82_FR_24853 82 FR 24751 - Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Opening Process

82 FR 24751 - Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Opening Process

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 102 (May 30, 2017)

Page Range24751-24752
FR Document2017-10975

Federal Register, Volume 82 Issue 102 (Tuesday, May 30, 2017)
[Federal Register Volume 82, Number 102 (Tuesday, May 30, 2017)]
[Notices]
[Pages 24751-24752]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-10975]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80747; File No. SR-GEMX-2017-10]


Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Regarding the 
Opening Process

May 23, 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 May 10, 2017, Nasdaq GEMX, LLC (``GEMX'' 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the Opening Process for foreign 
currency options and also amend a reference to All-or-None Orders.
    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 this rule change is to amend GEMX Rule 701, entitled 
``Opening,'' to: (i) Conform certain rule text to that of Nasdaq ISE, 
LLC; (ii) amend the Opening Process for foreign currency options; and 
(iii) remove a specific rule text reference in Rule 701 related to All-
or-None Orders.

Conform Rule Text

    ISE recently filed to adopt a new Opening Process.\3\ In adopting 
this rule, certain non-substantive modifications were made to the rule 
text to further clarify the manner in which the Opening Process occurs. 
At this time, the Exchange proposes to amend GEMX Rule 701 to conform 
the text of the rule to ISE Rule 701. Specifically, the Exchange 
proposes to amend Rule 701(j)(5) to amend the last sentence to make 
clear that any unexecuted contracts from the imbalance process which 
are not traded or routed will be cancelled back to the entering 
participant if they remain unexecuted and priced through the Opening 
Price, otherwise orders will remain in the Order Book. The additional 
language adds more detail about the interaction with the Order Book to 
the rule.
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    \3\ See Securities Exchange Act Release No. 80225 (March 13, 
2017), 82 FR 14243 (March 17, 2017) (SR-ISE-2017-02).
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Foreign Currency Options

    GEMX Rule 701 provides that Market Maker Valid Width Quotes and 
Opening Sweeps received starting at 9:25 a.m. Eastern Time, or 7:25 
a.m. Eastern Time for U.S. dollar-settled foreign currency options, 
will be included in the Opening Process. Orders entered at any time 
before an option series opens are included in the Opening Process. The 
current Opening Process rule states that the submission of Valid Width 
Quotes and Opening Sweeps for U.S. dollar-settled foreign currency 
options may begin at 7:25 a.m. Eastern Time to tie the option Opening 
Process to quoting in the underlying security \4\; it presumes that 
option quotes submitted before any indicative quotes have been 
disseminated for the underlying security may not be reliable or 
intentional. The Exchange proposes to amend GEMX Rule 701 so that the 
Opening Process for foreign currency options would initiate on or after 
9:30 a.m. Eastern Time and the Market Maker Valid Width Quotes and 
Opening Sweeps would be considered for the Opening Process starting at 
9:25 a.m. Eastern Time for foreign currency options.
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    \4\ The underlying security can also be an index.
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All-or-None Orders

    The Exchange also proposes to amend Rule 701 to remove a specific 
reference to the manner in which All-or-None Orders are treated in the 
Opening Process. The Exchange filed a proposed rule change to amend 
All-or-None Orders.\5\ The Exchange amended Rule 715(c) to provide that 
an All-or-None Order may only be entered into the System with a time-
in-force designation of Immediate-or-Cancel \6\ Order in connection 
with the Exchange's technology migration to INET. Previously, All-or-
None Orders could trade as a limit or market order to be executed in 
its entirety or not at all. With the amendment, an All-or-None Order 
does not persist in the Order Book. The carve out specified in Rule 
701(j)(6)(i) is unnecessary since an All-or-None Order will execute 
immediately or cancel. The Exchange believes removing this reference 
will eliminate confusion.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 80102 (February 24, 
2017, 82 FR 12381 (March 2, 2017) (SR-ISEGemini-2017-08) (Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Related 
to All-or-None Orders).
    \6\ An Immediate-or-Cancel Order is a limit order that is to be 
executed in whole or in part upon receipt. Any portion not so 
executed is to be treated as cancelled.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\7\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\8\ 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 
for the reasons stated below.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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Conform Rule Text

    The Exchange believes that conforming the GEMX rule to the ISE rule 
will avoid confusion for market participants. The Opening Process is 
the same on these two markets. By conforming the rule text of these two 
rules will make clear that there is no difference in the operation of 
these two Opening Processes.

