82 FR 14932 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to “Tick-Worse” Functionality
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 55 (March 23, 2017)
Federal Register Volume 82, Issue 55 (March 23, 2017)
| Page Range | 14932-14934 | |
| FR Document | 2017-05744 |
[Federal Register Volume 82, Number 55 (Thursday, March 23, 2017)] [Notices] [Pages 14932-14934] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-05744] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80274; File No. SR-ISE-2017-27] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to ``Tick-Worse'' Functionality March 17, 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 March 15, 2017, the International Securities Exchange, LLC (``ISE'' or ``Exchange'') filed with the Securities and Exchange Commission (``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 to (i) request the decommission of ``Tick- Worse'' functionality and (ii) amend Rule 713 (Priority of Quotes and Orders) relating to the priority of split price transactions. 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 to (i) decommission the ``Tick-Worse'' functionality and (ii) 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 [[Page 14933]] 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). \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 proposes to decommission the use of this functionality as it migrates symbols to INET no later than in July 31, 2017.\7\ 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. 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 members have discontinued use of 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 will provide advance notice to its Members through an Options Trader Alert of the intent to decommission the Tick-Worse functionality.\8\ --------------------------------------------------------------------------- \7\ Currently, this functionality is being used by one market maker on the Exchange. \8\ The Exchange notes that it similarly decommission Tick-Worse on ISE Gemini on February 21, 2017. See Market Information Circular 2017-10. --------------------------------------------------------------------------- Split Price Priority The Exchange is proposing to delete ISE 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, which the Exchange proposes to decommission. The Exchange proposes to delete this rule no later than July 31, 2017, along with the decommissioning of the Tick-Worse functionality. ISE 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 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: --Primary Market Maker has opted into tick worse functionality and selected to tick worse and post 10 contracts at a penny worse than their original quote. --Primary Market Maker 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 Competitive Market Maker 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 Primary Market Maker bid quote, and Primary Market Maker 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 Primary Market Maker's ticked worse quote due to the split price priority rule; 0 contracts trade with the Competitive Market Maker bid quote The Exchange represents that Tick-Worse has historically only ever applied in the context of the split price priority rule in ISE Rule 713(f). Furthermore, the Exchange has historically only ever awarded priority pursuant to ISE 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 along with decommissioning the Tick-Worse functionality, as proposed above. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\9\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\10\ 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- ``Tick-Worse'' Functionality As noted 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 believes that its proposal is consistent with the Act because it has found that the Tick- Worse feature is rarely used today \11\ as almost all market makers use their own systems to send refreshed quotations when their displayed quotations are exhausted. The Exchange therefore believes that it is consistent with the Act to propose to discontinue use of this functionality prior to the migration to INET. Because one member continues to utilize the functionality, the Exchange believes that providing advance notice of the intent to decommission of this functionality will serve to prepare Members as to the upcoming change with INET. --------------------------------------------------------------------------- \11\ It is only being used by one market maker. --------------------------------------------------------------------------- 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 decommissioning Tick-Worse and providing advance notice to its members, is consistent with the Act because it eliminates any investor uncertainty related to the status of this functionality. Split Price Priority 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. [[Page 14934]] 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 request 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 \12\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\13\ --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A)(iii). \13\ 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. Comments may be submitted by any of the following methods: Electronic Comments Use 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-ISE-2017-27 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-ISE-2017-27. 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-ISE-2017-27 and should be submitted on or before April 13, 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. 2017-05744 Filed 3-22-17; 8:45 am] BILLING CODE 8011-01-P
![14932 Federal Register / Vol. 82, No. 55 / Thursday, March 23, 2017 / Notices
SECURITIES AND EXCHANGE which the Commission shall either any comments it received on the
COMMISSION approve or disapprove, or institute proposed rule change. The text of these
proceedings to determine whether to statements may be examined at the
[Release No. 34–80268; File No. SR–
disapprove, the proposed rule change places specified in Item IV below. The
NYSEMKT–2017–05]
(File No. SR–NYSEMKT–2017–05). Exchange has prepared summaries, set
Self-Regulatory Organizations; NYSE For the Commission, by the Division of forth in sections A, B, and C below, of
MKT LLC; Notice of Designation of Trading and Markets, pursuant to delegated the most significant aspects of such
Longer Period for Commission Action authority.7 statements.
