81 FR 95206 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 3317 (Compliance With Regulation NMS Plan To Implement a Tick Size Pilot)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 248 (December 27, 2016)
Federal Register Volume 81, Issue 248 (December 27, 2016)
| Page Range | 95206-95210 | |
| FR Document | 2016-31106 |
[Federal Register Volume 81, Number 248 (Tuesday, December 27, 2016)] [Notices] [Pages 95206-95210] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-31106] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79614; File No. SR-Phlx-2016-121] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 3317 (Compliance With Regulation NMS Plan To Implement a Tick Size Pilot) December 20, 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 December 13, 2016, NASDAQ PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II 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 3317 (Compliance with Regulation NMS Plan to Implement a Tick Size Pilot) relating to the handling to certain Order Types in Test Group Three Pilot Securities in connection with the Regulation NMS Plan to Implement a Tick Size Pilot Program (``Plan'' or ``Pilot'').\3\ Relatedly, the Exchange also proposes to delete Commentary .14, which addresses the current handling of those Order Types. Finally, Phlx proposes to add language to Rule 3317(d)(1) to clarify the treatment of orders in a Test Group Three Security entered through the RASH or FIX protocols. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 74892 (May 6, 2015), 80 FR 27513 (May 13, 2015) (``Approval Order''). --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqphlx.cchwallstreet.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 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 On September 7, 2016, the Exchange filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') a proposed rule change (``Proposal'') to adopt paragraph (d) and Commentary .12 to Exchange Rule 3317 to describe changes to system functionality necessary to implement the Plan. The Exchange also proposed amendments to Rule 3317(a) and (c) to clarify how the Trade-at exception may be satisfied. The SEC published the Proposal in the Federal Register for notice and [[Page 95207]] comment on September 20, 2016.\4\ Phlx subsequently filed three Partial Amendments to clarify aspects of the Proposal. The Commission approved the Proposal, as amended, on October 7, 2016.\5\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 78835 (September 14, 2016), 81 FR 64552 (September 20, 2016) (SR-Phlx-2016-92). \5\ See Securities Exchange Act Release No. 79074 (October 7, 2016) (SR-Phlx-2016-92). --------------------------------------------------------------------------- In SR-Phlx-2016-92, Phlx had initially proposed a re-pricing functionality for Price to Comply Orders, Non-Displayed Orders, and Post-Only Orders entered through the OUCH and FLITE protocols in Test Group Three Pilot Securities.\6\ Phlx subsequently determined that it would not offer this re-pricing functionality for Price to Comply Orders, Non-Displayed Orders, and Post-Only Orders entered through the OUCH and FLITE protocols in Group Three Pilot Securities. As part of Partial Amendment No. 2 to SR-Phlx-2016-92, Phlx proposed to delete the relevant language from Rule 3317 related to this re-pricing functionality. --------------------------------------------------------------------------- \6\ As originally proposed, Rule 3317(d)(2) stated that Price to Comply Orders in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO until such time as the Price to Comply Order is able to be ranked and displayed at its original entered limit price. Rule 3317(d)(3) stated that, if market conditions allow, a Non-Displayed Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO up (down) to the Order's limit price. Rule 3317(d)(4) stated that, if market conditions allow, the Post-Only Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO or the best price on the Phlx Book, as applicable until such time as the Post-Only Order is able to be ranked and displayed at its original entered limit price. --------------------------------------------------------------------------- In that amendment, Phlx noted that this change would only impact the treatment of Price to Comply Orders, Non-Displayed Orders, and Post-Only orders that are submitted through the OUCH and FLITE protocols in Test Group Three Pilot Securities, as these types of Orders that are currently submitted to Phlx through the RASH or FIX protocols are already subject to this re-pricing functionality and will remain subject to this functionality under the Pilot. In the Amendment, Phlx further noted that its systems are currently programmed so that Price to Comply Orders, Non-Displayed Orders and Post-Only Orders entered through the OUCH and FLITE protocols in Test Group Three Pilot Securities may be adjusted repeatedly to reflect changes to the NBBO and/or the best price on the Phlx book. Phlx stated that it was re-programming its systems to remove this functionality for Price to Comply Orders, Non-Displayed Orders and Post-Only Orders entered through the OUCH and FLITE protocols in Test Group Three Pilot Securities. In the Amendment, Phlx stated that it anticipated that this re-programming shall be completed no later than November 30, 2016. If it appeared that this functionality would remain operational by October 17, 2016, Phlx indicated that it would file a proposed rule change with the SEC and will provide notice to market participants sufficiently in advance of that date to provide effective notice. The rule change and the notice to market participants would describe the current operation of the Phlx systems in this regard, and the timing related to the re- programming. On October 17, 2016, Phlx filed a proposal to extend the date by which it would complete the re-programing of its systems to eliminate the re-pricing functionality in Test Group Three Pilot Securities for Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols.\7\ In that proposal, Phlx stated that it anticipated that this re-programming shall be complete on or before October 31, 2016.\8\ As Phlx continued to re-program its systems to eliminate the re-pricing functionality in Test Group Three Pilot Securities for Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols, it extended the date by which the re-programming shall be complete to the current date of December 12, 2016.