82 FR 28369 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Order Approving a Proposed Rule Change Relating to the Exposure Periods of the MIAX Price Improvement Mechanism and Solicitation Mechanism
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 118 (June 21, 2017)
Federal Register Volume 82, Issue 118 (June 21, 2017)
| Page Range | 28369-28370 | |
| FR Document | 2017-12890 |
[Federal Register Volume 82, Number 118 (Wednesday, June 21, 2017)] [Notices] [Pages 28369-28370] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-12890] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80940; File No. SR-MIAX-2017-16] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Order Approving a Proposed Rule Change Relating to the Exposure Periods of the MIAX Price Improvement Mechanism and Solicitation Mechanism June 15, 2017. I. Introduction On April 25, 2017, Miami International Securities Exchange LLC (``MIAX Options'' or the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend MIAX Options Rule 515A to modify the exposure periods of the Exchange's Price Improvement Mechanism (``PRIME'') and PRIME Solicitation Mechanism from 500 milliseconds to a time period designated by the Exchange of no less than 100 milliseconds and no more than 1 second. The proposed rule change was published for comment in the Federal Register on May 5, 2017.\3\ The Commission received no comment letters on the proposed rule change. This order approves the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 80570 (May 1, 2017), 82 FR 21288 (``Notice''). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change PRIME is a process by which a Member \4\ may electronically submit for execution an order it represents as agent (``Agency Order'') against principal interest, and/or an Agency Order against solicited interest.\5\ When the Exchange receives a properly designated Agency Order for auction processing, a Request for Responses (``RFR'') detailing the option, side, size, and initiating price is sent to all subscribers of the Exchange's data feeds. Currently, the RFR period lasts for 500 milliseconds, unless it is concluded early.\6\ The Exchange proposes to revise the RFR response period to permit the Exchange to designate a specific time within a range of no less than 100 milliseconds and no more than 1 second.\7\ --------------------------------------------------------------------------- \4\ 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 Exchange Act. See Exchange Rule 100. \5\ See Exchange Rule 515A. \6\ A PRIME and PRIME Solicitation Auction will conclude at the sooner of: (1) Upon receipt of an unrelated order (in the same option as the Agency Order) on the opposite side of the market from the RFR responses, that is marketable against either the National Best Bid or Offer (``NBBO''), the initiating price, or the RFR responses; (2) upon receipt of an unrelated order (in the same option as the Agency Order) on the same side of the market as the RFR responses, that is marketable against the NBBO; (3) upon receipt of an unrelated limit order (in the same option as the Agency Order) on the opposite of the market from the Agency Order that improves any RFR response; (4) any time an RFR response matches the NBBO on the opposite side of the market from the RFR responses; (5) any time there is a quote lock in the subject option on the Exchange pursuant to Exchange Rule 1402; or (6) any time there is a trading halt in the option on the Exchange. See Exchange Rule 515A. \7\ The Exchange notes that its proposal is consistent with exposure periods permitted in similar mechanisms on other options exchanges. See Notice, supra note 3, at 21288 & n.6; see also Securities Exchange Act Release Nos. 76301 (October 29, 2015), 80 FR 68347 (November 4, 2015) (SR-BX-2015-032) (establishing an exposure period for the Nasdaq BX's options price improvement mechanism (``PRISM'') of no less than 100 milliseconds and no more than 1 second); 77557 (April 7, 2016), 81 FR 21935 (April 13, 2016) (SR- Phlx-2016-40) (amending the exposure period for the Nasdaq Phlx's Price Improvement XL (``PIXL'') to be no less than 100 milliseconds and no more than 1 second); 79733 (January 4, 2017), 82 FR 3055 (January 10, 2017) (SR-ISE-2016-26) (amending the exposure period for the Nasdaq ISE's Price Improvement Mechanism (``PIM'') to be no less than 100 milliseconds and no more than 1 second); and 80738 (May 22, 2017), 82 FR 24417 (May 26, 2017) (SR-CBOE-2017-029) (amending the exposure periods for the CBOE's Automated Improvement Mechanism (``AIM'') and Solicitation Auction Mechanism (``SAM'') to be no less than 100 milliseconds and no more than 1 second). --------------------------------------------------------------------------- III. Discussion and Commission's Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.