82 FR 28109 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Market Maker Quotations
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 117 (June 20, 2017)
Federal Register Volume 82, Issue 117 (June 20, 2017)
| Page Range | 28109-28113 | |
| FR Document | 2017-12893 |
[Federal Register Volume 82, Number 117 (Tuesday, June 20, 2017)] [Notices] [Pages 28109-28113] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-12893] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80944; File No. SR-ISE-2017-42) Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Market Maker Quotations June 15, 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 June 12, 2017, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 804, entitled ``Market Maker Quotations.'' 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 Exchange proposes to amend ISE Rule 804, entitled ``Market Maker Quotations'' to amend the current rule text at ISE Rule 804(g)(1) and (2) to adopt a revised description of the manner in which ISE removes market maker quotes when certain risk parameters have been triggered. The Exchange believes that the proposed new rule text will provide more detailed information to participants concerning the manner in which these risk features will remove quotes from the Order Book. Today, ISE Rule 804(g)(1) provides that a market maker must provide parameters by which the Exchange will automatically remove a market maker's quotations in all series of an options class. If a market maker does not provide parameters then the Exchange will apply default parameters announced to members. The Exchange will automatically remove a market maker's quotation when, during a time period established by the market maker, the market maker exceeds: (i) The specified number of total contracts in the class, (ii) the specified percentage of the total size of the market maker's quotes in the class, (iii) the specified absolute value of the net between contracts bought and contracts sold in the class, or (iv) the specified absolute value of the net between (a) calls purchased plus puts sold in the class, and (b) calls sold plus puts purchased in the class. The Exchange proposes to adopt new rule text, which continues to require a market maker to provide parameters by which the Exchange will automatically remove a market maker's quotations in all series of an options class. If a market maker does not provide parameters then the Exchange will apply default parameters announced to members. This is not being amended, rather it is being expanded. The proposed rule text in 804(g)(1) makes clear that market makers are required to utilize the Percentage, Volume, Delta and Vega Thresholds, each a Threshold, described in subsections (A)-(D) in the new rule text. These are the same risk parameters that are offered today by ISE. The Exchange is seeking to identify each risk parameter specifically and describe the function of each parameter in Rule 804(g)(1)(A)-(D). For each feature, the Exchange's system (``System'') will continue to automatically remove quotes in all series in an options class when a certain threshold for any of the parameters has been exceeded. The Exchange elaborates in the proposed rule that a market maker is required to specify a period of time not to exceed 30 seconds (``Specified Time Period'') during which the system will automatically remove a Market Maker's quotes in all series of an options class. The limitation of not to exceed 30 seconds is new for ISE Members. In order to establish a reasonable limit to the allowable Specified Time Period, an ISE Member will be limited to the [sic] setting their Specified Time period to no more than 30 seconds for these Thresholds. A Specified Time Period will commence for an options class every time an execution occurs in any series in such options class and will continue until the System removes quotes as described in proposed ISE Rule 804(g)(2) or (3) or the Specified Time Period expires. This is the case today, and is not changing. The Specified Time Periods will be the same value described in subsections (A)-(D). Also, as is the case today, a Specified Time Period operates on a rolling basis among all series in an options class in that there may be Specified Time Periods occurring simultaneously for each Threshold and such Specified Time Periods may overlap. If a Market Maker does not provide parameters, the Exchange will apply default parameters, which default settings will be announced to Members via an Options Trader Alert. Proposed Rule 804(g)(1)(A) describes in greater detail the operation of the Percentage Threshold. As is the case today, a Market Maker must provide a specified percentage of quote size (``Percentage Threshold''), of not less than 1%, by which the System will automatically remove a Market Maker's quotes in all series of an options class. The Exchange is adding more detail about the manner in which the System will calculate percentages and amending the current rule to change its operation. For each series in an options class, the System will determine (i) during a Specified Time Period and for each side in a given series, a percentage calculated by dividing the size of a Market Maker's quote size executed in a particular series (the numerator) by the Marker Maker's quote size available at the time of execution plus the total number of the Market Marker's quote [[Page 28110]] size previously executed during the unexpired Specified Time Period (the denominator) (``Series Percentage''); and (ii) the sum of the Series Percentages in the options class (``Issue Percentage'') during a Specified Time Period. The System will track and calculate the net impact of positions in the same option issue; long call percentages are offset by short call percentages, and long put percentages are offset by short put percentages in the Issue Percentage. The Exchange also notes that in calculating the Percentage the System will compare the number of contracts executed in that series relative to the size of the quote at the time of the execution plus the number of executed contracts that have occurred in the current time period. The current system calculates the Percentage risk parameter by comparing the number of contracts executed in that series relative to the size of the original quote only at the time of the execution. This difference is captured within the proposed rule text. The Exchange notes that with the upcoming migration from ISE's current system to the INET system the manner in which the System offsets will change. The current ISE system does not offset, in that long call percentages are not offset by short call percentages, and long put percentages are not offset by short put percentages. The proposed System however will track and calculate the net impact.