82_FR_30076 82 FR 29951 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Rules 307, Position Limits, and 309, Exercise Limits, To Extend the SPY Pilot Program

82 FR 29951 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Rules 307, Position Limits, and 309, Exercise Limits, To Extend the SPY Pilot Program

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 125 (June 30, 2017)

Page Range29951-29952
FR Document2017-13705

Federal Register, Volume 82 Issue 125 (Friday, June 30, 2017)
[Federal Register Volume 82, Number 125 (Friday, June 30, 2017)]
[Notices]
[Pages 29951-29952]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-13705]


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

[Release No. 34-81020; File No. SR-MIAX-2017-30]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend MIAX Options Rules 307, Position Limits, 
and 309, Exercise Limits, To Extend the SPY Pilot Program

June 26, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on June 20, 2017, Miami International Securities Exchange, LLC 
(``MIAX Options'' or ``Exchange'') filed with the Securities and 
Exchange Commission (``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange is filing a proposal to amend Exchange Rules 307, 
Position Limits, and 309, Exercise Limits, to extend the pilot program 
that eliminates the position and exercise limits for physically-settled 
options on the SPDR[supreg] S&P 500[supreg] ETF Trust (``SPY Pilot 
Program'').
    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
    Exchange Rules 307, Position Limits, and 309, Exercise Limits, 
establish position and exercise limits for aggregate positions in 
option contracts traded on the Exchange. Interpretations and Policies 
.01 to Rule 307 lists specific position limits for options on specific 
underlying securities, and Interpretations and Policies .01 to Rule 309 
lists specific exercise limits for options on specific underlying 
securities. Among the listed specific underlying securities is the 
SPDR[supreg] S&P 500[supreg] ETF Trust (``SPY''). Currently, each of 
these Rules provides that there is no position limit and no exercise 
limit on options overlying SPY. The position and exercise limits for 
options overlying SPY in each of these Rules are the subject of a pilot 
program, which is scheduled to expire on July 12, 2017.\3\
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    \3\ See Securities Exchange Act Release No. 78120 (June 22, 
2016), 81 FR 42032 (June 28, 2016) (SR-MIAX-2016-17) (extending the 
SPY Pilot Program to July 12, 2017).
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    The Exchange proposes to amend Exchange Rule 307, Interpretations 
and Policies .01, and Exchange Rule 309, Interpretations and Policies 
.01, to extend the duration of the SPY Pilot Program through July 12, 
2018. There are no substantive changes being proposed to the SPY Pilot 
Program. The Exchange affirms its consideration of several factors that 
support the proposal to establish and extend the SPY Pilot Program, 
which include: (1) The liquidity of the option and the underlying 
security; (2) the market capitalization of the underlying security and 
the securities that make up the S&P 500 Index; (3) options reporting 
requirements; and (4) financial requirements imposed by MIAX Options 
and the Commission.
    The Exchange notes that it is not aware of any problems created by 
the current SPY Pilot Program and does not foresee any problems with 
the proposed extension. The Exchange has formally submitted a Report 
for the SPY Pilot Program as part of this filing.\4\ In addition, the 
Exchange represents that if it chooses to extend or seek permanent 
approval of the SPY Pilot Program, the Exchange will submit another SPY 
Pilot Program Report at least thirty (30) days prior to the expiration 
of the extended SPY Pilot Program time period which would cover the 
period between reports. The SPY Pilot Program Report will compare the 
impact of the pilot program, if any, on the volumes of SPY options and 
the volatility in the price of the underlying SPY contract, 
particularly at expiration. The SPY Pilot Program Report will also 
detail the size and different types of strategies employed with respect 
to positions established in SPY options; note whether any problems, in 
the underlying SPY ETF or otherwise, arose as a result of the no-limit 
approach; and include any other information that may be useful in 
evaluating the effectiveness of the SPY Pilot Program. In preparing the 
Pilot Report, the Exchange will utilize various data elements such as 
volume and open interest. In addition the Exchange would make available 
to Commission staff data elements relating to the effectiveness of the 
SPY Pilot Program.
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    \4\ See Exhibit 3 attached hereto [sic].
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    The Exchange proposes to extend the SPY Pilot Program in order for 
the Exchange and the Commission to have additional time to evaluate the 
Pilot and its effect on the market and to determine whether to seek 
permanent approval. Prior to the expiration of the SPY Pilot Program 
and based upon the findings of the SPY Pilot Program Report, the 
Exchange will be able to either extend the SPY Pilot Program, adopt the 
SPY Pilot Program on a permanent basis, or terminate the SPY Pilot 
Program. If the SPY Pilot Program is not extended or adopted on a 
permanent basis by the expiration of the extended SPY Pilot Program, 
the position limits for options overlying SPY would revert to limits in 
effect prior to the commencement of the SPY Pilot Program.