\8\ In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,\9\ which requires, among other things, that the rules of a national securities exchange be designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Commission also finds that the proposed rule change is consistent with Section 6(b)(8) of the Act,\10\ which requires that the rules of an exchange not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \8\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \9\ 15 U.S.C. 78f(b)(5). \10\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The Commission believes that, given the electronic nature of the PRIME and PRIME Solicitation Mechanism and the ability of Members to respond within the proposed exposure periods, modifying each of the exposure periods from 500 milliseconds to a time designated by the Exchange of no less than 100 milliseconds and no more than 1 second could facilitate the prompt execution of orders, while continuing to provide market participants with an opportunity to compete to trade with the exposed order by submitting responses to the auctions. According to the Exchange, numerous Members have the capability to and do respond within a 100 millisecond exposure period or less.\11\ --------------------------------------------------------------------------- \11\ See Notice, supra note 3, at 21289. --------------------------------------------------------------------------- To substantiate that its members can receive, process, and communicate a response back to the Exchange within 100 milliseconds, the Exchange states that it surveyed all Members that responded to an auction broadcast in the period beginning November 2016 and ending January 2017 (the ``review period'').\12\ According to the Exchange, each Member it surveyed indicated that they can receive, process, and communicate a response back to the Exchange within 100 milliseconds.\13\ In addition, the Exchange states that it reviewed all responses received in PRIME and PRIME Solicitation Auctions from its Members for the review period, and its review indicated that approximately 90% of responses were submitted within 100 milliseconds.\14\ Furthermore, with regard to the impact of the proposal on system capacity, the Exchange states that it has analyzed its capacity and represents that it has the necessary systems capacity to handle the potential additional traffic associated with the additional transactions that may occur with the [[Page 28370]] implementation of the proposed reduction response time duration to no less than 100 milliseconds.\15\ The Exchange also represents that its system will be able to sufficiently maintain an audit trail for order and trade information with the reduction in the response timer.\16\ --------------------------------------------------------------------------- \12\ See id. \13\ See id. \14\ See id. \15\ See id. at 21289-90. \16\ See id. at 21290. --------------------------------------------------------------------------- Based on the Exchange's statements, the Commission believes that market participants should continue to have opportunities to compete to trade with the exposed order by submitting responses to the PRIME and PRIME Solicitation Mechanism within an exposure period of no less than 100 milliseconds and no more than 1 second.\17\ Accordingly, for the reasons discussed above, the Commission believes that the Exchange's proposal is consistent with the Act. --------------------------------------------------------------------------- \17\ The Commission notes that the ability to designate such an exposure time period is consistent with the rules of other options exchanges. See supra note 7. See also NASDAQ Phlx Rule 1080(n)(ii)(A)(4), NASDAQ BX Options Rules Chapter VI, Section 9(ii)(A)(3), Nasdaq ISE Rule 716, Supplementary Material .04, Nasdaq ISE Rule 723(c)(1), CBOE Rule 6.74A(b)(1)(C), and CBOE Rule 6.74B(b)(1)(C). --------------------------------------------------------------------------- IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\18\ that the proposed rule change (SR-MIAX-2017-16) be, and hereby is, approved. --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-12890 Filed 6-20-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 118 / Wednesday, June 21, 2017 / Notices 28369
For the Commission, by the Division of for Responses (‘‘RFR’’) detailing the and coordination with persons engaged
Trading and Markets, pursuant to delegated option, side, size, and initiating price is in regulating transactions in securities,
authority.17 sent to all subscribers of the Exchange’s to remove impediments to and perfect
Eduardo A. Aleman, data feeds. Currently, the RFR period the mechanism of a free and open
Assistant Secretary. lasts for 500 milliseconds, unless it is market and a national market system
[FR Doc. 2017–12889 Filed 6–20–17; 8:45 am] concluded early.6 The Exchange and, in general, to protect investors and
BILLING CODE 8011–01–P proposes to revise the RFR response the public interest, and not be designed
period to permit the Exchange to to permit unfair discrimination between
designate a specific time within a range customers, issuers, brokers, or dealers.
SECURITIES AND EXCHANGE of no less than 100 milliseconds and no The Commission also finds that the
COMMISSION more than 1 second.7 proposed rule change is consistent with
[Release No. 34–80940; File No. SR–MIAX– Section 6(b)(8) of the Act,10 which
III. Discussion and Commission’s
2017–16] requires that the rules of an exchange
Findings not impose any burden on competition
Self-Regulatory Organizations; Miami After careful review, the Commission that is not necessary or appropriate in
International Securities Exchange LLC; finds that the proposed rule change is furtherance of the purposes of the Act.