\3\ The Exchange notes this difference in the calculation and seeks to memorialize the change in the process upon the migration to INET. The proposed rule will provide participants with greater clarity as to the operation of the Percentage risk feature on INET. The proposed text indicates that if the Issue Percentage exceeds the Percentage Threshold the System will automatically remove a market maker's quotes in all series of the options class. --------------------------------------------------------------------------- \3\ The net impact of positions takes into account the offsets noted herein. --------------------------------------------------------------------------- Proposed Rule 804(g)(1)(B) describes in greater detail the operation of the Volume Threshold. As is the case today on ISE's current system, a market maker must provide a Volume Threshold by which the System will automatically remove a market maker's quotes in all series of an underlying security when the market maker executes a number of contracts which exceeds the designated number of contracts in all options series in an options class. Proposed Rule 804(g)(1)(C) describes in greater detail the operation of the Delta Threshold. As is the case today on ISE's current system, a market maker must provide a Delta Threshold by which the System will automatically remove a market maker's quotes in all series of an underlying security. For each class of options, the System will maintain a Delta counter, which tracks the absolute value of the difference between (i) purchased call contracts plus sold put contracts and (ii) sold call contracts plus purchased put contracts. If the Delta counter exceeds the Delta Threshold established by the Member, the System will automatically remove a market maker's quotes in all series of the options class. Proposed Rule 804(g)(1)(D) describes in greater detail the operation of the Vega Threshold. As is the case today on ISE's system, a market maker must provide a Vega Threshold by which the System will automatically remove a Market Maker's quotes in all series of an options class. For each class of options, the System will maintain a Vega counter, which tracks the absolute value of purchased contracts minus sold contracts. If the Vega counter exceeds the Vega Threshold established by the Member, the System will automatically remove a Market Maker's quotes in all series of the options class. Proposed Rule 804(g)(2) provides more detail about the System's current operation with respect to quote removal. The System will automatically remove quotes in all options in an underlying security when the Percentage Threshold, Volume Threshold, Delta Threshold or Vega Threshold has been exceeded. The System will send a Purge Notification Message to the Market Maker for all affected series when any of the above thresholds have been exceeded. The Percentage Threshold, Volume Threshold, Delta Threshold and Vega Threshold are considered independently of each other. Quotes will be automatically executed up to the Market Maker's size regardless of whether the execution of such quotes would cause the Market Maker to exceed the Percentage Threshold, Volume Threshold, Delta Threshold or Vega Threshold. Proposed Rule 804(g)(3) provides more detail about the manner in which the System resets the counting of the various risk parameters. Notwithstanding the automatic removal of quotes described in the rule, if a market maker requests the System to remove quotes in all options series in an options class, the System will automatically reset all Thresholds. Proposed Rule 804(g)(4) provides more detail about the process to re-initiate quoting. When the System removes quotes because the Percentage Threshold, Volume Threshold, Delta Threshold or Vega Threshold were exceeded, the market maker must send a re-entry indicator to re-enter the System. Proposed Rule 804(g)(5) provides more detail about default parameters as mentioned above. If a market maker does not provide a parameter for each of the automated quotation removal Thresholds described in Rule 804(g)(1)(A-D) above, the Exchange will apply default parameters, which are announced to Members. This language exists today in the current text and is being memorialized herein. Finally, proposed Rule 804(g)(6) describes the interaction between the four Thresholds and the market wide parameter. In addition to the Thresholds described in Rule 804(g)(1)(A)-(D) above, a market maker must provide a market wide parameter by which the Exchange will automatically remove a market maker's quotes in all classes when, during a time period established by the market maker, the total number of quote removal events specified in Rule 804(g)(1)(A)-(D) exceeds the market wide parameter provided to the Exchange by the market maker. As is the case today, Market Makers may request the Exchange to set the market wide parameter to apply to just Nasdaq ISE or across Nasdaq ISE and GEMX. Below are some illustrative examples of the Percentage and Volume risk parameters. Example #1: Describes the Percentage risk parameter. Presume the following Order Book: ------------------------------------------------------------------------ Series of underlying XYZ Size on bid x offer for MM1 ------------------------------------------------------------------------ 100 Strike Call........................... 300x300 100 Strike Put............................ 50x50 110 Strike Call........................... 200x200 110 Strike Put............................ 150x150 ------------------------------------------------------------------------ In this example, assume the Specified Time Period designated by the Market Maker #1 is 10 seconds and the Percentage Threshold is set to 100%. Assume at 12:00:00, Market Maker #1 executes 100 contracts of his offer size, 200 contracts, in the 110 Strike Calls. This represents an execution equaling 50% (100 contracts of the 200 contract quote size) of the 100% Percentage Threshold. Assume at 12:00:01, Market Maker #1 executes 50 additional contracts in the same 110 Strike Calls. This execution equates to an additional 25% ((50 contracts/(100 remaining quote size +100 contracts already executed within the Specified Time Period)) for a net 75% Series Percentage count toward the 100% Percentage Threshold. If at 12:00:03, Market Maker #1 executes the full size of his bid (50 contracts) in the 100 Strike Put, the System will automatically remove all of [[Page 28111]] Market Maker #1's quotes in Underlying XYZ since the execution caused his 100% Percentage Threshold to be exceeded; the execution in the 100 Strike Put added 100% Series Percentage to his previously calculated Series Percentage of 75% totaling 175% Issue Percentage. No further quotes for Market Maker #1 in Underlying XYZ will be available until re-entry. The Specified Time Period will be reset for Market Maker #1 in options class XYZ and Market Maker #1 will need to send a re-entry indicator in order to re-enter quotes in options series for options class XYZ into the System. Example #2 is another example of the Percentage Threshold. Presume the following Order Book: In this example, assume Market Maker #1 has Percentage Threshold set at 100% with a Specified Time Period over 5 seconds. Assume at 12:00:00, Market Maker #1 is quoting the XYZ 20 strike calls at 1.00 (10)-1.20 (10). An incoming Order to buy 5 contracts for 1.20 trades against