81_FR_64430 81 FR 64249 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule on the BOX Market LLC (“BOX”) Options Facility To Change the Liquidity Fee and Credit Structure for PIP and COPIP Transactions

81 FR 64249 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule on the BOX Market LLC (“BOX”) Options Facility To Change the Liquidity Fee and Credit Structure for PIP and COPIP Transactions

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 181 (September 19, 2016)

Page Range64249-64250
FR Document2016-22423

Federal Register, Volume 81 Issue 181 (Monday, September 19, 2016) 
[Federal Register Volume 81, Number 181 (Monday, September 19, 2016)]
[Notices]
[Pages 64249-64250]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-22423]



[[Page 64249]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78830; File No. SR-BOX-2016-44]


Self-Regulatory Organizations; BOX Options Exchange LLC; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change To 
Amend the Fee Schedule on the BOX Market LLC (``BOX'') Options Facility 
To Change the Liquidity Fee and Credit Structure for PIP and COPIP 
Transactions

September 13, 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 September 1, 2016, BOX Options Exchange LLC (the ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared by the Exchange. The Exchange filed the 
proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\ 
and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal 
effective upon filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange is filing with the Securities and Exchange Commission 
(``Commission'') a proposed rule change to amend the Fee Schedule 
change [sic] the liquidity fee and credit structure for PIP and COPIP 
Transactions on the BOX Market LLC (``BOX'') options facility. While 
changes to the fee schedule pursuant to this proposal will be effective 
upon filing, the changes will become operative on September 1, 2016. 
The text of the proposed rule change is available from the principal 
office of the Exchange, at the Commission's Public Reference Room and 
also on the Exchange's Internet Web site at http://boxexchange.com.

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 Exchange proposes to amend Section II.A. of the BOX Fee 
Schedule to make changes to the liquidity fees and credits for PIP and 
COPIP Transactions.\5\ Specifically, the Exchange proposes to amend the 
liquidity fees and credits for transactions where the PIP or COPIP 
Order is from the account of a Professional Customer, Broker Dealer or 
Market Maker (``Non-Public Customer''). The Exchange recently 
established separate fees and credits for Non-Public Customer PIP and 
COPIP Transactions.\6\
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    \5\ Transactions executed through Price Improvement Period 
(``PIP'') and the Complex Order Price Improvement Period (``COPIP'') 
auction mechanisms. All COPIP transactions will be charged per 
contract per leg.
    \6\ See Securities Exchange Act Release No. 78618 (August 18, 
2016), 81 FR 57977 (August 24, 2016) (SR-BOX-2016-41).
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    Unlike Public Customer PIP and COPIP transactions, liquidity fees 
and credits for Non-Public Customer PIP and COPIP transactions are only 
assessed if the Non-Public Customer PIP or COPIP Order does not trade 
with its contra order (the Primary Improvement Order). Under the 
current structure, if there are responses in the PIP or COPIP the 
``removal'' credit is applied to the portion of the Non-Public Customer 
PIP or COPIP Order that does not trade with its Primary Improvement 
Order, and the Improvement Order responses are charged the ``add'' fee. 
The Exchange proposes to adjust the fee structure and instead apply any 
``removal'' credits to the Primary Improvement Order instead of the 
Non-Public Customer PIP or COPIP Order. Improvement Order responses 
will continue to be charged the ``add'' fee and the liquidity fee and 
credit rates remain unchanged.
    For example, if a Broker Dealer submits a PIP Order for the account 
of a Non-Public Customer to buy 100 contracts in the PIP and there are 
no responders, the PIP Order would execute against the matching Primary 
Improvement Order to sell 100 contracts and neither Order would be 
assessed a liquidity fee or credit. If, instead, the same PIP Order 
receives an Improvement Order response to sell 75 contracts, the PIP 
Order would execute against the Improvement Order for 75 contracts and 
the Primary Improvement Order for 25 contracts. Liquidity fees and 
credits would be assessed on the 75 contracts which executed against 
the Improvement Order, and under the proposed change, the Broker 
Dealer's Primary Improvement Order, rather than the PIP Order, would 
receive a removal credit for the 75 contracts. Accordingly, the 
Improvement Order response would be charged the add fee for the 75 
contracts, the same as it would be today. The Exchange notes that there 
continue to be no liquidity fees or credits assessed on the remaining 
25 contracts.
    The Exchange also proposes to make other non-substantive edits to 
Section II.A. to clarify and support the proposed change.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with the 
requirements of Section 6(b) of the Act, in general, and Section 
6(b)(4) and 6(b)(5)of the Act,\7\ in particular, in that it provides 
for the equitable allocation of reasonable dues, fees, and other 
charges among BOX Participants and other persons using its facilities 
and does not unfairly discriminate between customers, issuers, brokers 
or dealers.
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    \7\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes amending the Liquidity Fees and Credits for 
Non-Public Customer PIP and COPIP transactions is reasonable, equitable 
and not unfairly discriminatory. Liquidity fees and credits on BOX do 
not directly result in revenue to BOX, but are meant to incentivize 
Participants to attract order flow. The current PIP and COPIP liquidity 
fee and credit structure is designed to incentivize valuable Public 
Customer PIP and COPIP Order flow, which the Exchange does not believe 
is necessary or appropriate for Non-Public Customer PIP and COPIP Order 
flow. The proposed change will shift the liquidity credit to the 
Primary Improvement Order that is submitting the Non-Public Customer 
PIP or COPIP Order to the auction for price improvement. The Exchange 
believes this is equitable and not unfairly discriminatory as the 
Initiating Participant no longer receives the benefit of a guaranteed 
execution against a Public Customer's PIP or COPIP Order \8\ but 
continues to play a

