82 FR 23078 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Anonymous Trade Reporting and Clearing
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 96 (May 19, 2017)
Federal Register Volume 82, Issue 96 (May 19, 2017)
| Page Range | 23078-23080 | |
| FR Document | 2017-10128 |
[Federal Register Volume 82, Number 96 (Friday, May 19, 2017)] [Notices] [Pages 23078-23080] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-10128] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80673; File No. SR-CHX-2017-09] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Anonymous Trade Reporting and Clearing May 15, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given that on May 11, 2017, the Chicago Stock Exchange, Inc. (``CHX'' or the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II 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 the Substance of the Proposed Rule Change CHX proposes to amend Article 21, Rule 5 of the Rules of the Exchange (``CHX Rules'') regarding anonymous trade reporting and clearing. The text of this proposed rule change is available on the Exchange's Web site at (www.chx.com) and in 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 CHX included statements concerning the purpose of and basis for the proposed rule changes [sic] 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 CHX has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Article 21, Rule 5 to mandate anonymity for all transaction and clearing reports resulting from all executions on the [[Page 23079]] Exchange, which would include executions resulting from both single- sided and cross orders,\3\ subject to certain current exceptions. To this end, the Exchange proposes to eliminate (1) the requirement that a Participant \4\ affirmatively request that its identity remain anonymous on transaction and clearing reports and (2) the exclusion of cross orders from the scope of Article 21, Rule 5. --------------------------------------------------------------------------- \3\ See CHX Article 1, Rule 2(a)(2) defining ``cross order.'' \4\ A Participant is a ``member'' of the Exchange for purposes of the Act. See CHX Article 1, Rule 1(s). --------------------------------------------------------------------------- The Exchange is proposing the amendments to update its outdated trade and clearing anonymity rule and to harmonize the rule with similar rules and practices of other exchanges, such as Bats BYX Exchange and the Investors Exchange (``IEX'').\5\ Aside from these changes, the Exchange does not propose any other amendments to the CHX Rules. --------------------------------------------------------------------------- \5\ See Bats BYX Rule 11.15(d); see also IEX Rule 11.250(c). --------------------------------------------------------------------------- (1) Background In October 2007, the Exchange adopted current Article 21, Rule 5 (Anonymous Trade Reporting and Clearing).\6\ Thereunder, current Rule 5(a) provides that, except as provided under current Rule 5(e), transaction reports for all trades executed on the Exchange will indicate the details of the transaction, but will not reveal a Participant's identity as a contra party if that Participant has requested that its identity remain anonymous. Also, current Rule 5(e) provides that the provisions of Rule 5 shall not apply to any type of cross trade executed on the Exchange, the result of which is that transaction reports for cross executions will always reveal the identity of the parties. --------------------------------------------------------------------------- \6\ See Exchange Act Release No. 56704 (October 25, 2007), 72 FR 61921 (November 1, 2007) (SR-CHX-2007-20). --------------------------------------------------------------------------- However, in recent years, trading activity on the Exchange has evolved such that trade and clearing anonymity have become routinely necessary for Participants for all types of executions on the Exchange. In particular, trade and clearing anonymity have become ubiquitous market wide and many Participants are members of other national securities exchanges that mandate trade and clearing anonymity, subject to certain exceptions.