82 FR 16443 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change To Amend Rule 6.37B Regarding Market Maker Quotations, Including To Adopt a Market Maker Light Only Quotation
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 63 (April 4, 2017)
Federal Register Volume 82, Issue 63 (April 4, 2017)
| Page Range | 16443-16445 | |
| FR Document | 2017-06564 |
[Federal Register Volume 82, Number 63 (Tuesday, April 4, 2017)] [Notices] [Pages 16443-16445] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-06564] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80329; File No. SR-NYSEArca-2017-17] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change To Amend Rule 6.37B Regarding Market Maker Quotations, Including To Adopt a Market Maker Light Only Quotation March 29, 2017. I. Introduction On February 10, 2017, NYSE Arca, Inc. (the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend Rule 6.37B regarding Market Maker Quotations, including to adopt a Market Maker Light Only Quotation. The proposed rule change was published for comment in the Federal Register on February 27, 2017.\3\ The Commission received no comment letters on the proposed rule change. This order approves the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 80072 (February 21, 2017), 82 FR 11964 (``Notice''). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change The Exchange proposes to amend Rule 6.37B(a), which provides that a Market Maker may enter quotes in the option issues included in its appointment, to define a Market Maker ``quote,'' add a new quote type, and specify how such quotes would be processed when a series is open for trading. First, the Exchange proposes to define a Market Maker quote to provide that ``[t]he term `quote' or `quotation' means a bid or offer entered by a Market Maker [[Page 16444]] that updates the Market Maker's previous bid or offer, if any.'' \4\ --------------------------------------------------------------------------- \4\ See proposed Rule 6.37B(a)(1). The Exchange notes that its proposed definition is identical or substantially similar to related definitions on other options exchanges. See, e.g., International Securities Exchange, LLC Rule 100(a)(42); BOX Options Exchange LLC Rule 100(a)(55). The Exchange also proposes to modify the current definition of ``Quote with Size'' to include a cross reference to the proposed definition of ``quotation.'' See proposed Rule 6.1(b)(33). --------------------------------------------------------------------------- Second, the Exchange proposes to add a Market Maker Light Only Quotation (``MMLO'') to provide Market Makers the option to designate incoming quotes to trade solely with displayed interest on the Consolidated Book.\5\ This proposed change would allow Market Makers to designate quotes as MMLO to prevent such quotes from trading with undisplayed liquidity upon arrival. Once an MMLO is added to the Consolidated Book, the MMLO designation would no longer apply and any unexecuted portion could trade with displayed and undisplayed interest. --------------------------------------------------------------------------- \5\ See proposed Rule 6.37B(a)(2). The Exchange noted that this proposed functionality for Market Maker quotations is comparable to functionality Market Makers may currently employ for orders. See Notice, supra note 3, at 11964-65, 11964 n.9. See also Rule 6.62(v) (defining Post No Preference Light Orders as non-routable orders that are only eligible to execute against displayed liquidity). The Exchange further noted that it previously offered, and later eliminated, a Post No Preference Light Only Quotation (``PNPLO''), which, like the MMLO, allowed Market Makers to designate certain quotations to only interact with displayed liquidity. See Notice, supra note 3, at 11965 n.10. See also Securities Exchange Act Release Nos. 67252 (June 25, 2012), 77 FR 38879 (June 29, 2012) (SR- NYSEArca-2012-05) (order approving adoption of PNPLO for Penny Pilot issues only); 68339 (December 3, 2012), 77 FR 73109 (December 7, 2012) (SR-NYSEArca-2012-130) (extending the PNPLO to non-Penny Pilot issues); 69641 (May 28, 2013), 78 FR 33134 (June 3, 2013) (SR- NYSEArca-2013-51) (eliminating reference to the PNPLO). --------------------------------------------------------------------------- Finally, the Exchange proposes to modify the processing of Market Maker quotations, including MMLOs, in a manner that aligns with the Options Order Protection And Locked/Crossed Market Plan (``Plan''), to which the Exchange is a party.\6\ Specifically, as proposed, an incoming quotation would only trade against contra-side interest in the Consolidated Book at prices that would not trade through interest on another Market Center.