81 FR 3217 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend Rule 804(g)

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 12 (January 20, 2016)

Page Range		3217-3218
FR Document		2016-00903

Federal Register, Volume 81 Issue 12 (Wednesday, January 20, 2016)

[Federal Register Volume 81, Number 12 (Wednesday, January 20, 2016)]
[Notices]
[Pages 3217-3218]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-00903]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76893; File No. SR-ISE-2015-30]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change To Amend Rule 804(g)

January 13, 2016.
    On November 10, 2015, International Securities Exchange, LLC 
(``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to require clearing member approval before a 
market maker could resume trading after the activation of a market-wide 
speed bump under Exchange Rule 804(g). The proposed rule change was 
published for comment in the Federal Register on November 30, 2015.\3\ 
The Commission has received no comment letters on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 76506 (November 23, 
2015), 80 FR 74829.
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether these proposed rule changes should be disapproved. 
The 45th day for this filing is January 14, 2016.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change so that it has sufficient time to consider and 
take action on the Exchange's proposed rule change.
    Accordingly, pursuant to section 19(b)(2)(A)(ii)(I) of the Act \5\ 
and for the reasons stated above, the Commission designates February 
28, 2016 as the date by which the Commission should either approve or 
disapprove, or institute proceedings to determine whether to

[[Page 3218]]

disapprove, the proposed rule change (File No. SR-ISE-2015-30).
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    \5\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).
    \6\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-00903 Filed 1-19-16; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 12 / Wednesday, January 20, 2016 / Notices 3217

establish fair, reasonable, and not NYSEArca–2015–130 on the subject SECURITIES AND EXCHANGE
unreasonably discriminatory fees and an line. COMMISSION
equitable allocation of fees among all
users. The existence of numerous Paper Comments
[Release No. 34–76893; File No. SR–ISE–
alternatives to the Exchange’s products, • Send paper comments in triplicate 2015–30]
including proprietary data from other to Secretary, Securities and Exchange
sources, ensures that the Exchange Self-Regulatory Organizations;
Commission, 100 F Street NE.,
cannot set unreasonable fees, or fees International Securities Exchange,
Washington, DC 20549–1090.
that are unreasonably discriminatory, LLC; Notice of Designation of Longer
when vendors and subscribers can elect All submissions should refer to File No. Period for Commission Action on
these alternatives or choose not to SR–NYSEArca–2015–130. This file Proposed Rule Change To Amend Rule
purchase a specific proprietary data number should be included on the 804(g)
product if the attendant fees are not subject line if email is used. To help the
justified by the returns that any January 13, 2016.
Commission process and review your
particular vendor or data recipient On November 10, 2015, International
comments more efficiently, please use
would achieve through the purchase. Securities Exchange, LLC (‘‘Exchange’’)
only one method. The Commission will
filed with the Securities and Exchange
C. Self-Regulatory Organization’s post all comments on the Commission’s Commission (‘‘Commission’’), pursuant
Statement on Comments on the Internet Web site (http://www.sec.gov/ to section 19(b)(1) of the Securities
Proposed Rule Change Received From rules/sro.shtml). Copies of the Exchange Act of 1934 (‘‘Act’’) 1 and Rule
Members, Participants, or Others submission, all subsequent 19b–4 thereunder,2 a proposed rule
No written comments were solicited amendments, all written statements change to require clearing member
or received with respect to the proposed with respect to the proposed rule approval before a market maker could
rule change. change that are filed with the resume trading after the activation of a
Commission, and all written market-wide speed bump under
III. Date of Effectiveness of the
communications relating to the Exchange Rule 804(g). The proposed
Proposed Rule Change and Timing for
Commission Action proposed rule change between the rule change was published for comment
Commission and any person, other than in the Federal Register on November 30,
The foregoing rule change is effective those that may be withheld from the 2015.3 The Commission has received no
upon filing pursuant to section public in accordance with the comment letters on the proposal.
19(b)(3)(A) 23 of the Act and provisions of 5 U.S.C. 552, will be Section 19(b)(2) of the Act 4 provides
subparagraph (f)(2) of Rule 19b–4 24 that within 45 days of the publication of
available for Web site viewing and
thereunder, because it establishes a due, notice of the filing of a proposed rule
printing in the Commission’s Public
fee, or other charge imposed by the change, or within such longer period up
Exchange. Reference Room, 100 F Street NE.,
Washington, DC 20549 on official to 90 days as the Commission may
At any time within 60 days of the
business days between the hours of designate if it finds such longer period
filing of such proposed rule change, the
10:00 a.m. and 3:00 p.m. Copies of such to be appropriate and publishes its
Commission summarily may
filing also will be available for reasons for so finding or as to which the
temporarily suspend such rule change if
inspection and copying at the principal self-regulatory organization consents,
it appears to the Commission that such
office of the Exchange. All comments the Commission shall either approve the
action is necessary or appropriate in the
proposed rule change, disapprove the
public interest, for the protection of received will be posted without change;
proposed rule change, or institute
investors, or otherwise in furtherance of the Commission does not edit personal
proceedings to determine whether these
the purposes of the Act. If the identifying information from proposed rule changes should be
Commission takes such action, the submissions. You should submit only
Commission shall institute proceedings disapproved. The 45th day for this filing
information that you wish to make is January 14, 2016.
under section 19(b)(2)(B) 25 of the Act to available publicly. All submissions
determine whether the proposed rule The Commission is extending the 45-
should refer to File No. SR–NYSEArca– day time period for Commission action
change should be approved or 2015–130, and should be submitted on
disapproved. on the proposed rule change. The
or before February 10, 2016. Commission finds that it is appropriate
IV. Solicitation of Comments For the Commission, by the Division of to designate a longer period within
Interested persons are invited to Trading and Markets, pursuant to delegated which to take action on the proposed
submit written data, views, and authority.26 rule change so that it has sufficient time
arguments concerning the foregoing, Robert W. Errett, to consider and take action on the
including whether the proposed rule Exchange’s proposed rule change.
Deputy Secretary.
change is consistent with the Act. Accordingly, pursuant to section
[FR Doc. 2016–00901 Filed 1–19–16; 8:45 am]
Comments may be submitted by any of 19(b)(2)(A)(ii)(I) of the Act 5 and for the
the following methods: BILLING CODE 8011–01–P reasons stated above, the Commission
designates February 28, 2016 as the date
Electronic Comments by which the Commission should either
• Use the Commission’s Internet approve or disapprove, or institute
comment form (http://www.sec.gov/ proceedings to determine whether to
tkelley on DSK4VPTVN1PROD with NOTICES