\7\ At CHX, all of the most active Participants have requested trade anonymity and the Exchange is not aware of any Participant that requires its identity be disclosed on transaction and clearing reports. Consequently, the Exchange believes that the current requirement that a Participant elect anonymity for single-sided executions imposes an unnecessary compliance burden on Participants, especially on those Participants that are members of other national securities exchanges with mandatory trade and clearing anonymity, which would be eliminated by harmonizing Article 21, Rule 5 with the rules of other national securities exchanges, such [sic] Bats BYX. --------------------------------------------------------------------------- \7\ See supra note 5. --------------------------------------------------------------------------- With respect to cross executions, the Exchange believes that the original purpose for excluding cross executions from the scope of Article 21, Rule 5, which was to provide Participants [sic] ``with a sufficiently detailed trade or clearing report to permit it to effectively service its customers' needs,'' \8\ has been obviated by enhancements to back office operations realized by Participants that submit cross orders. As such, the disclosure of the identity of parties to the trade on a cross transaction report is no longer necessary. In fact, the Participants that submit cross orders have recently expressed a strong preference for anonymous transaction reports. Accordingly, the Exchange believes it necessary and appropriate to apply mandatory trade and clearing anonymity to cross executions. --------------------------------------------------------------------------- \8\ See SR-CHX-2007-20, id, at 61921. --------------------------------------------------------------------------- (2) Amended Article 21, Rule 5 In light of the above, the Exchange proposes to amend current Rule 5(a) to mandate trade and clearing anonymity for all executions on the Exchange. Specifically, amended Rule 5(a) would provide that transaction reports produced by the Exchange will indicate the details of transactions executed on the Exchange, but shall not reveal contra party identities. Amended Rule 5(a) would further provide that except as set forth in paragraph (b) below,\9\ transactions executed on the Exchange will also be cleared and settled anonymously. In addition, in order to mandate trade and clearing anonymity for cross executions, the Exchange proposes to delete current Rule 5(e) in its entirety and, since two or more Participants may be parties to a particular cross execution,\10\ the Exchange proposes to amend current Rule 5(b)(3) \11\ to provide that the Exchange will reveal the identity of a Participant or a Participant's clearing firm if all parties to the trade consent. --------------------------------------------------------------------------- \9\ Current CHX Article 21, Rule 5(b) provides that the Exchange will reveal the identity of a Participant or a Participant's clearing firm in the following circumstances: (1) For regulatory purposes or to comply with an order of a court or arbitrator; (2) when the National Securities Clearing Corporation (``NSCC'') ceases to act for a Participant or a Participant's clearing firm and NSCC determines not to guarantee the settlement of a Participant's trades; or (3) if both parties to the trade consent. \10\ See Exchange Act Release No. 77785 (May 9, 2016), 81 FR 29936 (May 13, 2016) (SR-CHX-2016-06). \11\ See supra note 9. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that proposed rule change is consistent with Section 6(b) of the Act \12\ in general and Section 6(b)(5) of the Act \13\ in particular, which requires, among other things, that the Exchange's rules 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 facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, protect investors and the public interest. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- In particular, the Exchange believes that the proposed rule change will remove impediments to and perfect the mechanism of a free and open market and a national market system by promoting consistency and uniformity among different markets \14\ regarding trade and clearing anonymity. For Participants that are members of other exchanges, the proposed rule change will result in efficiencies with respect to such Participants' rule compliance efforts. --------------------------------------------------------------------------- \14\ See supra note 5. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that the proposed rule change will reduce the regulatory burden placed on market participants that are members of various markets, as well as reduce administrative burden on the Exchange. The Exchange believes that the harmonization of the anonymous trade reporting and clearing provisions across the various markets \15\ will reduce burdens on competition by removing impediments to participation in the national market system. --------------------------------------------------------------------------- \15\ See id. --------------------------------------------------------------------------- [[Page 23080]] 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 \16\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\17\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A)(iii). \17\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \18\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay