81 FR 47481 - Self-Regulatory Organizations; ISE Mercury, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Price Improvement Mechanism Pilot Program

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 140 (July 21, 2016)

Page Range		47481-47483
FR Document		2016-17195
Federal Register, Volume 81 Issue 140 (Thursday, July 21, 2016)
[Federal Register Volume 81, Number 140 (Thursday, July 21, 2016)]
[Notices]
[Pages 47481-47483]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-17195]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78342; File No. SR-ISEMercury-2016-13]


Self-Regulatory Organizations; ISE Mercury, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change to Extend the Price 
Improvement Mechanism Pilot Program

July 15, 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 14, 2016, ISE Mercury, LLC (the ``Exchange'' or ``ISE 
Mercury'') 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.
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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 Substance 
of the Proposed Rule Change

    The Exchange proposes to extend two pilot programs related to its 
Price Improvement Mechanism (``PIM''). The text of the proposed rule 
change is available on the Exchange's Web site 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 currently has two pilot programs related to its PIM 
(collectively, the ``PIM Pilot Programs'' or ``Pilot

[[Page 47482]]

Programs''). The current Pilot Period provided in paragraphs .03 and 
.05 of the Supplementary Material to Rule 723 is set to expire on July 
18, 2016.\3\ Paragraph .03 provides that there is no minimum size 
requirement for orders to be eligible for the Price Improvement 
Mechanism. Paragraph .05 concerns the termination of the exposure 
period by unrelated orders. The Exchange has continually submitted 
certain data in support of extending the current Pilot Programs. The 
Exchange proposes to extend these Pilot Programs in their present form, 
through January 18, 2017, to give the Exchange and the Commission 
additional time to evaluate the effects of these Pilot Programs before 
the Exchange requests permanent approval of the rules.
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    \3\ See Securities Exchange Act Release No. 76998 (January 29, 
2016), 81 FR 6066 (February 4, 2016) (Order Granting the Application 
of ISE Mercury, LLC for Registration as a National Securities 
Exchange).
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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.\4\ 
Specifically, the proposed rule change is consistent with Section 
6(b)(5) of the Act,\5\ because it is designed to promote just and 
equitable principles of trade, 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.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes the Pilot Programs are consistent with the 
Act because they provide opportunity for price improvement for all 
orders executed in the Exchange's Price Improvement Mechanism. The 
proposed extension would allow the Pilot Programs to continue 
uninterrupted, thereby avoiding any potential investor confusion that 
could result from a temporary interruption to the pilot. Further, the 
Exchange believes that the data demonstrates that there is sufficient 
investor interest and demand to extend the Pilot Programs for an 
additional six months. The Exchange further believes it is appropriate 
to extend the Pilot Programs to provide the Exchange and Commission 
more data upon which to evaluate the rules. With this data, the 
Commission can evaluate whether the new data shows there is meaningful 
competition for all size orders within the PIM, whether there is 
significant price improvement for all orders executed through the PIM, 
and whether there is an active and liquid market functioning on the 
Exchange outside of the PIM.

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 that is not necessary or appropriate 
in furtherance of the purposes of the Act. Specifically, the Exchange 
believes that, by extending the expiration of the Pilot Programs, the 
proposed rule change will allow for further analysis of the PIM. In 
doing so, the proposed rule change will also serve to promote 
regulatory clarity and consistency, thereby reducing burdens on the 
marketplace and facilitating investor protection.

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 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\
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    \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.
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    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 requested that the Commission waive the 30-day operative delay 
period because the Pilot Programs are set to expire on July 18, 2016. 
The Exchange noted that such waiver will allow the Pilot Programs to 
continue uninterrupted.
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    \7\ 17 CFR 240.19b-4(f)(6).
    \8\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest, as 
it will allow the Pilot Programs to continue uninterrupted, thereby 
avoiding any potential investor confusion that could result from a 
temporary interruption in the Pilot Programs. For this reason, the 
Commission designates the proposed rule change to be operative on July 
18, 2016.\9\
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    \9\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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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 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 Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-ISEMercury-2016-13 on the subject line.

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-ISEMercury-2016-13. 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

[[Page 47483]]

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-ISEMercury-2016-13, and 
should be submitted on or before August 11, 2016.

