81_FR_35517 81 FR 35411 - Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend Rule 804(g)

81 FR 35411 - Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend Rule 804(g)

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 106 (June 2, 2016)

Page Range35411-35412
FR Document2016-12874

Federal Register, Volume 81 Issue 106 (Thursday, June 2, 2016) 
[Federal Register Volume 81, Number 106 (Thursday, June 2, 2016)]
[Notices]
[Pages 35411-35412]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-12874]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77927; File No. SR-ISE Gemini-2015-17]


Self-Regulatory Organizations; ISE Gemini, LLC; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
Amend Rule 804(g)

May 26, 2016.
    On November 12, 2015, ISE Gemini, 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\ On January 13, 2016, the 
Commission extended the time period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to disapprove the proposed rule 
change, to February 28, 2016.\4\ On February 26, 2016, the Commission 
instituted proceedings under Section 19(b)(2)(B) of the Act \5\ to 
determine whether to approve or disapprove the proposed rule change.\6\ 
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. 76505 (November 23, 
2015), 80 FR 74824.
    \4\ See Securities Exchange Act Release No. 76894 (January 13, 
2016), 81 FR 3213 (January 20, 2016).
    \5\ 15 U.S.C. 78s(b)(2)(B).
    \6\ See Securities Exchange Act Release No. 77247 (February 26, 
2016), 81 FR 11309 (March 3, 2016).
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    Section 19(b)(2) of the Act provides that proceedings to determine 
whether to disapprove a proposed rule change

[[Page 35412]]