\9\ --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 79156 (October 25, 2016) (SR-Phlx-2016-106). Subsequent to the approval of SR-Phlx-2016-92, Phlx become aware that this re-pricing functionality also applies to Price to Display Orders that are entered through the OUCH and FLITE protocols in Test Group Three Securities, and amended Commentary .14 to indicate that Price to Display Orders will be treated in the same manner as Price to Comply Orders under the re-pricing functionality. Id. \8\ Id. \9\ See Securities Exchange Release Nos. 79261 (November 8, 2016), 81 FR 80134 (November 15, 2016) (SR-Phlx-2016-110) (extending current re-pricing functionality to November 14, 2016); 79407 (November 28, 2016), 81 FR 87089 (December 2, 2016) (SR-Phlx-2016- 114) (extending current re-pricing functionality to December 12, 2016). --------------------------------------------------------------------------- Phlx has now completed re-programming its systems to eliminate the re-pricing functionality in Test Group Three Pilot Securities for Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols. However, as a result of removing the re-pricing functionality, there are instances, due to the different functionality of the OUCH and FLITE protocols in comparison to the other applicable Phlx protocols, where the behavior of certain Order Types entered through the OUCH and FLITE protocols in Test Group Three Pilot Securities will differ from the behavior of those Order Types as set forth in Rule 3317; specifically, the behavior of Price to Comply Orders, Non-Displayed Orders, and Post- Only Orders entered through the OUCH and FLITE protocols when the Order locks or crosses a Protected Quotation. Phlx is therefore amending Rule 3317 to clarify these differences. Although the changes made to Price to Comply Orders, Non-Displayed Orders, and Post-Only Orders entered through OUCH and FLITE reflect the different functionality of the OUCH and FLITE protocols in comparison with the other Phlx protocols, the proposed changes treat Price to Comply Orders, Non-Displayed Orders and Post-Only Orders entered through OUCH and FLITE protocols in Test Group Three Securities as consistently as possible with such orders entered through OUCH and FLITE in Control Group Securities, and Test Group One and Test Group Two Securities. These changes will adjust Price to Comply Orders, Non-Displayed Orders, and Post-Only Orders entered through OUCH and FLITE when the Order has been ranked at a midpoint of the NBBO that then becomes impermissible due to changes in the NBBO. Price To Comply Orders Currently, Rule 3317(d)(2) states that a Price to Comply Order in a Test Group Pilot Security will operate as described in Rule 3301A(b)(1) except as provided under this paragraph. If a Price to Comply Order for a Test Group Three Pilot Security is partially executed upon entry and the remainder would lock a Protected Quotation of another market center, the unexecuted portion of the Order will be cancelled. If the Order is not executable against any previously posted orders on the Exchange Book, and the limit price of a buy (sell) Price to Comply Order in a Test Group Three Pilot Security would lock or cross a Protected Quotation of another market center, the Order will display at one minimum price increment below (above) the Protected Quotation, and the Order will be ranked on the Exchange Book at the current midpoint of NBBO. Phlx proposes to augment this provision to clarify the behavior of Price to Comply Orders entered through the OUCH or FLITE protocols in Test Group Three Pilot Securities that lock or cross a Protected Quotation. Specifically, a [[Page 95208]] Price to Comply Order in a Test Group Three Pilot Security entered through OUCH or FLITE may be adjusted in the following manner after initial entry and posting to the Phlx Book. If entered at a price that locked a Protected Quotation, and if the NBBO changes such that its price will no longer lock a Protected Quotation, the Price to Comply Order will be adjusted to rank and display at its original entered limit price.\10\ --------------------------------------------------------------------------- \10\ Phlx notes that a Price to Comply Order will always be adjusted in this scenario, regardless of its port setting. --------------------------------------------------------------------------- If entered at a price that crossed a Protected Quotation, and if the NBBO changes such that it can be ranked at the price of the Protected Quotation it crossed, the Price to Comply Order, based on the participant's choice, may either be (i) cancelled or (ii) adjusted to rank at the price of the Protected Quotation it crossed upon entry with its displayed price remaining unchanged. If, after being posted on the Phlx Book, the non-displayed price of a Price to Comply Order becomes locked or crossed by a Protected Quotation due to a change in the NBBO, or if the Price to Comply Order is at an impermissible price under Regulation NMS or the Plan and it cannot otherwise be adjusted as above, the Price to Comply Order will be cancelled.\11\ --------------------------------------------------------------------------- \11\ For example, if the National Best Bid is $10.00 and the National Best Offer is $10.10, and a Price to Comply Order to buy at $10.15 is entered, the Price to Comply Order will be displayed at $10.05 and ranked at $10.075. If the National Best Offer then changes to $10.15, the Price to Comply Order will be adjusted to rank at $10.10, and will remain displayed at $10.05. If the National Best Offer subsequently changes to $10.10, the Price to Comply Order will be cancelled. Phlx notes that a Price to Comply Order, Non-Displayed Order, or Post-Only Order entered through OUCH or FLITE in either a Control Group Security, a Test Group One Pilot Security or a Test Group Two Pilot Security would only cancel if the resting order is crossed (not locked) by a Protected Quotation due to a change in the NBBO. --------------------------------------------------------------------------- Non-Displayed Orders Currently, Rule 3317(d)(3) states that a Non-Displayed Order in a Test Group Pilot Security will operate as described in Rule 3301A(b)(3) except as provided under this paragraph. A resting Non-Displayed Order in a Test Group Three Pilot security cannot execute at the price of a Protected Quotation of another market center unless the incoming Order otherwise qualifies for an exception to the Trade-at prohibition provided under Rule 3317(c)(3)(D). If the limit price of a buy (sell) Non-Displayed Order in a Test