81 FR 4724 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend a Quote Spread Parameter Provision
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 17 (January 27, 2016)
Federal Register Volume 81, Issue 17 (January 27, 2016)
| Page Range | 4724-4726 | |
| FR Document | 2016-01665 |
[Federal Register Volume 81, Number 17 (Wednesday, January 27, 2016)] [Notices] [Pages 4724-4726] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-01665] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76966; File No. SR-Phlx-2016-06] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend a Quote Spread Parameter Provision January 22, 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 January 14, 2016, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 1014(c)(i)(A)(1)(b) respecting U.S. dollar-settled foreign currency options (``FCO'') quote spread parameters, also known as bid/ask differentials, as described further below. The text of the proposed rule change is below; proposed new language is italicized. * * * * * NASDAQ OMX PHLX Rules * * * * * Rule 1014. Obligations and Restrictions Applicable to Specialists and Registered Options Traders (a)-(b) No change. (c) In Classes of Option Contracts to Which Assigned--Affirmative Obligations. With respect to classes of option contracts to which his assignment extends, a Specialist and an ROT, whenever the ROT (except an RSQT) enters the trading crowd in other than a floor brokerage capacity or is called upon by an Options Exchange Official or a Floor Broker, to make a market, are expected to engage, to a reasonable degree under the existing circumstances, in dealing for his own account when there exists, or it is reasonably anticipated that there will exist, a lack of price continuity, a temporary disparity between the supply of and demand for a particular option contract, or a temporary distortion of the price relationships between option contracts of the same class. Without limiting the foregoing, a Specialist and an ROT is expected to perform the following activities in the course of maintaining a fair and orderly market: (i) Options on Equities (including Exchange-Traded Fund Shares), Index Options, and U.S. dollar-settled Foreign Currency Options. (A)(1) Quote Spread Parameters (Bid/Ask Differentials)-- (a) Options on equities and index options bidding and/or offering so as to create differences of no more than $.25 between the bid and the offer for each option contract for which the prevailing bid is less than $2; no more than $.40 where the prevailing bid is $2 or more but less than $5; no more than $.50 where the prevailing bid is $5 or more but less than $10; no more than $.80 where the prevailing bid is $10 or more but less than $20; and no more than $1 where the prevailing bid is $20 or more, provided that, in the case of equity options, the bid/ask differentials stated above shall not apply to in-the-money series where the market for the underlying security is wider than the differentials set forth above. For such series, the bid/ask differentials may be as wide as the quotation for the underlying security on the primary market, or its decimal equivalent rounded up to the nearest minimum increment. The Exchange may establish differences other than the above for one or more series or classes of options. (b) Options on U.S. dollar-settled FCO. With respect to all U.S. dollar-settled FCO bidding and/or offering so as to create differences of no more than $.25 between the bid and the offer for each option contract for which the [[Page 4725]] prevailing bid is less than $2.00; no more than $.40 where the prevailing bid is $2.00 or more but less than $5.00; no more than $.50 where the prevailing bid is $5.00 or more but less than $10.00; no more than $.80 where the prevailing bid is $10.00 or more but less than $20.00; and no more than $1.00 where the prevailing bid is $20.00 or more. The Exchange may establish differences other than the above for one or more series or classes of options. (2) No change. (d)-(g) No change. * * *Commentary: ------------ .01-.19 No change. * * * * * 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 update and clarify the quote spread parameters applicable to FCOs. Quote spread parameters establish the maximum permissible width between the bid and the offer in a particular option series. Quote spreads apply to quotes, not orders, and are thus only applicable to the quoting participants who are required to submit two-sided quotes. This includes specialists and the various types of Registered Options Traders (``ROTs'') enumerated in Rule 1014(b). Specifically, the Exchange proposes to amend Rule 1014(c)(i)(A)(1)(b) respecting FCOs to parallel the following language in Rule 1014(c)(i)(A)(1)(a) respecting equity and index options: the Exchange may establish differences other than the above for one or more series or classes of options. The Exchange inadvertently did not add this language respecting FCOs, even though the ability to establish different quote spread parameters is contemplated in Options Floor Procedure Advice (``Advice'') F-6,\3\ Option Quote Parameters. Advice F-6 provides that relief from the established bid/ask differentials may be granted upon the receipt of an approval of an Options Exchange Official.