so that the proposed rule change will become operative on May 15, 2017. The Exchange stated that the proposed rule change is consistent with the protection of investors and the public interest by immediately eliminating the administrative burden of enforcing an outdated rule and by facilitating compliance with CHX Rules by current and new Participants that are already accustomed to the mandatory trade and clearing anonymity rules and practices of other exchanges. Waiver of the operative delay would allow the Exchange, without delay, to make its trade and clearing anonymity rules consistent with the rules and practices of other exchanges. The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest as it will permit CHX to harmonize its trade and clearing rules with those of the other exchanges without delay. Therefore, the Commission designates the proposed rule change to be operative on May 15, 2017.\19\ --------------------------------------------------------------------------- \18\ 17 CFR 240.19b-4(f)(6)(iii). \19\ For purposes only of waiving the 30-day operative delay, the Commission also has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule change should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-CHX-2017-09 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-CHX-2017-09. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-CHX-2017-09, and should be submitted on or before June 9, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-10128 Filed 5-18-17; 8:45 am] BILLING CODE 8011-01-P
![23078 Federal Register / Vol. 82, No. 96 / Friday, May 19, 2017 / Notices
U.S.C. 3642 and 39 CFR 3020.30 et seq.; SUMMARY: The Postal Service gives SECURITIES AND EXCHANGE
Public Representative: Christopher C. notice of filing a request with the Postal COMMISSION
Mohr; Comments Due: May 22, 2017. Regulatory Commission to add a
3. Docket No(s).: MC2017–133 and [Release No. 34–80673; File No. SR–CHX–
domestic shipping services contract to 2017–09]
CP2017–188; Filing Title: Request of the the list of Negotiated Service
United States Postal Service to Add Agreements in the Mail Classification Self-Regulatory Organizations;
Priority Mail Contract 319 to Schedule’s Competitive Products List. Chicago Stock Exchange, Inc.; Notice
Competitive Product List and Notice of of Filing and Immediate Effectiveness
Filing (Under Seal) of Unredacted DATES: Effective date: May 19, 2017. of Proposed Rule Change Regarding
Governors’ Decision, Contract, and FOR FURTHER INFORMATION CONTACT: Anonymous Trade Reporting and
Supporting Data; Filing Acceptance Clearing
Elizabeth A. Reed, 202–268–3179.
Date: May 12, 2017; Filing Authority: 39
U.S.C. 3642 and 39 CFR 3020.30 et seq.; SUPPLEMENTARY INFORMATION: The May 15, 2017.
Public Representative: Christopher C. United States Postal Service® hereby Pursuant to Section 19(b)(1) of the
Mohr; Comments Due: May 22, 2017. gives notice that, pursuant to 39 U.S.C. Securities Exchange Act of 1934
This notice will be published in the 3642 and 3632(b)(3), on May 12, 2017, (‘‘Act’’),1 and Rule 19b–4 2 thereunder,
Federal Register. it filed with the Postal Regulatory notice is hereby given that on May 11,
Commission a Request of the United 2017, the Chicago Stock Exchange, Inc.
Stacy L. Ruble,
States Postal Service to Add Priority (‘‘CHX’’ or the ‘‘Exchange’’) filed with
Secretary.
Mail Contract 319 to Competitive the Securities and Exchange
[FR Doc. 2017–10119 Filed 5–18–17; 8:45 am] Commission (‘‘Commission’’) the
Product List. Documents are available at
BILLING CODE 7710–FW–P proposed rule change as described in
www.prc.gov, Docket Nos. MC2017–133,
Items I and II below, which Items have
CP2017–188. been prepared by the Exchange. The
POSTAL SERVICE Stanley F. Mires, Commission is publishing this notice to
Attorney, Federal Compliance. solicit comments on the proposed rule
Product Change—Priority Mail change from interested persons.
Express, Priority Mail, & First-Class [FR Doc. 2017–10116 Filed 5–18–17; 8:45 am]
Package Service Negotiated Service BILLING CODE 7710–12–P I. Self-Regulatory Organization’s
Agreement Statement of the Terms of the Substance
of the Proposed Rule Change
AGENCY: Postal ServiceTM. POSTAL SERVICE CHX proposes to amend Article 21,
ACTION: Notice.
Rule 5 of the Rules of the Exchange
Product Change—Priority Mail (‘‘CHX Rules’’) regarding anonymous
SUMMARY: The Postal Service gives
notice of filing a request with the Postal Negotiated Service Agreement trade reporting and clearing. The text of
Regulatory Commission to add a this proposed rule change is available
AGENCY: Postal ServiceTM. on the Exchange’s Web site at
domestic shipping services contract to
the list of Negotiated Service ACTION: Notice. (www.chx.com) and in the
Agreements in the Mail Classification Commission’s Public Reference Room.
