82 FR 2417 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Introducing NYSE OptX

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 5 (January 9, 2017)

Page Range		2417-2418
FR Document		2017-00097
Federal Register, Volume 82 Issue 5 (Monday, January 9, 2017)
[Federal Register Volume 82, Number 5 (Monday, January 9, 2017)]
[Notices]
[Pages 2417-2418]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-00097]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79719; File No. SR-NYSEArca-2016-143]


Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving 
Proposed Rule Change, as Modified by Amendment No. 1 Thereto, 
Introducing NYSE OptX

January 3, 2017.

I. Introduction

    On November 3, 2016, 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 introduce NYSE 
OptX, an order entry platform that will allow for the submission of 
Qualified Contingent Cross orders (``QCC Orders'') by OTP Holders and 
OTP Firms. On November 15, 2016, the Exchange filed Amendment No. 1 to 
the proposal.\3\ The proposed rule change, as modified by Amendment No. 
1, was published for comment in the Federal Register on November 22, 
2016.\4\ The Commission received no comment letters on the proposed 
rule change. This order approves the proposed rule change, as modified 
by Amendment No. 1.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment No. 1, the Exchange clarified that QCC Orders 
sent through NYSE OptX to the Exchange for execution will comply 
with the order format and EOC entry requirements established by the 
Exchange, which are set forth in Exchange Rule 6.67.
    \4\ See Securities Exchange Act Release No. 79327 (November 16, 
2016), 81 FR 83890 (``Notice'').
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II. Description of the Proposed Rule Change

    The Exchange proposes to introduce NYSE OptX, an order entry 
platform that will allow OTP Holders \5\ and OTP Firms \6\ 
(collectively, ``OTPs'') to submit QCC Orders to the Exchange. 
According to the Exchange, OTPs currently send QCC Orders to the 
Exchange through the use of third-party front end order management 
systems or by calling Floor Brokers and relaying their orders by 
telephone.\7\
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    \5\ The term ``OTP Holder'' refers to a natural person, in good 
standing, who has been issued an OTP, or has been named as a 
Nominee. An OTP Holder must be a registered broker or dealer 
pursuant to Section 15 of the Act, or a nominee or an associated 
person of a registered broker or dealer that has been approved by 
the Exchange to conduct business on the Exchange's Trading 
Facilities. See Exchange Rule 1.1(q).
    \6\ The term ``OTP Firm'' refers to a sole proprietorship, 
partnership, corporation, limited liability company, or other 
organization in good standing that holds an OTP or upon which an 
individual OTP Holder has conferred trading privileges on the 
Exchange's Trading Facilities pursuant to and in compliance with 
Exchange Rules. An OTP Firm must be a registered broker or dealer 
pursuant to Section 15 of the Act. See Exchange Rule 1.1(r).
    \7\ See Notice, supra note 4, at 83891.
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    According to the Exchange, NYSE OptX is an order entry platform 
that will utilize a combination of Instant Messaging (``IM'') and 
browser-based technology to allow OTPs to submit QCC Orders for 
execution on the Exchange's trading system.\8\ To execute a QCC Order 
through NYSE OptX, an OTP will send the order in plain text to NYSE 
OptX,\9\ which will then translate the message into a pre-populated 
order ticket with details of the order and return the order ticket to 
the OTP in a browser-based URL. The OTP will then confirm the order 
ticket and submit the order to the Exchange for execution, or send the 
order to a Floor Broker for execution. After an order is executed on 
the Exchange, NYSE OptX will remit details of the execution back to the 
OTP.
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    \8\ See id. The Exchange represents that NYSE OptX will not 
require any changes to the Exchange's communication or surveillance 
rules. Id. at 83891, n.9.
    \9\ The Exchange states that OTPs will be required to provide 
all the essential information regarding the QCC Order when sending 
it to NYSE OptX, including the price of the option and the stock, 
the size and side of the order, and delta. The Exchange further 
represents that QCC Orders sent to the Exchange for execution will 
comply with the order format and EOC entry requirements established 
by the Exchange. See Notice, supra note 4, at 83891, n.11. See also 
Exchange Rule 6.67--Order Format and System Entry Requirements.
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    According to the Exchange, NYSE OptX is designed as an alternative 
to front end order management systems and the use of telephones for the 
sending of QCC Orders to the Exchange.\10\ The Exchange notes that NYSE 
OptX will not provide OTPs with the capability to send any other type 
of orders or the capability to send QCC Orders for execution to other 
options markets.\11\ Further, OTPs will continue to be able to submit 
QCC Orders through the use of a third-party front end order management 
system, or by telephone, as they currently do.\12\ The Exchange notes 
that use of OptX to send QCC Orders to the Exchange is optional and 
voluntary.\13\
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    \10\ See Notice, supra note 4, at 83891.
    \11\ See id.
    \12\ See id.
    \13\ See id.
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    The Exchange stated that it will announce the effective date of 
NYSE OptX in a Trader Update to be published no later than 90 days 
following approval of this proposal, and that such effective date will 
be no later than 270 days following publication of the Trader 
Update.\14\
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    \14\ See id.
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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 \15\ 
and the rules and regulations thereunder applicable to a national 
securities exchange.\16\ In particular, the Commission finds that the 
proposed rule change is consistent with Section 6(b)(5) of the Act,\17\ 
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.
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    \15\ 15 U.S.C. 78f.
    \16\ 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).
    \17\ 15 U.S.C. 78f(b)(5).
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    In particular, the Commission notes that, according to the 
Exchange, NYSE OptX will provide OTPs an alternative to third-party 
front end order management systems and the use of telephones to send 
QCC Orders to the Exchange.\18\ Such an alternative may help protect 
the interests of investors by