Group Three Pilot Security would lock or cross a Protected Quotation of another market center, the Order will be ranked on the Exchange Book at either one minimum price increment below (above) the National Best Offer (National Best Bid) or at the midpoint of the NBBO, whichever is higher (lower). For a Non-Displayed Order in a Test Group Three Pilot Security entered through RASH or FIX, if after being posted to the Exchange Book, the NBBO changes so that the Non- Displayed Order would no longer be executable at its posted price due to the requirements of Regulation NMS or the Plan, the Non-Displayed Order will be repriced to a price that is at either one minimum price increment below (above) the National Best Offer (National Best Bid) or at the midpoint of the NBBO, whichever is higher (lower) and will receive a new timestamp. For a Non-Displayed Order in a Test Group Three Pilot Security entered through OUCH or FLITE, if after such a Non-Displayed Order is posted to the Exchange Book, the NBBO changes so that the Non-Displayed Order would no longer be executable at its posted price due to the requirements of Regulation NMS or the Plan, the Non-Displayed Order will be cancelled back to the Participant. Phlx proposes to amend this provision to clarify the behavior of Non-Displayed Orders entered through the OUCH or FLITE protocols in Test Group Three Pilot Securities that lock or cross a Protected Quotation. Specifically, a Non-Displayed Order in a Test Group Three Pilot Security entered through OUCH or FLITE may be adjusted in the following manner after initial entry and posting to the Phlx Book. If entered at a price that locked a Protected Quotation, and if the NBBO changes such that its price would no longer lock a Protected Quotation, the Non-Displayed Order will be adjusted to rank at its original entered limit price.\12\ --------------------------------------------------------------------------- \12\ Phlx notes that a Non-Displayed Order will always be adjusted in this scenario, regardless of its port setting. --------------------------------------------------------------------------- If entered at a price that crossed a Protected Quotation, and if the NBBO changes such that it can be ranked at the price of the Protected Quotation it crossed, the Order, based on the Participant's choice, may either be (i) cancelled or (ii) adjusted to rank at the price of the Protected Quotation it crossed.\13\ --------------------------------------------------------------------------- \13\ For example, if the National Best Bid is $10.00 and the National Best Offer is $10.10, and a Non-Displayed Order to buy at $10.15 is entered, the Non-Displayed Order will be ranked at $10.05. If the National Best Offer then changes to $10.15, the Non-Displayed Order may either be adjusted to rank at $10.10, or may be cancelled back to the Participant. --------------------------------------------------------------------------- If entered at a price that locked or crossed a Protected Quotation, and if the NBBO changes such that it cannot be ranked at the price of the Protected Quotation it locked or crossed but can be ranked closer to its original limit price, the Non-Displayed Order will be adjusted to the new midpoint of the NBBO.\14\ --------------------------------------------------------------------------- \14\ For example, if the National Best Bid is $10.00 and the National Best Offer is $10.10, and a Non-Displayed Order to buy at $10.10 is entered, the Non-Displayed Order will be ranked at $10.05. If the National Best Bid then changes to $10.05, the price of the Non-Displayed Order will be adjusted to $10.075. Phlx notes that a Non-Displayed Order entered through OUCH or FLITE in either a Control Group Security, a Test Group One Pilot Security or a Test Group Two Pilot Security would be ranked at the locking price upon entry. --------------------------------------------------------------------------- If, after being posted on the Phlx Book, the Non-Displayed Order becomes locked or crossed by a Protected Quotation due to a change in the NBBO, or if the Non-Displayed Order is at an impermissible price under Regulation NMS or the Plan and it cannot otherwise be adjusted as above, the Non-Displayed Order will be cancelled.\15\ --------------------------------------------------------------------------- \15\ For example, if the National Best Bid is $10.00 and the National Best Offer is $10.10, and a Non-Displayed Order to buy at $10.10 is entered, the Non-Displayed Order will be ranked at $10.05. If the National Best Offer then changes to $10.05, the Non-Displayed Order will be cancelled back to the Participant. --------------------------------------------------------------------------- Post-Only Orders Currently, Rule 3317(d)(4) states that a Post-Only Order in a Test Group Pilot Security will operate as described in Rule 3301A(b)(4) except as provided under this paragraph. For orders that are not attributable, if the limit price of a buy (sell) Post-Only Order in a Test Group Three Pilot Security would lock or cross a Protected Quotation of another market center, the Order will display at one minimum price increment below (above) the Protected Quotation, and the Order will be ranked on the Exchange Book at the current midpoint of the NBBO. Phlx proposes to augment this provision to clarify the behavior of Post-Only Orders entered through the OUCH or FLITE protocols in Test Group Three Pilot Securities that lock or cross a Protected Quotation. Specifically, a Non-Attributable Post-Only Order in a Test Group Three Pilot Security entered through OUCH or FLITE may be adjusted in the following manner after initial entry and posting to the Phlx Book. If entered at a price that locked a Protected Quotation, and if the NBBO changes such that its price will no longer lock a Protected Quotation, the Post-Only Order will be adjusted to rank [[Page 95209]] and display at its original entered limit price.