82 FR 12656 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Rule 519, MIAX Order Monitor
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 42 (March 6, 2017)
Federal Register Volume 82, Issue 42 (March 6, 2017)
| Page Range | 12656-12658 | |
| FR Document | 2017-04205 |
[Federal Register Volume 82, Number 42 (Monday, March 6, 2017)] [Notices] [Pages 12656-12658] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-04205] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80121; File No. SR-MIAX-2017-09] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Rule 519, MIAX Order Monitor February 28, 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 23, 2017, Miami International Securities Exchange, LLC (``MIAX Options'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') a proposed rule change as described in Items I, II, and III 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 is filing a proposal to amend Exchange Rule 519, MIAX Order Monitor. The text of the proposed rule change is available on the Exchange's Web site at http://www.miaxoptions.com/rule-filings, at MIAX'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 Rule 519, MIAX Order Monitor, to clarify the behavior of the Order Size Protection functionality (defined below) described in paragraph (b) and to make minor, non- substantive changes to the rule as described below. The Exchange also proposes to amend Rule 519 by removing the option for a Member \3\ to disable the risk protection features described in paragraphs (b)-(d) of the rule: Order Size Protection, Open Order Protection, and Open Contract Protection, respectively, which are all defined below. --------------------------------------------------------------------------- \3\ The term ``Member'' means an individual or organization approved to exercise the trading rights associated with a Trading Permit. Members are deemed ``members'' under the Exchange Act. See Exchange Rule 100. --------------------------------------------------------------------------- The MIAX Order Monitor is a risk management feature of the Exchange's System.\4\ Pursuant to paragraph (b) of Rule 519, the MIAX Order Monitor prevents certain orders from executing or being placed on the Book \5\ if the size of the order exceeds the Order Size Protection designated by the Member submitting the order (proposed ``Order Size Protection'').\6\ If the maximum size of an order is not designated by the Member, the Exchange will set a default maximum value which will be determined by the Exchange and announced to Members through a Regulatory Circular.\7\ --------------------------------------------------------------------------- \4\ The term ``System'' means the automated trading system used by the Exchange for the trading of securities. See Exchange Rule 100. \5\ The term ``Book'' means the electronic book of buy and sell orders and quotes maintained by the System. See Exchange Rule 100. \6\ See Exchange Rule 519(b). \7\ The Exchange notes that the current default maximum order size is 10,000 contracts. --------------------------------------------------------------------------- Pursuant to paragraph (c) of Rule 519, the MIAX Order Monitor rejects any orders that exceed the maximum number of open orders held in the System on behalf of a particular Member (the ``Open Order Protection'').\8\ If the maximum number of open orders is not designated by the Member, the Exchange will set a default maximum value which will be determined by the Exchange and announced to Members through a Regulatory Circular.\9\ --------------------------------------------------------------------------- \8\ See Exchange Rule 519(c). \9\ The Exchange notes that the current default maximum number of open orders is 30,000. --------------------------------------------------------------------------- Pursuant to paragraph (d) of Rule 519, the MIAX Order Monitor rejects any orders that cause the number of open contracts represented by orders held in the System on behalf of a particular Member (the ``Open Contract Protection'') \10\ to exceed a specified maximum number of contracts. If the maximum number of open contracts is not designated by the Member, the Exchange will set a default maximum value which will be determined by the Exchange and announced to Members through a Regulatory Circular.\11\ --------------------------------------------------------------------------- \10\ See Exchange Rule 519(d). \11\ The Exchange notes that the current default maximum number of open contracts is 1,000,000. --------------------------------------------------------------------------- The Exchange also proposes to make minor, non-substantive changes to paragraph (b) to make the language clear and consistent with the remainder of the rule. The Exchange proposes to amend the heading of paragraph (b) from ``Order Size Protections'' to ``Order Size Protection'' to more accurately reflect the scope of the functionality. Additionally, the Exchange proposes to change the rule text to more accurately describe that the functionality operates on a per order basis. The Exchange proposes to make clarifying changes to the second sentence by changing the first occurrence of ``orders'' to ``an order'' and changing the second occurrence of ``orders'' to ``order'' and placing it after the word ``maximum'' so the proposed revised sentence would read, ``[i]f the maximum size of an order is not designated by the Member, the Exchange will set a maximum order size on behalf of the Member by default.'' The Order Size Protection operates on an order by order basis, and the Exchange believes the revised language more accurately describes the functionality. Additionally, the Exchange proposes to amend paragraph (b) to eliminate the option for Members to disable the Order Size Protection. The proposed sentence will read, ``[m]embers may designate the order size protection on a firm wide basis.'' Should a Member fail to designate an Order Size Protection value, the Exchange will apply a default setting, which it will determine and announce to Members through a Regulatory Circular. The Exchange also proposes to amend paragraph (c) to remove the option for Members to disable the Open Order Protection. If a Member does not designate an appropriate value, the Exchange will apply a default value, which it will determine and announce to Members through a Regulatory Circular. [[Page 12657]] Finally, the Exchange proposes to amend paragraph (d) to remove the option for Members to disable the Open Contract Protection. If a Member does not designate an appropriate value, the Exchange will apply a default value, which it will determine and announce to Members through a Regulatory Circular. The proposed rule change is