Schedule’s Competitive Products List. SUMMARY: The Postal Service gives II. Self-Regulatory Organization’s
DATES: Effective date: May 19, 2017. notice of filing a request with the Postal Statement of the Purpose of, and
FOR FURTHER INFORMATION CONTACT: Regulatory Commission to add a Statutory Basis for, the Proposed Rule
Elizabeth A. Reed, 202–268–3179. domestic shipping services contract to Change
SUPPLEMENTARY INFORMATION: The the list of Negotiated Service In its filing with the Commission, the
United States Postal Service® hereby Agreements in the Mail Classification CHX included statements concerning
gives notice that, pursuant to 39 U.S.C. Schedule’s Competitive Products List. the purpose of and basis for the
3642 and 3632(b)(3), on May 12, 2017, proposed rule changes [sic] and
it filed with the Postal Regulatory DATES: Effective date: May 19, 2017.
discussed any comments it received on
Commission a Request of the United FOR FURTHER INFORMATION CONTACT: the proposed rule change. The text of
States Postal Service to Add Priority Elizabeth A. Reed, 202–268–3179. these statements may be examined at
Mail Express, Priority Mail, & First-Class the places specified in Item IV below.
Package Service Contract 19 to SUPPLEMENTARY INFORMATION: The
The CHX has prepared summaries, set
Competitive Product List. Documents United States Postal Service® hereby
forth in sections A, B and C below, of
are available at www.prc.gov, Docket gives notice that, pursuant to 39 U.S.C.
the most significant aspects of such
Nos. MC2017–132, CP2017–187. 3642 and 3632(b)(3), on May 5, 2017, it statements.
filed with the Postal Regulatory
Stanley F. Mires, A. Self-Regulatory Organization’s
Commission a Request of the United
Attorney, Federal Compliance. Statement of the Purpose of, and
States Postal Service to Add Priority
[FR Doc. 2017–10117 Filed 5–18–17; 8:45 am] Statutory Basis for, the Proposed Rule
Mail Contract 317 to Competitive
BILLING CODE 7710–12–P
Product List. Documents are available at Change
asabaliauskas on DSK3SPTVN1PROD with NOTICES
www.prc.gov, Docket Nos. MC2017–129, 1. Purpose
POSTAL SERVICE CP2017–182. The Exchange proposes to amend
Stanley F. Mires, Article 21, Rule 5 to mandate anonymity
Product Change—Priority Mail for all transaction and clearing reports
Negotiated Service Agreement Attorney, Federal Compliance.
[FR Doc. 2017–10115 Filed 5–18–17; 8:45 am]
resulting from all executions on the
AGENCY: Postal ServiceTM. BILLING CODE 7710–12–P 1 15 U.S.C. 78s(b)(1).
ACTION: Notice. 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 96 / Friday, May 19, 2017 / Notices 23079
Exchange, which would include Consequently, the Exchange believes particular cross execution,10 the
executions resulting from both single- that the current requirement that a Exchange proposes to amend current
sided and cross orders,3 subject to Participant elect anonymity for single- Rule 5(b)(3) 11 to provide that the
certain current exceptions. To this end, sided executions imposes an Exchange will reveal the identity of a
the Exchange proposes to eliminate (1) unnecessary compliance burden on Participant or a Participant’s clearing
the requirement that a Participant 4 Participants, especially on those firm if all parties to the trade consent.
affirmatively request that its identity Participants that are members of other
remain anonymous on transaction and national securities exchanges with 2. Statutory Basis
clearing reports and (2) the exclusion of mandatory trade and clearing The Exchange believes that proposed
cross orders from the scope of Article anonymity, which would be eliminated rule change is consistent with Section
21, Rule 5. by harmonizing Article 21, Rule 5 with
The Exchange is proposing the 6(b) of the Act 12 in general and Section
the rules of other national securities 6(b)(5) of the Act 13 in particular, which
amendments to update its outdated exchanges, such [sic] Bats BYX.
