81 FR 38246 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to a Proposal To Relocate and Update the Existing Provisions of Rule 1080.07 to New Rule 1098

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 113 (June 13, 2016)

Page Range		38246-38247
FR Document		2016-13822
Federal Register, Volume 81 Issue 113 (Monday, June 13, 2016)
[Federal Register Volume 81, Number 113 (Monday, June 13, 2016)]
[Notices]
[Pages 38246-38247]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-13822]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78001; File No. SRndash;Phlxndash;2016-63]


Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change to a Proposal To 
Relocate and Update the Existing Provisions of Rule 1080.07 to New Rule 
1098

June 7, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on May 27, 2016, NASDAQ PHLX LLC (``Exchange'') filed with the 
Securities and Exchange Commission (``SEC'' or ``Commission'') the 
proposed rule change as described in Items I, II, a proposal to 
relocate and update the existing provisions of Rule 1080.07 to new Rule 
1098.and III, below, which Items have been prepared by the Exchange. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to a proposal to relocate and update the 
existing provisions of Rule 1080.07 to new Rule 1098.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqomxphlx.cchwallstreet.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 Exchange 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 Exchange 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
    The purpose of the proposal is to move the existing provisions 
regarding complex orders from Rule 1080.07 to new Rule 1098, Complex 
Orders. The Exchange intends to update and reorganize its rule book in 
a number of ways. The Exchange believes that the complex orders 
provisions are easier to read and follow if organized into a separate 
rule. Various references to Rule 1080.07 within Rule 1080 and in Rules 
1047 and 1066 will be changed to refer to Rule 1098.\3\
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    \3\ Previously, Rule 1080.07 was Rule 1080.08. Securities 
Exchange Act Release No. 75436 (July 13, 2015), 80 FR 42566 (July 
17, 2015) (SR-Phlx-2015-55). Two incorrect references to Rule 
1080.08 remain in Rule 1080.07(e)(i)(B)(1) and (e)(vi)(B), which is 
now being changed to refer to Rule 1098.
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    In addition, the Exchange proposes to make a few minor changes. 
First, the Exchange proposes to replace incorrect references in 
subparagraph (a)(i) of Rule 1080.07 to Nasdaq Options Services LLC and 
its abbreviation NOS with Nasdaq Execution Services, LLC and NES. The 
Exchange now uses NES for this purpose.\4\ This will be reflected in 
new Rule 1098(a)(i).
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    \4\ The Exchange replaced references to NOS with NES throughout 
its rule book but this particular reference was inadvertently 
omitted. Securities Exchange Act Release No. 71417 (January 28, 
2014), 79 FR 6253 (February 3, 2014) (SR-Phlx-2014-04).
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    Second, the Exchange proposes to amend subparagraph (c)(ii)(E) to 
replace the reference to the risk monitor mechanism with ``automatic 
removal of quotes'' and to delete the reference to Rule 1093, which was 
previously deleted and replaced with Rule 1095.\5\
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    \5\ Rule 1095 now covers various risk tools, including the risk 
monitor mechanism (which is now known as the Percentage-Based 
Threshold), the Volume-Based Threshold and the Multi-Trigger 
Threshold. Securities Exchange Act Release No. 76295 (October 29, 
2015), 80 FR 68338 (November 4, 2015) (SR-Phlx-2015-83).
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    Third, the Exchange proposes to refer to the ``System'' in new Rule 
1098 rather than Phlx XL or Phlx XL II to parallel the rules of its 
affiliated options exchanges \6\ and move away from that specific 
system name in the rules.\7\ As a result, the terms ``Phlx XL 
participant'' will now be referred to as ``participant'' and ``Phlx XL 
market maker'' will now be referred to as a ``Phlx electronic market 
maker.''
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    \6\ See e.g., NOM Chapter VI, Section 1(a) defining ``System'' 
in general terms.
    \7\ Separately, the Exchange intends to make this change 
throughout the rules.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \8\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \9\ in particular, in that it is designed to promote 
just and equitable principles of trade and to protect investors and the 
public interest, by rendering the complex orders provision easier to 
read. The proposed relocation and other changes are minor and 
administrative.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The proposal merely makes minor 
organizational corrections and changes.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \10\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\11\
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    \10\ 15 U.S.C. 78s(b)(3)(a)(iii).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in