[[Page 2418]]

offering OTPs an additional way to send QCC Orders to the Exchange for 
execution. The Commission notes that the use of OptX will be entirely 
voluntary and OTPs will still be able to submit QCC Orders as they do 
today, either through the use of third-party front end order management 
systems or by telephone. For these reasons, the Commission finds that 
the proposed rule change, as modified by Amendment No. 1, is consistent 
with Section 6(b)(5) of the Act and the rules and regulations 
thereunder applicable to a national securities exchange.
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    \18\ See Notice, supra note 4, at 83891. As stated above, the 
Exchange represented that OTPs will be required to provide all the 
essential information regarding the QCC Order when sending the order 
to NYSE OptX and QCC Orders sent to the Exchange for execution will 
comply with the order format and EOC entry requirements established 
by the Exchange. Id. at 83891, n.11.
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IV. Conclusion

    IT IS THEREFORE ORDERED, pursuant to Section 19(b)(2) of the 
Act,\19\ that the proposed rule change (SR-NYSEArca-2016-143), as 
modified by Amendment No. 1, be, and hereby is, approved.
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    \19\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-00097 Filed 1-6-17; 8:45 am]
BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 5 / Monday, January 9, 2017 / Notices 2417

regarding programmatic inquiries, and Firms 6 (collectively, ‘‘OTPs’’) to submit to be able to submit QCC Orders through
will facilitate the appropriate level of QCC Orders to the Exchange. According the use of a third-party front end order
communication and exchange of to the Exchange, OTPs currently send management system, or by telephone, as
information between Tribal officials and QCC Orders to the Exchange through the they currently do.12 The Exchange notes
the NRC staff. The Tribal liaisons will use of third-party front end order that use of OptX to send QCC Orders to
also educate the NRC staff about Tribal management systems or by calling Floor the Exchange is optional and
issues including cultural sensitivity and Brokers and relaying their orders by voluntary.13
the Federal Trust Responsibility. The telephone.7 The Exchange stated that it will
designated official will have the According to the Exchange, NYSE announce the effective date of NYSE
authority to delegate tasks to the NRC OptX is an order entry platform that will OptX in a Trader Update to be
Tribal liaisons as he/she deems fit. utilize a combination of Instant published no later than 90 days
[FR Doc. 2017–00091 Filed 1–6–17; 8:45 am]
Messaging (‘‘IM’’) and browser-based following approval of this proposal, and
technology to allow OTPs to submit that such effective date will be no later
BILLING CODE 7590–01–P
QCC Orders for execution on the than 270 days following publication of
Exchange’s trading system.8 To execute the Trader Update.14
a QCC Order through NYSE OptX, an
SECURITIES AND EXCHANGE OTP will send the order in plain text to III. Discussion and Commission
COMMISSION NYSE OptX,9 which will then translate Findings
[Release No. 34–79719; File No. SR– the message into a pre-populated order After careful review, the Commission
NYSEArca–2016–143] ticket with details of the order and finds that the proposed rule change is
return the order ticket to the OTP in a consistent with the requirements of
Self-Regulatory Organizations; NYSE browser-based URL. The OTP will then Section 6 of the Act 15 and the rules and
Arca, Inc.; Order Approving Proposed confirm the order ticket and submit the regulations thereunder applicable to a
Rule Change, as Modified by order to the Exchange for execution, or national securities exchange.16 In
Amendment No. 1 Thereto, Introducing send the order to a Floor Broker for particular, the Commission finds that
