82 FR 25393 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Rule 515A, MIAX Price Improvement Mechanism (“PRIME”) and PRIME Solicitation Mechanism
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 104 (June 1, 2017)
Federal Register Volume 82, Issue 104 (June 1, 2017)
| Page Range | 25393-25398 | |
| FR Document | 2017-11355 |
[Federal Register Volume 82, Number 104 (Thursday, June 1, 2017)] [Notices] [Pages 25393-25398] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-11355] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80779; File No. SR-MIAX-2017-22] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Rule 515A, MIAX Price Improvement Mechanism (``PRIME'') and PRIME Solicitation Mechanism May 26, 2017. Pursuant to the provisions of 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 17, 2017, Miami International Securities Exchange, LLC (``MIAX Options'' or ``Exchange'') filed with the Securities and Exchange Commission [[Page 25394]] (``Commission'') a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend Exchange Rule 515A to reflect changes to the MIAX Options Price Improvement Mechanism (``PRIME''). The text of the proposed rule change is available on the Exchange's Web site at http://www.miaxoptions.com/rule-filings, at MIAX's principal office, 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 Exchange proposes to amend Exchange Rule 515A, MIAX Price Improvement Mechanism (``PRIME'') and PRIME Solicitation Mechanism, to reflect new functionality to be included in the PRIME process, as described below. The Exchange is also proposing certain clarifying technical amendments to the Rule. Background MIAX PRIME is a price-improvement mechanism on the Exchange under which a Member \3\ (``Initiating Member'') electronically submits an order that it represents as agent (an ``Agency Order'') into a PRIME Auction (``Auction''). The Initiating Member, in submitting an Agency Order, must be willing to either (i) cross the Agency Order at a single price (a ``single-price submission'') as principal, or (ii) automatically match (``auto-match''), as principal, the price and size of responses to a Request for Response (``RFR'') that is broadcast to MIAX Options participants up to an optional designated limit price. Such a response is known as an ``RFR response.'' \4\ Members wishing to participate in the PRIME Auction may do so by submitting RFR responses during the RFR period (see below), which is currently 500 milliseconds. --------------------------------------------------------------------------- \3\ The term ``Member'' means an individual or organization approved to exercise the trading rights associated with a Trading Permit. Members are deemed ``members'' under the Act. See Exchange Rule 100. \4\ See Exchange Rule 515A(a)(2)(i). When the Exchange receives a properly designated Agency Order for auction processing, an RFR detailing the option, side, size, and initiating price will be sent to all subscribers of the Exchange's data feeds. The RFR currently lasts for 500 milliseconds. Members may submit responses to the RFR (specifying prices and sizes). RFR responses shall be an Auction or Cancel (``AOC'') order or an AOC eQuote. Such responses cannot cross the disseminated MIAX Best Bid or Offer (``MBBO'') on the opposite side of the market from the response. --------------------------------------------------------------------------- Multiple Auctions The Exchange is proposing to amend Rule 515A(a)(2) to state that, as today, only one Auction may be ongoing at any given time in an option. The Exchange is proposing to modify the rule to account for the trading of complex orders on the Exchange.\5\ Specifically, Rule 515A(a)(2) will continue to state clearly that only one Auction may be ongoing at any given time in an option and Auctions in the same option may not queue or overlap in any manner. In addition, the Exchange proposes to amend the Rule by stating that the System \6\ will reject an Agency Order if, at the time of receipt of the Agency Order, the option is in an Auction or is a component of a complex strategy \7\ that is the subject of a Complex Auction pursuant to Rule 518(d). The Exchange believes that the rejection of Agency Orders that are received in an option in which an Auction or Complex Auction is ongoing ensures that there will not be any interference with the potential for price improvement for the Agency Order from one ongoing auction type to another. --------------------------------------------------------------------------- \5\ See Exchange Rule 518. See also, Securities Exchange Act Release No. 79072 (October 7, 2016), 81 FR 71131 (October 14, 2016) (SR-MIAX-2016-26). \6\ The term ``System'' means the automated trading system used by the Exchange for the trading of securities. See Exchange Rule 100. \7\ The term ``complex strategy'' means a particular combination of components and their ratios to one another. New complex strategies can be created as the result of the receipt of a complex order or by the Exchange for a complex strategy that is not currently in the System. The Exchange may limit the number of new complex strategies that may be in the System at a particular time and will communicate this limitation to Members via Regulatory Circular. See Exchange Rule 518(a)(6). --------------------------------------------------------------------------- The Exchange notes that the limitation against simultaneous ongoing Auctions and Complex Auctions applies to the specific option being auctioned. The term ``option'' in the Exchange's rules refers to an individual put or call with a specific underlying security, strike price and expiration date. The Exchange defines a ``series of options'' as all option contracts of the same class having the same exercise price and expiration date.\8\ Thus, a ``series of options'' on MIAX Options includes both calls and puts overlying a security with the same strike price and the same expiration. The individual call or put in the series of options is the ``option.'' --------------------------------------------------------------------------- \8\ See Exchange Rule 100. --------------------------------------------------------------------------- For example, if an Auction or a Complex Auction involving XYZ July 20 calls is underway and ongoing at the time of receipt of an Agency Order in XYZ July 20 calls, the System will reject such Agency Order. The System will not, however, reject an Agency Order in XYZ October 20 calls, or in XYZ July 25 calls, for example, because the series being auctioned has a different strike price or expiration.