on Proposed Rule Change Amending Eduardo A. Aleman, A. Self-Regulatory Organization’s
Rules 7.29E and 1.1E To Provide for a Assistant Secretary. Statement of the Purpose of, and
Delay Mechanism [FR Doc. 2017–05739 Filed 3–22–17; 8:45 am] Statutory Basis for, the Proposed Rule
March 17, 2017.
BILLING CODE 8011–01–P Change
On January 27, 2017, NYSE MKT LLC 1. Purpose
(the ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed SECURITIES AND EXCHANGE
with the Securities and Exchange The purpose of the proposed rule
COMMISSION change is to (i) decommission the ‘‘Tick-
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities [Release No. 34–80274; File No. SR–ISE– Worse’’ functionality and (ii) amend
Exchange Act of 1934 (‘‘Act’’) 1 and Rule 2017–27] Rule 713 (Priority of Quotes and Orders)
19b–4 thereunder,2 a proposed rule as it relates to the priority of split price
Self-Regulatory Organizations; transactions. The proposed changes are
change to amend Rules 7.29E and 1.1E International Securities Exchange,
to provide for an intentional delay to discussed below.
LLC; Notice of Filing and Immediate
specified order processing. The Effectiveness of Proposed Rule ‘‘Tick-Worse’’ Functionality
proposed rule change was published for Change Relating to ‘‘Tick-Worse’’
comment in the Federal Register on The Exchange currently provides
Functionality market makers 3 with Tick-Worse
February 15, 2017.3 The Commission
has received two comment letters on the March 17, 2017. functionality, which allows market
proposal.4 Pursuant to Section 19(b)(1) of the makers to pre-define the prices and
Section 19(b)(2) of the Act 5 provides Securities Exchange Act of 1934 sizes at which the system will
that within 45 days of the publication of (‘‘Act’’),1 and Rule 19b–4 thereunder,2 automatically move their quotation
notice of the filing of a proposed rule notice is hereby given that on March 15, following an execution that exhausts the
change, or within such longer period up 2017, the International Securities size of their existing quotation.4 As
to 90 days as the Commission may Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) such, when a market maker’s quote is
designate if it finds such longer period filed with the Securities and Exchange traded out, it can be automatically
to be appropriate and publishes its Commission (‘‘Commission’’) the reinstated into the Exchange’s order
reasons for so finding or as to which the proposed rule change as described in book at the next best price.5 This
self-regulatory organization consents, Items I, II, and III, below, which Items optional feature is intended to help
the Commission shall either approve the have been prepared by the Exchange. market makers meet their continuous
proposed rule change, disapprove the The Commission is publishing this quoting obligations under the
proposed rule change, or institute notice to solicit comments on the Exchange’s rules 6 when their displayed
proceedings to determine whether the proposed rule change from interested 3 The term ‘‘market makers’’ refers to
proposed rule change should be persons. ‘‘Competitive Market Makers’’ and ‘‘Primary Market
disapproved. The 45th day for this filing Makers’’ collectively. See Rule 100(a)(25).