designed to protect market participants by eliminating the option for Members to disable the Order Size Protection, Open Order Protection, and Open Contract Protection features of the MIAX Order Monitor. The proposed rule change ensures that settings are in place, either provided by the Member or the Exchange, that can be used to (i) avoid the potential submission of erroneously sized orders to the Exchange (Order Size Protection), (ii) prevent market participants from exceeding the number of open orders in the System (Open Order Protection), or (iii) the number of open contracts represented by orders in the System (Open Contract Protection). In addition, the Exchange believes that clarifying the operation of the Order Size Protection functionality will enable market participants to better understand the risk protections available on the Exchange. The Exchange notes that some of its rules are incorporated by reference by MIAX PEARL,\12\ and in addition, that MIAX Options and MIAX PEARL have other rules in common. MIAX Options and MIAX PEARL also have a number of common Members and where feasible the Exchange intends to implement similar behavior of matching rules on each Exchange to provide consistency between the Exchanges so as to avoid confusion among Members. Aligning similar rules on MIAX Options and MIAX PEARL provides transparency and clarity in the rules and minimizes the potential for confusion, thereby protecting investors and the public interest. --------------------------------------------------------------------------- \12\ See MIAX PEARL Exchange Rules Chapter III, VII, VIII, IX, XI, XIII, XIV, XV, and XVI. --------------------------------------------------------------------------- The Exchange will announce the implementation date of the proposed rule change by Regulatory Circular to be published no later than 60 days following the operative date of the proposed rule. The implementation date will be no later than 60 days following the issuance of the Regulatory Circular. 2. Statutory Basis MIAX believes that its proposed rule change is consistent with Section 6(b) of the Act \13\ in general, and furthers the objectives of Section 6(b)(5) of the Act \14\ 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. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b). \14\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The proposed rule change is designed to protect investors and the public interest by eliminating the option for market participants to disable Order Size Protection, Open Order Protection, and Open Contract Protection, which ensures either a value provided by the firm or a default Exchange setting is used, to help market participants avoid the potential submission of orders to the Exchange that would cause them to be at unintended risk levels. The proposed rule change ensures that all orders being submitted to the Exchange have risk protection settings in place. Eliminating a market participant's ability to disable Order Size Protection will help reduce the negative impacts of receiving an erroneously sized order. Eliminating a market participant's ability to disable Open Order and Open Contract Protections will ensure that risk protections are in place to account for sudden, unanticipated volatility in individual options, and will 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 all market participants will benefit from the proposed change to the Rule. Market participants 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 the MIAX Order Monitor, market participants 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 the MIAX Order Monitor should instill additional confidence in market participants that submit orders to the Exchange that there are adequate risk protections in place, and thus should encourage market participants to submit additional order flow to the Exchange, thereby removing impediments to and perfecting the mechanisms of a free and open market and a national market system, and in general, protecting investors and the public interest. In addition, the Exchange believes that the proposed amendment 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 by helping to eliminate potential confusion on behalf of market participants by clearly describing the Order Size Protection functionality. Further, the Exchange believes that clarifying the operation of the risk protections available on the Exchange promotes the protection of investors and the public interest by helping market participants avoid the potential submission and subsequent execution of erroneously sized orders. Finally, the Exchange notes that some of its rules are incorporated by reference by MIAX PEARL,\15\ and in addition, that MIAX Options and MIAX PEARL have other rules in common. MIAX Options and MIAX PEARL also have a number of common Members and where feasible the Exchange intends to implement similar behavior of matching rules on each Exchange to provide consistency between the Exchanges so as to avoid confusion among Members. Aligning similar rules on MIAX Options and MIAX PEARL provides transparency and clarity in the rules and minimizes the potential for confusion, thereby protecting investors and the public interest. --------------------------------------------------------------------------- \15\ See supra note 12. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Specifically, the Exchange believes the proposed changes will not impose any burden on intra- market competition because it applies to all MIAX Options participants equally. In addition, the Exchange does not believe the proposal will impose any burden on inter-market competition as the proposal is intended to protect investors by providing further transparency regarding the MIAX Order Monitor feature. [[Page 12658]] 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) \17\ thereunder. --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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- MIAX-2017-09 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-MIAX-2017-09. 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-MIAX-2017-09 and should be submitted on or before March 27, 2017. --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-04205 Filed 3-3-17; 8:45 am] BILLING CODE 8011-01-P
![12656 Federal Register / Vol. 82, No. 42 / Monday, March 6, 2017 / Notices
For the Commission, by the Division of forth in sections A, B, and C below, of Pursuant to paragraph (d) of Rule 519,
Trading and Markets, pursuant to delegated the most significant aspects of such the MIAX Order Monitor rejects any
authority.18 statements. orders that cause the number of open
Eduardo A. Aleman, contracts represented by orders held in
Assistant Secretary.
