82 FR 10143 - Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 519A, Risk Protection Monitor for Orders Entered via the FIX Interface (“RPM-FIX”), and Exchange Rule 519B, Risk Protection Monitor for Orders Entered via the MEO Interface (“RPM-MEO”)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 26 (February 9, 2017)
Federal Register Volume 82, Issue 26 (February 9, 2017)
| Page Range | 10143-10147 | |
| FR Document | 2017-02640 |
[Federal Register Volume 82, Number 26 (Thursday, February 9, 2017)] [Notices] [Pages 10143-10147] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-02640] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79959; File No. SR-PEARL-2017-06] Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 519A, Risk Protection Monitor for Orders Entered via the FIX Interface (``RPM-FIX''), and Exchange Rule 519B, Risk Protection Monitor for Orders Entered via the MEO Interface (``RPM-MEO'') February 3, 2017. Pursuant to the provisions of 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 February 2, 2017, MIAX PEARL, LLC (``MIAX PEARL'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') a 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 Exchange Rule 519A, Risk Protection Monitor for Orders Entered via the FIX Interface (``RPM-FIX''), and Exchange Rule 519B, Risk Protection Monitor for Orders Entered via the MEO Interface (``RPM-MEO''). The text of the proposed rule change is available on the Exchange's Web site at http://www.miaxoptions.com/rule-filings/pearl, at MIAX PEARL's principal office, 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 The Exchange proposes to amend Exchange Rule 519A, Risk Protection Monitor for Orders Entered via the FIX Interface (``RPM-FIX'') to make the protections provided by the Rule available to all Members \3\ of the Exchange, and to make their usage mandatory for Electronic Exchange Members (``EEMs'').\4\ Additionally, the Exchange proposes to amend Exchange Rule 519B, Risk Protection Monitor for Orders Entered via the MEO Interface (``RPM-MEO'') to align the rule text to the proposed change to Rule 519A and to make it mandatory for EEMs using MEO to use the protections provided by the Rule. --------------------------------------------------------------------------- \3\ The term ``Member'' means an individual or organization that is registered with the Exchange pursuant to Chapter II of MIAX PEARL Rules for purposes of trading on the Exchange as an ``Electronic Exchange Member'' or `` ``Market Maker.'' Members are deemed ``members under the Exchange Act. See Exchange Rule 100. \4\ The term ``Electronic Exchange Member'' or ``EEM'' means the holder of a Trading Permit who is a Member representing as agent Public Customer Orders or Non-Customer Orders on the Exchange and those non-Market Maker Members conducting proprietary trading. Electronic Exchange Members are deemed ``members'' under the Exchange Act. See Exchange Rule 100. --------------------------------------------------------------------------- Exchange Rule 519A. Risk Protection Monitor for Orders Entered via the FIX Interface (``RPM-FIX'') The Exchange proposes to amend Exchange Rule 519A, Risk Protection Monitor for Orders Entered via the FIX Interface (``RPM-FIX'') by replacing ``EEM'' with ``Member'' to make the risk protections described in the rule available to all Members of the Exchange. MIAX PEARL Members may connect to the System \5\ using the FIX Order Interface and/or the MIAX Express Order (``MEO'') Interface. These two connection protocols are not mutually exclusive and Members, specifically Market Makers (``MMs'') \6\ on the Exchange, may use MEO for providing liquidity to the Exchange via their Market Making activities; and FIX for removing liquidity from the Exchange. The Exchange seeks to provide risk protection tools to all [[Page 10144]] Members using FIX, and not just EEM Members. --------------------------------------------------------------------------- \5\ The term ``System'' means the automated trading system used by the Exchange for the trading of securities. See Exchange Rule 100. \6\ The term ``Market Maker'' or ``MM'' means a Member registered with the Exchange for the purpose of making markets in options contracts traded on the Exchange and that is vested with the rights and responsibilities specified in Chapter VI of MIAX PEARL Rules. See Exchange Rule 100. --------------------------------------------------------------------------- As proposed, RPM-FIX would provide protections to all Members by establishing a counting program that will count the number of orders entered and the number of contracts traded via an order entered during a specified time period established by the Member. The RPM-FIX Monitor would maintain one or more Member-configurable settings, allowing Members to establish FIX Interface Allowable Order Rate setting(s) and FIX Interface Allowable Contract Execution Rate setting(s). When a Member's order is entered or executed, the System would look back over the specified time period to determine if the Member had entered a number of orders exceeding their FIX Interface Allowable Order Rate setting or executed a number of contracts exceeding their FIX Interface Allowable Contract Execution Rate setting, and take action as provided by the rule. Additionally, the Exchange proposes to harmonize the language and structure of MIAX PEARL Rule 519A, with MIAX Options Rule 519A, Risk Protection Monitor, which provides a more cohesive paragraph describing the Risk Protection Monitor feature, its functionality, the ability of Members to establish and configure multiple Risk Protection Monitor settings, and the ability of Members to determine one of three alternative actions to be taken by the Risk Protection Monitor once it is triggered. MIAX PEARL and MIAX Options have a number of common Members and where feasible the Exchange intends to implement similar behavior to provide consistency between the markets so as to avoid confusion among Members. The Exchange also proposes to require mandatory participation by EEMs and new paragraph (b) of Rule 519A states that EEMs using the FIX Interface must establish at least one FIX Interface Allowable Order Rate setting with a corresponding specified time period of not less than one second, and not to exceed ten seconds, as established by the Exchange and communicated to Members via Regulatory Circular (a ``Corresponding Specified Time Period'') and at least one FIX Interface Allowable Contract Execution Rate setting (with a Corresponding Specified Time Period). The Exchange believes that establishing the Corresponding Specified Time Period within these parameters will provide minimum and maximum guidelines for EEMs, making their required use of the Risk Protection Monitor more effective and efficient. The Risk