    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)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-17195 Filed 7-20-16; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 81, No. 140 / Thursday, July 21, 2016 / Notices 47481

agreement. In addition, as noted above, Paper Comments SECURITIES AND EXCHANGE
investors will have ready access to COMMISSION
information regarding the Fund’s • Send paper comments in triplicate
to Secretary, Securities and Exchange [Release No. 34–78342; File No. SR–
holdings, the Intraday Indicative Value, ISEMercury-2016–13]
the Disclosed Portfolio, and quotation Commission, 100 F Street NE.,
and last sale information for the Shares. Washington, DC 20549–1090. Self-Regulatory Organizations; ISE
For the above reasons, the Exchange All submissions should refer to File Mercury, LLC; Notice of Filing and
believes that the proposed rule change Number SR–BatsBZX–2016–34. This file Immediate Effectiveness of Proposed
is consistent with the requirements of Rule Change to Extend the Price
number should be included on the
Section 6(b)(5) of the Act. Improvement Mechanism Pilot
subject line if email is used. To help the
B. Self-Regulatory Organization’s Commission process and review your Program
Statement on Burden on Competition comments more efficiently, please use July 15, 2016.
The Exchange does not believe that only one method. The Commission will Pursuant to Section 19(b)(1) of the
the proposed rule change will impose post all comments on the Commission’s Securities Exchange Act of 1934 (the
any burden on competition that is not Internet Web site (http://www.sec.gov/ ‘‘Act’’),1 and Rule 19b–4 thereunder,2
necessary or appropriate in furtherance rules/sro.shtml). Copies of the notice is hereby given that on July 14,
of the purpose of the Act. The Exchange submission, all subsequent 2016, ISE Mercury, LLC (the
notes that the proposed rule change, amendments, all written statements ‘‘Exchange’’ or ‘‘ISE Mercury’’) filed
rather will facilitate the listing and with respect to the proposed rule with the Securities and Exchange
trading of additional actively-managed change that are filed with the Commission (‘‘Commission’’) the
exchange-traded products that will Commission, and all written proposed rule change as described in
enhance competition among both communications relating to the Items I and II below, which Items have
market participants and listing venues, proposed rule change between the been prepared by the self-regulatory
to the benefit of investors and the Commission and any person, other than organization. The Commission is
marketplace. publishing this notice to solicit
those that may be withheld from the
comments on the proposed rule change
C. Self-Regulatory Organization’s public in accordance with the
from interested persons.
Statement on Comments on the provisions of 5 U.S.C. 552, will be
Proposed Rule Change Received From available for Web site viewing and I. Self-Regulatory Organization’s
Members, Participants, or Others printing in the Commission’s Public Statement of the Terms of Substance of
Reference Room, 100 F Street NE., the Proposed Rule Change
The Exchange has neither solicited
nor received written comments on the Washington, DC 20549, on official The Exchange proposes to extend two
proposed rule change. business days between the hours of pilot programs related to its Price
10:00 a.m. and 3:00 p.m. Copies of such Improvement Mechanism (‘‘PIM’’). The
III. Date of Effectiveness of the filing will also be available for text of the proposed rule change is
Proposed Rule Change and Timing for inspection and copying at the principal available on the Exchange’s Web site
Commission Action office of the Exchange. All comments www.ise.com, at the principal office of
Within 45 days of the date of received will be posted without change; the Exchange, and at the Commission’s
publication of this notice in the Federal the Commission does not edit personal Public Reference Room.
Register or within such longer period identifying information from II. Self-Regulatory Organization’s
up to 90 days (i) as the Commission may submissions. You should submit only Statement of the Purpose of, and
designate if it finds such longer period information that you wish to make Statutory Basis for, the Proposed Rule
to be appropriate and publishes its available publicly. All submissions Change
reasons for so finding or (ii) as to which should refer to File Number SR–
the self-regulatory organization In its filing with the Commission, the
BatsBZX–2016–34 and should be self-regulatory organization included
consents, the Commission will: (a) By submitted on or before August 11, 2016.
order approve or disapprove such statements concerning the purpose of,
proposed rule change; or (b) institute For the Commission, by the Division of and basis for, the proposed rule change
proceedings to determine whether the Trading and Markets, pursuant to delegated and discussed any comments it received
proposed rule change should be authority.24 on the proposed rule change. The text
disapproved. Robert W. Errett, of these statements may be examined at
the places specified in Item IV below.
Deputy Secretary.
IV. Solicitation of Comments The self-regulatory organization has
[FR Doc. 2016–17199 Filed 7–20–16; 8:45 am]
Interested persons are invited to prepared summaries, set forth in
submit written data, views, and
BILLING CODE 8011–01–P sections A, B and C below, of the most
arguments concerning the foregoing, significant aspects of such statements.
including whether the proposed rule A. Self-Regulatory Organization’s
change is consistent with the Act. Statement of the Purpose of, and
Comments may be submitted by any of Statutory Basis for, the Proposed Rule
asabaliauskas on DSK3SPTVN1PROD with NOTICES