A. Self-Regulatory Organization’s
the System on behalf of a particular
Statement of the Purpose of, and
[FR Doc. 2017–04202 Filed 3–3–17; 8:45 am] Member (the ‘‘Open Contract
Statutory Basis for, the Proposed Rule
BILLING CODE 8011–01–P Protection’’) 10 to exceed a specified
Change
maximum number of contracts. If the
1. Purpose maximum number of open contracts is
SECURITIES AND EXCHANGE not designated by the Member, the
COMMISSION The Exchange proposes to amend
Exchange will set a default maximum
Rule 519, MIAX Order Monitor, to
[Release No. 34–80121; File No. SR–MIAX– value which will be determined by the
clarify the behavior of the Order Size
2017–09] Exchange and announced to Members
Protection functionality (defined below)
through a Regulatory Circular.11
described in paragraph (b) and to make
Self-Regulatory Organizations; Miami minor, non-substantive changes to the The Exchange also proposes to make
International Securities Exchange LLC; rule as described below. The Exchange minor, non-substantive changes to
Notice of Filing and Immediate also proposes to amend Rule 519 by paragraph (b) to make the language clear
Effectiveness of a Proposed Rule removing the option for a Member 3 to and consistent with the remainder of the
Change To Amend MIAX Options Rule disable the risk protection features rule. The Exchange proposes to amend
519, MIAX Order Monitor described in paragraphs (b)–(d) of the the heading of paragraph (b) from
rule: Order Size Protection, Open Order ‘‘Order Size Protections’’ to ‘‘Order Size
February 28, 2017.
Protection, and Open Contract Protection’’ to more accurately reflect
Pursuant to the provisions of Section the scope of the functionality.
19(b)(1) of the Securities Exchange Act Protection, respectively, which are all
defined below. Additionally, the Exchange proposes to
of 1934 (‘‘Act’’)1 and Rule 19b–4 change the rule text to more accurately
thereunder,2 notice is hereby given that The MIAX Order Monitor is a risk
describe that the functionality operates
on February 23, 2017, Miami management feature of the Exchange’s
on a per order basis. The Exchange
International Securities Exchange, LLC System.4 Pursuant to paragraph (b) of
proposes to make clarifying changes to
(‘‘MIAX Options’’ or ‘‘Exchange’’) filed Rule 519, the MIAX Order Monitor
the second sentence by changing the
with the Securities and Exchange prevents certain orders from executing
first occurrence of ‘‘orders’’ to ‘‘an
Commission (‘‘Commission’’) a or being placed on the Book 5 if the size
order’’ and changing the second
proposed rule change as described in of the order exceeds the Order Size
occurrence of ‘‘orders’’ to ‘‘order’’ and
Items I, II, and III below, which Items Protection designated by the Member
placing it after the word ‘‘maximum’’ so
have been prepared by the Exchange. submitting the order (proposed ‘‘Order
the proposed revised sentence would
The Commission is publishing this Size Protection’’).6 If the maximum size
read, ‘‘[i]f the maximum size of an order
notice to solicit comments on the of an order is not designated by the
is not designated by the Member, the
proposed rule change from interested Member, the Exchange will set a default
Exchange will set a maximum order size
persons. maximum value which will be
on behalf of the Member by default.’’
