81 FR 24908 - Joint Industry Plan; Order Approving the Tenth Amendment to the National Market System Plan to Address Extraordinary Market Volatility by Bats BZX Exchange, Inc., Bats BYX Exchange, Inc., Chicago Stock Exchange, Inc., Bats EDGA Exchange, Inc., Bats EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., NASDAQ BX, Inc., NASDAQ PHLX LLC, The Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE MKT LLC, and NYSE Arca, Inc.

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 81 (April 27, 2016)

Page Range		24908-24909
FR Document		2016-09722

Federal Register, Volume 81 Issue 81 (Wednesday, April 27, 2016)

[Federal Register Volume 81, Number 81 (Wednesday, April 27, 2016)]
[Notices]
[Pages 24908-24909]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2016-09722]

[[Page 24908]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77679; File No. 4-631]

Joint Industry Plan; Order Approving the Tenth Amendment to the
National Market System Plan to Address Extraordinary Market Volatility
by Bats BZX Exchange, Inc., Bats BYX Exchange, Inc., Chicago Stock
Exchange, Inc., Bats EDGA Exchange, Inc., Bats EDGX Exchange, Inc.,
Financial Industry Regulatory Authority, Inc., NASDAQ BX, Inc., NASDAQ
PHLX LLC, The Nasdaq Stock Market LLC, National Stock Exchange, Inc.,
New York Stock Exchange LLC, NYSE MKT LLC, and NYSE Arca, Inc.

April 21, 2016.

I. Introduction

On February 19, 2016, Nasdaq, Inc., on behalf of the other parties
\1\ to the National Market System Plan to Address Extraordinary Market
Volatility (the ``Plan''), filed with the Securities and Exchange
Commission (``Commission'') pursuant to Section 11A of the Securities
Exchange Act of 1934 (``Act'') \2\ and Rule 608 thereunder,\3\ a
proposal to amend the Plan.\4\ The proposal represents the tenth
amendment to the Plan, and reflects proposed changes unanimously
approved by the Participants (``Tenth Amendment''). The proposed Tenth
Amendment was published for comment in the Federal Register on February
29, 2016.\5\ The Commission received no comment letters regarding the
amendment. This order approves the Tenth Amendment to the Plan.
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\1\ Nasdaq, Inc. filed on behalf of the following parties to the
Plan: Bats BZX Exchange, Inc., Bats BYX Exchange, Inc., Chicago
Stock Exchange, Inc., Bats EDGA Exchange, Inc., Bats EDGX Exchange,
Inc., Financial Industry Regulatory Authority, Inc., NASDAQ BX,
Inc., NASDAQ PHLX LLC, the Nasdaq Stock Market LLC, National Stock
Exchange, Inc., the New York Stock Exchange LLC, NYSE MKT LLC, and
NYSE Arca, Inc. (collectively, the ``Participants'').
\2\ 15 U.S.C. 78k-1.
\3\ 17 CFR 242.608.
\4\ See Letter from Paul Roland, Principal, U.S. Equities,
Nasdaq, to Brent Fields, Secretary, Commission, dated February 18,
2016. (``Transmittal Letter'').
\5\ See Securities Exchange Act Release No. 77205 (February 22,
2016), 81 FR 10315 (``Notice'').
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II. Description of the Proposal

In the Tenth Amendment, the Participants propose to extend the
pilot period of the Plan from April 22, 2016 to April 21, 2017 and make
one modification to improve the operation of the Plan. Specifically,
the Participants propose to modify the definition of Opening Price \6\
in cases where the Primary Listing Exchange opens with quotations.
Currently, the Opening Price for NMS Stocks that open on the Primary
Listing Exchange with quotations is defined to be the midpoint of those
quotations. The Participants propose to modify the definition of
Opening Price in these circumstances to be the closing price of the NMS
Stock on the Primary Listing Exchange on the previous trading day, or
if no such closing price exists, the last sale on the Primary Listing
Exchange reported by the SIP. The Opening Price is used under the Plan
to determine the first Reference Price of the day.\7\
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\6\ Unless otherwise specified, the terms used herein have the
same meaning as set forth in the Plan.
\7\ Section V(B)(1) of the Plan provides that the first
Reference Price for a Trading Day shall be the Opening Price on the
Primary Listing Exchange in an NMS Stock if such Opening Price
occurs less than five minutes after the start of Regular Trading
Hours.
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III. Discussion and Commission Findings

