82 FR 13033 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Renaming NYSE OptX
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 44 (March 8, 2017)
Federal Register Volume 82, Issue 44 (March 8, 2017)
| Page Range | 13033-13034 | |
| FR Document | 2017-04477 |
[Federal Register Volume 82, Number 44 (Wednesday, March 8, 2017)] [Notices] [Pages 13033-13034] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-04477] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80140; File No. SR-NYSEArca-2017-15] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Renaming NYSE OptX March 2, 2017. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on February 23, 2017, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to rename NYSE OptX, an order entry platform that would allow for the submission of Qualified Contingent Cross orders (``QCC Orders'') \4\ by OTP Holders and OTP Firms, to NYSE Options IMprint TM. The proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. --------------------------------------------------------------------------- \4\ A QCC order is comprised of an originating order to buy or sell at least 1,000 contracts, or 10,000 mini-options contracts that is identified as being part of a qualified contingent trade, as that term is defined in Commentary .02 to Rule 6.62, coupled with a contra-side order or orders totaling an equal number of contracts. See Rule 6.62(bb). --------------------------------------------------------------------------- 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 self-regulatory organization 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 those 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 parts 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 recently introduced NYSE OptX, an order entry platform that would allow for the submission of QCC Orders by OTP Holders \5\ and OTP Firms \6\ (collectively, ``OTPs'').\7\ The purpose of this filing is to rename NYSE OptX to NYSE Options IMprint. The Exchange is not proposing any change to the service established in the NYSE OptX Rule Filing. --------------------------------------------------------------------------- \5\ The term ``OTP Holder'' refers to a natural person, in good standing, who has been issued an OTP, or has been named as a Nominee. An OTP Holder must be a registered broker or dealer pursuant to Section 15 of the Securities Exchange Act of 1934, or a nominee or an associated person of a registered broker or dealer that has been approved by the Exchange to conduct business on the Exchange's Trading Facilities. See Rule 1.1(q). \6\ The term ``OTP Firm'' refers to a sole proprietorship, partnership, corporation, limited liability company or other organization in good standing who holds an OTP or upon whom an individual OTP Holder has conferred trading privileges on the Exchange's Trading Facilities pursuant to and in compliance with Exchange Rules. An OTP Firm must be a registered broker or dealer pursuant to Section 15 of the Securities Exchange Act of 1934. See Rule 1.1(r). \7\ See Securities Exchange Act Release No. 79719 (January 3, 2017), 82 FR 2417 (January 9, 2017) (Order Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Introducing NYSE OptX) (SR-NYSEArca-2016-143) (``NYSE OptX Rule Filing''). See also Securities Exchange Act Release No. 79327 (November 16, 2016), 81 FR 83890 (November 22, 2016) (Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Introducing NYSE OptX) (SR- NYSEArca-2016-143). --------------------------------------------------------------------------- The Exchange has not yet introduced the service established in the NYSE OptX Rule Filing to OTPs. As stated in the NYSE OptX Rule Filing, the Exchange will announce the effective date of the rebranded service in a Trader Update no later than 90 days following approval of the NYSE OptX Rule Filing. The NYSE OptX Rule Filing was approved on January 3, 2017. The Exchange notes it will publish the Trader Update announcing the effective date of the re-branded service, NYSE Options IMprint, no later than April 3, 2017. As represented in the NYSE OptX Rule Filing, the effective date of NYSE Options IMprint will be no later than 270 days following publication of the Trader Update. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) \8\ of the Securities Exchange Act of 1934 (the ``Act''), in general, and furthers the objectives of Section 6(b)(5),\9\ 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, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. The Exchange asserts that the proposed rule change, which is intended to rebrand an approved service, will serve the Act's goals by ensuring that the Exchange's rules use current terminology. The Exchange further believes the proposed change is ministerial and is intended to eliminate any potential investor confusion related to the service when it is introduced under a new name, thereby removing impediments to and perfecting the mechanism of a free and open market and a national market system, and, in general, protecting investors and the public interest. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- For these reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\10\ the Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Moreover, the Exchange believes that proposed rule change does not impact competition in any respect, since it is designed to rename a previously approved service. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. [[Page 13034]] III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action This filing is made pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(5) \12\ thereunder. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 17 CFR 240.19b-4(f)(5). --------------------------------------------------------------------------- This filing relates solely to effecting a change in an existing order-entry or trading system of a self-regulatory organization that (i) does not significantly affect the protection of investors or the public interest, (ii) does not impose any significant burden on competition, and (iii) does not have the effect of limiting the access to or the availability of the system, and as such takes effect upon filing under Subsection (iii) of Paragraph (A). 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 under Section 19(b)(2)(B) \13\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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-NYSEArca-2017-15 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2017-15. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEArca-2017-15, and should be submitted on or before March 29, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-04477 Filed 3-7-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 44 / Wednesday, March 8, 2017 / Notices 13033
