82 FR 14090 - Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Decommission of the Tick-Worse Functionality
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 50 (March 16, 2017)
Federal Register Volume 82, Issue 50 (March 16, 2017)
| Page Range | 14090-14092 | |
| FR Document | 2017-05209 |
[Federal Register Volume 82, Number 50 (Thursday, March 16, 2017)] [Notices] [Pages 14090-14092] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-05209] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80200; File No. SR-ISEGemini-2017-12] Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Decommission of the Tick-Worse Functionality March 10, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on February 28, 2017, ISE Gemini, LLC (``ISE Gemini'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the 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 proposes (i) to describe the decommission of its ``Tick-Worse'' functionality and (ii) to amend Rule 713 (Priority of Quotes and Orders) relating to the priority of split price transactions. The Exchange requests that the proposed rule change become operative on February 28, 2017. The text of the proposed rule change is available on the Exchange's Web site at www.ise.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is (i) to describe the decommission of the ``Tick-Worse'' functionality and (ii) to amend Rule 713 (Priority of Quotes and Orders) as it relates to the priority of split price transactions. The proposed changes are discussed below. ``Tick-Worse'' Functionality The Exchange currently provides market makers \3\ with Tick-Worse functionality, which allows market makers to pre-define the prices and sizes at which the system will automatically move their quotation following an execution that exhausts the size of their existing quotation.\4\ As such, when a market maker's quote is traded out, it can be automatically reinstated into the Exchange's order book at the next best price.\5\ This optional feature is intended to help market makers meet their continuous quoting obligations under the Exchange's rules \6\ when their displayed quotations are exhausted. When a market maker's quote is traded out and automatically reinstated into the Exchange's order book using the Tick-Worse functionality, the reinstated quote will be given priority pursuant to the Exchange's split price priority rule as discussed below. --------------------------------------------------------------------------- \3\ The term ``market makers'' refers to ``Competitive Market Makers'' and ``Primary Market Makers'' collectively. See Rule 100(a)(25). \4\ Tick-Worse functionality is not currently memorialized in the Exchange's rulebook. In addition, the Exchange will not offer Tick-Worse on the new Nasdaq INET system going forward. On September 30, 2004, International Securities Exchange, LLC (``ISE'') filed with the Commission a proposal to codify this functionality in its rulebook, but inadvertently deleted the rule as obsolete rule text in a subsequent proposal filed on December 21, 2012. See Securities Exchange Act Release No. 51050 (January 18, 2005), 70 FR 3758 (January 26, 2005) (SR-ISE-2004-31); Securities Exchange Act Release No. 68570 (January 3, 2013), 78 FR 1901 (January 9, 2013) (SR-ISE- 2012-82). The Exchange imported Rule 713 from ISE's rulebook when the Commission granted the Exchange's application for registration as a national securities exchange, which was after the Tick-Worse functionality rule was inadvertently removed from ISE's rules. See Securities Exchange Act Release No. 70050 (July 26, 2013), 78 FR 46622 (August 1, 2013) (Order Granting Registration as a National Securities Exchange). \5\ Market makers may choose to set Tick-Worse parameters by specifying how many price ticks back, and for what size, the quote is to be reinstated. \6\ Specifically, Primary Market Makers (``PMMs'') are required under Rule 804(e)(1) to enter quotations in all of the series listed on the Exchange of the options classes to which they are appointed on a daily basis. Supplementary Material .01 to Rule 804 further requires PMMs to quote 90% of the time their assigned options class is open for trading on the Exchange. As provided in Rule 804(e)(2), Competitive Market Makers (``CMMs'') are not required to enter quotations in the options class to which they are appointed, but in the event a CMM does initiate quoting, such CMM is generally required to quote 60% of the time its assigned options class is open for trading on the Exchange. --------------------------------------------------------------------------- Due to the lack of demand for the Tick-Worse feature, the Exchange decommissioned the use of this functionality on February 21, 2017 by asking its members to stop using Tick-Worse by February 21st.