\16\ --------------------------------------------------------------------------- \16\ Phlx notes that a Post-Only Order will always be adjusted in this scenario, regardless of its port setting. --------------------------------------------------------------------------- If entered at a price that crossed a Protected Quotation, and if the NBBO changes such that it can be ranked at the price of the Protected Quotation it crossed, the Post-Only Order, based on the Participant's choice, may either be (i) cancelled or (ii) adjusted to rank at the price of the Protected Quotation it crossed upon entry with its displayed price remaining unchanged. If, after being posted on the Phlx Book, the non-displayed price of a resting Post-Only Order becomes locked or crossed by a Protected Quotation due to a change in the NBBO, or if the Post-Only Order is at an impermissible price under Regulation NMS or the Plan and it cannot otherwise be adjusted as above, the Post-Only Order will be cancelled. Commentary .14 In removing the current re-pricing functionality, Commentary .014 [sic], which addresses the behavior of current treatment of Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post- Only Orders that are entered through the OUCH or FLITE protocols in Test Group Three Pilot Securities, is no longer necessary.\17\ The Exchange therefore proposes to delete this Commentary from the Rule. --------------------------------------------------------------------------- \17\ Under Commentary .14, the current treatment of Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols in Test Group Three securities is as follows: Until December 12, 2016, the treatment of Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols in Test Group Three securities shall be as follows: Following entry, and if market conditions allow, a Price to Comply Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO until such time as the Price to Comply Order is able to be ranked and displayed at its original entered limit price. Following entry, and if market conditions allow, a Price to Display Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO until such time as the Price to Display Order is able to be ranked and displayed at its original entered limit price. Following entry, and if market conditions allow, a Non-Displayed Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO up (down) to the Order's limit price. Following entry, and if market conditions allow, the Post-Only Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO or the best price on the Exchange Book, as applicable until such time as the Post-Only Order is able to be ranked and displayed at its original entered limit price. --------------------------------------------------------------------------- Finally, Phlx proposes to add language to Rule 3317(d)(1) to clarify the treatment of orders in a Test Group Three Security entered through the RASH or FIX protocols. Specifically, subject to the provisions set forth in the remainder of Rule 3317(d), if the entered limit price of an Order in a Test Group Three Pilot Security, entered through RASH or FIX, locked or crossed a Protected Quotation and the NBBO changes so that the Order can be ranked closer to its original entered limit price, the price of the Order will be adjusted repeatedly in accordance with changes to the NBBO. Phlx is proposing to make this change to clarify the current treatment of orders in Test Group Three Pilot Securities entered through RASH or FIX. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\18\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\19\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. --------------------------------------------------------------------------- \18\ 15 U.S.C. 78f(b). \19\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change is consistent with the Act because it clarifies the changes the Exchange is making to the handling of certain Order Types necessary to implement the requirements of the Plan on its System and, in the case of the changes of Rule 3317(d)(1), to clarify the current treatment of orders in Test Group Three Pilot Securities entered through RASH or FIX. As a result of removing the current re-pricing functionality that applies to certain Order Types in Test Group Three Securities entered through the OUCH and FLITE protocols, and due to the different functionality of the OUCH and FLITE protocols in comparison to the other applicable Phlx protocols, these Order Types will behave differently than is currently set forth in Rule 3317 when entered through the OUCH or FLITE protocols in certain instances. As noted above, these changes will adjust Price to Comply Orders, Non-Displayed Orders, and Post-Only Orders entered through OUCH and FLITE when the Order has been ranked at a midpoint of the NBBO that then becomes impermissible due to changes in the NBBO. These changes also will adjust Price to Comply Orders, Non-Displayed Orders, and Post-Only Orders entered through OUCH and FLITE in scenarios where the subsequent movement of the NBBO implicates the Trade-at prohibition with respect to the resting order. By clarifying the behavior of certain Order Types in Test Group Three Pilot Securities entered through the OUCH or FLITE protocols, the proposal will help allow market participants to continue to trade NMS Stocks, within quoting and trading requirements that are in compliance with the Plan, with certainty on how certain orders and trading interests would be treated. This, in turn, will help encourage market participants to continue to provide liquidity in the marketplace. More generally, Phlx also notes that the Plan, which was approved by the Commission pursuant to an order issued by the Commission in reliance on Section 11A of the Act,\20\ provides the Exchange authority to establish, maintain, and enforce written policies and procedures that are reasonably designed to comply with applicable quoting and trading requirements specified in the Plan. The Exchange believes that the proposed rule change is consistent with the authority granted to it by the Plan to establish specifications and procedures for the implementation and operation of the Plan that are consistent with the provisions of the Plan. Likewise, the Exchange believes that the proposed rule change provides interpretations of the Plan that are consistent with the Act, in general, and furthers the objectives of the Act, in particular. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78k-1. --------------------------------------------------------------------------- Finally, Phlx believes that the proposal is consistent with the Act because the proposed functionality will more closely align the handling of Price to Comply Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols for Test Group Three Pilot Securities with the handling of such Orders entered through the OUCH or FLITE protocols for Control Group, Test Group One and Test Group Two Securities than the current functionality in place for these Orders. 