I. Self-Regulatory Organization’s
is April 1, 2017. 4 Tick-Worse functionality is not currently
Statement of the Terms of Substance of memorialized in the Exchange’s rulebook. In
The Commission is extending the 45-
the Proposed Rule Change addition, the Exchange will not offer Tick-Worse on
day time period for Commission action the new Nasdaq INET system going forward. On
on the proposed rule change. The The Exchange proposes to (i) request
September 30, 2004, International Securities
Commission finds that it is appropriate the decommission of ‘‘Tick-Worse’’ Exchange, LLC (‘‘ISE’’) filed with the Commission
to designate a longer period within functionality and (ii) amend Rule 713 a proposal to codify this functionality in its
which to take action on the proposed (Priority of Quotes and Orders) relating rulebook, but inadvertently deleted the rule as
to the priority of split price transactions. obsolete rule text in a subsequent proposal filed on
rule change so that it has sufficient time December 21, 2012. See Securities Exchange Act
to consider and take action on the The text of the proposed rule change Release No. 51050 (January 18, 2005), 70 FR 3758
Exchange’s proposed rule change. is available on the Exchange’s Web site (January 26, 2005) (SR–ISE–2004–31); Securities
Accordingly, pursuant to Section at www.ise.com, at the principal office Exchange Act Release No. 68570 (January 3, 2013),
of the Exchange, and at the 78 FR 1901 (January 9, 2013) (SR–ISE–2012–82).
19(b)(2) of the Act 6 and for the reasons 5 Market makers may choose to set Tick-Worse
stated above, the Commission Commission’s Public Reference Room.
parameters by specifying how many price ticks
designates May 16, 2017, as the date by II. Self-Regulatory Organization’s back, and for what size, the quote is to be
reinstated.
Statement of the Purpose of, and 6 Specifically, Primary Market Makers (‘‘PMMs’’)
1 15 U.S.C. 78s(b)(1). Statutory Basis for, the Proposed Rule are required under Rule 804(e)(1) to enter
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 79998
Change quotations in all of the series listed on the Exchange
of the options classes to which they are appointed
sradovich on DSK3GMQ082PROD with NOTICES
(February 9, 2017), 82 FR 10828. In its filing with the Commission, the on a daily basis. Supplementary Material .01 to
4 See Letters to Brent J. Fields, Secretary,
Exchange included statements Rule 804 further requires PMMs to quote 90% of
Commission, from John Ramsay, Chief Market concerning the purpose of and basis for the time their assigned options class is open for
Policy Officer, Investors Exchange LLC, dated trading on the Exchange. As provided in Rule
March 10, 2017; and Tyler Gellasch, Executive the proposed rule change and discussed
804(e)(2), Competitive Market Makers (‘‘CMMs’’)
Director, Healthy Markets Association, dated March are not required to enter quotations in the options
10, 2017. 7 17 CFR 200.30–3(a)(31). class to which they are appointed, but in the event
5 15 U.S.C. 78s(b)(2). 1 15 U.S.C. 78s(b)(1). a CMM does initiate quoting, such CMM is
6 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4. generally required to quote 60% of the time its
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![14934 Federal Register / Vol. 82, No. 55 / Thursday, March 23, 2017 / Notices
B. Self-Regulatory Organization’s Comments may be submitted by any of SECURITIES AND EXCHANGE
Statement on Burden on Competition the following methods: COMMISSION
The Exchange does not believe that Electronic Comments
the proposed rule change will impose [Release No. 34–80271; File No. SR–
any burden on competition not • Use the Commission’s Internet NYSEARCA–2017–24]
necessary or appropriate in furtherance comment form (http://www.sec.gov/
of the purposes of the Act. The rules/sro.shtml); or Self-Regulatory Organizations; NYSE
proposed rule change is not designed to Arca, Inc.; Notice of Filing of Proposed
• Send an email to rule-comments@
have any competitive impact but rather Rule Change Amending Rule 6.80 To
sec.gov. Please include File Number SR–
request the decommission of a rarely- Make Permanent a Program That
ISE–2017–27 on the subject line.
used functionality on the Exchange and Allows Transactions To Take Place at
relatedly, to remove the rule text that Paper Comments a Price That Is Below $1 per Option
this functionality supports from the Contract
Exchange’s rulebook, thereby reducing • Send paper comments in triplicate
investor confusion and making the to Secretary, Securities and Exchange March 17, 2017.