\4\ This relief is clearly available for FCOs under Advice F-6 based on the placement of the language. The Exchange believes that, although the relief language in Advice F-6 implies (but does not expressly require) that a request must be made to the Exchange, the result of any such relief would be to establish a different quote spread parameter.\5\ If relief is granted, such relief applies to all market participants, regardless of whether a request was specifically made or whether it was made by one particular market participant. The Exchange certainly would not require that such relief be doled out participant-by-participant. The Exchange commonly announces such relief by issuing an Options Regulatory Alert. --------------------------------------------------------------------------- \3\ Options floor procedures advices generally correspond to Exchange rules and comprise the Exchange's minor rule violation plan establishing preset fines for certain violations pursuant to Rule 19d-1(c) under the Act. 17 CFR 240.19d-1(c). \4\ An Options Exchange Official is an Exchange staff member or contract employee designated as such by the Chief Regulatory Officer. See Rule 1(w). \5\ Some of the circumstances that may result in wider quote spread parameters include volatility in the underlying, recent news affecting the underlying and heavy volume in the underlying or the overlying option. --------------------------------------------------------------------------- Accordingly, the Exchange believes that adopting the proposed language to expressly permit different bid/ask differentials is clearer and parallels the language applicable to other options products, all of which trade on the same trading floor and through the same trading system. There is no reason why different quote spread parameters should be available to equity and index options and not FCOs, much like the relief provision in Advice F-6 applies to all options, including FCOs. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \6\ in general, and furthers the objectives of Section 6(b)(5) of the Act \7\ in particular, in that it is designed to promote just and equitable principles of trade and protect investors and the public interest by making it clear that respecting FCOs, just like all other options, different quote spread parameters can be established by the Exchange to address specific requests as well as general market events. This should promote just and equitable principles of trade and protect investors by having quote spread parameters reflect potential volatility and activity in the underlying currency, and thereby encourage robust market making in FCOs that reflects current market conditions. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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. With respect to intra-market competition, the proposed language will apply to all quoting market participants equally. With respect to inter-market competition, market participants who disagree with the quote spread parameters that the Exchange establishes may choose to trade FCOs on another exchange. 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 \8\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\9\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(a)(iii). \9\ 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. --------------------------------------------------------------------------- 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 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. [[Page 4726]] 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-Phlx-2016-06 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-2016-06. 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 the 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-2016-06 and should be submitted on or before February 17, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2016-01665 Filed 1-26-16; 8:45 am] BILLING CODE 8011-01-P
![4724 Federal Register / Vol. 81, No. 17 / Wednesday, January 27, 2016 / Notices
SECURITIES AND EXCHANGE Accordingly, the Commission, Rule 1014. Obligations and
COMMISSION pursuant to Section 19(b)(2) of the Act,6 Restrictions Applicable to Specialists
designates April 27, 2016, as the date by and Registered Options Traders
[Release No. 34–76955; File No. SR– which the Commission should either
NYSEArca–2015–93] (a)–(b) No change.