trade and clearing anonymity rule and requires, among other things, that the
to harmonize the rule with similar rules With respect to cross executions, the Exchange’s rules be designed to prevent
and practices of other exchanges, such Exchange believes that the original fraudulent and manipulative acts and
as Bats BYX Exchange and the Investors purpose for excluding cross executions practices, to promote just and equitable
Exchange (‘‘IEX’’).5 Aside from these from the scope of Article 21, Rule 5, principles of trade, to foster cooperation
changes, the Exchange does not propose which was to provide Participants [sic] and coordination with persons engaged
any other amendments to the CHX ‘‘with a sufficiently detailed trade or in facilitating transactions in securities,
Rules. clearing report to permit it to effectively and to remove impediments to and
service its customers’ needs,’’ 8 has been perfect the mechanism of a free and
(1) Background obviated by enhancements to back office open market and a national market
In October 2007, the Exchange operations realized by Participants that
system, and, in general, protect
adopted current Article 21, Rule 5 submit cross orders. As such, the
investors and the public interest.
(Anonymous Trade Reporting and disclosure of the identity of parties to
Clearing).6 Thereunder, current Rule the trade on a cross transaction report is In particular, the Exchange believes
5(a) provides that, except as provided no longer necessary. In fact, the that the proposed rule change will
under current Rule 5(e), transaction Participants that submit cross orders remove impediments to and perfect the
reports for all trades executed on the have recently expressed a strong mechanism of a free and open market
Exchange will indicate the details of the preference for anonymous transaction and a national market system by
transaction, but will not reveal a reports. Accordingly, the Exchange promoting consistency and uniformity
Participant’s identity as a contra party if believes it necessary and appropriate to among different markets 14 regarding
that Participant has requested that its apply mandatory trade and clearing trade and clearing anonymity. For
identity remain anonymous. Also, anonymity to cross executions. Participants that are members of other
current Rule 5(e) provides that the exchanges, the proposed rule change
provisions of Rule 5 shall not apply to (2) Amended Article 21, Rule 5
will result in efficiencies with respect to
any type of cross trade executed on the In light of the above, the Exchange such Participants’ rule compliance
Exchange, the result of which is that proposes to amend current Rule 5(a) to efforts.
transaction reports for cross executions mandate trade and clearing anonymity
will always reveal the identity of the B. Self-Regulatory Organization’s
for all executions on the Exchange.
parties. Statement on Burden on Competition
Specifically, amended Rule 5(a) would
However, in recent years, trading provide that transaction reports
activity on the Exchange has evolved The Exchange does not believe that
produced by the Exchange will indicate the proposed rule change will impose
such that trade and clearing anonymity the details of transactions executed on
have become routinely necessary for any burden on competition that is not
the Exchange, but shall not reveal contra necessary or appropriate in furtherance
Participants for all types of executions party identities. Amended Rule 5(a)
on the Exchange. In particular, trade of the purposes of the Act. The
would further provide that except as set Exchange believes that the proposed
and clearing anonymity have become
forth in paragraph (b) below,9 rule change will reduce the regulatory
ubiquitous market wide and many
transactions executed on the Exchange burden placed on market participants
Participants are members of other
will also be cleared and settled that are members of various markets, as
national securities exchanges that
anonymously. In addition, in order to
mandate trade and clearing anonymity, well as reduce administrative burden on
mandate trade and clearing anonymity
subject to certain exceptions.7 At CHX, the Exchange. The Exchange believes
for cross executions, the Exchange
all of the most active Participants have that the harmonization of the
proposes to delete current Rule 5(e) in
requested trade anonymity and the anonymous trade reporting and clearing
its entirety and, since two or more
Exchange is not aware of any Participant provisions across the various markets 15
Participants may be parties to a
that requires its identity be disclosed on will reduce burdens on competition by
transaction and clearing reports. removing impediments to participation
8 See SR–CHX–2007–20, id, at 61921.
in the national market system.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
9 Current CHX Article 21, Rule 5(b) provides that
3 See CHX Article 1, Rule 2(a)(2) defining ‘‘cross
the Exchange will reveal the identity of a
order.’’