[[Page 64250]]

critical role by guaranteeing the Non-Public Customer PIP or COPIP 
Order an execution at the NBBO or at a better price, and is subject to 
market risk while the Non-Public Customer PIP Order or COPIP Order is 
exposed to other BOX Participants for the price improvement 
opportunity. Therefore, the Exchange believes for Non-Public Customer 
PIP and COPIP Orders it is equitable and not unfairly discriminatory to 
instead provide the liquidity credit to the Initiating Participant's 
Primary Improvement Order so that the Initiating Participant will 
continue to submit Non-Public Customer PIP or COPIP Orders to the PIP 
and COPIP. Further, the Exchange believes that the proposed change will 
have no impact on competition in the PIP or COPIP, as Responders will 
continue to be charged the same liquidity fee.
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    \8\ Under BOX Rule 7150(h)(a) [sic] and 7245(h)(a) [sic] the 
Initiating Participant retains trade allocation privileges upon 
conclusion of the PIP or COPIP for up to forty percent (40%) of the 
remaining size of the PIP or COPIP Order after Public Customer 
orders are satisfied. If only one competing order matches the 
Initiating Participant's Single-Priced Primary Improvement Order at 
the final price level, then the Initiating Participant may retain 
priority for up to fifty percent (50%) of the remaining size of the 
PIP or COPIP Order after Public Customer orders are satisfied.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. Specifically, the Exchange 
believes that amending where the liquidity credit is applied in Non-
Public Customer PIP and COPIP Transactions will not impose a burden on 
competition among various Exchange Participants. The Exchange believes 
that the proposed changes will result in these Participants being 
credited appropriately for these transactions.
    Finally, the Exchange notes that it operates in a highly 
competitive market in which market participants can readily favor 
competing exchanges. In such an environment, the Exchange must 
continually review, and consider adjusting, its fees and credits to 
remain competitive with other exchanges. For the reasons described 
above, the Exchange believes that the proposed rule change reflects 
this competitive environment.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Exchange Act \9\ and Rule 19b-4(f)(2) 
thereunder,\10\ because it establishes or changes a due, or fee.
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    \9\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \10\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend the rule 
change if it appears to the Commission that the action is necessary or 
appropriate in the public interest, for the protection of investors, or 
would otherwise further the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-BOX-2016-44 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-BOX-2016-44. 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-BOX-2016-44, and should be 
submitted on or before October 11, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-22423 Filed 9-16-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 181 / Monday, September 19, 2016 / Notices 64249 SECURITIES AND EXCHANGE concerning the purpose of and basis for liquidity fee or credit. If, instead, the COMMISSION the proposed rule change and discussed same PIP Order receives an any comments it received on the Improvement Order response to sell 75 [Release No. 34–78830; File No. SR–BOX– proposed rule change. The text of these contracts, the PIP Order would execute 2016–44] statements may be examined at the against the Improvement Order for 75 Self-Regulatory Organizations; BOX places specified in Item IV below. The contracts and the Primary Improvement Options Exchange LLC; Notice of Exchange has prepared summaries, set Order for 25 contracts. Liquidity fees Filing and Immediate Effectiveness of forth in Sections A, B, and C below, of and credits would be assessed on the 75 a Proposed Rule Change To Amend the most significant aspects of such contracts which executed against the the Fee Schedule on the BOX Market statements. Improvement Order, and under the LLC (‘‘BOX’’) Options Facility To A. Self-Regulatory Organization’s proposed change, the Broker Dealer’s Change the Liquidity Fee and Credit Statement of the Purpose of, and Primary Improvement Order, rather than Structure for PIP and COPIP Statutory Basis for, the Proposed Rule the PIP Order, would receive a removal Transactions Change credit for the 75 contracts. Accordingly, the Improvement Order response would September 13, 2016. 