Protection Monitor settings must be configured by the EEM such that RPM-FIX, when triggered, will perform one of two steps set forth in proposed Rule 519A(a): Either (A) prevent the System from receiving any new orders in all series in all classes from the EEM; or (B) prevent the System from receiving any new orders in all series in all classes from the EEM and cancel all existing orders with a time-in- force of Day in all series in all classes from the EEM. Under the mandatory provision of proposed Rule 519A(b), the simple Member notification option included in section (C) of the proposed Rule 519A(a) would not be available. As proposed, Rule 519A provides that Members may establish additional FIX Interface Allowable Order Rate settings and additional FIX Interface Allowable Contract Rate settings, and any such additional settings may be configured to perform the step set forth in either (A), or (B), or (C) of Rule 519A as described above, upon engagement of the RPM-FIX Monitor. While the risk protections available under RPM-FIX are available for all Members of the Exchange, the Exchange believes that mandating one class of Member (EEMs) and not the other (MMs) to use the risk protections provided in the rule to be acceptable given the current construction of the Exchange. The Exchange does not anticipate that every Market Maker will have a FIX Order Interface connection. Further, the Exchange anticipates that Market Makers that do establish a FIX Order Interface connection will use the connection in limited circumstances, and will primarily use the MEO Interface as discussed below. Therefore, the Exchange does not believe it is necessary to require all Members with a FIX Interface connection to use the RPM-FIX Monitor. The Exchange believes that providing Members with the ability to establish multiple RPM-FIX settings enhances the Members' ability to account for sudden market movements due to extreme market volatility, and for heightened activity in one particular option or group of options in a particular industry or segment of the market due to news or other factors affecting the activity surrounding such option or options. Exchange Rule 519B. Risk Protection Monitor for Orders Entered via the MEO Interface (``RPM-MEO'') The Exchange proposes to amend Exchange Rule 519B, Risk Protection Monitor for Orders Entered via the MEO Interface (``RPM-MEO'') to mandate that EEMs with a MEO Interface connection use the risk protections described in the rule. Additionally, the Exchange proposes to harmonize the rule text with the proposed changes to Rule 519A, Risk Protection Monitor for Orders Entered via the FIX Interface (``RPM- FIX'') described and contained herein as it relates to the functionality, organization, and structure of the Rule. As proposed, RPM-MEO provides identical protections as RPM-FIX by establishing a counting program that will count the number of orders entered and the number of contracts traded via an order entered through the MEO Interface during a specified time period established by the EEM. RPM-MEO maintains one or more EEM-configurable settings, allowing EEMs to establish MEO Interface Allowable Order Rate setting(s) and MEO Interface Allowable Contract Execution Rate setting(s). When an EEM's order is entered or executed, the System will look back over the specified time period to determine if the EEM has entered a number of orders exceeding their MEO Interface Allowable Order Rate setting or executed a number of contracts exceeding their MEO Interface Allowable Contract Execution Rate setting, and take action as provided by the rule. The Exchange believes that providing EEMs with the ability to establish multiple RPM-MEO settings enhances the EEMs' ability to account for sudden market movements due to extreme market volatility, and for heightened activity in one particular option or group of options in a particular industry or segment of the market due to news or other factors affecting the activity surrounding such option or options. The Exchange believes that permitting one type of Member (EEMs) and not the other (MMs) to use the risk protections provided in the rule to be acceptable given the current construction of the Exchange. Market Makers have a heightened obligation on the Exchange to maintain a two- sided market, pursuant to Rule 605(d)(1), in those series in which the Market Maker has registered to trade.\7\ Exchange Rule 605, Market Maker Quotations, details various requirements associated with a Market Maker's quotes, such as ``Size Associated with Quotes'', ``Firm Quotes'', and ``Continuous Quotes''.\8\ A quote on the Exchange is defined as, ``[. . .] a bid or offer entered by a Market Maker as a firm order that updates the Market Maker's previous bid or offer, if any [. . .].'' \9\ Currently, there is not a separate Market Maker quote transaction available on the [[Page 10145]] Exchange. The Exchange's definition of a quote further provides that, ``[w]hen the term order is used in these Rules and a bid or offer is entered by the Market Maker in the option series to which such Market Maker is registered, such order shall, as applicable, constitute a quote or quotation for purposes of these Rules.'' \10\ --------------------------------------------------------------------------- \7\ See Exchange Rule 604(a)(1). \8\ See Exchange Rule 605. \9\ See Exchange Rule 100. \10\ See Exchange Rule 100. --------------------------------------------------------------------------- Market Makers self-assign the series for which they choose to act as a Market Maker and may register daily for these series.\11\ A Market Maker could easily have an obligation to provide continuous quotes for a large number of series. To provide two-sided quotes a Market Maker will need to submit orders (as there is no separate quote transaction currently available on the Exchange) to meet its obligation. The MEO interface is designed to enable Market Makers to satisfy their obligations on the Exchange by providing a Bulk Liquidity Message which allows the Member to submit multiple messages to the System. It is not anticipated by the Exchange that a Market Maker would use the FIX Interface as its primary connection to the Exchange nor send significant order flow via the FIX Order Interface, as the FIX protocol utilized by the Exchange does not provide support for the submission of bulk messages. --------------------------------------------------------------------------- \11\ See Exchange Rule 602. --------------------------------------------------------------------------- A large volume of orders submitted to the Exchange could trigger RPM-MEO, therefore the Exchange believes that the use of RPM-MEO is not necessary for Market Makers, as there is a separate risk protection mechanism available to Market Makers to address this risk. The Exchange offers Risk Protection for Market Makers under Exchange Rule 517B, Aggregate Risk Manager for Market Makers (``ARM-M'') which provides a similar counting program (``MM Counting Program'') for each Market Maker who has submitted an order in an option class (an ``MM Option Class'') delivered via the MEO Interface (an ``MM ARM Eligible Order''). The MM Counting program will count the number of contracts executed by a Market Maker from an MM ARM Eligible Order (``MM ARM Contracts'') within a specified time period either established by the Market Maker or as a default setting (``MM Specified Time Period''). The Exchange provides default settings for Market Makers for both the MM Specified Time Period, which is not to exceed fifteen (15) seconds \12\ and an MM Allowable Engagement Percentage.