NYSE OptX execution. After an order is executed on the proposed rule change is consistent
the Exchange, NYSE OptX will remit with Section 6(b)(5) of the Act,17 which
January 3, 2017. details of the execution back to the OTP. requires, among other things, that the
I. Introduction According to the Exchange, NYSE rules of a national securities exchange
OptX is designed as an alternative to be designed to prevent fraudulent and
On November 3, 2016, NYSE Arca, front end order management systems
Inc. (the ‘‘Exchange’’) filed with the manipulative acts and practices, to
and the use of telephones for the promote just and equitable principles of
Securities and Exchange Commission sending of QCC Orders to the
(‘‘Commission’’) pursuant to Section trade, to foster cooperation and
Exchange.10 The Exchange notes that coordination with persons engaged in
19(b)(1) of the Securities Exchange Act NYSE OptX will not provide OTPs with
of 1934 (‘‘Act’’) 1 and Rule 19b–4 regulating, clearing, settling, processing
the capability to send any other type of information with respect to, and
thereunder,2 a proposed rule change to orders or the capability to send QCC
introduce NYSE OptX, an order entry facilitating transactions in securities, to
Orders for execution to other options remove impediments to and perfect the
platform that will allow for the markets.11 Further, OTPs will continue
submission of Qualified Contingent mechanism of a free and open market
Cross orders (‘‘QCC Orders’’) by OTP and a national market system, and, in
OTP, or has been named as a Nominee. An OTP
Holders and OTP Firms. On November Holder must be a registered broker or dealer general, to protect investors and the
15, 2016, the Exchange filed pursuant to Section 15 of the Act, or a nominee or public interest and that the rules not be
Amendment No. 1 to the proposal.3 The an associated person of a registered broker or dealer designed to permit unfair
that has been approved by the Exchange to conduct discrimination between customers,
proposed rule change, as modified by business on the Exchange’s Trading Facilities. See
Amendment No. 1, was published for Exchange Rule 1.1(q). issuers, brokers, or dealers.
comment in the Federal Register on 6 The term ‘‘OTP Firm’’ refers to a sole In particular, the Commission notes
November 22, 2016.4 The Commission proprietorship, partnership, corporation, limited that, according to the Exchange, NYSE
liability company, or other organization in good OptX will provide OTPs an alternative
received no comment letters on the standing that holds an OTP or upon which an
proposed rule change. This order individual OTP Holder has conferred trading
to third-party front end order
approves the proposed rule change, as privileges on the Exchange’s Trading Facilities management systems and the use of
modified by Amendment No. 1. pursuant to and in compliance with Exchange telephones to send QCC Orders to the
Rules. An OTP Firm must be a registered broker or Exchange.18 Such an alternative may
II. Description of the Proposed Rule dealer pursuant to Section 15 of the Act. See
Exchange Rule 1.1(r).
help protect the interests of investors by
Change 7 See Notice, supra note 4, at 83891.
12 See id.
The Exchange proposes to introduce 8 See id. The Exchange represents that NYSE
13 See
OptX will not require any changes to the id.
NYSE OptX, an order entry platform 14 See id.
Exchange’s communication or surveillance rules.
that will allow OTP Holders 5 and OTP Id. at 83891, n.9. 15 15 U.S.C. 78f.
9 The Exchange states that OTPs will be required 16 In approving this proposed rule change, the
1 15 U.S.C. 78s(b)(1). to provide all the essential information regarding Commission has considered the proposed rule’s
2 17 CFR 240.19b–4. the QCC Order when sending it to NYSE OptX, impact on efficiency, competition, and capital
3 In Amendment No. 1, the Exchange clarified including the price of the option and the stock, the formation. See 15 U.S.C. 78c(f).
sradovich on DSK3GMQ082PROD with NOTICES

