81 FR 31270 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 96 (May 18, 2016)
Federal Register Volume 81, Issue 96 (May 18, 2016)
| Page Range | 31270-31272 | |
| FR Document | 2016-11644 |
[Federal Register Volume 81, Number 96 (Wednesday, May 18, 2016)] [Notices] [Pages 31270-31272] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-11644] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77821; File No. SR-ISE-2016-13] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees May 12, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on May 2, 2016, the International Securities Exchange, LLC (the ``Exchange'' or the ``ISE'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change, as described in Items I, II, and III 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\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The ISE proposes to eliminate Priority Customer complex order rebates for certain ``net zero'' complex orders. The text of the proposed rule change is available on the Exchange's Web site (http://www.ise.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 these statements may be examined at the places specified in Item IV below. The self-regulatory organization 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 Currently, the Exchange provides rebates to Priority Customer \3\ complex orders that trade with non-Priority Customer complex orders in the complex order book or trade with quotes and orders on the regular order book. Rebates are tiered based on a member's average daily volume (``ADV'') executed during a given month as follows: 0 to 29,999 contracts (``Tier 1''), 30,000 to 59,999 contracts (``Tier 2''), 60,000 to 99,999 contracts (``Tier 3''), 100,000 to 149,999 (``Tier 4''), 150,000 to 199,999 contracts (``Tier 5''), and 200,000 or more contracts (``Tier 6''). In Select Symbols the rebate is $0.30 per contract for Tier 1, $0.35 per contract for Tier 2, $0.41 per contract for Tier 3, $0.44 per contract for Tier 4, $0.46 per contract for Tier 5, and $0.47 per contract for Tier 6. In Non-Select Symbols the rebate is $0.63 per contract for Tier 1, $0.71 per contract for Tier 2, $0.79 per contract for Tier 3, $0.81 per contract for Tier 4, $0.83 per contract for Tier 5, and $0.84 per contract for Tier 6. --------------------------------------------------------------------------- \3\ A ``Priority Customer'' is a person or entity that is not a broker/dealer in securities, and does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s), as defined in ISE Rule 100(a)(37A). --------------------------------------------------------------------------- Recently, a market participant has been entering a large volume of valueless complex orders that trade at a net price at or near $0.00 (i.e., ``net zero'' complex orders) with the sole intention of earning a rebate.\4\ While these complex orders would generally not find a counterparty in the complex order book, they may leg in to the regular order book where they are typically executed by Market Makers \5\ on the individual legs. The fee that Market Makers quoting in Select Symbols pay when a complex order legs into their quote is substantially higher than their fee or rebate for regular orders that trade against their quotes. In particular, a Market Maker providing liquidity on the individual leg would typically pay a maker fee of only $0.10 per contract,\6\ or in the case of Market Makers that achieve Market Maker Plus status,\7\ would earn a maker rebate [[Page 31271]] ranging from $0.10 per contract to $0.22 per contract. When trading against a Priority Customer complex order that legs in from the complex order book, however, that same Market Maker is charged a maker fee of $0.30 per contract.\8\ In Non-Select Symbols, Market Makers pay a fee of $0.25 per contract subject to certain tier discounts,\9\ or $0.20 per contract for orders sent by an Electronic Access Member.\10\ --------------------------------------------------------------------------- \4\ For example, a market participant could enter a ``net zero'' complex order that buys 500 contracts of the $193 March 6, 2016 SPY Put at a price of $0.03 and sells 500 contracts of the $193.50 March 6, 2016 SPY Put at a price of $0.03 for a net price of $0.00. \5\ The term ``Market Makers'' refers to ``Competitive Market Makers'' and ``Primary Market Makers'' collectively. See ISE Rule 100(a)(25). \6\ This maker fee also applies to Non-ISE Market Maker, Firm Proprietary/Broker Dealer and Professional Customer orders in Select Symbols. Priority Customer orders are not charged a maker fee in Select Symbols for orders entered on the regular order book. A ``Non-ISE Market Maker'' is a market maker as defined in Section 3(a)(38) of the Securities Exchange Act of 1934, as amended, registered in the same options class on another options exchange. A ``Firm Proprietary'' order is an order submitted by a member for its own proprietary account. A ``Broker-Dealer'' order is an order submitted by a member for a broker-dealer account that is not its own proprietary account. A ``Professional Customer'' is a person or entity that is not a broker/dealer and is not a Priority Customer. \7\ A Market Maker Plus is a Market Maker who is on the National Best Bid or National Best Offer a specified percentage of the time for series trading between $0.03 and $3.00 (for options whose underlying stock's previous trading day's last sale price was less than or equal to $100) and between $0.10 and $3.00 (for options whose underlying stock's previous trading day's last sale price was greater than $100) in premium in each of the front two expiration months. The specified percentage is at least 80% but lower than 85% of the time for Tier 1, at least 85% but lower than 95% of the time for Tier 2, and at least 95% of the time for Tier 3. A Market Maker's