[[Page 29952]]

2. Statutory Basis
    MIAX believes that its proposed rule change is consistent with 
Section 6(b) of the Act \5\ in general, and furthers the objectives of 
Section 6(b)(5) of the Act \6\ 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 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.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Specifically, the Exchange believes that extending the SPY Pilot 
Program promotes just and equitable principles of trade by permitting 
market participants, including market makers, institutional investors 
and retail investors, to establish greater positions when pursuing 
their investment goals and needs. The Exchange believes that the 
elimination of position limits for SPY options would not increase 
market volatility or facilitate the ability to manipulate the market.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act, as amended. The 
proposed rule change is not designed to address any aspect of 
competition, whether between the Exchange and its competitors, or among 
market participants. Instead, the proposed rule change is designed to 
allow the SPY Pilot Program to continue as the Exchange believes other 
competing options exchanges will also extend the SPY Pilot Program for 
another year.

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.

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) of the Act and Rule 19b-
4(f)(6) thereunder.\7\
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    \7\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the text of 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.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \8\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \9\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has asked the Commission to waive the 30-day operative delay. The 
Exchange stated that waiver of the operative delay would allow the SPY 
Pilot Program to continue uninterrupted at the Exchange. The Commission 
believes that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest. Therefore, the 
Commission hereby waives the operative delay and designates the 
proposed rule change operative upon filing.\10\
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    \8\ 17 CFR 240.19b-4(f)(6).
    \9\ 17 CFR 240.19b-4(f)(6)(iii).
    \10\ For purposes only of waiving the 30-day operative delay, 
the Commission has 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. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-MIAX-2017-30 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-2017-30. 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 such 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-2017-30, and should be 
submitted on or before July 21, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-13705 Filed 6-29-17; 8:45 am]
BILLING CODE 8011-01-P



                                                                                     Federal Register / Vol. 82, No. 125 / Friday, June 30, 2017 / Notices                                                      29951