rules/sro.shtml); or
• Send an email to rule-comments@ 1 15 U.S.C. 78s(b)(1).
sec.gov. Please include File No. SR– 2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 76506
23 15 U.S.C. 78s(b)(3)(A). (November 23, 2015), 80 FR 74829.
24 17 CFR 240.19b–4(f)(2). 4 15 U.S.C. 78s(b)(2).
25 15 U.S.C. 78s(b)(2)(B). 26 17 CFR 200.30–3(a)(12). 5 15 U.S.C. 78s(b)(2)(A)(ii)(I).

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3218 Federal Register / Vol. 81, No. 12 / Wednesday, January 20, 2016 / Notices

disapprove, the proposed rule change should be disapproved. The 45th day for notify DTC of its refusal to settle on
(File No. SR–ISE–2015–30). this filing is January 15, 2016. behalf of a Participant or Participants for
For the Commission, by the Division of The Commission is extending this 45- which it is the designated Settling Bank
Trading and Markets, pursuant to delegated day time period. The Commission finds will be deemed to have acknowledged
authority.6 that it is appropriate to designate a its end-of-day net-net settlement balance
Robert W. Errett, longer period within which to take and to make related technical changes
Deputy Secretary. action on the proposed rule change so and corrections to the Rules, as more
that it has sufficient time to consider the fully described below. The proposed
[FR Doc. 2016–00903 Filed 1–19–16; 8:45 am]
proposal. rule change was published for comment
BILLING CODE 8011–01–P
Accordingly, pursuant to section in the Federal Register on November 30,
19(b)(2) of the Act,7 the Commission 2015.6 The Commission did not receive
designates February 29, 2016, as the any comment letters on the proposed
SECURITIES AND EXCHANGE
date by which the Commission should rule change. For the reasons discussed
COMMISSION
either approve or disapprove or institute below, the Commission is granting
proceedings to determine whether to approval of the proposed rule change.
[Release No. 34–76891; File No. SR–BATS– disapprove the proposed rule change
2015–102] I. Description of the Proposed Rule
(File No. SR–BATS–2015–102).
Change
Self-Regulatory Organizations; BATS For the Commission, by the Division of
Trading and Markets, pursuant to delegated The following is a description of the
Exchange, Inc.; Notice of Designation proposed rule change, as provided by
of Longer Period for Commission authority.8
Robert W. Errett. DTC:
Action on a Proposed Rule Change To Background. The DTC 7 end-of-day
Adopt Rule 11.27 Regarding the Data Deputy Secretary.
net settlement structure depends upon
Collection Requirements of the Tick [FR Doc. 2016–00902 Filed 1–19–16; 8:45 am] the use of Settling Banks.8 Each
Size Pilot Program BILLING CODE 8011–01–P Participant must designate a Settling
January 13, 2016. Bank to settle on its behalf. Any
On November 13, 2015, BATS Participant that is a bank may settle for
SECURITIES AND EXCHANGE itself.9 Today, a Settling Bank that
Exchange, Inc. (the ‘‘Exchange’’ or COMMISSION
‘‘BATS’’) filed with the Securities and settles for other Participants must
Exchange Commission (‘‘Commission’’), [Release No. 34–76887; File No. SR–DTC– acknowledge its end-of-day net-net
pursuant to section 19(b)(1) of the
2015–011] settlement balance for the group of
Securities Exchange Act of 1934 Participants for which it settles, or
Self-Regulatory Organizations; The notify DTC if it refuses to settle for any
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a Depository Trust Company; Order Participant for which it is the
proposed rule change to adopt Exchange Approving Proposed Rule Change designated Settling Bank, by the later of
Rule 11.27 to implement the data Regarding the Acknowledgment of 4:15 p.m. and the time that is 30
collection requirements set forth in the End-of-Day Net-Net Settlement minutes after the Settling Bank end-of-
Regulation NMS Plan to Implement a Balances by Settling Banks day net-net settlement balances are first