\7\ Any untraded size of an incoming quote would be added to the Consolidated Book, unless it locks or crosses interest on another Market Center or if the quote is an MMLO and locks or crosses undisplayed interest.\8\ The proposed rule would further state that when such quantity of an incoming quote is cancelled (as opposed to being rejected outright), the Exchange would also cancel the Market Maker's current quote on the opposite side of the market. According to the Exchange, this would allow the Market Maker to refresh both its bid and offer simultaneously, as both sides of the Market Maker's quote residing on the Consolidated Book would be cancelled.\9\ Additionally, the Exchange would reject an incoming quotation if it locks or crosses interest on another Market Center and if it cannot trade with interest in the Consolidated Book at prices that do not trade through another Market Center.\10\ The Exchange also proposes to reject an incoming MMLO if it locks or crosses undisplayed interest and cannot trade with displayed interest in the Consolidated Book at prices that do not trade through another Market Center.\11\ The proposed rule would further state that when an incoming quote is rejected outright (as opposed to being cancelled after a partial fill), the Exchange would also cancel the Market Maker's current quote on the same side of the market.\12\ According to the Exchange, this treatment recognizes that the Market Maker unsuccessfully attempted to update its bid or offer price, and the cancellation would allow the Market Maker to refresh that side of its quote.\13\ The Exchange also proposes to specify that, when a series is open for trading, a quote will trade only against interest in the Consolidated Book and will not route.\14\ --------------------------------------------------------------------------- \6\ See Plan, dated April 14, 2009, available at, http://www.optionsclearing.com/components/docs/clearing/services/options_order_protection_plan.pdf. See also Securities Exchange Act Release No. 60405 (July 30, 2009), 74 FR 39362 (August 6, 2009) (File No. 4-546) (order approving the Plan). The Plan establishes various obligations for participating exchanges, including that Market Makers should ``reasonably avoid displaying, and shall not engage in a pattern or practice of displaying, any quotations that lock or cross'' the best bid or offer on another Market Center. See Plan, supra, at Section 6(c). \7\ See proposed Rule 6.37B(a)(3)(A). See also Rule 6.1A(6) (defining Market Center as ``a national securities exchange that has qualified for participation in the Options Clearing Corporation pursuant to the provisions of the rules of the Options Clearing Corporation''). \8\ See proposed Rule 6.37B(a)(3)(B)(i). \9\ See Notice, supra note 3, at 11965. \10\ See proposed Rule 6.37B(a)(3)(C)(i). \11\ See proposed Rule 6.37B(a)(3)(C)(ii). \12\ See proposed Rule 6.37B(a)(3)(C). \13\ See Notice, supra note 3, at 11965. \14\ See proposed Rule 6.37B(a)(3)(D). --------------------------------------------------------------------------- According to the Exchange, the implementation of the proposed rule change will be no later than 30 days after its approval, and will be announced by Trader Update.\15\ --------------------------------------------------------------------------- \15\ See Notice, supra note 3, at 11965. --------------------------------------------------------------------------- III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of Section 6 of the Act \16\ and the rules and regulations thereunder applicable to a national securities exchange.\17\ In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,\18\ which requires, among other things, that the rules of a national securities exchange be 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 regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, 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 and that the rules not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78f. \17\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \18\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange noted that its proposal to add the definition of Market Maker quotes will provide additional clarity and transparency to Exchange rules.\19\ The Exchange further stated that it is difficult for Market Makers to account for undisplayed liquidity in their quoting models. The Exchange believes that its proposal to adopt the MMLO functionality would therefore provide Market Makers with increased control over their exposure, and thus may encourage more aggressive liquidity provision, resulting in more trading opportunities and tighter spreads.