The Commission finds that the Tenth Amendment is consistent with
the requirements of the Act and the rules and regulations thereunder.
Specifically, the Commission finds that the Tenth Amendment is
consistent with Section 11A of the Act \8\ and Rule 608 thereunder \9\
in that it is appropriate in the public interest, for the protection of
investors and the maintenance of fair and orderly markets, and that it
removes impediments to, and perfects the mechanism of, a national
market system.
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\8\ 15 U.S.C. 78k-1.
\9\ 17 CFR 242.608.
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The Participants presented data in the Transmittal Letter and the
Supplemental Joint Assessment \10\ that shows that use of the Primary
Listing Exchange's midpoint of the bid and ask often results in what
the Participants believe is a skewed initial Reference Price.\11\ The
Participants also presented data that showed that most Trading Pauses
occurred in securities that did not trade at or near the time of a
Trading Pause (i.e., those securities that opened on the midpoint of
the bid and ask on the Primary Listing Exchange).\12\ The Participants
performed a back-testing analysis to determine the impact on Trading
Pauses if the first Reference Price for the day was determined by using
the Primary Listing Exchange's closing price instead of the midpoint of
the Exchange's bid and ask.\13\
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\10\ On May 28, 2015, the Participants submitted a Supplemental
Joint Assessment, as required under the Plan. The Supplemental Joint
Assessment is available on the SEC Web site at http://www.sec.gov/comments/4-631/4631-39.pdf. Under the Plan, the Participants were
required to provide the Commission with a joint assessment relating
to the impact of the Plan and the calibration of the Percentage
Parameters by assessing certain identified areas. See Appendix
B.III.
\11\ See Transmittal Letter, supra note 4 and Notice, supra note
5, at Chart 1, Table 9, Table 11, Table 12, and Table 13. See also
Supplemental Joint Assessment Section V.
\12\ Id. at Table 9, Table 11, Table 12, and Table 13.
\13\ Id. at Table 10, Table 11, Table 12, and Table 13.
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Based on their data, the Participants found that the majority of
Trading Pauses could have been avoided if the previous day's closing
price was used as the first Reference Price rather than the midpoint of
the bid and ask for stocks that opened without transactions.\14\
Therefore, the Participants recommend modifying the Plan to amend the
definition of Opening Price so that the first Reference Price when
there is no opening transaction is the Primary Listing Exchange's
previous day's closing price.
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\14\ See Transmittal Letter, supra note 4 and Notice, supra note
5.
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The Commission believes that it is appropriate in the public
interest, for the protection of investors and the maintenance of a fair
and orderly market to approve the amendment to modify the definition of
Opening Price. The Commission believes that the modification of the
Opening Price definition is appropriate to potentially prevent Trading
Pauses that are not indicative of extraordinary volatility.\15\
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\15\ Consistent with their representations set forth in the
Notice, the Commission expects the Participants to implement the
amendment to the definition of Opening Price within three months of
the date of this order.
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The Participants also propose to amend Section VIII(C) of the Plan
to extend the pilot period through April 21, 2017. The Commission
believes that it is appropriate in the public interest, for the
protection of investors and the maintenance of a fair and orderly
market to approve the amendment to extend the pilot period until April
21, 2017 because it will allow the Participants to conduct, and the
Commission to consider, further analysis of data, including data
related to the impact of the revised definition of Opening Price,
regarding the operation of the Plan. An extension of the pilot period
also will allow the Participants to finalize and file with the
Commission any proposed amendments to the Plan resulting from such
further analysis.
The Commission understands the Participants are conducting
additional review of certain aspects of the operation of the Plan and
expects that