[[Page 24752]]

Foreign Currency Options

    The Exchange believes that the proposed rule change is consistent 
with the Act in that it will remove impediments to and perfect the 
mechanism of a free and open market and a national market system, to 
initiate the Opening Process for foreign currency options at 9:30 a.m. 
Eastern Time and accept for the Opening Process the Market Maker Valid 
Width Quotes and Opening Sweeps starting at 9:25 a.m. Eastern Time for 
foreign currency options, similar to the manner in which other options 
trade today. Today, on NASDAQ PHLX, LLC (``Phlx''), foreign currency 
options trade similar to other options.\9\ The Exchange believes that 
conforming the Opening Process for foreign currency options to that of 
other options will conform the trading rules so all products would 
initiate the Opening Process at the same time. The Exchange believes 
trading all options on the same Opening Process schedule promotes just 
and equitable principles of trade because all options will continue to 
be available to participants for trading on GEMX.
---------------------------------------------------------------------------

    \9\ See Phlx Rules 1014 and 1017. On Phlx, the Specialist 
assigned in a particular U.S. dollar-settled FCO must enter a Valid 
Width Quote not later than 30 seconds after the announced market 
opening. Also, on Phlx, the Opening Process for an option series 
will be conducted within two minutes of market opening in the case 
of U.S. dollar-settled FCO or such shorter time as determined by the 
Exchange and disseminated to membership on the Exchange's Web site.
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All-or-None Orders

    The Exchange believes that it is consistent with the Act to remove 
an unnecessary and confusing reference to Rule 701 in connection with 
All-or-None Orders, since these orders immediately trade or cancel. The 
Exchange originally distinguished the manner in which All-or-None 
Orders would trade in the Opening Process because this order type 
traded differently at that time as compared to other order types. That 
distinction has become unnecessary because All-or-None Orders trade the 
same as other Immediate or Cancel Orders. By updating the rule to 
remove an unnecessary distinction will protect investors and the public 
interest by clarifying the rule.

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 Exchange believes that 
adding additional detail to Rule 701 will provide market participants 
with more information concerning the Opening Process. The proposal does 
not change the intense competition that exists among the options 
markets for options business including with respect to transacting 
foreign currency options. In addition, all market participants 
submitting All-or-None Orders in the Opening Process will receive 
similar treatment with respect to those orders.

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 \10\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\11\
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    \10\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \11\ 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-GEMX-2017-10 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-GEMX-2017-10. 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-GEMX-2017-10 and should be 
submitted on or before June 20, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-10975 Filed 5-26-17; 8:45 am]
BILLING CODE 8011-01-P



                                                                                  Federal Register / Vol. 82, No. 102 / Tuesday, May 30, 2017 / Notices                                                     24751