\7\ The Exchange plans to turn off this functionality in the system when the last symbol migrates onto the new Nasdaq INET system on or around April 3, 2017 \8\ as part of its system migration to Nasdaq INET technology.\9\ As discussed above, the Exchange offers the Tick-Worse feature as a voluntary tool for market makers to assist them in meeting their continuous quoting obligations under the Exchange's rules. As such, market makers are not required to use the Exchange-provided functionality and can program their own systems to perform the same functions if they prefer. Here, the Exchange has found that almost all market makers use their own systems rather than the Exchange's Tick- Worse feature to send refreshed quotations when their displayed quotations are exhausted, and therefore discontinued this functionality. Because the Tick-Worse functionality is currently not memorialized in the Exchange's rules as noted above, there is no text of the proposed rule change. The Exchange provided advance notice to its members on January 31, 2017 through an informational circular that it would decommission the use of the Tick-Worse functionality on February 21, 2017. The Exchange believes that this gave market makers the opportunity to make any necessary changes to their [[Page 14091]] Tick-Worse parameters to coincide with the implementation date. --------------------------------------------------------------------------- \7\ This functionality was only being used by one market maker on the Exchange. \8\ The detailed schedule of the symbol migration is available at: http://www.nasdaqtrader.com/MicroNews.aspx?id=OTA2017-13. \9\ See Securities Exchange Release No. 80011 (February 10, 2017), 82 FR 10927 (February 16, 2017) (SR-ISEGemini-2016-17) (Order Approving Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, To Amend Various Rules in Connection With a System Migration to Nasdaq INET Technology). --------------------------------------------------------------------------- Split Price Priority The Exchange is proposing to delete Rule 713(f), which relates to the priority of split price transactions, because this priority rule currently only applies in the context of the Tick-Worse functionality, as described above. Rule 713(f) provides that if a Member purchases (sells) one (1) or more options contracts of a particular series at a particular price, it shall at the next lower (higher) price at which there are Professional Orders \10\ or market maker quotes, have priority over such Professional Orders and market maker quotes in purchasing (selling) up to the equivalent number of options contracts of the same series that it purchased (sold) at the higher (lower) price, but only if the purchase (sale) so effected represents the opposite side of a transaction with the same offer (bid) as the earlier purchase (sale). Although the language of Rule 713(f) is more general, the Exchange's intent was to apply split price priority solely to the Tick-Worse functionality. Example: --------------------------------------------------------------------------- \10\ The term ``Professional Order'' means an order that is for the account of a person or entity that is not a Priority Customer. See Rule 100(a)(37C). A ``Priority Customer'' is a person or entity that (i) is not a broker or dealer in securities, and (ii) does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). See Rule 100(a)(37A). --------------------------------------------------------------------------- PMM has opted into tick worse functionality and selected to tick worse and post 10 contracts at a penny worse than their original quote. --PMM quote for 10 contracts bid at $1.00 and 10 contracts offered at $1.02. --Additionally, there is a Priority Customer order to buy 5 contracts at $0.99, and a CMM quote for 10 contracts bid at $0.99 and 10 contracts offered at $1.02. --A member enters a sell order for 20 contracts at $0.99. --This order will trade as follows: 10 contracts trade at $1.00 with the PMM bid quote, and PMM is ticked worse to 10 contracts bid at $0.99, 5 contracts trade at $0.99 with the Priority Customer order due to customer priority, 5 contracts trade at $0.99 with the PMM's ticked worse quote due to the split price priority rule; 0 contracts trade with the CMM bid quote. The Exchange represents that Tick-Worse has historically only ever applied in the context of the split price priority rule in Rule 713(f). Furthermore, the Exchange has historically only ever awarded priority pursuant to Rule 713(f) for split price transactions that occur in the Tick-Worse functionality, and the existing Rule should have been clarified to more accurately reflect its current application. Nonetheless, the Exchange is now proposing to delete the rule text in its entirety in order to reflect that the Tick-Worse functionality was decommissioned on February 21, 2017. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\11\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\12\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. The Exchange decommissioned the Tick-Worse functionality on February 21, 2017. As discussed above, the Exchange originally offered Tick-Worse as an optional feature to help market makers meet their continuous quoting obligations under the Exchange's rules. The Exchange has found, however, that the Tick-Worse feature is rarely used today as almost all market makers use their own systems to send refreshed quotations when their displayed quotations are exhausted. The Exchange therefore believes that this proposal describing the decommission of Tick-Worse on February 21st, together with the advance notice it provided to its members on January 31, 2017, eliminates any investor uncertainty related to the status of this functionality. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange also believes that its proposal to delete the split price priority rule in Rule 713(f) protects investors and the public interest because it removes rule text that became obsolete with the decommission of the Tick-Worse functionality. As described above, the split price priority rule only applies to the Tick-Worse functionality. Because the Rule is more general than its current, specific application, however, the Exchange believes that the continued presence of Rule 713(f) in its rules even after retiring the Tick-Worse functionality will be confusing to its members and investors. By removing obsolete rule text that only applies in the context of Tick- Worse, the Exchange is eliminating any potential for confusion about how its systems operate. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to have any competitive impact but rather to describe the decommission of a rarely-used functionality on the Exchange and relatedly, to remove the rule text that this functionality supports from the Exchange's rulebook, thereby reducing investor confusion and making the Exchange's rules easier to understand and navigate. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act \13\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\14\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A)(iii). \14\ 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. [[Page 14092]] 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-ISEGemini-2017-12 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-ISEGemini-2017-12. 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-ISEGemini-2017-12 and should be submitted on or before April 6, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-05209 Filed 3-15-17; 8:45 am] BILLING CODE 8011-01-P
![14090 Federal Register / Vol. 82, No. 50 / Thursday, March 16, 2017 / Notices
ISEGemini–2017–11, and should be proposed rule change. The text of these quotations are exhausted. When a
submitted on or before April 6, 2017. statements may be examined at the market maker’s quote is traded out and
For the Commission, by the Division of places specified in Item IV below. The automatically reinstated into the
Trading and Markets, pursuant to delegated Exchange has prepared summaries, set Exchange’s order book using the Tick-
authority.17 forth in sections A, B, and C below, of Worse functionality, the reinstated
Eduardo A. Aleman, the most significant aspects of such quote will be given priority pursuant to
Assistant Secretary. statements. the Exchange’s split price priority rule
[FR Doc. 2017–05216 Filed 3–15–17; 8:45 am] A. Self-Regulatory Organization’s as discussed below.
BILLING CODE 8011–01–P Statement of the Purpose of, and Due to the lack of demand for the
Statutory Basis for, the Proposed Rule Tick-Worse feature, the Exchange
Change decommissioned the use of this
SECURITIES AND EXCHANGE functionality on February 21, 2017 by
COMMISSION 1. Purpose
asking its members to stop using Tick-
The purpose of the proposed rule Worse by February 21st.7 The Exchange
[Release No. 34–80200; File No. SR–
ISEGemini–2017–12]
change is (i) to describe the plans to turn off this functionality in the
decommission of the ‘‘Tick-Worse’’ system when the last symbol migrates
Self-Regulatory Organizations; ISE functionality and (ii) to amend Rule 713
onto the new Nasdaq INET system on or
Gemini, LLC; Notice of Filing and (Priority of Quotes and Orders) as it
around April 3, 2017 8 as part of its
Immediate Effectiveness of Proposed relates to the priority of split price
system migration to Nasdaq INET