[[Page 24909]]

the Participants will provide additional recommendations, as necessary,
relating to: (i) The harmonization of current clearly erroneous
execution rules with the Plan, such that clearly erroneous execution
rules could not be used to break trades occurring within the Price
Bands absent a legitimate technical failure at a Self-Regulatory
Organization; (ii) a review of exchange-traded products (ETPs), to
determine whether adjustments should be made to the Plan to account for
the particular trading characteristics of ETPs; (iii) a review of other
issues with the operation of the Plan that may have been revealed by
the events of August 24, 2015, including the impact of double-wide
Price Bands during the opening period, and the advisability of
coordinated reopening procedures; and (iv) potential enhancements to
the categorization of securities into different tiers. An extension of
the pilot period of the Plan will allow the Participants' ongoing
review and analysis to take place and inform any subsequent amendments
to the Plan. The Commission believes that a one-year extension of the
Pilot will provide the Participants with sufficient time to analyze the
impact of change to the definition of Opening Price on the Plan's
operation, as well as complete analyses of the other outstanding
matters described above.
For the reasons noted above, the Commission finds that the Tenth
Amendment to the Plan is consistent with Section 11A of the Act \16\
and Rule 608 thereunder.\17\ The Commission reiterates its expectation
that the Participants will continue to monitor the scope and operation
of the Plan and study the data produced, and will propose any
modifications to the Plan that may be necessary or appropriate.\18\
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\16\ 15 U.S.C. 78k-1.
\17\ 17 CFR 242.608.
\18\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012).
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IV. Conclusion

It is therefore ordered, pursuant to Section 11A of the Act \19\
and Rule 608 thereunder,\20\ that the Tenth Amendment to the Plan (File
No. 4-631) be, and it hereby is, approved.
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\19\ 15 U.S.C. 78k-1.
\20\ 17 CFR 242.608.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(29).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-09722 Filed 4-26-16; 8:45 am]
BILLING CODE 8011-01-P