4 A Participant is a ‘‘member’’ of the Exchange for
Participant or a Participant’s clearing firm in the 10 See Exchange Act Release No. 77785 (May 9,
following circumstances: (1) For regulatory 2016), 81 FR 29936 (May 13, 2016) (SR–CHX–2016–
purposes of the Act. See CHX Article 1, Rule 1(s). purposes or to comply with an order of a court or
5 See Bats BYX Rule 11.15(d); see also IEX Rule 06).
arbitrator; (2) when the National Securities Clearing 11 See supra note 9.
11.250(c). Corporation (‘‘NSCC’’) ceases to act for a Participant 12 15 U.S.C. 78f(b).
6 See Exchange Act Release No. 56704 (October
or a Participant’s clearing firm and NSCC
13 15 U.S.C. 78f(b)(5).
25, 2007), 72 FR 61921 (November 1, 2007) (SR– determines not to guarantee the settlement of a
CHX–2007–20). 14 See supra note 5.
Participant’s trades; or (3) if both parties to the trade
7 See supra note 5. consent. 15 See id.
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![23080 Federal Register / Vol. 82, No. 96 / Friday, May 19, 2017 / Notices
C. Self-Regulatory Organization’s At any time within 60 days of the identifying information from
Statement on Comments on the filing of such proposed rule change, the submissions. You should submit only
Proposed Rule Change Received From Commission summarily may information that you wish to make
Members, Participants, or Others temporarily suspend such rule change if available publicly. All submissions
No written comments were either it appears to the Commission that such should refer to File Number SR–CHX–
action is necessary or appropriate in the 2017–09, and should be submitted on or
solicited or received.
public interest, for the protection of before June 9, 2017.
III. Date of Effectiveness of the investors, or otherwise in furtherance of For the Commission, by the Division of
Proposed Rule Change and Timing for the purposes of the Act. If the Trading and Markets, pursuant to delegated
Commission Action Commission takes such action, the authority.20
Because the foregoing proposed rule Commission shall institute proceedings Eduardo A. Aleman,
change does not (i) significantly affect to determine whether the proposed rule Assistant Secretary.
the protection of investors or the public change should be approved or [FR Doc. 2017–10128 Filed 5–18–17; 8:45 am]
interest; (ii) impose any significant disapproved.
BILLING CODE 8011–01–P
burden on competition; and (iii) become IV. Solicitation of Comments
operative for 30 days from the date on Interested persons are invited to
which it was filed, or such shorter time SECURITIES AND EXCHANGE
submit written data, views, and
as the Commission may designate, it has COMMISSION
arguments concerning the foregoing,
become effective pursuant to Section including whether the proposed rule [Release No. 34–80674; File No. SR–ICEEU–
19(b)(3)(A)(iii) of the Act 16 and change is consistent with the Act. 2017–007]
subparagraph (f)(6) of Rule 19b–4 Comments may be submitted by any of
thereunder.17 the following methods: Self-Regulatory Organizations; ICE
A proposed rule change filed under Clear Europe Limited; Notice of
Rule 19b–4(f)(6) normally does not Electronic Comments Proposed Rule Change, Security-
become operative for 30 days after the • Use the Commission’s Internet Based Swap Submission or Advance
date of its filing. However, Rule 19b– comment form (http://www.sec.gov/ Notice Relating to Amendments to the
4(f)(6)(iii) 18 permits the Commission to rules/sro.shtml); or ICE Clear Europe Limited Articles of
designate a shorter time if such action • Send an email to rule-comments@ Association
is consistent with the protection of sec.gov. Please include File Number SR–
May 15, 2017
investors and the public interest. The CHX–2017–09 on the subject line.