Rule Change Relating to the transactions. The proposed changes are
discussed below. technology.9 As discussed above, the
Decommission of the Tick-Worse Exchange offers the Tick-Worse feature
Functionality ‘‘Tick-Worse’’ Functionality as a voluntary tool for market makers to
March 10, 2017. The Exchange currently provides assist them in meeting their continuous
Pursuant to Section 19(b)(1) of the market makers 3 with Tick-Worse quoting obligations under the
Securities Exchange Act of 1934 functionality, which allows market Exchange’s rules. As such, market
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 makers to pre-define the prices and makers are not required to use the
notice is hereby given that on February sizes at which the system will Exchange-provided functionality and
28, 2017, ISE Gemini, LLC (‘‘ISE automatically move their quotation can program their own systems to
Gemini’’ or ‘‘Exchange’’) filed with the following an execution that exhausts the perform the same functions if they
Securities and Exchange Commission size of their existing quotation.4 As prefer. Here, the Exchange has found
(‘‘SEC’’ or ‘‘Commission’’) the proposed such, when a market maker’s quote is that almost all market makers use their
rule change as described in Items I, II, traded out, it can be automatically own systems rather than the Exchange’s
and III, below, which Items have been reinstated into the Exchange’s order Tick-Worse feature to send refreshed
prepared by the Exchange. The book at the next best price.5 This quotations when their displayed
Commission is publishing this notice to optional feature is intended to help quotations are exhausted, and therefore
solicit comments on the proposed rule market makers meet their continuous discontinued this functionality. Because
change from interested persons. quoting obligations under the the Tick-Worse functionality is
Exchange’s rules 6 when their displayed currently not memorialized in the
I. Self-Regulatory Organization’s Exchange’s rules as noted above, there
Statement of the Terms of Substance of 3 The term ‘‘market makers’’ refers to
is no text of the proposed rule change.
the Proposed Rule Change ‘‘Competitive Market Makers’’ and ‘‘Primary Market
The Exchange provided advance notice
Makers’’ collectively. See Rule 100(a)(25).
The Exchange proposes (i) to describe 4 Tick-Worse functionality is not currently to its members on January 31, 2017
the decommission of its ‘‘Tick-Worse’’ memorialized in the Exchange’s rulebook. In through an informational circular that it
functionality and (ii) to amend Rule 713 addition, the Exchange will not offer Tick-Worse on would decommission the use of the
(Priority of Quotes and Orders) relating the new Nasdaq INET system going forward. On
September 30, 2004, International Securities
Tick-Worse functionality on February
to the priority of split price transactions. Exchange, LLC (‘‘ISE’’) filed with the Commission 21, 2017. The Exchange believes that
The Exchange requests that the a proposal to codify this functionality in its this gave market makers the opportunity
proposed rule change become operative rulebook, but inadvertently deleted the rule as to make any necessary changes to their
on February 28, 2017. obsolete rule text in a subsequent proposal filed on
The text of the proposed rule change December 21, 2012. See Securities Exchange Act
Release No. 51050 (January 18, 2005), 70 FR 3758 Rule 804 further requires PMMs to quote 90% of
is available on the Exchange’s Web site (January 26, 2005) (SR–ISE–2004–31); Securities the time their assigned options class is open for
at www.ise.com, at the principal office Exchange Act Release No. 68570 (January 3, 2013), trading on the Exchange. As provided in Rule
of the Exchange, and at the 78 FR 1901 (January 9, 2013) (SR–ISE–2012–82). 804(e)(2), Competitive Market Makers (‘‘CMMs’’)
Commission’s Public Reference Room. The Exchange imported Rule 713 from ISE’s are not required to enter quotations in the options
rulebook when the Commission granted the class to which they are appointed, but in the event
II. Self-Regulatory Organization’s Exchange’s application for registration as a national a CMM does initiate quoting, such CMM is
securities exchange, which was after the Tick- generally required to quote 60% of the time its
Statement of the Purpose of, and assigned options class is open for trading on the
Worse functionality rule was inadvertently removed
Statutory Basis for, the Proposed Rule from ISE’s rules. See Securities Exchange Act Exchange.
Change Release No. 70050 (July 26, 2013), 78 FR 46622 7 This functionality was only being used by one
(August 1, 2013) (Order Granting Registration as a market maker on the Exchange.