1. Purpose be charged the add fee for the 75 Pursuant to Section 19(b)(1) of the The Exchange proposes to amend contracts, the same as it would be today. Securities Exchange Act of 1934 (the Section II.A. of the BOX Fee Schedule The Exchange notes that there continue ‘‘Act’’),1 and Rule 19b–4 thereunder,2 to make changes to the liquidity fees to be no liquidity fees or credits notice is hereby given that on and credits for PIP and COPIP assessed on the remaining 25 contracts. September 1, 2016, BOX Options Transactions.5 Specifically, the The Exchange also proposes to make Exchange LLC (the ‘‘Exchange’’) filed Exchange proposes to amend the other non-substantive edits to Section with the Securities and Exchange liquidity fees and credits for II.A. to clarify and support the proposed Commission (‘‘Commission’’) the transactions where the PIP or COPIP change. proposed rule change as described in Order is from the account of a Items I, II, and III below, which Items 2. Statutory Basis Professional Customer, Broker Dealer or have been prepared by the Exchange. Market Maker (‘‘Non-Public Customer’’). The Exchange believes that the The Exchange filed the proposed rule The Exchange recently established proposal is consistent with the change pursuant to Section separate fees and credits for Non-Public requirements of Section 6(b) of the Act, 19(b)(3)(A)(ii) of the Act,3 and Rule Customer PIP and COPIP Transactions.6 in general, and Section 6(b)(4) and 19b–4(f)(2) thereunder,4 which renders Unlike Public Customer PIP and 6(b)(5)of the Act,7 in particular, in that the proposal effective upon filing with COPIP transactions, liquidity fees and it provides for the equitable allocation the Commission. The Commission is credits for Non-Public Customer PIP and of reasonable dues, fees, and other publishing this notice to solicit COPIP transactions are only assessed if charges among BOX Participants and comments on the proposed rule change the Non-Public Customer PIP or COPIP other persons using its facilities and from interested persons. Order does not trade with its contra does not unfairly discriminate between order (the Primary Improvement Order). customers, issuers, brokers or dealers. I. Self-Regulatory Organization’s The Exchange believes amending the Under the current structure, if there are Statement of the Terms of the Substance Liquidity Fees and Credits for Non- responses in the PIP or COPIP the of the Proposed Rule Change Public Customer PIP and COPIP ‘‘removal’’ credit is applied to the The Exchange is filing with the portion of the Non-Public Customer PIP transactions is reasonable, equitable and Securities and Exchange Commission or COPIP Order that does not trade with not unfairly discriminatory. Liquidity (‘‘Commission’’) a proposed rule change its Primary Improvement Order, and the fees and credits on BOX do not directly to amend the Fee Schedule change [sic] Improvement Order responses are result in revenue to BOX, but are meant the liquidity fee and credit structure for charged the ‘‘add’’ fee. The Exchange to incentivize Participants to attract PIP and COPIP Transactions on the BOX proposes to adjust the fee structure and order flow. The current PIP and COPIP Market LLC (‘‘BOX’’) options facility. instead apply any ‘‘removal’’ credits to liquidity fee and credit structure is While changes to the fee schedule the Primary Improvement Order instead designed to incentivize valuable Public pursuant to this proposal will be of the Non-Public Customer PIP or Customer PIP and COPIP Order flow, effective upon filing, the changes will COPIP Order. Improvement Order which the Exchange does not believe is become operative on September 1, 2016. responses will continue to be charged necessary or appropriate for Non-Public The text of the proposed rule change is the ‘‘add’’ fee and the liquidity fee and Customer PIP and COPIP Order flow. available from the principal office of the credit rates remain unchanged. The proposed change will shift the Exchange, at the Commission’s Public For example, if a Broker Dealer liquidity credit to the Primary Reference Room and also on the submits a PIP Order for the account of Improvement Order that is submitting Exchange’s Internet Web site at http:// a Non-Public Customer to buy 100 the Non-Public Customer PIP or COPIP boxexchange.com. contracts in the PIP and there are no Order to the auction for price responders, the PIP Order would improvement. The Exchange believes II. Self-Regulatory Organization’s execute against the matching Primary Statement of the Purpose of, and this is equitable and not unfairly Improvement Order to sell 100 contracts discriminatory as the Initiating Statutory Basis for, the Proposed Rule and neither Order would be assessed a Change Participant no longer receives the mstockstill on DSK3G9T082PROD with NOTICES benefit of a guaranteed execution In its filing with the Commission, the 5 Transactions executed through Price against a Public Customer’s PIP or Exchange included statements Improvement Period (‘‘PIP’’) and the Complex Order Price Improvement Period (‘‘COPIP’’) auction COPIP Order 8 but continues to play a mechanisms. All COPIP transactions will be 1 15 U.S.C. 78s(b)(1). charged per contract per leg. 7 15 U.S.C. 78f(b)(4) and (5). 2 17 CFR 240.19b–4. 6 See Securities Exchange Act Release No. 78618 8 Under BOX Rule 7150(h)(a) [sic] and 7245(h)(a) 3 15 U.S.C. 78s(b)(3)(A)(ii). (August 18, 2016), 81 FR 57977 (August 24, 2016) [sic] the Initiating Participant retains trade 4 17 CFR 240.19b–4(f)(2). (SR–BOX–2016–41). Continued VerDate Sep<11>2014 21:47 Sep 16, 2016 Jkt 238001 PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 E:\FR\FM\19SEN1.SGM 19SEN1