determined by the Exchange and
I. Self-Regulatory Organization’s The Order Size Protection operates on
announced to Members through a
Statement of the Terms of Substance of an order by order basis, and the
Regulatory Circular.7
the Proposed Rule Change Exchange believes the revised language
Pursuant to paragraph (c) of Rule 519, more accurately describes the
The Exchange is filing a proposal to the MIAX Order Monitor rejects any functionality.
amend Exchange Rule 519, MIAX Order orders that exceed the maximum
Monitor. number of open orders held in the Additionally, the Exchange proposes
The text of the proposed rule change System on behalf of a particular Member to amend paragraph (b) to eliminate the
is available on the Exchange’s Web site (the ‘‘Open Order Protection’’).8 If the option for Members to disable the Order
at http://www.miaxoptions.com/rule- maximum number of open orders is not Size Protection. The proposed sentence
filings, at MIAX’s principal office, and designated by the Member, the will read, ‘‘[m]embers may designate the
at the Commission’s Public Reference Exchange will set a default maximum order size protection on a firm wide
Room. value which will be determined by the basis.’’ Should a Member fail to
Exchange and announced to Members designate an Order Size Protection
II. Self-Regulatory Organization’s value, the Exchange will apply a default
Statement of the Purpose of, and through a Regulatory Circular.9
setting, which it will determine and
Statutory Basis for, the Proposed Rule announce to Members through a
3 The term ‘‘Member’’ means an individual or
Change Regulatory Circular.
organization approved to exercise the trading rights
In its filing with the Commission, the associated with a Trading Permit. Members are The Exchange also proposes to amend
Exchange included statements deemed ‘‘members’’ under the Exchange Act. See paragraph (c) to remove the option for
Exchange Rule 100.
concerning the purpose of and basis for 4 The term ‘‘System’’ means the automated
Members to disable the Open Order
the proposed rule change and discussed trading system used by the Exchange for the trading Protection. If a Member does not
asabaliauskas on DSK3SPTVN1PROD with NOTICES
any comments it received on the of securities. See Exchange Rule 100. designate an appropriate value, the
proposed rule change. The text of these 5 The term ‘‘Book’’ means the electronic book of Exchange will apply a default value,
statements may be examined at the buy and sell orders and quotes maintained by the which it will determine and announce
System. See Exchange Rule 100.
places specified in Item IV below. The 6 See Exchange Rule 519(b).
to Members through a Regulatory
Exchange has prepared summaries, set 7 The Exchange notes that the current default Circular.
maximum order size is 10,000 contracts.
18 17 CFR 200.30–3(a)(12). 8 See Exchange Rule 519(c). 10 See
Exchange Rule 519(d).
1 15 U.S.C. 78s(b)(1). 9 The Exchange notes that the current default 11 The
Exchange notes that the current default
2 17 CFR 240.19b–4. maximum number of open orders is 30,000. maximum number of open contracts is 1,000,000.
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![12658 Federal Register / Vol. 82, No. 42 / Monday, March 6, 2017 / Notices
C. Self-Regulatory Organization’s subject line if email is used. To help the 15, 2017, New York Stock Exchange
Statement on Comments on the Commission process and review your LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
Proposed Rule Change Received From comments more efficiently, please use with the Securities and Exchange
Members, Participants, or Others only one method. The Commission will Commission (the ‘‘Commission’’) the
Written comments were neither post all comments on the Commission’s proposed rule change as described in
solicited nor received. Internet Web site (http://www.sec.gov/ Items I and II below, which Items have
rules/sro.shtml). Copies of the been prepared by the self-regulatory
III. Date of Effectiveness of the submission, all subsequent organization. The Commission is
Proposed Rule Change and Timing for amendments, all written statements publishing this notice to solicit
Commission Action with respect to the proposed rule comments on the proposed rule change
Because the foregoing proposed rule change that are filed with the from interested persons.