Market Maker #1's quote. Based on this trade, the Series Percentage Threshold calculation is 5/[(10) + (0)] = 5/10 = 50%. Since this is the only execution during the Time Period, 50% also represents the Issue Percentage, therefore Market Maker #1's quote is now 1.00 (10)-1.20 (5). Next, assume at 12:00:01 an Incoming Order to buy 2 contracts for 1.20 trades against Market Maker #1's quote. Based on this trade, the Series Percentage Threshold calculation is 2/[(5) + (5)] = 2/10 = 20%. The Issue Percentage calculation is the sum of Series Percentages during the time period, or 50% + 20% = 70%. Finally, presume Market Maker #1's quote is now 1.00 (10)-1.20 (3). At 12:00:02, Market Maker #1 updates his quote in the XYZ 20 strike calls to increase his offer size back to 10 contracts, 1.00 (10)-1.20 (10). An incoming Order to buy 6 contracts for 1.20 trades against Market Maker #1's quote. Based on this trade, the Series Percentage Threshold calculation: 6/[(10) + (7)] = 6/17 = 35.29%. The Issue Percentage calculation is the sum of Series Percentages during the time period, or 50% + 20% + 35.29% = 105.29%. In this scenario, Market Maler [sic] #1's quotes are removed in all series of XYZ since his setting of 100% over 5 seconds has been exceeded. Example #3 describes the Volume Threshold. Presume the following Order Book: ------------------------------------------------------------------------ Series of underlying XYZ Size on bid x offer for MM1 ------------------------------------------------------------------------ 100 Strike Call........................... 300x300 100 Strike Put............................ 50x50 110 Strike Call........................... 200x200 110 Strike Put............................ 150x150 ------------------------------------------------------------------------ In this example, assume the Specified Time Period designated by the Market Maker #1 is 10 seconds and the designated number of contracts permitted for the Volume-Based Threshold is 250 contracts. Assume at 12:00:00, the Market Maker #1 executes all of his offer size, 200 contracts, in the 110 Strike Calls. The System will initiate the Specified Time Period and for 10 seconds the System will count all volume executed in series of options class XYZ. If at any point during that 10 second period, the Market Maker #1 executes additional contracts in any series of the options class XYZ, those contracts will be added to the initial execution of 200 contracts. To illustrate, assume at 12:00:05 the Market Maker #1 executes 60 contracts of his offer in the 100 Strike Calls. The total volume executed is now 260 contracts. Since that volume exceeds the Market Maker #1's designated number of contracts for the Volume Threshold (250 contracts), all of his quotes in all series of the options class XYZ over the Specialized Quote Feed \4\ will be removed from the System; no further quotes will be executed until re-entry. The Volume Specified Time Period will be reset for Market Maker #1 in options class XYZ and Market Maker #1 will need to send a re-entry indicator in order to re-enter quotes in options series for options class XYZ into the System. --------------------------------------------------------------------------- \4\ The Specialized Quote Feed interface that allows market makers to connect and send quotes, sweeps and auction responses into GEMX. Data includes the following: (1) Options Auction Notifications (e.g., opening imbalance, Flash, PIM, Solicitation and Facilitation or other information); (2) Options Symbol Directory Messages; (3) System Event Messages (e.g., start of messages, start of system hours, start of quoting, start of opening); (4) Option Trading Action Messages (e.g., halts, resumes); (5) Execution Messages; and (6) Quote Messages (quote/sweep messages, risk protection triggers or purge notifications). --------------------------------------------------------------------------- Implementation The Exchange will begin a system migration to Nasdaq INET in Q2 of 2017.\5\ The migration will be on a symbol by symbol basis as specified by the Exchange in a notice to Members. The Exchange is proposing to implement this rule change on the INET platform as the symbols migrate to that platform. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 80432 (April 11, 2017), 82 FR 18191 (April 17, 2017) (SR-ISE-2017-03) (Order Approving Proposed Rule Change, as Modified by Amendment No. 1, to Amend Various Rules in Connection with a System Migration to Nasdaq INET Technology). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \6\ in general, and furthers the objectives of Section 6(b)(5) of the Act \7\ 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, by memorializing, with greater detail, the risk protections available to market makers. The described Thresholds serve to decrease risk and increase stability. Additionally, because the Exchange offers these risk tools to market makers, in order to encourage them to provide as much liquidity as possible and encourage market making generally, the proposal removes impediments to and perfects the mechanism of a free and open market and a national market system and protects investors and the public interest. The Exchange believes that amending Rule 804(g) to add more clarifying text, which explains in greater detail the manner in which the four Thresholds operate, will bring more transparency to the rule which serves to protect investors and the public interest, because market makers will be more informed about the manner in which the functionality operates. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- In addition, the Exchange's proposal to amend the current Percentage Threshold to: (i) Calculate offsets; and (ii) calculate the Percentage Threshold during a Specified Time Period and for each side in a given series, a percentage, by dividing the size of a Market Maker's quote size executed in a particular series (the numerator) by the Marker Maker's quote size available at the time of execution plus the total number of the Market Marker's quote size previously executed during the unexpired Specified Time Period, will provide Market Makers with greater precision in calculating quoting risks. The Exchange believes that providing Market Makers with tools to calculate risk serves to perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest because Market Makers are better able to manage risks with this risk tool. The Exchange further represents that its proposal will continue to operate consistently with the firm quote obligations of a broker-dealer pursuant [[Page 28112]] to Rule 602 of Regulation NMS and that the functionality is mandatory. Specifically, any interest that is executable against a market maker's quotes that are received \8\ by the Exchange prior to the time any of these functionalities are engaged will be automatically executed at the price up to the market maker's size, regardless of whether such execution results in executions in excess of the market maker's pre-set parameters. --------------------------------------------------------------------------- \8\ The time of receipt is the time such message is processed by the Order Book. --------------------------------------------------------------------------- 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. Specifically, the proposal will not impose a burden on intra-market or inter-market competition, rather it provides market makers with the continued opportunity to avail themselves of risk tools, [sic] The proposal does not impose a burden on inter-market competition, because participants may choose to become market makers on a number of other options exchanges, which may have similar but not identical features.