2NY regarding the participation 5 The term ‘‘System’’ refers to the Exchange’s
mstockstill on DSK4VPTVN1PROD with NOTICES
8 See Securities Exchange Release No. 34–67421
entitlement formula for Specialists and electronic order delivery, execution and reporting (July 12, 2012), 77 FR 42349 (July 18, 2012) (SR–
e-Specialists. The proposed rule change system through which orders and quotes for listed NYSEAmex–2012–31) (approval order).
is available on the Exchange’s Web site options are consolidated for execution and/or 9 The Consolidated Book is ‘‘the Exchange’s
display. See Rule 900.2NY(48) (defining ‘‘Exchange electronic book of limit orders for the accounts of
System’’ or ‘‘System’’). Customers and broker-dealers, and Quotes with
9 17 CFR 200.30–3(a)(12). 6 The Specialist Pool refers to the aggregated size Size. All orders and Quotes with Size that are
1 15 U.S.C.78s(b)(1). of the best bid and best offer, in a given series, entered into the Book will be ranked and
2 15 U.S.C. 78a.
amongst the Specialist and e-Specialists that match maintained in accordance with the rules of priority
3 17 CFR 240.19b–4. in price. See Rule 900.2NY(75). as provided in Rule 964NY.’’ See Rule 900.2NY(14).
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![Federal Register / Vol. 81, No. 60 / Tuesday, March 29, 2016 / Notices 17529
Commission shall institute proceedings For the Commission, by the Division of SECURITIES AND EXCHANGE
to determine whether the proposed rule Trading and Markets, pursuant to delegated COMMISSION
should be approved or disapproved. authority.18
Brent J. Fields, [Release No. 34–77427; File No. SR–ICEEU–
IV. Solicitation of Comments
Secretary. 2016–003]
Interested persons are invited to [FR Doc. 2016–06999 Filed 3–28–16; 8:45 am]
submit written data, views, and BILLING CODE 8011–01–P Self-Regulatory Organizations; ICE
arguments concerning the foregoing, Clear Europe Limited; Notice of Filing
including whether the proposed rule and Immediate Effectiveness of a
change is consistent with the Act. SECURITIES AND EXCHANGE Proposed Rule Change Relating to
Comments may be submitted by any of COMMISSION Additions to Permitted Cover
the following methods:
Sunshine Act Meeting March 23, 2016.
Electronic Comments Pursuant to section 19(b)(1) of the
Notice is hereby given, pursuant to Securities Exchange Act of 1934
• Use the Commission’s Internet
the provisions of the Government in the (‘‘Act’’),1 and Rule 19b–4 thereunder,2
comment form (http://www.sec.gov/
Sunshine Act, Public Law 94–409, that notice is hereby given that on March 11,
rules/sro.shtml); or
the Securities and Exchange 2016, ICE Clear Europe Limited (‘‘ICE
• Send an email to rule-comments@ Commission will hold a Closed Meeting Clear Europe’’) filed with the Securities
sec.gov. Please include File Number SR– on Thursday, March 31, 2016 at 2:00 and Exchange Commission
NYSEMKT–2016–41 on the subject line. p.m. (‘‘Commission’’) the proposed rule
Paper Comments Commissioners, Counsel to the changes described in Items I, II and III
Commissioners, the Secretary to the below, which Items have been prepared
• Send paper comments in triplicate Commission, and recording secretaries primarily by ICE Clear Europe. ICE Clear
to Secretary, Securities and Exchange will attend the Closed Meeting. Certain Europe filed the proposal pursuant to
Commission, 100 F Street NE., staff members who have an interest in section 19(b)(3)(A) of the Act,3 and Rule
Washington, DC 20549–1090. the matters also may be present. 19b–4(f)(4)(ii)4 thereunder, so that the
All submissions should refer to File The General Counsel of the proposal was effective upon filing with
Number SR–NYSEMKT–2016–41. This Commission, or her designee, has the Commission. The Commission is
file number should be included on the certified that, in her opinion, one or publishing this notice to solicit
subject line if email is used. To help the more of the exemptions set forth in 5 comments on the proposed rule change
Commission process and review your U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) from interested persons.
comments more efficiently, please use and 17 CFR 200.402(a)(3), (5), (7), 9(ii) I. Self-Regulatory Organization’s
only one method. The Commission will and (10), permit consideration of the Statement of the Terms of Substance of
post all comments on the Commission’s scheduled matter at the Closed Meeting. the Proposed Rule Change
Internet Web site (http://www.sec.gov/
Commissioner Stein, as duty officer,
rules/sro.shtml). Copies of the The principal purpose of the changes
voted to consider the items listed for the
submission, all subsequent is to permit F&O Clearing Members of
amendments, all written statements Closed Meeting in closed session.
ICE Clear Europe to provide qualifying
with respect to the proposed rule The subject matter of the Closed high-grade corporate and other non-
change that are filed with the Meeting will be: sovereign or ‘‘semi-government’’ bonds
Commission, and all written Institution and settlement of (‘‘Non-Sovereign Permitted Cover’’) to
communications relating to the injunctive actions; ICE Clear Europe as Permitted Cover to
proposed rule change between the satisfy original margin requirements for
Institution and settlement of
Commission and any person, other than the F&O product category.
administrative proceedings; and
those that may be withheld from the
public in accordance with the Other matters relating to enforcement II. Self-Regulatory Organization’s
provisions of 5 U.S.C. 552, will be proceedings. Statement of the Purpose of, and
available for Web site viewing and At times, changes in Commission Statutory Basis for, the Proposed Rule
printing in the Commission’s Public priorities require alterations in the Change
Reference Room, 100 F Street NE., scheduling of meeting items.
Washington, DC 20549, on official In its filing with the Commission, ICE
For further information and to Clear Europe included statements
business days between the hours of
ascertain what, if any, matters have been concerning the purpose of and basis for
10:00 a.m. and 3:00 p.m. Copies of the
added, deleted or postponed, please the proposed rule change. The text of
filing also will be available for
contact the Office of the Secretary at these statements may be examined at
inspection and copying at the principal
(202) 551–5400. the places specified in Item IV below.
office of the Exchange. All comments
received will be posted without change; Dated: March 24, 2016. ICE Clear Europe has prepared
the Commission does not edit personal Brent J. Fields, summaries, set forth in sections A, B,
mstockstill on DSK4VPTVN1PROD with NOTICES
identifying information from Secretary. and C below, of the most significant
submissions. You should submit only aspects of such statements.
[FR Doc. 2016–07108 Filed 3–25–16; 11:15 am]
information that you wish to make BILLING CODE 8011–01–P
available publicly. All submissions 1 15 U.S.C. 78s(b)(1).
should refer to File Number SR– 2 17 CFR 240.19b–4.
NYSEMKT–2016–41, and should be 3 15 U.S.C. 78s(b)(3)(A).
submitted on or before April 19, 2016. 18 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(4)(ii).
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Document Created: 2016-03-30 08:28:47
Document Modified: 2016-03-30 08:28:47
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 81 FR 17527 |
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