\13\ Market Makers may configure these parameters to suit their risk tolerance. ARM-M protects Market Makers and assists them in managing risk by limiting the number of contracts they can execute in an option class on the Exchange within a specified time period that has been established by the Market Maker. The System will engage ARM-M in a particular MM Option Class when the MM Counting Program has determined that a Market Maker has executed during the MM Specified Time Period a number of MM ARM Contracts from an MM ARM Eligible Order equal to or above their MM Allowable Engagement Percentage. ARM-M will then, until the Market Maker sends a notification to the System of the intent to reengage and submits a new order in the MM Option Class: (i) Automatically cancel the MM ARM Eligible Orders in all series of that particular MM Option Class and (ii) reject new orders by the Market Maker in all series of that particular MM Option Class submitted using the MEO Interface. --------------------------------------------------------------------------- \12\ The Exchange notes the proposed default setting will be one (1) second. \13\ The Exchange notes the proposed default setting will be 105%. --------------------------------------------------------------------------- The Exchange is proposing that use of RPM-MEO be mandatory for EEMs who have a MEO Interface connection to the Exchange. While the Exchange does not anticipate that all EEMs will have a MEO Interface connection, the Exchange wishes to ensure that the same risk protections are provided for EEM orders irrespective of the means by which they are introduced to the System. RPM-MEO settings must be configured by the EEM in an identical fashion to RPM-FIX such that RPM-MEO, when triggered, will perform one of two steps set forth in proposed Rule 519B(a): Either (A) prevent the System from receiving any new orders in all series in all classes from the EEM; or (B) prevent the System from receiving any new orders in all series in all classes from the EEM and cancel all existing orders with a time-in-force of Day in all series in all classes from the EEM. Under the mandatory provision of proposed Rule 519B(b), the simple EEM notification option included in section (C) of the proposed Rule 519B(a) would not be available. Proposed Rule 519B provides that EEMs may establish additional MEO Interface Allowable Order Rate settings and additional MEO Interface Allowable Contract Rate settings, and any such additional settings may be configured to perform the step set forth in either (A), or (B), or (C) of Rule 519B as described above, upon engagement of the RPM-MEO Monitor. 2. Statutory Basis The Exchange believes that its proposed rule change is consistent with Section 6(b) of the Act \14\ in general, and furthers the objectives of Section 6(b)(5) of the Act \15\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed change to the functionality, organization, and language of Rule 519A, Risk Protection Monitor for Orders Entered via the FIX Interface (``RPM-FIX'') to align to MIAX Options Rule 519A, Risk Protection Monitor, better organizes the rule and clarifies the features and functionality of RPM-FIX. Aligning similar rules on MIAX PEARL and MIAX Options provides transparency and clarity in the rules and minimizes the potential for confusion, thereby protecting investors and the public interest. Additionally, aligning Rule 519B, Risk Protection Monitor for Orders Entered via the MEO Interface (``RPM-MEO'') to proposed Rule 519A provides consistency between similar Exchange rules to avoid confusion and promotes the protection of investors and the public interest. The Exchange believes that the proposal to expand the risk protections provided in Rule 519A to all Members of the Exchange promotes just and equitable principles of trade by ensuring that all Members using FIX for order submission to the Exchange can have risk protections in place to account for sudden market movements due to extreme market volatility. The proposed rule change will help reduce the negative impacts of sudden, unanticipated volatility in individual options, and serve to preserve an orderly market in a transparent and uniform manner, increase overall market confidence, and promote fair and orderly markets and further the protection of investors. The Exchange believes that EEMs should be required to use the risk protection features provided in the proposed changes to Rule 519A and 519B to manage their risk from excessive order or execution rates that may be triggered by market events. The [[Page 10146]] Exchange believes the proposal removes impediments to and perfects the mechanisms of a free and open market and a national market system and in general, protects investors and the public interest. The proposal assures Members and the investing public that RPM-FIX and RPM-MEO is active for all EEM orders submitted to the Exchange. The Exchange believes that all Members, and not just EEMs, will benefit from the proposed changes to Rule 519A, Risk Protection Monitor for Orders Entered via the FIX Interface (``RPM-FIX''). Additionally, the Exchange believes that EEMs will benefit from the proposed mandatory use of the Risk Protection Monitor, coupled with the ability of EEMs to tailor their use of the Risk Protection Monitor to their risk tolerance levels. Members are vulnerable to risks stemming from market events which may cause them to send a large number of orders or receive multiple, automatic executions before they can adjust their order exposure in the market. Without adequate risk management tools, such as RPM-FIX and RPM-MEO, Members could reduce the amount of order flow and liquidity that they provide to the market. Such actions may undermine the quality of the markets available to customers and other market participants. Accordingly, the proposed amendments to RPM-FIX and RPM-MEO, especially its mandated use by EEMs, should instill additional confidence in Members that submit orders to the Exchange