24908 Federal Register / Vol. 81, No. 81 / Wednesday, April 27, 2016 / Notices

SECURITIES AND EXCHANGE definition of Opening Price 6 in cases the Primary Listing Exchange).12 The
COMMISSION where the Primary Listing Exchange Participants performed a back-testing
opens with quotations. Currently, the analysis to determine the impact on
[Release No. 34–77679; File No. 4–631]
Opening Price for NMS Stocks that open Trading Pauses if the first Reference
Joint Industry Plan; Order Approving on the Primary Listing Exchange with Price for the day was determined by
the Tenth Amendment to the National quotations is defined to be the midpoint using the Primary Listing Exchange’s
Market System Plan to Address of those quotations. The Participants closing price instead of the midpoint of
Extraordinary Market Volatility by Bats propose to modify the definition of the Exchange’s bid and ask.13
BZX Exchange, Inc., Bats BYX Opening Price in these circumstances to Based on their data, the Participants
Exchange, Inc., Chicago Stock be the closing price of the NMS Stock found that the majority of Trading
Exchange, Inc., Bats EDGA Exchange, on the Primary Listing Exchange on the Pauses could have been avoided if the
Inc., Bats EDGX Exchange, Inc., previous trading day, or if no such previous day’s closing price was used as
Financial Industry Regulatory closing price exists, the last sale on the the first Reference Price rather than the
Authority, Inc., NASDAQ BX, Inc., Primary Listing Exchange reported by midpoint of the bid and ask for stocks
NASDAQ PHLX LLC, The Nasdaq the SIP. The Opening Price is used that opened without transactions.14
Stock Market LLC, National Stock under the Plan to determine the first Therefore, the Participants recommend
Exchange, Inc., New York Stock Reference Price of the day.7 modifying the Plan to amend the
Exchange LLC, NYSE MKT LLC, and III. Discussion and Commission definition of Opening Price so that the
NYSE Arca, Inc. Findings first Reference Price when there is no
opening transaction is the Primary
April 21, 2016. The Commission finds that the Tenth Listing Exchange’s previous day’s
Amendment is consistent with the closing price.
I. Introduction requirements of the Act and the rules The Commission believes that it is
On February 19, 2016, Nasdaq, Inc., and regulations thereunder. appropriate in the public interest, for
on behalf of the other parties 1 to the Specifically, the Commission finds that the protection of investors and the
National Market System Plan to Address the Tenth Amendment is consistent maintenance of a fair and orderly
Extraordinary Market Volatility (the with Section 11A of the Act 8 and Rule market to approve the amendment to
‘‘Plan’’), filed with the Securities and 608 thereunder 9 in that it is appropriate modify the definition of Opening Price.
Exchange Commission (‘‘Commission’’) in the public interest, for the protection The Commission believes that the
pursuant to Section 11A of the of investors and the maintenance of fair modification of the Opening Price
Securities Exchange Act of 1934 and orderly markets, and that it removes definition is appropriate to potentially
(‘‘Act’’) 2 and Rule 608 thereunder,3 a impediments to, and perfects the prevent Trading Pauses that are not
proposal to amend the Plan.4 The mechanism of, a national market indicative of extraordinary volatility.15
proposal represents the tenth system. The Participants also propose to
amendment to the Plan, and reflects The Participants presented data in the
amend Section VIII(C) of the Plan to
proposed changes unanimously Transmittal Letter and the
extend the pilot period through April
approved by the Participants (‘‘Tenth Supplemental Joint Assessment 10 that
21, 2017. The Commission believes that
Amendment’’). The proposed Tenth shows that use of the Primary Listing it is appropriate in the public interest,
Amendment was published for Exchange’s midpoint of the bid and ask for the protection of investors and the
comment in the Federal Register on often results in what the Participants maintenance of a fair and orderly
February 29, 2016.5 The Commission believe is a skewed initial Reference market to approve the amendment to
received no comment letters regarding Price.11 The Participants also presented extend the pilot period until April 21,
the amendment. This order approves the data that showed that most Trading 2017 because it will allow the
Tenth Amendment to the Plan. Pauses occurred in securities that did Participants to conduct, and the
II. Description of the Proposal not trade at or near the time of a Trading Commission to consider, further
Pause (i.e., those securities that opened analysis of data, including data related
In the Tenth Amendment, the on the midpoint of the bid and ask on
Participants propose to extend the pilot to the impact of the revised definition
period of the Plan from April 22, 2016 6 Unless otherwise specified, the terms used
of Opening Price, regarding the
to April 21, 2017 and make one herein have the same meaning as set forth in the operation of the Plan. An extension of
modification to improve the operation Plan. the pilot period also will allow the
of the Plan. Specifically, the 7 Section V(B)(1) of the Plan provides that the first Participants to finalize and file with the
Reference Price for a Trading Day shall be the Commission any proposed amendments
Participants propose to modify the Opening Price on the Primary Listing Exchange in
an NMS Stock if such Opening Price occurs less
to the Plan resulting from such further
1 Nasdaq, Inc. filed on behalf of the following than five minutes after the start of Regular Trading analysis.
parties to the Plan: Bats BZX Exchange, Inc., Bats Hours. The Commission understands the
BYX Exchange, Inc., Chicago Stock Exchange, Inc., 8 15 U.S.C. 78k–1.
Participants are conducting additional
Bats EDGA Exchange, Inc., Bats EDGX Exchange, 9 17 CFR 242.608.
Inc., Financial Industry Regulatory Authority, Inc.,
review of certain aspects of the
10 On May 28, 2015, the Participants submitted a
NASDAQ BX, Inc., NASDAQ PHLX LLC, the operation of the Plan and expects that
Supplemental Joint Assessment, as required under
Nasdaq Stock Market LLC, National Stock the Plan. The Supplemental Joint Assessment is
Exchange, Inc., the New York Stock Exchange LLC, available on the SEC Web site at http://
12 Id. at Table 9, Table 11, Table 12, and Table
asabaliauskas on DSK3SPTVN1PROD with NOTICES

