81 FR 46728 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the SPY Pilot Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 137 (July 18, 2016)
Federal Register Volume 81, Issue 137 (July 18, 2016)
| Page Range | 46728-46730 | |
| FR Document | 2016-16855 |
[Federal Register Volume 81, Number 137 (Monday, July 18, 2016)] [Notices] [Pages 46728-46730] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-16855] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78295; File No. SR-ISE-2016-16] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the SPY Pilot Program July 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 July 7, 2016, the International Securities Exchange, LLC (the ``Exchange'' or the ``ISE'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II 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 the Substance of the Proposed Rule Change The ISE proposes to amend its rules to extend the pilot program that eliminated position and exercise limits for physically-settled options on the SPDR S&P ETF Trust (``SPY'') (``SPY Pilot Program''). 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 The Exchange proposes to amend Supplementary Material .01 to Rule 412 and Supplementary Material .01 to Rule 414 to extend the duration of the SPY Pilot Program through July 12, 2017. This filing does not propose any substantive changes to the SPY Pilot Program. In proposing to extend the SPY Pilot Program, the Exchange reaffirms its consideration of several factors that supported the original proposal of the SPY Pilot Program, including (1) the liquidity of the option and the underlying security, (2) the market capitalization of the underlying security and the related index, (3) the reporting of large positions and requirements surrounding margin, and (4) financial requirements imposed by ISE and the Commission. With this proposed extension to the SPY Pilot Program, the Exchange has submitted a report to the Commission reflecting the trading of standardized SPY options without position limits from January through May 2016. The report was prepared in the manner specified in the filing extending the SPY Pilot Program to the current pilot end date of July 12, 2016. The Exchange notes that it is unaware of any problems created by the SPY Pilot Program and does not foresee any as a result of the proposed extension. The proposed extension will allow the Exchange and the Commission to further evaluate the [[Page 46729]] SPY Pilot Program and the effect it has on the market. The Exchange represents that, should the Exchange propose to extend the pilot program, adopt on a permanent basis the pilot program or terminate the pilot program, it will submit a new pilot report at least thirty (30) days before the end of the extended SPY Pilot Program, which will cover the extended pilot period. The Pilot Report will detail the size and different types of strategies employed with respect to positions established as a result of the elimination of position limits in SPY. In addition, the Pilot Report will note whether any problems resulted due to the no limit approach and any other information that may be useful in evaluating the effectiveness of the SPY Pilot Program. The Pilot Report will compare the impact of the SPY Pilot Program, if any, on the volumes of SPY options and the volatility in the price of the underlying SPY shares, particularly at expiration. In preparing the report the Exchange will utilize various data elements such as volume and open interest. In addition the Exchange will make available to Commission staff data elements relating to the effectiveness of the SPY Pilot Program. Conditional on the findings in the Pilot Report, the Exchange will file with the Commission a proposal to extend the pilot program, adopt the pilot program on a permanent basis or terminate the pilot. If the SPY Pilot Program is not extended or adopted on a permanent basis by the expiration of the extended pilot, the position limits for SPY would revert to limits that were in effect prior to the commencement of the SPY Pilot Program. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of section 6(b) of the Act.\3\ In particular, the proposal is consistent with section 6(b)(5) of the Act,\4\ because it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \3\ 15 U.S.C. 78f(b). \4\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that extending the SPY Pilot Program promotes just and equitable principles of trade by permitting market participants, including market makers, institutional investors and retail investors, to establish greater positions when pursuing their investment goals and needs. The Exchange also believes that economically equivalent products should be treated in an equivalent manner so as to avoid regulatory arbitrage, especially with respect to position limits. Treating SPY and SPX options differently by virtue of imposing different position limits is inconsistent with the notion of promoting just and equitable principles of trade and removing impediments to perfect the mechanisms of a free and open market. At the same time, the Exchange believes that the elimination of position limits for SPY options would not increase market volatility or facilitate the ability to manipulate the market. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes the proposal is consistent with section 6(b)(8) of the Act \5\ in that it does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to address any aspect of competition, whether between the Exchange and its competitors, or among market participants. Instead the proposed rule change is designed to allow the SPY Pilot Program to continue as all other self-regulatory organizations currently participating in the SPY Pilot Program are expected to extend it for an additional year. --------------------------------------------------------------------------- \5\ 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 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) of the Act and Rule 19b- 4(f)(6) thereunder.