that QCC Orders sent through NYSE OptX to the size and side of the order, and delta. The Exchange 17 15 U.S.C. 78f(b)(5).
Exchange for execution will comply with the order further represents that QCC Orders sent to the 18 See Notice, supra note 4, at 83891. As stated
format and EOC entry requirements established by Exchange for execution will comply with the order above, the Exchange represented that OTPs will be
the Exchange, which are set forth in Exchange Rule format and EOC entry requirements established by required to provide all the essential information
6.67. the Exchange. See Notice, supra note 4, at 83891, regarding the QCC Order when sending the order
4 See Securities Exchange Act Release No. 79327 n.11. See also Exchange Rule 6.67—Order Format to NYSE OptX and QCC Orders sent to the
(November 16, 2016), 81 FR 83890 (‘‘Notice’’). and System Entry Requirements. Exchange for execution will comply with the order
5 The term ‘‘OTP Holder’’ refers to a natural 10 See Notice, supra note 4, at 83891.
format and EOC entry requirements established by
person, in good standing, who has been issued an 11 See id. the Exchange. Id. at 83891, n.11.

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2418 Federal Register / Vol. 82, No. 5 / Monday, January 9, 2017 / Notices

offering OTPs an additional way to send SQT, RSQT, or RSQTO and Assignment were established more than three
QCC Orders to the Exchange for in Options), Rule 508 (Transfer decades ago with the advent of options
execution. The Commission notes that Application), Rule 510 (SQT and RSQT trading on the Exchange,6 at which time
the use of OptX will be entirely Performance Evaluation), and Rule 511 Exchange options trading was strictly
voluntary and OTPs will still be able to (Specialist Allocation and Performance on-floor open outcry through specialists.
submit QCC Orders as they do today, Evaluation).3 The proposed Exchange options trading has, since that
either through the use of third-party amendments are described further time, developed into a robust hybrid
front end order management systems or below. system that is currently largely
by telephone. For these reasons, the The text of the proposed rule change electronic and off-floor 7 but continues
Commission finds that the proposed is available on the Exchange’s Web site to have an on-floor specialist 8 and an
rule change, as modified by Amendment at http://nasdaqphlx.cchwallstreet open outcry trading floor. The Exchange
No. 1, is consistent with Section 6(b)(5) .com/, at the principal office of the is now updating and modernizing the
of the Act and the rules and regulations Exchange, and at the Commission’s Series 500 Rules as discussed below.9
thereunder applicable to a national Public Reference Room.
Updating Rule 501
securities exchange. II. Self-Regulatory Organization’s The Exchange proposes in Rule 501 to
IV. Conclusion Statement of the Purpose of, and delete the reference to a back-up
Statutory Basis for, the Proposed Rule specialist.
IT IS THEREFORE ORDERED,
Change Currently, Rule 501 states that initial
pursuant to Section 19(b)(2) of the
Act,19 that the proposed rule change In its filing with the Commission, the application(s) to become a specialist
(SR–NYSEArca–2016–143), as modified Exchange included statements unit shall include information regarding
by Amendment No. 1, be, and hereby is, concerning the purpose of and basis for the specialist, back-up specialist unit
approved. the proposed rule change and discussed and a substitute specialist unit. With the
any comments it received on the development of liquidity-enhancing
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
proposed rule change. The text of these electronic market makers on the
authority.20 statements may be examined at the Exchange such as RSQTs, which make
Eduardo A. Aleman,
places specified in Item IV below. The markets in the same options issues as
Exchange has prepared summaries, set specialists, and the diminution of the
Assistant Secretary.
forth in sections A, B, and C below, of
[FR Doc. 2017–00097 Filed 1–6–17; 8:45 am]
the most significant aspects of such continues to have a hybrid options floor, but no
BILLING CODE 8011–01–P statements. longer has an equities floor or a commodities floor.
6 For example, Rules 501, 505, and 506, were