approve or disapprove or institute (c) In Classes of Option Contracts to
Self-Regulatory Organizations; NYSE proceedings to determine whether to Which Assigned—Affirmative
Arca, Inc.; Notice of Designation of a disapprove the proposed rule change Obligations. With respect to classes of
Longer Period for Commission Action (File Number SR–NYSEArca–2015–93), option contracts to which his
on Proposed Rule Change, as Modified as modified by Amendment No. 1. assignment extends, a Specialist and an
by Amendment No. 1, Relating To For the Commission, by the Division of ROT, whenever the ROT (except an
Listing and Trading of Shares of the Trading and Markets, pursuant to delegated RSQT) enters the trading crowd in other
Cumberland Municipal Bond ETF authority.7 than a floor brokerage capacity or is
Under NYSE Arca Equities Rule 8.600 Brent J. Fields, called upon by an Options Exchange
Secretary. Official or a Floor Broker, to make a
January 21, 2016. market, are expected to engage, to a
[FR Doc. 2016–01536 Filed 1–26–16; 8:45 am]
On November 24, 2015, NYSE Arca, reasonable degree under the existing
BILLING CODE 8011–01–P
Inc. filed with the Securities and circumstances, in dealing for his own
Exchange Commission (‘‘Commission’’), account when there exists, or it is
pursuant to Section 19(b)(1) of the reasonably anticipated that there will
SECURITIES AND EXCHANGE
Securities Exchange Act of 1934 exist, a lack of price continuity, a
COMMISSION
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a temporary disparity between the supply
proposed rule change to list and trade of and demand for a particular option
shares of the Cumberland Municipal [Release No. 34–76966; File No. SR–Phlx–
2016–06]
contract, or a temporary distortion of the
Bond ETF, a series of the ETF is Series price relationships between option
Trust I. The proposed rule change was contracts of the same class. Without
Self-Regulatory Organizations;
published for comment in the Federal limiting the foregoing, a Specialist and
NASDAQ OMX PHLX LLC; Notice of
Register on December 14, 2015.3 On an ROT is expected to perform the
Filing and Immediate Effectiveness of
December 29, 2015, the Exchange following activities in the course of
Proposed Rule Change To Amend a
submitted Amendment No. 1 to the maintaining a fair and orderly market:
Quote Spread Parameter Provision
proposed rule change.4 The Commission (i) Options on Equities (including
received no comment letters on the January 22, 2016. Exchange-Traded Fund Shares), Index
proposed rule change. Options, and U.S. dollar-settled Foreign
Pursuant to Section 19(b)(1) of the
Section 19(b)(2) of the Act 5 provides Currency Options.
Securities Exchange Act of 1934
that, within 45 days of the publication (A)(1) Quote Spread Parameters (Bid/
(‘‘Act’’) 1, and Rule 19b–4 thereunder,2
of notice of the filing of a proposed rule Ask Differentials)—
notice is hereby given that on January
change, or within such longer period up (a) Options on equities and index
14, 2016, NASDAQ OMX PHLX LLC
to 90 days as the Commission may options bidding and/or offering so as to
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
designate if it finds such longer period create differences of no more than $.25
Securities and Exchange Commission
to be appropriate and publishes its between the bid and the offer for each
(‘‘SEC’’ or ‘‘Commission’’) the proposed
reasons for so finding or as to which the option contract for which the prevailing
rule change as described in Items I, II,
self-regulatory organization consents, bid is less than $2; no more than $.40
and III, below, which Items have been
the Commission shall either approve the where the prevailing bid is $2 or more
prepared by the Exchange. The
proposed rule change, disapprove the but less than $5; no more than $.50
Commission is publishing this notice to
proposed rule change, or institute where the prevailing bid is $5 or more
solicit comments on the proposed rule
proceedings to determine whether the but less than $10; no more than $.80
change from interested persons.
proposed rule change should be where the prevailing bid is $10 or more
disapproved. The Commission is I. Self-Regulatory Organization’s but less than $20; and no more than $1
extending this 45-day time period. The Statement of the Terms of Substance of where the prevailing bid is $20 or more,
Commission finds that it is appropriate the Proposed Rule Change provided that, in the case of equity
to designate a longer period within options, the bid/ask differentials stated
which to take action on the proposed The Exchange proposes to amend above shall not apply to in-the-money
rule change so that it has sufficient time Rule 1014(c)(i)(A)(1)(b) respecting U.S. series where the market for the
to consider the proposed rule change. dollar-settled foreign currency options underlying security is wider than the
(‘‘FCO’’) quote spread parameters, also differentials set forth above. For such
1 15 U.S.C. 78s(b)(1). known as bid/ask differentials, as series, the bid/ask differentials may be
2 17 CFR 240.19b–4. described further below. as wide as the quotation for the
3 See Securities Exchange Act Release No. 76590
(December 8, 2015), 80 FR 77384 (‘‘Notice’’).