                                                NRC so that their board certified                          Exchange has prepared summaries, set                  Rule 701 so that the Opening Process for
                                                individuals can use the certifications as                  forth in sections A, B, and C below, of               foreign currency options would initiate
                                                proof of training and experience.                          the most significant aspects of such                  on or after 9:30 a.m. Eastern Time and
                                                  Dated at Rockville, Maryland, this 23rd day              statements.                                           the Market Maker Valid Width Quotes
                                                of May 2017.                                                                                                     and Opening Sweeps would be
                                                                                                           A. Self-Regulatory Organization’s
                                                  For the Nuclear Regulatory Commission.                                                                         considered for the Opening Process
                                                                                                           Statement of the Purpose of, and
                                                                                                                                                                 starting at 9:25 a.m. Eastern Time for
                                                David Cullison,                                            Statutory Basis for, the Proposed Rule
                                                                                                                                                                 foreign currency options.
                                                NRC Clearance Officer, Office of the Chief                 Change
                                                Information Officer.                                                                                             All-or-None Orders
                                                                                                           1. Purpose
                                                [FR Doc. 2017–10967 Filed 5–26–17; 8:45 am]                                                                         The Exchange also proposes to amend
                                                                                                              The purpose of this rule change is to
                                                BILLING CODE 7590–01–P                                                                                           Rule 701 to remove a specific reference
                                                                                                           amend GEMX Rule 701, entitled
                                                                                                                                                                 to the manner in which All-or-None
                                                                                                           ‘‘Opening,’’ to: (i) Conform certain rule
                                                                                                                                                                 Orders are treated in the Opening
                                                                                                           text to that of Nasdaq ISE, LLC; (ii)
                                                SECURITIES AND EXCHANGE                                                                                          Process. The Exchange filed a proposed
                                                                                                           amend the Opening Process for foreign
                                                COMMISSION                                                                                                       rule change to amend All-or-None
                                                                                                           currency options; and (iii) remove a
                                                                                                                                                                 Orders.5 The Exchange amended Rule
                                                [Release No. 34–80747; File No. SR–GEMX–                   specific rule text reference in Rule 701
                                                2017–10]                                                                                                         715(c) to provide that an All-or-None
                                                                                                           related to All-or-None Orders.
                                                                                                                                                                 Order may only be entered into the
                                                Self-Regulatory Organizations; Nasdaq                      Conform Rule Text                                     System with a time-in-force designation
                                                GEMX, LLC; Notice of Filing and                              ISE recently filed to adopt a new                   of Immediate-or-Cancel 6 Order in
                                                Immediate Effectiveness of Proposed                        Opening Process.3 In adopting this rule,              connection with the Exchange’s
                                                Rule Change Regarding the Opening                          certain non-substantive modifications                 technology migration to INET.
                                                Process                                                    were made to the rule text to further                 Previously, All-or-None Orders could
                                                                                                           clarify the manner in which the                       trade as a limit or market order to be
                                                May 23, 2017.                                                                                                    executed in its entirety or not at all.
                                                                                                           Opening Process occurs. At this time,
                                                   Pursuant to Section 19(b)(1) of the                     the Exchange proposes to amend GEMX                   With the amendment, an All-or-None
                                                Securities Exchange Act of 1934                            Rule 701 to conform the text of the rule              Order does not persist in the Order
                                                (‘‘Act’’),1 and Rule 19b–4 thereunder,2                    to ISE Rule 701. Specifically, the                    Book. The carve out specified in Rule
                                                notice is hereby given that on May 10,                     Exchange proposes to amend Rule                       701(j)(6)(i) is unnecessary since an All-
                                                2017, Nasdaq GEMX, LLC (‘‘GEMX’’ or                        701(j)(5) to amend the last sentence to               or-None Order will execute immediately
                                                ‘‘Exchange’’) filed with the Securities                    make clear that any unexecuted                        or cancel. The Exchange believes
                                                and Exchange Commission                                    contracts from the imbalance process                  removing this reference will eliminate
                                                (‘‘Commission’’) the proposed rule                         which are not traded or routed will be                confusion.
                                                change as described in Items I, II, and                    cancelled back to the entering                        2. Statutory Basis
                                                III, below, which Items have been                          participant if they remain unexecuted
                                                prepared by the Exchange. The                                                                                       The Exchange believes that its
                                                                                                           and priced through the Opening Price,                 proposal is consistent with Section 6(b)
                                                Commission is publishing this notice to                    otherwise orders will remain in the
                                                solicit comments on the proposed rule                                                                            of the Act,7 in general, and furthers the
                                                                                                           Order Book. The additional language                   objectives of Section 6(b)(5) of the Act,8
                                                change from interested persons.                            adds more detail about the interaction                in particular, in that it is designed to
                                                I. Self-Regulatory Organization’s                          with the Order Book to the rule.                      promote just and equitable principles of
                                                Statement of the Terms of Substance of                     Foreign Currency Options                              trade, to remove impediments to and
                                                the Proposed Rule Change                                                                                         perfect the mechanism of a free and
                                                                                                             GEMX Rule 701 provides that Market
                                                   The Exchange proposes to amend the                                                                            open market and a national market
                                                                                                           Maker Valid Width Quotes and Opening
                                                Opening Process for foreign currency                                                                             system, and, in general to protect
                                                                                                           Sweeps received starting at 9:25 a.m.
                                                options and also amend a reference to                                                                            investors and the public interest for the
                                                                                                           Eastern Time, or 7:25 a.m. Eastern Time               reasons stated below.
                                                All-or-None Orders.                                        for U.S. dollar-settled foreign currency
                                                   The text of the proposed rule change                    options, will be included in the                      Conform Rule Text
                                                is available on the Exchange’s Web site                    Opening Process. Orders entered at any                  The Exchange believes that
                                                at www.ise.com, at the principal office                    time before an option series opens are                conforming the GEMX rule to the ISE
                                                of the Exchange, and at the                                included in the Opening Process. The                  rule will avoid confusion for market
                                                Commission’s Public Reference Room.                        current Opening Process rule states that              participants. The Opening Process is the
                                                II. Self-Regulatory Organization’s                         the submission of Valid Width Quotes                  same on these two markets. By
                                                Statement of the Purpose of, and                           and Opening Sweeps for U.S. dollar-                   conforming the rule text of these two
                                                Statutory Basis for, the Proposed Rule                     settled foreign currency options may                  rules will make clear that there is no
                                                Change                                                     begin at 7:25 a.m. Eastern Time to tie                difference in the operation of these two
                                                                                                           the option Opening Process to quoting                 Opening Processes.
                                                  In its filing with the Commission, the                   in the underlying security 4; it presumes
                                                Exchange included statements                               that option quotes submitted before any                 5 See Securities Exchange Act Release No. 80102
                                                concerning the purpose of and basis for                    indicative quotes have been                           (February 24, 2017, 82 FR 12381 (March 2, 2017)
sradovich on DSK3GMQ082PROD with NOTICES