In its filing with the Commission, the National Securities Exchange). 8 The detailed schedule of the symbol migration
mstockstill on DSK3G9T082PROD with NOTICES
Exchange included statements 5 Market makers may choose to set Tick-Worse is available at: http://www.nasdaqtrader.com/
concerning the purpose of and basis for parameters by specifying how many price ticks MicroNews.aspx?id=OTA2017-13.
the proposed rule change and discussed back, and for what size, the quote is to be 9 See Securities Exchange Release No. 80011
reinstated. (February 10, 2017), 82 FR 10927 (February 16,
any comments it received on the 6 Specifically, Primary Market Makers (‘‘PMMs’’) 2017) (SR–ISEGemini–2016–17) (Order Approving
are required under Rule 804(e)(1) to enter Proposed Rule Change, as Modified by Amendment
17 17 CFR 200.30–3(a)(12). quotations in all of the series listed on the Exchange Nos. 1 and 2, To Amend Various Rules in
1 15 U.S.C. 78s(b)(1). of the options classes to which they are appointed Connection With a System Migration to Nasdaq
2 17 CFR 240.19b–4. on a daily basis. Supplementary Material .01 to INET Technology).
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![14092 Federal Register / Vol. 82, No. 50 / Thursday, March 16, 2017 / Notices
Comments may be submitted by any of SECURITIES AND EXCHANGE Exchange has prepared summaries, set
the following methods: COMMISSION forth in Sections A, B, and C below, of
the most significant parts of such
Electronic Comments [Release No. 34–80208; File No. SR–
statements.
BatsEDGX–2017–13]
• Use the Commission’s Internet A. Self-Regulatory Organization’s
comment form (http://www.sec.gov/ Self-Regulatory Organizations; Bats Statement of the Purpose of, and
rules/sro.shtml); or EDGX Exchange, Inc.; Notice of Filing Statutory Basis for, the Proposed Rule
and Immediate Effectiveness of a Change
• Send an email to rule-comments@
Proposed Rule Change To Amend
sec.gov. Please include File Number SR– 1. Purpose
Exchange Rule 11.22 To Modify the
ISEGemini–2017–12 on the subject line. Date of Appendix B Web Site Data Rule 11.22(b) (Compliance with Data
Paper Comments Publication Pursuant to the Regulation Collection Requirements) 5 implements
NMS Plan To Implement a Tick Size the data collection and Web site
• Send paper comments in triplicate Pilot Program publication requirements of the Plan.6
to Secretary, Securities and Exchange Rule 11.22(b).08 provides, among other
Commission, 100 F Street NE., March 10, 2017. things, that the requirement that the
Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the Exchange or Designated Examining
Securities Exchange Act of 1934 (the Authority (‘‘DEA’’) make certain data
All submissions should refer to File ‘‘Act’’),1 and Rule 19b–4 thereunder,2 publicly available on their Web site
Number SR–ISEGemini–2017–12. This notice is hereby given that on February pursuant to Appendix B and C to the
file number should be included on the 28, 2017, Bats EDGX Exchange, Inc. (the Plan shall commence at the beginning of
subject line if email is used. To help the ‘‘Exchange’’ or ‘‘EDGX’’) filed with the the Pilot Period,7 and that the Exchange
Commission process and review your Securities and Exchange Commission or DEA shall make data for the Pre-Pilot
comments more efficiently, please use (‘‘Commission’’) the proposed rule Period publicly available on their Web
only one method. The Commission will change as described in Items I and II site pursuant to Appendix B and C to
post all comments on the Commission’s below, which Items have been prepared the Plan by February 28, 2017.8
Internet Web site (http://www.sec.gov/ by the Exchange. The Exchange has The Exchange is proposing
rules/sro.shtml). Copies of the designated this proposal as a ‘‘non- amendments to Rule 11.22(b).08 to
submission, all subsequent controversial’’ proposed rule change delay the date by which Pre-Pilot and
amendments, all written statements pursuant to Section 19(b)(3)(A) of the Pilot Appendix B data is to be made
with respect to the proposed rule Act 3 and Rule 19b–4(f)(6)(iii) publicly available on the Exchange or
change that are filed with the thereunder,4 which renders it effective DEA’s Web site from February 28, 2017,
Commission, and all written upon filing with the Commission. The until April 28, 2017.9 Appendix C data
Commission is publishing this notice to
communications relating to the
solicit comments on the proposed rule 5 See Exchange Rule 11.22(b). See also Securities
proposed rule change between the
change from interested persons. Exchange Act Release Nos. 77416 (March 22, 2016),
Commission and any person, other than 81 FR 17225 (March 28, 2016); and 78798
those that may be withheld from the I. Self-Regulatory Organization’s (September 9, 2016), 81 FR 63532 (September 15,
public in accordance with the Statement of the Terms of Substance of 2016).