For the Commission, by the Division of and discussed any comments it received 2. Statutory Basis
Trading and Markets, pursuant to delegated on the proposed rule change. The text
authority.14 of those statements may be examined at The proposed rule change is
Eduardo A. Aleman, the places specified in Item IV below. consistent with Section 6(b) 8 of the
Assistant Secretary. The Exchange has prepared summaries, Securities Exchange Act of 1934 (the
[FR Doc. 2017–04478 Filed 3–7–17; 8:45 am] set forth in sections A, B, and C below, ‘‘Act’’), in general, and furthers the
BILLING CODE 8011–01–P of the most significant parts of such objectives of Section 6(b)(5),9 in
statements. particular, in that it is designed to
A. Self-Regulatory Organization’s prevent fraudulent and manipulative
SECURITIES AND EXCHANGE acts and practices, to promote just and
COMMISSION Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule equitable principles of trade, to foster
[Release No. 34–80140; File No. SR– Change cooperation and coordination with
NYSEArca–2017–15] persons engaged in facilitating
1. Purpose transactions in securities, and to remove
Self-Regulatory Organizations; NYSE The Exchange recently introduced impediments to and perfect the
Arca, Inc.; Notice of Filing and NYSE OptX, an order entry platform mechanism of a free and open market
Immediate Effectiveness of Proposed that would allow for the submission of and a national market system. The
Rule Change Renaming NYSE OptX QCC Orders by OTP Holders 5 and OTP Exchange asserts that the proposed rule
March 2, 2017. Firms 6 (collectively, ‘‘OTPs’’).7 The change, which is intended to rebrand an
Pursuant to Section 19(b)(1) 1 of the purpose of this filing is to rename NYSE approved service, will serve the Act’s
Securities Exchange Act of 1934 (the OptX to NYSE Options IMprint. The goals by ensuring that the Exchange’s
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Exchange is not proposing any change rules use current terminology. The
notice is hereby given that, on February to the service established in the NYSE Exchange further believes the proposed
23, 2017, NYSE Arca, Inc. (the OptX Rule Filing.
change is ministerial and is intended to
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with The Exchange has not yet introduced
the service established in the NYSE eliminate any potential investor
the Securities and Exchange confusion related to the service when it
Commission (the ‘‘Commission’’) the OptX Rule Filing to OTPs. As stated in
the NYSE OptX Rule Filing, the is introduced under a new name,
proposed rule change as described in thereby removing impediments to and
Items I, II, and III below, which Items Exchange will announce the effective
date of the rebranded service in a Trader perfecting the mechanism of a free and
have been prepared by the self- open market and a national market
regulatory organization. The Update no later than 90 days following
approval of the NYSE OptX Rule Filing. system, and, in general, protecting
Commission is publishing this notice to
The NYSE OptX Rule Filing was investors and the public interest.
solicit comments on the proposed rule
change from interested persons. approved on January 3, 2017. The For these reasons, the Exchange
Exchange notes it will publish the believes that the proposal is consistent
I. Self-Regulatory Organization’s Trader Update announcing the effective with the Act.
Statement of the Terms of the Substance date of the re-branded service, NYSE
of the Proposed Rule Change Options IMprint, no later than April 3, B. Self-Regulatory Organization’s
The Exchange proposes to rename 2017. As represented in the NYSE OptX Statement on Burden on Competition
NYSE OptX, an order entry platform Rule Filing, the effective date of NYSE
Options IMprint will be no later than In accordance with Section 6(b)(8) of
that would allow for the submission of
Qualified Contingent Cross orders 270 days following publication of the the Act,10 the Exchange does not believe
(‘‘QCC Orders’’) 4 by OTP Holders and Trader Update. that the proposed rule change would
OTP Firms, to NYSE Options IMprint impose any burden on competition that
TM. The proposed rule change is 5 The term ‘‘OTP Holder’’ refers to a natural is not necessary or appropriate in
person, in good standing, who has been issued an furtherance of the purposes of the Act.
available on the Exchange’s Web site at OTP, or has been named as a Nominee. An OTP
www.nyse.com, at the principal office of Holder must be a registered broker or dealer Moreover, the Exchange believes that
the Exchange, and at the Commission’s pursuant to Section 15 of the Securities Exchange proposed rule change does not impact
Public Reference Room. Act of 1934, or a nominee or an associated person competition in any respect, since it is
of a registered broker or dealer that has been
designed to rename a previously
II. Self-Regulatory Organization’s approved by the Exchange to conduct business on
the Exchange’s Trading Facilities. See Rule 1.1(q). approved service.