that their risk tolerance levels are protected, and thus should encourage such Members to submit additional order flow and liquidity to the Exchange with the understanding that they must have this protection, thereby removing impediments to and perfecting the mechanisms of a free an open market and a national market system and, in general, protecting investors and the public interest. In addition, providing Members with the ability to establish multiple RPM-FIX settings and EEMs with the ability to establish multiple RPM-MEO settings provides Members with more tools to use in managing their specific risks based on their individual risk tolerance levels. This facilitates transactions in securities because, as noted above, Members will have more confidence that protections are in place that reduce the risks from potential market events. As a result, RPM- FIX and RPM-MEO functionality, together with the mandated use by EEMs, has the potential to promote just and equitable principles of trade and contribute to the fair and orderly maintenance of the market. B. Self-Regulatory Organization's Statement on Burden on Competition MIAX PEARL 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 Exchange believes that the amendments to RPM-FIX and RPM-MEO help promote competition by enabling Members to trade more aggressively on the Exchange, with the understanding that there are multiple, configurable risk management tools in place in the System. The Exchange believes the proposed changes will not impose any burden on intra- market competition because the use of the RPM-FIX and RPM-MEO is required of all EEMs. The Exchange further believes that the proposed mandatory risk protections should promote inter-market competition, and result in more competitive order flow to the Exchange by protecting market participants from market events that may cause them to send a large number of orders or receive multiple, automatic executions before they can adjust their order exposure in the market. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor 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 after the date of the filing, or such shorter time as the Commission may designate, it has become effective pursuant to 19(b)(3)(A) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A). \17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \18\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \19\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. In its filing with the Commission, the Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30- day operative delay is consistent with the protection of investors and the public interest. The Commission notes that waiver of the operative delay will allow the proposed rules to become operative before the Exchange intends to commence operations as a national exchange on February 6, 2017. The Exchange notes that MIAX PEARL and MIAX Options have a number of common Members and where feasible the Exchange intends to implement similar risk protections to provide consistency between markets so as to avoid confusion among Members. Accordingly, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\20\ --------------------------------------------------------------------------- \18\ 17 CFR 240.19b-4(f)(6). \19\ 17 CFR 240.19b-4(f)(6)(iii). \20\ For purposes only of waiving the 30-day operative delay, the Commission has also 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 necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic 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-PEARL-2017-06 on the subject line. [[Page 10147]] 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-PEARL-2017-06. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-PEARL-2017-06 and should be submitted on or before March 2, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\21\ --------------------------------------------------------------------------- \21\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-02640 Filed 2-8-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 26 / Thursday, February 9, 2017 / Notices 10143
change is consistent with the Act. SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
Comments may be submitted by any of COMMISSION Statement of the Purpose of, and
the following methods: Statutory Basis for, the Proposed Rule
[Release No. 34–79959; File No. SR– Change
Electronic Comments
PEARL–2017–06] 1. Purpose
• Use the Commission’s Internet
comment form (http://www.sec.gov/ Self-Regulatory Organizations; MIAX The Exchange proposes to amend
rules/sro.shtml); or PEARL, LLC; Notice of Filing of a Exchange Rule 519A, Risk Protection
• Send an email to rule-comments@ Proposed Rule Change To Amend Monitor for Orders Entered via the FIX
sec.gov. Please include File Number SR– Exchange Rule 519A, Risk Protection Interface (‘‘RPM–FIX’’) to make the
ISEMercury–2017–03 on the subject Monitor for Orders Entered via the FIX protections provided by the Rule
line. Interface (‘‘RPM–FIX’’), and Exchange available to all Members 3 of the
Rule 519B, Risk Protection Monitor for Exchange, and to make their usage
Paper Comments Orders Entered via the MEO Interface mandatory for Electronic Exchange
• Send paper comments in triplicate (‘‘RPM–MEO’’) Members (‘‘EEMs’’).4 Additionally, the
to Brent J. Fields, Secretary, Securities Exchange proposes to amend Exchange
February 3, 2017.
and Exchange Commission, 100 F Street Rule 519B, Risk Protection Monitor for
NE., Washington, DC 20549–1090. Pursuant to the provisions of Section Orders Entered via the MEO Interface
19(b)(1) of the Securities Exchange Act (‘‘RPM–MEO’’) to align the rule text to
All submissions should refer to File
of 1934 (‘‘Act’’) 1 and Rule 19b–4 the proposed change to Rule 519A and
Number SR–ISEMercury–2017–03. This
thereunder,2 notice is hereby given that to make it mandatory for EEMs using
file number should be included on the
on February 2, 2017, MIAX PEARL, LLC MEO to use the protections provided by
subject line if email is used. To help the
(‘‘MIAX PEARL’’ or ‘‘Exchange’’) filed the Rule.
Commission process and review your
with the Securities and Exchange
comments more efficiently, please use Exchange Rule 519A. Risk Protection
Commission (‘‘Commission’’) a
only one method. The Commission will Monitor for Orders Entered via the FIX
proposed rule change as described in
post all comments on the Commission’s Interface (‘‘RPM–FIX’’)
Items I and II below, which Items have
Internet Web site (http://www.sec.gov/
been prepared by the Exchange. The
rules/sro.shtml). The Exchange proposes to amend
Commission is publishing this notice to
Copies of the submission, all Exchange Rule 519A, Risk Protection
solicit comments on the proposed rule
subsequent amendments, all written Monitor for Orders Entered via the FIX
change from interested persons.