Exchange’s rules easier to understand Commission, 100 F Street NE., Pursuant to Section 19(b)(1) 1 of the
and navigate. Washington, DC 20549–1090. Securities Exchange Act of 1934 (the
C. Self-Regulatory Organization’s All submissions should refer to File ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Statement on Comments on the Number SR–ISE–2017–27. This file notice is hereby given that, on March 2,
Proposed Rule Change Received From number should be included on the 2017, NYSE Arca, Inc. (the ‘‘Exchange’’
Members, Participants, or Others subject line if email is used. To help the or ‘‘NYSE Arca’’) filed with the
No written comments were either Commission process and review your Securities and Exchange Commission
solicited or received. comments more efficiently, please use (the ‘‘Commission’’) the proposed rule
only one method. The Commission will change as described in Items I and II,
III. Date of Effectiveness of the post all comments on the Commission’s below, which Items have been prepared
Proposed Rule Change and Timing for Internet Web site (http://www.sec.gov/ by the self-regulatory organization. The
Commission Action Commission is publishing this notice to
rules/sro.shtml). Copies of the
Because the foregoing proposed rule submission, all subsequent solicit comments on the proposed rule
change does not: (i) Significantly affect amendments, all written statements change from interested persons.
the protection of investors or the public with respect to the proposed rule
interest; (ii) impose any significant I. Self-Regulatory Organization’s
change that are filed with the Statement of the Terms of Substance of
burden on competition; and (iii) become Commission, and all written
operative for 30 days from the date on the Proposed Rule Change
communications relating to the
which it was filed, or such shorter time proposed rule change between the The Exchange proposes to amend
as the Commission may designate, it has
Commission and any person, other than Rule 6.80 to make permanent a program
become effective pursuant to Section
those that may be withheld from the that allows transactions to take place at
19(b)(3)(A)(iii) of the Act 12 and
public in accordance with the a price that is below $1 per option
subparagraph (f)(6) of Rule 19b–4
thereunder.13 provisions of 5 U.S.C. 552, will be contract. The proposed rule change is
At any time within 60 days of the available for Web site viewing and available on the Exchange’s Web site at
filing of the proposed rule change, the printing in the Commission’s Public www.nyse.com, at the principal office of
Commission summarily may Reference Room, 100 F Street NE., the Exchange, and at the Commission’s
temporarily suspend such rule change if Washington, DC 20549, on official Public Reference Room.
it appears to the Commission that such business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the II. Self-Regulatory Organization’s
action is: (i) Necessary or appropriate in
filing also will be available for Statement of the Purpose of, and
the public interest; (ii) for the protection
of investors; or (iii) otherwise in inspection and copying at the principal Statutory Basis for, the Proposed Rule
furtherance of the purposes of the Act. office of the Exchange. All comments Change
If the Commission takes such action, the received will be posted without change; In its filing with the Commission, the
Commission shall institute proceedings the Commission does not edit personal self-regulatory organization included
to determine whether the proposed rule identifying information from statements concerning the purpose of,
should be approved or disapproved. submissions. You should submit only and basis for, the proposed rule change
IV. Solicitation of Comments information that you wish to make and discussed any comments it received
available publicly. All submissions on the proposed rule change. The text
Interested persons are invited to should refer to File Number SR–ISE–
submit written data, views, and of those statements may be examined at
2017–27 and should be submitted on or the places specified in Item IV below.
arguments concerning the foregoing, before April 13, 2017.
including whether the proposed rule The Exchange has prepared summaries,
change is consistent with the Act. For the Commission, by the Division of set forth in sections A, B, and C below,
Trading and Markets, pursuant to delegated of the most significant parts of such
sradovich on DSK3GMQ082PROD with NOTICES
12 15 U.S.C. 78s(b)(3)(A)(iii). authority.14 statements.
13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– Eduardo A. Aleman,
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
Assistant Secretary.
the proposed rule change at least five business days [FR Doc. 2017–05744 Filed 3–22–17; 8:45 am]
prior to the date of filing of the proposed rule BILLING CODE 8011–01–P 1 15 U.S.C.78s(b)(1).
change, or such shorter time as designated by the
2 15 U.S.C. 78a.
Commission. The Exchange has satisfied this
requirement. 14 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
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Document Created: 2017-03-23 02:45:27
Document Modified: 2017-03-23 02:45:27
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