change does not: (i) Significantly affect Commission, and all written
communications relating to the I. Self-Regulatory Organization’s
the protection of investors or the public Statement of the Terms of the Substance
interest; (ii) impose any significant proposed rule change between the
Commission and any person, other than of the Proposed Rule Change
burden on competition; and (iii) become
operative for 30 days after the date of those that may be withheld from the The Exchange proposes to change the
the filing, or such shorter time as the public in accordance with the co-location services offered by the
Commission may designate, it has provisions of 5 U.S.C. 552, will be Exchange to include a means for co-
become effective pursuant to 19(b)(3)(A) available for Web site viewing and located Users to receive the Toronto
of the Act 16 and Rule 19b–4(f)(6) 17 printing in the Commission’s Public Stock Market market data feed through
thereunder. Reference Room, 100 F Street NE., a wireless connection. In addition, the
At any time within 60 days of the Washington, DC 20549, on official proposed rule change reflects changes to
filing of the proposed rule change, the business days between the hours of the Exchange’s Price List related to the
Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the proposed service. The proposed rule
temporarily suspend such rule change if filing also will be available for change is available on the Exchange’s
it appears to the Commission that such inspection and copying at the principal Web site at www.nyse.com, at the
action is necessary or appropriate in the office of the Exchange. All comments principal office of the Exchange, and at
public interest, for the protection of received will be posted without change; the Commission’s Public Reference
investors, or otherwise in furtherance of the Commission does not edit personal Room.
the purposes of the Act. If the identifying information from
submissions. You should submit only II. Self-Regulatory Organization’s
Commission takes such action, the Statement of the Purpose of, and
Commission shall institute proceedings information that you wish to make
available publicly. All submissions Statutory Basis for, the Proposed Rule
to determine whether the proposed rule Change
should refer to File Number SR–MIAX–
should be approved or disapproved.
2017–09 and should be submitted on or In its filing with the Commission, the
IV. Solicitation of Comments before March 27, 2017. self-regulatory organization included
Interested persons are invited to For the Commission, by the Division of statements concerning the purpose of,
submit written data, views, and Trading and Markets, pursuant to delegated and basis for, the proposed rule change
arguments concerning the foregoing, authority.18 and discussed any comments it received
including whether the proposed rule Eduardo A. Aleman, on the proposed rule change. The text
change is consistent with the Act. Assistant Secretary. of those statements may be examined at
Comments may be submitted by any of [FR Doc. 2017–04205 Filed 3–3–17; 8:45 am] the places specified in Item IV below.
the following methods: BILLING CODE 8011–01–P
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
Electronic Comments of the most significant parts of such
• Use the Commission’s Internet SECURITIES AND EXCHANGE statements.
comment form (http://www.sec.gov/ COMMISSION A. Self-Regulatory Organization’s
rules/sro.shtml); or Statement of the Purpose of, and
[Release No. 34–80125; File No. SR–NYSE–
• Send an email to rule-comments@ 2017–05] Statutory Basis for, the Proposed Rule
sec.gov. Please include File Number SR– Change
MIAX–2017–09 on the subject line. Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of 1. Purpose
Paper Comments
Filing and Immediate Effectiveness of The Exchange proposes to change the
• Send paper comments in triplicate Proposed Rule Change to the Co- co-location 4 services offered by the
to Secretary, Securities and Exchange Location Services Offered by the Exchange to include a means for Users 5
Commission, 100 F Street NE., Exchange Adding a Wireless
Washington, DC 20549–1090. Connection to Toronto Stock 4 The Exchange initially filed rule changes
All submissions should refer to File Exchange (TSX) Third Party Data relating to its co-location services with the
Number SR–MIAX–2017–09. This file Securities and Exchange Commission
February 28, 2017. (‘‘Commission’’) in 2010. See Securities Exchange
number should be included on the Act Release No. 62960 (September 21, 2010), 75 FR
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Pursuant to Section 19(b)(1) 1 of the 59310 (September 27, 2010) (SR–NYSE–2010–56).
16 15 U.S.C. 78s(b)(3)(A). Securities Exchange Act of 1934 (the The Exchange operates a data center in Mahwah,
17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 New Jersey (the ‘‘Data Center’’) from which it
4(f)(6) requires a self-regulatory organization to give notice is hereby given that on February provides co-location services to Users.
the Commission written notice of its intent to file 5 For purposes of the Exchange’s co-location
the proposed rule change at least five business days 18 17
services, a ‘‘User’’ means any market participant
prior to the date of filing of the proposed rule CFR 200.30–3(a)(12). that requests to receive co-location services directly
1 15 U.S.C.78s(b)(1).
change, or such shorter time as designated by the from the Exchange. See Securities Exchange Act
2 15 U.S.C. 78a.
Commission. The Exchange has satisfied this Release No. 76008 (September 29, 2015), 80 FR
requirement. 3 17 CFR 240.19b–4. 60190 (October 5, 2015) (SR–NYSE–2015–40). As
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Document Created: 2017-03-04 00:06:35
Document Modified: 2017-03-04 00:06:35
| 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 12656 |
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