statements with respect to the proposed Interface (‘‘RPM–FIX’’) by replacing
rule change that are filed with the I. Self-Regulatory Organization’s ‘‘EEM’’ with ‘‘Member’’ to make the risk
Commission, and all written Statement of the Terms of Substance of protections described in the rule
communications relating to the the Proposed Rule Change available to all Members of the
proposed rule change between the Exchange. MIAX PEARL Members may
The Exchange proposes to amend connect to the System 5 using the FIX
Commission and any person, other than
Exchange Rule 519A, Risk Protection Order Interface and/or the MIAX
those that may be withheld from the
Monitor for Orders Entered via the FIX Express Order (‘‘MEO’’) Interface. These
public in accordance with the
Interface (‘‘RPM–FIX’’), and Exchange two connection protocols are not
provisions of 5 U.S.C. 552, will be
Rule 519B, Risk Protection Monitor for mutually exclusive and Members,
available for Web site viewing and
Orders Entered via the MEO Interface specifically Market Makers (‘‘MMs’’) 6
printing in the Commission’s Public
(‘‘RPM–MEO’’). on the Exchange, may use MEO for
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official The text of the proposed rule change providing liquidity to the Exchange via
business days between the hours of is available on the Exchange’s Web site their Market Making activities; and FIX
10:00 a.m. and 3:00 p.m. Copies of the at http://www.miaxoptions.com/rule- for removing liquidity from the
filing also will be available for filings/pearl, at MIAX PEARL’s Exchange. The Exchange seeks to
inspection and copying at the principal principal office, and at the provide risk protection tools to all
office of the Exchange. All comments Commission’s Public Reference Room.
received will be posted without change; II. Self-Regulatory Organization’s 3 The term ‘‘Member’’ means an individual or
the Commission does not edit personal Statement of the Purpose of, and organization that is registered with the Exchange
pursuant to Chapter II of MIAX PEARL Rules for
identifying information from Statutory Basis for, the Proposed Rule purposes of trading on the Exchange as an
submissions. You should submit only Change ‘‘Electronic Exchange Member’’ or ‘‘ ‘‘Market
information that you wish to make Maker.’’ Members are deemed ‘‘members under the
available publicly. In its filing with the Commission, the Exchange Act. See Exchange Rule 100.
All submissions should refer to File Exchange included statements 4 The term ‘‘Electronic Exchange Member’’ or
concerning the purpose of and basis for ‘‘EEM’’ means the holder of a Trading Permit who
Number SR–ISEMercury–2017–03 and is a Member representing as agent Public Customer
should be submitted on or before March the proposed rule change and discussed Orders or Non-Customer Orders on the Exchange
2, 2017. any comments it received on the and those non-Market Maker Members conducting
proposed rule change. The text of these proprietary trading. Electronic Exchange Members
For the Commission, by the Division of statements may be examined at the are deemed ‘‘members’’ under the Exchange Act.
Trading and Markets, pursuant to delegated places specified in Item IV below. The See Exchange Rule 100.
sradovich on DSK3GMQ082PROD with NOTICES
authority.35 5 The term ‘‘System’’ means the automated
Exchange has prepared summaries, set trading system used by the Exchange for the trading
Eduardo A. Aleman, forth in sections A, B, and C below, of of securities. See Exchange Rule 100.
Assistant Secretary. the most significant aspects of such 6 The term ‘‘Market Maker’’ or ‘‘MM’’ means a
[FR Doc. 2017–02644 Filed 2–8–17; 8:45 am] statements. Member registered with the Exchange for the
BILLING CODE 8011–01–P
purpose of making markets in options contracts
traded on the Exchange and that is vested with the
1 15 U.S.C. 78s(b)(1). rights and responsibilities specified in Chapter VI
35 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. of MIAX PEARL Rules. See Exchange Rule 100.
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![10144 Federal Register / Vol. 82, No. 26 / Thursday, February 9, 2017 / Notices
Members using FIX, and not just EEM that RPM–FIX, when triggered, will proposes to harmonize the rule text with
Members. perform one of two steps set forth in the proposed changes to Rule 519A,
As proposed, RPM–FIX would proposed Rule 519A(a): Either (A) Risk Protection Monitor for Orders
provide protections to all Members by prevent the System from receiving any Entered via the FIX Interface (‘‘RPM–
establishing a counting program that new orders in all series in all classes FIX’’) described and contained herein as
will count the number of orders entered from the EEM; or (B) prevent the System it relates to the functionality,
and the number of contracts traded via from receiving any new orders in all organization, and structure of the Rule.
an order entered during a specified time series in all classes from the EEM and As proposed, RPM–MEO provides
period established by the Member. The cancel all existing orders with a time-in- identical protections as RPM–FIX by
RPM–FIX Monitor would maintain one force of Day in all series in all classes establishing a counting program that
or more Member-configurable settings, from the EEM. Under the mandatory will count the number of orders entered
allowing Members to establish FIX provision of proposed Rule 519A(b), the and the number of contracts traded via
Interface Allowable Order Rate setting(s) simple Member notification option an order entered through the MEO
and FIX Interface Allowable Contract included in section (C) of the proposed Interface during a specified time period
Execution Rate setting(s). When a Rule 519A(a) would not be available. As established by the EEM. RPM–MEO
Member’s order is entered or executed, proposed, Rule 519A provides that maintains one or more EEM-
the System would look back over the Members may establish additional FIX configurable settings, allowing EEMs to
specified time period to determine if the Interface Allowable Order Rate settings establish MEO Interface Allowable
Member had entered a number of orders and additional FIX Interface Allowable Order Rate setting(s) and MEO Interface
exceeding their FIX Interface Allowable Contract Rate settings, and any such Allowable Contract Execution Rate
Order Rate setting or executed a number additional settings may be configured to setting(s). When an EEM’s order is
of contracts exceeding their FIX perform the step set forth in either (A), entered or executed, the System will
Interface Allowable Contract Execution or (B), or (C) of Rule 519A as described look back over the specified time period
Rate setting, and take action as provided above, upon engagement of the RPM– to determine if the EEM has entered a
by the rule. FIX Monitor. number of orders exceeding their MEO
Additionally, the Exchange proposes While the risk protections available Interface Allowable Order Rate setting
to harmonize the language and structure under RPM–FIX are available for all or executed a number of contracts
of MIAX PEARL Rule 519A, with MIAX Members of the Exchange, the Exchange exceeding their MEO Interface
Options Rule 519A, Risk Protection believes that mandating one class of Allowable Contract Execution Rate
Monitor, which provides a more Member (EEMs) and not the other setting, and take action as provided by
cohesive paragraph describing the Risk (MMs) to use the risk protections the rule.