single best and single worst quoting days each month based on the front two expiration months, on a per symbol basis, will be excluded in calculating whether a Market Maker qualifies for this rebate, if doing so will qualify a Market Maker for the rebate. \8\ This higher maker fee for trading against a Priority Customer complex order that legs in to the regular order book also applies to Non-ISE Market Maker orders. \9\ See Schedule of Fees, Section IV.C. \10\ There is no fee difference in Non-Select Symbols for trading against Priority Customer complex orders that leg in to the regular order book. Non-ISE Market Maker, Firm Proprietary/Broker- Dealer and Professional Customer orders in Non-Select Symbols are charged a fee of $0.72 per contract. Priority Customer orders are not charged a fee in Non-Select symbols for orders entered on the regular order book. --------------------------------------------------------------------------- By entering essentially valueless complex orders, this market participant or others employing the same strategy are able to recover rebates for essentially non-economic trades at the expense of the Exchange and the market participants on the other side of the trade. This behavior is a form of rebate arbitrage, and the Exchange believes that it is in the best interest of the Exchange and its members to remove the incentives that promote this activity. The Exchange therefore proposes to eliminate Priority Customer rebates for ``net zero'' complex orders that are entered on behalf of originating market participants that execute an ADV of at least 10,000 ``net zero'' complex orders in a given month. For purposes of determining which complex orders qualify as ``net zero'' the Exchange will count all complex orders that leg in to the regular order book and are executed at a net price that is within a range of $0.01 credit and $0.01 debit. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\11\ in general, and Section 6(b)(4) of the Act,\12\ in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f. \12\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the proposed fee change is reasonable and equitable as it is designed to remove financial incentives for market participants to engage in rebate arbitrage by entering ``net zero'' complex orders on the Exchange that do not have any economic substance. As explained above, Priority Customer complex orders, including ``net zero'' complex orders that leg in to the regular order book, are currently paid significant rebates by the Exchange, which are funded in part by charging higher fees to the market participants that trade against these orders. The Exchange believes that eliminating the rebate provided to ``net zero'' complex orders will discourage market participants from entering these valueless orders, which are entered for the sole purpose of earning a rebate. The Exchange also believes that the proposed rule change is not unfairly discriminatory as it is designed to stop market participants from taking advantage of Exchange rebates by entering orders that lack economic substance. The Exchange is proposing to eliminate Priority Customer complex order rebates for all market participants that enter a large number of ``net zero'' complex orders. To the extent that those market participants enter legitimate complex orders, however, they will continue to receive the same rebates that they do today. In addition, market participants that enter an insubstantial volume of ``net zero'' complex orders will also continue to receive rebates. The Exchange does not believe that it is unfairly discriminatory to continue to offer rebates to firms that do not hit the proposed ``net zero'' ADV threshold as this more limited trading activity is not indicative of rebate arbitrage. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\13\ the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is designed to eliminate the ability for certain market participants to engage in rebate arbitrage to the detriment of the Exchange and its members. The Exchange operates in a highly competitive market in which market participants can readily direct their order flow to competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees and rebates to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed fee changes reflect this competitive environment. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act \14\ and subparagraph (f)(2) of Rule 19b-4 thereunder,\15\ because it establishes a due, fee, or other charge imposed by ISE. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A)(ii). \15\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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 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 No. SR-ISE-2016-13 on the subject line. [[Page 31272]] Paper Comments Send paper comments in triplicate to Elizabeth Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-ISE-2016-13. 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 such filing also will be available for inspection and copying at the principal office of the ISE. 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-ISE-2016-13 and should be submitted by June 8, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ Robert W. Errett, Deputy Secretary. --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2016-11644 Filed 5-17-16; 8:45 am] BILLING CODE 8011-01-P
![31270 Federal Register / Vol. 81, No. 96 / Wednesday, May 18, 2016 / Notices
Agency name Organization name Position title Request number Vacate date
Department of Labor ..................... Office of the Deputy Secretary ..... Senior Policy Advisor .................... DL150059 02/20/2016
Office of Personnel Management Office of the Director ..................... Assistant Director, Office of Public PM140028 02/20/2016
Engagement.