Exchange has requested that the Pursuant to Section 19(b)(1) of the
Paper Comments Securities Exchange Act of 1934
Commission waive the 30-day operative
delay so that the proposed rule change • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
will become operative on May 15, 2017. to Secretary, Securities and Exchange notice is hereby given that on May 2,
The Exchange stated that the proposed Commission, 100 F Street NE., 2017, ICE Clear Europe Limited (‘‘ICE
rule change is consistent with the Washington, DC 20549–1090. Clear Europe’’) filed with the Securities
protection of investors and the public All submissions should refer to File and Exchange Commission
interest by immediately eliminating the Number SR–CHX–2017–09. This file (‘‘Commission’’) the proposed rule
administrative burden of enforcing an number should be included on the changes described in Items I, II, and III
outdated rule and by facilitating subject line if email is used. To help the below, which Items have been prepared
compliance with CHX Rules by current Commission process and review your primarily by ICE Clear Europe. The
and new Participants that are already comments more efficiently, please use Commission is publishing this notice to
accustomed to the mandatory trade and only one method. The Commission will solicit comments on the proposed rule
clearing anonymity rules and practices post all comments on the Commission’s change from interested persons.
of other exchanges. Waiver of the Internet Web site (http://www.sec.gov/ I. Clearing Agency’s Statement of the
operative delay would allow the rules/sro.shtml). Copies of the Terms of Substance of the Proposed
Exchange, without delay, to make its submission, all subsequent Rule Change, Security-Based Swap
trade and clearing anonymity rules amendments, all written statements Submission, or Advance Notice
consistent with the rules and practices with respect to the proposed rule The principal purpose of the
of other exchanges. The Commission change that are filed with the proposed rule change is to modify
believes that waiver of the 30-day Commission, and all written certain provisions of the ICE Clear
operative delay is consistent with the communications relating to the Europe Articles of Association.
protection of investors and the public proposed rule change between the
interest as it will permit CHX to Commission and any person, other than II. Clearing Agency’s Statement of the
harmonize its trade and clearing rules those that may be withheld from the Purpose of, and Statutory Basis for, the
with those of the other exchanges public in accordance with the Proposed Rule Change, Security-Based
without delay. Therefore, the provisions of 5 U.S.C. 552, will be Swap Submission or Advance Notice
Commission designates the proposed available for Web site viewing and In its filing with the Commission, ICE
rule change to be operative on May 15, printing in the Commission’s Public Clear Europe included statements
Reference Room, 100 F Street NE.,
asabaliauskas on DSK3SPTVN1PROD with NOTICES
2017.19 concerning the purpose of and basis for
Washington, DC 20549 on official the proposed rule change and discussed
16 15 U.S.C. 78s(b)(3)(A)(iii). business days between the hours of any comments it received on the
17 17 CFR 240.19b–4(f)(6). 10:00 a.m. and 3:00 p.m. Copies of the proposed rule change. The text of these
18 17 CFR 240.19b–4(f)(6)(iii).
filing also will be available for statements may be examined at the
19 For purposes only of waiving the 30-day
inspection and copying at the principal
operative delay, the Commission also has
considered the proposed rule’s impact on
office of the Exchange. All comments 20 17 CFR 200.30–3(a)(12).
efficiency, competition, and capital formation. See received will be posted without change; 1 15 U.S.C. 78s(b)(1).
15 U.S.C. 78c(f). the Commission does not edit personal 2 17 CFR 240.19b–4.
VerDate Sep<11>2014 19:15 May 18, 2017 Jkt 241001 PO 00000 Frm 00128 Fmt 4703 Sfmt 4703 E:\FR\FM\19MYN1.SGM 19MYN1](https://thefederalregister.org/doc/82_FR_23174/page/3.svg)
Document Created: 2018-11-08 08:47:41
Document Modified: 2018-11-08 08:47:41
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 82 FR 23078 |
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