\9\ --------------------------------------------------------------------------- \9\ The Exchange notes that other exchanges also limit simultaneous auctions by ``series,'' which on other exchanges has the same meaning as ``option'' on MIAX Options. For example, Nasdaq ISE, LLC (``ISE'') Rule 723.04 states that only one Price Improvement Mechanism (``PIM'') may be ongoing at any given time in a ``series.'' PIMs will not queue or overlap in any manner. See ISE Rule 723.04. In another example, Chicago Board Options Exchange, Inc. (``CBOE'') Automated Improvement Mechanism (``AIM'') rules state that only one Auction may be ongoing at any given time in a ``series'' and Auctions in the same ``series'' may not queue or overlap in any manner. See CBOE Rule 6.74A(b). See also, NASDAQ PHLX LLC (``Phlx'') Rule 1080(n)(ii), which states that only one Auction may be conducted at a time in the same ``series'' or same strategy, otherwise the orders will be rejected. The use of the term ``series'' in these various exchanges' rules is synonymous with the Exchange's use of the term ``option.'' --------------------------------------------------------------------------- The Exchange believes that, without such a limitation, investors could be faced with an unusually large number of simultaneous PRIME and/or Complex Auctions in the same option in the simple market, and in the same strategy in the complex market, which in turn could impact the orderly function of the markets. The Exchange believes that this limitation should ensure orderliness in the PRIME and Complex Auction process. Rounding The Exchange is proposing to adopt new Interpretations and Policies .10 to Rule 515A to establish in the rule text that, when determining the 40% or 50% Initiating Member allocation under paragraphs (a)(2)(iii)(H) or (I), the [[Page 25395]] System will round the number of contracts to which the Initiating Member is entitled to the nearest whole number (up or down). If the 40% or 50% Initiating Member allocation results in a remainder of exactly one-half contract (.50000), then the System will round the number of contracts to which the Initiating Member is entitled up to the next higher whole number. Other exchanges that allocate based on percentage amounts employ some form of ``rounding.'' \10\ --------------------------------------------------------------------------- \10\ For example, Phlx Rules provide that where the allocation of contracts results in remaining amounts, the number of contracts to be allocated shall be rounded down to the nearest integer. If rounding would result in an allocation of less than one contract, then one contract will be allocated to the Initiating Member only if the Initiating Member did not otherwise receive an allocation. See Phlx Rule 1080(n)(ii)(E)(2)(f). This differs slightly from the instant proposal by the Exchange in that the System will round the number of contracts to which the Initiating Member is entitled to the nearest whole number (up or down). The Exchange also notes that NASDAQ BX, Inc. (``BX''), in a filing relating to its directed orders program, described a process for rounding that has the potential to result in an allocation that is slightly greater than their 40% or 50% entitlement for directed orders. See Securities Exchange Act Release No. 73784 (December 8, 2014), 79 FR 73930 (SR- BX-2014-049) (Notice of Filing of Proposed Rule Change Relating to Directed Market Makers). See also, Securities Exchange Act Release No. 74129 (January 23, 2015), 80 FR 4954 (January 29, 2015) (SR-BX- 2014-049) (Order Approving Proposed Rule Change Relating to Directed Market Makers). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change regarding rounding results in the fair and equitable allocation of contracts among PRIME participants, and provides clarity and transparency in the Exchange's rules so that all MIAX PRIME Auction participants will be informed of their participation entitlements when submitting orders and responses into MIAX PRIME. Allocation of Contracts at the Conclusion of the PRIME Auction Currently, Exchange Rule 515A(a)(2)(iii) provides that at the conclusion of the Auction, the Agency Order will be allocated at the best price(s), subject to the following: (A) Such best prices include non-Auction quotes and orders; (B) Priority Customer \11\ orders resting on the Book \12\ before, or that are received during, the Response Time Interval and Priority Customer RFR responses shall, collectively have first priority to trade against the Agency Order. The allocation of an Agency Order against the Priority Customer orders resting in the Book, Priority Customer orders received during the Response Time Interval, and Priority Customer RFR responses shall be in the sequence in which they are received by the System; (C) Market Maker priority quotes \13\ and RFR responses from Market Makers \14\ with priority quotes will collectively have second priority. The allocation of Agency Orders against these contra sided quotes and RFR responses shall be on a size pro rata basis as defined in Rule 514(c)(2); (D) Professional Interest orders resting in the Book, Professional Interest orders placed in the Book during the Response Time Interval, Professional Interest quotes, and Professional Interest RFR responses will collectively have third priority. The allocation of Agency Orders against these contra sided orders and RFR Responses shall be on a size pro rata basis as defined in Rule 514(c)(2); (E) No participation entitlement shall apply to orders executed pursuant to this Rule; (F) If an unrelated market or marketable limit order on the opposite side of the market as the Agency Order was received during the Auction and ended the Auction, such unrelated order shall trade against the Agency Order at the midpoint of the best RFR response (or in the absence of a RFR response, the initiating price) and the NBBO on the other side of the market from the RFR responses (rounded towards the disseminated quote when necessary). (G) If an unrelated non-marketable limit order on the opposite side of the market as the Agency Order was received during the Auction and ended the Auction, such unrelated order shall trade against the Agency Order at the midpoint of the best RFR response and the unrelated order's limit price (rounded towards the unrelated order's limit price when necessary). --------------------------------------------------------------------------- \11\ The term ``Priority Customer'' means a person or entity that (i) is not a broker or dealer in securities, and (ii) does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). See Exchange Rule 100. \12\ The term ``Book'' means the electronic book of buy and sell orders and quotes maintained by the System. See Exchange Rule 100. \13\ To be considered a priority quote, at the time of execution, each of the following standards must be met: (A) The bid/ ask differential of a Market Maker's two-sided quote pair must be valid width (no wider than the bid/ask differentials outlined in Rule 603(b)(4)); (B) the initial size of both of the Market Maker's bid and the offer must be in compliance with the requirements of Rule 604(b)(2); (C) the bid/ask differential of a Market Maker's two-sided quote pair must meet the priority quote width requirements defined below in subparagraph (ii) [sic] for each option; and (D) either of the following are true: 1. At the time a locking or crossing quote or order enters the System, the Market Maker's two- sided quote pair must be valid width for that option and must have been resting on the Book; or 2. Immediately prior to the time the Market Maker enters a new quote that locks or crosses the MBBO, the Market Maker must have had a valid width quote already existing (i.e., exclusive of the Market Maker's new marketable quote or update) among his two-sided quotes for that option. See Exchange Rule 517(b)(1)(i). \14\ The term ``Market Makers'' refers to ``Lead Market Makers'', ``Primary Lead Market Makers'' and ``Registered Market Makers'' collectively. The term ``Lead Market Maker'' means a Member registered with the Exchange for the purpose of making markets in securities traded on the Exchange and that is vested with the rights and responsibilities specified in Chapter VI of the Exchange's Rules with respect to Lead Market Makers. When a Lead Market Maker is appointed to act in the capacity of a Primary Lead Market Maker, the additional rights and responsibilities of a Primary Lead Market Maker specified in Chapter VI of the Exchange's Rules will apply. The term ``Primary Lead Market Maker'' means a Lead Market Maker appointed by the Exchange to act as the Primary Lead Market Maker for the purpose of making markets in securities traded on the Exchange. The Primary Lead Market Maker is vested with the rights and responsibilities specified in Chapter VI of the Exchange's Rules with respect to Primary Lead Market Makers. The term ``Registered Market Maker'' means a Member registered with the Exchange for the purpose of making markets in securities traded on the Exchange, who is not a Lead Market Maker and is vested with the rights and responsibilities specified in Chapter VI of the Exchange's Rules with respect to Registered Market Makers. See Exchange Rule 100. --------------------------------------------------------------------------- Rules 515A(a)(2)(iii)(H) and (I) describe the allocation of contracts executed when the Initiating Member selects the single-price submission or the auto-match option, respectively, when submitting their Agency Order and there are either two or more participants at the execution price or when there is only one other participant on parity with the Initiating Member at either the single price execution price or at the final auto-match price point. The Exchange is proposing to modify the PRIME trade allocation rules with respect to determining the Initiating Member's entitlement percentage (either 40% or 50%) at the single price submission price and at the final auto-match price point, as applicable. Exchange Rules 515A(a)(2)(iii)(H) and (I) currently state that, upon conclusion of an Auction, an Initiating Member will retain certain priority and trade allocation privileges for a single-price submission and for an auto-match submission. Under current Rule 515A(a)(2)(iii)(H), if the best price equals the Initiating Member's single-price submission, the Initiating Member's single-price submission shall be allocated the greater of one contract or a certain percentage of the order, which percentage will be determined by the Exchange and may not be larger than 40% of the Agency Order, subject to the rounding provisions of proposed Rule 515A, Interpretations and Policies .10 (described above). However, if only one Member's response, subject to the System's calculation of the number of Member's responses described in proposed Rule 515A, Interpretations and Policies .11 (described below) matches the Initiating Member's single [[Page 25396]] price submission, then the Initiating Member may be allocated up to 50% of the Agency Order. Similarly, current Exchange Rule 515A(a)(2)(iii)(I) provides that if the Initiating Member selected the auto-match option of the Auction, the Initiating Member shall be allocated its full size of RFR responses at each price point until the final auto-match price point is reached. At the final auto-match price point, the Initiating Member shall be allocated the greater of one contract or a certain percentage of the remainder of the Agency Order, which percentage will be determined by the Exchange and may not be larger than 40%, subject to the rounding provisions of proposed Rule 515A, Interpretations and Policies .10 (described above). However, if only one Member's response, subject to the System's calculation of the number of Member's responses described in proposed Rule 515A, Interpretations and Policies .11 (described below) matches the Initiating Member's submission at the final auto- match price point, then the Initiating Member may be allocated up to 50% of the remainder of the Agency Order at the final auto-match price point. At the conclusion of the Auction, the Agency Order is allocated at the best price(s) pursuant to the matching algorithm in effect for the class.\15\ The System first must determine the number of participants that are entitled to receive contracts to be allocated, and whether any participant(s) such as Priority Customers are entitled to receive contracts first. Thereafter, contracts are allocated among participants at the execution price. --------------------------------------------------------------------------- \15\ See Exchange Rule 515A(a)(2)(iii). --------------------------------------------------------------------------- The Exchange is proposing to adopt Interpretations and Policies .11 to Rule 515A to state the basis on which the System will determine a Member's response to be a participant at the single price submission price and at the final auto-match price point in calculating the Initiating Member's entitlement at that price.\16\ Specifically, when calculating the number of Members' responses that match the Initiating Member's single price submission under sub-paragraph (a)(2)(iii)(H) and the final auto-match price point under sub-paragraph (a)(2)(iii)(I) of Rule 515A, the System will not include in such calculation: (i) Any Priority Customer Auction response and/or unrelated Priority Customer interest that has been executed, or (ii) any Member's response (including unrelated orders and quotes) executed at a better price. --------------------------------------------------------------------------- \16\ The Exchange notes that under the NYSE MKT CUBE price improvement mechanism, if only the accompanying contra order and one other RFR response are eligible to trade at the CUBE execution price, each will receive a 50% allocation; otherwise, the accompanying contra order will receive a 40% guaranteed allocation unless more than 60% of the order is price improved by other participants (the accompanying contra will yield priority at a given price once the 40% entitlement is satisfied). See NYSE MKT CUBE Factsheet, https://www.nyse.com/markets/amex-options, Related Information, dated February 9, 2016 at p.2. --------------------------------------------------------------------------- Exchange Rule 515A(2)(iii)(B) explicitly states that Priority Customer orders resting on the Book before, or that are received during, the Response Time Interval and Priority Customer RFR responses shall, collectively, have first priority to trade against the Agency Order. Therefore, all Priority Customer Interest at the single price submission and at the final auto-match price point is executed first, after which other interest is allocated in accordance with Rule 515A(a)(2)(iii). The Exchange is proposing to adopt Interpretations and Policies .11 to exclude from the number of responding participants remaining at those prices (i) Priority Customer RFR responses and/or unrelated Priority Customer interest that has already been executed, and (ii) any Member's response (including unrelated orders and quotes) executed at a better price. The purpose of this proposal is to calculate and establish the actual number of Auction participants that may