64250 Federal Register / Vol. 81, No. 181 / Monday, September 19, 2016 / Notices critical role by guaranteeing the Non- III. Date of Effectiveness of the printing in the Commission’s Public Public Customer PIP or COPIP Order an Proposed Rule Change and Timing for Reference Room, 100 F Street NE., execution at the NBBO or at a better Commission Action Washington, DC 20549 on official price, and is subject to market risk while The foregoing rule change has become business days between the hours of the Non-Public Customer PIP Order or effective pursuant to Section 10:00 a.m. and 3:00 p.m. Copies of such COPIP Order is exposed to other BOX 19(b)(3)(A)(ii) of the Exchange Act 9 and filing also will be available for Participants for the price improvement Rule 19b–4(f)(2) thereunder,10 because inspection and copying at the principal opportunity. Therefore, the Exchange it establishes or changes a due, or fee. office of the Exchange. All comments believes for Non-Public Customer PIP At any time within 60 days of the received will be posted without change; and COPIP Orders it is equitable and not filing of the proposed rule change, the the Commission does not edit personal unfairly discriminatory to instead Commission summarily may identifying information from provide the liquidity credit to the temporarily suspend the rule change if submissions. You should submit only Initiating Participant’s Primary it appears to the Commission that the information that you wish to make Improvement Order so that the Initiating action is necessary or appropriate in the available publicly. All submissions Participant will continue to submit Non- public interest, for the protection of should refer to File Number SR–BOX– Public Customer PIP or COPIP Orders to investors, or would otherwise further 2016–44, and should be submitted on or the PIP and COPIP. Further, the the purposes of the Act. If the before October 11, 2016. Exchange believes that the proposed Commission takes such action, the For the Commission, by the Division of change will have no impact on Commission shall institute proceedings Trading and Markets, pursuant to delegated competition in the PIP or COPIP, as to determine whether the proposed rule authority.11 Responders will continue to be charged should be approved or disapproved. Robert W. Errett, the same liquidity fee. Deputy Secretary. IV. Solicitation of Comments B. Self-Regulatory Organization’s [FR Doc. 2016–22423 Filed 9–16–16; 8:45 am] Interested persons are invited to Statement on Burden on Competition submit written data, views, and BILLING CODE 8011–01–P The Exchange does not believe that arguments concerning the foregoing, including whether the proposed rule the proposed rule change will impose SECURITIES AND EXCHANGE change is consistent with the Act. any burden on competition not COMMISSION Comments may be submitted by any of necessary or appropriate in furtherance the following methods: of the purposes of the Act. Specifically, [Release No. 34–78828; File No. SR–BOX– the Exchange believes that amending Electronic Comments 2016–43] where the liquidity credit is applied in • Use the Commission’s Internet Non-Public Customer PIP and COPIP comment form (http://www.sec.gov/ Self-Regulatory Organizations; BOX Transactions will not impose a burden rules/sro.shtml); or Options Exchange LLC; Notice of on competition among various Exchange • Send an email to rule-comments@ Filing and Immediate Effectiveness of Participants. The Exchange believes that sec.gov. Please include File Number SR– a Proposed Rule Change To