The text of the proposed rule change underlying security on the primary
4 In Amendment No. 1, which replaces and is below; proposed new language is market, or its decimal equivalent
supersedes the original filing in its entirety, the italicized. rounded up to the nearest minimum
Exchange made clarifying changes, added a increment. The Exchange may establish
asabaliauskas on DSK5VPTVN1PROD with NOTICES
* * * * *
representation regarding municipal bonds, deleted differences other than the above for one
a sentence regarding redemption, and clarified NASDAQ OMX PHLX Rules
pricing information for certain assets. Amendment or more series or classes of options.
No. 1 is not subject to notice and comment because * * * * * (b) Options on U.S. dollar-settled
it is a technical amendment that does not materially FCO. With respect to all U.S. dollar-
alter the substance of the proposed rule change or settled FCO bidding and/or offering so
6 Id.
raise any novel regulatory issues. It is available at:
http://www.sec.gov/comments/sr-nysearca-2015-93/ 7 17 CFR 200.30–3(a)(31). as to create differences of no more than
nysearca201593-1.pdf. 1 15 U.S.C. 78s(b)(1). $.25 between the bid and the offer for
5 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4. each option contract for which the
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![4726 Federal Register / Vol. 81, No. 17 / Wednesday, January 27, 2016 / Notices
IV. Solicitation of Comments For the Commission, by the Division of II. Self-Regulatory Organization’s
Trading and Markets, pursuant to delegated Statement of the Purpose of, and
Interested persons are invited to authority.10 Statutory Basis for, the Proposed Rule
submit written data, views, and Brent J. Fields, Change
arguments concerning the foregoing, Secretary. In its filing with the Commission, the
including whether the proposed rule [FR Doc. 2016–01665 Filed 1–26–16; 8:45 am] self-regulatory organization included
change is consistent with the Act. BILLING CODE 8011–01–P statements concerning the purpose of,
Comments may be submitted by any of and basis for, the proposed rule change
the following methods: and discussed any comments it received
SECURITIES AND EXCHANGE on the proposed rule change. The text
Electronic Comments COMMISSION of those statements may be examined at
• Use the Commission’s Internet the places specified in Item IV below.
comment form (http://www.sec.gov/ [Release No. 34–76969; File No. SR– The Exchange has prepared summaries,
rules/sro.shtml); or NYSEArca–2016–13] set forth in sections A, B, and C below,
of the most significant parts of such
• Send an email to rule-comments@ Self-Regulatory Organizations; NYSE statements.
sec.gov. Please include File Number SR– Arca, Inc.; Notice of Filing and
Phlx–2016–06 on the subject line. Immediate Effectiveness of Proposed A. Self-Regulatory Organization’s
Rule Change Amending the Statement of the Purpose of, and the
Paper Comments Statutory Basis for, the Proposed Rule
Exchange’s Schedule of Fees and
• Send paper comments in triplicate Charges To Define the Term Change
to Secretary, Securities and Exchange ‘‘Exchange Traded Products’’ and To 1. Purpose
Commission, 100 F Street NE., Provide for the Proration of Annual
Fees Applicable to Exchange Traded The Exchange proposes to amend its
Washington, DC 20549–1090. Schedule of Fees and Charges for NYSE
Products That Have Liquidated
All submissions should refer to File Arca Equities listing fees (‘‘Schedule’’)
Number SR–Phlx–2016–06. This file January 22, 2016. to define the term ‘‘Exchange Traded
number should be included on the Products,’’ to revise the Annual Fees
Pursuant to Section 19(b)(1) of the
subject line if email is used. To help the paid by issuers of Exchange Traded
Securities Exchange Act of 1934
Products, and to make technical, non-
Commission process and review your (‘‘Act’’),1 and Rule 19b–4 thereunder,2
substantive changes to the Schedule.