\6\ --------------------------------------------------------------------------- \6\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \7\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \8\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay. The Exchange believes that waiver of the operative delay is consistent with the protection of investors and the public interest because it will allow the SPY Pilot Program to continue uninterrupted. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.\9\ --------------------------------------------------------------------------- \7\ 17 CFR 240.19b-4(f)(6). \8\ 17 CFR 240.19b-4(f)(6)(iii). \9\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 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 Number SR-ISE-2016-16 on the subject line. [[Page 46730]] Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-ISE-2016-16. 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-ISE-2016-16, and should be submitted on or before August 8, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-16855 Filed 7-15-16; 8:45 am] BILLING CODE 8011-01-P
![46728 Federal Register / Vol. 81, No. 137 / Monday, July 18, 2016 / Notices
(C) Self-Regulatory Organization’s Commission and any person, other than eliminated position and exercise limits
Statement on Comments on the those that may be withheld from the for physically-settled options on the
Proposed Rule Change Received From public in accordance with the SPDR S&P ETF Trust (‘‘SPY’’) (‘‘SPY
Members, Participants or Others provisions of 5 U.S.C. 552, will be Pilot Program’’). The text of the
The Exchange has not solicited, and available for Web site viewing and proposed rule change is available on the
does not intend to solicit, comments on printing in the Commission’s Public Exchange’s Web site (http://
this proposed rule change. The Reference Room, 100 F Street NE., www.ise.com), at the principal office of
Exchange has not received any written Washington, DC 20549, on official the Exchange, and at the Commission’s
comments from members or other business days between the hours of Public Reference Room.
interested parties. 10:00 a.m. and 3:00 p.m. Copies of such
filing will also be available for II. Self-Regulatory Organization’s
III. Date of Effectiveness of the inspection and copying at the principal Statement of the Purpose of, and
Proposed Rule Change and Timing for office of the Exchange. All comments Statutory Basis for, the Proposed Rule
Commission Action received will be posted without change; Change
The foregoing rule change has become the Commission does not edit personal In its filing with the Commission, the
effective pursuant to section 19(b)(3)(A) identifying information from self-regulatory organization included
of the Act 17 and paragraph (f) of Rule submissions. You should submit only statements concerning the purpose of,
19b–4 thereunder.18 At any time within information that you wish to make and basis for, the proposed rule change
60 days of the filing of the proposed rule available publicly. All submissions and discussed any comments it received
change, the Commission summarily may should refer to File Number SR– on the proposed rule change. The text
temporarily suspend such rule change if BatsBZX–2016–36 and should be of these statements may be examined at
it appears to the Commission that such submitted on or before August 8, 2016. the places specified in Item IV below.
action is necessary or appropriate in the For the Commission, by the Division of The self-regulatory organization has
public interest, for the protection of Trading and Markets, pursuant to delegated prepared summaries, set forth in
investors, or otherwise in furtherance of authority.19 sections A, B and C below, of the most
the purposes of the Act. Robert W. Errett, significant aspects of such statements.
IV. Solicitation of Comments Deputy Secretary. A. Self-Regulatory Organization’s
[FR Doc. 2016–16849 Filed 7–15–16; 8:45 am] Statement of the Purpose of, and
Interested persons are invited to
submit written data, views, and
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
arguments concerning the foregoing, Change
including whether the proposed rule SECURITIES AND EXCHANGE 1. Purpose
change is consistent with the Act. COMMISSION The Exchange proposes to amend
Comments may be submitted by any of
[Release No. 34–78295; File No. SR–ISE– Supplementary Material .01 to Rule 412
the following methods:
2016–16] and Supplementary Material .01 to Rule
Electronic Comments 414 to extend the duration of the SPY
• Use the Commission’s Internet Self-Regulatory Organizations; Pilot Program through July 12, 2017.
comment form (http://www.sec.gov/ International Securities Exchange, This filing does not propose any
LLC; Notice of Filing and Immediate substantive changes to the SPY Pilot
rules/sro.shtml); or
• Send an email to rule-comments@ Effectiveness of Proposed Rule Program. In proposing to extend the
sec.gov. Please include File Number SR– Change To Extend the SPY Pilot SPY Pilot Program, the Exchange
BatsBZX–2016–36 on the subject line. Program reaffirms its consideration of several
July 12, 2016.
factors that supported the original
Paper Comments proposal of the SPY Pilot Program,
Pursuant to section 19(b)(1) of the
• Send paper comments in triplicate Securities Exchange Act of 1934 (the including (1) the liquidity of the option
to Secretary, Securities and Exchange ‘‘Act’’),1 and Rule 19b–4 thereunder,2 and the underlying security, (2) the
Commission, 100 F Street NE., notice is hereby given that on July 7, market capitalization of the underlying
Washington, DC 20549–1090. 2016, the International Securities security and the related index, (3) the
All submissions should refer to File Exchange, LLC (the ‘‘Exchange’’ or the reporting of large positions and
Number SR–BatsBZX–2016–36. This file ‘‘ISE’’) filed with the Securities and requirements surrounding margin, and
number should be included on the Exchange Commission (‘‘Commission’’) (4) financial requirements imposed by
subject line if email is used. To help the the proposed rule change as described ISE and the Commission.