6 The Participants filed the Plan to comply with
provisions of 5 U.S.C. 552, will be the Proposed Rule Change
an order issued by the Commission on June 24,
available for Web site viewing and The Exchange filed a proposal to 2014. See Letter from Brendon J. Weiss, Vice
printing in the Commission’s Public amend Rule 11.22 to modify the date of President, Intercontinental Exchange, Inc., to
Secretary, Commission, dated August 25, 2014
Reference Room, 100 F Street NE., Appendix B Web site data publication (‘‘SRO Tick Size Plan Proposal’’). See Securities
Washington, DC 20549, on official pursuant to the Regulation NMS Plan to Exchange Act Release No 72460 (June 24, 2014), 79
business days between the hours of Implement a Tick Size Pilot Program FR 36840 (June 30, 2014); see also Securities
10:00 a.m. and 3:00 p.m. Copies of the (‘‘Plan’’). Exchange Act Release No. 74892 (May 6, 2015), 80
FR 27513 (May 13, 2015).
filing also will be available for The text of the proposed rule change 7 Unless otherwise defined herein, capitalized
inspection and copying at the principal is available at the Exchange’s Web site terms have the meaning ascribed to them in Rule
office of the Exchange. All comments at www.bats.com, at the principal office 11.22.
received will be posted without change; of the Exchange, and at the 8 On November 30, 2016, the SEC granted
Commission’s Public Reference Room. exemptive relief to the Participants, and the
the Commission does not edit personal Exchange filed proposed rule changes to, among
identifying information from II. Self-Regulatory Organization’s other things, delay the publication of Web site data
submissions. You should submit only Statement of the Purpose of, and pursuant to Appendices B and C to the Plan until
information that you wish to make February 28, 2017, and to delay the ongoing Web
Statutory Basis for, the Proposed Rule site publication by ninety days such that data
available publicly. All submissions Change would be published within 120 calendar days
should refer to File Number SR– following the end of the month. See Letter from
In its filing with the Commission, the David S. Shillman, Associate Director, Division of
ISEGemini–2017–12 and should be
Exchange included statements Trading and Markets, Commission, to Marcia E.
submitted on or before April 6, 2017. concerning the purpose of and basis for Asquith, Senior Vice President and Corporate
For the Commission, by the Division of the proposed rule change and discussed Secretary, FINRA dated November 30, 2016; see
also Securities Exchange Act Release No. 79537
Trading and Markets, pursuant to delegated any comments it received on the (December 13, 2016), 81 FR 91971 (December 19,
mstockstill on DSK3G9T082PROD with NOTICES
authority.15 proposed rule change. The text of these 2016) (Notice of Filing and Immediate Effectiveness
Eduardo A. Aleman, statements may be examined at the of File No. SR–BatsEDGX–2016–70).
9 In addition, the Exchange is proposing an
Assistant Secretary. places specified in Item IV below. The
amendment to Rule 11.22(a)(6)(B) to clarify that no
[FR Doc. 2017–05209 Filed 3–15–17; 8:45 am] member, irrespective of whether that member
1 15 U.S.C. 78s(b)(1).
BILLING CODE 8011–01–P
operates a trading center, may execute orders in any
2 17 CFR 240.19b–4. Pilot Security in Test Group Three in price
3 15 U.S.C. 78s(b)(3)(A).
increments other than $0.05, unless an exception
15 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6)(iii). applies. This proposed amendment makes the rule
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Document Created: 2017-03-16 02:18:38
Document Modified: 2017-03-16 02:18:38
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 82 FR 14090 |
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