NYSE MKT LLC, and NYSE Arca, Inc. (collectively, www.sec.gov/comments/4-631/4631-39.pdf. Under 13.
the ‘‘Participants’’). the Plan, the Participants were required to provide 13 Id. at Table 10, Table 11, Table 12, and Table
2 15 U.S.C. 78k–1.
the Commission with a joint assessment relating to 13.
3 17 CFR 242.608.
the impact of the Plan and the calibration of the 14 See Transmittal Letter, supra note 4 and Notice,
4 See Letter from Paul Roland, Principal, U.S. Percentage Parameters by assessing certain supra note 5.
Equities, Nasdaq, to Brent Fields, Secretary, identified areas. See Appendix B.III. 15 Consistent with their representations set forth
Commission, dated February 18, 2016. 11 See Transmittal Letter, supra note 4 and Notice, in the Notice, the Commission expects the
(‘‘Transmittal Letter’’). supra note 5, at Chart 1, Table 9, Table 11, Table Participants to implement the amendment to the
5 See Securities Exchange Act Release No. 77205 12, and Table 13. See also Supplemental Joint definition of Opening Price within three months of
(February 22, 2016), 81 FR 10315 (‘‘Notice’’). Assessment Section V. the date of this order.

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Federal Register / Vol. 81, No. 81 / Wednesday, April 27, 2016 / Notices 24909