Commission process and review your With this proposed extension to the
in Items I and II below, which Items
comments more efficiently, please use SPY Pilot Program, the Exchange has
have been prepared by the self-
only one method. The Commission will submitted a report to the Commission
regulatory organization. The
post all comments on the Commission’s reflecting the trading of standardized
Commission is publishing this notice to
Internet Web site (http://www.sec.gov/ SPY options without position limits
solicit comments on the proposed rule
rules/sro.shtml). Copies of the from January through May 2016. The
change from interested persons.
submission, all subsequent report was prepared in the manner
I. Self-Regulatory Organization’s specified in the filing extending the SPY
asabaliauskas on DSK3SPTVN1PROD with NOTICES
amendments, all written statements
with respect to the proposed rule Statement of the Terms of the Substance Pilot Program to the current pilot end
change that are filed with the of the Proposed Rule Change date of July 12, 2016. The Exchange
Commission, and all written The ISE proposes to amend its rules notes that it is unaware of any problems
communications relating to the to extend the pilot program that created by the SPY Pilot Program and
proposed rule change between the does not foresee any as a result of the
19 17 CFR 200.30–3(a)(12). proposed extension. The proposed
17 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1). extension will allow the Exchange and
18 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4. the Commission to further evaluate the
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![46730 Federal Register / Vol. 81, No. 137 / Monday, July 18, 2016 / Notices
Paper Comments (‘‘Act’’),1 and Rule 19d–1(c)(2) or the Department of Market Regulation,
• Send paper comments in triplicate thereunder,2 notice is hereby given that on behalf of the Exchange, has reason to
to Brent J. Fields, Secretary, Securities on July 11, 2016, Investors’ Exchange believe a violation has occurred and if
and Exchange Commission, 100 F Street LLC (‘‘IEX’’ or the ‘‘Exchange’’) filed the Member or associated person does
NE., Washington, DC 20549–1090. with the Securities and Exchange not dispute the violation, the
Commission (‘‘Commission’’) a Department of Enforcement or the
All submissions should refer to File proposed minor rule violation plan Department of Market Regulation may
Number SR–ISE–2016–16. This file (‘‘MRVP’’) with sanctions not exceeding prepare and request that the Member or
number should be included on the $2,500 which would not be subject to associated person execute a minor rule
subject line if email is used. To help the the provisions of Rule 19d–1(c)(1) of the violation plan letter accepting a finding
Commission process and review your Act 3 requiring that a self-regulatory of violation, consenting to the
comments more efficiently, please use organization (‘‘SRO’’) promptly file imposition of sanctions, and agreeing to
only one method. The Commission will notice with the Commission of any final waive such Member’s or associated
post all comments on the Commission’s disciplinary action taken with respect to person’s right to a hearing before a
Internet Web site (http://www.sec.gov/ any person or organization.4 In Hearing Panel or, if applicable, an
rules/sro.shtml). Copies of the accordance with Rule 19d–1(c)(2) under Extended Hearing Panel, and any right
submission, all subsequent the Act,5 the Exchange proposed to of appeal to the IEX Appeals Committee,
amendments, all written statements designate certain specified rule the Board, the SEC, and the courts, or
with respect to the proposed rule violations as minor rule violations, and to otherwise challenge the validity of
change that are filed with the requested that it be relieved of the the letter, if the letter is accepted. The
Commission, and all written prompt reporting requirements letter shall describe the act or practice
communications relating to the regarding such violations, provided it engaged in or omitted, the rule,
proposed rule change between the gives notice of such violations to the regulation, or statutory provision
Commission and any person, other than Commission on a quarterly basis. violated, and the sanction or sanctions
those that may be withheld from the The Exchange proposes to include in to be imposed. Unless the letter states
public in accordance with the its MRVP the procedures included in otherwise, the effective date of any
provisions of 5 U.S.C. 552, will be Exchange Rule 9.216(b) (‘‘Procedure for sanction(s) imposed will be a date to be
available for Web site viewing and Violation Under Plan Pursuant to determined by IEX Regulation staff. In