\9\ The proposed rule change is meant to continue to protect market makers from inadvertent exposure to excessive risk. Accordingly, the proposed rule change will have no impact on competition. The Exchange's proposal to amend the current Percentage Based risk feature to: (i) Calculate offsets; and (ii) calculate the Percentage Threshold during a Specified Time Period and for each side in a given series, a percentage, by dividing the size of a Market Maker's quote size executed in a particular series (the numerator) by the Market Maker's quote size available at the time of execution plus the total number of the Market Marker's quote size previously executed during the unexpired Specified Time Period,, [sic] does not impose an undue burden on competition and is non-controversial because the Exchange offers a Percentage Threshold today. The proposed changes to the Percentage risk tool simply add more precision to the existing calculation to permit Market Makers to better control their risk with respect to quoting. --------------------------------------------------------------------------- \9\ See BATS Rule 21.16, BOX Rules 8100 and 8110, C2 Rule 8.12, CBOE Rule 8.18, MIAX Rule 612, NYSE MKT Rule 928NY and NYSE Arca Rule 6.40. --------------------------------------------------------------------------- Further, the Exchange is memorializing more detail concerning the function of the Thresholds with this rule proposal and making clear the method in which the Percentage risk tool is calculated. The risk tools will continue to reduce risk for market makers in the event of a systems issue or due to the occurrence of unusual or unexpected market activity. 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\ --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- In its filing, ISE requests that the Commission waive the 30-day operative delay in order to enable the Exchange to coordinate the implementation of the proposed rule changes with its planned migration to the INET platform, which has commenced.\12\ Although the Exchange proposes certain technical changes to how the risk parameters will operate (e.g., limiting the Specified Time Period to 30 seconds), the proposed changes are largely intended to provide more detail about the operation of the existing risk parameters. Accordingly, the Commission believes that granting a waiver of the operative delay is consistent with the protection of investors and the public interest and therefore designates the proposed rule change to be operative upon filing.\13\ --------------------------------------------------------------------------- \12\ See supra note 5 and accompanying text. \13\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of 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. 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-ISE-2017-42 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-ISE-2017-42. 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-ISE-2017-42 and should be submitted on or before July 11, 2017. [[Page 28113]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12) and (59). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-12893 Filed 6-19-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 117 / Tuesday, June 20, 2017 / Notices 28109
submissions. You should submit only places specified in Item IV below. The is seeking to identify each risk
information that you wish to make Exchange has prepared summaries, set parameter specifically and describe the
available publicly. All submissions forth in sections A, B, and C below, of function of each parameter in Rule
should refer to File Number SR– the most significant aspects of such 804(g)(1)(A)–(D). For each feature, the
NYSEArca–2017–64 and should be statements. Exchange’s system (‘‘System’’) will
submitted on or before July 11, 2017. continue to automatically remove
A. Self-Regulatory Organization’s quotes in all series in an options class
For the Commission, by the Division of Statement of the Purpose of, and
Trading and Markets, pursuant to delegated when a certain threshold for any of the
Statutory Basis for, the Proposed Rule parameters has been exceeded.
authority.11
Change The Exchange elaborates in the
Eduardo A. Aleman,
Assistant Secretary. 1. Purpose proposed rule that a market maker is
required to specify a period of time not
[FR Doc. 2017–12761 Filed 6–19–17; 8:45 am] The Exchange proposes to amend ISE
to exceed 30 seconds (‘‘Specified Time
BILLING CODE 8011–01–P Rule 804, entitled ‘‘Market Maker Period’’) during which the system will
Quotations’’ to amend the current rule automatically remove a Market Maker’s
text at ISE Rule 804(g)(1) and (2) to quotes in all series of an options class.
SECURITIES AND EXCHANGE adopt a revised description of the
COMMISSION The limitation of not to exceed 30
manner in which ISE removes market seconds is new for ISE Members. In
[Release No. 34–80944; File No. SR–ISE– maker quotes when certain risk order to establish a reasonable limit to
2017–42) parameters have been triggered. The the allowable Specified Time Period, an
Exchange believes that the proposed ISE Member will be limited to the [sic]
Self-Regulatory Organizations; Nasdaq new rule text will provide more detailed setting their Specified Time period to no
ISE, LLC; Notice of Filing and information to participants concerning more than 30 seconds for these
Immediate Effectiveness of Proposed the manner in which these risk features Thresholds. A Specified Time Period
Rule Change Regarding Market Maker will remove quotes from the Order will commence for an options class
Quotations Book. every time an execution occurs in any
Today, ISE Rule 804(g)(1) provides series in such options class and will
June 15, 2017.
that a market maker must provide continue until the System removes
Pursuant to Section 19(b)(1) of the parameters by which the Exchange will
Securities Exchange Act of 1934 quotes as described in proposed ISE
automatically remove a market maker’s Rule 804(g)(2) or (3) or the Specified
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 quotations in all series of an options
notice is hereby given that on June 12, Time Period expires. This is the case
class. If a market maker does not today, and is not changing. The
2017, Nasdaq ISE, LLC (‘‘ISE’’ or provide parameters then the Exchange
‘‘Exchange’’) filed with the Securities Specified Time Periods will be the same
will apply default parameters value described in subsections (A)–(D).