Order Approving a Proposed Rule consistent with the requirements of the The Commission believes that, given
Change Relating to the Exposure Act and the rules and regulations the electronic nature of the PRIME and
Periods of the MIAX Price thereunder applicable to a national PRIME Solicitation Mechanism and the
Improvement Mechanism and securities exchange.8 In particular, the ability of Members to respond within
Solicitation Mechanism Commission finds that the proposed the proposed exposure periods,
rule change is consistent with Section modifying each of the exposure periods
June 15, 2017. 6(b)(5) of the Act,9 which requires, from 500 milliseconds to a time
I. Introduction among other things, that the rules of a designated by the Exchange of no less
national securities exchange be than 100 milliseconds and no more than
On April 25, 2017, Miami
designed to promote just and equitable 1 second could facilitate the prompt
International Securities Exchange LLC
principles of trade, to foster cooperation execution of orders, while continuing to
(‘‘MIAX Options’’ or the ‘‘Exchange’’)
provide market participants with an
filed with the Securities and Exchange 6 A PRIME and PRIME Solicitation Auction will opportunity to compete to trade with
Commission (‘‘Commission’’) pursuant conclude at the sooner of: (1) Upon receipt of an
to Section 19(b)(1) of the Securities the exposed order by submitting
unrelated order (in the same option as the Agency
Exchange Act of 1934 (‘‘Act’’) 1 and Rule Order) on the opposite side of the market from the
responses to the auctions. According to
19b–4 thereunder,2 a proposed rule RFR responses, that is marketable against either the the Exchange, numerous Members have
change to amend MIAX Options Rule National Best Bid or Offer (‘‘NBBO’’), the initiating the capability to and do respond within
price, or the RFR responses; (2) upon receipt of an a 100 millisecond exposure period or
515A to modify the exposure periods of unrelated order (in the same option as the Agency
the Exchange’s Price Improvement Order) on the same side of the market as the RFR
less.11
responses, that is marketable against the NBBO; (3) To substantiate that its members can
Mechanism (‘‘PRIME’’) and PRIME
upon receipt of an unrelated limit order (in the receive, process, and communicate a
Solicitation Mechanism from 500 same option as the Agency Order) on the opposite
milliseconds to a time period designated response back to the Exchange within
of the market from the Agency Order that improves
by the Exchange of no less than 100 any RFR response; (4) any time an RFR response
100 milliseconds, the Exchange states
milliseconds and no more than 1 matches the NBBO on the opposite side of the that it surveyed all Members that
second. The proposed rule change was market from the RFR responses; (5) any time there responded to an auction broadcast in
is a quote lock in the subject option on the the period beginning November 2016
published for comment in the Federal Exchange pursuant to Exchange Rule 1402; or (6)
Register on May 5, 2017.3 The any time there is a trading halt in the option on the
and ending January 2017 (the ‘‘review
Commission received no comment Exchange. See Exchange Rule 515A. period’’).12 According to the Exchange,
letters on the proposed rule change. 7 The Exchange notes that its proposal is each Member it surveyed indicated that
This order approves the proposed rule consistent with exposure periods permitted in they can receive, process, and
similar mechanisms on other options exchanges. communicate a response back to the
change. See Notice, supra note 3, at 21288 & n.6; see also
Securities Exchange Act Release Nos. 76301 Exchange within 100 milliseconds.13 In
II. Description of the Proposed Rule (October 29, 2015), 80 FR 68347 (November 4, 2015) addition, the Exchange states that it
Change (SR–BX–2015–032) (establishing an exposure reviewed all responses received in
period for the Nasdaq BX’s options price PRIME and PRIME Solicitation Auctions
PRIME is a process by which a improvement mechanism (‘‘PRISM’’) of no less than
Member 4 may electronically submit for 100 milliseconds and no more than 1 second); from its Members for the review period,
execution an order it represents as agent 77557 (April 7, 2016), 81 FR 21935 (April 13, 2016) and its review indicated that
(‘‘Agency Order’’) against principal (SR–Phlx–2016–40) (amending the exposure period approximately 90% of responses were
for the Nasdaq Phlx’s Price Improvement XL submitted within 100 milliseconds.14
interest, and/or an Agency Order against (‘‘PIXL’’) to be no less than 100 milliseconds and
solicited interest.5 When the Exchange no more than 1 second); 79733 (January 4, 2017), Furthermore, with regard to the impact
receives a properly designated Agency 82 FR 3055 (January 10, 2017) (SR–ISE–2016–26) of the proposal on system capacity, the
Order for auction processing, a Request (amending the exposure period for the Nasdaq ISE’s Exchange states that it has analyzed its
Price Improvement Mechanism (‘‘PIM’’) to be no capacity and represents that it has the
less than 100 milliseconds and no more than 1
17 17 CFR 200.30–3(a)(12). second); and 80738 (May 22, 2017), 82 FR 24417 necessary systems capacity to handle
asabaliauskas on DSKBBXCHB2PROD with NOTICES
1 15 U.S.C. 78s(b)(1). (May 26, 2017) (SR–CBOE–2017–029) (amending the potential additional traffic
2 17 CFR 240.19b–4.