be allocated contracts at a given price point. To include Priority Customer and other interest that have already received full executions and therefore cannot participate further in the allocation of contracts as part of the remaining participants at the execution price could artificially skew the entitlements of remaining participants at the next level(s) of priority established in Rule 515A(2)(iii). This is particularly true when there is only one remaining participant with the Initiating Member that could or would be entitled to receive contracts at the single price submission or at the final auto-match price point. The following examples illustrate this. Example 1--Priority Customer Interest Already Executed, One Participant With Initiating Member ABBO: 1.00-1.06 MBBO: 1.00-1.06 PRIME Order, Agency buy 20 contracts, Auction Start Price 1.05 Begin RFR Auction During Auction, MM1 responds with an RFR response to sell 20 at 1.05 Customer order to sell 5 at 1.05 At the end of the RFR period Agency Order buys 5 from the Customer order at 1.05 There is one remaining joining interest at 1.05 (MM1), so the contra receives 50% of the original size of the order, or 10 contracts, and MM1 receives the balance of 5 contracts \17\ --------------------------------------------------------------------------- \17\ Under the current Rule, the result would be slightly different. The Agency Order would still buy 5 contracts from the Customer at $1.05. However, although the Customer has sold all 5 contracts it offered at $1.05, the current rule counts two remaining joining offers at 1.05 (MM1 and Customer) for the remaining 15 contracts, so the contra receives 40% of the original size of the order, or 8 contracts, and MM1 receives the balance of 7 contracts. --------------------------------------------------------------------------- Example 2--Responses Executed at Better Prices, One Participant With Initiating Member ABBO: 1.00-1.06 MBBO: 1.00-1.06 PRIME Order, Agency buy 20 contracts, Auction Start Price 1.05 Begin RFR Auction During Auction, MM1 responds with an RFR response to sell 20 at 1.05 MM2 responds with an RFR response to sell to sell 5 at 1.04 At the end of the RFR period Agency Order buys 5 from MM2 at 1.04 There is one joining interest at 1.05 (MM1), so the contra receives 50% of the original size of the order, or 10 contracts, and MM1 receives the balance of 5 contracts \18\ --------------------------------------------------------------------------- \18\ Under the current Rule, just as in Example 1, the result would be slightly different. The Agency Order would buy 5 contracts from MM2 at $1.04. However, although MM2 has sold all 5 contracts it offered at $1.04, the current rule counts two remaining joining offers at 1.05 (MM1 and MM2) for the remaining 15 contracts, so the contra receives 40% of the original size of the order, or 8 contracts, and MM1 receives the balance of 7 contracts. When more than one participant matches the Initiating Member at the single price submission and/or at the final auto-match price point, the Initiating Member is entitled to receive and is allocated the greater of one contract or a certain percentage of the remainder of the Agency Order, which percentage will be determined by the Exchange and may not be larger than 40%. Currently, in auto-match, in the situation where there is one remaining participant matching the Initiating Member at the final auto-match price point, the Initiating Member and the lone remaining participant are each entitled to 50% of the remaining contracts at that price (subject of course to their stated size). The proposal to include only the remaining participant after other participants have already received full executions at better prices ensures that the Initiating Participant, who has guaranteed the full execution at the single price submission or at the final auto-match price point, will receive its rightful 50% allocation. The Exchange believes that the proposed rule change rewards the Initiating [[Page 25397]] Participant, who has absorbed the maximum risk in the PRIME Auction, by ensuring the 50% allocation entitlement when there is only one other participant matching the Initiating Member at the single price submission price or at the final auto-match price point. The Exchange believes that this provides an additional incentive for Initiating Members to submit Agency Orders for price improvement in MIAX PRIME. Technical Amendments The Exchange is proposing to capitalize the term ``Agency Order'' in Rule 515A(a)(2)(iii)(H) because the term is defined in Rule 515A(a) above. Additionally, the Exchange is proposing to add the word ``or'' to the first sentence of Rules 515A(a)(2)(iii)(H) and (I), respectfully, for grammatical correctness. These proposed technical amendments are intended for clarity and ease of reference. The Exchange will announce the implementation date of the proposed rule change by Regulatory Circular to be published no later than 60 days following the operative date of the proposed rule. The implementation date will be no later than 60 days following the issuance of the Regulatory Circular. 2. Statutory Basis MIAX believes that its proposed rule change is consistent with Section 6(b) of the Act \19\ in general, and furthers the objectives of Section 6(b)(5) of the Act \20\ in particular, in that it is 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 mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. The Exchange further believes the proposed rule change is consistent with the Section 6(b)(5) \21\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \19\ 15 U.S.C. 78f(b). \20\ 15 U.S.C. 78f(b)(5). \21\ Id. --------------------------------------------------------------------------- In particular, the Exchange believes that the proposed amendment to Rule 515A(a)(2) stating that only one Auction or Complex Auction may be ongoing at any given time in an option and/or in a complex strategy in which that option is a component, and Auctions and Complex Auctions involving the same option may not queue or overlap in any manner, is consistent with the Act. The Exchange believes that, without such a limitation, investors could be faced with an unusually large number of simultaneous PRIME and/or Complex Auctions in the same option in the simple market, and in the same strategy in the complex market, which in turn could impact the orderly function of the markets. The Exchange believes that this limitation is consistent with the Act because it is designed to remove impediments to and perfect the mechanisms of a free and open market and a national market system by ensuring orderliness in the PRIME and Complex Auction process on the Exchange. The Exchange believes that the proposed rule change relating to rounding removes impediments to and perfects the mechanisms of a free and open market and a national market system by adopting rules that are consistent with industry practices. As stated above, BX, in a filing relating to its directed orders program, described a process for rounding that has the potential to result in an allocation that is slightly greater than their 40% or 50% entitlement for directed orders.