Statement of the Purpose of, and 6 The term ‘‘OTP Firm’’ refers to a sole
Statutory Basis for, the Proposed Rule proprietorship, partnership, corporation, limited C. Self-Regulatory Organization’s
Change liability company or other organization in good Statement on Comments on the
standing who holds an OTP or upon whom an Proposed Rule Change Received From
In its filing with the Commission, the individual OTP Holder has conferred trading
self-regulatory organization included privileges on the Exchange’s Trading Facilities
Members, Participants, or Others
statements concerning the purpose of, pursuant to and in compliance with Exchange
and basis for, the proposed rule change Rules. An OTP Firm must be a registered broker or No written comments were solicited
dealer pursuant to Section 15 of the Securities or received with respect to the proposed
14 17
Exchange Act of 1934. See Rule 1.1(r). rule change.
CFR 200.30–3(a)(12). 7 See Securities Exchange Act Release No. 79719
1 15 U.S.C. 78s(b)(1). (January 3, 2017), 82 FR 2417 (January 9, 2017)
mstockstill on DSK3G9T082PROD with NOTICES
2 15 U.S.C. 78a.
(Order Approving Proposed Rule Change, as
3 17 CFR 240.19b–4.
Modified by Amendment No. 1 Thereto,
4 A QCC order is comprised of an originating Introducing NYSE OptX) (SR–NYSEArca–2016–
order to buy or sell at least 1,000 contracts, or 143) (‘‘NYSE OptX Rule Filing’’). See also Securities
10,000 mini-options contracts that is identified as Exchange Act Release No. 79327 (November 16,
being part of a qualified contingent trade, as that 2016), 81 FR 83890 (November 22, 2016) (Notice of 8 15 U.S.C. 78f(b).
term is defined in Commentary .02 to Rule 6.62, Filing of Proposed Rule Change, as Modified by
9 15 U.S.C. 78f(b)(5).
coupled with a contra-side order or orders totaling Amendment No. 1 Thereto, Introducing NYSE
an equal number of contracts. See Rule 6.62(bb). OptX) (SR–NYSEArca–2016–143). 10 15 U.S.C. 78f(b)(8).
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![13034 Federal Register / Vol. 82, No. 44 / Wednesday, March 8, 2017 / Notices
III. Date of Effectiveness of the rules/sro.shtml). Copies of the NASDAQ PHLX LLC, The NASDAQ
Proposed Rule Change and Timing for submission, all subsequent Stock Market LLC, National Stock
Commission Action amendments, all written statements Exchange, Inc., New York Stock
This filing is made pursuant to with respect to the proposed rule Exchange LLC, NYSE Arca, Inc., and
Section 19(b)(3)(A) of the Act 11 and change that are filed with the NYSE MKT, LLC (collectively, the
Rule 19b–4(f)(5) 12 thereunder. Commission, and all written ‘‘Participants’’ to the National Market
This filing relates solely to effecting a communications relating to the System (‘‘NMS’’) Plan Governing the
change in an existing order-entry or proposed rule change between the Consolidated Audit Trail (‘‘CAT NMS
trading system of a self-regulatory Commission and any person, other than Plan’’)) requested that the Securities and
organization that (i) does not those that may be withheld from the Exchange Commission (‘‘Commission’’
significantly affect the protection of public in accordance with the or ‘‘SEC’’) grant limited exemptive relief
investors or the public interest, (ii) does provisions of 5 U.S.C. 552, will be to the Participants, pursuant to its
not impose any significant burden on available for Web site viewing and authority under Rule 608(e) of
competition, and (iii) does not have the printing in the Commission’s Public Regulation NMS under the Securities
effect of limiting the access to or the Reference Room, 100 F Street NE., Exchange Act (‘‘Exchange Act’’),1 from
availability of the system, and as such Washington, DC 20549 on official the clock synchronization compliance
takes effect upon filing under business days between the hours of deadline set forth in Section 6.7(a)(ii) of
Subsection (iii) of Paragraph (A). 10:00 a.m. and 3:00 p.m. Copies of such the CAT NMS Plan.2
At any time within 60 days of the filing also will be available for Rule 608(c) of Regulation NMS under
filing of the proposed rule change, the inspection and copying at the principal the Exchange Act requires that each self-
Commission summarily may office of the Exchange. All comments regulatory organization (‘‘SRO’’) comply
temporarily suspend such rule change if received will be posted without change; with and, absent reasonable justification
it appears to the Commission that such the Commission does not edit personal or excuse, enforce compliance by its
action is necessary or appropriate in the identifying information from members with, the terms of any effective
public interest, for the protection of submissions. You should submit only NMS plan of which it is a sponsor or a
investors, or otherwise in furtherance of information that you wish to make participant.3 Section 6.7(a)(ii) of the
the purposes of the Act. If the available publicly. All submissions CAT NMS Plan states that ‘‘[u]nless
Commission takes such action, the should refer to File Number SR– otherwise ordered by the SEC: . . .