                                                  Agreements in the Mail Classification                         The text of the proposed rule change                capitalization of the underlying security
                                                  Schedule’s Competitive Products List.                      is available on the Exchange’s Web site                and the securities that make up the S&P
                                                  DATES: Effective date: June 30, 2017.                      at http://www.miaxoptions.com/rule-                    500 Index; (3) options reporting
                                                  FOR FURTHER INFORMATION CONTACT:
                                                                                                             filings, at MIAX’s principal office, and               requirements; and (4) financial
                                                  Elizabeth A. Reed, 202–268–3179.                           at the Commission’s Public Reference                   requirements imposed by MIAX Options
                                                                                                             Room.                                                  and the Commission.
                                                  SUPPLEMENTARY INFORMATION: The
                                                  United States Postal Service® hereby                       II. Self-Regulatory Organization’s                        The Exchange notes that it is not
                                                  gives notice that, pursuant to 39 U.S.C.                   Statement of the Purpose of, and                       aware of any problems created by the
                                                  3642 and 3632(b)(3), on June 21, 2017,                     Statutory Basis for, the Proposed Rule                 current SPY Pilot Program and does not
                                                  it filed with the Postal Regulatory                        Change                                                 foresee any problems with the proposed
                                                  Commission a Request of the United                            In its filing with the Commission, the              extension. The Exchange has formally
                                                  States Postal Service to Add Priority                      Exchange included statements                           submitted a Report for the SPY Pilot
                                                  Mail Contract 331 to Competitive                           concerning the purpose of and basis for                Program as part of this filing.4 In
                                                  Product List. Documents are available at                   the proposed rule change and discussed                 addition, the Exchange represents that if
                                                  www.prc.gov, Docket Nos. MC2017–152,                       any comments it received on the                        it chooses to extend or seek permanent
                                                  CP2017–215.                                                proposed rule change. The text of these                approval of the SPY Pilot Program, the
                                                  Stanley F. Mires,
                                                                                                             statements may be examined at the                      Exchange will submit another SPY Pilot
                                                                                                             places specified in Item IV below. The                 Program Report at least thirty (30) days
                                                  Attorney, Federal Compliance.
                                                                                                             Exchange has prepared summaries, set                   prior to the expiration of the extended
                                                  [FR Doc. 2017–13690 Filed 6–29–17; 8:45 am]                forth in sections A, B, and C below, of                SPY Pilot Program time period which
                                                  BILLING CODE 7710–12–P                                     the most significant aspects of such                   would cover the period between reports.
                                                                                                             statements.                                            The SPY Pilot Program Report will
                                                                                                             A. Self-Regulatory Organization’s                      compare the impact of the pilot
                                                  SECURITIES AND EXCHANGE                                                                                           program, if any, on the volumes of SPY
                                                  COMMISSION                                                 Statement of the Purpose of, and
                                                                                                             Statutory Basis for, the Proposed Rule                 options and the volatility in the price of
                                                  [Release No. 34–81020; File No. SR–MIAX–                   Change                                                 the underlying SPY contract,
                                                  2017–30]                                                                                                          particularly at expiration. The SPY Pilot
                                                                                                             1. Purpose
                                                                                                                                                                    Program Report will also detail the size
                                                  Self-Regulatory Organizations; Miami                          Exchange Rules 307, Position Limits,                and different types of strategies
                                                  International Securities Exchange LLC;                     and 309, Exercise Limits, establish                    employed with respect to positions
                                                  Notice of Filing and Immediate                             position and exercise limits for                       established in SPY options; note
                                                  Effectiveness of a Proposed Rule                           aggregate positions in option contracts                whether any problems, in the
                                                  Change To Amend MIAX Options Rules                         traded on the Exchange. Interpretations                underlying SPY ETF or otherwise, arose
                                                  307, Position Limits, and 309, Exercise                    and Policies .01 to Rule 307 lists                     as a result of the no-limit approach; and
                                                  Limits, To Extend the SPY Pilot                            specific position limits for options on                include any other information that may
                                                  Program                                                    specific underlying securities, and                    be useful in evaluating the effectiveness
                                                  June 26, 2017.
                                                                                                             Interpretations and Policies .01 to Rule               of the SPY Pilot Program. In preparing
                                                                                                             309 lists specific exercise limits for                 the Pilot Report, the Exchange will
                                                     Pursuant to Section 19(b)(1) of the
                                                                                                             options on specific underlying                         utilize various data elements such as
                                                  Securities Exchange Act of 1934 (the
                                                                                                             securities. Among the listed specific                  volume and open interest. In addition
                                                  ‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                                                                             underlying securities is the SPDR® S&P                 the Exchange would make available to
                                                  notice is hereby given that on June 20,
                                                                                                             500® ETF Trust (‘‘SPY’’). Currently,                   Commission staff data elements relating
                                                  2017, Miami International Securities
                                                                                                             each of these Rules provides that there                to the effectiveness of the SPY Pilot
                                                  Exchange, LLC (‘‘MIAX Options’’ or
                                                                                                             is no position limit and no exercise
                                                  ‘‘Exchange’’) filed with the Securities                                                                           Program.
                                                                                                             limit on options overlying SPY. The
                                                  and Exchange Commission                                                                                              The Exchange proposes to extend the
                                                                                                             position and exercise limits for options
                                                  (‘‘Commission’’) the proposed rule                                                                                SPY Pilot Program in order for the
                                                                                                             overlying SPY in each of these Rules are
                                                  change as described in Items I and II                                                                             Exchange and the Commission to have
                                                                                                             the subject of a pilot program, which is
                                                  below, which Items have been prepared                                                                             additional time to evaluate the Pilot and
                                                                                                             scheduled to expire on July 12, 2017.3
                                                  by the Exchange. The Commission is                            The Exchange proposes to amend                      its effect on the market and to determine
                                                  publishing this notice to solicit                          Exchange Rule 307, Interpretations and                 whether to seek permanent approval.
                                                  comments on the proposed rule change                       Policies .01, and Exchange Rule 309,                   Prior to the expiration of the SPY Pilot
                                                  from interested persons.                                   Interpretations and Policies .01, to                   Program and based upon the findings of
                                                  I. Self-Regulatory Organization’s                          extend the duration of the SPY Pilot                   the SPY Pilot Program Report, the
                                                  Statement of the Terms of the Substance                    Program through July 12, 2018. There                   Exchange will be able to either extend
                                                  of the Proposed Rule Change                                are no substantive changes being                       the SPY Pilot Program, adopt the SPY
                                                                                                             proposed to the SPY Pilot Program. The                 Pilot Program on a permanent basis, or
                                                    The Exchange is filing a proposal to
                                                                                                             Exchange affirms its consideration of                  terminate the SPY Pilot Program. If the
                                                  amend Exchange Rules 307, Position
                                                                                                             several factors that support the proposal              SPY Pilot Program is not extended or
                                                  Limits, and 309, Exercise Limits, to
                                                                                                             to establish and extend the SPY Pilot                  adopted on a permanent basis by the
                                                  extend the pilot program that eliminates
mstockstill on DSK30JT082PROD with NOTICES