\22\ The Exchange believes that this supports its proposal to adopt Proposed Interpretations and Policies .10 with respect to rounding a remainder of exactly one-half contract (.50000) up to the next higher whole number. --------------------------------------------------------------------------- \22\ See supra note 10. --------------------------------------------------------------------------- The Exchange further believes the proposed rule change protects investors and is in the public interest because it fairly allocates the PRIME Agency Order in a manner that rewards Initiating Members who submit PRIME Agency Orders and guarantee price improvement for the entire Agency Order. The allocation of 50% of the contracts to the Initiating Member when there is only one remaining participant that matches the initiating Member's single price submission price or final auto-match price point should provide greater incentive to Initiating Members to submit Agency Orders for price improvement in the PRIME auction. The result of a greater number of Agency Orders submitted to PRIME is a benefit to the MIAX Options markets and the marketplace as a whole because it enriches liquidity on the Exchange at the NBBO, providing investors with greater opportunities for executions at the NBBO and beyond at improved prices through MIAX PRIME. The Exchange also believes that the proposed rule change removes impediments to and perfects the mechanisms of a free and open market and a national market system by attracting more order flow and by increasing the frequency with which Initiating Members initiate Auctions through PRIME. Moreover, the proposed rule change is consistent with the rules and proposals of other exchanges.\23\ --------------------------------------------------------------------------- \23\ See supra notes 9, 10, 16 and infra notes 26 and 27. --------------------------------------------------------------------------- Additionally, the Exchange believes that the proposed technical clarifying and definitional amendments to Rule 515A will benefit market participants by enhancing transparency, clarity and ease of reference to the rules. 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 proposed changes and their effect on trade allocations in MIAX PRIME are meant to more fairly allocate an Agency Order submitted for price improvement at the single price submission price or at the final auto-match price point. The Exchange believes that the allocation of 50% of the remainder of the Agency Order to the Initiating Member when there is only one non-Priority Customer response that will trade at the execution price should in fact enhance competition by encouraging more Initiating Members to submit Agency Orders to MIAX Options for price improvement via MIAX PRIME, which should benefit investors by attracting more order flow as well as increasing the frequency with which Initiating Members submit Agency Orders into the PRIME Auction. This should result in enhanced liquidity and more competition on the Exchange. For all the reasons stated, 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, and believes the proposed change will in fact enhance competition. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. [[Page 25398]] 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 after the date of the filing, or such shorter time as the Commission may designate, it has become effective pursuant to 19(b)(3)(A) of the Act \24\ and Rule 19b-4(f)(6) \25\ thereunder. --------------------------------------------------------------------------- \24\ 15 U.S.C. 78s(b)(3)(A). \25\ 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 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 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-MIAX-2017-22 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-MIAX-2017-22. 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-MIAX-2017-22 and should be submitted on or before June 22, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\26\ --------------------------------------------------------------------------- \26\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-11355 Filed 5-31-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 104 / Thursday, June 1, 2017 / Notices 25393
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proposed fees, the Exchange considered a competing product to the ETF Implied rules/sro.shtml). Copies of the
the competitiveness of the market for Liquidity Feed on the same cost basis as submission, all subsequent
proprietary data and all of the the Exchange. The offering of certain fee amendments, all written statements
implications of that competition. The waivers described herein continues to with respect to the proposed rule
Exchange believes that it has considered enable vendors to compete on price as change that are filed with the
all relevant factors and has not the waivers are only granted where the Commission, and all written
considered irrelevant factors in order to Distributor is receiving the Bats One communications relating to the
establish fair, reasonable, and not Feed and paying the required fees for proposed rule change between the
unreasonably discriminatory fees and an External Distribution, Logical Ports, and Commission and any person, other than
equitable allocation of fees among all Data Consolidation. those that may be withheld from the
Users. The existence of alternatives to public in accordance with the
the ETF Implied Liquidity Feed ensures C. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be
that the Exchange cannot set Statement on Comments on the available for Web site viewing and
unreasonable fees, or fees that are Proposed Rule Change Received From printing in the Commission’s Public
unreasonably discriminatory, when Members, Participants, or Others Reference Room, 100 F Street NE.,
vendors and subscribers can elect these The Exchange has neither solicited Washington, DC 20549, on official
alternatives or choose not to purchase a nor received written comments on the business days between the hours of
specific proprietary data product if its proposed rule change. 10:00 a.m. and 3:00 p.m. Copies of the
cost to purchase is not justified by the filing also will be available for
returns any particular vendor or III. Date of Effectiveness of the inspection and copying at the principal
subscriber would achieve through the Proposed Rule Change and Timing for office of the Exchange. All comments
purchase. Commission Action received will be posted without change;
Lastly, the Exchange represents that The foregoing rule change has become the Commission does not edit personal
the proposed pricing of the ETF Implied effective pursuant to Section 19(b)(3)(A) identifying information from
Liquidity Feed provides investors with of the Act 26 and paragraph (f) of Rule submissions. You should submit only
alternative market data and competes 19b–4 thereunder.27 At any time within information that you wish to make
with similar market data product 60 days of the filing of the proposed rule available publicly. All submissions
currently offered by other exchanges.24 change, the Commission summarily may should refer to File Number SR–
In addition, the pricing is designed to temporarily suspend such rule change if BatsBZX–2017–36 and should be
ensure that a vendor to create a it appears to the Commission that such submitted on or before June 22, 2017.