[[Page 38247]]

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 Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-Phlx-2016-63 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-Phlx-2016-63. 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 Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-Phlx-2016-63, and should be 
submitted on or before July 5, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-13822 Filed 6-10-16; 8:45 am]
 BILLING CODE 8011-01-P
38246 Federal Register / Vol. 81, No. 113 / Monday, June 13, 2016 / Notices

For the Commission, by the Division of proposed rule change. The text of these a result, the terms ‘‘Phlx XL participant’’
Trading and Markets, pursuant to delegated statements may be examined at the will now be referred to as ‘‘participant’’
authority.28 places specified in Item IV below. The and ‘‘Phlx XL market maker’’ will now
Robert W. Errett, Exchange has prepared summaries, set be referred to as a ‘‘Phlx electronic
Deputy Secretary. forth in sections A, B, and C below, of market maker.’’
[FR Doc. 2016–13821 Filed 6–10–16; 8:45 am] the most significant aspects of such 2. Statutory Basis
BILLING CODE 8011–01–P statements.
The Exchange believes that its
A. Self-Regulatory Organization’s proposal is consistent with Section 6(b)
Statement of the Purpose of, and of the Act 8 in general, and furthers the
SECURITIES AND EXCHANGE
Statutory Basis for, the Proposed Rule objectives of Section 6(b)(5) of the Act 9
COMMISSION
Change in particular, in that it is designed to
[Release No. 34–78001; File No. promote just and equitable principles of
SRndash;Phlxndash;2016–63] 1. Purpose
trade and to protect investors and the
The purpose of the proposal is to public interest, by rendering the
Self-Regulatory Organizations; move the existing provisions regarding
NASDAQ PHLX LLC; Notice of Filing complex orders provision easier to read.
complex orders from Rule 1080.07 to The proposed relocation and other
and Immediate Effectiveness of new Rule 1098, Complex Orders. The
Proposed Rule Change to a Proposal changes are minor and administrative.
Exchange intends to update and
To Relocate and Update the Existing reorganize its rule book in a number of B. Self-Regulatory Organization’s
Provisions of Rule 1080.07 to New Rule ways. The Exchange believes that the Statement on Burden on Competition
1098 complex orders provisions are easier to The Exchange does not believe that
June 7, 2016. read and follow if organized into a the proposed rule change will impose
separate rule. Various references to Rule any burden on competition not
Pursuant to Section 19(b)(1) of the
1080.07 within Rule 1080 and in Rules necessary or appropriate in furtherance
Securities Exchange Act of 1934
1047 and 1066 will be changed to refer of the purposes of the Act. The proposal
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
to Rule 1098.3 merely makes minor organizational
notice is hereby given that on May 27,
In addition, the Exchange proposes to corrections and changes.
2016, NASDAQ PHLX LLC
make a few minor changes. First, the
(‘‘Exchange’’) filed with the Securities C. Self-Regulatory Organization’s
Exchange proposes to replace incorrect
and Exchange Commission (‘‘SEC’’ or Statement on Comments on the
references in subparagraph (a)(i) of Rule
