81 FR 50035 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 146 (July 29, 2016)

Page Range		50035-50035
FR Document		2016-18061

Federal Register, Volume 81 Issue 146 (Friday, July 29, 2016)

[Federal Register Volume 81, Number 146 (Friday, July 29, 2016)]
[Notices]
[Page 50035]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-18061]



[[Page 50035]]

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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Pub. L. 94-409, that the Securities and 
Exchange Commission Equity Market Structure Advisory Committee will 
hold a public meeting on Tuesday, August 2, 2016, in the Multipurpose 
Room, LL-006 at the Commission's headquarters, 100 F Street NE., 
Washington, DC
    The meeting will begin at 9:30 a.m. (EDT) and will be open to the 
public. Seating will be on a first-come, first-served basis. Doors will 
be open at 9:00 a.m. Visitors will be subject to security checks. The 
meeting will be webcast on the Commission's Web site at www.sec.gov.
    On July 13, 2016, the Commission published notice of the Committee 
meeting (Release No. 34-78308), indicating that the meeting is open to 
the public and inviting the public to submit written comments to the 
Committee. This Sunshine Act notice is being issued because a majority 
of the Commission may attend the meeting.
    The agenda for the meeting will focus on updates and potential 
recommendations from the four subcommittees.
    For further information, please contact Brent J. Fields from the 
Office of the Secretary at (202) 551-5400.


     Dated: July 26, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-18061 Filed 7-27-16; 11:15 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 146 / Friday, July 29, 2016 / Notices 50035

SECURITIES AND EXCHANGE Members 1 that execute trades on the against orders in the IEX order book.
COMMISSION Exchange for their customers. As Orders that cannot be executed are
discussed in the Application, IEX will eligible for routing to away trading
Sunshine Act Meeting operate a fully automated electronic centers, if consistent with the terms of
order book with a continuous, the orders.7 All trades will be executed
Notice is hereby given, pursuant to automated matching function that will through the Exchange’s Trading System
the provisions of the Government in the provide for strict price-display-time on an anonymous basis. The transaction
Sunshine Act, Pub. L. 94–409, that the priority execution (‘‘Trading System’’).2 reports produced by the Trading System
Securities and Exchange Commission The order book and the Exchange’s rules will indicate the details of transactions
Equity Market Structure Advisory provide for post trade anonymity executed in the Trading System but
Committee will hold a public meeting through settlement for trades executed shall not reveal the contra party
on Tuesday, August 2, 2016, in the through IEX.3 identities. Transactions executed in the
Multipurpose Room, LL–006 at the
II. Background 4 Trading System will also be cleared and
Commission’s headquarters, 100 F
settled anonymously.8
Street NE., Washington, DC a. The Exchange
The meeting will begin at 9:30 a.m. The order book’s matching system
(EDT) and will be open to the public. IEX is registered as a national algorithm permits orders originated by
Seating will be on a first-come, first- securities exchange under Section 6 of an IEX Member to execute against other
served basis. Doors will be open at 9:00 the Exchange Act.5 The Members of the orders from the same participant on the
a.m. Visitors will be subject to security Exchange consist of those broker-dealers same basis as orders from other
checks. The meeting will be webcast on admitted to Membership and entitled to Members. In the order book’s handling
the Commission’s Web site at enter orders in, and receive executions of displayed orders, which is based on
www.sec.gov. through, the Exchange’s order book or strict price-display-time priority, a
otherwise. Member could receive an execution
On July 13, 2016, the Commission
The Exchange will operate an order against itself, and under the Exchange’s
published notice of the Committee
book for orders with a continuous, Rules, the Member would not know that
meeting (Release No. 34–78308),
automated matching function, in it was the contra-side of the trade at the
indicating that the meeting is open to
compliance with the Exchange’s rules time of execution.
the public and inviting the public to
and Regulation NMS under the Act.6
submit written comments to the a. Rule 10b–10
Liquidity will be derived from orders to
Committee. This Sunshine Act notice is
buy and orders to sell submitted to the
being issued because a majority of the Rule 10b–10 under the Exchange Act
Exchange electronically by its Members
Commission may attend the meeting. generally requires broker-dealers
from remote locations.
The agenda for the meeting will focus The order book and the Exchange’s effecting a customer transaction in
on updates and potential rules will provide for strict price- securities (other than U.S. savings bonds
recommendations from the four display-time priority execution. Under or municipal securities) 9 to provide a
subcommittees. IEX Rule 11.220, orders will be written notification to its customer, at or
For further information, please prioritized on a strict price-display-time before completion of a securities
contact Brent J. Fields from the Office of basis, first by price, then by display transaction, that discloses information
the Secretary at (202) 551–5400. (with displayed orders and displayed specific to the transaction. In particular,
portions of orders having precedence under Rule 10b–10(a)(2)(i)(A), when a
Dated: July 26, 2016. over non-displayed orders and non- broker-dealer acts as agent for a
displayed portions of orders at a given customer, for some other person, or for
Brent J. Fields,
price) and then by time. Incoming both a customer and some other person,
Secretary.
orders are first matched for execution the broker-dealer must disclose ‘‘[t]he
[FR Doc. 2016–18061 Filed 7–27–16; 11:15 am] name of the person from whom the
BILLING CODE 8011–01–P security was purchased, or to whom it
1 Unless otherwise defined in this order, defined