the exposure periods for the CBOE’s Automated associated with the additional
3 See Securities Exchange Act Release No. 80570 Improvement Mechanism (‘‘AIM’’) and Solicitation transactions that may occur with the
(May 1, 2017), 82 FR 21288 (‘‘Notice’’). Auction Mechanism (‘‘SAM’’) to be no less than 100
4 The term ‘‘Member’’ means an individual or milliseconds and no more than 1 second).
10 15 U.S.C. 78f(b)(8).
organization approved to exercise the trading rights 8 In approving this proposed rule change, the
11 See Notice, supra note 3, at 21289.
associated with a Trading Permit. Members are Commission has considered the proposed rule’s
12 See id.
deemed ‘‘members’’ under the Exchange Act. See impact on efficiency, competition, and capital
Exchange Rule 100. formation. See 15 U.S.C. 78c(f). 13 See id.
5 See Exchange Rule 515A. 9 15 U.S.C. 78f(b)(5). 14 See id.
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![28370 Federal Register / Vol. 82, No. 118 / Wednesday, June 21, 2017 / Notices
implementation of the proposed 22(c)(8) and 22(c)(9) of Schedule 14A www.sec.gov/search/search.htm or by
reduction response time duration to no under the Securities Exchange Act of calling (202) 551–8090.
less than 100 milliseconds.15 The 1934, and Sections 6–07(2)(a), (b), and
Summary of the Application
Exchange also represents that its system (c) of Regulation S–X (‘‘Disclosure
will be able to sufficiently maintain an Requirements’’). The requested 1. The Advisor will serve as the
audit trail for order and trade exemption would permit an investment investment adviser to the Subadvised
information with the reduction in the adviser to hire and replace certain sub- Series pursuant to an investment
response timer.16 advisers without shareholder approval advisory agreement with the Trust
Based on the Exchange’s statements, and grant relief from the Disclosure (each, an ‘‘Investment Management
the Commission believes that market Requirements as they relate to fees paid Agreement’’).1 The Advisor will provide
participants should continue to have to the sub-advisers. the Subadvised Series with continuous
opportunities to compete to trade with APPLICANTS: Westcore Trust (the
and comprehensive investment
the exposed order by submitting ‘‘Trust’’), a Massachusetts business trust management services subject to the
responses to the PRIME and PRIME supervision of, and policies established
registered under the Act as an open-end
Solicitation Mechanism within an by, each Subadvised Series’ board of
management investment company with
exposure period of no less than 100 trustees (the ‘‘Board’’).2 Each Investment
multiple series (each, a ‘‘Series’’), and
milliseconds and no more than 1 Management Agreement permits the
Denver Investment Advisors LLC, a
second.17 Accordingly, for the reasons Advisor, subject to the approval of the
Colorado limited liability company
discussed above, the Commission Board, to delegate to one or more Sub-
registered as an investment adviser
believes that the Exchange’s proposal is Advisors the responsibility to provide
under the Investment Advisers Act of
consistent with the Act. the day-to-day portfolio investment
1940 (the ‘‘Advisor,’’ and, collectively
management of each Subadvised Series,
IV. Conclusion with the Trust, the ‘‘Applicants’’).
subject to the supervision and direction
It is therefore ordered, pursuant to FILING DATES: The application was filed of the Advisor.3 The primary
Section 19(b)(2) of the Act,18 that the on December 15, 2016, and amended on responsibility for managing the
proposed rule change (SR–MIAX–2017– March 13, 2017. Subadvised Series will remain vested in
16) be, and hereby is, approved. HEARING OR NOTIFICATION OF HEARING: the Advisor. The Advisor will hire,
For the Commission, by the Division of
An order granting the application will evaluate, allocate assets to and oversee
Trading and Markets, pursuant to delegated be issued unless the Commission orders the Sub-Advisors, including
authority.19 a hearing. Interested persons may determining whether a Sub-Advisor
Eduardo A. Aleman, request a hearing by writing to the should be terminated, at all times
Assistant Secretary. Commission’s Secretary and serving subject to the authority of the Board.