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. The proposed changes are being made to establish, maintain, and enforce written policies and procedures that are reasonably designed to comply with the trading and quoting requirements specified in the Plan, of which other [[Page 95210]] equities exchanges are also Participants. Other competing national securities exchanges are subject to the same trading and quoting requirements specified in the Plan, and must take the same steps that the Exchange has to conform its existing rules to the requirements of the Plan. Therefore, the proposed changes would not impose any burden on competition, while providing certainty of treatment and execution of trading interests on the Exchange to market participants in NMS Stocks that are acting in compliance with the requirements specified in the Plan. 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 \21\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\22\ --------------------------------------------------------------------------- \21\ 15 U.S.C. 78s(b)(3)(A)(iii). \22\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \23\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\24\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. In this filing, the Exchange has asked that the Commission waive the requirement that the proposed rule change not become operative for 30 days after the date of the filing. --------------------------------------------------------------------------- \23\ Id. \24\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Exchange notes the proposed rule is intended to clarify the differences in the handling of certain orders entered into the system by different protocols. The Exchange notes that orders will be treated as consistently as possible across the Test Groups and the Control Group while complying with each grouping's varied quoting and trading requirements. Additionally, the Exchange proposed to remove Commentary .14 because it is no longer necessary. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because the proposal clarifies the Exchange's rules and provides transparency to members with regards to the handling of certain orders entered via OUCH and FLITE as well as RASH or FIX protocols for locked or crossed orders in Test Group Three Pilot Securities. The Commission notes that the Exchange proposed to remove the functionality described in Commentary .14 and make the necessary corresponding systems changes in Partial Amendment No. 2 to Phlx-2016-92, which the Commission approved.\25\ The Exchange notes that it was able to implement the systems changes and that they became fully operational on the December 14, 2016. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change to be operative on December 14, 2016.\26\ --------------------------------------------------------------------------- \25\ See supra note 5 \26\ 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). --------------------------------------------------------------------------- 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. 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-2016-121 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-Phlx-2016-121. 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-2016-121 and should be submitted on or before January 17, 2017. --------------------------------------------------------------------------- \27\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\27\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2016-31106 Filed 12-23-16; 8:45 am] BILLING CODE 8011-01-P
![95206 Federal Register / Vol. 81, No. 248 / Tuesday, December 27, 2016 / Notices
to Section 19(b)(2) of the Act,5 self-regulatory organization consents, comments on the proposed rule change
designates February 15, 2017, as the the Commission shall either approve the from interested persons.
date by which the Commission shall proposed rule change, disapprove the
I. Self-Regulatory Organization’s
either approve or disapprove, or proposed rule change, or institute
Statement of the Terms of Substance of
institute proceedings to determine proceedings to determine whether the
the Proposed Rule Change
whether to disapprove, the proposed proposed rule change should be
rule change (File No. SR–NYSE–2016– disapproved. The 45th day for this filing The Exchange proposes to amend
71). is December 30, 2016. Rule 3317 (Compliance with Regulation
The Commission is extending the 45- NMS Plan to Implement a Tick Size
For the Commission, by the Division of
day time period for Commission action Pilot) relating to the handling to certain
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authority.6 on the proposed rule change. The Order Types in Test Group Three Pilot
Commission finds that it is appropriate Securities in connection with the
Eduardo A. Aleman,
to designate a longer period within Regulation NMS Plan to Implement a
Assistant Secretary. Tick Size Pilot Program (‘‘Plan’’ or
[FR Doc. 2016–31104 Filed 12–23–16; 8:45 am] which to take action on the proposed
‘‘Pilot’’).3 Relatedly, the Exchange also
rule change so that it has sufficient time
BILLING CODE 8011–01–P proposes to delete Commentary .14,
to consider and take action on the
which addresses the current handling of
Exchange’s proposed rule change.
those Order Types. Finally, Phlx
SECURITIES AND EXCHANGE Accordingly, pursuant to Section proposes to add language to Rule
COMMISSION 19(b)(2) of the Act 6 and for the reasons 3317(d)(1) to clarify the treatment of
stated above, the Commission orders in a Test Group Three Security
[Release No. 34–79613; File No. SR–BOX–
2016–50] designates February 13, 2017, as the entered through the RASH or FIX
date by which the Commission should protocols.
Self-Regulatory Organizations; BOX either approve or disapprove, or The text of the proposed rule change
Options Exchange LLC; Notice of institute proceedings to determine is available on the Exchange’s Web
Designation of Longer Period for whether to disapprove, the proposed site at http://nasdaqphlx.
Commission Action on Proposed Rule rule change (File No. SR–BOX–2016– cchwallstreet.com/, at the principal
Change To Amend Rule 5050 Series of 50). office of the Exchange, and at the
Options Contracts Open for Trading To For the Commission, by the Division of Commission’s Public Reference Room.
Provide for the Listing and Trading on Trading and Markets, pursuant to delegated
the Exchange of RealDayTM Options authority.7 II. Self-Regulatory Organization’s
Pursuant to a Pilot Program Eduardo A. Aleman,
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Assistant Secretary.