\20\ According to the Exchange, this would improve overall market quality and improve competition on the Exchange to the benefit of all market participants.\21\ Finally, the Exchange stated that its proposal to amend the treatment of Market Maker quotations would assist Market Makers in maintaining a fair and orderly market, would encourage increased liquidity provision on the Exchange, and is consistent with Exchange's obligations under the Plan in that it avoids trading through better prices on other exchanges and is designed to avoid locking and crossing [[Page 16445]] markets.\22\ In particular, the Exchange noted that the proposed rules with respect to the treatment of Market Maker quotations would enable Market Makers to simultaneously update both sides of their resting quote when one side of the quote received a partial fill but was subsequently cancelled, and to leave undisturbed valid opposite-side interest where one side of a quote is rejected and not booked.\23\ This proposal does not relieve a Market Maker of its continuous quoting, or firm quote, obligations pursuant to Rules 6.37B and 6.86, respectively. For these reasons, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act and the rules and regulations thereunder applicable to a national securities exchange. --------------------------------------------------------------------------- \19\ See Notice, supra note 3, at 11966. \20\ See id. \21\ See id. \22\ See id. \23\ See id. --------------------------------------------------------------------------- IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\24\ that the proposed rule change (SR-NYSEArca-2017-17) be, and hereby is, approved. --------------------------------------------------------------------------- \24\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\25\ --------------------------------------------------------------------------- \25\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-06564 Filed 4-3-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 63 / Tuesday, April 4, 2017 / Notices 16443
integration of the relevant CBOE rules rules incorporated by reference, has certain CBOE rules that are the result of
into C2’s rules. The Exchange has identified the applicable originating changes to such CBOE rules, provided
agreed to provide written notice to its SRO(s), together with the rules it wants that the Exchange promptly provides
members whenever CBOE proposes a to incorporate by reference, and written notice to its members whenever
change to a CBOE rule that the otherwise has complied with the CBOE proposes to change a rule that the
Exchange has incorporated by procedural requirements set forth in the Exchange has incorporated by reference.
reference.12 Commission’s release governing For the Commission, by the Division of
The Exchange believes this exemption procedures for requesting exemptive Trading and Markets, pursuant to delegated
is necessary and appropriate to maintain orders pursuant to Rule 0–12 under the authority.21
consistency between C2 rules and the Exchange Act; 17 Eduardo A. Aleman,
relevant CBOE rules, thus helping to • The incorporating SRO has Assistant Secretary.
ensure identical regulation of C2 Permit requested incorporation of categories of [FR Doc. 2017–06571 Filed 4–3–17; 8:45 am]
Holders that are also CBOE Trading rules (rather than individual rules
Permit Holders 13 with respect to the BILLING CODE 8011–01–P
within a category) that are not trading
incorporated provisions as well as rules (e.g., the SRO has requested
helping to ensure that C2-only Permit incorporation of rules such as margin,
Holders are subject to consistent SECURITIES AND EXCHANGE
suitability, or arbitration); and COMMISSION
regulation as CBOE Trading Permit • The incorporating SRO has
Holders.14 The Exchange believes that, reasonable procedures in place to [Release No. 34–80329; File No. SR–
without such an exemption, such Permit provide written notice to its members NYSEArca–2017–17]
Holders could be subject to two each time a change is proposed to the
different standards.15 Self-Regulatory Organizations; NYSE
incorporated rules of another SRO.18
The Commission has issued Arca, Inc.; Order Approving Proposed
The Commission believes that the
exemptions similar to the Exchange’s Rule Change To Amend Rule 6.37B
Exchange has satisfied each of these
request.16 In granting one such Regarding Market Maker Quotations,
conditions. The Commission also
exemption in 2010, the Commission Including To Adopt a Market Maker
believes that granting the Exchange an
repeated a prior, 2004 Commission Light Only Quotation
exemption from the rule filing
statement that it would consider similar requirements under Section 19(b) of the March 29, 2017.