comments more efficiently, please use notice is hereby given that on January The term ‘‘Derivative Securities
only one method. The Commission will 14, 2016, NYSE Arca, Inc. (the Products’’ is currently defined in
post all comments on the Commission’s ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with Footnote 3 of the Schedule to mean the
Internet Web site (http://www.sec.gov/ the Securities and Exchange securities described in NYSE Arca
rules/sro.shtml). Copies of the Commission (‘‘SEC’’ or ‘‘Commission’’) Equities Rules 5.2(j)(3) (Investment
submission, all subsequent the proposed rule change as described Company Units); 8.100 (Portfolio
amendments, all written statements in Items I, II, and III below, which Items Depositary Receipts); 8.200 (Trust
with respect to the proposed rule have been prepared by the Exchange.3 Issued Receipts); 8.201 (Commodity-
change that are filed with the The Commission is publishing this Based Trust Shares); 8.202 (Currency
Commission, and all written notice to solicit comments on the Trust Shares); 8.203 (Commodity Index
proposed rule change from interested Trust Shares); 8.204 (Commodity
communications relating to the
persons. Futures Trust Shares); 8.300
proposed rule change between the
Commission and any person, other than I. Self-Regulatory Organization’s (Partnership Units); 8.500 (Trust Units);
those that may be withheld from the Statement of the Terms of Substance of 8.600 (Managed Fund Shares), and
public in accordance with the the Proposed Rule Change 8.700 (Managed Trust Securities). The
provisions of 5 U.S.C. 552, will be Exchange proposes to replace the term
The Exchange proposes to amend the ‘‘Derivative Securities Products’’ with
available for Web site viewing and
Exchange’s Schedule of Fees and the term ‘‘Exchange Traded Products’’
printing in the Commission’s Public Charges to define the term ‘‘Exchange
Reference Room, 100 F Street NE., as a term that is more commonly used
Traded Products’’ and to provide for the by investors and the public with respect
Washington, DC 20549, on official proration of Annual Fees applicable to
business days between the hours of to the equity securities that list and
Exchange Traded Products that have trade on the Exchange and distinguishes
10:00 a.m. and 3:00 p.m. Copies of the liquidated. The proposed rule change is them from derivatives, such as futures
filing also will be available for available on the Exchange’s Web site at or swaps. To effect this change, the
inspection and copying at the principal www.nyse.com, at the principal office of Exchange proposes to amend footnote 3
office of the Exchange. All comments the Exchange, and at the Commission’s of the Schedule and to replace the term
received will be posted without change; Public Reference Room. ‘‘Derivative Securities Products’’ with
the Commission does not edit personal the term ‘‘Exchange Traded Products’’
identifying information from 10 17 CFR 200.30–3(a)(12). throughout the Schedule.
submissions. You should submit only 1 15 U.S.C. 78s(b)(1). The Schedule includes ‘‘Annual
asabaliauskas on DSK5VPTVN1PROD with NOTICES
2 17 CFR 240.19b–4.
information that you wish to make Fees’’ payable by issuers of Exchange
3 The Exchange originally filed this proposed rule
available publicly. All submissions Traded Products listed on the Exchange.
change on December 23, 2015 under File No. SR–
should refer to File Number SR–Phlx– NYSEArca–2015–126, and the Exchange Pursuant to Footnote 8 of the Schedule,
2016–06 and should be submitted on or subsequently withdrew that filing on January 5, issuers are subject to Annual Fees in the
before February 17, 2016. 2016. The Exchange refiled this proposed rule year of listing, pro-rated based on days
change on January 5, 2016 under File No. SR–
NYSEArca–2016–07. The Exchange subsequently
listed that calendar year. The Annual
withdrew that filing on January 14, 2016 and filed Fees for Exchange Traded Products are
this filing. billed in January for the forthcoming
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Document Created: 2018-02-02 12:39:47
Document Modified: 2018-02-02 12:39:47
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 4724 |
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