A. Self-Regulatory Organization’s adopted on a pilot basis in 1982. See Securities
SECURITIES AND EXCHANGE Statement of the Purpose of, and the Exchange Act Release No. 18975 (August 17, 1982),
47 FR 37019 (August 24, 1982) (approval order
COMMISSION Statutory Basis for, the Proposed Rule regarding pilot in respect of Rules 501–506 and
Change authorizing the Phlx Allocation, Evaluation and
[Release No. 34–79724; File No. SR–Phlx–
Securities Committee, which no longer exists). See
2016–105] 1. Purpose also Securities Exchange Act Release No. 18975
The Exchange proposes to amend: (1) (August 17, 1982), 47 FR 37019 (August 24, 1982)
Self-Regulatory Organizations; (SR–Phlx–81–1) (approval order regarding Rules
NASDAQ PHLX LLC; Notice of Filing of Rule 501 to delete a reference to a back- 100, 201, 203 and 214 in combination with Rules
Proposed Rule Change To Amend up specialist; (2) Rule 507 to: Update 500 through 505). Rules 500, 501, 505, 506, 508,
the reference to ‘‘Board’’ to permit the 511, 515, 520, 522, 523, 525, and 526 (of which
Rules 501, 507, 508, 510, and 511 Rules 500, 515, 516, 520, 522, 523, 525, and 526
Board to appoint a panel; update the
no longer exist) were permanently approved in
January 3, 2017. composition of the review committee; 1991. See Securities Exchange Act Release No.
Pursuant to Section 19(b)(1) of the and update the reference to Rule 510; (3) 29369 (June 26, 1991), 56 FR 30604 (July 3, 1991)
Securities Exchange Act of 1934 Rule 508 to delete the reference to (SR–Phlx–87–42) (order granting permanent
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 ‘‘lease’’ and the cross-reference to Rule approval). Rule 507 was adopted in 2004. See
511; (4) Rule 510 to re-entitle the rule Securities Exchange Act Release No. 50100 (July 27,
notice is hereby given that on December 2004), 69 FR 46612 (August 3, 2004) (SR–Phlx–
21, 2016, NASDAQ PHLX LLC (‘‘Phlx’’ ‘‘Good Standing for Specialist, SQT, and 2003–59) (order granting approval). Rule 510 was
or the ‘‘Exchange’’) filed with the RSQT,’’ 4 and add relevant good adopted in 2007. See Securities Exchange Act
Securities and Exchange Commission standing language, and appeal rights; Release No. 55080 (January 10, 2007), 72 FR 2324
and (5) Rule 511 to delete the rule. (January 18, 2007) (SR–Phlx–2006–51) (order
(‘‘SEC’’ or ‘‘Commission’’) the proposed granting approval). The Exchange has filed a
rule change as described in Items I, II, Rules 501, 507, 508, 510, and 511 are separate proposal regarding two of the rules in the
and III below, which Items have been part of the 500 series of rules in the Series 500 Rules, namely Rules 505 and 506. See
prepared by the Exchange. The Rules of the Exchange (the ‘‘Series 500 Securities Exchange Act Release No. 77121
Rules’’), which are entitled ‘‘Allocation, (February 11, 2016), 81 FR 8308 (February 18, 2016)
Commission is publishing this notice to (SR–Phlx–2016–22) (notice of filing and immediate
solicit comments on the proposed rule SQT, RSQT, and Evaluation Rules (Rule effectiveness to delete Rule 505 and update Rule
change from interested persons. 500–599).’’ 5 Many Series 500 Rules 506).
7 Electronic traders include Registered Options
I. Self-Regulatory Organization’s 3 References to rules are to Phlx rules unless Traders or ‘‘ROTs,’’ that are Streaming Quote
Statement of the Terms of Substance of otherwise noted. The terms SQT, RSQT, RSQTO, Traders or ‘‘SQTs’’, Remote Streaming Quote
the Proposed Rule Change and Specialist are discussed below. Traders or ‘‘RSQTs,’’ as well as off-floor specialists
4 ‘‘Specialist’’ is an Exchange member who is (Remote Specialists) (collectively ‘‘market makers’’).
sradovich on DSK3GMQ082PROD with NOTICES

The Exchange proposes to amend registered as an options specialist pursuant to Rule See Rules 1014(b)(ii)(A), 1014(b)(ii)(B), and 1020.
Rule 501 (Specialist Appointment), Rule 1020(a). ‘‘Remote Specialist’’ is a specialist that 8 Unlike specialists, Remote Specialists do not

507 (Application for Approval as an does not have a physical presence on the floor of have a physical presence on the floor of the
the Exchange. Streaming quote trader (‘‘SQT’’) and Exchange. Rule 1020.
remote streaming quote trader (‘‘RSQT’’) are 9 While the vast majority of options-related rules
19 15 U.S.C. 78s(b)(2). electronic traders on the Exchange pursuant to Rule are found in Rule 1000 and higher (with option
20 17 CFR 200.30–3(a)(12). 1014(b)(ii)(A) and Rule 1014(b)(ii)(B), respectively. index rules found in Rule 1000A and higher), some
1 15 U.S.C. 78s(b)(1). 5 These Series 500 Rules apply to Exchange of the older options-related rules are, as discussed,
2 17 CFR 240.19b–4. members that trade options. The Exchange in the Series 500 Rules.

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Document Created: 2018-10-24 11:09:06
Document Modified: 2018-10-24 11:09:06
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 2417