must be concluded within 180 days of the date of publication of notice 
of the filing of the proposed rule change.\7\ The time for conclusion 
of the proceedings may be extended for up to 60 days if the Commission 
determines that a longer period is appropriate and publishes the 
reasons for such determination.\8\ The 180th day for this filing is May 
28, 2016.
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    \7\ 15 U.S.C. 78s(b)(2)(B)(ii)(I).
    \8\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
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    The Commission is extending the 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)(B)(ii)(II) of the Act \9\ 
and for the reasons stated above, the Commission designates July 27, 
2016, as the date by which the Commission should either approve or 
disapprove the proposed rule change (File No. SR-ISE Gemini-2015-17).
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    \9\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(31).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-12874 Filed 6-1-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 106 / Thursday, June 2, 2016 / Notices 35411 impact that disclosing contra-party it appears to the Commission that such information from submissions. You identities could have, which might action is necessary or appropriate in the should submit only information that include the ability to detect trading public interest, for the protection of you wish to make available publicly. All patterns and make assumptions about investors, or otherwise in furtherance of submissions should refer to File the potential direction of the market the purposes of the Act. If the Number SR–NYSE–2016–38 and should based on the identified contra party’s Commission takes such action, the be submitted on or before June 23, 2016. presumed client-base. The Exchange Commission shall institute proceedings For the Commission, by the Division of further believes it is appropriate to carve under Section 19(b)(2)(B) 12 of the Act to Trading and Markets, pursuant to delegated out Floor-based face-to-face trades from determine whether the proposed rule authority.13 the anonymity requirement because change should be approved or Brent J. Fields, such trades are, by definition, not disapproved. Secretary. anonymous. IV. Solicitation of Comments [FR Doc. 2016–12877 Filed 6–1–16; 8:45 am] B. Self-Regulatory Organization’s Interested persons are invited to BILLING CODE 8011–01–P Statement on Burden on Competition submit written data, views, and The Exchange does not believe that arguments concerning the foregoing, SECURITIES AND EXCHANGE the proposed rule change will impose including whether the proposed rule COMMISSION any burden on competition that is not change is consistent with the Act. necessary or appropriate in furtherance Comments may be submitted by any of [Release No. 34–77927; File No. SR–ISE of the purposes of the Act. The the following methods: Gemini–2015–17] proposed change is not designed to Electronic Comments Self-Regulatory Organizations; ISE address any competitive issue but rather intended to align the Exchange’s • Use the Commission’s Internet Gemini, LLC; Notice of Designation of practice with the rules of other national comment form (http://www.sec.gov/ Longer Period for Commission Action stock exchanges. rules/sro.shtml); or on Proceedings To Determine Whether • Send an email to rule-comments@ To Approve or Disapprove a Proposed C. Self-Regulatory Organization’s sec.gov. Please include File Number SR– Rule Change To Amend Rule 804(g) Statement on Comments on the NYSE–2016–38 on the subject line. Proposed Rule Change Received From May 26, 2016. Members, Participants, or Others Paper Comments On November 12, 2015, ISE Gemini, • Send paper comments in triplicate LLC (‘‘Exchange’’) filed with the No written comments were solicited Securities and Exchange Commission or received with respect to the proposed to Brent J. Fields, Secretary, Securities (‘‘Commission’’), pursuant to Section rule change. and Exchange Commission, 100 F Street 19(b)(1) of the Securities Exchange Act NE., Washington, DC 20549–1090. III. Date of Effectiveness of the of 1934 (‘‘Act’’) 1 and Rule 19b–4 All submissions should refer to File thereunder,2 a proposed rule change to Proposed Rule Change and Timing for Number SR–NYSE–2016–38. This file require clearing member approval before Commission Action number should be included on the a market maker could resume trading The Exchange has filed the proposed subject line if email is used. To help the rule change pursuant to Section after the activation of a market-wide Commission process and review your speed bump under Exchange Rule 19(b)(3)(A)(iii) of the Act 9 and Rule comments more efficiently, please use 804(g). The proposed rule change was 19b–4(f)(6) thereunder.10 Because the only one method. The Commission will published for comment in the Federal proposed rule change does not: (i) post all comments on the Commission’s Register on November 30, 2015.3 On Significantly affect the protection of Internet Web site (http://www.sec.gov/ January 13, 2016, the Commission investors or the public interest; (ii) rules/sro.shtml). Copies of the extended the time period within which impose any significant burden on submission, all subsequent to approve the proposed rule change, competition; and (iii) become operative amendments, all written statements disapprove the proposed rule change, or prior to 30 days from the date on which with respect to the proposed rule institute proceedings to determine it was filed, or such shorter time as the change that are filed with the whether to disapprove the proposed Commission may designate, if Commission, and all written rule change, to February 28, 2016.4 On consistent with the protection of communications relating to the February 26, 2016, the Commission investors and the public interest, the proposed rule change between the instituted proceedings under Section proposed rule change has become Commission and any person, other than 19(b)(2)(B) of the Act 5 to determine effective pursuant to Section 19(b)(3)(A) those that may be withheld from the whether to approve or disapprove the of the Act and Rule 19b–4(f)(6)(iii) public in accordance with the proposed rule change.6 The Commission thereunder.11 provisions of 5 U.S.C. 552, will be has received no comment letters on the At any time within 60 days of the available for Web site viewing and proposal. filing of such proposed rule change, the printing in the Commission’s Public Section 19(b)(2) of the Act provides Commission summarily may Reference Room, 100 F Street NE., that proceedings to determine whether temporarily suspend such rule change if Washington, DC 20549 on official to disapprove a proposed rule change business days between the hours of 9 15 U.S.C. 78s(b)(3)(A)(iii). asabaliauskas on DSK3SPTVN1PROD with NOTICES 10 17 10:00 a.m. and 3:00 p.m. Copies of the 13 17 CFR 200.30–3(a)(12). CFR 240.19b–4(f)(6). 11 In addition, Rule 19b–4(f)(6)(iii) requires the filing also will be available for 1 15 U.S.C. 78s(b)(1). Exchange to give the Commission written notice of inspection and copying at the principal 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 76505 the Exchange’s intent to file the proposed rule office of the Exchange. (November 23, 2015), 80 FR 74824. change, along with a brief description and text of All comments received will be posted 4 See Securities Exchange Act Release No. 76894 the proposed rule change, at least five business days without change; the Commission does prior to the date of filing of the proposed rule (January 13, 2016), 81 FR 3213 (January 20, 2016). change, or such shorter time as designated by the not edit personal identifying 5 15 U.S.C. 78s(b)(2)(B). Commission. The Exchange has satisfied this 6 See Securities Exchange Act Release No. 77247 requirement. 12 15 U.S.C. 78s(b)(2)(B). (February 26, 2016), 81 FR 11309 (March 3, 2016). VerDate Sep<11>2014 18:30 Jun 01, 2016 Jkt 238001 PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 E:\FR\FM\02JNN1.SGM 02JNN1