‘‘Commission’’) the proposed rule Proposed Rule Change Received From
1080.07 to Nasdaq Options Services LLC
change as described in Items I, II, a Members, Participants, or Others
and its abbreviation NOS with Nasdaq
proposal to relocate and update the
Execution Services, LLC and NES. The No written comments were either
existing provisions of Rule 1080.07 to
Exchange now uses NES for this solicited or received.
new Rule 1098.and III, below, which
purpose.4 This will be reflected in new
Items have been prepared by the III. Date of Effectiveness of the
Rule 1098(a)(i).
Exchange. The Commission is Second, the Exchange proposes to Proposed Rule Change and Timing for
publishing this notice to solicit amend subparagraph (c)(ii)(E) to replace Commission Action
comments on the proposed rule change the reference to the risk monitor Because the foregoing proposed rule
from interested persons. mechanism with ‘‘automatic removal of change does not: (i) Significantly affect
I. Self-Regulatory Organization’s quotes’’ and to delete the reference to the protection of investors or the public
Statement of the Terms of the Substance Rule 1093, which was previously interest; (ii) impose any significant
of the Proposed Rule Change deleted and replaced with Rule 1095.5 burden on competition; and (iii) become
Third, the Exchange proposes to refer operative for 30 days from the date on
The Exchange proposes to a proposal to the ‘‘System’’ in new Rule 1098 rather which it was filed, or such shorter time
to relocate and update the existing than Phlx XL or Phlx XL II to parallel as the Commission may designate, it has
provisions of Rule 1080.07 to new Rule the rules of its affiliated options become effective pursuant to Section
1098. exchanges 6 and move away from that 19(b)(3)(A)(iii) of the Act 10 and
The text of the proposed rule change
specific system name in the rules.7 As subparagraph (f)(6) of Rule 19b–4
is available on the Exchange’s Web site
thereunder.11
at http:// 3 Previously, Rule 1080.07 was Rule 1080.08. At any time within 60 days of the
nasdaqomxphlx.cchwallstreet.com/, at Securities Exchange Act Release No. 75436 (July 13, filing of the proposed rule change, the
the principal office of the Exchange, and 2015), 80 FR 42566 (July 17, 2015) (SR–Phlx–2015–
Commission summarily may
at the Commission’s Public Reference 55). Two incorrect references to Rule 1080.08
remain in Rule 1080.07(e)(i)(B)(1) and (e)(vi)(B), temporarily suspend such rule change if
Room. which is now being changed to refer to Rule 1098. it appears to the Commission that such
II. Self-Regulatory Organization’s 4 The Exchange replaced references to NOS with
action is: (i) Necessary or appropriate in
NES throughout its rule book but this particular the public interest; (ii) for the protection
Statement of the Purpose of, and reference was inadvertently omitted. Securities
Statutory Basis for, the Proposed Rule Exchange Act Release No. 71417 (January 28, 2014), of investors; or (iii) otherwise in
Change 79 FR 6253 (February 3, 2014) (SR–Phlx–2014–04).
5 Rule 1095 now covers various risk tools, 8 15 U.S.C. 78f(b).
In its filing with the Commission, the including the risk monitor mechanism (which is 9 15 U.S.C. 78f(b)(5).
srobinson on DSK5SPTVN1PROD with NOTICES