Protection Monitor feature, its provided in the rule to be acceptable The Exchange believes that providing
functionality, the ability of Members to given the current construction of the EEMs with the ability to establish
establish and configure multiple Risk Exchange. The Exchange does not multiple RPM–MEO settings enhances
Protection Monitor settings, and the anticipate that every Market Maker will the EEMs’ ability to account for sudden
ability of Members to determine one of have a FIX Order Interface connection. market movements due to extreme
three alternative actions to be taken by Further, the Exchange anticipates that market volatility, and for heightened
the Risk Protection Monitor once it is Market Makers that do establish a FIX activity in one particular option or
triggered. MIAX PEARL and MIAX Order Interface connection will use the group of options in a particular industry
Options have a number of common connection in limited circumstances, or segment of the market due to news
Members and where feasible the and will primarily use the MEO or other factors affecting the activity
Exchange intends to implement similar Interface as discussed below. Therefore, surrounding such option or options.
behavior to provide consistency the Exchange does not believe it is The Exchange believes that permitting
between the markets so as to avoid necessary to require all Members with a one type of Member (EEMs) and not the
confusion among Members. FIX Interface connection to use the other (MMs) to use the risk protections
The Exchange also proposes to require RPM–FIX Monitor. provided in the rule to be acceptable
mandatory participation by EEMs and The Exchange believes that providing given the current construction of the
new paragraph (b) of Rule 519A states Members with the ability to establish Exchange. Market Makers have a
that EEMs using the FIX Interface must multiple RPM–FIX settings enhances heightened obligation on the Exchange
establish at least one FIX Interface the Members’ ability to account for to maintain a two-sided market,
Allowable Order Rate setting with a sudden market movements due to pursuant to Rule 605(d)(1), in those
corresponding specified time period of extreme market volatility, and for series in which the Market Maker has
not less than one second, and not to heightened activity in one particular registered to trade.7 Exchange Rule 605,
exceed ten seconds, as established by option or group of options in a Market Maker Quotations, details
the Exchange and communicated to particular industry or segment of the various requirements associated with a
Members via Regulatory Circular (a market due to news or other factors Market Maker’s quotes, such as ‘‘Size
‘‘Corresponding Specified Time affecting the activity surrounding such Associated with Quotes’’, ‘‘Firm
Period’’) and at least one FIX Interface option or options. Quotes’’, and ‘‘Continuous Quotes’’.8 A
Allowable Contract Execution Rate quote on the Exchange is defined as,
setting (with a Corresponding Specified Exchange Rule 519B. Risk Protection
Monitor for Orders Entered via the MEO ‘‘[. . .] a bid or offer entered by a
Time Period). The Exchange believes Market Maker as a firm order that
Interface (‘‘RPM–MEO’’)
sradovich on DSK3GMQ082PROD with NOTICES
that establishing the Corresponding updates the Market Maker’s previous
Specified Time Period within these The Exchange proposes to amend bid or offer, if any [. . .].’’ 9 Currently,
parameters will provide minimum and Exchange Rule 519B, Risk Protection there is not a separate Market Maker
maximum guidelines for EEMs, making Monitor for Orders Entered via the MEO quote transaction available on the
their required use of the Risk Protection Interface (‘‘RPM–MEO’’) to mandate that
Monitor more effective and efficient. EEMs with a MEO Interface connection 7 See Exchange Rule 604(a)(1).
The Risk Protection Monitor settings use the risk protections described in the 8 See Exchange Rule 605.
must be configured by the EEM such rule. Additionally, the Exchange 9 See Exchange Rule 100.
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![Federal Register / Vol. 82, No. 26 / Thursday, February 9, 2017 / Notices 10145
Exchange. The Exchange’s definition of Percentage.13 Market Makers may 2. Statutory Basis
a quote further provides that, ‘‘[w]hen configure these parameters to suit their The Exchange believes that its
the term order is used in these Rules risk tolerance. ARM–M protects Market proposed rule change is consistent with
and a bid or offer is entered by the Makers and assists them in managing Section 6(b) of the Act 14 in general, and
Market Maker in the option series to risk by limiting the number of contracts furthers the objectives of Section 6(b)(5)
which such Market Maker is registered, they can execute in an option class on of the Act 15 in particular, in that it is
such order shall, as applicable, the Exchange within a specified time designed to prevent fraudulent and
constitute a quote or quotation for period that has been established by the manipulative acts and practices, to
purposes of these Rules.’’ 10 Market Maker. The System will engage
Market Makers self-assign the series promote just and equitable principles of
ARM–M in a particular MM Option trade, to foster cooperation and
for which they choose to act as a Market Class when the MM Counting Program
Maker and may register daily for these coordination with persons engaged in
has determined that a Market Maker has facilitating transactions in securities, to
series.11 A Market Maker could easily executed during the MM Specified Time
have an obligation to provide remove impediments to and perfect the
Period a number of MM ARM Contracts mechanisms of a free and open market
continuous quotes for a large number of
from an MM ARM Eligible Order equal and a national market system and, in
series. To provide two-sided quotes a
to or above their MM Allowable general, to protect investors and the
Market Maker will need to submit
Engagement Percentage. ARM–M will public interest.