competing product to the ETF Implied action is necessary or appropriate in the For the Commission, by the Division of
Liquidity Feed on the same price basis public interest, for the protection of Trading and Markets, pursuant to delegated
as the Exchange. As stated above, the investors, or otherwise in furtherance of authority.28
Exchange notes that a vendor seeking to the purposes of the Act. Eduardo A. Aleman,
build a competing product to the Assistant Secretary.
proposed ETF Implied Liquidity feed IV. Solicitation of Comments
[FR Doc. 2017–11254 Filed 5–31–17; 8:45 am]
could simply utilize the top-of-book Interested persons are invited to
BILLING CODE 8011–01–P
data feeds from each of the Bats submit written data, views, and
Exchange’s to create an aggregated arguments concerning the foregoing,
BBO.25 These top-of-book feeds are including whether the proposed rule SECURITIES AND EXCHANGE
EDGA Top, EDGX Top, BYX Top and change is consistent with the Act. COMMISSION
BZX Top. The Exchange represents that Comments may be submitted by any of
a competing vendor could obtain these the following methods: [Release No. 34–80779; File No. SR–MIAX–
top-of-book data feeds from each of the 2017–22]
Bats Exchanges on the same latency Electronic Comments
basis as the system that performs the • Use the Commission’s Internet Self-Regulatory Organizations; Miami
aggregation and consolidation of the comment form (http://www.sec.gov/ International Securities Exchange LLC;
Bats One Summary Feed. While the Notice of Filing and Immediate
rules/sro.shtml); or
proposed ETF Implied Liquidity feed • Send an email to rule-comments@ Effectiveness of a Proposed Rule
does not separately provide the ETF’s sec.gov. Please include File Number SR– Change To Amend MIAX Options Rule
NBBO, the number of shares of BatsBZX–2017–36 on the subject line. 515A, MIAX Price Improvement
securities underlying one creation unit Mechanism (‘‘PRIME’’) and PRIME
Paper Comments Solicitation Mechanism
of the ETF, or the estimated cash
included in one creation unit of the • Send paper comments in triplicate May 26, 2017.
ETF, a vendor could obtain this to Brent J. Fields, Secretary, Securities Pursuant to the provisions of Section
information from the securities and Exchange Commission, 100 F Street 19(b)(1) of the Securities Exchange Act
information processors and other NE., Washington, DC 20549–1090. of 1934 (‘‘Act’’) 1 and Rule 19b–4
publicly available sources to perform its All submissions should refer to File thereunder,2 notice is hereby given that
own calculation of an ETF’s implied Number SR–BatsBZX–2017–36. This file
mstockstill on DSK30JT082PROD with NOTICES
on May 17, 2017, Miami International
liquidity to include as part of a number should be included on the Securities Exchange, LLC (‘‘MIAX
competing product. Therefore, a vendor subject line if email is used. To help the Options’’ or ‘‘Exchange’’) filed with the
could create a product to compete with Commission process and review your Securities and Exchange Commission
the proposed ETF Implied Liquidity comments more efficiently, please use
28 17 CFR 200.30–3(a)(12).
24 See supra note 21. 26 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
25 See supra note 16. 27 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 104 / Thursday, June 1, 2017 / Notices 25395
System will round the number of against the Agency Order. The basis as defined in Rule 514(c)(2); (E) No
contracts to which the Initiating allocation of an Agency Order against participation entitlement shall apply to
Member is entitled to the nearest whole the Priority Customer orders resting in orders executed pursuant to this Rule;
number (up or down). If the 40% or the Book, Priority Customer orders (F) If an unrelated market or marketable
50% Initiating Member allocation received during the Response Time limit order on the opposite side of the
results in a remainder of exactly one- Interval, and Priority Customer RFR market as the Agency Order was
half contract (.50000), then the System responses shall be in the sequence in received during the Auction and ended
will round the number of contracts to which they are received by the System; the Auction, such unrelated order shall
which the Initiating Member is entitled (C) Market Maker priority quotes 13 and trade against the Agency Order at the
up to the next higher whole number. RFR responses from Market Makers 14 midpoint of the best RFR response (or
Other exchanges that allocate based on with priority quotes will collectively in the absence of a RFR response, the
percentage amounts employ some form have second priority. The allocation of initiating price) and the NBBO on the
of ‘‘rounding.’’ 10 Agency Orders against these contra other side of the market from the RFR
The Exchange believes that the sided quotes and RFR responses shall be responses (rounded towards the
proposed rule change regarding on a size pro rata basis as defined in disseminated quote when necessary).
rounding results in the fair and Rule 514(c)(2); (D) Professional Interest (G) If an unrelated non-marketable limit
equitable allocation of contracts among orders resting in the Book, Professional order on the opposite side of the market
PRIME participants, and provides Interest orders placed in the Book as the Agency Order was received
clarity and transparency in the during the Response Time Interval, during the Auction and ended the
Exchange’s rules so that all MIAX Professional Interest quotes, and Auction, such unrelated order shall
PRIME Auction participants will be Professional Interest RFR responses will trade against the Agency Order at the
informed of their participation collectively have third priority. The midpoint of the best RFR response and
entitlements when submitting orders allocation of Agency Orders against the unrelated order’s limit price
and responses into MIAX PRIME. these contra sided orders and RFR (rounded towards the unrelated order’s
Responses shall be on a size pro rata limit price when necessary).