applicants with a copy of the request, 2. Applicants request an exemption to
[FR Doc. 2017–12890 Filed 6–20–17; 8:45 am]
personally or by mail. Hearing requests permit the Advisor, subject to Board
BILLING CODE 8011–01–P
should be received by the Commission approval, to hire a Non-Affiliated Sub-
by 5:30 p.m. on July 11, 2017 and Advisor or a Wholly-Owned Sub-
SECURITIES AND EXCHANGE should be accompanied by proof of Advisor, pursuant to Sub-Advisory
COMMISSION service on the applicants, in the form of Agreements and materially amend Sub-
an affidavit or, for lawyers, a certificate
[Investment Company Act Release No. of service. Pursuant to rule 0–5 under 1 Applicants request that the relief sought herein
32682; 812–14728] the Act, hearing requests should state apply to the named Applicants, as well as to any
future Series of the Trust and any other existing or
Westcore Trust and Denver Investment the nature of the writer’s interest, any future registered open-end management investment
Advisors LLC; Notice of Application facts bearing upon the desirability of a company or series thereof that intends to rely on the
hearing on the matter, the reason for the requested order in the future and that (i) is advised
by the Advisor, its successors, and any entity
June 16, 2017. request, and the issues contested. controlling, controlled by or under common control
AGENCY: Securities and Exchange Persons who wish to be notified of a with an Advisor or its successors (included in the
Commission (‘‘Commission’’). hearing may request notification by term ‘‘Advisor’’), (ii) uses the multi-manager
writing to the Commission’s Secretary. structure described in this application, and (iii)
ACTION: Notice.
complies with the terms and conditions of this
ADDRESSES: Secretary, U.S. Securities application (each, a ‘‘Subadvised Series’’). For the
Notice of an application under section and Exchange Commission, 100 F Street purposes of the requested order, ‘‘successor’’ is
6(c) of the Investment Company Act of NE., Washington, DC 20549–1090. limited to an entity resulting from a reorganization
1940 (‘‘Act’’) for an exemption from Applicants: c/o Peter H. Schwartz, Esq.,
into another jurisdiction or a change in the type of
section 15(a) of the Act and rule 18f–2 business organization.
Davis Graham & Stubbs LLP, 1550 17th 2 The term ‘‘Board’’ includes the board of trustees
under the Act, as well as from certain Street, Suite 500, Denver, Colorado or directors of a future Subadvised Series.
disclosure requirements in rule 20a–1 80202. 3 A ‘‘Sub-Advisor’’ for a Series is (1) an indirect
under the Act, Item 19(a)(3) of Form N– or direct ‘‘wholly-owned subsidiary’’ (as such term
1A, Items 22(c)(1)(ii), 22(c)(1)(iii), FOR FURTHER INFORMATION CONTACT: is defined in the Act) of the Advisor for that Series,
Elizabeth G. Miller, Senior Counsel, at or (2) a sister company of the Advisor for that Series
15 See (202) 551–8707, or Aaron Gilbride, that is an indirect or direct ‘‘wholly-owned
id. at 21289–90.
subsidiary’’ (as such term is defined in the Act) of
16 See id. at 21290. Acting Branch Chief, at (202) 551–6906 the same company that, indirectly or directly,
17 The Commission notes that the ability to (Division of Investment Management,
asabaliauskas on DSKBBXCHB2PROD with NOTICES
wholly owns the Advisor (each of (1) and (2) a
designate such an exposure time period is Chief Counsel’s Office). ‘‘Wholly-Owned Sub-Advisor’’ and collectively, the
consistent with the rules of other options ‘‘Wholly-Owned Sub-Advisers’’), or (3) an
exchanges. See supra note 7. See also NASDAQ SUPPLEMENTARY INFORMATION: The
investment sub-adviser for that Series that is not an
Phlx Rule 1080(n)(ii)(A)(4), NASDAQ BX Options following is a summary of the ‘‘affiliated person’’ (as such term is defined in
Rules Chapter VI, Section 9(ii)(A)(3), Nasdaq ISE application. The complete application Section 2(a)(3) of the Act) of the Series or the
Rule 716, Supplementary Material .04, Nasdaq ISE Advisor, except to the extent that an affiliation
Rule 723(c)(1), CBOE Rule 6.74A(b)(1)(C), and
may be obtained via the Commission’s
arises solely because the Sub-Advisor serves as a
CBOE Rule 6.74B(b)(1)(C). Web site by searching for the file sub-adviser to one or more Series (each a ‘‘Non-
18 15 U.S.C. 78s(b)(2). number, or an applicant using the Affiliated Sub-Advisor’’ and collectively, the ‘‘Non-
19 17 CFR 200.30–3(a)(12). Company name box, at http:// Affiliated Sub-Advisers’’).
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Document Created: 2018-11-14 10:09:15
Document Modified: 2018-11-14 10:09:15
| 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 28369 |
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