future exemption requests from other Exchange Act will promote efficient use
self-regulatory organizations (‘‘SROs’’), of Commission and Exchange resources I. Introduction
provided that: by avoiding duplicative rule filings On February 10, 2017, NYSE Arca,
• An SRO wishing to incorporate Inc. (the ‘‘Exchange’’) filed with the
based on simultaneous changes to
rules of another SRO by reference has
identical rule text sought by more than Securities and Exchange Commission
submitted a written request for an order
one SRO.19 The Commission therefore (‘‘Commission’’) pursuant to Section
exempting it from the requirement in
finds it appropriate in the public 19(b)(1) of the Securities Exchange Act
Section 19(b) of the Exchange Act to file
interest and consistent with the of 1934 (‘‘Act’’) 1 and Rule 19b–4
proposed rule changes relating to the
protection of investors to exempt the thereunder,2 a proposed rule change to
12 The Exchange will provide this notice by Exchange from the rule filing amend Rule 6.37B regarding Market
posting on its Web site, at the same location as it requirements under Section 19(b) of the Maker Quotations, including to adopt a
posts its own rule filings as required by Rule 19b– Exchange Act with respect to the above- Market Maker Light Only Quotation.
4(l), a link to the location on CBOE’s Web site described rules it has incorporated by The proposed rule change was
where the proposed rule change is posted. Id.
13 ‘‘Trading Permit Holder’’ means ‘‘any
reference. This exemption is published for comment in the Federal
individual, corporation, partnership, limited conditioned upon the Exchange Register on February 27, 2017.3 The
liability company or other entity authorized by the promptly providing written notice to its Commission received no comment
Rules that holds a Trading Permit . . . A Trading members whenever CBOE changes a letters on the proposed rule change.
Permit Holder is a ‘member’ solely for purposes of This order approves the proposed rule
the [Exchange] Act.’’ See CBOE Rule 1.1 (citing
rule that the Exchange has incorporated
Section 1.1 of CBOE Bylaws). by reference. change.
14 C2 Letter, supra note 8. Accordingly, it is ordered, pursuant to II. Description of the Proposed Rule
15 Id.
Section 36 of the Exchange Act,20 that Change
16 See, e.g., Securities Exchange Act Release Nos.
the Exchange is exempt from the rule
72650 (July 22, 2014), 79 FR 44075 (July 29, 2014) The Exchange proposes to amend
(order granting exemptive requests from NASDAQ
filing requirements of Section 19(b) of
OMX BX, Inc. and the NASDAQ Stock Market LLC the Exchange Act solely with respect to Rule 6.37B(a), which provides that a
relating to rules of NASDAQ OMX PHLX LLC changes to the rules identified in its Market Maker may enter quotes in the
incorporated by reference); 67256 (June 26, 2012), request that incorporate by reference option issues included in its
77 FR 39277, 39286 (July 2, 2012) (order approving appointment, to define a Market Maker
SR–BX–2012–030 and granting exemptive request
relating to rules incorporated by reference by the
17 See 17 CFR 240.0–12 and Securities Exchange ‘‘quote,’’ add a new quote type, and
BX Options rules); 61534 (February 18, 2010), 75 FR Act Release No. 39624 (February 5, 1998), 63 FR specify how such quotes would be
8760 (February 25, 2010) (order granting BATS 8101 (February 18, 1998) (‘‘Commission Procedures processed when a series is open for
Exchange, Inc.’s exemptive request relating to rules for Filing Applications for Orders for Exemptive
Relief Pursuant to Section 36 of the Exchange Act; trading.
incorporated by reference by the BATS Exchange
Final Rule’’). First, the Exchange proposes to define
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Options Market rules) (‘‘BATS Options Market
Order’’); 67256 (June 26, 2012), 77 FR 39277, 39286
18 See BATS Options Market Order, supra note 15 a Market Maker quote to provide that
(July 2, 2012) (order approving SR–BX–2012–030 (citing Securities Exchange Act Release No. 49260 ‘‘[t]he term ‘quote’ or ‘quotation’ means
and granting exemptive request relating to rules (February 17, 2004), 69 FR 8500 (February 24, 2004)
(order granting exemptive request relating to rules
a bid or offer entered by a Market Maker
incorporated by reference by the BX Options rules);
and 57478 (March 12, 2008), 73 FR 14521, 14539– incorporated by reference by several SROs) (‘‘2004
21 17 CFR 200.30–3(a)(76).