                                                                                                             Program, which include: (1) The                        expiration of the extended SPY Pilot
                                                  the position and exercise limits for
                                                                                                             liquidity of the option and the                        Program, the position limits for options
                                                  physically-settled options on the SPDR®
                                                                                                             underlying security; (2) the market                    overlying SPY would revert to limits in
                                                  S&P 500® ETF Trust (‘‘SPY Pilot
                                                  Program’’).                                                                                                       effect prior to the commencement of the
                                                                                                                3 See Securities Exchange Act Release No. 78120
                                                                                                                                                                    SPY Pilot Program.
                                                                                                             (June 22, 2016), 81 FR 42032 (June 28, 2016) (SR–
                                                    1 15   U.S.C. 78s(b)(1).                                 MIAX–2016–17) (extending the SPY Pilot Program
                                                    2 17   CFR 240.19b–4.                                    to July 12, 2017).                                      4 See   Exhibit 3 attached hereto [sic].



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                                                  29952                              Federal Register / Vol. 82, No. 125 / Friday, June 30, 2017 / Notices

                                                  2. Statutory Basis                                         which it was filed, or such shorter time                Paper Comments
                                                     MIAX believes that its proposed rule                    as the Commission may designate, it has
                                                                                                             become effective pursuant to Section                      • Send paper comments in triplicate
                                                  change is consistent with Section 6(b) of                                                                          to Brent J. Fields, Secretary, Securities
                                                  the Act 5 in general, and furthers the                     19(b)(3)(A) of the Act and Rule 19b–
                                                                                                             4(f)(6) thereunder.7                                    and Exchange Commission, 100 F Street
                                                  objectives of Section 6(b)(5) of the Act 6
                                                  in particular, in that it is designed to                      A proposed rule change filed                         NE., Washington, DC 20549–1090.
                                                  prevent fraudulent and manipulative                        pursuant to Rule 19b–4(f)(6) under the
                                                                                                                                                                     All submissions should refer to File
                                                  acts and practices, to promote just and                    Act 8 normally does not become
                                                                                                             operative for 30 days after the date of its             Number SR–MIAX–2017–30. This file
                                                  equitable principles of trade, to foster                                                                           number should be included on the
                                                  cooperation and coordination with                          filing. However, Rule 19b–4(f)(6)(iii) 9
                                                                                                             permits the Commission to designate a                   subject line if email is used. To help the
                                                  persons engaged in facilitating                                                                                    Commission process and review your
                                                  transactions in securities, to remove                      shorter time if such action is consistent
                                                                                                             with the protection of investors and the                comments more efficiently, please use
                                                  impediments to and perfect the                                                                                     only one method. The Commission will
                                                  mechanisms of a free and open market                       public interest. The Exchange has asked
                                                                                                             the Commission to waive the 30-day                      post all comments on the Commission’s
                                                  and a national market system and, in
                                                                                                             operative delay. The Exchange stated                    Internet Web site (http://www.sec.gov/
                                                  general, to protect investors and the
                                                  public interest.                                           that waiver of the operative delay would                rules/sro.shtml). Copies of the
                                                     Specifically, the Exchange believes                     allow the SPY Pilot Program to continue                 submission, all subsequent
                                                  that extending the SPY Pilot Program                       uninterrupted at the Exchange. The                      amendments, all written statements
                                                  promotes just and equitable principles                     Commission believes that waiving the                    with respect to the proposed rule
                                                  of trade by permitting market                              30-day operative delay is consistent                    change that are filed with the
                                                  participants, including market makers,                     with the protection of investors and the                Commission, and all written
                                                  institutional investors and retail                         public interest. Therefore, the                         communications relating to the
                                                  investors, to establish greater positions                  Commission hereby waives the                            proposed rule change between the
                                                  when pursuing their investment goals                       operative delay and designates the                      Commission and any person, other than
                                                  and needs. The Exchange believes that                      proposed rule change operative upon                     those that may be withheld from the
                                                  the elimination of position limits for                     filing.10
                                                                                                                                                                     public in accordance with the
                                                  SPY options would not increase market                         At any time within 60 days of the
                                                                                                             filing of the proposed rule change, the                 provisions of 5 U.S.C. 552, will be
                                                  volatility or facilitate the ability to                                                                            available for Web site viewing and