Small Business Administration ...... Office of Communications and Deputy Assistant Administrator for SB150008 02/06/2016
Public Liaison. Communications and Public Li-
aison.
Speechwriter ................................. SB150038 02/06/2016
Office of the Administrator ............ Senior Advisor to the Adminis- SB150055 02/20/2016
trator.
Department of State ...................... Office of the Secretary .................. Special Assistant ........................... DS130052 02/28/2016
Department of Transportation ....... Office of the Secretary .................. Special Assistant to the Secretary DT150007 02/08/2016
Office of Assistant Secretary for Special Assistant ........................... DT140049 02/20/2016
Governmental Affairs.
Authority: 5 U.S.C. 3301 and 3302; E.O. office of the Exchange, and at the $0.63 per contract for Tier 1, $0.71 per
10577, 3 CFR, 1954–1958 Comp., p. 218. Commission’s Public Reference Room. contract for Tier 2, $0.79 per contract for
U.S. Office of Personnel Management. Tier 3, $0.81 per contract for Tier 4,
II. Self-Regulatory Organization’s
Beth F. Cobert, $0.83 per contract for Tier 5, and $0.84
Statement of the Purpose of, and
Acting Director. per contract for Tier 6.
Statutory Basis for, the Proposed Rule Recently, a market participant has
[FR Doc. 2016–11724 Filed 5–17–16; 8:45 am] Change been entering a large volume of
BILLING CODE 6325–39–P
In its filing with the Commission, the valueless complex orders that trade at a
self-regulatory organization included net price at or near $0.00 (i.e., ‘‘net
statements concerning the purpose of, zero’’ complex orders) with the sole
SECURITIES AND EXCHANGE and basis for, the proposed rule change intention of earning a rebate.4 While
COMMISSION and discussed any comments it received these complex orders would generally
on the proposed rule change. The text not find a counterparty in the complex
[Release No. 34–77821; File No. SR–ISE– of these statements may be examined at order book, they may leg in to the
2016–13] the places specified in Item IV below. regular order book where they are
The self-regulatory organization has typically executed by Market Makers 5
Self-Regulatory Organizations; prepared summaries, set forth in on the individual legs. The fee that
International Securities Exchange, sections A, B and C below, of the most Market Makers quoting in Select
LLC; Notice of Filing and Immediate significant aspects of such statements. Symbols pay when a complex order legs
Effectiveness of Proposed Rule into their quote is substantially higher
Change To Amend the Schedule of A. Self-Regulatory Organization’s than their fee or rebate for regular orders
Fees Statement of the Purpose of, and that trade against their quotes. In
Statutory Basis for, the Proposed Rule particular, a Market Maker providing
May 12, 2016. Change liquidity on the individual leg would
Pursuant to Section 19(b)(1) of the typically pay a maker fee of only $0.10
Securities Exchange Act of 1934 (the 1. Purpose
per contract,6 or in the case of Market
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Currently, the Exchange provides Makers that achieve Market Maker Plus
notice is hereby given that on May 2, rebates to Priority Customer 3 complex status,7 would earn a maker rebate
2016, the International Securities orders that trade with non-Priority
Exchange, LLC (the ‘‘Exchange’’ or the Customer complex orders in the 4 For example, a market participant could enter a
‘‘ISE’’) filed with the Securities and complex order book or trade with quotes ‘‘net zero’’ complex order that buys 500 contracts
Exchange Commission (the and orders on the regular order book. of the $193 March 6, 2016 SPY Put at a price of
‘‘Commission’’) the proposed rule Rebates are tiered based on a member’s $0.03 and sells 500 contracts of the $193.50 March
6, 2016 SPY Put at a price of $0.03 for a net price
change, as described in Items I, II, and average daily volume (‘‘ADV’’) executed of $0.00.
III below, which items have been during a given month as follows: 0 to 5 The term ‘‘Market Makers’’ refers to
prepared by the self-regulatory 29,999 contracts (‘‘Tier 1’’), 30,000 to ‘‘Competitive Market Makers’’ and ‘‘Primary Market
organization. The Commission is 59,999 contracts (‘‘Tier 2’’), 60,000 to Makers’’ collectively. See ISE Rule 100(a)(25).