and Exchange Commission (‘‘SEC’’ or announced to members. The Exchange
‘‘Commission’’) the proposed rule Also, as is the case today, a Specified
will automatically remove a market Time Period operates on a rolling basis
change as described in Items I and II, maker’s quotation when, during a time
below, which Items have been prepared among all series in an options class in
period established by the market maker, that there may be Specified Time
by the Exchange. The Commission is the market maker exceeds: (i) The
publishing this notice to solicit Periods occurring simultaneously for
specified number of total contracts in each Threshold and such Specified
comments on the proposed rule change the class, (ii) the specified percentage of
from interested persons. Time Periods may overlap. If a Market
the total size of the market maker’s Maker does not provide parameters, the
I. Self-Regulatory Organization’s quotes in the class, (iii) the specified Exchange will apply default parameters,
Statement of the Terms of Substance of absolute value of the net between which default settings will be
the Proposed Rule Change contracts bought and contracts sold in announced to Members via an Options
The Exchange proposes to amend the class, or (iv) the specified absolute Trader Alert.
Rule 804, entitled ‘‘Market Maker value of the net between (a) calls Proposed Rule 804(g)(1)(A) describes
Quotations.’’ purchased plus puts sold in the class, in greater detail the operation of the
The text of the proposed rule change and (b) calls sold plus puts purchased Percentage Threshold. As is the case
is available on the Exchange’s Web site in the class. today, a Market Maker must provide a
at www.ise.com, at the principal office The Exchange proposes to adopt new specified percentage of quote size
of the Exchange, and at the rule text, which continues to require a (‘‘Percentage Threshold’’), of not less
Commission’s Public Reference Room. market maker to provide parameters by than 1%, by which the System will
which the Exchange will automatically automatically remove a Market Maker’s
II. Self-Regulatory Organization’s remove a market maker’s quotations in quotes in all series of an options class.
Statement of the Purpose of, and all series of an options class. If a market The Exchange is adding more detail
Statutory Basis for, the Proposed Rule maker does not provide parameters then about the manner in which the System
Change the Exchange will apply default will calculate percentages and
In its filing with the Commission, the parameters announced to members. This amending the current rule to change its
Exchange included statements is not being amended, rather it is being operation. For each series in an options
concerning the purpose of and basis for expanded. class, the System will determine (i)
The proposed rule text in 804(g)(1)
sradovich on DSK3GMQ082PROD with NOTICES
the proposed rule change and discussed during a Specified Time Period and for
any comments it received on the makes clear that market makers are each side in a given series, a percentage
proposed rule change. The text of these required to utilize the Percentage, calculated by dividing the size of a
statements may be examined at the Volume, Delta and Vega Thresholds, Market Maker’s quote size executed in
each a Threshold, described in a particular series (the numerator) by
11 17 CFR 200.30–3(a)(12). subsections (A)–(D) in the new rule text. the Marker Maker’s quote size available
1 15 U.S.C. 78s(b)(1). These are the same risk parameters that at the time of execution plus the total
2 17 CFR 240.19b–4. are offered today by ISE. The Exchange number of the Market Marker’s quote
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![Federal Register / Vol. 82, No. 117 / Tuesday, June 20, 2017 / Notices 28111
Market Maker #1’s quotes in Underlying Series of underlying Size on bid x offer for platform as the symbols migrate to that
XYZ since the execution caused his XYZ MM1 platform.
100% Percentage Threshold to be
100 Strike Put ........... 50x50 2. Statutory Basis
exceeded; the execution in the 100
Strike Put added 100% Series 110 Strike Call .......... 200x200 The Exchange believes that its
110 Strike Put ........... 150x150 proposal is consistent with Section 6(b)
Percentage to his previously calculated
Series Percentage of 75% totaling 175% of the Act 6 in general, and furthers the
Issue Percentage. No further quotes for In this example, assume the Specified objectives of Section 6(b)(5) of the Act 7
Market Maker #1 in Underlying XYZ Time Period designated by the Market in particular, in that it is designed to
will be available until re-entry. The Maker #1 is 10 seconds and the promote just and equitable principles of
Specified Time Period will be reset for designated number of contracts trade, to remove impediments to and
Market Maker #1 in options class XYZ permitted for the Volume-Based perfect the mechanism of a free and
and Market Maker #1 will need to send Threshold is 250 contracts. Assume at open market and a national market
a re-entry indicator in order to re-enter 12:00:00, the Market Maker #1 executes system, and, in general to protect
quotes in options series for options class all of his offer size, 200 contracts, in the investors and the public interest, by
XYZ into the System. 110 Strike Calls. The System will memorializing, with greater detail, the
Example #2 is another example of the initiate the Specified Time Period and risk protections available to market
Percentage Threshold. Presume the for 10 seconds the System will count all makers. The described Thresholds serve
following Order Book: volume executed in series of options to decrease risk and increase stability.