40 (March 18, 2008) (order approving SR– Order’’)).
19 See BATS Options Market Order, supra note 1 15 U.S.C. 78s(b)(1).
NASDAQ–2007–004 and SR–NASDAQ–2007–080,
and granting exemptive request relating to rules 15, 75 FR at 8761; see also 2004 Order, supra note 2 17 CFR 240.19b–4.
incorporated by reference by The NASDAQ Options 17, 69 FR at 8502. 3 See Securities Exchange Act Release No. 80072
Market). 20 15 U.S.C. 78mm. (February 21, 2017), 82 FR 11964 (‘‘Notice’’).
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![Federal Register / Vol. 82, No. 63 / Tuesday, April 4, 2017 / Notices 16445
markets.22 In particular, the Exchange The subject matter of the closed The text of the proposed rule change
noted that the proposed rules with meeting will be: is available on the Exchange’s Web site
respect to the treatment of Market Maker Institution and settlement of at www.ise.com, at the principal office
quotations would enable Market Makers injunctive actions; of the Exchange, and at the
to simultaneously update both sides of Institution and settlement of Commission’s Public Reference Room.
their resting quote when one side of the administrative proceedings; and
Other matters relating to enforcement II. Self-Regulatory Organization’s
quote received a partial fill but was
proceedings. Statement of the Purpose of, and
subsequently cancelled, and to leave
At times, changes in Commission Statutory Basis for, the Proposed Rule
undisturbed valid opposite-side interest
priorities require alterations in the Change
where one side of a quote is rejected and
not booked.23 This proposal does not scheduling of meeting items. In its filing with the Commission, the
relieve a Market Maker of its continuous For further information and to Exchange included statements
quoting, or firm quote, obligations ascertain what, if any, matters have been concerning the purpose of and basis for
pursuant to Rules 6.37B and 6.86, added, deleted or postponed; please the proposed rule change and discussed
respectively. For these reasons, the contact Brent J. Fields from the Office of any comments it received on the
Commission finds that the proposed the Secretary at (202) 551–5400. proposed rule change. The text of these
rule change is consistent with Section Dated: March 30, 2017. statements may be examined at the
6(b)(5) of the Act and the rules and Brent J. Fields, places specified in Item IV below. The
regulations thereunder applicable to a Secretary. Exchange has prepared summaries, set
national securities exchange. [FR Doc. 2017–06691 Filed 3–31–17; 11:15 am] forth in sections A, B, and C below, of
the most significant aspects of such
IV. Conclusion BILLING CODE 8011–01–P
statements.
It is therefore ordered, pursuant to
A. Self-Regulatory Organization’s
Section 19(b)(2) of the Act,24 that the SECURITIES AND EXCHANGE Statement of the Purpose of, and
proposed rule change (SR–NYSEArca– COMMISSION Statutory Basis for, the Proposed Rule
2017–17) be, and hereby is, approved.