Tick Size Pilot Program.3 The proposed
made available by DTC
rule change was published for comment January 13, 2016.
(‘‘Acknowledgment Cutoff Time’’).10
in the Federal Register on December 1, On November 16, 2015, The If a Settling Bank notifies DTC that it
2015.4 The Commission has received Depository Trust Company (‘‘DTC’’) refuses to settle for a Participant, DTC
one comment letter on the proposal.5 filed with the Securities and Exchange would recalculate the Settling Bank’s
Section 19(b)(2) of the Act 6 provides Commission (‘‘Commission’’) proposed net-net settlement balance by excluding
that, within 45 days of the publication rule change SR–DTC–2015–011 the net settlement balance of the
of the notice of the filing of a proposed pursuant to Section 19(b)(1) of the Participant for which the Settling Bank
rule change, or within such longer Securities Exchange Act of 1934 refused to settle.11 DTC would then
period up to 90 days as the Commission (‘‘Act’’),1 and Rule 19b–4 thereunder,2 provide the Settling Bank with its
may designate if it finds such longer to amend DTC’s Settlement Service adjusted net-net settlement balance
period to be appropriate and publishes Guide (‘‘Guide’’) 3 in order to establish (‘‘Post-Refusal Adjusted Balance’’). The
its reasons for so finding or as to which a new practice whereby any Settling Settling Bank may not refuse to settle for
the self-regulatory organization Bank 4 that (i) fails to affirmatively any other Participant on that day and
consents, the Commission shall either acknowledge its end-of-day net-net must immediately respond to DTC to
approve the proposed rule change, settlement balance,5 or (ii) does not
disapprove the proposed rule change, or 6 See Securities Exchange Act Release No. 76510

institute proceedings to determine 7 Id.
(November 23, 2015), 80 FR 74819 (November 30,
8 17 CFR 200.30–3(a)(31). 2015) (SR–DTC–2015–011).
whether the proposed rule change
1 15 U.S.C. 78s(b)(1). 7 Terms not otherwise defined herein have the
2 17 CFR 240.19b–4. meaning set forth in the DTC Rules (the ‘‘Rules’’),
6 17 CFR 200.30–3(a)(31). 3 Available at http://www.dtcc.com/∼/media/ available at http://www.dtcc.com/legal/rules-and-
1 15 U.S.C. 78s(b)(1). Files/Downloads/legal/service-guides/ procedures.aspx.
2 17 CFR 240.19b–4. 8 See the Guide, supra note 3, pp. 17–18.
Settlement.pdf for an overview of the end-of-day net
3 See Securities Exchange Act Release No. 74892
settlement process. 9 See Rule 9(B), supra note 7.
(May 6, 2015), 80 FR 27513 (May 13, 2015) (order 4 A ‘‘Settling Bank’’ is a DTC participant 10 Currently, a Settling Bank that settles only for
tkelley on DSK4VPTVN1PROD with NOTICES

approving the Tick Size Pilot) (‘‘Approval Order’’). (‘‘Participant’’) that is a bank and that settles for itself may opt out of the requirement to
4 See Securities Exchange Act Release No. 76524
itself and may settle for other Participants, acknowledge its balance, but it cannot refuse to
(November 25, 2015), 80 FR 75141. including other bank Participants. settle for itself.
5 See Letter from Mary Lou Von Kaenel, Managing 5 The end-of-day net-net figure is the net of all 11 Any Participant for which its designated
Director, Financial Information Forum, to Robert W. Participants’ net balances after cross-endorsement Settling Bank has refused to settle on its behalf
Errett, Deputy Secretary, Commission, dated with the National Securities Clearing Corporation remains obligated to DTC for the payment of any
December 22, 2015. for which a Settling Bank settles, including its own net debit balance and must make another
6 15 U.S.C. 78s(b)(2). accounts. arrangement to timely pay that amount by Fedwire.

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Document Created: 2016-01-19 23:44:18
Document Modified: 2016-01-19 23:44:18

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 3217