orders (as there is no separate quote
then, until the Market Maker sends a The Exchange believes that the
transaction currently available on the
notification to the System of the intent proposed change to the functionality,
Exchange) to meet its obligation. The
MEO interface is designed to enable to reengage and submits a new order in organization, and language of Rule
Market Makers to satisfy their the MM Option Class: (i) Automatically 519A, Risk Protection Monitor for
obligations on the Exchange by cancel the MM ARM Eligible Orders in Orders Entered via the FIX Interface
providing a Bulk Liquidity Message all series of that particular MM Option (‘‘RPM–FIX’’) to align to MIAX Options
which allows the Member to submit Class and (ii) reject new orders by the Rule 519A, Risk Protection Monitor,
multiple messages to the System. It is Market Maker in all series of that better organizes the rule and clarifies
not anticipated by the Exchange that a particular MM Option Class submitted the features and functionality of RPM–
Market Maker would use the FIX using the MEO Interface. FIX. Aligning similar rules on MIAX
Interface as its primary connection to The Exchange is proposing that use of PEARL and MIAX Options provides
the Exchange nor send significant order transparency and clarity in the rules and
RPM–MEO be mandatory for EEMs who
flow via the FIX Order Interface, as the minimizes the potential for confusion,
have a MEO Interface connection to the
FIX protocol utilized by the Exchange thereby protecting investors and the
Exchange. While the Exchange does not
does not provide support for the public interest. Additionally, aligning
anticipate that all EEMs will have a
submission of bulk messages. Rule 519B, Risk Protection Monitor for
MEO Interface connection, the Exchange
A large volume of orders submitted to Orders Entered via the MEO Interface
wishes to ensure that the same risk (‘‘RPM–MEO’’) to proposed Rule 519A
the Exchange could trigger RPM–MEO, protections are provided for EEM orders
therefore the Exchange believes that the provides consistency between similar
irrespective of the means by which they Exchange rules to avoid confusion and
use of RPM–MEO is not necessary for are introduced to the System. RPM–
Market Makers, as there is a separate promotes the protection of investors and
MEO settings must be configured by the the public interest.
risk protection mechanism available to EEM in an identical fashion to RPM–FIX
Market Makers to address this risk. The The Exchange believes that the
such that RPM–MEO, when triggered, proposal to expand the risk protections
Exchange offers Risk Protection for will perform one of two steps set forth
Market Makers under Exchange Rule provided in Rule 519A to all Members
in proposed Rule 519B(a): Either (A) of the Exchange promotes just and
517B, Aggregate Risk Manager for prevent the System from receiving any
Market Makers (‘‘ARM–M’’) which equitable principles of trade by ensuring
new orders in all series in all classes that all Members using FIX for order
provides a similar counting program from the EEM; or (B) prevent the System
(‘‘MM Counting Program’’) for each submission to the Exchange can have
from receiving any new orders in all risk protections in place to account for
Market Maker who has submitted an series in all classes from the EEM and
order in an option class (an ‘‘MM sudden market movements due to
cancel all existing orders with a time-in- extreme market volatility. The proposed
Option Class’’) delivered via the MEO force of Day in all series in all classes
Interface (an ‘‘MM ARM Eligible rule change will help reduce the
from the EEM. Under the mandatory negative impacts of sudden,
Order’’). The MM Counting program provision of proposed Rule 519B(b), the
will count the number of contracts unanticipated volatility in individual
simple EEM notification option options, and serve to preserve an
executed by a Market Maker from an
included in section (C) of the proposed orderly market in a transparent and
MM ARM Eligible Order (‘‘MM ARM
Rule 519B(a) would not be available. uniform manner, increase overall
Contracts’’) within a specified time
Proposed Rule 519B provides that EEMs market confidence, and promote fair
period either established by the Market
may establish additional MEO Interface and orderly markets and further the
Maker or as a default setting (‘‘MM
Allowable Order Rate settings and protection of investors.
Specified Time Period’’).
The Exchange provides default additional MEO Interface Allowable The Exchange believes that EEMs
settings for Market Makers for both the Contract Rate settings, and any such should be required to use the risk
sradovich on DSK3GMQ082PROD with NOTICES
MM Specified Time Period, which is additional settings may be configured to protection features provided in the
not to exceed fifteen (15) seconds 12 and perform the step set forth in either (A), proposed changes to Rule 519A and
an MM Allowable Engagement or (B), or (C) of Rule 519B as described 519B to manage their risk from
above, upon engagement of the RPM– excessive order or execution rates that
10 See Exchange Rule 100. MEO Monitor. may be triggered by market events. The
11 See Exchange Rule 602.
12 The Exchange notes the proposed default 13 The Exchange notes the proposed default 14 15 U.S.C. 78f(b).
setting will be one (1) second. setting will be 105%. 15 15 U.S.C. 78f(b)(5).