In this example, assume Market class XYZ. If at any point during that 10 Additionally, because the Exchange
Maker #1 has Percentage Threshold set second period, the Market Maker #1 offers these risk tools to market makers,
at 100% with a Specified Time Period executes additional contracts in any in order to encourage them to provide
over 5 seconds. Assume at 12:00:00, series of the options class XYZ, those as much liquidity as possible and
Market Maker #1 is quoting the XYZ 20 contracts will be added to the initial encourage market making generally, the
strike calls at 1.00 (10)¥1.20 (10). An execution of 200 contracts. To illustrate, proposal removes impediments to and
incoming Order to buy 5 contracts for assume at 12:00:05 the Market Maker #1 perfects the mechanism of a free and
1.20 trades against Market Maker #1’s executes 60 contracts of his offer in the open market and a national market
quote. Based on this trade, the Series 100 Strike Calls. The total volume system and protects investors and the
Percentage Threshold calculation is 5/ executed is now 260 contracts. Since public interest. The Exchange believes
[(10) + (0)] = 5/10 = 50%. Since this is that volume exceeds the Market Maker that amending Rule 804(g) to add more
the only execution during the Time #1’s designated number of contracts for clarifying text, which explains in greater
Period, 50% also represents the Issue the Volume Threshold (250 contracts), detail the manner in which the four
Percentage, therefore Market Maker #1’s all of his quotes in all series of the Thresholds operate, will bring more
quote is now 1.00 (10)¥1.20 (5). options class XYZ over the Specialized transparency to the rule which serves to
Next, assume at 12:00:01 an Incoming Quote Feed 4 will be removed from the protect investors and the public interest,
Order to buy 2 contracts for 1.20 trades System; no further quotes will be because market makers will be more
against Market Maker #1’s quote. Based executed until re-entry. The Volume informed about the manner in which the
on this trade, the Series Percentage Specified Time Period will be reset for functionality operates.
Threshold calculation is 2/[(5) + (5)] = Market Maker #1 in options class XYZ In addition, the Exchange’s proposal
2/10 = 20%. The Issue Percentage and Market Maker #1 will need to send to amend the current Percentage
calculation is the sum of Series a re-entry indicator in order to re-enter Threshold to: (i) Calculate offsets; and
Percentages during the time period, or quotes in options series for options class (ii) calculate the Percentage Threshold
50% + 20% = 70%. XYZ into the System. during a Specified Time Period and for
Finally, presume Market Maker #1’s each side in a given series, a percentage,
Implementation by dividing the size of a Market Maker’s
quote is now 1.00 (10)¥1.20 (3). At
12:00:02, Market Maker #1 updates his The Exchange will begin a system quote size executed in a particular series
quote in the XYZ 20 strike calls to migration to Nasdaq INET in Q2 of (the numerator) by the Marker Maker’s
increase his offer size back to 10 2017.5 The migration will be on a quote size available at the time of
contracts, 1.00 (10)¥1.20 (10). An symbol by symbol basis as specified by execution plus the total number of the
incoming Order to buy 6 contracts for the Exchange in a notice to Members. Market Marker’s quote size previously
1.20 trades against Market Maker #1’s The Exchange is proposing to executed during the unexpired
quote. Based on this trade, the Series implement this rule change on the INET Specified Time Period, will provide
Percentage Threshold calculation: 6/ Market Makers with greater precision in
[(10) + (7)] = 6/17 = 35.29%. The Issue 4 The Specialized Quote Feed interface that calculating quoting risks. The Exchange
Percentage calculation is the sum of allows market makers to connect and send quotes, believes that providing Market Makers
Series Percentages during the time
sweeps and auction responses into GEMX. Data with tools to calculate risk serves to
includes the following: (1) Options Auction perfect the mechanism of a free and
period, or 50% + 20% + 35.29% = Notifications (e.g., opening imbalance, Flash, PIM,
105.29%. In this scenario, Market Maler Solicitation and Facilitation or other information); open market and a national market
[sic] #1’s quotes are removed in all (2) Options Symbol Directory Messages; (3) System system, and, in general to protect
series of XYZ since his setting of 100%
Event Messages (e.g., start of messages, start of investors and the public interest
system hours, start of quoting, start of opening); (4) because Market Makers are better able to
over 5 seconds has been exceeded. Option Trading Action Messages (e.g., halts,
sradovich on DSK3GMQ082PROD with NOTICES
Example #3 describes the Volume resumes); (5) Execution Messages; and (6) Quote manage risks with this risk tool.
Threshold. Presume the following Order Messages (quote/sweep messages, risk protection The Exchange further represents that
Book: triggers or purge notifications). its proposal will continue to operate
5 See Securities Exchange Act Release No. 80432
consistently with the firm quote
(April 11, 2017), 82 FR 18191 (April 17, 2017) (SR–
Series of underlying Size on bid x offer for ISE–2017–03) (Order Approving Proposed Rule
obligations of a broker-dealer pursuant
XYZ MM1 Change, as Modified by Amendment No. 1, to
6 15 U.S.C. 78f(b).
Amend Various Rules in Connection with a System
100 Strike Call .......... 300x300 Migration to Nasdaq INET Technology). 7 15 U.S.C. 78f(b)(5).
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![28112 Federal Register / Vol. 82, No. 117 / Tuesday, June 20, 2017 / Notices
to Rule 602 of Regulation NMS and that method in which the Percentage risk action is necessary or appropriate in the
the functionality is mandatory. tool is calculated. The risk tools will public interest; for the protection of
Specifically, any interest that is continue to reduce risk for market investors; or otherwise in furtherance of
executable against a market maker’s makers in the event of a systems issue the purposes of the Act.
quotes that are received 8 by the or due to the occurrence of unusual or
Exchange prior to the time any of these unexpected market activity. IV. Solicitation of Comments
functionalities are engaged will be Interested persons are invited to
automatically executed at the price up C. Self-Regulatory Organization’s
Statement on Comments on the submit written data, views and
to the market maker’s size, regardless of arguments concerning the foregoing,
whether such execution results in Proposed Rule Change Received From
Members, Participants, or Others including whether the proposed rule
executions in excess of the market
change is consistent with the Act.
maker’s pre-set parameters. No written comments were either
Comments may be submitted by any of
solicited or received.