6 This maker fee also applies to Non-ISE Market
publishing this notice to solicit 99,999 contracts (‘‘Tier 3’’), 100,000 to Maker, Firm Proprietary/Broker Dealer and
comments on the proposed rule change 149,999 (‘‘Tier 4’’), 150,000 to 199,999 Professional Customer orders in Select Symbols.
from interested persons. contracts (‘‘Tier 5’’), and 200,000 or Priority Customer orders are not charged a maker
more contracts (‘‘Tier 6’’). In Select fee in Select Symbols for orders entered on the
I. Self-Regulatory Organization’s Symbols the rebate is $0.30 per contract
regular order book.
Statement of the Terms of Substance of A ‘‘Non-ISE Market Maker’’ is a market maker as
for Tier 1, $0.35 per contract for Tier 2, defined in Section 3(a)(38) of the Securities
the Proposed Rule Change $0.41 per contract for Tier 3, $0.44 per Exchange Act of 1934, as amended, registered in the
The ISE proposes to eliminate Priority contract for Tier 4, $0.46 per contract for same options class on another options exchange.
A ‘‘Firm Proprietary’’ order is an order submitted
Customer complex order rebates for Tier 5, and $0.47 per contract for Tier
sradovich on DSK3TPTVN1PROD with NOTICES
by a member for its own proprietary account.
certain ‘‘net zero’’ complex orders. The 6. In Non-Select Symbols the rebate is A ‘‘Broker-Dealer’’ order is an order submitted by
text of the proposed rule change is a member for a broker-dealer account that is not its
available on the Exchange’s Web site 3 A ‘‘Priority Customer’’ is a person or entity that own proprietary account.
(http://www.ise.com), at the principal is not a broker/dealer in securities, and does not A ‘‘Professional Customer’’ is a person or entity
place more than 390 orders in listed options per day that is not a broker/dealer and is not a Priority
on average during a calendar month for its own Customer.
1 15 U.S.C. 78s(b)(1). beneficial account(s), as defined in ISE Rule 7 A Market Maker Plus is a Market Maker who is
2 17 CFR 240.19b–4. 100(a)(37A). on the National Best Bid or National Best Offer a
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![31272 Federal Register / Vol. 81, No. 96 / Wednesday, May 18, 2016 / Notices
Paper Comments SECURITIES AND EXCHANGE 19(b)(2) of the Act,7 designates June 28,
COMMISSION 2016, as the date by which the
• Send paper comments in triplicate Commission should either approve or
to Elizabeth Murphy, Secretary, [Release No. 34–77820; File No. SR– disapprove or institute proceedings to
Securities and Exchange Commission, NYSEArca–2016–44] determine whether to disapprove the
100 F Street NE., Washington, DC proposed rule change (File Number SR–
20549–1090. Self-Regulatory Organizations; NYSE NYSEArca–2016–44).
Arca, Inc.; Notice of Designation of a
All submissions should refer to File For the Commission, by the Division of
Longer Period for Commission Action
Number SR–ISE–2016–13. This file Trading and Markets, pursuant to delegated
on a Proposed Rule Change Amending authority.8
number should be included on the NYSE Arca Equities Rule 7.31P(h) To Robert W. Errett,
subject line if email is used. To help the Add a New Discretionary Pegged Order
Commission process and review your Deputy Secretary.
comments more efficiently, please use May 12, 2016. [FR Doc. 2016–11643 Filed 5–17–16; 8:45 am]
only one method. The Commission will On March 11, 2016, NYSE Arca, Inc. BILLING CODE 8011–01–P
post all comments on the Commission’s (‘‘Exchange’’) filed with the Securities
Internet Web site (http://www.sec.gov/ and Exchange Commission
(‘‘Commission’’), pursuant to Section SECURITIES AND EXCHANGE
rules/sro.shtml). Copies of the
19(b)(1) of the Securities Exchange Act COMMISSION
submission, all subsequent
amendments, all written statements of 1934 (‘‘Act’’) 1 and Rule 19b–4 [Release No. 34–77819; File No. SR–
thereunder,2 a proposed rule change to BatsEDGX–2016–17]
with respect to the proposed rule
amend Exchange Rule 7.31P(h) to add a
change that are filed with the Self-Regulatory Organizations; Bats
new Discretionary Pegged Order. The
Commission, and all written proposed rule change was published for EDGX Exchange, Inc.; Notice of Filing
communications relating to the comment in the Federal Register on and Immediate Effectiveness of a
proposed rule change between the March 30, 2016.3 The Commission Proposed Rule Change To Amend the
Commission and any person, other than received two comment letters on the Description of Price Improving Orders
those that may be withheld from the proposed rule change,4 as well as a Under Subparagraph (6) to Rule 21.1(d)
public in accordance with the response from the Exchange.5 and Add Subparagraph (4) to Rule
provisions of 5 U.S.C. 552, will be Section 19(b)(2) of the Act 6 provides 21.1(h) Modifying the Operation of
available for Web site viewing and that, within 45 days of the publication Orders Subject to the Display Price
printing in the Commission’s Public of notice of the filing of a proposed rule Sliding Process When a Contra-Side
Reference Room, 100 F Street NE., change, or within such longer period up Post Only Order Is Received by the
Washington, DC 20549 on official to 90 days as the Commission may Bats EDGX Exchange Options Platform
business days between the hours of designate if it finds such longer period
May 12, 2016.