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![Federal Register / Vol. 82, No. 26 / Thursday, February 9, 2017 / Notices 10147
Paper Comments (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Chicago Stock Exchange, Inc., Financial
• Send paper comments in triplicate notice is hereby given that on February Industry Regulatory Authority, Inc.,
to Secretary, Securities and Exchange 2, 2017, ISE Gemini, LLC (‘‘ISE Gemini’’ International Securities Exchange, LLC,
Commission, 100 F Street NE., or ‘‘Exchange’’) filed with the Securities Investors’ Exchange LLC, ISE Gemini,
Washington, DC 20549–1090. and Exchange Commission (‘‘SEC’’ or LLC, ISE Mercury, LLC, Miami
‘‘Commission’’) the proposed rule International Securities Exchange LLC,
All submissions should refer to File
change as described in Items I, II, and MIAX PEARL, LLC, NASDAQ BX, Inc.,
Number SR–PEARL–2017–06. This file
III, below, which Items have been NASDAQ PHLX LLC, The NASDAQ
number should be included on the
prepared by the Exchange.3 The Stock Market LLC, National Stock
subject line if email is used. To help the
Commission is publishing this notice to Exchange, Inc., New York Stock
Commission process and review your
solicit comments on the proposed rule Exchange LLC, NYSE MKT LLC, and
comments more efficiently, please use
change from interested persons. NYSE Arca, Inc. (collectively, the
only one method. The Commission will
‘‘Participants’’) filed with the
post all comments on the Commission’s I. Self-Regulatory Organization’s Commission, pursuant to Section 11A of
Internet Web site (http://www.sec.gov/ Statement of the Terms of Substance of the Exchange Act 5 and Rule 608 of
rules/sro.shtml). Copies of the the Proposed Rule Change Regulation NMS thereunder,6 the CAT
submission, all subsequent
The Exchange proposes to adopt NMS Plan.7 The Participants filed the
amendments, all written statements
Chapter 9 and the rules contained Plan to comply with Rule 613 of
with respect to the proposed rule
therein to implement the compliance Regulation NMS under the Exchange
change that are filed with the
rule (‘‘Compliance Rule’’) regarding the Act. The Plan was published for
Commission, and all written
National Market System Plan Governing comment in the Federal Register on
communications relating to the
the Consolidated Audit Trail (the ‘‘CAT May 17, 2016,8 and approved by the
proposed rule change between the
NMS Plan’’ or ‘‘Plan’’).4 Commission, as modified, on November
Commission and any person, other than
The text of the proposed rule change 15, 2016.9
those that may be withheld from the The Plan is designed to create,
is available on the Exchange’s Web site
public in accordance with the implement and maintain a consolidated
at www.ise.com, at the principal office
provisions of 5 U.S.C. 552, will be audit trail (‘‘CAT’’) that would capture
of the Exchange, and at the
available for Web site viewing and customer and order event information
Commission’s Public Reference Room.
printing in the Commission’s Public for orders in NMS Securities and OTC
Reference Room, 100 F Street NE., II. Self-Regulatory Organization’s Equity Securities, across all markets,
Washington, DC 20549, on official Statement of the Purpose of, and from the time of order inception through
business days between the hours of Statutory Basis for, the Proposed Rule routing, cancellation, modification, or
10:00 a.m. and 3:00 p.m. Copies of the Change execution in a single consolidated data
filing also will be available for In its filing with the Commission, the source. Each Participant is required to
inspection and copying at the principal Exchange included statements enforce compliance by its Industry
office of the Exchange. All comments concerning the purpose of and basis for Members, as applicable, with the
received will be posted without change; the proposed rule change and discussed provisions of the Plan, by adopting a
the Commission does not edit personal any comments it received on the Compliance Rule applicable to their
identifying information from proposed rule change. The text of these Industry Members.10 As is described
submissions. You should submit only statements may be examined at the more fully below, the rules contained in
information that you wish to make places specified in Item IV below. The proposed Chapter 9 set forth the
available publicly. All submissions Exchange has prepared summaries, set Compliance Rule to require Industry
should refer to File Number SR– forth in sections A, B, and C below, of Members to comply with the provisions
PEARL–2017–06 and should be the most significant aspects of such of the CAT NMS Plan. Proposed Chapter
submitted on or before March 2, 2017. statements. 9 includes twelve Proposed Rules
For the Commission, by the Division of covering the following areas: (1)
Trading and Markets, pursuant to delegated A. Self-Regulatory Organization’s
Definitions; (2) clock synchronization;
authority.21 Statement of the Purpose of, and
(3) Industry Member Data reporting; (4)
Eduardo A. Aleman, Statutory Basis for, the Proposed Rule
Customer information reporting; (5)
Assistant Secretary. Change
Industry Member information reporting;
[FR Doc. 2017–02640 Filed 2–8–17; 8:45 am] 1. Purpose (6) time stamps; (7) clock
BILLING CODE 8011–01–P synchronization rule violations; (8)
Bats BYX Exchange, Inc., Bats BZX
connectivity and data transmission; (9)
Exchange, Inc., Bats EDGA Exchange,
development and testing; (10)
SECURITIES AND EXCHANGE Inc., Bats EDGX Exchange, Inc., BOX
COMMISSION Options Exchange LLC, C2 Options 5 15 U.S.C. 78k–1.
Exchange, Incorporated, Chicago Board 6 17 CFR 242.608.
[Release No. 34–79965; File No. SR–ISE Options Exchange, Incorporated, 7 See Letter from the Participants to Brent J.
Gemini–2017–04]
Fields, Secretary, Commission, dated September 30,
1 15 U.S.C. 78s(b)(1). 2014; and Letter from Participants to Brent J. Fields,
Self-Regulatory Organizations; ISE 2 17 CFR 240.19b–4. Secretary, Commission, dated February 27, 2015.
Gemini, LLC; Notice of Filing of 3 The Exchange originally filed this proposed rule On December 24, 2015, the Participants submitted
sradovich on DSK3GMQ082PROD with NOTICES
Proposed Rule Change to Adopt change on January 17, 2017 under File No. SR–ISE an amendment to the CAT NMS Plan. See Letter
Gemini–2017–002. The Exchange withdrew that from Participants to Brent J. Fields, Secretary,
Chapter 9 Commission, dated December 23, 2015.
filing on January 31, 2017 and filed SR–ISE
8 Securities Exchange Act Rel. No. 77724 (Apr.
February 3, 2017. Gemini–2017–003. The Exchange withdrew that
filing on February 2, 2017 and filed this proposed 27, 2016), 81 FR 30614 (May 17, 2016).
Pursuant to Section 19(b)(1) of the rule change. 9 Securities Exchange Act Rel. No. 79318 (Nov.
Securities Exchange Act of 1934 4 Unless otherwise specified, capitalized terms 15, 2016), 81 FR 84696 (Nov. 23, 2016) (‘‘Approval
used in this rule filing are defined as set forth Order’’).
21 17 CFR 200.30–3(a)(12). herein or in the CAT NMS Plan. 10 See SEC Rule 613(g)(1).
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Document Created: 2017-02-09 01:03:17
Document Modified: 2017-02-09 01:03:17
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 10143 |
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