B. Self-Regulatory Organization’s the following methods:
Statement on Burden on Competition III. Date of Effectiveness of the
Proposed Rule Change and Timing for Electronic Comments
The Exchange does not believe that
the proposed rule change will impose Commission Action • Use the Commission’s Internet
any burden on competition not Because the foregoing proposed rule comment form (http://www.sec.gov/
necessary or appropriate in furtherance change does not: (i) Significantly affect rules/sro.shtml); or
of the purposes of the Act. Specifically, the protection of investors or the public • Send an email to rule-comments@
the proposal will not impose a burden interest; (ii) impose any significant sec.gov. Please include File Number SR–
on intra-market or inter-market burden on competition; and (iii) become ISE–2017–42 on the subject line.
competition, rather it provides market operative for 30 days from the date on
makers with the continued opportunity which it was filed, or such shorter time Paper Comments
to avail themselves of risk tools, [sic] as the Commission may designate, it has
The proposal does not impose a burden • Send paper comments in triplicate
become effective pursuant to Section
on inter-market competition, because 19(b)(3)(A)(iii) of the Act 10 and to Secretary, Securities and Exchange
participants may choose to become subparagraph (f)(6) of Rule 19b–4 Commission, 100 F Street NE.,
market makers on a number of other thereunder.11 Washington, DC 20549–1090.
options exchanges, which may have In its filing, ISE requests that the All submissions should refer to File
similar but not identical features.9 The Commission waive the 30-day operative Number SR–ISE–2017–42. This file
proposed rule change is meant to delay in order to enable the Exchange to number should be included on the
continue to protect market makers from coordinate the implementation of the subject line if email is used. To help the
inadvertent exposure to excessive risk. proposed rule changes with its planned Commission process and review your
Accordingly, the proposed rule change migration to the INET platform, which comments more efficiently, please use
will have no impact on competition. has commenced.12 Although the only one method. The Commission will
The Exchange’s proposal to amend the Exchange proposes certain technical post all comments on the Commission’s
current Percentage Based risk feature to: changes to how the risk parameters will Internet Web site (http://www.sec.gov/
(i) Calculate offsets; and (ii) calculate operate (e.g., limiting the Specified rules/sro.shtml). Copies of the
the Percentage Threshold during a Time Period to 30 seconds), the
Specified Time Period and for each side submission, all subsequent
proposed changes are largely intended amendments, all written statements
in a given series, a percentage, by to provide more detail about the
dividing the size of a Market Maker’s with respect to the proposed rule
operation of the existing risk change that are filed with the
quote size executed in a particular series parameters. Accordingly, the
(the numerator) by the Market Maker’s Commission, and all written
Commission believes that granting a communications relating to the
quote size available at the time of waiver of the operative delay is
execution plus the total number of the proposed rule change between the
consistent with the protection of Commission and any person, other than
Market Marker’s quote size previously investors and the public interest and
executed during the unexpired those that may be withheld from the
therefore designates the proposed rule public in accordance with the
Specified Time Period,, [sic] does not
change to be operative upon filing.13 provisions of 5 U.S.C. 552, will be
impose an undue burden on
At any time within 60 days of the available for Web site viewing and
competition and is non-controversial
filing of the proposed rule change, the printing in the Commission’s Public
because the Exchange offers a
Commission summarily may Reference Room, 100 F Street NE.,
Percentage Threshold today. The
temporarily suspend such rule change if Washington, DC 20549, on official
proposed changes to the Percentage risk
it appears to the Commission that such business days between the hours of
tool simply add more precision to the
existing calculation to permit Market 10:00 a.m. and 3:00 p.m. Copies of the
10 15 U.S.C. 78s(b)(3)(A)(iii).
Makers to better control their risk with 11 17
filing also will be available for
CFR 240.19b–4(f)(6). In addition, Rule 19b–
respect to quoting. 4(f)(6) requires a self-regulatory organization to give
inspection and copying at the principal
Further, the Exchange is the Commission written notice of its intent to file office of the Exchange. All comments
memorializing more detail concerning the proposed rule change at least five business days received will be posted without change;
prior to the date of filing of the proposed rule the Commission does not edit personal
the function of the Thresholds with this
sradovich on DSK3GMQ082PROD with NOTICES
change, or such shorter time as designated by the
rule proposal and making clear the Commission. The Exchange has satisfied this
identifying information from
requirement. submissions. You should submit only
8 The time of receipt is the time such message is 12 See supra note 5 and accompanying text. information that you wish to make
processed by the Order Book. 13 For purposes only of waiving the 30-day available publicly. All submissions
9 See BATS Rule 21.16, BOX Rules 8100 and operative delay, the Commission has also should refer to File Number SR–ISE–
8110, C2 Rule 8.12, CBOE Rule 8.18, MIAX Rule considered the proposed rule’s impact on
612, NYSE MKT Rule 928NY and NYSE Arca Rule efficiency, competition, and capital formation. See
2017–42 and should be submitted on or
6.40. 15 U.S.C. 78c(f). before July 11, 2017.