Allocation of Contracts at the Rules 515A(a)(2)(iii)(H) and (I)
Conclusion of the PRIME Auction 13 To be considered a priority quote, at the time describe the allocation of contracts
of execution, each of the following standards must executed when the Initiating Member
Currently, Exchange Rule be met: (A) The bid/ask differential of a Market
515A(a)(2)(iii) provides that at the Maker’s two-sided quote pair must be valid width
selects the single-price submission or
conclusion of the Auction, the Agency (no wider than the bid/ask differentials outlined in the auto-match option, respectively,
Order will be allocated at the best Rule 603(b)(4)); (B) the initial size of both of the when submitting their Agency Order
Market Maker’s bid and the offer must be in and there are either two or more
price(s), subject to the following: (A) compliance with the requirements of Rule 604(b)(2);
Such best prices include non-Auction (C) the bid/ask differential of a Market Maker’s two-
participants at the execution price or
quotes and orders; (B) Priority sided quote pair must meet the priority quote width when there is only one other participant
Customer 11 orders resting on the requirements defined below in subparagraph (ii) on parity with the Initiating Member at
[sic] for each option; and (D) either of the following either the single price execution price or
Book 12 before, or that are received are true: 1. At the time a locking or crossing quote
during, the Response Time Interval and or order enters the System, the Market Maker’s two-
at the final auto-match price point.
Priority Customer RFR responses shall, sided quote pair must be valid width for that option The Exchange is proposing to modify
collectively have first priority to trade and must have been resting on the Book; or 2. the PRIME trade allocation rules with
Immediately prior to the time the Market Maker respect to determining the Initiating
enters a new quote that locks or crosses the MBBO, Member’s entitlement percentage (either
10 For example, Phlx Rules provide that where the
the Market Maker must have had a valid width
allocation of contracts results in remaining quote already existing (i.e., exclusive of the Market 40% or 50%) at the single price
amounts, the number of contracts to be allocated Maker’s new marketable quote or update) among his submission price and at the final auto-
shall be rounded down to the nearest integer. If two-sided quotes for that option. See Exchange Rule match price point, as applicable.
rounding would result in an allocation of less than 517(b)(1)(i).
one contract, then one contract will be allocated to
Exchange Rules 515A(a)(2)(iii)(H) and
14 The term ‘‘Market Makers’’ refers to ‘‘Lead
the Initiating Member only if the Initiating Member (I) currently state that, upon conclusion
Market Makers’’, ‘‘Primary Lead Market Makers’’
did not otherwise receive an allocation. See Phlx and ‘‘Registered Market Makers’’ collectively. The of an Auction, an Initiating Member will
Rule 1080(n)(ii)(E)(2)(f). This differs slightly from term ‘‘Lead Market Maker’’ means a Member retain certain priority and trade
the instant proposal by the Exchange in that the registered with the Exchange for the purpose of allocation privileges for a single-price
System will round the number of contracts to which making markets in securities traded on the
the Initiating Member is entitled to the nearest submission and for an auto-match
Exchange and that is vested with the rights and
whole number (up or down). The Exchange also responsibilities specified in Chapter VI of the submission. Under current Rule
notes that NASDAQ BX, Inc. (‘‘BX’’), in a filing Exchange’s Rules with respect to Lead Market 515A(a)(2)(iii)(H), if the best price
relating to its directed orders program, described a Makers. When a Lead Market Maker is appointed equals the Initiating Member’s single-
process for rounding that has the potential to result to act in the capacity of a Primary Lead Market
in an allocation that is slightly greater than their price submission, the Initiating
Maker, the additional rights and responsibilities of
40% or 50% entitlement for directed orders. See a Primary Lead Market Maker specified in Chapter Member’s single-price submission shall
Securities Exchange Act Release No. 73784 VI of the Exchange’s Rules will apply. The term be allocated the greater of one contract
(December 8, 2014), 79 FR 73930 (SR–BX–2014– ‘‘Primary Lead Market Maker’’ means a Lead Market or a certain percentage of the order,
049) (Notice of Filing of Proposed Rule Change Maker appointed by the Exchange to act as the
Relating to Directed Market Makers). See also,
which percentage will be determined by
Primary Lead Market Maker for the purpose of
Securities Exchange Act Release No. 74129 (January making markets in securities traded on the
the Exchange and may not be larger than
23, 2015), 80 FR 4954 (January 29, 2015) (SR–BX– Exchange. The Primary Lead Market Maker is 40% of the Agency Order, subject to the
2014–049) (Order Approving Proposed Rule Change vested with the rights and responsibilities specified rounding provisions of proposed Rule
Relating to Directed Market Makers). in Chapter VI of the Exchange’s Rules with respect 515A, Interpretations and Policies .10
mstockstill on DSK30JT082PROD with NOTICES
11 The term ‘‘Priority Customer’’ means a person
to Primary Lead Market Makers. The term
or entity that (i) is not a broker or dealer in ‘‘Registered Market Maker’’ means a Member
(described above). However, if only one
securities, and (ii) does not place more than 390 registered with the Exchange for the purpose of Member’s response, subject to the
orders in listed options per day on average during making markets in securities traded on the System’s calculation of the number of
a calendar month for its own beneficial account(s). Exchange, who is not a Lead Market Maker and is Member’s responses described in
See Exchange Rule 100. vested with the rights and responsibilities specified
12 The term ‘‘Book’’ means the electronic book of in Chapter VI of the Exchange’s Rules with respect
proposed Rule 515A, Interpretations
buy and sell orders and quotes maintained by the to Registered Market Makers. See Exchange Rule and Policies .11 (described below)
System. See Exchange Rule 100. 100. matches the Initiating Member’s single
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![25398 Federal Register / Vol. 82, No. 104 / Thursday, June 1, 2017 / Notices
III. Date of Effectiveness of the submission, all subsequent mail. Hearing requests should be
Proposed Rule Change and Timing for amendments, all written statements received by the SEC by 5:30 p.m. on
Commission Action with respect to the proposed rule June 20, 2017, and should be
Because the foregoing proposed rule change that are filed with the accompanied by proof of service on
change does not: (i) Significantly affect Commission, and all written applicants, in the form of an affidavit or,
the protection of investors or the public communications relating to the for lawyers, a certificate of service.