                                                  manipulate the market.                                     Commission summarily may
                                                                                                             temporarily suspend such rule change if                 printing in the Commission’s Public
                                                  B. Self-Regulatory Organization’s                          it appears to the Commission that such                  Reference Room, 100 F Street NE.,
                                                  Statement on Burden on Competition                         action is necessary or appropriate in the               Washington, DC 20549 on official
                                                     The Exchange does not believe that                      public interest, for the protection of                  business days between the hours of
                                                  the proposed rule change will result in                    investors, or otherwise in furtherance of               10:00 a.m. and 3:00 p.m. Copies of such
                                                  any burden on competition that is not                      the purposes of the Act. If the                         filing also will be available for
                                                  necessary or appropriate in furtherance                    Commission takes such action, the                       inspection and copying at the principal
                                                  of the purposes of the Act, as amended.                    Commission shall institute proceedings                  office of the Exchange. All comments
                                                  The proposed rule change is not                            to determine whether the proposed rule                  received will be posted without change;
                                                  designed to address any aspect of                          should be approved or disapproved.                      the Commission does not edit personal
                                                  competition, whether between the                           IV. Solicitation of Comments                            identifying information from
                                                  Exchange and its competitors, or among                                                                             submissions. You should submit only
                                                                                                               Interested persons are invited to
                                                  market participants. Instead, the                                                                                  information that you wish to make
                                                                                                             submit written data, views, and
                                                  proposed rule change is designed to                                                                                available publicly. All submissions
                                                                                                             arguments concerning the foregoing,
                                                  allow the SPY Pilot Program to continue                                                                            should refer to File Number SR–MIAX–
                                                                                                             including whether the proposed rule
                                                  as the Exchange believes other                                                                                     2017–30, and should be submitted on or
                                                                                                             change is consistent with the Act.
                                                  competing options exchanges will also                                                                              before July 21, 2017.
                                                                                                             Comments may be submitted by any of
                                                  extend the SPY Pilot Program for
                                                                                                             the following methods:                                    For the Commission, by the Division of
                                                  another year.
                                                                                                                                                                     Trading and Markets, pursuant to delegated
                                                                                                             Electronic Comments
                                                  C. Self-Regulatory Organization’s                                                                                  authority.11
                                                  Statement on Comments on the                                 • Use the Commission’s Internet                       Robert W. Errett,
                                                  Proposed Rule Change Received From                         comment form (http://www.sec.gov/
                                                                                                                                                                     Deputy Secretary.
                                                  Members, Participants, or Others                           rules/sro.shtml); or
                                                                                                               • Send an email to rule-comments@                     [FR Doc. 2017–13705 Filed 6–29–17; 8:45 am]
                                                    Written comments were neither                            sec.gov. Please include File Number SR–                 BILLING CODE 8011–01–P
                                                  solicited nor received.                                    MIAX–2017–30 on the subject line.
                                                  III. Date of Effectiveness of the
                                                                                                               7 17 CFR 240.19b–4(f)(6). As required under Rule
                                                  Proposed Rule Change and Timing for
                                                                                                             19b–4(f)(6)(iii), the Exchange provided the
                                                  Commission Action                                          Commission with written notice of its intent to file
                                                     Because the foregoing proposed rule                     the proposed rule change, along with a brief
                                                                                                             description and the text of the proposed rule
                                                  change does not: (i) Significantly affect
mstockstill on DSK30JT082PROD with NOTICES




                                                                                                             change, at least five business days prior to the date
                                                  the protection of investors or the public                  of filing of the proposed rule change, or such
                                                  interest; (ii) impose any significant                      shorter time as designated by the Commission.
                                                                                                               8 17 CFR 240.19b–4(f)(6).
                                                  burden on competition; and (iii) become                      9 17 CFR 240.19b–4(f)(6)(iii).
                                                  operative for 30 days from the date on                       10 For purposes only of waiving the 30-day

                                                                                                             operative delay, the Commission has considered the
                                                    5 15   U.S.C. 78f(b).                                    proposed rule’s impact on efficiency, competition,
                                                    6 15   U.S.C. 78f(b)(5).                                 and capital formation. See 15 U.S.C. 78c(f).              11 17   CFR 200.30–3(a)(12).



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Document Created: 2017-06-30 06:01:34
Document Modified: 2017-06-30 06:01:34
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 29951 

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