the following methods: Change
Electronic Comments 1. Purpose
• Use the Commission’s Internet The Exchange currently has two pilot
comment form (http://www.sec.gov/ programs related to its PIM (collectively,
rules/sro.shtml); or the ‘‘PIM Pilot Programs’’ or ‘‘Pilot
• Send an email to rule-comments@
sec.gov. Please include File Number SR– 1 15 U.S.C. 78s(b)(1).
BatsBZX–2016–34 on the subject line. 24 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.

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47482 Federal Register / Vol. 81, No. 140 / Thursday, July 21, 2016 / Notices

Programs’’). The current Pilot Period price improvement for all orders expire on July 18, 2016. The Exchange
provided in paragraphs .03 and .05 of executed through the PIM, and whether noted that such waiver will allow the
the Supplementary Material to Rule 723 there is an active and liquid market Pilot Programs to continue
is set to expire on July 18, 2016.3 functioning on the Exchange outside of uninterrupted.
Paragraph .03 provides that there is no the PIM. The Commission believes that
minimum size requirement for orders to waiving the 30-day operative delay is
B. Self-Regulatory Organization’s consistent with the protection of
be eligible for the Price Improvement
Statement on Burden on Competition investors and the public interest, as it
Mechanism. Paragraph .05 concerns the
termination of the exposure period by The Exchange does not believe that will allow the Pilot Programs to
unrelated orders. The Exchange has the proposed rule change will impose continue uninterrupted, thereby
continually submitted certain data in any burden on competition that is not avoiding any potential investor
support of extending the current Pilot necessary or appropriate in furtherance confusion that could result from a
Programs. The Exchange proposes to of the purposes of the Act. Specifically, temporary interruption in the Pilot
extend these Pilot Programs in their the Exchange believes that, by extending Programs. For this reason, the
present form, through January 18, 2017, the expiration of the Pilot Programs, the Commission designates the proposed
to give the Exchange and the proposed rule change will allow for rule change to be operative on July 18,
Commission additional time to evaluate further analysis of the PIM. In doing so, 2016.9
the effects of these Pilot Programs before the proposed rule change will also serve At any time within 60 days of the
the Exchange requests permanent to promote regulatory clarity and filing of the proposed rule change, the
approval of the rules. consistency, thereby reducing burdens Commission summarily may
on the marketplace and facilitating temporarily suspend such rule change if
2. Statutory Basis investor protection. it appears to the Commission that such
The Exchange believes that the action is necessary or appropriate in the
C. Self-Regulatory Organization’s
proposed rule change is consistent with public interest, for the protection of
Statement on Comments on the
the requirements of the Act and the investors, or otherwise in furtherance of
Proposed Rule Change Received From
rules and regulations thereunder that the purposes of the Act. If the
Members, Participants, or Others
are applicable to a national securities Commission takes such action, the
exchange, and, in particular, with the The Exchange has not solicited, and Commission shall institute proceedings
requirements of Section 6(b) of the Act.4 does not intend to solicit, comments on to determine whether the proposed rule
Specifically, the proposed rule change is this proposed rule change. The should be approved or disapproved.
consistent with Section 6(b)(5) of the Exchange has not received any written
Act,5 because it is designed to promote comments from members or other IV. Solicitation of Comments
just and equitable principles of trade, interested parties. Interested persons are invited to
remove impediments to and perfect the III. Date of Effectiveness of the submit written data, views, and
mechanisms of a free and open market Proposed Rule Change and Timing for arguments concerning the foregoing,
and a national market system and, in Commission Action including whether the proposed rule
general, to protect investors and the change is consistent with the Act.
public interest. Because the foregoing proposed rule Comments may be submitted by any of
The Exchange believes the Pilot change does not: (i) Significantly affect the following methods:
Programs are consistent with the Act the protection of investors or the public
interest; (ii) impose any significant Electronic Comments
because they provide opportunity for
price improvement for all orders burden on competition; and (iii) become • Use the Commission’s Internet
executed in the Exchange’s Price operative for 30 days from the date on comment form (http://www.sec.gov/
Improvement Mechanism. The proposed which it was filed, or such shorter time rules/sro.shtml); or
extension would allow the Pilot as the Commission may designate, it has • Send an email to rule-comments@
Programs to continue uninterrupted, become effective pursuant to Section sec.gov. Please include File Number SR–
thereby avoiding any potential investor 19(b)(3)(A) of the Act and Rule 19b– ISEMercury–2016–13 on the subject
confusion that could result from a 4(f)(6) thereunder.6 line.
temporary interruption to the pilot. A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the Paper Comments
Further, the Exchange believes that the
data demonstrates that there is sufficient Act 7 normally does not become • Send paper comments in triplicate
investor interest and demand to extend operative for 30 days after the date of its to Brent J. Fields, Secretary, Securities
the Pilot Programs for an additional six filing. However, Rule 19b–4(f)(6)(iii) 8 and Exchange Commission, 100 F Street
months. The Exchange further believes permits the Commission to designate a NE., Washington, DC 20549–1090.
it is appropriate to extend the Pilot shorter time if such action is consistent All submissions should refer to File
Programs to provide the Exchange and with the protection of investors and the Number SR–ISEMercury–2016–13. This
Commission more data upon which to public interest. The Exchange has file number should be included on the
evaluate the rules. With this data, the requested that the Commission waive subject line if email is used. To help the
Commission can evaluate whether the the 30-day operative delay period Commission process and review your
new data shows there is meaningful because the Pilot Programs are set to comments more efficiently, please use
competition for all size orders within only one method. The Commission will
asabaliauskas on DSK3SPTVN1PROD with NOTICES