[Release No. 34–80325; File No. SR–ISE– Change
For the Commission, by the Division of 2017–25]
Trading and Markets, pursuant to delegated 1. Purpose
authority.25 Self-Regulatory Organizations; The purpose of the proposed rule
Eduardo A. Aleman, International Securities Exchange, change is to rename the Exchange to
Assistant Secretary. LLC; Notice of Filing and Immediate reflect its new placement within the
[FR Doc. 2017–06564 Filed 4–3–17; 8:45 am] Effectiveness of Proposed Rule Nasdaq, Inc. corporate structure in
BILLING CODE 8011–01–P Change To Rename the Exchange as connection with the March 9, 2016
Nasdaq ISE, LLC acquisition by Nasdaq of the capital
stock of U.S. Exchange Holdings, and
SECURITIES AND EXCHANGE March 29, 2017. the thereby indirectly acquiring all of
COMMISSION Pursuant to Section 19(b)(1) of the the interests of the International
Securities Exchange Act of 1934 (the Securities Exchange, LLC, ISE Gemini,
Sunshine Act Meeting ‘‘Act’’),1 and Rule 19b–4 thereunder,2 LLC and ISE Mercury, LLC.4
notice is hereby given that on March 17, Specifically, all references in the
Notice is hereby given, pursuant to 2017, the International Securities
the provisions of the Government in the Exchange’s Second Amended and
Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) Restated Constitution and Third
Sunshine Act, Public Law 94–409, that filed with the Securities and Exchange
the Securities and Exchange Amended and Restated Limited
Commission (‘‘SEC’’ or ‘‘Commission’’) Liability Company Agreement, Rule
Commission will hold a closed meeting the proposed rule change as described
on Thursday, April 6, 2017 at 2 p.m. Book and Fee Schedule to
in Items I and II below, which Items ‘‘International Securities Exchange,
Commissioners, Counsel to the have been prepared by the Exchange.
Commissioners, the Secretary to the LLC,’’ ‘‘ISE, LLC,’’ or ‘‘ISE’’ shall be
The Commission is publishing this amended to ‘‘Nasdaq ISE, LLC’’ or
Commission, and recording secretaries notice to solicit comments on the
will attend the closed meeting. Certain ‘‘Nasdaq ISE.’’ Moreover, consistent
proposed rule change from interested with changes already filed for ISE
staff members who have an interest in persons.
the matters also may be present. Gemini, LLC, the rule change proposes
The General Counsel of the I. Self-Regulatory Organization’s to amend references to ‘‘ISE Gemini’’ to
Commission, or her designee, has Statement of the Terms of Substance of ‘‘Nasdaq GEMX,’’ and references to ‘‘ISE
certified that, in her opinion, one or the Proposed Rule Change Mercury’’ and ‘‘Mercury’’ to ‘‘Nasdaq
more of the exemptions set forth in 5 MRX.’’ 5 The Exchange also proposes
The Exchange proposes to amend its
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) minor grammatical changes which are
Second Amended and Restated
and 17 CFR 200.402(a)(3), (a)(5), (a)(7), necessary as a result of the name
Constitution, Third Amended and
(a)(9)(ii) and (a)(10), permit change, i.e., amending ‘‘a’’ to ‘‘an.’’ The
Restated LLC Agreement, Rule Book and
consideration of the scheduled matter at Fee Schedule to rename itself Nasdaq 4 See Securities Exchange Act Release No. 78119
asabaliauskas on DSK3SPTVN1PROD with NOTICES
the closed meeting. ISE, LLC. In addition this rule change (June 27, 2016), 81 FR 41611 (SR–ISE–2016–11; SR–
Commissioner Stein, as duty officer, proposes to amend references to the ISE Gemini–2016–05; SR–ISE Mercury–2016–10)
voted to consider the items listed for the names of certain affiliated markets (Order Granting Accelerated Approval of Proposed
closed meeting in closed session. Rule Changes, Each as Modified by Amendment No.
within the ISE Rulebook.3 1 Thereto, Relating to a Corporate Transaction in
Which Nasdaq, Inc. Will Become the Indirect Parent
22 See id. 1 15U.S.C. 78s(b)(1). of ISE, ISE Gemini, and ISE Mercury).
23 See id. 2 17CFR 240.19b–4. 5 See Securities Exchange Act Release No. 80248
24 15 U.S.C. 78s(b)(2). 3 The affiliated markets are ISE Gemini, LLC and (March 15, 2017) (SR–ISEGemini–2017–13). See
25 17 CFR 200.30–3(a)(12). ISE Mercury, LLC. also SR–ISEMercury–2017–05.
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Document Created: 2017-04-03 23:53:26
Document Modified: 2017-04-03 23:53:26
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