Exchange included statements now known as the Percentage-Based Threshold), the 10 15 U.S.C. 78s(b)(3)(a)(iii).

concerning the purpose of and basis for Volume-Based Threshold and the Multi-Trigger 11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–

the proposed rule change and discussed Threshold. Securities Exchange Act Release No. 4(f)(6) requires a self-regulatory organization to give
76295 (October 29, 2015), 80 FR 68338 (November the Commission written notice of its intent to file
any comments it received on the 4, 2015) (SR–Phlx–2015–83). the proposed rule change at least five business days
6 See e.g., NOM Chapter VI, Section 1(a) defining
prior to the date of filing of the proposed rule
28 17 CFR 200.30–3(a)(12). ‘‘System’’ in general terms. change, or such shorter time as designated by the
1 15 U.S.C. 78s(b)(1). 7 Separately, the Exchange intends to make this Commission. The Exchange has satisfied this
2 17 CFR 240.19b–4. change throughout the rules. requirement.

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Federal Register / Vol. 81, No. 113 / Monday, June 13, 2016 / Notices 38247

furtherance of the purposes of the Act. For the Commission, by the Division of the originally filed proposed rule
If the Commission takes such action, the Trading and Markets, pursuant to delegated change in its entirety.7 On February 11,
Commission shall institute proceedings authority.12 2016, the Exchange both filed and
to determine whether the proposed rule Robert W. Errett, withdrew Amendment No. 2 to the
should be approved or disapproved. Deputy Secretary. proposed rule change. On February 11,
[FR Doc. 2016–13822 Filed 6–10–16; 8:45 am] 2016, the Exchange filed Amendment
IV. Solicitation of Comments
BILLING CODE 8011–01–P No. 3 to the proposed rule change.8 On
Interested persons are invited to February 17, 2016, the Exchange filed
submit written data, views, and Amendment No. 4 to the proposed rule
arguments concerning the foregoing, SECURITIES AND EXCHANGE change.9 On February 22, 2016, the
including whether the proposed rule COMMISSION Commission issued notice of filing of
change is consistent with the Act. Amendment Nos. 1, 3, and 4 to the
Comments may be submitted by any of [Release No. 34–78005; File No. SR–BATS–
2015–100] proposed rule change and instituted
the following methods: proceedings under Section 19(b)(2)(B) of
Electronic Comments Self-Regulatory Organizations; Bats the Act 10 to determine whether to
BZX Exchange, Inc.; Notice of Filing of approve or disapprove the proposed
• Use the Commission’s Internet rule change, as modified by Amendment
Amendment No. 5 To Proposed Rule
comment form (http://www.sec.gov/ Nos. 1, 3, and 4 thereto.11 In the Order
Change, as Modified by Amendments
rules/sro.shtml); or
• Send an email to rule-comments@ Nos. 1, 3, and 4 thereto, To Amend
Rule 14.11(i) To Adopt Generic Listing portfolio limit on listed derivatives to require that
sec.gov. Please include File Number SR– at least 90% of the weight of such holdings invested
Phlx–2016–63 on the subject line. Standards for Managed Fund Shares in futures, exchange-traded options, and listed
swaps shall, on both an initial and continuing basis,
Paper Comments June 7, 2016. consist of futures, options, and swaps for which the
Exchange may obtain information via the
• Send paper comments in triplicate I. Introduction Intermarket Surveillance Group (‘‘ISG’’) from other
to Secretary, Securities and Exchange On November 18, 2015, BATS members or affiliates of the ISG or for which the
Commission, 100 F Street NE., Exchange, Inc. (now known as Bats BZX principal market is a market with which the
Washington, DC 20549–1090. Exchange has a comprehensive surveillance sharing
Exchange, Inc., ‘‘Exchange’’ or ‘‘BZX’’) 1 agreement (‘‘CSSA’’); (4) provides that a portfolio’s
All submissions should refer to File filed with the Securities and Exchange investments in listed and over-the-counter
Number SR–Phlx–2016–63. This file Commission (‘‘Commission’’), pursuant derivatives will be calculated for purposes the
number should be included on the to Section 19(b)(1) of the Securities proposed limits on such holdings as the total
absolute notional value of the derivatives; (5) makes
subject line if email is used. To help the Exchange Act of 1934 (‘‘Act’’) 2 and Rule certain other conforming and clarifying changes.
Commission process and review your 19b–4 thereunder,3 a proposed rule The amendments to the proposed rule change are
comments more efficiently, please use change to amend Rule 14.11(i) by, available at: http://www.sec.gov/comments/sr-bats-
only one method. The Commission will among other things, adopting generic 2015-100/bats2015100.shtml.
7 See Amendment No. 1, supra note 6, at 4.