December 20, 2016. Change
[FR Doc. 2016–31105 Filed 12–23–16; 8:45 am]
On October 26, 2016, BOX Options In its filing with the Commission, the
BILLING CODE 8011–01–P
Exchange LLC (‘‘Exchange’’) filed with Exchange included statements
the Securities and Exchange concerning the purpose of and basis for
Commission (‘‘Commission’’), pursuant the proposed rule change and discussed
SECURITIES AND EXCHANGE
to Section 19(b)(1) of the Securities any comments it received on the
COMMISSION
Exchange Act of 1934 (‘‘Act’’) 1 and Rule proposed rule change. The text of these
19b–4 thereunder,2 a proposed rule statements may be examined at the
change to provide for the listing and [Release No. 34–79614; File No. SR–Phlx–
2016–121] places specified in Item IV below. The
trading on the Exchange of RealDayTM Exchange has prepared summaries, set
Options pursuant to a pilot program. forth in sections A, B, and C below, of
Self-Regulatory Organizations;
The proposed rule change was the most significant aspects of such
NASDAQ PHLX LLC; Notice of Filing
published for comment in the Federal statements.
and Immediate Effectiveness of
Register on November 15, 2016.3 The
Proposed Rule Change To Amend Rule A. Self-Regulatory Organization’s
Commission has received one comment 3317 (Compliance With Regulation
letter on the proposal.4 Statement of the Purpose of, and
NMS Plan To Implement a Tick Size Statutory Basis for, the Proposed Rule
Section 19(b)(2) of the Act 5 provides
Pilot) Change
that within 45 days of the publication of
notice of the filing of a proposed rule December 20, 2016. 1. Purpose
change, or within such longer period up Pursuant to Section 19(b)(1) of the
to 90 days as the Commission may On September 7, 2016, the Exchange
Securities Exchange Act of 1934 filed with the Securities and Exchange
designate if it finds such longer period (‘‘Act’’),1 and Rule 19b–4 thereunder,2
to be appropriate and publishes its Commission (‘‘SEC’’ or ‘‘Commission’’)
notice is hereby given that on December a proposed rule change (‘‘Proposal’’) to
reasons for so finding or as to which the 13, 2016, NASDAQ PHLX LLC (‘‘Phlx’’ adopt paragraph (d) and Commentary
5 Id.
or ‘‘Exchange’’) filed with the Securities .12 to Exchange Rule 3317 to describe
6 17
and Exchange Commission (‘‘SEC’’ or changes to system functionality
CFR 200.30–3(a)(31).
1 15 U.S.C. 78s(b)(1).
‘‘Commission’’) the proposed rule necessary to implement the Plan. The
asabaliauskas on DSK3SPTVN1PROD with NOTICES
2 17 CFR 240.19b–4. change as described in Items I and II Exchange also proposed amendments to
3 See Securities Exchange Act Release No. 79258 below, which Items have been prepared Rule 3317(a) and (c) to clarify how the
(November 8, 2016), 81 FR 80125. by the Exchange. The Commission is Trade-at exception may be satisfied. The
4 See Letter from Edward T. Tilly, Chief Executive
publishing this notice to solicit SEC published the Proposal in the
Officer, Chicago Board Options Exchange,
Incorporated, to Brent J. Fields, Secretary, Federal Register for notice and
6 15 U.S.C. 78s(b)(2).
Commission, dated December 6, 2016, available at
7 17 CFR 200.30–3(a)(31).
https://www.sec.gov/comments/sr-box-2016-50/ 3 See Securities Exchange Act Release No. 74892
box201650-1.pdf. 1 15 U.S.C. 78s(b)(1).
(May 6, 2015), 80 FR 27513 (May 13, 2015)
5 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4. (‘‘Approval Order’’).
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![Federal Register / Vol. 81, No. 248 / Tuesday, December 27, 2016 / Notices 95209
and display at its original entered limit the treatment of orders in a Test Group subsequent movement of the NBBO
price.16 Three Security entered through the implicates the Trade-at prohibition with
If entered at a price that crossed a RASH or FIX protocols. Specifically, respect to the resting order.
Protected Quotation, and if the NBBO subject to the provisions set forth in the By clarifying the behavior of certain
changes such that it can be ranked at the remainder of Rule 3317(d), if the Order Types in Test Group Three Pilot
price of the Protected Quotation it entered limit price of an Order in a Test Securities entered through the OUCH or
crossed, the Post-Only Order, based on Group Three Pilot Security, entered FLITE protocols, the proposal will help
the Participant’s choice, may either be through RASH or FIX, locked or crossed allow market participants to continue to
(i) cancelled or (ii) adjusted to rank at a Protected Quotation and the NBBO trade NMS Stocks, within quoting and
the price of the Protected Quotation it changes so that the Order can be ranked trading requirements that are in
crossed upon entry with its displayed closer to its original entered limit price, compliance with the Plan, with
price remaining unchanged. the price of the Order will be adjusted certainty on how certain orders and
If, after being posted on the Phlx repeatedly in accordance with changes trading interests would be treated. This,
Book, the non-displayed price of a to the NBBO. Phlx is proposing to make in turn, will help encourage market
resting Post-Only Order becomes locked this change to clarify the current participants to continue to provide
or crossed by a Protected Quotation due treatment of orders in Test Group Three liquidity in the marketplace.