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![Federal Register / Vol. 82, No. 117 / Tuesday, June 20, 2017 / Notices 28113
For the Commission, by the Division of any comments it received on the experience that they receive on Phlx
Trading and Markets, pursuant to delegated proposed rule change. The text of these today.
authority.14 statements may be examined at the
Eduardo A. Aleman, Current Opening Process
places specified in Item IV below. The
Assistant Secretary. Exchange has prepared summaries, set Today, for each class of options that
[FR Doc. 2017–12893 Filed 6–19–17; 8:45 am] forth in sections A, B, and C below, of has been approved for trading, the
BILLING CODE 8011–01–P the most significant aspects of such opening rotation is conducted by the
statements. Primary Market Maker (‘‘PMM’’)
appointed to such class of options
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s pursuant to MRX Rule 701(b)(1). The
COMMISSION Statement of the Purpose of, and Exchange may direct that one or more
Statutory Basis for, the Proposed Rule trading rotations be employed on any
[Release No. 34–80937; File No. SR–MRX– Change business day to aid in producing a fair
2017–01]
1. Purpose and orderly market pursuant to MRX
Self-Regulatory Organizations; Nasdaq Rule 701(a)(1). For each rotation so
The purpose of this rule change is to employed, except as the Exchange may
MRX, LLC; Notice of Filing of Proposed amend the MRX opening process in
Rule Change, as Modified by direct, rotations are conducted in the
connection with a technology migration order and manner the PMM determines
Amendment No. 2 Thereto, To Amend to a Nasdaq, Inc. (‘‘Nasdaq’’) supported
the Opening Process to be appropriate under the
architecture. INET is the proprietary circumstances pursuant to MRX Rule
June 15, 2017. core technology utilized across Nasdaq’s 701(a)(2). The PMM, with the approval
Pursuant to Section 19(b)(1) of the global markets and utilized on The of the Exchange, has the authority to
Securities Exchange Act of 1934 NASDAQ Options Market LLC determine the rotation order and
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 (‘‘NOM’’), NASDAQ PHLX LLC (‘‘Phlx’’) manner and may also employ multiple
notice is hereby given that on May 31, and NASDAQ BX, Inc. (‘‘BX’’) trading rotations simultaneously
2017, Nasdaq MRX, LLC (‘‘MRX’’ or (collectively ‘‘Nasdaq Exchanges’’). The pursuant to MRX Rule 701(a)(3).
‘‘Exchange’’) filed with the Securities migration of MRX to the Nasdaq INET Trading rotations are employed at the
and Exchange Commission architecture would result in higher opening of the Exchange each business
(‘‘Commission’’) the proposed rule performance, scalability, and more day and during the reopening of the
change as described in Items I and II robust architecture. With this system market after a trading halt pursuant to
below, which Items have been prepared migration, the Exchange intends to MRX Rule 701(b). The opening rotation
by the Exchange. On June 14, 2017, the adopt the Phlx opening process. in each class of options is held promptly
Exchange filed Amendment No. 1 to the The Exchange intends to begin following the opening of the market for
proposal. On June 14, 2017, the implementation of the proposed rule the underlying security.4 The opening
Exchange withdrew Amendment No.1 change in Q3 2017. The migration will rotation for options contracts in an
and filed Amendment No. 2 to the be on a symbol by symbol basis, and the underlying security is delayed until the
proposal, which replaced and Exchange will issue an alert to Members market for such underlying security has
superseded the original filing in its to provide notification of the symbols opened unless the Exchange determines
entirety. The Commission is publishing that will migrate and the relevant dates. that the interests of a fair and orderly
this notice to solicit comments on the Generally market are best served by opening
proposed rule change, as modified by trading in the options contracts
Amendment No. 2, from interested With the re-platform, the Exchange pursuant to MRX Rule 701(b)(3).
persons. will now be built on the Nasdaq INET Market Makers on MRX are held to
architecture, which allows certain quoting obligations as outlined in MRX
I. Self-Regulatory Organization’s trading system functionality to be Rule 803. Further, Market Makers
Statement of the Terms of Substance of performed in parallel. The Exchange quotes prior to the opening rotation,
the Proposed Rule Change believes that this architecture change including PMM quotes, are permitted
The Exchange proposes to mend the will improve the Member experience by with spread differential of no more than
opening process. This Amendment No. reducing overall latency compared to $0.25 between the bid and offer for each
2 supersedes the original filing in its the current MRX system because of the options contract for which the bid is
entirety. manner in which the system is less than $2, no more than $0.40 where
The text of the proposed rule change segregated into component parts to the bid is at least $2 but does not exceed
is available on the Exchange’s Web site handle processing. $5, no more than $0.50 where the bid
at www.ise.com, at the principal office Opening Rotation is more than $5 but does not exceed
of the Exchange, and at the $10, no more than $0.80 where the bid
Commission’s Public Reference Room. MRX will replace its current opening is more than $10 but does not exceed
process at Rule 701 with Phlx’s Opening $20, and no more than $1 where the bid
II. Self-Regulatory Organization’s Process.3 The Exchange believes that the
Statement of the Purpose of, and is $20 or greater, provided that the
proposed opening process will provide Exchange may establish differences
Statutory Basis for, the Proposed Rule a similar experience for Members and
Change other than the above for one or more
investors that trade on MRX to the options series, as specified in MRX Rule
sradovich on DSK3GMQ082PROD with NOTICES
In its filing with the Commission, the
Exchange included statements 3 See Phlx Rule 1017. See also Securities 4 The ‘‘market for the underlying security’’ is
concerning the purpose of and basis for Exchange Act Release No. 79274 (November 9, either the primary listing market, the primary
the proposed rule change and discussed 2016), 81 FR 80694 (November 16, 2016) (SR–Phlx– volume market (defined as the market with the most
2017–79) (notice of Filing of Partial Amendment liquidity in that underlying security for the
No. 2 and Order Granting Approval of a Proposed previous two calendar months), or the first market
14 17 CFR 200.30–3(a)(12) and (59). Rule Change, as Modified by Partial Amendment to open the underlying security, as determined by
1 15 U.S.C. 78s(b)(1). No. 2, to Amend PHLX Rule 1017, Openings in the Exchange on an issue-by-issue basis. See MRX
2 17 CFR 240.19b–4. Options). Rule 701(b)(2).
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Document Created: 2017-06-20 02:20:39
Document Modified: 2017-06-20 02:20:39
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 28109 |
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