post all comments on the Commission’s listing standards for Managed Fund 8 Amendment No. 3 deletes from the proposal the
Internet Web site (http://www.sec.gov/ Shares. The proposed rule change was following two sentences: (1) ‘‘Such limitation will
rules/sro.shtml). Copies of the published for comment in the Federal not apply to listed swaps because swaps are listed
submission, all subsequent Register on November 25, 2015.4 On on swap execution facilities (‘‘SEFs’’), the majority
amendments, all written statements January 4, 2016, the Commission of which are not members of ISG.’’ and (2) ‘‘Such
limitation would not apply to listed swaps because
with respect to the proposed rule designated a longer period within which swaps are listed on SEFs, the majority of which are
change that are filed with the to approve the proposed rule change, not members of ISG.’’ Amendment No. 3 also
Commission, and all written disapprove the proposed rule change, or corrects an erroneous statement in Item 11 to
communications relating to the institute proceedings to determine indicate that an Exhibit 4 was included in
Amendment No. 1.
proposed rule change between the whether to disapprove the proposed 9 Amendment No. 4 deletes from the proposal the
Commission and any person, other than rule change.5 On February 9, 2016, the following sentence: ‘‘Thus, if the limitation applied
those that may be withheld from the Exchange filed Amendment No. 1 to the to swaps, there would effectively be a cap of 10%
public in accordance with the proposed rule change,6 which replaced of the portfolio invested in listed swaps.’’
provisions of 5 U.S.C. 552, will be Amendment No. 4 also amends two representations
as follows (added language in brackets): The
available for Web site viewing and 1 In March 2016, BATS changed its name from
Exchange or FINRA, on behalf of the Exchange, will
printing in the Commission’s Public ‘‘BATS Exchange, Inc.’’ to ‘‘Bats BZX Exchange, communicate as needed regarding trading in
Inc.’’ See Securities Act Release No. 77307 (Mar. 7,
Reference Room, 100 F Street NE., 2016), 81 FR 12996 (Mar. 11, 2016) (SR–BATS–
Managed Fund Shares [and their underlying
Washington, DC 20549 on official components] with other markets that are members
2016–25) (publishing notice of the name change to of the ISG, including all U.S. securities exchanges
business days between the hours of Bats BZX Exchange, Inc.). and futures exchanges on which the components
10:00 a.m. and 3:00 p.m. Copies of such 2 15 U.S.C. 78s(b)(1).
are traded[, or with which the Exchange has in
3 17 CFR 240.19b–4.
filing also will be available for place a CSSA.] In addition, the Exchange or
4 See Securities Exchange Act Release No. 76478 FINRA[,] on behalf of the Exchange[,] may obtain
inspection and copying at the principal
(Nov. 19, 2015), 80 FR 73841 (‘‘Notice’’). information regarding trading in Managed Fund
office of the Exchange. All comments 5 See Securities Exchange Act Release No. 76820, Shares [and their underlying components] from
received will be posted without change; 81 FR 989 (Jan. 8, 2016). The Commission other markets that are members of the ISG,
the Commission does not edit personal designated February 23, 2016 as the date by which including all U.S. securities exchanges and futures
identifying information from the Commission shall either approve or disapprove, exchanges on which the components are traded, or
or institute proceedings to determine whether to with which the Exchange has in place a CSSA.’’
submissions. You should submit only
srobinson on DSK5SPTVN1PROD with NOTICES

disapprove, the proposed rule change. See id. 10 15 U.S.C. 78s(b)(2)(B).
information that you wish to make 6 Amendment No. 1: (1) Clarifies the proposed 11 See Securities Exchange Act Release No. 77202,
available publicly. All submissions treatment of convertible securities under the 81 FR 9889 (Feb. 26, 2016) (‘‘Order Instituting
should refer to File Number SR–Phlx– proposed generic listing criteria; (2) modifies the Proceedings’’). Specifically, the Commission
2016–63, and should be submitted on or proposed criterion regarding American Depositary instituted proceedings to allow for additional
Receipts (‘‘ADRs’’) to provide that no more than analysis of the proposed rule change’s consistency
before July 5, 2016. 10% of the equity weight of the portfolio shall with Section 6(b)(5) of the Act, which requires,
consist of non-exchange traded (rather than among other things, that the rules of a national
12 17 CFR 200.30–3(a)(12). unsponsored) ADRs; (3) modifies the proposed Continued

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Document Created: 2018-02-08 07:39:51
Document Modified: 2018-02-08 07:39:51
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 38246