terms used have the same meaning as described in was sold, for such customer or the fact
the Exchange Rules. that the information will be furnished
SECURITIES AND EXCHANGE 2 See IEX Rule 11.220. IEX represents that the
upon written request of such customer’’
COMMISSION Exchange’s rules do not provide for any special
(the ‘‘Contra-Party Identity
order type that would be an exception to the strict
price-display-time priority handling of orders as set Requirement’’).
[Release No. 34–78417] forth in IEX Rule 11.220.
3 As explained in the Application, the Exchange III. Relief Sought
Order Granting Application of does not request an exemption from Rule 10b–
Investors’ Exchange LLC for a Limited 10(a)(2)(i)(A) for when it reveals the identity of a As explained in the Application,
Exemption from Exchange Act Rule Member or a Member’s clearing firm: (i) For trades are executed with total
regulatory purposes or to comply with an order of anonymity on IEX, where the identity of
10b–10(a)(2)(i)(A) pursuant to Rule a court or arbitrator; or (ii) when a Registered
10b–10(f) Clearing Agency (such as the National Securities
the actual contra-party is not revealed
Clearing Corporation) ceases to act for a Member or
July 26, 2016. the Member’s clearing firm, and determines not to 7 See IEX Rule 11.230. The Exchange understands
guarantee the settlement of the Member’s trades. that the exemptive relief would not apply to any
I. Introduction See IEX Rule 11.250(d)(2). situation in which the Trading System routes an
ebenthall on DSK5MVXVN1PROD with NOTICES

4 Background information is derived from the order to an away trading center for execution, as
By letter dated July 19, 2016 (‘‘the Application. such executions would be governed by the rules of
Application’’), Investors’ Exchange LLC 5 See In the Matter of the Application of: the away trading center.
(‘‘IEX’’ or the ‘‘Exchange’’) requests a Investors’ Exchange, LLC for Registration as a 8 Except for the conditions set forth in IEX Rule

limited exemption from the National Securities Exchange; Findings, Opinion, 11.250(d)(2). See supra note 3.
requirements of Rule 10b–10(a)(2)(i)(A) and Order of the Commission, Exchange Act 9 Municipal securities are subject to the
Release No. 78101 (June 17, 2016), 81 FR 41141 transaction confirmations requirements under Rule
under the Securities Exchange Act of (June 23, 2016). G–15 of the Municipal Securities Rulemaking
1934 (‘‘Exchange Act’’) on behalf of 6 See 17 CFR 242.600 et seq. Board.

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Document Created: 2018-02-08 07:51:55
Document Modified: 2018-02-08 07:51:55

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 50035