Commission shall institute proceedings NYSEArca–2017–15, and should be within four (4) months after the
under Section 19(b)(2)(B) 13 of the Act to submitted on or before March 29, 2017. Effective Date, each Participant shall,
determine whether the proposed rule and through its Compliance Rule shall
For the Commission, by the Division of require its Industry Members to,
change should be approved or Trading and Markets, pursuant to delegated
disapproved. synchronize its or their Business Clocks
authority.14
as required by Section 6.8 and certify to
IV. Solicitation of Comments Eduardo A. Aleman, the Chief Compliance Officer (in the
Assistant Secretary. case of Participants) or the applicable
Interested persons are invited to
[FR Doc. 2017–04477 Filed 3–7–17; 8:45 am] Participant (in the case of Industry
submit written data, views, and
arguments concerning the foregoing, BILLING CODE 8011–01–P Members) that such Participant has met
including whether the proposed rule this requirement.’’ 4
change is consistent with the Act. The Participants request that the
SECURITIES AND EXCHANGE Commission extend the clock
Comments may be submitted by any of
COMMISSION synchronization compliance date set
the following methods:
[Release No. 34–80142] forth in Section 6.7(a)(ii) from within
Electronic Comments four months after the effective date of
• Use the Commission’s Internet Order Granting Limited Exemptive CAT NMS Plan, or March 15, 2017, to
comment form (http://www.sec.gov/ Relief, Pursuant to Rule 608(e) of the February 19, 2018 only with respect to
rules/sro.shtml); or Securities Exchange Act of 1934, From Industry Members with Business Clocks
• Send an email to rule-comments@ the Clock Synchronization Compliance that do not capture time in milliseconds
sec.gov. Please include File Number SR– Deadline Specified in Section 6.7(a)(ii) as of the date of this order. The
NYSEArca–2017–15 on the subject line. of the National Market System Plan Participants note that the existing clock
Governing the Consolidated Audit Trail synchronization compliance date under
Paper Comments Section 6.7(a)(ii) of March 15, 2017
• Send paper comments in triplicate March 2, 2017. would remain in effect for those
to Brent J. Fields, Secretary, Securities By letter dated January 17, 2017, Bats Industry Members with Business Clocks
and Exchange Commission, 100 F Street BYZ Exchange, Inc., Bats BZX that capture time in milliseconds.5 In
NE., Washington, DC 20549–1090. Exchange, Inc., Bats EDGA Exchange, support of their Exemption Request, the
All submissions should refer to File Inc., Bats EDGX Exchange, Inc., BOX Participants state, generally, that the
Number SR–NYSEArca–2017–15. This Options Exchange, LLC, C2 Options request is narrowly tailored and would
file number should be included on the Exchange, Incorporated, Chicago Board
subject line if email is used. To help the Options Exchange, Incorporated, 1 17 CFR 242.608(e).
2 See letter from the Participants to Brent J. Fields,
Commission process and review your Chicago Stock Exchange, Inc., Financial
Secretary, Commission, dated January 17, 2017
Industry Regulatory Authority, Inc.
mstockstill on DSK3G9T082PROD with NOTICES
comments more efficiently, please use (‘‘Exemption Request’’). Unless otherwise noted,
only one method. The Commission will (‘‘FINRA’’), International Securities capitalized terms are used as defined in Rule 613,
post all comments on the Commission’s Exchange, Inc., Investors’ Exchange, in the CAT NMS Plan, or in this letter.
3 17 CFR 242.608(c).
Internet Web site (http://www.sec.gov/ LLC, ISE Gemini, LLC, ISE Mercury,
4 Securities Exchange Act Release No. 79318
LLC, Miami International Securities
(Nov. 15, 2016), 81 FR 84696, 84963 (Nov. 23, 2016)
11 15 U.S.C. 78s(b)(3)(A). Exchange LLC, NASDAQ BX, Inc., (Order Approving CAT NMS Plan) Ex. A, Sec.
12 17 CFR 240.19b–4(f)(5). 6.7(a)(ii).
13 15 U.S.C. 78s(b)(2)(B). 14 17 CFR 200.30–3(a)(12). 5 See Exemption Request at 1 n.4.
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Document Created: 2017-03-08 05:06:43
Document Modified: 2017-03-08 05:06:43
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 82 FR 13033 |
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