6 17 CFR 240.19b–4(f)(6). As required under Rule
the PIM, whether there is significant post all comments on the Commission’s
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file Internet Web site (http://www.sec.gov/
3 See Securities Exchange Act Release No. 76998 the proposed rule change, along with a brief rules/sro.shtml). Copies of the
(January 29, 2016), 81 FR 6066 (February 4, 2016) description and the text of the proposed rule
(Order Granting the Application of ISE Mercury, change, at least five business days prior to the date 9 For purposes only of waiving the operative
LLC for Registration as a National Securities of filing of the proposed rule change, or such delay for this proposal, the Commission has
Exchange). shorter time as designated by the Commission. considered the proposed rule’s impact on
4 15 U.S.C. 78f(b). 7 17 CFR 240.19b–4(f)(6).
efficiency, competition, and capital formation. See
5 15 U.S.C. 78f(b)(5). 8 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f).

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Federal Register / Vol. 81, No. 140 / Thursday, July 21, 2016 / Notices 47483

submission, all subsequent solicit comments on the proposed rule rules and regulations thereunder that
amendments, all written statements change from interested persons. are applicable to a national securities
with respect to the proposed rule exchange, and, in particular, with the
I. Self-Regulatory Organization’s
change that are filed with the requirements of Section 6(b) of the Act.4
Statement of the Terms of Substance of
Commission, and all written Specifically, the proposed rule change is
the Proposed Rule Change
communications relating to the consistent with Section 6(b)(5) of the
proposed rule change between the The Exchange proposes to extend two Act,5 because it is designed to promote
Commission and any person, other than pilot programs related to its Price just and equitable principles of trade,
those that may be withheld from the Improvement Mechanism (‘‘PIM’’). The remove impediments to and perfect the
public in accordance with the text of the proposed rule change is mechanisms of a free and open market
provisions of 5 U.S.C. 552, will be available on the Exchange’s Web site and a national market system and, in
available for Web site viewing and www.ise.com, at the principal office of general, to protect investors and the
printing in the Commission’s Public the Exchange, and at the Commission’s public interest.
Reference Room, 100 F Street NE., Public Reference Room. The Exchange believes the Pilot
Washington, DC 20549 on official Programs are consistent with the Act
II. Self-Regulatory Organization’s
business days between the hours of because they provide opportunity for
Statement of the Purpose of, and
10:00 a.m. and 3:00 p.m. Copies of such price improvement for all orders
Statutory Basis for, the Proposed Rule
filing also will be available for executed in the Exchange’s Price
Change
inspection and copying at the principal Improvement Mechanism. The proposed
office of the Exchange. All comments In its filing with the Commission, the extension would allow the Pilot
received will be posted without change; self-regulatory organization included Programs to continue uninterrupted,
the Commission does not edit personal statements concerning the purpose of, thereby avoiding any potential investor
identifying information from and basis for, the proposed rule change confusion that could result from a
submissions. You should submit only and discussed any comments it received temporary interruption to the pilot.
information that you wish to make on the proposed rule change. The text Further, the Exchange believes that the
available publicly. All submissions of these statements may be examined at data demonstrates that there is sufficient
should refer to File Number SR– the places specified in Item IV below. investor interest and demand to extend
ISEMercury–2016–13, and should be The self-regulatory organization has the Pilot Programs for an additional six