35412 Federal Register / Vol. 81, No. 106 / Thursday, June 2, 2016 / Notices must be concluded within 180 days of comments on the proposed rule change migrate to Pillar. Securities traded on the date of publication of notice of the from interested persons. the Exchange were migrated to Pillar in filing of the proposed rule change.7 The phases. The Exchange previously filed a I. Self-Regulatory Organization’s time for conclusion of the proceedings proposed rule change to amend its Fee Statement of the Terms of the Substance may be extended for up to 60 days if the Schedule to adopt references that would of the Proposed Rule Change be applicable during the migration to Commission determines that a longer period is appropriate and publishes the The Exchange proposes to amend the Pillar.5 Specifically, the Exchange reasons for such determination.8 The NYSE Arca Equities Schedule of Fees adopted language stating that the Fee 180th day for this filing is May 28, 2016. and Charges for Exchange Services Schedule would also apply to securities The Commission is extending the (‘‘Fee Schedule’’). The Exchange traded on Pillar during the migration. time period for Commission action on proposes to implement the fee changes The migration of securities to Pillar is the proposed rule change. The on June 1, 2016. The proposed rule now complete and all securities are now Commission finds that it is appropriate change is available on the Exchange’s traded on Pillar. Therefore, the to designate a longer period within Web site at www.nyse.com, at the Exchange now proposes to amend the which to take action on the proposed principal office of the Exchange, and at Fee Schedule to remove references rule change so that it has sufficient time the Commission’s Public Reference adopted in the Pillar Fee Filings. to consider and take action on the Room. Mid-Point Passive Liquidity Order— Exchange’s proposed rule change. II. Self-Regulatory Organization’s Securities $1.00 and Greater Accordingly, pursuant to Section Statement of the Purpose of, and The Exchange currently provides per 19(b)(2)(B)(ii)(II) of the Act 9 and for the Statutory Basis for, the Proposed Rule share credits under Tier 1, Tier 2 and reasons stated above, the Commission Change Basic Rates 6 for Mid-Point Passive designates July 27, 2016, as the date by which the Commission should either In its filing with the Commission, the Liquidity (‘‘MPL’’) Orders that provide approve or disapprove the proposed self-regulatory organization included liquidity based on the Average Daily rule change (File No. SR–ISE Gemini– statements concerning the purpose of, Volume (‘‘ADV’’) of provided liquidity 2015–17). and basis for, the proposed rule change in MPL Orders for Tape A, Tape B and and discussed any comments it received Tape C Securities combined (‘‘MPL For the Commission, by the Division of on the proposed rule change. The text Adding ADV’’). Specifically, for ETP Trading and Markets, pursuant to delegated authority.10 of those statements may be examined at Holders and Market Makers that have the places specified in Item IV below. MPL Adding ADV during a billing Brent J. Fields, The Exchange has prepared summaries, month of at least 3 million shares, the Secretary. set forth in sections A, B, and C below, Exchange provides a credit of $0.0015 [FR Doc. 2016–12874 Filed 6–1–16; 8:45 am] for Tape A securities and $0.0020 for of the most significant parts of such BILLING CODE 8011–01–P statements. Tape B and Tape C securities. For ETP Holders and Market Makers with MPL A. Self-Regulatory Organization’s Adding ADV during a billing month of SECURITIES AND EXCHANGE Statement of the Purpose of, and at least 1.5 million shares but less than COMMISSION Statutory Basis for, the Proposed Rule 3 million shares, the Exchange provides [Release No. 34–77925; File No. SR– Change a credit of $0.0015 for Tape A, Tape B NYSEArca–2016–78] 1. Purpose and Tape