to a change in the NBBO, or if the Post- Pilot Securities entered through RASH More generally, Phlx also notes that
Only Order is at an impermissible price or FIX. the Plan, which was approved by the
under Regulation NMS or the Plan and Commission pursuant to an order issued
2. Statutory Basis by the Commission in reliance on
it cannot otherwise be adjusted as
above, the Post-Only Order will be The Exchange believes that its Section 11A of the Act,20 provides the
cancelled. proposal is consistent with Section 6(b) Exchange authority to establish,
of the Act,18 in general, and furthers the maintain, and enforce written policies
Commentary .14 objectives of Section 6(b)(5) of the Act,19 and procedures that are reasonably
In removing the current re-pricing in particular, in that it is designed to designed to comply with applicable
functionality, Commentary .014 [sic], promote just and equitable principles of quoting and trading requirements
which addresses the behavior of current trade, to remove impediments to and specified in the Plan. The Exchange
treatment of Price to Comply Orders, perfect the mechanism of a free and believes that the proposed rule change
Price to Display Orders, Non-Displayed open market and a national market is consistent with the authority granted
Orders, and Post-Only Orders that are system, and, in general to protect to it by the Plan to establish
entered through the OUCH or FLITE investors and the public interest. specifications and procedures for the
protocols in Test Group Three Pilot The Exchange believes that the implementation and operation of the
proposed rule change is consistent with Plan that are consistent with the
Securities, is no longer necessary.17 The
the Act because it clarifies the changes provisions of the Plan. Likewise, the
Exchange therefore proposes to delete
the Exchange is making to the handling Exchange believes that the proposed
this Commentary from the Rule.
of certain Order Types necessary to rule change provides interpretations of
Finally, Phlx proposes to add
implement the requirements of the Plan the Plan that are consistent with the
language to Rule 3317(d)(1) to clarify
on its System and, in the case of the Act, in general, and furthers the
16 Phlx notes that a Post-Only Order will always changes of Rule 3317(d)(1), to clarify the objectives of the Act, in particular.
be adjusted in this scenario, regardless of its port current treatment of orders in Test Finally, Phlx believes that the
setting. Group Three Pilot Securities entered proposal is consistent with the Act
17 Under Commentary .14, the current treatment
through RASH or FIX. because the proposed functionality will
of Price to Comply Orders, Price to Display Orders, As a result of removing the current re-
Non-Displayed Orders, and Post-Only Orders that
more closely align the handling of Price
are entered through the OUCH or FLITE protocols pricing functionality that applies to to Comply Orders, Non-Displayed
in Test Group Three securities is as follows: certain Order Types in Test Group Orders, and Post-Only Orders that are
Until December 12, 2016, the treatment of Price Three Securities entered through the entered through the OUCH or FLITE
to Comply Orders, Price to Display Orders, Non- OUCH and FLITE protocols, and due to protocols for Test Group Three Pilot
Displayed Orders, and Post-Only Orders that are
entered through the OUCH or FLITE protocols in
the different functionality of the OUCH Securities with the handling of such
Test Group Three securities shall be as follows: and FLITE protocols in comparison to Orders entered through the OUCH or
Following entry, and if market conditions allow, the other applicable Phlx protocols, FLITE protocols for Control Group, Test
a Price to Comply Order in a Test Group Three Pilot these Order Types will behave Group One and Test Group Two
Security will be adjusted repeatedly in accordance differently than is currently set forth in
with changes to the NBBO until such time as the
Securities than the current functionality
Price to Comply Order is able to be ranked and Rule 3317 when entered through the in place for these Orders.
displayed at its original entered limit price. OUCH or FLITE protocols in certain
instances. As noted above, these B. Self-Regulatory Organization’s
Following entry, and if market conditions allow,
a Price to Display Order in a Test Group Three Pilot changes will adjust Price to Comply Statement on Burden on Competition
Security will be adjusted repeatedly in accordance The Exchange does not believe that
with changes to the NBBO until such time as the
Orders, Non-Displayed Orders, and
Price to Display Order is able to be ranked and Post-Only Orders entered through the proposed rule change will impose
displayed at its original entered limit price. OUCH and FLITE when the Order has any burden on competition not
Following entry, and if market conditions allow, been ranked at a midpoint of the NBBO necessary or appropriate in furtherance
a Non-Displayed Order in a Test Group Three Pilot of the purposes of the Act. The
asabaliauskas on DSK3SPTVN1PROD with NOTICES
that then becomes impermissible due to
Security will be adjusted repeatedly in accordance
with changes to the NBBO up (down) to the Order’s changes in the NBBO. These changes proposed changes are being made to
limit price. also will adjust Price to Comply Orders, establish, maintain, and enforce written
Following entry, and if market conditions allow, Non-Displayed Orders, and Post-Only policies and procedures that are
the Post-Only Order in a Test Group Three Pilot Orders entered through OUCH and reasonably designed to comply with the
Security will be adjusted repeatedly in accordance trading and quoting requirements
with changes to the NBBO or the best price on the
FLITE in scenarios where the
Exchange Book, as applicable until such time as the specified in the Plan, of which other
18 15 U.S.C. 78f(b).
Post-Only Order is able to be ranked and displayed
at its original entered limit price. 19 15 U.S.C. 78f(b)(5). 20 15 U.S.C. 78k–1.