printing in the Commission’s Public Exchange Act Rule 19d–1(c)(2)’’) and the event the letter is not accepted by
Reference Room, 100 F Street NE., violations to be included in Exchange the Member or associated person, or is
Washington, DC 20549 on official Rule 9.218 (‘‘Violations Appropriate for rejected by the Office of Disciplinary
business days between the hours of Disposition Under Plan Pursuant to Affairs, the matter can proceed in
10:00 a.m. and 3:00 p.m. Copies of such Exchange Act Rule 19d–1(c)(2)’’).6 accordance with the Exchange’s
filing also will be available for According to the Exchange’s MRVP, disciplinary rules already approved by
inspection and copying at the principal under Rule 9.216(b), the Exchange may the Commission, which include hearing
office of the Exchange. All comments impose a fine (not to exceed $2,500) rights for formal disciplinary
received will be posted without change; and/or a censure on any Member or proceedings.7
the Commission does not edit personal associated person with respect to any The Exchange proposes that, as set
identifying information from rule listed in IEX Rule 9.218. If the forth in Exchange Rule 9.218, violations
submissions. You should submit only of the following rules would be
Financial Industry Regulatory Authority
information that you wish to make appropriate for disposition under the
(‘‘FINRA’’) Department of Enforcement
available publicly. All submissions MRVP: Rule 2.160(p)—Continuing
should refer to File Number SR–ISE– 1 15
U.S.C. 78s(d)(1).
Education Requirements; Rule 4.511
2016–16, and should be submitted on or 2 17
CFR 240.19d–1(c)(2). (General Requirements related to books
before August 8, 2016. 3 17 CFR 240.19d–1(c)(1). and records requirements); Rule 4.540
For the Commission, by the Division of
4 The Commission adopted amendments to (Furnishing of records); Rule 5.110
Trading and Markets, pursuant to delegated
paragraph (c) of Rule 19d–1 to allow SROs to (Supervision); Rule 8.220 (Automated
submit for Commission approval plans for the submission of trading data requested);
authority.10 abbreviated reporting of minor disciplinary
Robert W. Errett, infractions. See Securities Exchange Act Release Rule 11.151(a)(1) (Market Maker two-
No. 21013 (June 1, 1984), 49 FR 23828 (June 8, sided quotation requirement); Rule
Deputy Secretary.
1984). Any disciplinary action taken by an SRO 11.290 (Short sales); Rule 11.310
[FR Doc. 2016–16855 Filed 7–15–16; 8:45 am] against any person for violation of a rule of the SRO (Locking or crossing quotations in NMS
BILLING CODE 8011–01–P which has been designated as a minor rule violation
pursuant to such a plan filed with and declared
stocks); and Rule 11.420 (Order audit
effective by the Commission is not considered trail system requirements).
‘‘final’’ for purposes of Section 19(d)(1) of the Act Upon the Commission’s declaration of
SECURITIES AND EXCHANGE if the sanction imposed consists of a fine not effectiveness of the MRVP, the Exchange
COMMISSION exceeding $2,500 and the sanctioned person has not will provide to the Commission a
sought an adjudication, including a hearing, or
[Release No. 34–78300; File No. 4–701] otherwise exhausted his administrative remedies. quarterly report for any actions taken on
5 17 CFR 240.19d–1(c)(2). minor rule violations under the MRVP.
Self-Regulatory Organizations; 6 The Exchange received its grant of registration The quarterly report will include: The
Exchange’s internal file number for the
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Investors Exchange LLC; Notice of on June 17, 2016, which included approving the
rules that govern the Exchange. See Securities case, the name of the individual and/or
Filing of Proposed Minor Rule Exchange Act Release No. 78101 (June 17, 2016), 81
Violation Plan FR 41141 (June 23, 2016) (File No. 10–222). The organization, the nature of the violation,
Exchange anticipates, upon effectiveness of its the specific rule provision violated, the
July 12, 2016. MRVP, to file a rule proposal pursuant to Section sanction imposed, the number of times
Pursuant to Section 19(d)(1) of the 19(b)(1) of the Act, and Rule 19b–4 thereunder, to the rule violation occurred, and the date
Securities Exchange Act of 1934 amend Rule 9.218 to specify the violations to be
subject to the MRVP. Exhibit A includes the of the disposition.
entirety of Rule 9.216(b) and anticipated changes to
10 17 CFR 200.30–3(a)(12). Rule 9.218. 7 See, Chapter 9 generally.
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Document Created: 2016-07-16 02:28:48
Document Modified: 2016-07-16 02:28:48
| 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 46728 |
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