                                                the proposed rule change and discussed                     disseminated for the underlying security              (SR–ISEGemini–2017–08) (Notice of Filing and
                                                any comments it received on the                            may not be reliable or intentional. The
                                                                                                                                                                 Immediate Effectiveness of Proposed Rule Change
                                                proposed rule change. The text of these                                                                          Related to All-or-None Orders).
                                                                                                           Exchange proposes to amend GEMX                         6 An Immediate-or-Cancel Order is a limit order
                                                statements may be examined at the                                                                                that is to be executed in whole or in part upon
                                                places specified in Item IV below. The                       3 See Securities Exchange Act Release No. 80225     receipt. Any portion not so executed is to be treated
                                                                                                           (March 13, 2017), 82 FR 14243 (March 17, 2017)        as cancelled.
                                                  1 15   U.S.C. 78s(b)(1).                                 (SR–ISE–2017–02).                                       7 15 U.S.C. 78f(b).
                                                  2 17   CFR 240.19b–4.                                      4 The underlying security can also be an index.       8 15 U.S.C. 78f(b)(5).




                                           VerDate Sep<11>2014      19:59 May 26, 2017   Jkt 241001   PO 00000   Frm 00093   Fmt 4703   Sfmt 4703   E:\FR\FM\30MYN1.SGM   30MYN1