interest; (ii) impose any significant proposed rule change between the Pursuant to Rule 0–5 under the Act,
burden on competition; and (iii) become Commission and any person, other than hearing requests should state the nature
operative for 30 days after the date of those that may be withheld from the of the writer’s interest, any facts bearing
the filing, or such shorter time as the public in accordance with the upon the desirability of a hearing on the
Commission may designate, it has provisions of 5 U.S.C. 552, will be matter, the reason for the request, and
become effective pursuant to 19(b)(3)(A) available for Web site viewing and the issues contested. Persons who wish
of the Act 24 and Rule 19b–4(f)(6) 25 printing in the Commission’s Public to be notified of a hearing may request
thereunder. Reference Room, 100 F Street NE., notification by writing to the
At any time within 60 days of the Washington, DC 20549, on official Commission’s Secretary.
filing of the proposed rule change, the business days between the hours of ADDRESSES: The Commission: Secretary,
Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the U.S. Securities and Exchange
temporarily suspend such rule change if filing also will be available for Commission, 100 F Street NE.,
it appears to the Commission that such inspection and copying at the principal Washington, DC 20549–1090.
action is necessary or appropriate in the office of the Exchange. All comments
FOR FURTHER INFORMATION CONTACT:
public interest, for the protection of received will be posted without change;
the Commission does not edit personal Jessica Shin, Attorney-Adviser, at (202)
investors, or otherwise in furtherance of 551–5921 or Chief Counsel’s Office at
the purposes of the Act. If the identifying information from
submissions. You should submit only (202) 551–6821; SEC, Division of
Commission takes such action, the Investment Management, Chief
Commission shall institute proceedings information that you wish to make
available publicly. All submissions Counsel’s Office, 100 F Street NE.,
to determine whether the proposed rule Washington, DC 20549–8010.
should be approved or disapproved. should refer to File Number SR–MIAX–
2017–22 and should be submitted on or Madison Harbor Balanced Strategies,
IV. Solicitation of Comments before June 22, 2017. Inc.
Interested persons are invited to For the Commission, by the Division of [File No. 811–21479]
submit written data, views, and Trading and Markets, pursuant to delegated
arguments concerning the foregoing, authority.26 Summary: Applicant, a closed-end
including whether the proposed rule investment company, seeks an order
Eduardo A. Aleman,
change is consistent with the Act. declaring that it has ceased to be an
Assistant Secretary.
Comments may be submitted by any of investment company. On January 31,
[FR Doc. 2017–11355 Filed 5–31–17; 8:45 am] 2017 and April 28, 2017, applicant
the following methods: BILLING CODE 8011–01–P made liquidating distributions to its
Electronic Comments shareholders, based on net asset value.
• Use the Commission’s Internet Expenses of $268,984 incurred in
SECURITIES AND EXCHANGE connection with the liquidation were
comment form (http://www.sec.gov/
COMMISSION paid by the applicant. Applicant has
rules/sro.shtml); or
• Send an email to rule-comments@ [Investment Company Act Release No. retained $251,910 for the purpose of
sec.gov. Please include File Number SR– 32663] paying outstanding accrued and
MIAX–2017–22 on the subject line. anticipated expenses.
Notice of Applications for Filing Date: The application was filed
Paper Comments Deregistration Under Section 8(f) of the on May 1, 2017.
• Send paper comments in triplicate Investment Company Act of 1940 Applicant’s Address: Madison Harbor
to Brent J. Fields, Secretary, Securities Balanced Strategies, Inc., 1177 Avenue
May 26, 2017.
and Exchange Commission, 100 F Street of the Americas, 44th Floor, New York,
NE., Washington, DC 20549–1090. The following is a notice of
applications for deregistration under New York 10036.
All submissions should refer to File
section 8(f) of the Investment Company CBRE Clarion MLP Select Income
Number SR–MIAX–2017–22. This file
Act of 1940 for the month of May 2017. Opportunities Fund
number should be included on the
A copy of each application may be
subject line if email is used. To help the [File No. 811–22950]
obtained via the Commission’s Web site
Commission process and review your Summary: Applicant, a closed-end
by searching for the file number, or for
comments more efficiently, please use investment company, seeks an order
an applicant using the Company name
only one method. The Commission will declaring that it has ceased to be an
box, at http://www.sec.gov/search/
post all comments on the Commission’s investment company. Applicant has
search.htm or by calling (202) 551–
Internet Web site (http://www.sec.gov/ never made a public offering of its
8090. An order granting each
rules/sro.shtml). Copies of the securities and does not propose to make
application will be issued unless the
SEC orders a hearing. Interested persons a public offering or engage in business
mstockstill on DSK30JT082PROD with NOTICES
24 15 U.S.C. 78s(b)(3)(A).
25 17 may request a hearing on any of any kind.
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give application by writing to the SEC’s Filing Dates: The application was
the Commission written notice of its intent to file Secretary at the address below and filed on February 28, 2017 and amended
the proposed rule change at least five business days serving the relevant applicant with a on May 2, 2017.
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the copy of the request, personally or by Applicant’s Address: 201 King of
Commission. The Exchange has satisfied this Prussia Road, Suite 600, Radnor,
requirement. 26 17 CFR 200.30–3(a)(12). Pennsylvania 19087.
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Document Created: 2017-06-01 03:05:31
Document Modified: 2017-06-01 03:05:31
| 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 25393 |
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