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![95210 Federal Register / Vol. 81, No. 248 / Tuesday, December 27, 2016 / Notices
equities exchanges are also Participants. Commentary .14 because it is no longer and Exchange Commission, 100 F Street
Other competing national securities necessary. NE., Washington, DC 20549–1090.
exchanges are subject to the same The Commission believes that
trading and quoting requirements All submissions should refer to File
waiving the 30-day operative delay is
specified in the Plan, and must take the consistent with the protection of Number SR–Phlx–2016–121. This file
same steps that the Exchange has to investors and the public interest number should be included on the
conform its existing rules to the because the proposal clarifies the subject line if email is used. To help the
requirements of the Plan. Therefore, the Exchange’s rules and provides Commission process and review your
proposed changes would not impose transparency to members with regards comments more efficiently, please use
any burden on competition, while to the handling of certain orders entered only one method. The Commission will
providing certainty of treatment and via OUCH and FLITE as well as RASH post all comments on the Commission’s
execution of trading interests on the or FIX protocols for locked or crossed Internet Web site (http://www.sec.gov/
Exchange to market participants in NMS orders in Test Group Three Pilot rules/sro.shtml).
Stocks that are acting in compliance Securities. The Commission notes that Copies of the submission, all
with the requirements specified in the the Exchange proposed to remove the subsequent amendments, all written
Plan. functionality described in statements with respect to the proposed
Commentary .14 and make the rule change that are filed with the
C. Self-Regulatory Organization’s
necessary corresponding systems Commission, and all written
Statement on Comments on the
changes in Partial Amendment No. 2 to communications relating to the
Proposed Rule Change Received From
Phlx–2016–92, which the Commission proposed rule change between the
Members, Participants, or Others
approved.25 The Exchange notes that it
Commission and any person, other than
No written comments were either was able to implement the systems
those that may be withheld from the
solicited or received. changes and that they became fully
public in accordance with the
operational on the December 14, 2016.
III. Date of Effectiveness of the provisions of 5 U.S.C. 552, will be
Therefore, the Commission hereby
Proposed Rule Change and Timing for available for Web site viewing and
waives the 30-day operative delay and
Commission Action printing in the Commission’s Public
designates the proposed rule change to
Because the foregoing proposed rule be operative on December 14, 2016.26 Reference Room, 100 F Street NE.,
change does not: (i) Significantly affect At any time within 60 days of the Washington, DC 20549, on official
the protection of investors or the public filing of the proposed rule change, the business days between the hours of
interest; (ii) impose any significant Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the
burden on competition; and (iii) become temporarily suspend such rule change if filing also will be available for
operative for 30 days from the date on it appears to the Commission that such inspection and copying at the principal
which it was filed, or such shorter time action is: (i) Necessary or appropriate in office of the Exchange. All comments
as the Commission may designate, it has the public interest; (ii) for the protection received will be posted without change;
become effective pursuant to Section of investors; or (iii) otherwise in the Commission does not edit personal
19(b)(3)(A)(iii) of the Act 21 and furtherance of the purposes of the Act. identifying information from
subparagraph (f)(6) of Rule 19b–4 If the Commission takes such action, the submissions. You should submit only
thereunder.22 Commission shall institute proceedings information that you wish to make
A proposed rule change filed under to determine whether the proposed rule available publicly. All submissions
Rule 19b–4(f)(6) 23 normally does not should be approved or disapproved. should refer to File Number SR–Phlx–
become operative prior to 30 days after IV. Solicitation of Comments 2016–121 and should be submitted on
the date of the filing. However, pursuant or before January 17, 2017.
to Rule 19b–4(f)(6)(iii),24 the Interested persons are invited to
submit written data, views, and For the Commission, by the Division of
Commission may designate a shorter
arguments concerning the foregoing, Trading and Markets, pursuant to delegated
time if such action is consistent with the
including whether the proposed rule authority.27
protection of investors and the public
interest. In this filing, the Exchange has change is consistent with the Act. Eduardo A. Aleman,
asked that the Commission waive the Comments may be submitted by any of Assistant Secretary.
requirement that the proposed rule the following methods: [FR Doc. 2016–31106 Filed 12–23–16; 8:45 am]
change not become operative for 30 days Electronic Comments BILLING CODE 8011–01–P
after the date of the filing.
The Exchange notes the proposed rule • Use the Commission’s Internet
is intended to clarify the differences in comment form (http://www.sec.gov/
the handling of certain orders entered rules/sro.shtml);or
into the system by different protocols. • Send an email to rule-comments@
The Exchange notes that orders will be sec.gov. Please include File Number SR–
treated as consistently as possible across Phlx–2016–121 on the subject line.
the Test Groups and the Control Group Paper Comments
asabaliauskas on DSK3SPTVN1PROD with NOTICES
while complying with each grouping’s
varied quoting and trading • Send paper comments in triplicate
requirements. Additionally, the to Brent J. Fields, Secretary, Securities
Exchange proposed to remove
25 See supra note 5
26 For purposes only of waiving the operative
21 15 U.S.C. 78s(b)(3)(A)(iii). delay for this proposal, the Commission has
22 17 CFR 240.19b–4(f)(6).
considered the proposed rule’s impact on
23 Id.
efficiency, competition, and capital formation. See
24 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f). 27 17 CFR 200.30–3(a)(12).
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Document Created: 2018-02-14 09:13:27
Document Modified: 2018-02-14 09:13:27
| 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 95206 |
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