                                                24752                          Federal Register / Vol. 82, No. 102 / Tuesday, May 30, 2017 / Notices

                                                Foreign Currency Options                                additional detail to Rule 701 will                        Electronic Comments
                                                   The Exchange believes that the                       provide market participants with more
                                                                                                        information concerning the Opening                          • Use the Commission’s Internet
                                                proposed rule change is consistent with                                                                           comment form (http://www.sec.gov/
                                                the Act in that it will remove                          Process. The proposal does not change
                                                                                                        the intense competition that exists                       rules/sro.shtml); or
                                                impediments to and perfect the
                                                mechanism of a free and open market                     among the options markets for options                       • Send an email to rule-comments@
                                                and a national market system, to initiate               business including with respect to                        sec.gov. Please include File Number SR–
                                                the Opening Process for foreign                         transacting foreign currency options. In                  GEMX–2017–10 on the subject line.
                                                currency options at 9:30 a.m. Eastern                   addition, all market participants
                                                                                                                                                                  Paper Comments
                                                Time and accept for the Opening                         submitting All-or-None Orders in the
                                                Process the Market Maker Valid Width                    Opening Process will receive similar                        • Send paper comments in triplicate
                                                Quotes and Opening Sweeps starting at                   treatment with respect to those orders.                   to Secretary, Securities and Exchange
                                                9:25 a.m. Eastern Time for foreign                                                                                Commission, 100 F Street NE.,
                                                currency options, similar to the manner                 C. Self-Regulatory Organization’s
                                                                                                        Statement on Comments on the                              Washington, DC 20549–1090.
                                                in which other options trade today.
                                                Today, on NASDAQ PHLX, LLC                              Proposed Rule Change Received From                        All submissions should refer to File
                                                (‘‘Phlx’’), foreign currency options trade              Members, Participants, or Others                          Number SR–GEMX–2017–10. This file
                                                similar to other options.9 The Exchange                   No written comments were either                         number should be included on the
                                                believes that conforming the Opening                    solicited or received.                                    subject line if email is used. To help the
                                                Process for foreign currency options to                                                                           Commission process and review your
                                                that of other options will conform the                  III. Date of Effectiveness of the                         comments more efficiently, please use
                                                trading rules so all products would                     Proposed Rule Change and Timing for                       only one method. The Commission will
                                                initiate the Opening Process at the same                Commission Action                                         post all comments on the Commission’s
                                                time. The Exchange believes trading all                                                                           Internet Web site (http://www.sec.gov/
                                                options on the same Opening Process                        Because the foregoing proposed rule
                                                                                                        change does not: (i) Significantly affect                 rules/sro.shtml). Copies of the
                                                schedule promotes just and equitable                                                                              submission, all subsequent
                                                principles of trade because all options                 the protection of investors or the public
                                                                                                        interest; (ii) impose any significant                     amendments, all written statements
                                                will continue to be available to
                                                                                                        burden on competition; and (iii) become                   with respect to the proposed rule
                                                participants for trading on GEMX.
                                                                                                        operative for 30 days from the date on                    change that are filed with the
                                                All-or-None Orders                                      which it was filed, or such shorter time                  Commission, and all written
                                                  The Exchange believes that it is                      as the Commission may designate, it has                   communications relating to the
                                                consistent with the Act to remove an                    become effective pursuant to Section                      proposed rule change between the
                                                unnecessary and confusing reference to                  19(b)(3)(A)(iii) of the Act 10 and                        Commission and any person, other than
                                                Rule 701 in connection with All-or-                     subparagraph (f)(6) of Rule 19b–4                         those that may be withheld from the
                                                None Orders, since these orders                         thereunder.11                                             public in accordance with the
                                                immediately trade or cancel. The                                                                                  provisions of 5 U.S.C. 552, will be
                                                Exchange originally distinguished the                      At any time within 60 days of the                      available for Web site viewing and
                                                manner in which All-or-None Orders                      filing of the proposed rule change, the                   printing in the Commission’s Public
                                                would trade in the Opening Process                      Commission summarily may                                  Reference Room, 100 F Street NE.,
                                                because this order type traded                          temporarily suspend such rule change if
                                                                                                                                                                  Washington, DC 20549, on official
                                                differently at that time as compared to                 it appears to the Commission that such
                                                                                                                                                                  business days between the hours of
                                                other order types. That distinction has                 action is: (i) Necessary or appropriate in
                                                                                                                                                                  10:00 a.m. and 3:00 p.m. Copies of the
                                                become unnecessary because All-or-                      the public interest; (ii) for the protection
                                                                                                                                                                  filing also will be available for
                                                None Orders trade the same as other                     of investors; or (iii) otherwise in
                                                                                                                                                                  inspection and copying at the principal
                                                Immediate or Cancel Orders. By                          furtherance of the purposes of the Act.
                                                                                                                                                                  office of the Exchange. All comments
                                                updating the rule to remove an                          If the Commission takes such action, the
                                                                                                                                                                  received will be posted without change;
                                                unnecessary distinction will protect                    Commission shall institute proceedings
                                                                                                                                                                  the Commission does not edit personal
                                                investors and the public interest by                    to determine whether the proposed rule
                                                                                                                                                                  identifying information from
                                                clarifying the rule.                                    should be approved or disapproved.
                                                                                                                                                                  submissions. You should submit only
                                                B. Self-Regulatory Organization’s                       IV. Solicitation of Comments                              information that you wish to make
                                                Statement on Burden on Competition                                                                                available publicly. All submissions
                                                                                                          Interested persons are invited to                       should refer to File Number SR–GEMX–
                                                  The Exchange does not believe that                    submit written data, views, and
                                                the proposed rule change will impose                                                                              2017–10 and should be submitted on or
                                                                                                        arguments concerning the foregoing,                       before June 20, 2017.
                                                any burden on competition not
                                                                                                        including whether the proposed rule
                                                necessary or appropriate in furtherance                                                                             For the Commission, by the Division of
                                                                                                        change is consistent with the Act.
                                                of the purposes of the Act. The                                                                                   Trading and Markets, pursuant to delegated
                                                                                                        Comments may be submitted by any of
                                                Exchange believes that adding                                                                                     authority.12
                                                                                                        the following methods:
                                                                                                                                                                  Eduardo A. Aleman,
                                                   9 See Phlx Rules 1014 and 1017. On Phlx, the
sradovich on DSK3GMQ082PROD with NOTICES




                                                Specialist assigned in a particular U.S. dollar-          10 15  U.S.C. 78s(b)(3)(A)(iii).                        Assistant Secretary.
                                                settled FCO must enter a Valid Width Quote not            11 17  CFR 240.19b–4(f)(6). In addition, Rule 19b–      [FR Doc. 2017–10975 Filed 5–26–17; 8:45 am]
                                                later than 30 seconds after the announced market        4(f)(6) requires a self-regulatory organization to give
                                                                                                                                                                  BILLING CODE 8011–01–P
                                                opening. Also, on Phlx, the Opening Process for an      the Commission written notice of its intent to file
                                                option series will be conducted within two minutes      the proposed rule change at least five business days
                                                of market opening in the case of U.S. dollar-settled    prior to the date of filing of the proposed rule
                                                FCO or such shorter time as determined by the           change, or such shorter time as designated by the
                                                Exchange and disseminated to membership on the          Commission. The Exchange has satisfied this
                                                Exchange’s Web site.                                    requirement.                                                12 17   CFR 200.30–3(a)(12).



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Document Created: 2018-11-08 08:55:15
Document Modified: 2018-11-08 08:55:15
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 24751 

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