the Participants will provide additional SECURITIES AND EXCHANGE which the Commission should either
recommendations, as necessary, relating COMMISSION approve or disapprove, or institute
to: (i) The harmonization of current proceedings to determine whether to
[Release No. 34–77678; File No. SR–
clearly erroneous execution rules with disapprove, the proposed rule change
NASDAQ–2016–035]
the Plan, such that clearly erroneous (File No. SR–NASDAQ–2016–035).
execution rules could not be used to Self-Regulatory Organizations; The For the Commission, by the Division of
break trades occurring within the Price Nasdaq Stock Market LLC; Notice of Trading and Markets, pursuant to delegated
Bands absent a legitimate technical Designation of Longer Period for authority.7
failure at a Self-Regulatory Commission Action on Proposed Rule Brent J. Fields,
Organization; (ii) a review of exchange- Change To Establish a Secondary Secretary.
traded products (ETPs), to determine Contingency Procedure To Enable the [FR Doc. 2016–09721 Filed 4–26–16; 8:45 am]
whether adjustments should be made to Exchange To Report an Official BILLING CODE 8011–01–P
the Plan to account for the particular Closing Price on Behalf of an Impaired
trading characteristics of ETPs; (iii) a Primary Listing Exchange
review of other issues with the SECURITIES AND EXCHANGE
operation of the Plan that may have April 21, 2016. COMMISSION
been revealed by the events of August On March 2, 2016, The Nasdaq Stock
24, 2015, including the impact of Market LLC (‘‘Exchange’’) filed with the [Release No. 34–77673; File No. SR–Phlx–
double-wide Price Bands during the Securities and Exchange Commission 2016–51]
opening period, and the advisability of (‘‘Commission’’), pursuant to Section Self-Regulatory Organizations;
coordinated reopening procedures; and 19(b)(1) of the Securities Exchange Act NASDAQ PHLX LLC; Notice of Filing
(iv) potential enhancements to the of 1934 (‘‘Act’’) 1 and Rule 19b–4 and Immediate Effectiveness of
categorization of securities into different thereunder,2 a proposed rule change to Proposed Rule Change to Qualified
tiers. An extension of the pilot period of establish a Secondary Contingency Contingent Cross Pricing
the Plan will allow the Participants’ Procedure for its closing cross. The
ongoing review and analysis to take proposed rule change was published for April 21, 2016.
place and inform any subsequent comment in the Federal Register on Pursuant to Section 19(b)(1) of the
amendments to the Plan. The March 11, 2016.3 The Commission has Securities Exchange Act of 1934
Commission believes that a one-year received one comment letter on the (‘‘Act’’) 1, and Rule 19b–4 thereunder,2
extension of the Pilot will provide the proposal.4 notice is hereby given that on April 14,
Participants with sufficient time to Section 19(b)(2) of the Act 5 provides 2016, NASDAQ PHLX LLC (‘‘Phlx’’ or
analyze the impact of change to the that within 45 days of the publication of ‘‘Exchange’’) filed with the Securities
definition of Opening Price on the notice of the filing of a proposed rule and Exchange Commission (‘‘SEC’’ or
Plan’s operation, as well as complete change, or within such longer period up ‘‘Commission’’) the proposed rule
analyses of the other outstanding to 90 days as the Commission may change as described in Items I, II, and
matters described above. designate if it finds such longer period III, below, which Items have been
For the reasons noted above, the to be appropriate and publishes its prepared by the Exchange. The
Commission finds that the Tenth reasons for so finding or as to which the Commission is publishing this notice to
Amendment to the Plan is consistent self-regulatory organization consents, solicit comments on the proposed rule
with Section 11A of the Act 16 and Rule the Commission shall either approve the change from interested persons.
608 thereunder.17 The Commission proposed rule change, disapprove the
reiterates its expectation that the proposed rule change, or institute I. Self-Regulatory Organization’s
Participants will continue to monitor proceedings to determine whether the Statement of the Terms of Substance of
the scope and operation of the Plan and proposed rule change should be the Proposed Rule Change
study the data produced, and will disapproved. The 45th day for this filing The Exchange proposes to amend the
propose any modifications to the Plan is April 25, 2016. Exchange’s Pricing Schedule at Section
that may be necessary or appropriate.18 The Commission is extending the 45- II, entitled ‘‘Multiply Listed Options
day time period for Commission action Fees.’’ Specifically, the Exchange is
IV. Conclusion
on the proposed rule change. The proposing to amend the Qualified
It is therefore ordered, pursuant to Commission finds that it is appropriate Contingent Cross (‘‘QCC’’) pricing.
Section 11A of the Act 19 and Rule 608 to designate a longer period within The text of the proposed rule change
thereunder,20 that the Tenth which to take action on the proposed is available on the Exchange’s Web site
Amendment to the Plan (File No. 4–631) rule change so that it has sufficient time at http://
be, and it hereby is, approved. to consider the proposed rule change. nasdaqomxphlx.cchwallstreet.com/, at
For the Commission, by the Division of Accordingly, pursuant to Section the principal office of the Exchange, and
Trading and Markets, pursuant to delegated 19(b)(2) of the Act 6 and for the reasons at the Commission’s Public Reference
authority.21 stated above, the Commission Room.
Brent J. Fields, designates June 9, 2016, as the date by II. Self-Regulatory Organization’s
Secretary. Statement of the Purpose of, and
1 15 U.S.C. 78s(b)(1).
[FR Doc. 2016–09722 Filed 4–26–16; 8:45 am] Statutory Basis for, the Proposed Rule
asabaliauskas on DSK3SPTVN1PROD with NOTICES

2 17 CFR 240.19b–4.
BILLING CODE 8011–01–P
3 See Securities Exchange Act Release No. 77309 Change
(March 7, 2016), 81 FR 13007. In its filing with the Commission, the
16 15 U.S.C. 78k–1. 4 See Letter from Theodore R. Lazo, Managing
17 17 CFR 242.608. Exchange included statements
Director and Associate General Counsel, Securities
18 See Securities Exchange Act Release No. 67091
Industry and Financial Markets Association, to concerning the purpose of and basis for
(May 31, 2012), 77 FR 33498 (June 6, 2012). Brent J. Fields, Secretary, Commission, dated April
19 15 U.S.C. 78k–1. 5, 2016. 7 17 CFR 200.30–3(a)(31).
20 17 CFR 242.608. 5 15 U.S.C. 78s(b)(2). 1 15 U.S.C. 78s(b)(1).
21 17 CFR 200.30–3(a)(29). 6 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4.

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Document Created: 2018-02-07 13:55:40
Document Modified: 2018-02-07 13:55:40

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 24908