submitted on or before August 11, 2016. prepared summaries, set forth in months. The Exchange further believes
sections A, B and C below, of the most it is appropriate to extend the Pilot
For the Commission, by the Division of significant aspects of such statements. Programs to provide the Exchange and
Trading and Markets, pursuant to delegated
authority.10 A. Self-Regulatory Organization’s Commission more data upon which to
Statement of the Purpose of, and evaluate the rules. With this data, the
Robert W. Errett,
Statutory Basis for, the Proposed Rule Commission can evaluate whether the
Deputy Secretary.
Change new data shows there is meaningful
[FR Doc. 2016–17195 Filed 7–20–16; 8:45 am] competition for all size orders within
BILLING CODE 8011–01–P 1. Purpose the PIM, whether there is significant
The Exchange currently has two pilot price improvement for all orders
programs related to its PIM (collectively, executed through the PIM, and whether
SECURITIES AND EXCHANGE there is an active and liquid market
the ‘‘PIM Pilot Programs’’ or ‘‘Pilot
COMMISSION functioning on the Exchange outside of
Programs’’). The current Pilot Period
provided in paragraphs .03 and .05 of the PIM.
[Release No. 34–78343; File No. SR– the Supplementary Material to Rule 723
ISEGemini–2016–07] B. Self-Regulatory Organization’s
is set to expire on July 18, 2016.3 Statement on Burden on Competition
Self-Regulatory Organizations; ISE Paragraph .03 provides that there is no
minimum size requirement for orders to The Exchange does not believe that
Gemini, LLC; Notice of Filing and the proposed rule change will impose
Immediate Effectiveness of Proposed be eligible for the Price Improvement
Mechanism. Paragraph .05 concerns the any burden on competition that is not
Rule Change To Extend the Price necessary or appropriate in furtherance
Improvement Mechanism Pilot termination of the exposure period by
unrelated orders. The Exchange has of the purposes of the Act. Specifically,
Program the Exchange believes that, by extending
continually submitted certain data in
July 15, 2016. support of extending the current Pilot the expiration of the Pilot Programs, the
Programs. The Exchange proposes to proposed rule change will allow for
Pursuant to Section 19(b)(1) of the further analysis of the PIM. In doing so,
extend these Pilot Programs in their
Securities Exchange Act of 1934 (the the proposed rule change will also serve
present form, through January 18, 2017,
‘‘Act’’),1 and Rule 19b–4 thereunder,2 to promote regulatory clarity and
to give the Exchange and the
notice is hereby given that on July 14, consistency, thereby reducing burdens
Commission additional time to evaluate
2016, ISE Gemini, LLC (the ‘‘Exchange’’ on the marketplace and facilitating
the effects of these Pilot Programs before
or ‘‘ISE Gemini’’) filed with the investor protection.
the Exchange requests permanent
Securities and Exchange Commission
approval of the rules. C. Self-Regulatory Organization’s
asabaliauskas on DSK3SPTVN1PROD with NOTICES

(‘‘Commission’’) the proposed rule
change as described in Items I and II 2. Statutory Basis Statement on Comments on the
below, which Items have been prepared Proposed Rule Change Received From
The Exchange believes that the Members, Participants, or Others
by the self-regulatory organization. The proposed rule change is consistent with
Commission is publishing this notice to the requirements of the Act and the The Exchange has not solicited, and
does not intend to solicit, comments on
10 17 CFR 200.30–3(a)(12). 3 See Securities Exchange Act Release No. 75481
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f(b).
(July 17, 2015), 80 FR 43826 (July 23, 2015) (SR–
2 17 CFR 240.19b–4. ISE Gemini–2015–13). 5 15 U.S.C. 78f(b)(5).

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Document Created: 2018-02-08 07:58:54
Document Modified: 2018-02-08 07:58:54
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 47481