Amend the proposed changes will result in BOX–2016–44 on the subject line. the Fee Schedule on the BOX Market these Participants being credited LLC (‘‘BOX’’) Options Facility To appropriately for these transactions. Paper Comments Change the Fees and Credits for Finally, the Exchange notes that it • Send paper comments in triplicate Facilitation and Solicitation operates in a highly competitive market to Secretary, Securities and Exchange Transactions in which market participants can Commission, 100 F Street NE., Washington, DC 20549–1090. September 13, 2016. readily favor competing exchanges. In such an environment, the Exchange All submissions should refer to File Pursuant to Section 19(b)(1) of the must continually review, and consider Number SR–BOX–2016–44. This file Securities Exchange Act of 1934 (the adjusting, its fees and credits to remain number should be included on the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 competitive with other exchanges. For subject line if email is used. To help the notice is hereby given that on August the reasons described above, the Commission process and review your 31, 2016, BOX Options Exchange LLC Exchange believes that the proposed comments more efficiently, please use (the ‘‘Exchange’’) filed with the rule change reflects this competitive only one method. The Commission will Securities and Exchange Commission environment. post all comments on the Commission’s (‘‘Commission’’) the proposed rule Internet Web site (http://www.sec.gov/ change as described in Items I, II, and C. Self-Regulatory Organization’s rules/sro.shtml). Copies of the III below, which Items have been Statement on Comments on the submission, all subsequent prepared by the Exchange. The Proposed Rule Change Received From amendments, all written statements Exchange filed the proposed rule change Members, Participants, or Others with respect to the proposed rule pursuant to Section 19(b)(3)(A)(ii) of the change that are filed with the Act,3 and Rule 19b–4(f)(2) thereunder,4 No written comments were either Commission, and all written which renders the proposal effective solicited or received. communications relating to the upon filing with the Commission. The proposed rule change between the Commission is publishing this notice to allocation privileges upon conclusion of the PIP or mstockstill on DSK3G9T082PROD with NOTICES COPIP for up to forty percent (40%) of the Commission and any person, other than solicit comments on the proposed rule remaining size of the PIP or COPIP Order after those that may be withheld from the change from interested persons. Public Customer orders are satisfied. If only one public in accordance with the competing order matches the Initiating Participant’s provisions of 5 U.S.C. 552, will be 11 17 CFR 200.30–3(a)(12). Single-Priced Primary Improvement Order at the final price level, then the Initiating Participant may available for Web site viewing and 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. retain priority for up to fifty percent (50%) of the 9 15 U.S.C. 78s(b)(3)(A)(ii). 3 15 U.S.C. 78s(b)(3)(A)(ii). remaining size of the PIP or COPIP Order after Public Customer orders are satisfied. 10 17 CFR 240.19b–4(f)(2). 4 17 CFR 240.19b–4(f)(2). VerDate Sep<11>2014 21:47 Sep 16, 2016 Jkt 238001 PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 E:\FR\FM\19SEN1.SGM 19SEN1


Document Created: 2016-09-17 02:30:02
Document Modified: 2016-09-17 02:30:02
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 64249 
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