10:00 a.m. and 3:00 p.m. Copies of such to be appropriate and publishes its
Pursuant to Section 19(b)(1) of the
filing also will be available for reasons for so finding or as to which the
Securities Exchange Act of 1934 (the
inspection and copying at the principal self-regulatory organization consents,
‘‘Act’’),1 and Rule 19b–4 thereunder,2
office of the ISE. All comments received the Commission shall either approve the
notice is hereby given that on May 3,
will be posted without change; the proposed rule change, disapprove the
2016, Bats EDGX Exchange, Inc. f/k/a
Commission does not edit personal proposed rule change, or institute
EDGX Exchange, Inc. (the ‘‘Exchange’’
identifying information from proceedings to determine whether the
or ‘‘EDGX’’) filed with the Securities
submissions. You should submit only proposed rule change should be
and Exchange Commission
information that you wish to make disapproved. The 45th day after
(‘‘Commission’’) the proposed rule
available publicly. All submissions publication of the notice for this
change as described in Items I and II
proposed rule change is May 14, 2016.
should refer to File Number SR–ISE– below, which Items have been prepared
The Commission is extending this
2016–13 and should be submitted by by the Exchange. The Exchange has
45-day time period.
June 8, 2016. designated this proposal as a ‘‘non-
The Commission finds that it is
For the Commission, by the Division of controversial’’ proposed rule change
appropriate to designate a longer period
Trading and Markets, pursuant to delegated pursuant to Section 19(b)(3)(A) of the
within which to take action on the
authority.16 Act 3 and Rule 19b–4(f)(6)(iii)
proposed rule change so that it has
thereunder,4 which renders it effective
Robert W. Errett, sufficient time to consider the proposed
upon filing with the Commission. The
Deputy Secretary. rule change. Accordingly, the
Commission is publishing this notice to
[FR Doc. 2016–11644 Filed 5–17–16; 8:45 am] Commission, pursuant to Section
solicit comments on the proposed rule
BILLING CODE 8011–01–P
1 15
change from interested persons.
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4. I. Self-Regulatory Organization’s
3 See Securities Exchange Act Release No. 77441
Statement of the Terms of Substance of
(March 24, 2016), 81 FR 17749. the Proposed Rule Change
4 See Letter from Sophia Lee, General Counsel,
IEX Group, Inc., to Brent J. Fields, Secretary, The Exchange filed a proposal to: (i)
sradovich on DSK3TPTVN1PROD with NOTICES
Commission, dated April 15, 2016; Letter from John Amend the description of Price
C. Nagel, Managing Director and Senior Deputy
General Counsel, Citadel LLC, to Brent J. Fields, 7 15
Secretary, Commission, dated April 20, 2016. U.S.C. 78s(b)(2).
8 17 CFR 200.30–3(a)(31).
5 See Letter from Elizabeth K. King, General
1 15 U.S.C. 78s(b)(1).
Counsel and Corporate Secretary, New York Stock
2 17 CFR 240.19b–4.
Exchange, to Brent J. Fields, Secretary, Commission,
dated April 27, 2016. 3 15 U.S.C. 78s(b)(3)(A).
16 17 CFR 200.30–3(a)(12). 6 15 U.S.C. 78s(b)(2). 4 17 CFR 240.19b–4(f)(6)(iii).
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Document Created: 2016-05-18 00:07:06
Document Modified: 2016-05-18 00:07:06
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 31270 |
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