C securities. For ETP Holders and Market Makers with MPL Adding Self-Regulatory Organizations; NYSE The Exchange proposes to amend the ADV during a billing month of less than Arca, Inc.; Notice of Filing and Fee Schedule, as described below, and 1.5 million shares, the Exchange Immediate Effectiveness of Proposed implement the fee changes on June 1, provides a credit of $0.0010 for Tape A, Rule Change To Amend the NYSE Arca 2016. Tape B and Tape C securities. The Equities Schedule of Fees Effective On February 22, 2016, the Exchange Exchange also currently charges a fee of June 1, 2016 commenced the implementation of Pillar, the Exchange’s new technology 5 See Securities Exchange Act Release Nos. 77124 May 26, 2016. trading platform.4 Pillar is the integrated (February 12, 2016), 81 FR 8548 (February 19, 2016) Pursuant to Section 19(b)(1) 1 of the trading technology platform designed to (SR–NYSEArca–2016–18); and 77588 (April 12, Securities Exchange Act of 1934 (the 2016), 81 FR 22676 (April 18, 2016) (SR– use a single specification for connection NYSEArca–2016–54) (‘‘Pillar Fee Filings’’). ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 to the equities and options markets 6 Tier 1 applies to ETP Holders and Market notice is hereby given that, on May 23, operated by NYSE Arca and its Makers (1) that provide liquidity an average daily 2016, NYSE Arca, Inc. (the ‘‘Exchange’’ affiliates, New York Stock Exchange share volume per month of 0.70% or more of the or ‘‘NYSE Arca’’) filed with the LLC and NYSE MKT LLC. NYSE Arca US CADV. Tier 2 applies to ETP Holders and Securities and Exchange Commission Market Makers that provide liquidity an average Equities was the first trading system to daily share volume per month of 0.30% or more, (the ‘‘Commission’’) the proposed rule but less than 0.70% of the US CADV. Basic Rates change as described in Items I, II, and 4 See Securities Exchange Act Release Nos. 74951 apply when tier rates do not apply. Tier 3 applies III below, which Items have been (May 13, 2015), 80 FR 28721 (May 19, 2015) to ETP Holders and Market Makers that provide prepared by the self-regulatory (Notice) and 75494 (July 20, 2015), 80 FR 44170 liquidity an average daily share volume per month (July 24, 2015) (Order) (SR–NYSEArca–2015–38) of 0.20% or more, but less than 0.30% of the US organization. The Commission is asabaliauskas on DSK3SPTVN1PROD with NOTICES (‘‘Pillar I Filing’’); 75497 (July 21, 2015), 80 FR CADV. Basic Rates apply when tier rates do not publishing this notice to solicit 45022 (July 28, 2015) (Notice) and 76267 (Oct. 26, apply. US CADV means United States Consolidated 2015), 80 FR 66951 (Oct. 30, 2015) (Order) (SR– Average Daily Volume for transactions reported to 7 15 U.S.C. 78s(b)(2)(B)(ii)(I). NYSEArca–2015–56) (‘‘Pillar II Filing’’); 75467 (July the Consolidated Tape, excluding odd lots through 8 15 U.S.C. 78s(b)(2)(B)(ii)(II). 16, 2015), 80 FR 43515 (July 22, 2015) (Notice) and January 31, 2014 (except for purposes of Lead 9 Id. 76198 (Oct. 20, 2015), 80 FR 65274 (Oct. 26, 2015) Market Maker pricing), and excludes volume on 10 17 (Order) (SR–NYSEArca–2015–58) (‘‘Pillar III days when the market closes early and on the date CFR 200.30–3(a)(31). Filing’’); and 76085 (Oct. 6, 2015), 80 FR 61513 of the annual reconstitution of the Russell 1 15 U.S.C. 78s(b)(1). (Oct. 13, 2015) (Notice) and 76869 (Jan. 11, 2016) Investments Indexes. Transactions that are not 2 15 U.S.C. 78a. (Order) (SR–NYSEArca–2015–86) (‘‘Pillar Auction reported to the Consolidated Tape are not included 3 17 CFR 240.19b–4. Filing’’). in US CADV. VerDate Sep<11>2014 18:30 Jun 01, 2016 Jkt 238001 PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 E:\FR\FM\02JNN1.SGM 02JNN1


Document Created: 2016-06-02 01:23:05
Document Modified: 2016-06-02 01:23:05
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 35411 
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